nvcsrs

Item 1. Reports to Stockholders.

Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

NVIT Nationwide Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

10			Statement of Assets and Liabilities

12			Statement of Operations

13			Statement of Changes in Net Assets

15			Financial Highlights

16			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file 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 Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ 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 Funds make the information on Form N-Q available to shareholders on nationwidefunds.com or 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 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-NAT (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

As my name may be new to some of you, please allow me to share a brief summary of my background. I bring 20 years of experience in the investment management industry to Nationwide Funds Group. Prior to joining NFG, I was a Managing Director at Morgan Stanley for four years starting in 2004. I am excited about the opportunity to serve you and to provide the level of integrity and stewardship that you have come to expect and deserve as a shareholder of Nationwide Variable Insurance Trust.

Market review

I wish I could bring the same level of excitement to discussing stock market performance in 2008. After negative returns the first three months of the year, the market showed signs of life in April and May. The rally was short-lived as the market again took a sharp downturn in June.

For the first half of the year through June 30, 2008, the S&P 500 lost 11.9%. Analysts have said that it was the worst first half of the year for the S&P 500 since 2002, when Wall Street was still reeling from the aftermath of the dot-com bust and the Sept. 11, 2001 terror attacks. As the second quarter ended, the S&P 500 Index had dropped 18.2% since its highpoint in October 2007.

Several factors appear to be unsettling investors and roiling the markets. In the financial services sector, the liquidity and credit problems resulting from the subprime lending crisis continue to batter the markets. Combined with a housing downturn in many regions of the country, these issues continue to create a headwind for the financial markets.

In addition, we cannot overlook the climbing energy prices, which have impacted consumers and certain market sectors particularly hard this summer. As gas prices have risen to well over $4 per gallon, many investors have had to rethink their spending and investing plans.

Looking ahead

As we anticipate that the market conditions for the rest of 2008 will continue to be challenging, this is a good time to recall the wisdom of having a well diversified, long-term financial plan. While prolonged market downturns can be painful, history has proven that disciplined investing can pay off in the long run.

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

The NVIT Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in shares of these Funds outside of an insurance product. Performance information found herein reflects only the performance of these Funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume the reinvestment of all distributions.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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 contact your variable insurance contract provider or call 1-800-848-0920 to request a prospectus. Please read it carefully before investing any money.

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

There is no assurance that the investment objective of any Fund will be achieved.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services Inc. (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Funds, and NVIT and manage approximately $40.1 billion in Mutual assets as of June 30, 2008, of which approximately $11.6 billion are in “funds of funds” designed to provide asset allocation across several types of investments and asset classes. The NVIT Funds are advised by Nationwide Fund Advisors (NFA).

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG 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.

Nationwide Variable Insurance Trust Funds are distributed by Nationwide Fund Distributors LLC (NFD), Member FINRA. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428. NFD is not affiliated with any of the subadvisers listed in this report, except for Nationwide Asset Management, Inc.

2 Semiannual Report 2008


Shareholder	NVIT Nationwide 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. These 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 Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

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 this period.

Hypothetical Expenses 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, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
NVIT Nationwide Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class I	Actual			1,000.00		892.30		3.67		0.78
	Hypothetical	^b		1,000.00		1,020.98		3.92		0.78


Class II	Actual			1,000.00		891.10		4.61		0.98
	Hypothetical	^b		1,000.00		1,019.99		4.92		0.98


Class III	Actual			1,000.00		892.10		3.34		0.71
	Hypothetical	^b		1,000.00		1,021.33		3.57		0.71


Class IV	Actual			1,000.00		892.30		3.62		0.77
	Hypothetical	^b		1,000.00		1,021.03		3.87		0.77


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	NVIT Nationwide Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			92.5%
Repurchase Agreements			7.1%
Other Investments*			0.9%
Liabilities in excess of other assets**			-0.5%

			100.0%


Top Industries

Oil, Gas & Consumable Fuels			14.1%
Food & Staples Retailing			7.0%
Machinery			4.9%
Pharmaceuticals			4.9%
Communications Equipment			4.3%
Computers & Peripherals			3.7%
Road & Rail			3.6%
Diversified Telecommunication Services			3.1%
Capital Markets			2.9%
Semiconductors & Semiconductor Equipment			2.8%
Other			48.7%

			100.0%


Top Holdings***

Occidental Petroleum Corp.			3.3%
AT&T, Inc.			2.5%
Procter & Gamble Co. (The)			2.4%
Safeway, Inc.			2.2%
Pfizer, Inc.			2.0%
Kroger Co. (The)			1.9%
Microsoft Corp.			1.8%
Chevron Corp.			1.8%
Intel Corp.			1.8%
Schlumberger Ltd.			1.7%
Other			78.6%

			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

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Nationwide Fund


Common Stocks (92.5%)
	Shares or
	Principal Amount		Value


Aerospace & Defense (1.0%)
BE Aerospace, Inc.*		100,000	$	2,329,000
L-3 Communications Holdings, Inc.		32,500		2,953,275
Northrop Grumman Corp.		171,542		11,476,160

				16,758,435



Auto Components (0.8%)
Autoliv, Inc.		90,300		4,209,786
Goodyear Tire & Rubber Co. (The)*		190,100		3,389,483
Johnson Controls, Inc.		210,800		6,045,744

				13,645,013



Beverages (2.8%)
Coca-Cola Co. (The)		444,460		23,103,031
Coca-Cola Enterprises, Inc.		195,200		3,376,960
Constellation Brands, Inc., A Shares*		391,390		7,773,005
Molson Coors Brewing Co., Class B		203,180		11,038,769

				45,291,765



Biotechnology (0.4%)
Gilead Sciences, Inc.*		137,400		7,275,330



Building Products (0.2%)
Masco Corp.		180,800		2,843,984



Capital Markets (2.9%)
Bank of New York Mellon Corp.		485,100		18,351,333
BlackRock, Inc.		11,300		2,000,100
GFI Group, Inc.		118,710		1,069,577
Goldman Sachs Group, Inc. (The)		28,600		5,002,140
Invesco Ltd.		194,542		4,665,117
Janus Capital Group, Inc.		60,840		1,610,435
Merrill Lynch & Co., Inc.		93,800		2,974,398
Morgan Stanley		101,300		3,653,891
State Street Corp.		122,500		7,838,775

				47,165,766



Chemicals (1.4%)
Air Products & Chemicals, Inc.		50,990		5,040,871
Dow Chemical Co. (The)		191,800		6,695,738
Monsanto Co.		43,600		5,512,784
PPG Industries, Inc.		45,500		2,610,335
Praxair, Inc.		28,261		2,663,317

				22,523,045



Commercial Banks (1.2%)
Lloyds TSB Group PLC ADR — GB		164,030		4,046,620
Marshall & Ilsley Corp.		614,100		9,414,153
U.S. Bancorp		31,806		887,069
Zions Bancorp. (a)		185,994		5,856,951

				20,204,793



Commercial Services & Supplies (0.8%)
Brink’s Co. (The)		81,238		5,314,590
Equifax, Inc.		86,800		2,918,216
Waste Management, Inc.		135,500		5,109,705

				13,342,511



Communications Equipment (4.3%)
ADC Telecommunications, Inc.*		95,817		1,415,217
Ciena Corp.*		475,909		11,026,812
Cisco Systems, Inc.*		517,577		12,038,841
Corning, Inc.		799,000		18,416,950
Harris Corp.		47,400		2,393,226
QUALCOMM, Inc.		123,750		5,490,787
Research In Motion Ltd.*		159,801		18,680,737

				69,462,570



Computers & Peripherals (3.7%)
Apple, Inc.*		79,200		13,261,248
Ball Corp.		49,220		2,349,763
Hewlett-Packard Co.		421,800		18,647,778
International Business Machines Corp.		159,794		18,940,383
NCR Corp.*		176,310		4,443,012
Sun Microsystems, Inc.*		227,700		2,477,376

				60,119,560



Construction & Engineering (0.4%)
Fluor Corp.		17,200		3,200,576
Jacobs Engineering Group, Inc.*		35,600		2,872,920

				6,073,496



Consumer Finance (0.8%)
Capital One Financial Corp.		321,900		12,235,419



Containers & Packaging (0.9%)
Owens-Illinois, Inc.*		146,200		6,095,078
Pactiv Corp.*		421,900		8,956,937

				15,052,015



Diversified Financial Services (2.0%)
Bank of America Corp.		508,235		12,131,570
Citigroup, Inc.		406,013		6,804,778

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Nationwide Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Diversified Financial Services (continued)

JPMorgan Chase & Co.		237,643	$	8,153,531
NYSE Euronext		103,500		5,243,310

				32,333,189



Diversified Telecommunication Services (3.1%)
AT&T, Inc.		1,212,039		40,833,594
Qwest Communications International, Inc. (a)		131,738		517,730
Verizon Communications, Inc.		236,200		8,361,480

				49,712,804



Electric Utilities (1.2%)
Great Plains Energy, Inc.		228,400		5,773,952
Northeast Utilities		412,100		10,520,913
Southern Co.		92,010		3,212,989

				19,507,854



Electronic Equipment & Instruments (1.1%)
Avnet, Inc.*		312,860		8,534,821
Tyco Electronics Ltd.		244,720		8,765,870

				17,300,691



Energy Equipment & Services (2.6%)
Cameron International Corp.*		100,300		5,551,605
Noble Corp.		60,900		3,956,064
Schlumberger Ltd.		252,600		27,136,818
Tidewater, Inc.		80,500		5,234,915

				41,879,402



Food & Staples Retailing (7.0%)
CVS Caremark Corp.		457,800		18,115,146
Kroger Co. (The)		1,060,995		30,630,926
Safeway, Inc.		1,257,031		35,888,235
SYSCO Corp.		226,200		6,222,762
Wal-Mart Stores, Inc.		327,610		18,411,682
Whole Foods Market, Inc. (a)		130,600		3,093,914

				112,362,665



Food Products (1.6%)
Archer-Daniels-Midland Co.		158,720		5,356,800
Bunge Ltd.		29,830		3,212,393
Kraft Foods, Inc., Class A		294,400		8,375,680
Unilever PLC ADR — GB		286,232		8,131,851

				25,076,724



Health Care Equipment & Supplies (0.2%)
Covidien Ltd.		57,500		2,753,675



Health Care Providers & Services (1.3%)
McKesson Corp.		129,380		7,233,636
Medco Health Solutions, Inc.*		107,300		5,064,560
Tenet Healthcare Corp.*		583,900		3,246,484
Universal Health Services, Inc., Class B		81,400		5,146,108

				20,690,788



Hotels, Restaurants & Leisure (1.5%)
Brinker International, Inc.		282,260		5,334,714
Burger King Holdings, Inc.		61,525		1,648,255
Darden Restaurants, Inc.		116,300		3,714,622
McDonald’s Corp.		126,300		7,100,586
Sonic Corp.*		70,000		1,036,000
Yum! Brands, Inc.		177,100		6,214,439

				25,048,616



Household Products (2.4%)
Colgate-Palmolive Co.		7,416		512,445
Procter & Gamble Co. (The)		622,990		37,884,022

				38,396,467



Independent Power Producers & Energy Traders (0.2%)
Constellation Energy Group, Inc.		46,000		3,776,600



Industrial Conglomerate (0.7%)
General Electric Co.		425,615		11,359,664



Information Technology Services (0.2%)
Hewitt Associates, Inc., Class A*		54,708		2,096,958
VeriFone Holdings, Inc.*(a)		124,740		1,490,643

				3,587,601



Insurance (1.3%)
American International Group, Inc.		277,000		7,329,420
Assurant, Inc.		60,800		4,010,368
MetLife, Inc.		117,244		6,186,966
Prudential Financial, Inc.		50,965		3,044,649

				20,571,403



Internet & Catalog Retail (0.3%)
Expedia, Inc.*		225,000		4,135,500



Internet Software & Services (1.5%)
Akamai Technologies, Inc.*		499,711		17,384,946
Google, Inc., Class A*		13,250		6,975,065

				24,360,011

6 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Life Sciences Tools & Services (1.1%)
Charles River Laboratories International, Inc.*		105,300	$	6,730,776
Thermo Fisher Scientific, Inc.*		187,680		10,459,406

				17,190,182



Machinery (4.9%)
AGCO Corp.*		80,149		4,200,609
Caterpillar, Inc.		94,437		6,971,339
CNH Global NV		58,250		1,978,752
Cummins, Inc.		28,451		1,864,110
Deere & Co.		348,590		25,143,797
Eaton Corp.		73,800		6,270,786
Harsco Corp.		67,800		3,688,998
Ingersoll-Rand Co. Ltd., Class A		103,700		3,881,491
Joy Global, Inc.		59,100		4,481,553
Kennametal, Inc.		116,600		3,795,330
Manitowoc Co., Inc. (The)		118,290		3,847,974
Oshkosh Corp.		118,203		2,445,620
PACCAR, Inc.		70,900		2,965,747
Parker Hannifin Corp.		83,275		5,939,173
Titan Machinery, Inc.* (a)		78,400		2,455,488

				79,930,767



Marine (0.1%) (a)
Omega Navigation Enterprises, Inc., Class A		71,400		1,178,814



Media (2.0%)
Discovery Holding Co., Class A*		40,000		878,400
News Corp., Class A		334,900		5,036,896
Regal Entertainment Group, Class A		684,198		10,454,545
Time Warner, Inc.		411,266		6,086,737
Viacom, Inc., Class B*		1		31
Walt Disney Co. (The)		307,000		9,578,400

				32,035,009



Metals & Mining (1.3%)
Freeport-McMoRan Copper & Gold, Inc.		106,600		12,492,454
Nucor Corp.		113,200		8,452,644

				20,945,098



Multi-Utilities (0.8%)
Consolidated Edison, Inc.		106,100		4,147,449
DTE Energy Co.		53,600		2,274,784
Public Service Enterprise Group, Inc.		101,600		4,666,488
SCANA Corp.		9,730		360,010
Xcel Energy, Inc.		112,000		2,247,840

				13,696,571



Multiline Retail (0.8%)
J.C. Penney Co., Inc.		90,230		3,274,447
Macy’s, Inc.		171,900		3,338,298
Target Corp.		121,353		5,641,701

				12,254,446



Office Electronics (0.2%)
Xerox Corp.		193,100		2,618,436



Oil, Gas & Consumable Fuels (14.1%)
Anadarko Petroleum Corp.		191,300		14,316,892
Apache Corp.		19,600		2,724,400
Cabot Oil & Gas Corp.		22,157		1,500,694
Chesapeake Energy Corp.		69,600		4,590,816
Chevron Corp.		289,744		28,722,323
Cimarex Energy Co.		56,200		3,915,454
ConocoPhillips		131,314		12,394,728
Devon Energy Corp.		105,128		12,632,180
Exxon Mobil Corp.		287,543		25,341,165
Marathon Oil Corp.		329,240		17,077,679
Murphy Oil Corp.		148,550		14,565,327
Newfield Exploration Co.*		17,100		1,115,775
Nexen, Inc.		82,200		3,267,450
Noble Energy, Inc.		23,340		2,347,070
Occidental Petroleum Corp.		596,203		53,574,802
Range Resources Corp.		84,820		5,559,103
StatoilHydro ASA ADR — NO		30,320		1,133,362
Suncor Energy, Inc.		117,400		6,823,288
Sunoco, Inc.		99,400		4,044,586
Teekay Corp.		1,680		75,902
Tesoro Corp. (a)		183,300		3,623,841
Williams Cos., Inc. (The)		143,400		5,780,454
XTO Energy, Inc.		38,545		2,640,718

				227,768,009



Paper & Forest Products (0.3%)
MeadWestvaco Corp.		199,800		4,763,232



Pharmaceuticals (4.9%)
Allergan, Inc.		57,600		2,998,080
Bristol-Myers Squibb Co.		993,600		20,398,608
Johnson & Johnson		258,440		16,628,030
Merck & Co., Inc.		180,600		6,806,814
Pfizer, Inc.		1,815,690		31,720,104

				78,551,636

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Nationwide Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Real Estate Investment Trusts (REITs) (0.7%)
Ashford Hospitality Trust, Inc.		458,800	$	2,119,656
Developers Diversified Realty Corp.		83,800		2,908,698
Host Hotels & Resorts, Inc.		267,400		3,650,010
Kimco Realty Corp.		36,746		1,268,472
Vornado Realty Trust		19,440		1,710,720

				11,657,556



Road & Rail (3.6%)
Burlington Northern Santa Fe Corp.		96,510		9,640,384
Canadian National Railway Co.		37,680		1,811,654
Celadon Group, Inc.*		92,034		919,420
CSX Corp.		107,200		6,733,232
Hertz Global Holdings, Inc.*		584,730		5,613,408
Norfolk Southern Corp.		215,910		13,531,080
Ryder System, Inc.		50,200		3,457,776
Union Pacific Corp.		214,540		16,197,770

				57,904,724



Semiconductors & Semiconductor Equipment (2.8%)
Applied Materials, Inc.		315,910		6,030,722
Intel Corp.		1,316,800		28,284,864
LSI Corp.*		501,000		3,076,140
Microchip Technology, Inc. (a)		109,939		3,357,537
Tessera Technologies, Inc.*		303,251		4,964,219

				45,713,482



Software (2.4%)
Adobe Systems, Inc.*		61,200		2,410,668
BMC Software, Inc.*		5,482		197,352
Microsoft Corp.		1,044,767		28,741,540
Oracle Corp.*		328,760		6,903,960

				38,253,520



Specialty Retail (1.6%)
Abercrombie & Fitch Co., Class A		113,820		7,134,238
Guess?, Inc.		138,118		5,172,519
Office Depot, Inc.*		446,600		4,885,804
PetSmart, Inc.		152,981		3,051,971
TJX Cos., Inc.		191,230		6,018,008

				26,262,540



Textiles, Apparel & Luxury Goods (0.8%)
Liz Claiborne, Inc.		307,910		4,356,926
Nike, Inc., Class B		140,500		8,375,205

				12,732,131



Thrifts & Mortgage Finance (0.2%)
Hudson City Bancorp, Inc.		208,500		3,477,780



Trading Companies & Distributors (0.1%)
GATX Corp.		50,200		2,225,366


Total Common Stocks				1,494,006,655


Repurchase Agreements (7.1%)

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $48,421,648, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $49,386,843	$	48,418,474		48,418,474
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $65,379,092, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $66,682,303		65,374,806		65,374,806


Total Repurchase Agreements				113,793,280


Securities Purchased With Collateral For Securities On Loan (0.9%)


Repurchase Agreement (0.9%)

Barclays Capital, 2.50%, dated 06/30/08, due 07/01/08, repurchase price $14,782,545, collateralized by U.S. Government Agency Mortgages ranging 2.64%-15.43%, maturing 12/15/13-05/25/38; total market value of $15,077,149		14,781,519		14,781,519

8 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Nationwide Fund

Assets:
Investments, at value (cost $1,603,888,955)*	$	1,494,006,655
Repurchase agreements, at cost and value†		128,574,799

Total Investments		1,622,581,454

Cash		8,614
Interest and dividends receivable		2,258,729
Receivable for capital shares issued		17,791
Receivable for investments sold		40,959,851
Prepaid expenses and other assets		104,564

Total Assets		1,665,931,003

Liabilities:
Payable for investments purchased		34,220,115
Payable upon return of securities loaned (Note 2)		14,781,519
Payable for capital shares redeemed		889,336
Accrued expenses and other payables:
Investment advisory fees		761,372
Fund administration and transfer agent fees		79,236
Distribution fees		88,604
Administrative services fees		126,214
Custodian fees		7,676
Trustee fees		19,559
Compliance program costs (Note 3)		2,859
Other		5,079

Total Liabilities		50,981,569

Net Assets	$	1,614,949,434

Represented by:
Capital	$	1,571,276,303
Accumulated net investment income		330,686
Accumulated net realized gains from investment transactions		153,224,745
Net unrealized appreciation/(depreciation) from investments		(109,882,300	)

Net Assets	$	1,614,949,434

Net Assets:
Class I Shares	$	1,060,636,290
Class II Shares		412,122,695
Class III Shares		1,435,653
Class IV Shares		140,754,796

Total	$	1,614,949,434

See accompanying notes to financial statements.

10 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT
	Nationwide Fund

INVESTMENT INCOME:
Interest income	$	470,351
Dividend income		16,488,147
Income from securities lending (Note 2)		148,202

Total Income		17,106,700

Expenses:
Investment advisory fees		4,840,116
Fund administration and transfer agent fees		422,213
Distribution fees Class II Shares		516,483
Administrative services fees Class I Shares		752,689
Administrative services fees Class II Shares		160,206
Administrative services fees Class III Shares		438
Administrative services fees Class IV Shares		87,703
Custodian fees		80,655
Trustee fees		38,871
Compliance program costs (Note 3)		207
Other		186,389

Total expenses before earnings credit		7,085,970
Earnings credit (Note 6)		(24,974	)

Net Expenses		7,060,996

Net Investment Income		10,045,704

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(47,480,116	)
Net change in unrealized appreciation/(depreciation) from investments		(161,085,304	)

Net realized/unrealized losses from investments		(208,565,420	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(198,519,716	)

See accompanying notes to financial statements.

12 Semiannual Report 2008

Statements of Changes in Net Assets


	NVIT Nationwide Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	10,045,704		$	20,008,309
Net realized gains (losses) from investment transactions		(47,480,116	)		228,656,636
Net change in unrealized appreciation/(depreciation) from investments		(161,085,304	)		(96,933,819	)

Change in net assets resulting from operations		(198,519,716	)		151,731,126


Distributions to Shareholders From:
Net investment income:
Class I		(6,952,004	)		(15,009,575	)
Class II		(2,248,447	)		(2,774,191	)
Class III		(9,977	)		(17,935	)
Class IV		(929,361	)		(1,781,837	)
Net realized gains:
Class I		–			(70,089,329	)
Class II		–			(14,076,996	)
Class III		–			(101,330	)
Class IV		–			(8,009,931	)

Change in net assets from shareholder distributions		(10,139,789	)		(111,861,124	)

Change in net assets from capital transactions		(23,501,924	)		(33,175,005	)

Change in net assets		(232,161,429	)		6,694,997

Net Assets:
Beginning of period		1,847,110,863			1,840,415,866

End of period	$	1,614,949,434		$	1,847,110,863

Accumulated net investment income at end of period	$	330,686		$	424,771


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	2,464,718		$	12,699,218
Dividends reinvested		6,952,004			85,098,711
Cost of shares redeemed		(80,950,089	)		(344,145,404	)

		(71,533,367	)		(246,347,475	)

Class II Shares
Proceeds from shares issued		54,538,964			208,274,172
Dividends reinvested		2,248,380			16,851,147
Cost of shares redeemed		(2,666,201	)		(7,066,343	)

		54,121,143			218,058,976

Class III Shares
Proceeds from shares issued		843,593			2,074,969
Dividends reinvested		9,977			119,265
Cost of shares redeemed (a)		(589,979	)		(2,605,070	)

		263,591			(410,836	)

See accompanying notes to financial statements.

2008 Semiannual Report 13

Statements of Changes in Net Assets (Continued)


	NVIT Nationwide Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)

CAPITAL TRANSACTIONS: (continued)
Class IV Shares
Proceeds from shares issued	$	1,538,700		$	3,502,666
Dividends reinvested		929,337			9,791,720
Cost of shares redeemed		(8,821,328	)		(17,770,056	)

		(6,353,291	)		(4,475,670	)

Change in net assets from capital transactions	$	(23,501,924	)	$	(33,175,005	)


SHARE TRANSACTIONS:
Class I Shares
Issued		195,631			927,923
Reinvested		560,840			6,248,264
Redeemed		(6,414,251	)		(24,926,396	)

		(5,657,780	)		(17,750,209	)

Class II Shares
Issued		4,332,945			15,157,049
Reinvested		182,132			1,241,652
Redeemed		(211,646	)		(506,659	)

		4,303,431			15,892,042

Class III Shares
Issued		66,832			148,752
Reinvested		804			8,746
Redeemed		(47,047	)		(192,680	)

		20,589			(35,182	)

Class IV Shares
Issued		122,463			253,943
Reinvested		75,002			718,894
Redeemed		(698,449	)		(1,292,912	)

		(500,984	)		(320,075	)

Total change in shares		(1,834,744	)		(2,213,424	)


(a)		Includes redemption fees — see Note 4 to Financial Statements.

See accompanying notes to financial statements.

14 Semiannual Report 2008

NVIT Nationwide Fund


			Investment Activities								Distributions														Ratios / Supplemental Data

					Net Realized																												Ratio of
					and																									Ratio of Net			Expenses
	Net Asset				Unrealized			Total																	Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net			Net						Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Gains			Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b) (c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2008 (Unaudited)		13.59		0.08		(1.54	)		(1.46	)		(0.08	)		–			(0.08	)		12.05		(10.77	%)		1,060,636		0.78	%		1.23	%		0.78	%		148.03	%
Year Ended December 31, 2007		13.32		0.16		0.93			1.09			(0.15	)		(0.67	)		(0.82	)		13.59		8.18	%		1,273,467		0.79	%		1.08	%		0.79	%		377.04	%
Year Ended December 31, 2006		11.85		0.14		1.47			1.61			(0.14	)		–			(0.14	)		13.32		13.63	%		1,484,346		0.82	%		1.08	%		(e)			222.16	%
Year Ended December 31, 2005		11.13		0.10		0.72			0.82			(0.10	)		–			(0.10	)		11.85		7.44	%		1,506,358		0.83	%		0.88	%		(e)			179.84	%
Year Ended December 31, 2004		10.27		0.12		0.88			1.00			(0.14	)		–			(0.14	)		11.13		9.75	%		1,402,753		0.83	%		1.07	%		(e)			131.43	%
Year Ended December 31, 2003		8.10		0.08		2.14			2.22			(0.05	)		–			(0.05	)		10.27		27.51	%		1,459,917		0.83	%		0.83	%		(e)			129.01	%

Class II Shares
Six Months Ended June 30, 2008 (Unaudited)		13.54		0.07		(1.54	)		(1.47	)		(0.07	)		–			(0.07	)		12.00		(10.89	%)		412,123		0.98	%		1.03	%		0.98	%		148.03	%
Year Ended December 31, 2007		13.28		0.11		0.94			1.05			(0.12	)		(0.67	)		(0.79	)		13.54		7.89	%		406,705		1.07	%		0.83	%		1.08	%		377.04	%
Year Ended December 31, 2006		11.82		0.10		1.48			1.58			(0.12	)		–			(0.12	)		13.28		13.40	%		187,747		1.06	%		0.88	%		(e)			222.16	%
Year Ended December 31, 2005		11.12		0.07		0.71			0.78			(0.08	)		–			(0.08	)		11.82		7.04	%		24,550		1.08	%		0.66	%		(e)			179.84	%
Year Ended December 31, 2004		10.26		0.08		0.89			0.97			(0.11	)		–			(0.11	)		11.12		9.53	%		11,210		1.08	%		0.95	%		(e)			131.43	%
Year Ended December 31, 2003		8.10		0.05		2.15			2.20			(0.04	)		–			(0.04	)		10.26		27.23	%		5,570		1.08	%		0.60	%		(e)			129.01	%

Class III Shares
Six Months Ended June 30, 2008 (Unaudited)		13.62		0.08		(1.55	)		(1.47	)		(0.08	)		–			(0.08	)		12.07		(10.79	%)		1,436		0.71	%		1.31	%		0.71	%		148.03	%
Year Ended December 31, 2007		13.34		0.14		0.95			1.09			(0.14	)		(0.67	)		(0.81	)		13.62		8.22	%		1,339		0.81	%		1.04	%		0.81	%		377.04	%
Year Ended December 31, 2006		11.86		0.13		1.49			1.62			(0.14	)		–			(0.14	)		13.34		13.71	%		1,781		0.82	%		1.02	%		(e)			222.16	%
Year Ended December 31, 2005		11.15		0.09		0.73			0.82			(0.11	)		–			(0.11	)		11.86		7.35	%		1,595		0.83	%		0.86	%		(e)			179.84	%
Year Ended December 31, 2004		10.28		0.11		0.89			1.00			(0.13	)		–			(0.13	)		11.15		9.84	%		847		0.83	%		1.05	%		(e)			131.43	%
Year Ended December 31, 2003		8.11		0.09		2.13			2.22			(0.05	)		–			(0.05	)		10.28		27.48	%		870		0.83	%		0.83	%		(e)			129.01	%

Class IV Shares
Six Months Ended June 30, 2008 (Unaudited)		13.59		0.08		(1.54	)		(1.46	)		(0.08	)		–			(0.08	)		12.05		(10.77	%)		140,755		0.77	%		1.24	%		0.77	%		148.03	%
Year Ended December 31, 2007		13.32		0.15		0.94			1.09			(0.15	)		(0.67	)		(0.82	)		13.59		8.18	%		165,600		0.80	%		1.08	%		0.80	%		377.04	%
Year Ended December 31, 2006		11.85		0.14		1.47			1.61			(0.14	)		–			(0.14	)		13.32		13.63	%		166,542		0.82	%		1.09	%		(e)			222.16	%
Year Ended December 31, 2005		11.13		0.10		0.72			0.82			(0.10	)		–			(0.10	)		11.85		7.44	%		162,547		0.83	%		0.86	%		(e)			179.84	%
Year Ended December 31, 2004		10.27		0.12		0.88			1.00			(0.14	)		–			(0.14	)		11.13		9.75	%		167,051		0.83	%		1.06	%		(e)			131.43	%
Period Ended December 31, 2003 (f)		8.30		0.05		1.95			2.00			(0.03	)		–			(0.03	)		10.27		24.17	%		169,690		0.83	%		0.85	%		(e)			129.01	%


(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.

See accompanying notes to financial statements.

2008 Semiannual Report 15

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Nationwide Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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 and those differences could be material.


(a)	Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is the close of regular trading on the New York Stock Exchange (usually 4:00 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 (“NAV”), 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 valued at amortized cost, which approximates market value.

16 Semiannual Report 2008

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining “Fair Value.” For example, fair value determinations may take into account 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 an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. 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.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), effective with the beginning of the Fund’s fiscal year. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

• Level 1 — quoted prices in active markets for identical assets.

• Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with the rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


	Level 2 — Other	Level 3 —
Level 1 — Quoted	Significant	Significant
Prices	Observable Inputs	Unobservable Inputs		Total Investments

$1,494,006,655	$128,574,799	$	—	$	1,622,581,454

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(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, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty.


(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; however, in those instances, the aggregate initial margin and premiums required to establish those positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on any such contracts it has entered into.

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” payments are made or received each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the 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 a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the 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, and 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

18 Semiannual Report 2008

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 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 the 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, 2008, the Fund had securities with the following value on loan:


Value of Loaned Securities		Value of Collateral

$	14,171,656	$	14,781,519


(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. Distributions are recorded on the ex-dividend date.

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns), 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(h)	Federal Income Taxes

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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. Therefore, no federal income tax provision is required.

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 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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. 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.


(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 NAV 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 (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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. Aberdeen Asset Management Inc. (the “subadviser”) is the subadviser to the Fund. 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 the Fund’s average daily net assets and the following schedule for the six months ended June 30, 2008:


Fee Schedule	Fees

Up to $250 million		0.600%


$250 million up to $1 billion		0.575%


$1 billion up to $2 billion		0.550%


$2 billion up to $5 billion		0.525%


$5 billion or more		0.500%

20 Semiannual Report 2008

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $2,464,834 for the six months ended June 30, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“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. 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%. NFD is a majority-owned subsidiary of NFSDI.

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 inquiries 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, 2008, NFS received $1,298,458 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such costs amounted to $207.

2008 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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, 2008, Class III shares had contributions to capital due to collection of redemption fees in the amount of $2,699.

For the year ended December 31, 2007, Class III shares had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $2,486,760,798 and sales of $2,613,861,366.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the six months ended June 30, 2008.

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 Demand Deposit Accounts (“DDA”). The earnings credits are allocated across those funds that use DDAs based on the number of open shareholder accounts in each fund. If the earnings credits for a particular month exceed gross service charges generated by the DDAs, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. 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.

22 Semiannual Report 2008

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 Trustees and certain Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with the Trust’s vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. New Accounting Pronouncements

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities.” SFAS No. 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS No. 161 requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial position, performance and cash flows. Management is currently evaluating the impact the adoption of SFAS No. 161 will have on the Fund’s financial statements and related disclosures.

10. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	1,769,223,347	$	17,253,753	$	(163,895,646)	$	(146,641,893)

2008 Semiannual Report 23

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting group) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.

Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology, Inc. (specialty chemicals)

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST, a global management consulting firm.

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 to June 2000 and President & CEO from June 1992 to October 1999.

None

24 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
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 1988 — 2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).

None

Douglas F. Kridler
1955

Trustee
since
September 1997

Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also 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; Chairman of the Greater Columbus Convention and Visitors Bureau; and Board Member of Columbus Downtown Development Corporation.

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 25

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
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 Company².

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

Mr. Spangler is the Chief Executive Officer of Nationwide Funds Group, which includes NFA², Nationwide Fund Management LLC² and Nationwide Fund Distributors LLC², and is a Senior Vice President of Nationwide Financial Services, Inc.² From May 2004 until May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc., and Vice President and Director of Touchstone Investments Business Operations from July 2002 until May 2004.

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

Mr. Grugeon has served as Executive Vice President and Chief Operating Officer of Nationwide Funds Group since May 2007. From February 2008 until June 2008, Mr. Grugeon served as the acting President and CEO of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, which includes Nationwide SA Capital Trust². From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation², a subsidiary of NWD Investments, from 1999 through 2003.

N/A

26 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group². From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments².

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)². From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

Mr. Butler is Chief Distribution Officer of Nationwide Funds Group (since May 2007) and President of Nationwide Fund Distributors LLC (since January 2008)². From January 2006 through April 2007, Mr. Butler was Vice President — Mutual Fund Strategy of NFS² and was Senior Vice President — Retirement Plan Sales of NFS Distributors, Inc.² from 2000 until January 2006.

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 27

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

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 800-848-6331, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

28 Semiannual Report 2008

Supplemental Information

(Unaudited)


A.	Renewal of Advisory (and Sub-advisory) Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment advisers 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 has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On December 4, 2007, the Independent Trustees 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 the Advisory Agreement for a one year term beginning May 1, 2008. Immediately following the meeting, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel, and others to consider such matters, and to give preliminary consideration to information bearing on continuation of the Advisory Agreements. The primary purpose of the December 4, 2007 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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 4, 2007 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 information regarding: (i) the nature, extent and quality of services provided by the Adviser under the 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 the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to

2008 Semiannual Report 29

Supplemental Information

(Unaudited) (Continued)

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 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 the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 4, 2007 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 10, 2008.

At the January 10, 2008 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 4, 2007 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 Agreements 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. In addition to evaluating the specific factors noted above, the Board in reaching its determination is aware that shareholders of the Fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors, and that the Fund’s shareholders, with the opportunity to review and weigh the disclosure provided by the Fund in its prospectus and other public disclosures, have chosen to invest in this Fund, managed by the Adviser.

The Board considered the information and discussion with respect to the services provided to the Fund by the investment adviser and subadviser, and reviewed the information presented with respect to ancillary benefits received by the investment adviser and subadviser, including fee income for performing other services, and any soft dollars and affiliated brokerage commissions.

The Trustees found that the Fund’s performance had been 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 performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee compared with peer group funds placed the Fund in the third quintile of the peer group, while total expenses for the Fund were relatively low. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

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

30 Semiannual Report 2008

NVIT Growth Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

8			Statement of Assets and Liabilities

9			Statement of Operations

10			Statement of Changes in Net Assets

11			Financial Highlights

12			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-GR (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged and have been provided for comparison purposes only.

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Growth Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
NVIT Growth Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class I	Actual			1,000.00		883.60		3.70		0.79
	Hypothetical	^b		1,000.00		1,020.93		3.97		0.79


Class IV	Actual			1,000.00		882.90		3.98		0.85
	Hypothetical	^b		1,000.00		1,020.64		4.27		0.85


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	NVIT Growth Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			99.7%
Repurchase Agreements			0.3%
Other Investments*			0.7%
Liabilities in excess of other assets**			−0.7%

			100.0%


Top Industries

Software			8.3%
Energy Equipment & Services			6.4%
Oil, Gas & Consumable Fuels			6.3%
Communications Equipment			6.1%
Computers & Peripherals			5.6%
Biotechnology			4.9%
Semiconductors & Semiconductor Equipment			4.9%
Health Care Equipment & Supplies			4.9%
Pharmaceuticals			4.6%
Food & Staples Retailing			4.5%
Other			43.5%

			100.0%


Top Holdings***

Microsoft Corp.			3.5%
Wal-Mart Stores, Inc.			2.5%
Google, Inc., Class A			2.5%
Cisco Systems, Inc.			2.3%
Intel Corp.			2.3%
Apple, Inc.			2.2%
Oracle Corp.			2.2%
QUALCOMM, Inc.			1.9%
Transocean, Inc.			1.9%
PepsiCo, Inc.			1.8%
Other			76.9%

			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.

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Growth Fund


Common Stocks (99.7%)
	Shares or
	Principal Amount		Value


Aerospace & Defense (3.1%)
Boeing Co. (The)		9,700	$	637,484
Honeywell International, Inc.		36,200		1,820,136
Raytheon Co.		37,850		2,130,198
United Technologies Corp.		8,070		497,919

				5,085,737



Air Freight & Logistics (0.2%)
FedEx Corp.		5,000		393,950



Auto Components (0.4%)
Autoliv, Inc.		8,300		386,946
BorgWarner, Inc.		7,400		328,412

				715,358



Beverages (2.7%)
Coca-Cola Co. (The)		28,010		1,455,960
PepsiCo, Inc.		47,010		2,989,366

				4,445,326



Biotechnology (4.9%)
Celgene Corp.*		13,100		836,697
Cephalon, Inc.*		20,100		1,340,469
Genentech, Inc.*		19,300		1,464,870
Gilead Sciences, Inc.*		52,390		2,774,051
ImClone Systems, Inc.*		19,900		805,154
United Therapeutics Corp.*		9,360		914,940

				8,136,181



Capital Markets (3.1%)
Bank of New York Mellon Corp.		10,900		412,347
Goldman Sachs Group, Inc. (The)		5,620		982,938
Invesco Ltd.		55,900		1,340,482
Investment Technology Group, Inc.*		7,050		235,893
Northern Trust Corp.		6,200		425,134
State Street Corp.		26,590		1,701,494

				5,098,288



Chemicals (2.9%)
Celanese Corp., Series A		17,000		776,220
E.I. Du Pont de Nemours & Co.		14,700		630,483
Monsanto Co.		21,146		2,673,700
Praxair, Inc.		7,800		735,072

				4,815,475



Communications Equipment (6.1%)
Cisco Systems, Inc.*		160,830		3,740,906
Corning, Inc.		13,790		317,859
Juniper Networks, Inc.*		55,900		1,239,862
QUALCOMM, Inc.		72,410		3,212,832
Research In Motion Ltd.*		13,660		1,596,854

				10,108,313



Computers & Peripherals (5.6%)
Apple, Inc.*		22,110		3,702,098
Dell, Inc.*		73,900		1,616,932
Hewlett-Packard Co.		60,340		2,667,631
International Business Machines Corp.		8,900		1,054,917
Seagate Technology		13,350		255,386

				9,296,964



Construction & Engineering (0.8%)
Foster Wheeler Ltd.*		17,800		1,302,070



Consumer Finance (1.2%)
MasterCard, Inc., Class A		3,400		902,768
Visa, Inc., Class A*		13,510		1,098,498

				2,001,266



Diversified Financial Services (1.0%)
IntercontinentalExchange, Inc.*		11,240		1,281,360
NYSE Euronext		8,000		405,280

				1,686,640



Electrical Equipment (2.2%)
Ametek, Inc.		24,775		1,169,876
Emerson Electric Co.		50,000		2,472,500

				3,642,376



Energy Equipment & Services (6.4%)
Cameron International Corp.*		18,300		1,012,905
Halliburton Co.		40,640		2,156,765
National Oilwell Varco, Inc.*		14,300		1,268,696
Schlumberger Ltd.		27,400		2,943,582
Transocean, Inc.*		21,025		3,204,000

				10,585,948



Food & Staples Retailing (4.5%)
CVS Caremark Corp.		56,069		2,218,650
Kroger Co. (The)		33,600		970,032
Wal-Mart Stores, Inc.		74,660		4,195,892

				7,384,574



Health Care Equipment & Supplies (4.9%)
Baxter International, Inc.		44,060		2,817,196
Beckman Coulter, Inc.		6,200		418,686
Becton, Dickinson & Co.		21,050		1,711,365
Hospira, Inc.*		13,300		533,463
St. Jude Medical, Inc.*		37,750		1,543,220
Stryker Corp.		16,400		1,031,232

				8,055,162

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Growth Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Health Care Providers & Services (2.0%)
Aetna, Inc.		25,100	$	1,017,303
Humana, Inc.*		18,600		739,722
UnitedHealth Group, Inc.		28,700		753,375
Universal Health Services, Inc., Class B		13,100		828,182

				3,338,582



Hotels, Restaurants & Leisure (4.4%)
Brinker International, Inc.		45,150		853,335
Burger King Holdings, Inc.		46,700		1,251,093
Darden Restaurants, Inc.		46,550		1,486,807
McDonald’s Corp.		40,650		2,285,343
WMS Industries, Inc.*		44,000		1,309,880

				7,186,458



Household Products (1.5%)
Colgate-Palmolive Co.		30,300		2,093,730
Procter & Gamble Co. (The)		5,270		320,469

				2,414,199



Industrial Conglomerate (0.3%)
3M Co.		7,350		511,487



Information Technology Services (1.5%)
Alliance Data Systems Corp.*		23,300		1,317,615
Cognizant Technology Solutions Corp., Class A*		37,220		1,210,022

				2,527,637



Internet Software & Services (3.1%)
Akamai Technologies, Inc.*		24,400		848,876
Google, Inc., Class A*		7,970		4,195,567

				5,044,443



Leisure Equipment & Products (0.2%)
Hasbro, Inc.		8,500		303,620



Life Sciences Tools & Services (1.3%)
PerkinElmer, Inc.		12,000		334,200
Thermo Fisher Scientific, Inc.*		33,450		1,864,169

				2,198,369



Machinery (2.6%)
Caterpillar, Inc.		8,610		635,590
Deere & Co.		20,500		1,478,665
Harsco Corp.		10,520		572,393
PACCAR, Inc.		6,700		280,261
Parker Hannifin Corp.		19,500		1,390,740

				4,357,649



Media (2.1%)
Comcast Corp., Class A		67,800		1,286,166
Time Warner, Inc.		37,250		551,300
Walt Disney Co. (The)		52,640		1,642,368

				3,479,834



Metals & Mining (1.2%)
Freeport-McMoRan Copper & Gold, Inc.		17,027		1,995,394



Multiline Retail (0.8%)
Kohl’s Corp.*		33,100		1,325,324



Natural Gas Utility (0.4%)
Questar Corp.		8,500		603,840



Oil, Gas & Consumable Fuels (6.3%)
Cabot Oil & Gas Corp.		21,000		1,422,330
Chesapeake Energy Corp.		12,900		850,884
CONSOL Energy, Inc.		12,740		1,431,594
EOG Resources, Inc.		9,840		1,291,008
Exxon Mobil Corp.		6,300		555,219
Noble Energy, Inc.		3,900		392,184
Occidental Petroleum Corp.		10,100		907,586
PetroHawk Energy Corp.*		19,300		893,783
Range Resources Corp.		17,920		1,174,477
Williams Cos., Inc. (The)		35,570		1,433,826

				10,352,891



Pharmaceuticals (4.6%)
Abbott Laboratories		42,400		2,245,928
Bristol-Myers Squibb Co.		53,000		1,088,090
Johnson & Johnson		7,370		474,186
Merck & Co., Inc.		33,400		1,258,846
Teva Pharmaceutical Industries Ltd. ADR — IL		35,560		1,628,648
Wyeth		20,300		973,588

				7,669,286



Road & Rail (0.6%)
Burlington Northern Santa Fe Corp.		4,000		399,560
Union Pacific Corp.		6,700		505,850

				905,410



Semiconductors & Semiconductor Equipment (4.9%)
Altera Corp.		45,700		945,990
Intel Corp.		173,380		3,724,202
Marvell Technology Group Ltd.*		115,450		2,038,847
Texas Instruments, Inc.		18,900		532,224
Xilinx, Inc.		32,900		830,725

				8,071,988

6 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Software (8.3%)
Adobe Systems, Inc.*		53,700	$	2,115,243
Electronic Arts, Inc.*		25,500		1,132,965
McAfee, Inc.*		33,600		1,143,408
Microsoft Corp.		210,960		5,803,510
Oracle Corp.*		170,900		3,588,900

				13,784,026



Specialty Retail (1.3%)
J Crew Group, Inc.*(a)		29,800		983,698
Lowe’s Cos., Inc.		15,900		329,925
Ross Stores, Inc. (a)		22,700		806,304

				2,119,927



Textiles, Apparel & Luxury Goods (1.4%)
Coach, Inc.*		40,200		1,160,976
Nike, Inc., Class B		18,100		1,078,941

				2,239,917



Wireless Telecommunication Services (0.9%)
Crown Castle International Corp.*		29,500		1,142,536
Telephone & Data Systems, Inc.		5,500		259,984

				1,402,520


Total Common Stocks				164,586,429


Repurchase Agreements (0.3%)

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $236,036, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $240,741	$	236,020		236,020
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $318,696, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $325,049		318,676		318,676


Total Repurchase Agreements				554,696



Repurchase Agreement (0.7%)

Barclays Capital, 2.50%, dated 06/30/08, due 07/01/08, repurchase price $1,220,572, collateralized by U.S. Government Agency Mortgages ranging 2.64%-15.43%, maturing 12/15/13-05/25/38; total market value of $1,244,898	$	1,220,487		1,220,488


Total Securities Purchased With Collateral For Securities On Loan				1,220,488


Total Investments (Cost $166,449,820) (b) — 100.7%				166,361,613

Liabilities in excess of other assets — (0.7)%				(1,227,057	)


NET ASSETS — 100.0%			$	165,134,556


*		Denotes a non-income producing security.

(a)		All or a part of the security was on loan as of June 30, 2008.

(b)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.


ADR		American Depositary Receipt

IL		Israel

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Growth Fund

Assets:
Investments, at value (cost $164,674,636)*	$	164,586,429
Repurchase agreements, at cost and value†		1,775,184

Total Investments		166,361,613

Cash		1,189
Interest and dividends receivable		80,575
Receivable for capital shares issued		110
Receivable for investments sold		11,344,316
Prepaid expenses and other assets		1,513

Total Assets		177,789,316

Liabilities:
Payable for investments purchased		11,130,790
Payable upon return of securities loaned (Note 2)		1,220,488
Payable for capital shares redeemed		183,055
Accrued expenses and other payables:
Investment advisory fees		85,448
Fund administration and transfer agent fees		8,929
Administrative services fees		9,867
Custodian fees		2,120
Trustee fees		5,186
Compliance program costs (Note 3)		305
Other		8,572

Total Liabilities		12,654,760

Net Assets	$	165,134,556

Represented by:
Capital	$	432,024,762
Accumulated net investment income		65,202
Accumulated net realized losses from investment transactions		(266,867,201	)
Net unrealized appreciation/(depreciation) from investments		(88,207	)

Net Assets	$	165,134,556

Net Assets:
Class I Shares	$	135,893,677
Class IV Shares		29,240,879

Total	$	165,134,556

Shares outstanding (unlimited number of shares authorized):
Class I Shares		10,620,440
Class IV Shares		2,286,153

Total		12,906,593

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	12.80
Class IV Shares	$	12.79


*		Includes value of securities on loan of $2,044,894 (Note 2).

†		Includes value of repurchase agreements purchased with cash collateral received from securities on loan of $1,220,488.

See accompanying notes to financial statements.

8 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT
	Growth Fund

INVESTMENT INCOME:
Interest income	$	15,004
Dividend income		900,381
Income from securities lending (Note 2)		29,095

Total Income		944,480

Expenses:
Investment advisory fees		531,187
Fund administration and transfer agent fees		44,945
Administrative services fees Class I Shares		64,998
Administrative services fees Class IV Shares		21,950
Custodian fees		13,397
Trustee fees		7,190
Compliance program costs (Note 3)		6
Other		26,557

Total expenses before earnings credit		710,230
Earnings credit (Note 6)		(1,233	)

Net Expenses		708,997

Net Investment Income		235,483

REALIZED/UNREALIZED (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(5,859,097	)
Net change in unrealized appreciation/ (depreciation) from investments		(18,124,393	)

Net realized/unrealized losses from investments		(23,983,490	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(23,748,007	)

See accompanying notes to financial statements.

2008 Semiannual Report 9

Statements of Changes in Net Assets


	NVIT Growth Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	235,483		$	357,188
Net realized gains (losses) from investment transactions		(5,859,097	)		32,528,293
Net change in unrealized appreciation/(depreciation) from investments		(18,124,393	)		3,877,897

Change in net assets resulting from operations		(23,748,007	)		36,763,378


Distributions to Shareholders From:
Net investment income:
Class I		(141,969	)		(296,662	)
Class IV		(28,312	)		(64,401	)

Change in net assets from shareholder distributions		(170,281	)		(361,063	)

Change in net assets from capital transactions		(18,020,558	)		(34,878,058	)

Change in net assets		(41,938,846	)		1,524,257

Net Assets:
Beginning of period		207,073,402			205,549,145

End of period	$	165,134,556		$	207,073,402

Accumulated net investment income at end of period	$	65,202		$	–


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,622,846		$	11,924,879
Dividends reinvested		141,958			296,650
Cost of shares redeemed		(18,005,181	)		(42,043,443	)

		(16,240,377	)		(29,821,914	)

Class IV Shares
Proceeds from shares issued		619,231			1,331,716
Dividends reinvested		28,312			64,398
Cost of shares redeemed		(2,427,724	)		(6,452,258	)

		(1,780,181	)		(5,056,144	)

Change in net assets from capital transactions	$	(18,020,558	)	$	(34,878,058	)


SHARE TRANSACTIONS:
Class I Shares
Issued		122,909			863,596
Reinvested		11,099			21,045
Redeemed		(1,372,248	)		(3,151,985	)

		(1,238,240	)		(2,267,344	)

Class IV Shares
Issued		47,325			98,831
Reinvested		2,215			4,545
Redeemed		(184,804	)		(476,196	)

		(135,264	)		(372,820	)

Total change in shares		(1,373,504	)		(2,640,164	)

See accompanying notes to financial statements.

10 Semiannual Report 2008

NVIT Growth Fund


			Investment Activities								Distributions													Ratios / Supplemental Data

					Net Realized																									Ratio of
					and																						Ratio of Net			Expenses
	Net Asset				Unrealized			Total														Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net						Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b) (c)			Turnover (d)
Class I Shares
Six Months ended June 30, 2008 (Unaudited)		14.50		0.02		(1.71	)		(1.69	)		(0.01)			(0.01	)		12.80		(11.64	%)		135,894		0.79	%		0.28	%		0.79	%		122.46	%
Year ended December 31, 2007		12.15		0.02		2.35			2.37			(0.02)			(0.02	)		14.50		19.54	%		171,966		0.86	%		0.17	%		0.86	%		244.42	%
Year ended December 31, 2006		11.45		0.01		0.70			0.71			(0.01)			(0.01	)		12.15		6.17	%		171,610		0.87	%		0.04	%		(e)			294.57	%
Year ended December 31, 2005		10.76		0.01		0.69			0.70			(0.01)			(0.01	)		11.45		6.50	%		199,446		0.87	%		0.05	%		(e)			275.31	%
Year ended December 31, 2004		9.98		0.02		0.79			0.81			(0.03)			(0.03	)		10.76		8.16	%		224,301		0.85	%		0.26	%		(e)			282.41	%
Year ended December 31, 2003		7.52		0.01		2.45			2.46			–	(f)		–			9.98		32.74	%		244,671		0.84	%		0.09	%		(e)			293.58	%

Class IV Shares
Six Months ended June 30, 2008 (Unaudited)		14.50		0.01		(1.71	)		(1.70	)		(0.01)			(0.01	)		12.79		(11.71	%)		29,241		0.85	%		0.22	%		0.85	%		122.46	%
Year ended December 31, 2007		12.15		0.03		2.35			2.38			(0.03)			(0.03	)		14.50		19.56	%		35,107		0.84	%		0.18	%		0.85	%		244.42	%
Year ended December 31, 2006		11.45		0.01		0.70			0.71			(0.01)			(0.01	)		12.15		6.17	%		33,939		0.87	%		0.05	%		(e)			294.57	%
Year ended December 31, 2005		10.76		0.01		0.69			0.70			(0.01)			(0.01	)		11.45		6.50	%		36,209		0.87	%		0.05	%		(e)			275.31	%
Year ended December 31, 2004		9.98		0.02		0.79			0.81			(0.03)			(0.03	)		10.76		8.16	%		38,067		0.85	%		0.27	%		(e)			282.41	%
Period ended December 31, 2003 (g)		7.90		–		2.08			2.08			–	(f)		–			9.98		26.37	%		34,090		0.84	%		0.10	%		(e)			293.58	%


(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)	The amount is less than $0.005 per share.
(g)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

See accompanying notes to financial statements.

2008 Semiannual Report 11

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Growth Fund (the “Fund”) (formerly “Nationwide NVIT Growth Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

12 Semiannual Report 2008

• Level 1 — quoted prices in active markets for identical assets.

• Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


	Level 2 — Other	Level 3 —
Level 1 — Quoted	Significant	Significant
Prices	Observable Inputs	Unobservable Inputs		Total Investments

$164,586,429	$1,775,184	$	—	$	166,361,613

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(b)	Repurchase Agreements


(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. 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

14 Semiannual Report 2008


(e)	Written Options Contracts


(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 earmark or 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


(h)	Securities Lending

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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, 2008, the Fund had securities with the following value on loan:


Value of Loaned Securities		Value of Collateral

$	2,044,894	$	2,104,475*


*		Includes $883,987 in the form of U.S. Government Securities, interest rates ranging from 2.64% to 15.43%, and maturity dates ranging from 12/15/13 to 05/25/38.


(i)	Distributions to Shareholders

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. To the extent these changes are permanent (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns), such amounts 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses 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. Therefore, no federal income tax provision is required.

16 Semiannual Report 2008


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting subadvisers and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Aberdeen Asset Management Inc. (the “subadviser”) is the subadviser to the Fund. 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 the Fund’s average daily net assets and the following schedules for the six months ended June 30, 2008:


Fee Schedule	Fees

Up to $250 million		0.600%


$250 million up to $1 billion		0.575%


$1 billion up to $2 billion		0.550%


$2 billion up to $5 billion		0.525%


On $5 billion or more		0.500%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $309,859 for the six months ended June 30, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund,, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


		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 NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, and the NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

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; answering inquiries 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, 2008, NFS received $137,176 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2007, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such costs amounted to $6.

4. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $217,913,301 and sales of $235,205,006.

5. Bank Loans and Earnings Credit

6. Portfolio Investment Risks

18 Semiannual Report 2008

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.

7. Indemnifications

8. New Accounting Pronouncements

9. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	168,810,259	$	6,287,331	$	(8,735,977)	$	(2,448,646)

2008 Semiannual Report 19

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

20 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

22 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

24 Semiannual Report 2008

Supplemental Information

(Unaudited)


A.	Renewal of Advisory (and Sub-advisory) Agreements

2008 Semiannual Report 25

Supplemental Information

(Unaudited) (Continued)

The Trustees found that the Fund’s actual advisory fee compared with peer group funds was low. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

26 Semiannual Report 2008

NVIT Government Bond Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

7			Statement of Assets and Liabilities

8			Statement of Operations

9			Statement of Changes in Net Assets

11			Financial Highlights

13			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-GB (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged and have been provided for comparison purposes only.

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Government Bond Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
NVIT Government Bond Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class I	Actual			1,000.00		1,016.50		3.26		0.65
	Hypothetical	^b		1,000.00		1,021.63		3.27		0.65


Class II	Actual			1,000.00		1,016.30		4.46		0.89
	Hypothetical	^b		1,000.00		1,020.44		4.47		0.89


Class III	Actual			1,000.00		1,016.70		3.16		0.63
	Hypothetical	^b		1,000.00		1,021.73		3.17		0.63


Class IV	Actual			1,000.00		1,016.40		3.41		0.68
	Hypothetical	^b		1,000.00		1,021.48		3.42		0.68


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	NVIT Government Bond Fund

June 30, 2008 (Unaudited)


Asset Allocation

U.S. Government Sponsored & Agency Obligations			55.8%
U.S. Government Sponsored Mortgage-Backed Obligations			23.2%
Collateralized Mortgage Obligations			17.5%
Repurchase Agreements			2.8%
Other Investments*			2.0%
Liabilities in excess of other assets**			-1.3%

			100.0%


Top Holdings***

Federal National Mortgage Association, 5.23%, 01/29/10			7.9%
Federal National Mortgage Association, 5.63%, 11/15/21			7.4%
Federal National Mortgage Association, 5.08%, 05/14/10			5.2%
Federal National Mortgage Association, 4.66%, 05/01/13			3.8%
Federal Home Loan Bank, 5.25%, 11/03/09			3.7%
Federal Home Loan Mortgage Corp., 6.00%, 02/15/27			2.6%
Federal National Mortgage Association, 4.08%, 04/01/34			2.6%
Lightship Tankers LLC, 6.50%, 06/14/24			2.3%
Federal Home Loan Mortgage Corporation, 5.71%, 07/01/37			2.2%
Private Export Funding Corp. (PEFCO), 5.00%, 12/15/16			2.2%
Other			60.1%

			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.

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Government Bond Fund


U.S. Government Sponsored & Agency Obligations (55.8%)


	Principal
	Amount		Value


Federal Agricultural Mortgage Corp., 5.50%, 07/15/11 (a)	$	27,700,000	$	29,356,515
Federal Farm Credit Bank
5.00%, 03/03/14		12,146,000		12,597,685
4.55%, 03/04/15		25,475,000		25,685,576
5.25%, 04/06/22		15,000,000		15,248,130
Federal Home Loan Bank
5.91%, 04/07/09		6,860,000		7,021,443
5.25%, 11/03/09 (b)		50,000,000		50,443,050
4.80%, 12/18/13		8,350,000		8,580,986
5.00%, 03/14/14		17,925,000		18,584,192
4.63%, 09/11/20		20,980,000		20,263,009
Federal Home Loan Mortgage Corp., 5.60%, 09/26/13		25,000,000		25,142,625
Federal National Mortgage Association
5.23%, 01/29/10		106,515,000		107,915,353
5.08%, 05/14/10		70,000,000		71,328,390
8.20%, 03/10/16		10,000,000		12,292,550
5.63%, 11/15/21		100,000,000		101,393,200
6.00%, 04/18/36		9,822,000		10,091,958
Financing Corp.
10.70%, 10/06/17		5,000,000		7,218,930
9.65%, 11/02/18		8,740,000		12,128,620
Government Loan Trust 0.00%, 04/01/15		6,072,000		4,607,737
Housing & Urban Development, 7.08%, 08/01/16		4,005,000		4,017,524
Housing Urban Development
4.56%, 08/01/17		21,069,000		21,020,963
4.96%, 08/01/20		15,967,000		15,979,774
5.05%, 08/01/21		16,852,000		16,852,000
Lightship Tanker Light, 6.50%, 06/14/24		23,161,000		25,641,173
Lightship Tankers LLC, 6.50%, 06/14/24		27,495,365		31,579,801
Private Export Funding Corp. (PEFCO), 5.00%, 12/15/16		30,000,000		30,689,460
Tennessee Valley Authority Series C, 4.75%, 08/01/13		20,000,000		20,473,800
5.50%, 07/18/17 (b)		25,000,000		26,349,650
5.88%, 04/01/36 (b)		20,000,000		21,542,720
5.98%, 04/01/36		11,588,000		12,472,419


Total U.S. Government Sponsored & Agency Obligations				766,519,233


Collateralized Mortgage Obligations (17.5%)


	Principal
	Amount		Value



Fannie Mae REMICS, Series 2003-66, Class AP, 3.50%, 11/25/32	$	1,976,832	$	1,847,685
Federal Home Loan Mortgage Corp.
5.50%, 09/15/10		2,447,718		2,486,006
5.50%, 08/15/13		4,921,749		4,988,402
5.50%, 07/15/17		7,090,438		7,260,299
5.50%, 10/15/17		11,763,313		12,043,903
5.50%, 10/15/17		18,327,065		18,713,901
5.50%, 01/15/20		8,000,000		8,182,106
4.56%, 06/15/25		22,000,000		20,851,013
6.00%, 02/15/27		34,535,000		35,672,583
5.00%, 04/15/29		26,000,000		26,276,000
5.50%, 05/15/34		10,706,061		10,903,813
6.00%, 03/15/36		26,365,666		27,344,014
Federal National Mortgage Association
5.50%, 09/25/11		6,215,000		6,390,922
5.00%, 07/25/23		6,000,000		5,795,885
7.00%, 08/25/23		3,943,121		4,186,130
5.50%, 04/25/24		12,486,462		12,672,505
Freddie Mac REMICS, Series 2677, Class LE, 4.50%, 09/15/18		27,119,132		26,244,689
Vendee Mortgage Trust, Series 1996-2, Class IZ, 6.75%, 06/15/26		7,830,242		8,322,172


Total Collateralized Mortgage Obligations				240,182,028


U.S. Government Sponsored Mortgage-Backed Obligations (23.2%)


Fannie Mae, Pool # 383661, 6.62%, 06/01/16		10,480,322		11,264,937
Federal Home Loan Mortgage Corporation
5.81%, 06/01/35 (c)		15,101,499		15,383,487
5.71%, 07/01/37		30,434,638		30,699,977
Federal National Mortgage Association
5.70%, 01/01/09		4,349,696		4,339,222
7.41%, 04/01/10		13,804,294		14,372,589
4.66%, 05/01/13		52,534,597		51,882,597
5.60%, 09/01/18		11,094,786		11,212,901
5.56%, 12/01/21		11,400,000		11,441,964
4.08%, 04/01/34		35,045,120		35,354,362
4.95%, 09/01/34 (c)		12,175,749		12,220,498
4.69%, 10/01/34		7,512,257		7,518,336
4.75%, 04/01/35 (c)		12,948,808		12,984,306
4.79%, 05/01/35 (c)		10,669,979		10,714,821

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Government Bond Fund (Continued)


U.S. Government Sponsored Mortgage-Backed Obligations (continued)
	Principal
	Amount		Value


Federal National Mortgage Association (continued)

4.88%, 05/01/35	$	16,809,531	$	16,901,193
5.25%, 05/01/35 (c)		7,644,959		7,746,395
4.88%, 07/01/35 (c)		27,536,392		27,729,233
6.31%, 08/01/36		8,329,759		8,851,054
5.62%, 09/01/36 (c)		27,957,934		28,500,642


Total U.S. Government Sponsored Mortgage-Backed Obligations				319,118,514


Repurchase Agreements (2.8%)

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $16,627,988, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $16,959,436		16,626,898		16,626,898
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $22,451,172, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $22,898,694		22,449,700		22,449,700


Total Repurchase Agreements				39,076,598

Securities Purchased With Collateral For Securities On Loan (2.0%)
	Principal
	Amount		Value


Repurchase Agreement (2.0%)
Barclays Capital, 2.50%, dated 06/30/08, due 07/01/08, repurchase price $27,360,300, collateralized by U.S. Government Agency Mortgages ranging 2.64%—15.43%, maturing 12/15/13—05/25/38; total market value of $27,905,568	$	27,358,400	$	27,358,400


Total Securities Purchased With Collateral For Securities On Loan				27,358,400


Total Investments (Cost $1,372,933,265) (d) — 101.3%				1,392,254,773

Liabilities in excess of other assets — (1.3)%				(17,320,172	)


NET ASSETS — 100.0%			$	1,374,934,601


(a)		Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2008, all such securities in total represented 2.1% of net assets.

(b)		All or a part of the security was on loan as of June 30, 2008.

(c)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2008. The maturity date represents the actual maturity date.

(d)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompany notes to financial statements.

6 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Government
	Bond Fund

Assets:
Investments, at value (cost $1,306,498,267)*	$	1,325,819,775
Repurchase agreements, at cost and value†		66,434,998

Total Investments		1,392,254,773

Interest and dividends receivable		11,811,327
Receivable for capital shares issued		80,061
Prepaid expenses and other assets		12,103

Total Assets		1,404,158,264

Liabilities:
Payable upon return of securities loaned (Note 2)		27,358,400
Payable for capital shares redeemed		1,128,857
Accrued expenses and other payables:
Investment advisory fees		528,948
Fund administration and transfer agent fees		83,583
Distribution fees		2,704
Administrative services fees		94,764
Custodian fees		4,516
Trustee fees		17,343
Compliance program costs (Note 3)		2,334
Other		2,214

Total Liabilities		29,223,663

Net Assets	$	1,374,934,601

Represented by:
Capital	$	1,360,941,436
Accumulated net investment income		1,931,762
Accumulated net realized losses from investment transactions		(7,260,105	)
Net unrealized appreciation/(depreciation) from investments		19,321,508

Net Assets	$	1,374,934,601

Net Assets:
Class I Shares	$	1,305,387,910
Class II Shares		13,254,906
Class III Shares		21,571,248
Class IV Shares		34,720,537

Total	$	1,374,934,601

Shares outstanding (unlimited number of shares authorized):
Class I Shares		112,817,585
Class II Shares		1,148,978
Class III Shares		1,864,050
Class IV Shares		3,001,057

Total		118,831,670

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	11.57
Class II Shares	$	11.54
Class III Shares	$	11.57
Class IV Shares	$	11.57


*		Includes value of securities on loan of $29,018,943 (Note 2).

†		Includes value of repurchase agreements purchased with cash collateral received from securities on loan of $27,358,400.

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT
	Government
	Bond Fund

INVESTMENT INCOME:
Interest income	$	35,381,650
Income from securities lending (Note 2)		163,332

Total Income		35,544,982

Expenses:
Investment advisory fees		3,256,925
Fund administration and transfer agent fees		346,382
Distribution fees Class II Shares		17,001
Administrative services fees Class I Shares		683,993
Administrative services fees Class II Shares		6,256
Administrative services fees Class III Shares		8,740
Administrative services fees Class IV Shares		23,227
Custodian fees		31,230
Trustee fees		37,230
Compliance program costs (Note 3)		609
Other		126,850

Total expenses before earnings credit		4,538,443
Earnings credit (Note 6)		(9,296	)

Net Expenses		4,529,147

Net Investment Income		31,015,835

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		2,774,213
Net change in unrealized appreciation/(depreciation) from investments		(11,390,607	)

Net realized/unrealized losses from investments		(8,616,394	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	22,399,441

See accompanying notes to financial statements.

8 Semiannual Report 2008

Statements of Changes in Net Assets


	NVIT Government Bond Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	31,015,835		$	54,303,127
Net realized gains (losses) from investment transactions		2,774,213			(1,956,772	)
Net change in unrealized appreciation/(depreciation) from investments		(11,390,607	)		32,389,849

Change in net assets resulting from operations		22,399,441			84,736,204


Distributions to Shareholders From:
Net investment income:
Class I		(28,526,107	)		(51,232,995	)
Class II		(274,852	)		(594,198	)
Class III		(469,500	)		(787,435	)
Class IV		(754,955	)		(1,574,233	)

Change in net assets from shareholder distributions		(30,025,414	)		(54,188,861	)

Change in net assets from capital transactions		78,763,584			141,707,830

Change in net assets		71,137,611			172,255,173

Net Assets:
Beginning of period		1,303,796,990			1,131,541,817

End of period	$	1,374,934,601		$	1,303,796,990

Accumulated net investment income at end of period	$	1,931,762		$	941,341


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	199,992,650		$	277,099,669
Dividends reinvested		28,525,995			51,232,898
Cost of shares redeemed		(151,599,342	)		(189,470,269	)

		76,919,303			138,862,298

Class II Shares
Proceeds from shares issued		675,091			870,676
Dividends reinvested		274,852			594,198
Cost of shares redeemed		(1,653,354	)		(2,265,886	)

		(703,411	)		(801,012	)

Class III Shares
Proceeds from shares issued		8,226,296			11,957,617
Dividends reinvested		469,500			787,434
Cost of shares redeemed (a)		(5,554,472	)		(7,715,709	)

		3,141,324			5,029,342

Class IV Shares
Proceeds from shares issued		2,635,845			3,631,859
Dividends reinvested		754,955			1,574,230
Cost of shares redeemed		(3,984,432	)		(6,588,887	)

		(593,632	)		(1,382,798	)

Change in net assets from capital transactions	$	78,763,584		$	141,707,830

See accompanying notes to financial statements.

2008 Semiannual Report 9

NVIT Government Bond Fund


			Investment Activities							Distributions														Ratios / Supplemental Data

					Net Realized																											Ratio of
					and																								Ratio of Net			Expenses
	Net Asset				Unrealized			Total																Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from		Net			Net						Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment		Investment			Realized			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments			Activities		Income			Gains			Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b) (c)			Turnover (d)
Class I Shares
Six Months ended June 30, 2008 (Unaudited)		11.63		0.26		(0.07	)		0.19		(0.25	)		–			(0.25	)		11.57		1.65	%		1,305,388		0.65	%		4.50	%		0.65	%		22.80	%
Year ended December 31, 2007		11.35		0.51		0.28			0.79		(0.51	)		–			(0.51	)		11.63		7.16	%		1,235,739		0.72	%		4.52	%		0.72	%		87.90	%
Year ended December 31, 2006		11.54		0.48		(0.11	)		0.37		(0.47	)		(0.09	)		(0.56	)		11.35		3.34	%		1,067,945		0.73	%		4.16	%		(e)			93.01	%
Year ended December 31, 2005		11.62		0.43		(0.06	)		0.37		(0.43	)		(0.02	)		(0.45	)		11.54		3.26	%		1,117,512		0.73	%		3.65	%		(e)			87.79	%
Year ended December 31, 2004		12.13		0.47		(0.08	)		0.39		(0.66	)		(0.24	)		(0.90	)		11.62		3.26	%		1,222,615		0.73	%		3.75	%		(e)			69.37	%
Year ended December 31, 2003 (f)		12.28		0.50		(0.25	)		0.25		(0.38	)		(0.02	)		(0.40	)		12.13		2.00	%		1,488,089		0.73	%		4.12	%		(e)			40.46	%

Class II Shares
Six Months ended June 30, 2008 (Unaudited)		11.59		0.25		(0.06	)		0.19		(0.24	)		–			(0.24	)		11.54		1.63	%		13,255		0.89	%		4.27	%		0.89	%		22.80	%
Year ended December 31, 2007		11.32		0.49		0.26			0.75		(0.48	)		–			(0.48	)		11.59		6.91	%		14,013		0.97	%		4.27	%		0.97	%		87.90	%
Year ended December 31, 2006		11.51		0.45		(0.11	)		0.34		0.44			(0.09	)		(0.53	)		11.32		3.00	%		14,470		0.98	%		3.91	%		(e)			93.01	%
Year ended December 31, 2005		11.59		0.40		(0.06	)		0.34		(0.40	)		(0.02	)		(0.42	)		11.51		3.01	%		15,765		0.98	%		3.40	%		(e)			87.79	%
Year ended December 31, 2004		12.10		0.44		(0.08	)		0.36		(0.63	)		(0.24	)		(0.87	)		11.59		3.01	%		17,643		0.98	%		3.50	%		(e)			69.37	%
Year ended December 31, 2003 (f)		12.26		0.47		(0.25	)		0.22		(0.36	)		(0.02	)		(0.38	)		12.10		1.77	%		20,998		0.98	%		3.85	%		(e)			40.46	%

Class III Shares
Six Months ended June 30, 2008 (Unaudited)		11.63		0.25		(0.06	)		0.19		(0.25	)		–			(0.25	)		11.57		1.67	%		21,571		0.63	%		4.53	%		0.63	%		22.80	%
Year ended December 31, 2007		11.35		0.49		0.30			0.79		(0.51	)		–			(0.51	)		11.63		7.15	%		18,583		0.73	%		4.51	%		0.73	%		87.90	%
Year ended December 31, 2006		11.54		0.47		(0.10	)		0.37		0.47			(0.09	)		(0.56	)		11.35		3.35	%		13,164		0.72	%		4.21	%		(e)			93.01	%
Year ended December 31, 2005		11.63		0.40		(0.04	)		0.36		(0.43	)		(0.02	)		(0.45	)		11.54		3.18	%		10,604		0.73	%		3.66	%		(e)			87.79	%
Year ended December 31, 2004		12.14		0.46		(0.07	)		0.39		(0.66	)		(0.24	)		(0.90	)		11.63		3.27	%		6,854		0.73	%		3.72	%		(e)			69.37	%
Year ended December 31, 2003 (f)		12.27		0.50		(0.24	)		0.26		(0.37	)		(0.02	)		(0.39	)		12.14		2.11	%		4,369		0.73	%		4.10	%		(e)			40.46	%


(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)	Net investment income (loss) is based on average shares outstanding during the period.
(g)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

See accompanying notes to financial statements.

2008 Semiannual Report 11

Financial Highlights

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

NVIT Government Bond Fund (Continued)


			Investment Activities							Distributions														Ratios / Supplemental Data

					Net Realized																											Ratio of
					and																								Ratio of Net			Expenses
	Net Asset				Unrealized			Total																Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from		Net			Net						Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment		Investment			Realized			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments			Activities		Income			Gains			Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b) (c)			Turnover (d)

Class IV Shares
Six Months ended June 30, 2008 (Unaudited)		11.63		0.26		(0.07	)		0.19		(0.25	)		–			(0.25	)		11.57		1.64	%		34,721		0.68	%		4.48	%		0.68	%		22.80	%
Year ended December 31, 2007		11.35		0.52		0.27			0.79		(0.51	)		–			(0.51	)		11.63		7.26	%		35,462		0.70	%		4.53	%		0.71	%		87.90	%
Year ended December 31, 2006		11.53		0.48		(0.10	)		0.38		(0.47	)		(0.09	)		(0.56	)		11.35		3.34	%		35,962		0.73	%		4.16	%		(e)			93.01	%
Year ended December 31, 2005		11.62		0.43		(0.07	)		0.36		(0.43	)		(0.02	)		(0.45	)		11.53		3.17	%		39,264		0.73	%		3.65	%		(e)			87.79	%
Year ended December 31, 2004		12.13		0.46		(0.07	)		0.39		(0.66	)		(0.24	)		(0.90	)		11.62		3.27	%		41,019		0.73	%		3.74	%		(e)			69.37	%
Period ended December 31, 2003 (g)		12.29		0.34		(0.24	)		0.10		(0.26	)		–			(0.26	)		12.13		0.84	%		43,244		0.70	%		4.07	%		(e)			40.46	%


(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)	Net investment income (loss) is based on average shares outstanding during the period.
(g)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

See accompanying notes to financial statements.

12 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Government Bond Fund (the “Fund”) (formerly “Nationwide NVIT Government Bond Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

• Level 1 — quoted prices in active markets for identical assets.

• Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


	Level 2 — Other	Level 3 —
Level 1 — Quoted	Significant	Significant
Prices	Observable Inputs	Unobservable Inputs		Total Investments

$—	$1,392,254,773	$	—	$	1,392,254,773

14 Semiannual Report 2008


(b)	Repurchase Agreements


(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


(e)	Securities Lending

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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

As of June 30, 2008, the Fund had securities with the following value on loan:


Value of Loaned Securities		Value of Collateral

$	29,018,943	$	29,572,547	*


*		Includes $2,214,147 in the form of U.S. Government securities, interest rates ranging from 2.64% to 15.43%, and maturity dates ranging from 12/15/13 to 05/25/38.


(f)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns), 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(g)	Federal Income Taxes


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

16 Semiannual Report 2008

on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV 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 (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting subadvisers and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Effective January 1, 2008, Nationwide Asset Management, LLC (the “subadviser”), an affiliate of NFA, became the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.


Fee Schedule	Fees

Up to $250 million		0.500%


$250 million up to $1 billion		0.475%


$1 billion up to $2 billion		0.450%


$2 billion up to $5 billion		0.425%


$5 billion or more		0.400%

From such fees, pursuant to the sub advisory agreement, NFA paid the subadviser $843,995 for the six months ended June 30, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund, and serves as Transfer Agent and Dividend Disbursing Agent for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


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

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

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 inquiries 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, 2008, NFS received $1,025,896 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2007, by and among NFA 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, 2008, the Fund’s portion of such costs amounted to $609.

4. Short-Term Trading Fees

For the six months ended June 30, 2008, Class III shares had contributions to capital due to collection of redemption fees in the amount of $20,437.

For the year ended December 31, 2007, Class III shares had contributions to capital due to collection of redemption fees in the amount of $4,509.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $417,253,320 and sales of $304,506,830.

For the six months ended June 30, 2008, the Fund had purchases of $370,849,865 and sales of $215,353,707 of U.S. Government securities.

6. Bank Loans and Earnings Credit

18 Semiannual Report 2008

compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the six months ended June 30, 2008.

7. Portfolio Investment Risks

8. Indemnifications

9. New Accounting Pronouncements

2008 Semiannual Report 19

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

22 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

24 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 25

Supplemental Information

(Unaudited)


A.	Renewal of Advisory (and Sub-advisory) Agreements

26 Semiannual Report 2008

The Trustees found that the Fund’s performance had been good in all periods presented. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Adviser and subadviser to maintain and improve performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee compared with peer group funds was below the median of the peer group funds. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

2008 Semiannual Report 27

NVIT Multi-Manager Small Company Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

20			Statement of Assets and Liabilities

22			Statement of Operations

23			Statement of Changes in Net Assets

25			Financial Highlights

27			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-SCO (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged and have been provided for comparison purposes only.

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Multi-Manager Small Company Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending
			Account		Account		Expenses Paid			Expense Ratio
			Value ($)		Value ($)		During Period ($)			During Period (%)
NVIT Multi-Manager Small Company Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a			01/01/08 - 06/30/08^a

Class I	Actual			1,000.00		902.70		5.44			1.15
	Hypothetical	^b		1,000.00		1,019.14		5.77			1.15


Class II	Actual			1,000.00		901.70		6.76			1.43
	Hypothetical	^b		1,000.00		1,017.75		7.17			1.43


Class III	Actual			1,000.00		903.10		5.11			1.08
	Hypothetical	^b		1,000.00		1,019.49		5.42			1.08


Class IV	Actual			1,000.00		902.60		5.58			1.18
	Hypothetical	^b		1,000.00		1,019.00		5.92			1.18


Class Y	Actual	^c		1,000.00		981.90		2.65	*		1.02	*
	Hypothetical	^b		1,000.00		1,019.79		5.12	*		1.02	*


^*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 96/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

^c		For the period from March 27, 2008 (commencement of operations) through June 30, 2008.

2008 Semiannual Report 3


Portfolio Summary	NVIT Multi-Manager Small Company Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			95.3%
Mutual Funds			3.6%
Exchange Traded Funds			0.7%
Other assets in excess of liabilities			0.4%

			100.0%


Top Industries

Oil, Gas & Consumable Fuels			7.6%
Software			5.2%
Machinery			4.6%
Hotels, Restaurants & Leisure			3.5%
Commercial Services & Supplies			3.3%
Internet Software & Services			3.0%
Insurance			2.8%
Health Care Providers & Services			2.8%
Energy Equipment & Services			2.7%
Real Estate Investment Trusts (REITs)			2.7%
Other			61.8%

			100.0%


Top Holdings

Blackboard, Inc.			0.7%
Bucyrus International, Inc., Class A			0.7%
Kansas City Southern			0.7%
Bill Barrett Corp.			0.7%
Strayer Education, Inc.			0.6%
Blackbaud, Inc.			0.6%
J.B. Hunt Transport Services, Inc.			0.6%
MICROS Systems, Inc.			0.6%
Chicago Bridge & Iron Co. NV			0.6%
CoStar Group, Inc.			0.5%
Other			93.7%

			100.0%


Top Countries

United States			72.2%
Japan			4.6%
United Kingdom			2.9%
Canada			1.6%
Germany			1.3%
Netherlands			1.1%
Australia			1.0%
China			1.0%
Italy			0.8%
Bermuda			0.7%
Other			12.8%

			100.0%

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Company Fund


Common Stocks (95.3%)
	Shares		Value


ARGENTINA (0.2%)
Internet Software & Services (0.2%)
MercadoLibre, Inc.*		33,867	$	1,168,073



AUSTRALIA (1.0%) (a)
Capital Markets (0.1%)
Babcock & Brown Capital Ltd.*		101,236		377,643

Chemicals (0.0%)
Incitec Pivot Ltd.		395		69,924

Commercial Services & Supplies (0.1%)
Seek Ltd.		111,167		531,160

Construction & Engineering (0.1%)
Ausenco Ltd.		47,048		686,512
Monadelphous Group Ltd.		50,000		628,247

				1,314,759

Health Care Providers & Services (0.1%)
Healthscope Ltd.		166,070		636,512

Hotels, Restaurants & Leisure (0.1%)
Flight Centre Ltd.		50,802		812,502

Insurance (0.1%)
Tower Australia Group Ltd.		238,197		659,964

Internet & Catalog Retail (0.0%)
Wotif.com Holdings Ltd.		55,425		149,564

Metals & Mining (0.1%)
Mincor Resources NL		210,268		665,266
Mineral Resources Ltd.		44,598		277,551

				942,817

Multiline Retail (0.1%)
David Jones Ltd.		131,425		354,365

Real Estate Management & Development (0.1%)
Becton Property Group		127,036		173,943
Sunland Group Ltd.		68,601		149,487

				323,430

Specialty Retail (0.1%)
JB Hi-Fi Ltd.		55,951		560,536

				6,733,176



AUSTRIA (0.1%) (a)
Energy Equipment & Services (0.1%)
Schoeller-Bleckmann Oilfield Equipment AG		7,466		800,164



BAHAMAS (0.2%)
Marine (0.1%)
Ultrapetrol Bahamas Ltd.*		36,590		461,400

Oil, Gas & Consumable Fuels (0.1%)
Teekay Tankers Ltd., Class A		27,402		636,000

				1,097,400



BELGIUM (0.5%) (a)
Communications Equipment (0.1%)
EVS Broadcast Equipment SA		3,671		326,484

Diversified Financial Services (0.1%)
GIMV NV		9,630		633,843

Oil, Gas & Consumable Fuels (0.2%)
Euronav NV		24,464		1,183,830

Wireless Telecommunication Services (0.1%)
Mobistar SA		10,953		884,022

				3,028,179



BERMUDA (0.7%)
Hotels, Restaurants & Leisure (0.1%)
Mandarin Oriental International Ltd.		308,042		537,650

Household Durables (0.0%)
Helen of Troy Ltd.*		1,943		31,321

Insurance (0.5%)
Allied World Assurance Co. Holdings Ltd.		18,001		713,200
American Safety Insurance Holdings Ltd.*		3,522		50,646
Aspen Insurance Holdings Ltd.		40,553		959,890
Assured Guaranty Ltd.		38,100		685,419
Platinum Underwriters Holdings Ltd.		19,050		621,220

				3,030,375

Oil, Gas & Consumable Fuels (0.1%)
Frontline Ltd.		8,700		607,086
Knightsbridge Tankers Ltd.		1,766		56,883
Nordic American Tanker Shipping Ltd.		8,667		336,453

				1,000,422

				4,599,768



BRAZIL (0.4%)
Household Durables (0.3%)
Gafisa SA ADR		46,614		1,602,123

Real Estate Management & Development (0.1%)
Brascan Residential Properties SA		152,802		829,513

				2,431,636



CANADA (1.6%)
Chemicals (0.1%)
Agrium, Inc.		6,600		709,764

Commercial Services & Supplies (0.1%)
Ritchie Bros Auctioneers, Inc.		25,900		702,667

Electric Utility (0.3%)
Brookfield Infrastructure Partners Limited Partnership		116,004		2,273,679

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)


Common Stocks (continued)
	Shares		Value


CANADA (continued)

Electronic Equipment & Instruments (0.3%)
Celestica, Inc.*		147,010	$	1,239,294
GSI Group, Inc.*		69,000		535,440

				1,774,734

Energy Equipment & Services (0.1%)
Tesco Corp.*		24,000		766,800

Internet Software & Services (0.0%)
Open Text Corp.*		8,276		265,660

Metals & Mining (0.1%)
Gerdau Ameristeel Corp.		23,600		455,480
NovaGold Resources, Inc.*		23,600		175,820

				631,300

Oil, Gas & Consumable Fuels (0.2%)
Petrobank Energy & Resources Ltd.*		20,400		1,064,313

Software (0.1%)
Corel Corp.*		37,670		352,591

Textiles, Apparel & Luxury Goods (0.3%)
Lululemon Athletica, Inc.*		59,086		1,717,039

				10,258,547



CAYMAN ISLANDS (0.2%)
Food Products (0.0%)
Fresh Del Monte Produce, Inc.*		4,099		96,614

Insurance (0.2%)
Greenlight Capital Re Ltd., Class A*		52,920		1,209,751

Semiconductors & Semiconductor Equipment (0.0%)
Silicon Motion Technology Corp. ADR*		6,107		88,246

				1,394,611



CHINA (1.0%)
Automobiles (0.0%) (a)
Great Wall Motor Co. Ltd.		240,000		159,175

Electrical Equipment (0.2%) (a)
BYD Co. Ltd., Class H		102,500		131,641
Harbin Power Equipment Co. Ltd., Class H		522,000		759,145

				890,786

Hotels, Restaurants & Leisure (0.1%)
Ctrip.com International Ltd. ADR		17,774		813,694

Internet Software & Services (0.3%)
SINA Corp.*		50,927		2,166,944

Software (0.1%)
Longtop Financial Technologies Ltd. ADR*		51,574		854,065

Textiles, Apparel & Luxury Goods (0.1%) (a)
Weiqiao Textile Co.		883,500		689,264

Transportation Infrastructure (0.2%) (a)
Sichuan Expressway Co. Ltd.		1,136,000		326,385
Zhejiang Expressway Co. Ltd., Class H		832,000		642,626

				969,011

				6,542,939



DENMARK (0.3%) (a)
Chemicals (0.1%)
Auriga Industries AS, Class B		12,734		588,782

Commercial Banks (0.0%)
Amagerbanken AS		5,834		214,894

Food Products (0.1%)
East Asiatic Co. Ltd. AS		9,573		660,987

Marine (0.1%)
D/S Norden AS		3,425		366,776

Real Estate Management & Development (0.0%)
TK Development*		13,711		178,521

				2,009,960



FINLAND (0.0%) (a)
Software (0.0%)
Tekla Oyj		15,400		193,684



FRANCE (0.7%) (a)
Agriculture (0.0%)
Internationale de Plantations d’Heveas SA		161		154,838

Distributor (0.1%)
IMS International Metal Service		18,856		636,471

Electrical Equipment (0.2%)
Nexans SA		8,692		1,065,169

Electronic Equipment & Instruments (0.0%)
Avenir Telecom		51,063		97,858

Health Care Equipment & Supplies (0.0%)
Audika		4,765		220,393

Hotels, Restaurants & Leisure (0.1%)
Pierre & Vacances		2,413		248,154

Information Technology Services (0.0%)
Sopra Group SA		3,023		237,169

Natural Gas Utility (0.1%)
Rubis		7,000		605,665

Paper & Forest Products (0.0%)
Sequana Capital SA		7,005		134,314

Software (0.2%)
UBISOFT Entertainment*		13,179		1,152,423

				4,552,454

6 Semiannual Report 2008


Common Stocks (continued)
	Shares		Value


GERMANY (1.3%) (a)
Aerospace & Defense (0.1%)
MTU Aero Engines Holding AG		22,761	$	743,086

Biotechnology (0.2%)
Biotest AG		13,003		1,089,247

Distributor (0.1%)
Medion AG		24,000		377,421

Electronic Equipment & Instruments (0.1%)
Epcos AG		47,678		774,201

Information Technology Services (0.1%)
Bechtle AG		23,820		669,873

Machinery (0.3%)
Demag Cranes AG		17,441		828,106
Draegerwerk AG		4,992		278,858
Duerr AG		3,411		139,177
Gildemeister AG		32,594		923,160

				2,169,301

Metals & Mining (0.2%)
Norddeutsche Affinerie AG		23,777		1,293,465

Trading Companies & Distributors (0.0%)
Phoenix Solar AG		1,706		128,511

Wireless Telecommunication Services (0.2%)
Freenet AG		53,672		968,583

				8,213,688



GREECE (0.1%) (a)
Hotels, Restaurants & Leisure (0.1%)
Intralot SA-Integrated Lottery Systems & Services		39,162		672,730



HONG KONG (0.5%)
Automobiles (0.0%) (a)
Dongfeng Motor Corp.		268,000		107,366

Communications Equipment (0.2%) (a)
VTech Holdings Ltd.		187,000		1,128,350

Distributor (0.1%)
Integrated Distribution Services Group Ltd.		222,900		437,493

Diversified Financial Services (0.0%) (a)
First Pacific Co.		224,000		141,260

Marine (0.2%) (a)
Chu Kong Shipping Development		1,414,000		219,404
Jinhui Shipping & Transportation Ltd.		78,073		756,766
Orient Overseas International Ltd.		19,500		97,672

				1,073,842

Real Estate Investment Trust (REIT) (0.0%) (a)
GZI Real Estate Investment Trust		427,000		154,328

Water Utility (0.0%) (a)
Guangdong Investment Ltd.		480,000		194,862

				3,237,501



INDIA (0.0%)
Internet Software & Services (0.0%)
Rediff.Com India Ltd. ADR*		38,126		296,239



IRELAND (0.6%)
Commercial Services & Supplies (0.0%) (a)
CPL Resources PLC		49,238		150,529

Food & Staples Retailing (0.1%) (a)
Fyffes PLC		329,772		316,689

Hotels, Restaurants & Leisure (0.1%) (a)
Paddy Power PLC		29,977		943,037

Life Sciences Tools & Services (0.2%)
ICON PLC ADR*		16,300		1,230,976

Oil, Gas & Consumable Fuels (0.1%) (a)
Dragon Oil PLC*		80,000		726,685

Trading Companies & Distributors (0.1%)
Genesis Lease Ltd. ADR		32,400		334,692

				3,702,608



ISRAEL (0.2%)
Information Technology Services (0.2%)
Ness Technologies, Inc.*		96,450		976,074



ITALY (0.8%) (a)
Commercial Banks (0.0%)
Banca Popolare di Milano Scarl		6,136		57,265

Construction Materials (0.2%)
Buzzi Unicem SpA		6,094		151,890
Buzzi Unicem SpA — RNC		39,236		685,892

				837,782

Household Durables (0.1%)
Indesit Co. SpA		59,780		663,980

Machinery (0.0%)
Biesse SpA		1,227		20,941
Prima Industrie SpA		3,000		80,348

				101,289

Media (0.0%)
Cairo Communication SpA		16,595		62,566

Multi-Utility (0.1%)
ACEA SpA		35,000		663,714

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)


Common Stocks (continued)
	Shares		Value


ITALY (continued)

Oil, Gas & Consumable Fuels (0.3%)
ERG SpA		46,089	$	1,099,207
Saras SpA		175,305		995,072

				2,094,279

Pharmaceutical (0.1%)
Recordati SpA		90,753		704,947

				5,185,822



JAPAN (4.6%)
Air Freight & Logistics (0.2%) (a)
Kintetsu World Express, Inc.		37,600		962,558

Chemicals (0.2%) (a)
Kanto Denka Kogyo Co. Ltd.		60,000		362,379
Nippon Synthetic Chemical Industry Co. Ltd. (The)		118,000		599,507
Tohcello Co. Ltd.		5,500		34,169

				996,055

Construction & Engineering (0.4%) (a)
Kajima Corp.		180,000		629,822
NEC Networks & System Integration Corp.		64,700		816,448
Toyo Engineering Corp.		169,000		1,088,191

				2,534,461

Consumer Finance (0.1%) (a)
Hitachi Capital Corp.		30,000		483,263

Consumer Goods (0.0%) (a)
Sanei International Co. Ltd.		14,100		220,855

Distributors (0.3%) (a)
Canon Marketing Japan, Inc.		48,000		844,450
Fields Corp.		562		991,948

				1,836,398

Electrical Equipment (0.0%) (a)
Shinko Electric Co. Ltd.		63,000		196,437

Electronic Equipment & Instruments (0.1%) (a)
Daiwabo Information System Co. Ltd.		18,000		315,572
Ferrotec Corp.		12,900		183,887
Siix Corp.		35,200		245,248

				744,707

Energy Equipment & Services (0.1%) (a)
Shinko Plantech Co. Ltd.		57,800		893,698

Food & Staples Retailing (0.3%) (a)
Arcs Co. Ltd.		21,100		282,991
Maruetsu, Inc. (The)*		39,000		329,293
Ministop Co. Ltd.		18,000		385,962
Okuwa Co. Ltd.		47,000		697,802

				1,696,048

Food Products (0.1%) (a)
Yonekyu Corp.		30,000		360,965

Health Care Equipment & Supplies (0.3%) (a)
Aloka Co. Ltd.		46,100		636,008
Hogy Medical Co. Ltd.		14,900		755,567
Miraca Holdings, Inc.		21,700		519,963
Nihon Kohden Corp.		8,500		147,325

				2,058,863

Health Care Providers & Services (0.0%) (a)
BML, Inc.		10,800		205,480

Household Durables (0.1%) (a)
Nihon Eslead Corp.		16,300		131,112
Token Corp.		10,910		464,728

				595,840

Information Technology Services (0.0%) (a)
Hitachi Systems & Services Ltd.		13,000		225,120

Internet & Catalog Retail (0.1%)
Dena Co. Ltd.		132		777,624

Internet Software & Services (0.1%) (a)
Mitsui Knowledge Industry Co. Ltd.		992		279,583
Zappallas, Inc.		146		390,195

				669,778

Leisure Equipment & Products (0.2%)
Aruze Corp.		41,700		1,235,662
Mars Engineering Corp. (a)		22,800		335,210

				1,570,872

Life Sciences Tools & Services (0.1%) (a)
Eiken Chemical Co. Ltd.		51,600		427,716

Machinery (0.2%) (a)
Hosokawa Micron Corp.		56,000		395,751
Oiles Corp.		9,600		186,441
Tsugami Corp.		264,000		950,946

				1,533,138

Media (0.2%) (a)
Daiichikosho Co. Ltd.		12,800		128,785
SKY Perfect JSAT Holdings, Inc.		2,174		887,635
Wowow, Inc.		250		426,771

				1,443,191

Metals & Mining (0.4%) (a)
Kyoei Steel Ltd.		31,900		608,818
Osaka Steel Co. Ltd.		21,500		319,487
Pacific Metals & Mining Co. Ltd.		114,000		934,045
Yamato Kogyo Co. Ltd.		18,100		864,470

				2,726,820

Office Electronics (0.1%) (a)
Toshiba TEC Corp.		60,000		375,111

8 Semiannual Report 2008


Common Stocks (continued)
	Shares		Value


JAPAN (continued)

Personal Products (0.0%) (a)
Mandom Corp.		5,700	$	144,799

Pharmaceuticals (0.1%) (a)
Kaken Pharmaceutical Co. Ltd.		44,000		366,639
Santen Pharmaceutical Co. Ltd.		4,800		120,483

				487,122

Real Estate Management & Development (0.2%) (a)
Apamanshop Holdings Co. Ltd.		708		145,534
Funai Zaisan Consultants Co. Ltd.		178		238,628
Hoosiers Corp.		355		78,505
Raysum Co. Ltd.		615		409,581
Sun Frontier Fudousan Co. Ltd.		213		138,590
Tosei Corp.		573		258,483

				1,269,321

Semiconductors & Semiconductor Equipment (0.1%) (a)
Ishii Hyoki Co. Ltd.		7,200		199,654
New Japan Radio Co. Ltd.		71,000		257,941

				457,595

Software (0.4%) (a)
Capcom Co. Ltd.		31,800		929,657
DTS Corp.		45,600		833,999
Hitachi Software Engineering Co. Ltd.		40,300		888,147

				2,651,803

Textiles, Apparel & Luxury Goods (0.1%) (a)
Fujibo Holdings, Inc.		232,000		438,126

Trading Companies & Distributors (0.1%) (a)
Kuroda Electric Co. Ltd.		61,200		910,421

				29,894,185



LIBERIA (0.1%)
Marine (0.1%)
Excel Maritime Carriers Ltd.		8,000		314,000



MARSHALL ISLANDS (0.4%)
Marine (0.4%)
Omega Navigation Enterprises, Inc., Class A		119,180		1,967,662
Safe Bulkers, Inc.*		40,510		763,208

				2,730,870



MEXICO (0.2%)
Transportation Infrastructure (0.2%)
Grupo Aeroportuario del Pacifico SA de CV ADR		43,525		1,278,329



NETHERLANDS (1.1%)
Commercial Services & Supplies (0.0%) (a)
USG People NV		6,306		114,022

Construction & Engineering (0.6%)
Chicago Bridge & Iron Co. NV		93,235		3,712,618

Energy Equipment & Services (0.1%)
Core Laboratories NV*		4,516		642,852

Office Electronics (0.1%) (a)
OCE NV		64,095		787,921

Semiconductors & Semiconductor Equipment (0.1%)
ASM International NV		13,876		416,280

Software (0.0%) (a)
Unit 4 Agresso NV		9,005		224,559

Transportation Infrastructure (0.2%) (a)
Smit Internationale NV		9,502		924,566

				6,822,818



NORWAY (0.4%) (a)
Capital Markets (0.1%)
ABG Sundal Collier Holding ASA		318,431		474,701
Acta Holding ASA		297,683		338,915

				813,616

Commercial Banks (0.1%)
SpareBank 1 Nord-Norge		10,340		174,491
Sparebanken Rogaland		40,912		375,266

				549,757

Construction & Engineering (0.1%)
Veidekke ASA		66,900		478,836

Energy Equipment & Services (0.1%)
Petroleum Geo-Services ASA*		25,000		612,465

Food Products (0.0%)
Cermaq ASA		4,700		56,003

				2,510,677



PORTUGAL (0.4%) (a)
Commercial Banks (0.1%)
Banco BPI SA		220,434		909,415

Construction Materials (0.2%)
Semapa-Sociedade de Investimento e Gestao		79,105		985,130

Food & Staples Retailing (0.1%)
Jeronimo Martins SGPS SA		72,390		524,756

				2,419,301



PUERTO RICO (0.2%)
Commercial Banks (0.2%)
First BanCorp. Puerto Rico		45,000		285,300
Oriental Financial Group		47,531		677,792

				963,092

2008 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)


Common Stocks (continued)
	Shares		Value


REPUBLIC OF KOREA (0.1%)
Internet Software & Services (0.1%)
Gmarket, Inc. ADR*		32,960	$	675,680



SINGAPORE (0.5%) (a)
Computers & Peripherals (0.0%)
Creative Technology Ltd.		34,300		156,650

Construction & Engineering (0.1%)
Rotary Engineering Ltd.		554,000		326,794

Distributor (0.1%)
Jardine Cycle & Carriage Ltd.		77,000		965,279

Diversified Financial Services (0.0%)
Macquarie International Infrastructure Fund Ltd.		493,000		288,386

Energy Equipment & Services (0.1%)
Ezra Holdings Ltd.		69,400		135,484
Hiap Seng Engineering Ltd.		901,000		202,527

				338,011

Industrial Conglomerate (0.0%)
Hong Leong Asia Ltd.		100,000		146,889

Oil, Gas & Consumable Fuels (0.1%)
Straits Asia Resources Ltd.		247,000		641,124

Real Estate Management & Development (0.1%)
Ho Bee Investment Ltd.		223,000		135,877
Wing Tai Holdings Ltd.		330,000		391,668

				527,545

Telecommunications (0.0%)
MobileOne Ltd.		100,000		138,601

				3,529,279



SPAIN (0.6%) (a)
Biotechnology (0.2%)
Grifols SA		35,931		1,144,304

Diversified Financial Services (0.1%)
Corp Financiera Alba		16,358		960,812

Machinery (0.1%)
Duro Felguera SA		56,577		550,225

Metals & Mining (0.2%)
Tubos Reunidos SA		175,870		1,071,951

				3,727,292



SWEDEN (0.7%) (a)
Commercial Services & Supplies (0.2%)
AF AB		8,600		243,666
Intrum Justitia AB		36,040		653,543

				897,209

Construction & Engineering (0.2%)
NCC AB		54,095		809,571
Peab AB		77,837		530,677

				1,340,248

Household Durables (0.1%)
JM AB		35,800		461,676

Metals & Mining (0.1%)
Boliden AB		84,235		680,333

Real Estate Management & Development (0.1%)
Kungsleden AB		116,184		857,219

Specialty Retail (0.0%)
KappAhl Holding AB*		27,700		188,326

				4,425,011



SWITZERLAND (0.5%) (a)
Biotechnology (0.1%)
Actelion Ltd.*		17,357		926,110

Electronic Equipment & Instruments (0.0%)
Inficon Holding AG		1,587		254,168

Health Care Providers & Services (0.2%)
Galenica AG		2,983		1,047,916

Insurance (0.1%)
Helvetia Holding AG		1,891		734,513

Machinery (0.1%)
Bobst Group AG		3,180		254,518
Kardex AG*		2,541		148,882

				403,400

				3,366,107



UNITED KINGDOM (2.9%)
Air Freight & Logistics (0.0%) (a)
Wincanton PLC		39,122		223,219

Capital Markets (0.3%) (a)
Close Brothers Group PLC		92,707		1,017,347
Tullett Prebon PLC		125,637		1,071,077

				2,088,424

Commercial Services & Supplies (0.4%) (a)
Babcock International Group		46,932		571,518
De La Rue PLC		61,380		1,086,400
ITE Group PLC		142,139		477,887
RPS Group PLC		122,711		728,866

				2,864,671

Construction & Engineering (0.1%) (a)
Keller Group PLC		24,145		299,338

Diversified Consumer Services (0.0%) (a)
BPP Holdings PLC		21,835		204,321

10 Semiannual Report 2008


Common Stocks (continued)
	Shares		Value


UNITED KINGDOM (continued)
Diversified Financial Services (0.2%)
Climate Exchange PLC*		4,992	$	189,018
IG Group Holdings PLC (a)		121,752		797,199

				986,217

Diversified Telecommunication Services (0.1%) (a)
Kcom Group PLC		447,763		348,429

Energy Equipment & Services (0.2%) (a)
Petrofac Ltd.		104,397		1,529,618

Food Products (0.1%) (a)
Dairy Crest Group PLC		129,743		849,922

Health Care Equipment & Supplies (0.0%) (a)
SSL International PLC		17,353		153,879

Hotels, Restaurants & Leisure (0.1%) (a)
888 Holdings PLC		135,525		385,871
Sportingbet PLC*		204,648		138,250

				524,121

Independent Power Producers & Energy Traders (0.2%) (a)
Drax Group PLC		94,790		1,388,397

Industrial Conglomerate (0.1%) (a)
Tomkins PLC		196,020		586,785

Insurance (0.4%) (a)
Beazley Group PLC		376,135		827,835
Brit Insurance Holdings PLC		206,368		715,799
Chaucer Holdings PLC		627,823		998,753

				2,542,387

Internet & Catalog Retail (0.2%) (a)
Findel PLC		23,228		76,988
Home Retail Group PLC		221,444		956,787

				1,033,775

Media (0.1%) (a)
St. Ives PLC		183,675		602,341

Multiline Retail (0.0%) (a)
Debenhams PLC		115,006		102,100

Oil, Gas & Consumable Fuels (0.4%)
Hunting PLC (a)		73,091		1,275,191
Infinity Bio-Energy Ltd.*		94,500		363,825
Venture Production PLC (a)		40,000		689,841

				2,328,857

Real Estate Management & Development (0.0%) (a)
Capital & Regional PLC		35,380		133,680

Thrifts & Mortgage Finance (0.0%) (a)
Paragon Group of Cos PLC*		95,854		137,261

				18,927,742



UNITED STATES (72.2%)
Aerospace & Defense (0.7%)
AAR Corp.*		44,610		603,573
Argon ST, Inc.*		17,900		443,920
Cubic Corp.		9,619		214,311
Curtiss-Wright Corp.		9,000		402,660
Esterline Technologies Corp.*		18,123		892,739
Innovative Solutions & Support, Inc.*		57,000		367,650
Moog, Inc., Class A*		16,080		598,819
Teledyne Technologies, Inc.*		21,108		1,029,860

				4,553,532

Air Freight & Logistics (0.3%)
Forward Air Corp.		12,600		435,960
HUB Group, Inc., Class A*		26,953		919,906
Pacer International, Inc.		22,947		493,590
Star Bulk Carriers Corp.		3,485		41,088

				1,890,544

Airlines (0.1%)
Republic Airways Holdings, Inc.*		16,745		145,012
SkyWest, Inc.		49,500		626,175

				771,187

Auto Components (0.4%)
American Axle & Manufacturing Holdings, Inc.		30,100		240,499
ArvinMeritor, Inc.		54,000		673,920
Autoliv, Inc.		2,185		101,865
Drew Industries, Inc.*		25,800		411,510
Hawk Corp., Class A*		2,203		40,976
Lear Corp.*		23,734		336,548
Stoneridge, Inc.*		4,634		79,056
TRW Automotive Holdings Corp.*		24,139		445,847

				2,330,221

Automobiles (0.1%)
Thor Industries, Inc.		35,270		749,840

Beverages (0.0%)
Boston Beer Co., Inc., Class A*		4,500		183,060

Biotechnology (0.5%)
Alnylam Pharmaceuticals, Inc.*		42,690		1,141,104
Cepheid, Inc.*		29,849		839,354
Cubist Pharmaceuticals, Inc.*		11,956		213,534
Enzon Pharmaceuticals, Inc.*		4,280		30,474
Martek Biosciences Corp.*		31,447		1,060,078
OSI Pharmaceuticals, Inc.*		4,218		174,288
Repligen Corp.*		3,942		18,606

				3,477,438

Building Products (0.5%)
Apogee Enterprises, Inc.		3,428		55,397
Gibraltar Industries, Inc.		43,820		699,805
Lennox International, Inc.		5,816		168,431
Quanex Building Products Corp.		23,700		352,182

2008 Semiannual Report 11

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)


Common Stocks (continued)
	Shares		Value


UNITED STATES (continued)
Building Products (continued)

Simpson Manufacturing Co., Inc.		31,900	$	757,306
Universal Forest Products, Inc.		50,000		1,498,000

				3,531,121

Capital Markets (2.0%)
Apollo Investment Corp.		15,000		214,950
Calamos Asset Management, Inc., Class A		26,897		458,056
FCStone Group, Inc.*		24,278		678,085
GFI Group, Inc.		46,520		419,145
Greenhill & Co., Inc.		38,577		2,077,757
Hercules Technology Growth Capital, Inc.		70,565		630,145
KBW, Inc.*		5,118		105,328
Knight Capital Group, Inc., Class A*		5,051		90,817
MCG Capital Corp.		72,200		287,356
Pzena Investment Management, Inc., Class A		73,760		941,178
Riskmetrics Group, Inc.*		157,033		3,084,128
Sanders Morris Harris Group, Inc.		93,586		634,513
SWS Group, Inc.		48,600		807,246
TradeStation Group, Inc.*		145,130		1,473,070
Waddell & Reed Financial, Inc., Class A		30,600		1,071,306

				12,973,080

Chemicals (1.5%)
Airgas, Inc.		15,000		875,850
Celanese Corp., Series A		19,617		895,712
CF Industries Holdings, Inc.		12,196		1,863,549
Ferro Corp.		10,980		205,985
Flotek Industries, Inc.*		12,300		253,626
Koppers Holdings, Inc.		8,430		352,964
Landec Corp.*		35,000		226,450
Olin Corp.		40,400		1,057,672
Omnova Solutions, Inc.*		130,000		361,400
Penford Corp.		100,650		1,497,672
RPM International, Inc.		30,500		628,300
Spartech Corp.		53,400		503,562
Terra Industries, Inc.		17,913		884,006

				9,606,748

Commercial Banks (2.1%)
Amcore Financial, Inc.		11,450		64,807
Bancfirst Corp.		4,667		199,748
Bank of Hawaii Corp.		21,861		1,044,956
Bank of the Ozarks, Inc.		18,700		277,882
Central Pacific Financial Corp.		13,300		141,778
City Holding Co.		27,977		1,140,622
Colonial BancGroup, Inc. (The)		52,800		233,376
Columbia Banking System, Inc.		38,800		750,004
Commerce Bancshares, Inc.		9,254		367,014
Community Bank System, Inc.		3,148		64,912
CVB Financial Corp.		29,010		273,854
East West Bancorp, Inc.		22,800		160,968
Financial Institutions, Inc.		4,369		70,166
First Citizens BancShares, Inc.		4,121		574,838
First Midwest Bancorp, Inc.		22,040		411,046
First Regional Bancorp*		4,267		23,938
First State Bancorp		1,520		8,360
FirstMerit Corp.		1,000		16,310
Fulton Financial Corp.		32,900		330,645
Glacier Bancorp, Inc.		26,600		425,334
Great Southern Bancorp, Inc.		42,600		345,912
Hanmi Financial Corp.		65,100		339,171
Midwest Banc Holdings, Inc.		17,310		84,300
National Penn Bancshares, Inc.		80,494		1,068,960
NBT Bancorp, Inc.		23,187		477,884
Old National Bancorp		27,900		397,854
Prosperity Bancshares, Inc.		6,397		170,992
Provident Bankshares Corp.		44,600		284,548
Renasant Corp.		37,746		555,999
Southside Bancshares, Inc.		977		18,016
Sterling Bancshares, Inc.		71,000		645,390
Sterling Financial Corp.		19,800		81,972
SVB Financial Group*		13,905		668,969
Union Bankshares Corp.		21,268		316,680
Webster Financial Corp.		20,200		375,720
Westamerica Bancorp		17,400		915,066

				13,327,991

Commercial Services & Supplies (2.5%)
Administaff, Inc.		11,200		312,368
Advisory Board Co. (The)*		52,934		2,081,894
Bowne & Co., Inc.		5,326		67,906
COMSYS IT Partners, Inc.*		16,249		148,191
Corporate Executive Board Co.		19,889		836,332
CoStar Group, Inc.*		78,513		3,489,903
Deluxe Corp.		31,100		554,202
Ennis, Inc.		62,300		974,995
Exponent, Inc.*		28,700		901,467
Healthcare Services Group		24,100		366,561
Interface, Inc., Class A		48,500		607,705
Kimball International, Inc., Class B		21,900		181,332
Knoll, Inc.		107,230		1,302,844
Layne Christensen Co.*		10,600		464,174
Rollins, Inc.		31,650		469,053
Schawk, Inc.		5,521		66,197
Standard Parking Corp.*		2,113		38,457
United Stationers, Inc.*		15,000		554,250
Viad Corp.		4,342		111,980
Volt Information Sciences, Inc.*		71,560		852,280
Watson Wyatt Worldwide, Inc., Class A		26,103		1,380,588

				15,762,679

Communications Equipment (1.3%)
ADC Telecommunications, Inc.*		67,900		1,002,883
Arris Group, Inc.*		114,468		967,255
Cogo Group, Inc.*		39,800		362,578

12 Semiannual Report 2008


Common Stocks (continued)
	Shares		Value


UNITED STATES (continued)
Communications Equipment (continued)

CommScope, Inc.*		2,041	$	107,703
Comtech Telecommunications Corp.*		9,833		481,817
Harmonic, Inc.*		5,038		47,911
Netgear, Inc.*		44,200		612,612
Oplink Communications, Inc.*		61,500		590,400
Powerwave Technologies, Inc.*		446,200		1,896,350
Riverbed Technology, Inc.*		100,300		1,376,116
Soapstone Networks, Inc.*		16,389		62,770
Sycamore Networks, Inc.*		255,200		821,744

				8,330,139

Computers & Peripherals (0.6%)
BancTec, Inc.*		108,400		384,820
Emulex Corp.*		86,689		1,009,927
Imation Corp.		27,500		630,300
Lexmark International, Inc., Class A*		12,419		415,167
Novatel Wireless, Inc.*		85,500		951,615
QLogic Corp.*		5,484		80,012
Super Micro Computer, Inc.*		275		2,029
Western Digital Corp.*		16,692		576,375

				4,050,245

Construction & Engineering (0.5%)
EMCOR Group, Inc.*		50,909		1,452,434
Michael Baker Corp.*		40,977		896,577
Perini Corp.*		15,806		522,388
Sterling Construction Co., Inc.*		8,968		178,104

				3,049,503

Construction Materials (0.6%)
Eagle Materials, Inc.		64,544		1,634,900
Texas Industries, Inc.		35,009		1,965,055
U.S. Concrete, Inc.*		27,832		132,480

				3,732,435

Consumer Finance (0.4%)
Advance America Cash Advance Centers, Inc.		15,600		79,248
Advanta Corp., Class B		83,500		525,215
Cash America International, Inc.		33,341		1,033,571
EZCORP, Inc., Class A*		71,200		907,800

				2,545,834

Containers & Packaging (1.1%)
AptarGroup, Inc.		43,100		1,808,045
Crown Holdings, Inc.*		3,549		92,238
Greif, Inc., Class A		26,060		1,668,622
Myers Industries, Inc.		45,100		367,565
Rock-Tenn Co., Class A		85,140		2,553,349
Silgan Holdings, Inc.		11,588		587,975

				7,077,794

Distributor (0.4%)
LKQ Corp.*		135,012		2,439,667

Diversified Consumer Services (1.3%)
American Public Education, Inc.*		37,109		1,448,735
Capella Education Co.*		15,800		942,470
ITT Educational Services, Inc.*		12,250		1,012,218
Matthews International Corp., Class A		21,000		950,460
Strayer Education, Inc.		19,634		4,104,880

				8,458,763

Diversified Financial Services (0.4%)
Financial Federal Corp.		92,950		2,041,182
Interactive Brokers Group, Inc., Class A*		16,711		536,924
Pico Holdings, Inc.*		400		17,380

				2,595,486

Diversified Telecommunication Services (0.4%)
CenturyTel, Inc.		22,491		800,455
Cincinnati Bell, Inc.*		50,686		201,730
Cogent Communications Group, Inc.*		93,662		1,255,071
NTELOS Holdings Corp.		1,979		50,207

				2,307,463

Electric Utilities (0.6%)
Allete, Inc.		13,800		579,600
El Paso Electric Co.*		19,141		378,992
UIL Holdings Corp.		17,400		511,734
UniSource Energy Corp.		25,100		778,351
Westar Energy, Inc.		68,800		1,479,888

				3,728,565

Electrical Equipment (1.1%)
Acuity Brands, Inc.		7,332		352,523
Belden, Inc.		24,200		819,896
Brady Corp., Class A		20,700		714,771
EnerSys*		22,900		783,867
General Cable Corp.*		13,600		827,560
GrafTech International Ltd.*		43,317		1,162,195
Regal-Beloit Corp.		15,623		660,072
Superior Essex, Inc.*		15,157		676,457
WESCO International, Inc.*		25,313		1,013,532
Woodward Governor Co.		6,075		216,634

				7,227,507

Electronic Equipment & Instruments (1.8%)
Anixter International, Inc.*		11,000		654,390
Avnet, Inc.*		22,900		624,712
Benchmark Electronics, Inc.*		50,500		825,170
Brightpoint, Inc.*		72,996		532,871
Dolby Laboratories, Inc., Class A*		15,653		630,816
DTS, Inc.*		43,550		1,363,986
FLIR Systems, Inc.*		15,458		627,131
Insight Enterprises, Inc.*		32,406		380,122
Mellanox Technologies Ltd.*		31,000		419,740
Methode Electronics, Inc.		43,338		452,882
Mettler Toledo International, Inc.*		3,739		354,682

2008 Semiannual Report 13

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)


Common Stocks (continued)
	Shares		Value


UNITED STATES (continued)
Electronic Equipment & Instruments (continued)

Park Electrochemical Corp.		31,100	$	756,041
Rofin-Sinar Technologies, Inc.*		23,000		694,600
Smart Modular Technologies, Inc.*		143,600		549,988
Technitrol, Inc.		78,400		1,332,016
Trimble Navigation Ltd.*		25,373		905,816
TTM Technologies, Inc.*		60,200		795,242

				11,900,205

Energy Equipment & Services (1.9%)
Allis-Chalmers Energy, Inc.*		14,662		260,984
Atwood Oceanics, Inc.*		6,097		758,101
Basic Energy Services, Inc.*		15,762		496,503
CARBO Ceramics, Inc.		11,850		691,447
Dril-Quip, Inc.*		2,541		160,083
Gulfmark Offshore, Inc.*		18,700		1,087,966
ION Geophysical Corp.*		54,200		945,790
NATCO Group, Inc., Class A*		31,300		1,706,789
National Oilwell Varco, Inc.*		3,604		319,747
Oceaneering International, Inc.*		16,231		1,250,598
Oil States International, Inc.*		16,995		1,078,163
Tidewater, Inc.		21,800		1,417,654
Trico Marine Services, Inc.*		13,353		486,316
Unit Corp.*		13,439		1,115,034
Willbros Group, Inc.*		15,700		687,817

				12,462,992

Food & Staples Retailing (1.0%)
Andersons, Inc. (The)		25,552		1,040,222
BJ’s Wholesale Club, Inc.*		8,400		325,080
Longs Drug Stores Corp.		15,510		653,126
Nash Finch Co.		3,300		113,091
Ruddick Corp.		56,100		1,924,791
Spartan Stores, Inc.		60,600		1,393,800
United Natural Foods, Inc.*		2,899		56,473
Weis Markets, Inc.		21,400		694,858

				6,201,441

Food Products (0.5%)
Cal-Maine Foods, Inc.		1,278		42,161
Chiquita Brands International, Inc.*		37,100		562,807
Darling International, Inc.*		74,907		1,237,463
Flowers Foods, Inc.		11,602		328,801
J&J Snack Foods Corp.		12,283		336,677
Ralcorp Holdings, Inc.*		20,463		1,011,691

				3,519,600

Health Care Equipment & Supplies (2.1%)
Abaxis, Inc.*		10,100		243,713
ABIOMED, Inc.*		12,600		223,650
American Medical Systems Holdings, Inc.*		52,800		789,360
Analogic Corp.		7,891		497,685
Arthrocare Corp.*		15,300		624,393
CONMED Corp.*		33,238		882,469
Cutera, Inc.*		55,700		502,971
Cynosure, Inc., Class A*		1,513		29,988
Datascope Corp.		10,900		512,300
Edwards Lifesciences Corp.*		1,115		69,175
Exactech, Inc.*		3,062		78,724
Haemonetics Corp.*		15,500		859,630
IDEXX Laboratories, Inc.*		19,036		927,815
Immucor, Inc.*		19,000		491,720
Integra LifeSciences Holdings Corp.*		15,400		684,992
Invacare Corp.		14,176		289,757
Inverness Medical Innovations, Inc.*		37,450		1,242,216
Kinetic Concepts, Inc.*		11,321		451,821
NuVasive, Inc.*		34,400		1,536,304
Sirona Dental Systems, Inc.*		14,600		378,432
SurModics, Inc.*		13,100		587,404
Synovis Life Technologies, Inc.*		10,688		201,255
Vital Signs, Inc.		15,800		897,124
Wright Medical Group, Inc.*		20,900		593,769
Zoll Medical Corp.*		4,265		143,603

				13,740,270

Health Care Providers & Services (2.5%)
AMERIGROUP Corp.*		26,527		551,762
AMN Healthcare Services, Inc.*		57,300		969,516
Amsurg Corp.*		15,034		366,078
Apria Healthcare Group, Inc.*		55,092		1,068,234
athenahealth, Inc.*		82,498		2,537,638
Centene Corp.*		23,358		392,181
Five Star Quality Care, Inc.*		103,770		490,832
Hanger Orthopedic Group, Inc.*		4,316		71,171
Healthspring, Inc.*		89,970		1,518,693
Healthways, Inc.*		77,050		2,280,680
Henry Schein, Inc.*		11,800		608,526
Hooper Holmes, Inc.*		262,300		267,546
Hythiam, Inc.*		312,179		755,473
Molina Healthcare, Inc.*		30,568		744,025
MWI Veterinary Supply, Inc.*		13,100		433,741
Owens & Minor, Inc.		44,207		2,019,818
Pediatrix Medical Group, Inc.*		8,586		422,689
PSS World Medical, Inc.*		34,400		560,720
Triple-S Management Corp., Class B*		1,540		25,179

				16,084,502

Health Care Technology (0.5%)
Allscripts Healthcare Solutions, Inc.*		124,600		1,546,286
Cerner Corp.*		20,150		910,377
Omnicell, Inc.*		79,250		1,044,515

				3,501,178

Hotels, Restaurants & Leisure (2.8%)
AFC Enterprises*		92,045		735,440
Ambassadors Group, Inc.		48,400		722,128
Bally Technologies, Inc.*		14,844		501,727
BJ’s Restaurants, Inc.*		49,395		480,613

14 Semiannual Report 2008


Common Stocks (continued)
	Shares		Value


UNITED STATES (continued)
Hotels, Restaurants & Leisure (continued)

Bob Evans Farms, Inc.		2,956	$	84,542
Burger King Holdings, Inc.		14,574		390,437
CBRL Group, Inc.		6,523		159,879
CEC Entertainment, Inc.*		33,473		937,579
Chipotle Mexican Grill, Inc., Class A*		6,650		549,423
Choice Hotels International, Inc.		6,997		185,420
Gaylord Entertainment Co.*		94,000		2,252,240
Great Wolf Resorts, Inc.*		80,170		350,343
P.F. Chang’s China Bistro, Inc.*		54,232		1,211,543
Premier Exhibitions, Inc.*		43,470		197,354
Ruby Tuesday, Inc.		323,150		1,745,010
Ruth’s Hospitality Group, Inc.*		46,440		240,559
Scientific Games Corp., Class A*		100,900		2,988,658
Texas Roadhouse, Inc., Class A*		120,700		1,082,679
Vail Resorts, Inc.*		74,818		3,204,455
WMS Industries, Inc.*		4,087		121,670

				18,141,699

Household Durables (0.4%)
Blyth, Inc.		2,157		25,949
iRobot Corp.*		33,323		457,858
M/I Homes, Inc.		22,100		347,633
Russ Berrie & Co., Inc.*		11,100		88,467
Snap-on, Inc.		12,800		665,728
Tupperware Brands Corp.		22,653		775,185

				2,360,820

Household Products (0.3%)
Church & Dwight Co., Inc.		29,900		1,684,865

Industrial Conglomerates (0.1%)
Raven Industries, Inc.		14,148		463,771
Teleflex, Inc.		7,410		411,922

				875,693

Information Technology Services (1.2%)
Acxiom Corp.		35,467		407,516
CACI International, Inc., Class A*		21,000		961,170
CGI Group, Inc., Class A ADR*		4,767		47,527
CyberSource Corp.*		4,000		66,920
Forrester Research, Inc.*		54,296		1,676,661
Hewitt Associates, Inc., Class A*		6,398		245,235
Information Services Group, Inc.*		112,503		540,014
Mantech International Corp., Class A*		17,334		834,112
NCI, Inc., Class A*		29,720		679,994
Perot Systems Corp., Class A*		11,050		165,861
SAIC, Inc.*		62,225		1,294,902
SYKES Enterprises, Inc.*		30,263		570,760
Wright Express Corp.*		8,100		200,880

				7,691,552

Insurance (1.5%)
American Equity Investment Life Holding Co.		140,700		1,146,705
American Financial Group, Inc.		10,511		281,169
Amerisafe, Inc.*		8,596		137,020
Amtrust Financial Services, Inc.		41,350		521,010
Brown & Brown, Inc.		24,400		424,316
CNA Surety Corp.*		11,700		147,888
FBL Financial Group, Inc., Class A		24,800		493,024
Hanover Insurance Group, Inc. (The)		10,900		463,250
HCC Insurance Holdings, Inc.		15,650		330,841
Infinity Property & Casualty Corp.		17,800		739,056
LandAmerica Financial Group, Inc.		13,500		299,565
Navigators Group, Inc.*		14,645		791,563
Phoenix Cos., Inc. (The)		72,200		549,442
Presidential Life Corp.		51,000		786,420
Safety Insurance Group, Inc.		29,000		1,033,850
Selective Insurance Group		49,200		922,992
United Fire & Casualty Co.		9,760		262,837
Zenith National Insurance Corp.		16,200		569,592

				9,900,540

Internet & Catalog Retail (1.0%)
1-800-FLOWERS.COM, Inc., Class A*		25,902		167,068
Blue Nile, Inc.*		71,820		3,053,787
FTD Group, Inc.		28,567		380,798
GSI Commerce, Inc.*		58,156		792,666
PC Mall, Inc.*		25,545		346,390
priceline.com, Inc.*		6,595		761,459
Stamps.com, Inc.*		60,700		757,536

				6,259,704

Internet Software & Services (2.3%)
Bankrate, Inc.*		58,193		2,273,601
Chordiant Software, Inc.*		131,000		655,000
comScore, Inc.*		25,374		553,661
Constant Contact, Inc.*		60,450		1,139,482
DealerTrack Holdings, Inc.*		79,650		1,123,862
EarthLink, Inc.*		151,802		1,313,087
LoopNet, Inc.*		81,700		923,210
Ning, Inc.* (a)		63,095		451,129
Omniture, Inc.*		72,600		1,348,182
United Online, Inc.		86,700		869,601
ValueClick, Inc.*		15,600		236,340
VistaPrint Ltd.*		78,370		2,097,181
Vocus, Inc.*		51,300		1,650,321
Websense, Inc.*		26,000		437,840

				15,072,497

Leisure Equipment & Products (0.4%)
Arctic Cat, Inc.		60,729		476,723
JAKKS Pacific, Inc.*		26,422		577,321
Nautilus, Inc.		123,500		627,380
Polaris Industries, Inc.		25,648		1,035,666

				2,717,090

2008 Semiannual Report 15

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)


Common Stocks (continued)
	Shares		Value


UNITED STATES (continued)

Life Sciences Tools & Services (1.3%)
Bio-Rad Laboratories, Inc., Class A*		1,310	$	105,966
Dionex Corp.*		12,500		829,625
eResearchTechnology, Inc.*		40,302		702,867
Illumina, Inc.*		23,950		2,086,284
Invitrogen Corp.*		22,476		882,408
Techne Corp.*		44,479		3,442,230

				8,049,380

Machinery (3.9%)
Actuant Corp., Class A		6,183		193,837
AGCO Corp.*		10,039		526,144
Altra Holdings, Inc.*		1,216		20,441
Applied Industrial Technologies, Inc.		20,300		490,651
Astec Industries, Inc.*		10,100		324,614
Axsys Technologies, Inc.*		304		15,820
Barnes Group, Inc.		7,029		162,300
Blount International, Inc.*		21,200		246,132
Bucyrus International, Inc., Class A		61,900		4,519,938
Cascade Corp.		10,000		423,200
Chart Industries, Inc.*		38,546		1,874,877
CIRCOR International, Inc.		18,900		925,911
Clarcor, Inc.		32,000		1,123,200
Columbus McKinnon Corp.*		12,620		303,890
Dynamic Materials Corp.		21,800		718,310
EnPro Industries, Inc.*		17,075		637,580
Gardner Denver, Inc.*		11,220		637,296
Hardinge, Inc.		52,803		695,416
Hurco Cos., Inc.*		240		7,414
IDEX Corp.		14,640		539,338
Joy Global, Inc.		4,050		307,112
Lindsay Corp.		4,100		348,377
Middleby Corp.*		24,509		1,076,190
Mueller Industries, Inc.		33,874		1,090,743
Nordson Corp.		11,541		841,223
Oshkosh Corp.		14,500		300,005
Robbins & Myers, Inc.		32,339		1,612,746
Sun Hydraulics Corp.		14,050		453,393
Tecumseh Products Co., Class A*		4,007		131,349
Tennant Co.		3,800		114,266
Titan International, Inc.		8,200		292,084
Titan Machinery, Inc.*		31,940		1,000,361
Toro Co.		16,411		545,994
Valmont Industries, Inc.		10,360		1,080,444
Wabtec Corp.		31,000		1,507,220

				25,087,816

Marine (0.3%)
Eagle Bulk Shipping, Inc.		5,798		171,447
Kirby Corp.*		14,182		680,736
Paragon Shipping, Inc., Class A		19,930		334,625
TBS International Ltd., Class A*		24,900		994,755

				2,181,563

Media (1.3%)
Arbitron, Inc.		13,180		626,050
CKX, Inc.		83,657		731,999
DreamWorks Animation SKG, Inc., Class A*		26,712		796,285
GateHouse Media, Inc.		88,522		217,764
Interactive Data Corp.		43,014		1,080,942
Journal Communications, Inc., Class A		65,400		315,228
Lakes Entertainment, Inc.*		46,938		308,852
Marvel Entertainment, Inc.*		45,708		1,469,055
Morningstar, Inc.*		15,614		1,124,676
Regal Entertainment Group, Class A		57,500		878,600
Valassis Communications, Inc.*		39,700		497,044

				8,046,495

Metals & Mining (0.9%)
Commercial Metals Co.		18,700		704,990
Compass Minerals International, Inc.		24,100		1,941,496
Haynes International, Inc.*		10,400		598,520
Steel Dynamics, Inc.		35,800		1,398,706
Stillwater Mining Co.*		28,600		338,338
USEC, Inc.*		107,900		656,032

				5,638,082

Multi-Utilities (0.2%)
Black Hills Corp.		19,200		615,552
PNM Resources, Inc.		32,800		392,288

				1,007,840

Multiline Retail (0.3%)
Big Lots, Inc.*		29,538		922,767
Dollar Tree, Inc.*		33,376		1,091,062

				2,013,829

Natural Gas Utilities (1.4%)
Atmos Energy Corp.		9,935		273,908
Energen Corp.		17,000		1,326,510
Laclede Group, Inc. (The)		21,267		858,549
National Fuel Gas Co.		15,863		943,531
New Jersey Resources Corp.		22,450		732,993
Nicor, Inc.		12,498		532,290
Northwest Natural Gas Co.		13,900		643,014
Piedmont Natural Gas Co.		24,750		647,460
South Jersey Industries, Inc.		9,500		354,920
Southwest Gas Corp.		34,400		1,022,712
UGI Corp.		30,778		883,636
WGL Holdings, Inc.		19,300		670,482

				8,890,005

Office Electronics (0.1%)
Zebra Technologies Corp., Class A*		22,347		729,406

Oil, Gas & Consumable Fuels (6.1%)
Alon USA Energy, Inc.		35,600		425,776
Approach Resources, Inc.*		8,543		228,867
Arena Resources, Inc.*		26,600		1,405,012

16 Semiannual Report 2008


Common Stocks (continued)
	Shares		Value


UNITED STATES (continued)
Oil, Gas & Consumable Fuels (continued)

Berry Petroleum Co., Class A		53,912	$	3,174,339
Bill Barrett Corp.*		71,950		4,274,549
Bois d’Arc Energy, Inc.*		12,470		303,146
BPZ Resources, Inc.*		29,000		852,600
Cabot Oil & Gas Corp.		15,400		1,043,042
Carrizo Oil & Gas, Inc.*		38,264		2,605,396
Cimarex Energy Co.		10,500		731,535
Concho Resources, Inc.*		31,760		1,184,648
Contango Oil & Gas Co.*		34,715		3,225,718
Delek US Holdings, Inc.		31,100		286,431
Energy Partners Ltd.*		72,500		1,081,700
Evergreen Energy, Inc.*		214,160		372,638
Foundation Coal Holdings, Inc.		15,100		1,337,558
GMX Resources, Inc.*		36,793		2,726,361
Holly Corp.		6,884		254,157
McMoRan Exploration Co.*		6,468		177,999
Parallel Petroleum Corp.*		74,050		1,490,627
Patriot Coal Corp.*		5,175		793,276
PetroHawk Energy Corp.*		20,690		958,154
Rex Energy Corp.*		23,800		628,320
Rosetta Resources, Inc.*		26,044		742,254
St. Mary Land & Exploration Co.		51,143		3,305,884
Stone Energy Corp.*		19,739		1,300,997
Swift Energy Co.*		28,100		1,856,286
TXCO Resources, Inc.*		30,682		360,820
W&T Offshore, Inc.		16,966		992,681
Warren Resources, Inc.*		30,000		440,400
Western Refining, Inc.		33,700		399,008

				38,960,179

Paper & Forest Products (0.3%)
Buckeye Technologies, Inc.*		137,944		1,167,006
Wausau Paper Corp.		86,400		666,144

				1,833,150

Personal Products (1.2%)
Alberto-Culver Co.		80,300		2,109,481
Bare Escentuals, Inc.*		68,750		1,287,688
Chattem, Inc.*		21,700		1,411,585
Elizabeth Arden, Inc.*		23,240		352,783
Physicians Formula Holdings, Inc.*		101,946		953,195
Prestige Brands Holdings, Inc.*		176,700		1,883,622

				7,998,354

Pharmaceuticals (0.7%)
King Pharmaceuticals, Inc.*		56,303		589,492
KV Pharmaceutical Co., Class A*		17,956		347,089
Medicis Pharmaceutical Corp., Class A		35,911		746,231
Ironwood Pharmaceuticals, Inc.* (a)		93,487		1,072,296
Sciele Pharma, Inc.		47,000		909,450
Vivus, Inc.*		68,672		458,729
Watson Pharmaceuticals, Inc.*		5,759		156,472

				4,279,759

Real Estate Investment Trusts (REITs) (2.7%)
Arbor Realty Trust, Inc.		39,300		352,521
Ashford Hospitality Trust, Inc.		336,200		1,553,244
BioMed Realty Trust, Inc.		13,805		338,637
Capital Trust, Inc., Class A		18,600		357,306
CBRE Realty Finance, Inc.		182,000		626,080
Cedar Shopping Centers, Inc.		43,080		504,898
DiamondRock Hospitality Co.		42,900		467,181
Duke Realty Corp.		12,500		280,625
Entertainment Properties Trust		47,975		2,371,884
Equity Lifestyle Properties, Inc.		22,257		979,308
Essex Property Trust, Inc.		5,543		590,329
Extra Space Storage, Inc.		37,275		572,544
First Industrial Realty Trust, Inc.		32,900		903,763
Getty Realty Corp.		38,400		553,344
Gramercy Capital Corp.		34,000		394,060
Hersha Hospitality Trust		168,100		1,269,155
Lexington Realty Trust		82,629		1,126,233
Medical Properties Trust, Inc.		8,774		88,793
MFA Mortgage Investments, Inc.		125,770		820,020
Mid-America Apartment Communities, Inc.		4,624		236,009
National Retail Properties, Inc.		15,600		326,040
NorthStar Realty Finance Corp.		51,200		425,984
Pennsylvania Real Estate Investment Trust		30,200		698,828
Senior Housing Properties Trust		20,742		405,091
Sovran Self Storage, Inc.		2,692		111,880
Taubman Centers, Inc.		20,609		1,002,628

				17,356,385

Real Estate Management & Development (0.1%)
Consolidated-Tomoka Land Co.		6,253		263,001
FX Real Estate and Entertainment, Inc.*		10,844		20,603
Housevalues, Inc.*		47,577		130,837

				414,441

Road & Rail (1.9%)
Arkansas Best Corp.		31,014		1,136,353
Celadon Group, Inc.*		177,300		1,771,227
Heartland Express, Inc.		19,533		291,237
J.B. Hunt Transport Services, Inc.		116,200		3,867,136
Kansas City Southern*		97,850		4,304,421
Landstar System, Inc.		5,695		314,478
Werner Enterprises, Inc.		28,270		525,257

				12,210,109

Semiconductors & Semiconductor Equipment (1.3%)
Amkor Technology, Inc.*		26,580		276,698
Anadigics, Inc.*		60,000		591,000
Cohu, Inc.		32,400		475,632
Integrated Device Technology, Inc.*		191,400		1,902,516
LSI Corp.*		17,000		104,380
Micrel, Inc.		4,087		37,396
Microsemi Corp.*		14,469		364,329

2008 Semiannual Report 17

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)


Common Stocks (continued)
	Shares		Value


UNITED STATES (continued)
Semiconductors & Semiconductor Equipment (continued)

National Semiconductor Corp.		5,103	$	104,816
Novellus Systems, Inc.*		5,000		105,950
Pericom Semiconductor Corp.*		2,829		41,982
RF Micro Devices, Inc.*		72,300		209,670
Skyworks Solutions, Inc.*		64,149		633,151
Standard Microsystems Corp.*		20,809		564,964
Teradyne, Inc.*		67,400		746,118
Tessera Technologies, Inc.*		25,108		411,018
Ultra Clean Holdings, Inc.*		57,100		454,516
Varian Semiconductor Equipment Associates, Inc.*		13,719		477,696
Volterra Semiconductor Corp.*		8,613		148,660
Zoran Corp.*		61,800		723,060

				8,373,552

Software (4.4%)
Ansys, Inc.*		14,232		670,612
Blackbaud, Inc.		181,950		3,893,730
Blackboard, Inc.*		125,390		4,793,660
Commvault Systems, Inc.*		117,350		1,952,704
Concur Technologies, Inc.*		41,250		1,370,737
EPIQ Systems, Inc.*		93,130		1,322,446
FactSet Research Systems, Inc.		56,700		3,195,612
Jack Henry & Associates, Inc.		12,386		268,033
JDA Software Group, Inc.*		12,057		218,232
Magma Design Automation, Inc.*		49,200		298,644
Manhattan Associates, Inc.*		804		19,079
Mentor Graphics Corp.*		4,931		77,910
MICROS Systems, Inc.*		125,640		3,830,764
Monotype Imaging Holdings, Inc.*		56,834		692,238
NetSuite, Inc.*		21,125		432,429
Parametric Technology Corp.*		57,756		962,793
Quest Software, Inc.*		48,950		724,949
Radiant Systems, Inc.*		16,967		182,056
Solera Holdings, Inc.*		30,100		832,566
SPSS, Inc.*		27,041		983,481
Sybase, Inc.*		36,617		1,077,272
Synopsys, Inc.*		33,774		807,536

				28,607,483

Specialty Retail (2.3%)
America’s Car-Mart, Inc.*		9,007		161,405
Asbury Automotive Group, Inc.		41,380		531,733
Brown Shoe Co., Inc.		45,100		611,105
Buckle, Inc. (The)		8,126		371,602
Cabela’s, Inc., Class A*		35,500		390,855
Cache, Inc.*		28,400		303,880
Citi Trends, Inc.*		40,768		923,803
Coldwater Creek, Inc.*		81,300		429,264
Collective Brands, Inc.*		36,200		421,006
Dress Barn, Inc.*		38,783		518,916
DSW, Inc., Class A*		300		3,534
Guess?, Inc.		14,366		538,007
Gymboree Corp.*		25,352		1,015,855
Haverty Furniture Cos., Inc.		60,100		603,404
Hibbett Sports, Inc.*		14,700		310,170
Jo-Ann Stores, Inc.*		7,293		167,958
JOS. A. Bank Clothiers, Inc.*		35,400		946,950
Men’s Wearhouse, Inc.		26,200		426,798
O’Reilly Automotive, Inc.*		86,780		1,939,533
Office Depot, Inc.*		43,000		470,420
OfficeMax, Inc.		18,100		251,590
Pier 1 Imports, Inc.*		161,700		556,248
Rent-A-Center, Inc.*		19,872		408,767
Sally Beauty Holdings, Inc.*		43,300		279,718
Sonic Automotive, Inc., Class A		37,500		483,375
Sport Supply Group, Inc.		3,697		37,968
Stage Stores, Inc.		59,000		688,530
Tractor Supply Co.*		9,300		270,072
Zumiez, Inc.*		43,400		719,572

				14,782,038

Staffing (0.1%)
Gevity HR, Inc.		118,100		635,378

Textiles, Apparel & Luxury Goods (1.0%)
Iconix Brand Group, Inc.*		76,854		928,396
Maidenform Brands, Inc.*		9,346		126,171
Perry Ellis International, Inc.*		43,622		925,659
Phillips-Van Heusen Corp.		38,420		1,406,941
Skechers USA, Inc., Class A*		70,311		1,389,345
Steven Madden Ltd.*		32,300		593,674
Warnaco Group, Inc. (The)*		17,895		788,633

				6,158,819

Thrifts & Mortgage Finance (0.3%)
Brookline Bancorp, Inc.		30,800		294,140
Charter Financial Corp.		656		15,744
Dime Community Bancshares		30,350		501,079
Flushing Financial Corp.		16,700		316,465
TrustCo Bank Corp.		9,010		66,854
ViewPoint Financial Group		19,900		292,928
Westfield Financial, Inc.		38,300		346,615

				1,833,825

Tobacco (0.0%)
Alliance One International, Inc.*		28,396		145,104

Trading Companies & Distributors (0.1%)
Beacon Roofing Supply, Inc.*		43,900		465,779
H&E Equipment Services, Inc.*		11,700		140,634
Interline Brands, Inc.*		21,700		345,681

				952,094

18 Semiannual Report 2008


Common Stocks (continued)
	Shares		Value


UNITED STATES (continued)

Wireless Telecommunication Services (0.3%)
Centennial Communications Corp.*		133,700	$	934,563
Syniverse Holdings, Inc.*		52,646		852,865

				1,787,428

				464,788,004


Total Common Stocks				613,467,640


Exchange Traded Funds (0.7%)


Australian Infrastructure Fund (a)		460,308		980,380
Hastings Diversified Utilities Fund (a)		96,996		190,460
Ishares MSCI EAFE Small Cap Index Fund		72,434		3,186,009


Total Exchange Traded Funds				4,356,849


Preferred Stock (0.0%) (a)


GERMANY (0.0%)
Media (0.0%)
ProSiebenSat.1 Media AG		5,105		50,790

Rights (0.0%)
	Shares		Value




ITALY (0.0%)
Prima Industrie SpA, Expiring 7/14/08*		3,000	$	5,394


*Warrants (0.0%)**


Hythiam, Inc. 0.00%, expiring 07/13/13		43,900		0


Mutual Funds (3.6%)


AIM Liquid Assets Portfolio		23,047,924		23,047,924


Total Investments (Cost $649,466,400) (b) — 99.6%				640,928,597

Other assets in excess of liabilities — 0.4%				2,769,269


NET ASSETS — 100.0%			$	643,697,866


*		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 Depositary Receipt

RNC		Savings Shares

See accompanying notes to financial statements.

2008 Semiannual Report 19

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT Multi-Manager
	Small Company Fund

Assets:
Investments, at value (cost $649,466,400)	$	640,928,597
Cash		2,303,241
Interest and dividends receivable		957,309
Receivable for capital shares issued		144,109
Receivable for investments sold		5,600,305
Unrealized appreciation on spot foreign currency contracts		439
Reclaims receivable		146,574
Prepaid expenses and other assets		44,708

Total Assets		650,125,282

Liabilities:
Foreign currencies payable to custodian, at value (Cost $88,625)		88,468
Payable for investments purchased		5,271,335
Payable for capital shares redeemed		302,200
Accrued expenses and other payables:
Investment advisory fees		568,088
Fund administration and transfer agent fees		57,381
Distribution fees		22,320
Administrative services fees		62,787
Custodian fees		7,461
Trustee fees		8,682
Compliance program costs (Note 3)		1,176
Other		37,518

Total Liabilities		6,427,416

Net Assets	$	643,697,866

Represented by:
Capital	$	540,883,091
Accumulated net investment income		1,773,958
Accumulated net realized gains from investment and foreign currency transactions		109,557,634
Net unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(8,516,817	)

Net Assets	$	643,697,866

Net Assets:
Class I Shares	$	503,830,171
Class II Shares		102,878,996
Class III Shares		2,597,943
Class IV Shares		32,957,765
Class Y Shares		1,432,991

Total	$	643,697,866

Shares outstanding (unlimited number of shares authorized):
Class I Shares		25,175,028
Class II Shares		5,228,233
Class III Shares		129,652
Class IV Shares		1,647,017
Class Y Shares		71,633

Total		32,251,563

See accompanying notes to financial statements.

20 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT
	Multi-Manager
	Small Company Fund

INVESTMENT INCOME:
Dividend income	$	7,204,127
Foreign tax withholding		(322,991	)

Total Income		6,881,136

Expenses:
Investment advisory fees		3,207,220
Fund administration and transfer agent fees		194,198
Distribution fees Class II Shares		132,347
Administrative services fees Class I Shares		313,059
Administrative services fees Class II Shares		75,331
Administrative services fees Class III Shares		540
Administrative services fees Class IV Shares		25,447
Custodian fees		86,679
Trustee fees		15,406
Compliance program costs (Note 3)		2,352
Other		100,267

Total expenses before earnings credit		4,152,846
Earnings credit (Note 6)		(33,980	)

Net Expenses		4,118,866

Net Investment Income		2,762,270

REALIZED/UNREALIZED (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(6,720,208	)
Net realized losses from foreign currency transactions		(40,892	)

Net realized losses from investment and foreign currency transactions		(6,761,100	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(70,533,149	)

Net realized/unrealized losses from investments and translation of assets and liabilities denominated in foreign currencies		(77,294,249	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(74,531,979	)

See accompanying notes to financial statements.

22 Semiannual Report 2008

Statements of Changes in Net Assets


	NVIT Multi-Manager Small Company Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	2,762,270		$	1,855,002
Net realized gains (losses) from investment and foreign currency transactions		(6,761,100	)		125,506,786
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(70,533,149	)		(104,887,564	)

Change in net assets resulting from operations		(74,531,979	)		22,474,224


Distributions to Shareholders From:
Net investment income:
Class I		(1,018,932	)		(603,523	)
Class II		(77,164	)		–
Class III		(6,166	)		(867	)
Class IV		(61,202	)		(45,241	)
Class Y		(2,983	)(a)		–
Net realized gains:
Class I		–			(95,291,802	)
Class II		–			(14,368,708	)
Class III		–			(572,275	)
Class IV		–			(5,564,619	)

Change in net assets from shareholder distributions		(1,166,447	)		(116,447,035	)

Change in net assets from capital transactions		(61,564,072	)		(28,184,139	)

Change in net assets		(137,262,498	)		(122,156,950	)

Net Assets:
Beginning of period		780,960,364			903,117,314

End of period	$	643,697,866		$	780,960,364

Accumulated net investment income at end of period	$	1,773,958		$	178,135


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	8,314,144		$	32,755,979
Dividends reinvested		1,018,932			95,895,279
Cost of shares redeemed		(73,364,002	)		(173,845,346	)

		(64,030,926	)		(45,194,088	)

Class II Shares
Proceeds from shares issued		9,232,068			29,830,801
Dividends reinvested		77,159			14,368,705
Cost of shares redeemed		(5,720,370	)		(27,231,263	)

		3,588,857			16,968,243

Class III Shares
Proceeds from shares issued		605,004			2,140,724
Dividends reinvested		6,166			573,142
Cost of shares redeemed (b)		(694,680	)		(4,174,049	)

		(83,510	)		(1,460,183	)

See accompanying notes to financial statements.

2008 Semiannual Report 23

Statements of Changes in Net Assets (Continued)


	NVIT Multi-Manager Small Company Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)

CAPITAL TRANSACTIONS: (continued)
Class IV Shares
Proceeds from shares issued	$	853,742		$	2,644,223
Dividends reinvested		61,202			5,609,858
Cost of shares redeemed		(3,465,486	)		(6,752,192	)

		(2,550,542	)		1,501,889

Class Y Shares
Proceeds from shares issued		1,509,861	(a)		–
Dividends reinvested		2,983	(a)		–
Cost of shares redeemed		(795	)(a)		–

		1,512,049			–

Change in net assets from capital transactions	$	(61,564,072	)	$	(28,184,139	)


SHARE TRANSACTIONS:
Class I Shares
Issued		403,292			1,321,648
Reinvested		49,271			4,069,384
Redeemed		(3,566,566	)		(7,075,955	)

		(3,114,003	)		(1,684,923	)

Class II Shares
Issued		451,483			1,220,770
Reinvested		3,793			619,608
Redeemed		(280,508	)		(1,117,975	)

		174,768			722,403

Class III Shares
Issued		28,800			87,963
Reinvested		298			24,297
Redeemed		(33,667	)		(173,220	)

		(4,569	)		(60,960	)

Class IV Shares
Issued		41,817			110,244
Reinvested		2,959			238,072
Redeemed		(167,477	)		(274,415	)

		(122,701	)		73,901

Class Y Shares
Issued		71,526	(a)		–
Reinvested		144	(a)		–
Redeemed		(37	)(a)		–

		71,633			–

Total change in shares		(2,994,872	)		(949,579	)


(a)		For the period from March 27, 2008 (commencement of operations) through June 30, 2008.

(b)		Includes redemption fees — see Note 4 to Financial Statements.

See accompanying notes to financial statements.

24 Semiannual Report 2008

NVIT Multi-Manager Small Company Fund


			Investment Activities									Distributions														Ratios / Supplemental Data

						Net Realized																									Ratio of Net			Ratio of
						and																									Investment			Expenses
	Net Asset		Net			Unrealized			Total																	Net Assets		Ratio of			Income			(Prior to
	Value,		Investment			Gains			from			Net			Net						Net Asset					at End of		Expenses			(Loss) to			Reimbursements)
	Beginning		Income			(Losses) on			Investment			Investment			Realized			Total			Value, End		Total			Period		to Average			Average			to Average			Portfolio
	of Period		(Loss)			Investments			Activities			Income			Gains			Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months ended June 30, 2008 (Unaudited)		22.21		0.09			(2.25	)		(2.16	)		(0.04	)		–			(0.04	)		20.01		(9.73	%)		503,830		1.15	%		0.84	%		1.15	%		56.90	%
Year ended December 31, 2007		24.99		0.06			0.67			0.73			(0.02	)		(3.49	)		(3.51	)		22.21		2.13	%		628,302		1.19	%		0.24	%		1.19	%		115.83	%
Year ended December 31, 2006		22.78		0.03			2.67			2.70			(0.03	)		(0.46	)		(0.49	)		24.99		12.04	%		749,048		1.19	%		0.11	%		(e)			104.59	%
Year ended December 31, 2005		22.96		(0.03	)		2.84			2.81			–			(2.99	)		(2.99	)		22.78		12.32	%		831,778		1.20	%		(0.12	%)		(e)			128.34	%
Year ended December 31, 2004		21.73		(0.04	)		4.17			4.13			–			(2.90	)		(2.90	)		22.96		19.02	%		815,585		1.19	%		(0.17	%)		(e)			131.75	%
Year ended December 31, 2003		15.41		(0.07	)		6.39			6.32			–			–			–			21.73		41.01	%		760,078		1.17	%		(0.37	%)		(e)			93.72	%

Class II Shares
Six Months ended June 30, 2008 (Unaudited)		21.84		0.05			(2.20	)		(2.15	)		(0.01	)		–			(0.01	)		19.68		(9.83	%)		102,879		1.43	%		0.59	%		1.43	%		56.90	%
Year ended December 31, 2007		24.66		–			0.67			0.67			–			(3.49	)		(3.49	)		21.84		1.89	%		110,373		1.42	%		0.01	%		1.42	%		115.83	%
Year ended December 31, 2006		22.53		(0.03	)		2.63			2.60			(0.01	)		(0.46	)		(0.47	)		24.66		11.75	%		106,813		1.45	%		(0.12	%)		(e)			104.59	%
Year ended December 31, 2005		22.80		(0.07	)		2.79			2.72			–			(2.99	)		(2.99	)		22.53		12.01	%		74,165		1.45	%		(0.37	%)		(e)			128.34	%
Year ended December 31, 2004		21.64		(0.07	)		4.13			4.06			–			(2.90	)		(2.90	)		22.80		18.78	%		46,906		1.44	%		(0.42	%)		(e)			131.75	%
Year ended December 31, 2003		15.39		(0.12	)		6.37			6.25			–			–			–			21.64		40.61	%		18,345		1.42	%		(0.63	%)		(e)			93.72	%

Class III Shares
Six Months ended June 30, 2008 (Unaudited)		22.24		0.10			(2.25	)		(2.15	)		(0.05	)		–			(0.05	)		20.04		(9.69	%)		2,598		1.08	%		0.94	%		1.08	%		56.90	%
Year ended December 31, 2007		25.01		0.06			0.67			0.73			(0.01	)		(3.49	)		(3.50	)		22.24		2.11	%		2,985		1.21	%		0.19	%		1.21	%		115.83	%
Year ended December 31, 2006		22.80		0.03			2.68			2.71			(0.04	)		(0.46	)		(0.50	)		25.01		12.06	%		4,881		1.18	%		0.16	%		(e)			104.59	%
Year ended December 31, 2005		22.98		(0.02	)		2.83			2.81			–			(2.99	)		(2.99	)		22.80		12.31	%		2,548		1.22	%		(0.14	%)		(e)			128.34	%
Year ended December 31, 2004		21.74		(0.03	)		4.17			4.14			–			(2.90	)		(2.90	)		22.98		19.06	%		1,681		1.19	%		(0.15	%)		(e)			131.75	%
Year ended December 31, 2003		15.42		(0.08	)		6.40			6.32			–			–			–			21.74		40.99	%		1,199		1.17	%		(0.39	%)		(e)			93.72	%


(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)	For the period from March 27, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 25

Financial Highlights

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

NVIT Multi-Manager Small Company Fund (Continued)


			Investment Activities									Distributions														Ratios / Supplemental Data

						Net Realized																									Ratio of Net			Ratio of
						and																									Investment			Expenses
	Net Asset		Net			Unrealized			Total																	Net Assets		Ratio of			Income			(Prior to
	Value,		Investment			Gains			from			Net			Net						Net Asset					at End of		Expenses			(Loss) to			Reimbursements)
	Beginning		Income			(Losses) on			Investment			Investment			Realized			Total			Value, End		Total			Period		to Average			Average			to Average			Portfolio
	of Period		(Loss)			Investments			Activities			Income			Gains			Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)

Class IV Shares
Six Months ended June 30, 2008 (Unaudited)		22.21		0.09			(2.25	)		(2.16	)		(0.04	)		–			(0.04	)		20.01		(9.74	%)		32,958		1.18	%		0.82	%		1.18	%		56.90	%
Year ended December 31, 2007		24.99		0.07			0.67			0.74			(0.03	)		(3.49	)		(3.52	)		22.21		2.15	%		39,300		1.17	%		0.26	%		1.17	%		115.83	%
Year ended December 31, 2006		22.78		0.03			2.67			2.70			(0.03	)		(0.46	)		(0.49	)		24.99		12.04	%		42,375		1.19	%		0.12	%		(e)			104.59	%
Year ended December 31, 2005		22.96		(0.03	)		2.84			2.81			–			(2.99	)		(2.99	)		22.78		12.32	%		43,206		1.20	%		(0.12	%)		(e)			128.34	%
Year ended December 31, 2004		21.73		(0.04	)		4.17			4.13			–			(2.90	)		(2.90	)		22.96		19.02	%		44,819		1.19	%		(0.18	%)		(e)			131.75	%
Period ended December 31, 2003 (f)		15.61		(0.05	)		6.17			6.12			–			–			–			21.73		39.21	%		48,252		1.16	%		(0.36	%)		(e)			93.72	%

Class Y Shares
Period ended June 30, 2008 (Unaudited)(g)		20.20		0.03			(0.18	)		(0.15	)		(0.05	)		–			(0.05	)		20.00		(1.81	%)		1,433		1.02	%		1.28	%		1.02	%		56.90	%


(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)	For the period from March 27, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

26 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Multi-Manager Small Company Fund (the “Fund”) (formerly “Nationwide Multi-Manager NVIT Small Company Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 27

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

• Level 1 — quoted prices in active markets for identical assets.

• Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


	Level 2 — Other	Level 3 —
Level 1 — Quoted	Significant	Significant
Prices	Observable Inputs	Unobservable Inputs		Total Investments

$525,038,657	$114,366,515	$	1,523,425	$	640,928,597

28 Semiannual Report 2008

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments

Balance as of 12/31/2007	$	584,294
Accrued Accretion / (Amortization)		—
Change in Unrealized Appreciation / (Depreciation)		488,002
Net Purchase / (Sales)		451,129
Transfers In / (Out) of Level 3		—


Balance as of 6/30/2008	$	1,523,425


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts

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.


(e)	Futures Contracts

2008 Semiannual Report 29

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish those positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on any such contract it has entered into.


(f)	Written Options Contracts


(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.

30 Semiannual Report 2008


(h)	Short Sales


(i)	Security Transactions and Investment Income


(j)	Securities Lending


(k)	Distributions to Shareholders

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. Permanent changes(i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns), 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.

2008 Semiannual Report 31

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(l)	Federal Income Taxes


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

3. Transactions with Affiliates

32 Semiannual Report 2008

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

- Putnam Investment Management, LLC


- Neuberger Berman Management Inc.


- Gartmore Global Partners


- American Century Investment Management, Inc.


- Morgan Stanley Investment Management Inc.


- Waddell & Reed Investment Management Company


- Aberdeen Asset Management Inc.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.93% based on the Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreements, NFA paid the subadvisers $2,069,172 for the six months ended June 30, 2008.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (“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. 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%. NFD is a wholly-owned subsidiary of NFSDI.

2008 Semiannual Report 33

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries 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, 2008, NFS received $530,957 in Administrative Services fees from the Fund.

4. Short-Term Trading Fees

For the six months ended June 30, 2008, Class III shares had contributions to capital due to collection of redemption fees in the amount of $865.

For the year ended December 31, 2007, Class III shares had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $384,024,736 and sales of $445,438,588.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the six months ended June 30, 2008.

34 Semiannual Report 2008

earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

8. Indemnifications

9. New Accounting Pronouncements

10. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	659,468,506	$	76,210,675	$	(94,750,584)	$	(18,539,909)

2008 Semiannual Report 35

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

36 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 37

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

38 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 39

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

40 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

2008 Semiannual Report 41

Supplemental Information

(Unaudited) (Continued)

The Board considered the information and discussion with respect to the services provided to the Fund by the investment adviser and subadvisers, and reviewed the information presented with respect to ancillary benefits received by the investment adviser and subadvisers, including fee income for performing other services, and any soft dollars and affiliated brokerage commissions.

The Trustees found that, although the Fund’s recent performance had been disappointing, longer term performance had been good. The Trustees found that the recent actions taken by the Adviser to improve performance, including: (i) change in subadviser; and (ii) reallocation of assets, should be monitored to determine whether such actions result in improved performance of the Fund. Based on its review, and giving particular weight to the recent actions taken by the Adviser to improve performance and the nature and quality of the resources dedicated by the Adviser and subadvisers to improve performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee compared with peer group funds was approximately eight basis points above the median. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

42 Semiannual Report 2008

NVIT Money Market Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

9			Statement of Assets and Liabilities

10			Statement of Operations

11			Statement of Changes in Net Assets

13			Financial Highlights

14			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-MMKT (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged and have been provided for comparison purposes only.

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Money Market Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
NVIT Money Market Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class I	Actual			1,000.00		1,013.00		2.75		0.55
	Hypothetical	^b		1,000.00		1,022.13		2.77		0.55


Class IV	Actual			1,000.00		1,013.30		2.45		0.49
	Hypothetical	^b		1,000.00		1,022.43		2.46		0.49


Class V	Actual			1,000.00		1,013.40		2.45		0.49
	Hypothetical	^b		1,000.00		1,022.43		2.46		0.49


Class Y	Actual	^c		1,000.00		1,013.50		2.30		0.46
	Hypothetical	^b		1,000.00		1,022.58		2.31		0.46


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

^c		Effective May 1, 2008, Class ID shares were renamed Class Y shares.

2008 Semiannual Report 3


Portfolio Summary	NVIT Money Market Fund

June 30, 2008 (Unaudited)


Asset Allocation

Commercial Paper			71.3%
U.S. Government Agency & Obligations			11.4%
Corporate Bonds			6.9%
Asset-Backed Commercial Paper			4.5%
Certificates of Deposit			4.2%
Municipal Bonds			1.6%
Other assets in excess of liabilities			0.1%

			100.0%


Top Industries

Banks — Foreign			13.0%
U.S. Government Agency & Obligations			11.4%
Financial Services			9.6%
Personal Credit Institutions			7.1%
Diversified Manufacturing			6.4%
Banks — Domestic			6.2%
Food-Diversified			4.7%
Asset-Backed — Trade & Term Receivables			4.5%
Industrial Machinery & Equipment			3.3%
Oil & Gas			3.2%
Other Assets			30.6%

			100.0%


Top Holdings

Florida Hurricane Catastrophe, 2.68%, 11/14/08			1.7%
Dover Corp., 2.12%, 07/14/08			1.5%
Federal Home Loan Mortgage Corp., 2.05%, 07/28/08			1.5%
Pepsi Bottling Group, Inc.			1.4%
BP Capital Markets PLC, 2.53%, 07/01/08			1.4%
American Honda Finance			1.4%
AT&T, Inc., 2.24%, 07/17/08			1.4%
Wells Fargo & Co., 2.14%, 07/25/08			1.4%
Coca Cola Co., 2.18%, 08/25/08			1.3%
FPL Group Capital, Inc., 2.27%, 07/01/08			1.3%
Other			85.7%

			100.0%

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Money Market Fund


Asset-Backed Commercial Paper (4.5%) (a) (b) (c)
	Shares or
	Principal Amount		Value


ASSET-BACKED — TRADE & TERM RECEIVABLES (4.5%)
Falcon Asset Securitization Corp.
2.45%, 07/09/08	$	15,000,000	$	14,991,833
2.51%, 07/18/08		20,000,000		19,976,294
Kitty Hawk Funding Corp.
2.57%, 07/02/08		3,742,000		3,741,733
2.60%, 07/09/08		2,508,000		2,506,551
2.61%, 07/16/08		12,618,000		12,604,278
2.74%, 07/25/08		5,000,000		4,990,867
Old Line Funding Corp.
2.75%, 07/01/08		17,000,000		17,000,000
2.52%, 07/02/08		8,000,000		7,999,440
2.55%, 07/23/08		15,000,000		14,976,625
Variable Funding Capital Corp.,
2.65%, 07/28/08		10,000,000		9,980,125


Total Asset-Backed Commercial Paper				108,767,746


Certificates of Deposit (4.2%)


BANKS — DOMESTIC (2.6%)
Bank Of America Corp. (b)
2.65%, 08/04/08		5,000,000		4,987,486
2.72%, 09/09/08		2,758,000		2,743,413
2.73%, 09/19/08		3,490,000		3,468,827
SunTrust Banks, Inc.
2.55%, 07/02/08		12,000,000		12,000,000
2.60%, 07/02/08		25,000,000		25,000,000
Wachovia Corp.,
2.53%, 10/28/08 (d)		15,000,000		14,996,385

				63,196,111



BANKS — FOREIGN (1.6%)
Bank of Ireland,
2.67%, 11/14/08 (d)		20,000,000		20,000,000
Natixis,
2.90%, 07/08/08 (a) (c)		20,000,000		20,000,000

				40,000,000


Total Certificates of Deposit				103,196,111


Commercial Paper (71.3%)


AGRICULTURAL FINANCE (1.5%) (b)
John Deere Capital Corp.
2.22%, 07/01/08		25,000,000		25,000,000
2.02%, 07/08/08		4,734,000		4,732,141
2.25%, 07/14/08		7,000,000		6,994,312

				36,726,453



AGRICULTURAL SERVICES (2.8%) (a) (b) (c)
Archer Daniels Midland Co.
2.11%, 07/07/08		6,886,000		6,883,578
2.14%, 07/14/08		10,623,000		10,614,791
2.17%, 07/22/08		4,425,000		4,419,399
2.26%, 08/22/08		15,000,000		14,951,033
Cargill, Inc.,
2.55%, 07/24/08		30,000,000		29,951,125

				66,819,926



BANKS — DOMESTIC (6.2%) (b)
Citigroup Funding
2.65%, 07/01/08		15,000,000		15,000,000
2.65%, 07/07/08		15,000,000		14,993,375
2.50%, 07/29/08		8,000,000		7,984,445
JPMorgan Chase & Co.,
2.50%, 10/08/08		15,000,000		14,896,875
KBC Financial Products (a) (c)
2.33%, 07/03/08		30,000,000		29,996,083
2.72%, 07/14/08		10,000,000		9,990,178
State Street Corp.,
2.30%, 07/01/08		10,000,000		10,000,000
Wachovia Corp.,
2.60%, 07/23/08		13,000,000		12,979,344
Wells Fargo & Co.,
2.14%, 07/25/08		35,000,000		34,950,067

				150,790,367



BANKS — FOREIGN (13.0%) (b)
Abbey National North America LLC
2.39%, 07/07/08		10,000,000		9,996,017
2.24%, 07/10/08		10,000,000		9,994,400
2.26%, 07/11/08		10,000,000		9,993,722
2.27%, 07/14/08		11,000,000		10,990,983
ABN AMRO NA Finance, Inc.
2.40%, 07/03/08		16,279,000		16,276,809
2.48%, 07/07/08		7,100,000		7,097,059
2.46%, 07/11/08		5,000,000		4,996,576
2.48%, 07/28/08		10,000,000		9,981,400
ANZ National (Int’l) Ltd. (a)
2.55%, 07/14/08		4,300,000		4,296,040
2.45%, 07/18/08		10,000,000		9,988,431
BNP Paribas Finance, Inc.
2.57%, 08/11/08		18,000,000		17,947,315
2.63%, 10/10/08		15,000,000		14,889,110
DNB Nor Bank (a) (c)
2.52%, 07/10/08		9,900,000		9,893,745
2.80%, 07/17/08		10,000,000		9,987,556
2.75%, 08/04/08		15,000,000		14,961,042
2.60%, 08/19/08		5,000,000		4,982,374
Natexis Banques Populaires USF, LLC,
2.58%, 08/04/08		15,000,000		14,963,379

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Money Market Fund (Continued)


Commercial Paper (continued)
	Shares or
	Principal Amount		Value


BANKS — FOREIGN (b) (continued)

National Australia Funding (DE) (a) (c)
2.55%, 07/01/08	$	26,000,000	$	26,000,000
2.63%, 09/08/08		10,000,000		9,949,592
Svenska Handelsbank, Inc.
2.63%, 07/09/08		15,000,000		14,991,233
2.67%, 07/24/08		20,000,000		19,965,883
Toronto-Dominion Holdings (USA) (a) (c)
2.61%, 07/25/08		15,000,000		14,973,900
2.44%, 07/28/08		15,000,000		14,972,550
2.44%, 08/22/08		8,000,000		7,971,805
UniCredito Italiano,
2.48%, 07/07/08 (a) (c)		11,300,000		11,295,329
Westpac Capital Corp.,
2.62%, 08/06/08 (a) (c)		15,000,000		14,960,700

				316,316,950



CHEMICALS-DIVERSIFIED (2.1%) (b)
Abbott Laboratories,
2.12%, 07/15/08 (a) (c)		30,000,000		29,975,267
Procter & Gamble Co.,
2.32%, 09/30/08		20,000,000		19,882,711

				49,857,978



CONSUMER PRODUCTS (1.6%) (a) (b) (c)
Avon Capital Corp.
2.07%, 07/07/08		12,751,000		12,746,596
2.25%, 07/08/08		25,000,000		24,989,063

				37,735,659



DIVERSIFIED MANUFACTURING (6.4%) (b)
BASF SE (a) (c)
2.31%, 08/19/08		18,207,000		18,149,754
2.21%, 09/12/08		20,000,000		19,910,372
Dover Corp.,
2.12%, 07/14/08 (a) (c)		37,000,000		36,971,675
Honeywell International,
2.09%, 07/23/08 (a) (c)		10,000,000		9,987,228
McGraw-Hill Cos., Inc.,
2.25%, 07/21/08		5,000,000		4,993,750
2.14%, 07/22/08		10,000,000		9,987,517
2.06%, 08/04/08		2,375,000		2,370,379
2.06%, 08/11/08		20,000,000		19,953,078
Pitney Bowes, Inc. (a) (c)
2.32%, 07/01/08		19,373,000		19,373,000
2.20%, 07/07/08		12,670,000		12,665,354

				154,362,107



FINANCIAL SERVICES (9.6%) (b)
American General Finance Corp.
2.58%, 07/01/08		5,000,000		5,000,000
2.46%, 07/09/08		10,000,000		9,994,533
2.54%, 07/21/08		22,000,000		21,968,956
Fortis Funding LLC (a) (c)
2.34%, 07/08/08		15,000,000		14,993,175
2.43%, 07/10/08		15,000,000		14,990,887
2.42%, 07/11/08		5,000,000		4,996,632
ING U.S. Funding,
2.65%, 08/05/08		22,500,000		22,443,587
Nordea North America, Inc.
2.75%, 07/07/08		1,900,000		1,899,129
2.70%, 07/29/08		20,000,000		19,958,000
2.63%, 08/15/08		10,000,000		9,967,125
Private Export Funding Corp.
2.14%, 07/08/08		26,560,000		26,548,948
2.11%, 07/10/08		4,225,000		4,222,771
2.16%, 07/15/08		5,000,000		4,995,800
Prudential Funding
2.25%, 07/18/08		10,000,000		9,989,375
2.30%, 08/26/08		25,000,000		24,910,556
Rabobank U.S. Finance Corp.
2.35%, 07/07/08		4,000,000		3,998,433
2.44%, 07/18/08		15,000,000		14,982,717
2.53%, 08/27/08		17,000,000		16,931,901

				232,792,525



FOOD-DIVERSIFIED (4.7%) (b)
Coca Cola Co.,
2.18%, 08/25/08 (a) (c)		32,600,000		32,491,424
Nestle Finance France SA
2.12%, 07/11/08		10,000,000		9,994,111
2.11%, 07/16/08		12,000,000		11,989,450
2.24%, 07/16/08		25,000,000		24,976,667
Pepsi Bottling Group, Inc.,
2.20%, 07/01/08		35,000,000		35,000,000

				114,451,652



INDUSTRIAL MACHINERY & EQUIPMENT (3.3%) (b)
Eaton Corp. (a) (c)
2.15%, 07/09/08		15,000,000		14,992,833
2.22%, 08/05/08		30,000,000		29,935,250
Illinois Tool Works, Inc.
2.05%, 07/09/08		6,500,000		6,497,039
2.26%, 08/01/08		28,000,000		27,945,509

				79,370,631



INSURANCE (2.3%) (a) (b)
Allianz Finance Corp. (c)
2.50%, 07/08/08		8,140,000		8,136,043
2.82%, 07/21/08		15,000,000		14,976,511

6 Semiannual Report 2008


Commercial Paper (continued)
	Shares or
	Principal Amount		Value


INSURANCE (a) (b) (continued)

New York Life Capital Corp.,
2.22%, 07/29/08	$	28,000,000	$	27,951,653
2.14%, 07/30/08		6,000,000		5,989,657

				57,053,864



MOTOR VEHICLE PARTS AND ACCESSORIES (3.0%) (b)
American Honda Finance Corp.,
2.10%, 08/04/08 (a)		5,158,000		5,147,770
Harley-Davidson Funding Corp. (a) (c)
2.12%, 07/16/08		8,800,000		8,792,227
2.25%, 08/12/08		5,000,000		4,986,875
2.30%, 08/13/08		5,000,000		4,986,264
Toyota Motor Credit Corp.
2.32%, 07/25/08		4,000,000		3,993,813
2.32%, 07/31/08		20,000,000		19,961,334
2.43%, 08/04/08		111,000		110,745
2.40%, 08/13/08		10,000,000		9,971,333
2.38%, 09/09/08		15,000,000		14,930,583

				72,880,944



OIL & GAS (3.2%) (a) (b) (c)
BP Capital Markets PLC,
2.53%, 07/01/08		35,000,000		35,000,000
ConocoPhillips
2.06%, 07/02/08		10,895,000		10,894,377
2.10%, 07/11/08		20,000,000		19,988,358
2.13%, 08/12/08		4,500,000		4,488,817
2.35%, 09/04/08		6,796,000		6,767,164

				77,138,716



PERSONAL CREDIT INSTITUTIONS (7.1%)
American Express Credit Corp. (b)
2.34%, 07/22/08		8,000,000		7,989,080
2.44%, 07/25/08		10,000,000		9,983,733
2.47%, 08/01/08		20,000,000		19,957,461
Barclays U.S. Funding Corp.,
2.68%, 08/26/08 (b)		20,000,000		19,916,467
General Electric Capital Corp. (b)
2.52%, 07/21/08		15,000,000		14,979,000
2.42%, 08/04/08		13,690,000		13,658,854
2.38%, 08/12/08		12,000,000		11,966,680
2.52%, 10/08/08		10,000,000		9,930,700
HBOS Treasury Services,
2.44%, 11/07/08 (d)		10,000,000		10,000,000
HSBC Finance Corp. (b)
2.46%, 07/07/08		20,000,000		19,992,200
2.50%, 09/02/08		15,000,000		14,934,375
ING U.S. Funding,
2.69%, 09/15/08 (b)		18,000,000		17,897,780

				171,206,330



TELECOMMUNICATIONS (2.8%) (a) (b) (c)
AT&T, Inc.
2.24%, 07/17/08		35,000,000		34,965,156
2.21%, 07/22/08		10,000,000		9,987,108
Telstra Corp.
2.56%, 07/11/08		6,600,000		6,595,307
2.75%, 08/21/08		16,600,000		16,535,329

				68,082,900



TRANSPORTATION (0.4%) (b)
International Lease Finance Corp.,
2.72%, 07/01/08		10,000,000		10,000,000



UTILITIES (1.3%) (b)
FPL Group Capital, Inc.,
2.27%, 07/01/08		32,000,000		32,000,000


Total Commercial Paper				1,727,587,002


Corporate Bonds (6.9%) (d)


BANKS — FOREIGN (0.9%) (c)
Kommunalkredit Austria,
2.51%, 11/21/08		22,500,000		22,500,000



BANKS — MORTGAGE (0.5%) (c)
Northern Rock PLC,
2.78%, 10/08/08		12,500,000		12,500,000



INSURANCE (1.6%)
Allstate Life Global Funding
2.52%, 11/07/08 (c)		15,000,000		15,000,000
2.51%, 11/27/08		12,500,000		12,500,000
Lloyds TSB Group PLC,
2.66%, 11/06/08		10,000,000		10,000,000

				37,500,000



MOTOR VEHICLE PARTS AND ACCESSORIES (1.4%)
American Honda Finance,
2.78%, 08/06/08		35,000,000		35,000,000



SECURITY BROKERS & DEALERS (2.5%)
Goldman Sachs Group, Inc.,
2.92%, 11/24/08 (a)		30,000,000		30,000,000

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Money Market Fund (Continued)


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value


SECURITY BROKERS & DEALERS (continued)

Morgan Stanley Dean Witter,
2.61%, 12/03/08	$	30,000,000	$	30,000,000

				60,000,000


Total Corporate Bonds				167,500,000


Municipal Bond (1.6%) (d)


FLORIDA (1.6%)
Florida Hurricane Catastrophe,
2.68%, 11/14/08		40,000,000		40,000,000


U.S. Government Agency & Obligations (11.4%)


Federal Home Loan Bank
2.05%, 07/07/08 (b)		17,800,000		17,793,918
2.06%, 07/11/08 (b)		13,872,000		13,864,062
2.21%, 08/22/08 (b)		9,774,000		9,742,799
2.33%, 08/29/08 (b)		7,745,000		7,715,425
2.32%, 09/02/08 (b)		10,000,000		9,959,400
2.35%, 09/12/08 (b)		10,000,000		9,952,347
2.25%, 02/13/09		20,000,000		19,998,849
Federal Home Loan Mortgage Corp. (b)
2.05%, 07/14/08		10,000,000		9,992,597
2.07%, 07/21/08		10,000,000		9,988,472
2.05%, 07/28/08		36,000,000		35,942,700
2.13%, 09/04/08		28,571,000		28,461,121
2.41%, 10/14/08		7,558,000		7,504,874
Federal National Mortgage Assoc.
2.07%, 07/16/08		18,000,000		17,984,550
2.05%, 08/06/08 (b)		17,695,000		17,658,725
2.20%, 08/27/08 (b)		20,000,000		19,930,333
2.12%, 08/29/08 (b)		14,710,000		14,658,891
2.32%, 09/02/08 (b)		9,725,000		9,685,517
2.05%, 09/05/08		15,000,000		14,943,900


Total U.S. Government Agency & Obligations				275,778,480


Total Investments (Cost $2,422,829,339) (e) — 99.9%				2,422,829,339

Other assets in excess of liabilities — 0.1%				1,318,437


NET ASSETS — 100.0%			$	2,424,147,776


(a)		Restricted securities issued pursuant to Section 4(2) of the Securities Act of 1933. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

(b)		The rate reflected in the Statement of Investments is the discount rate at the time of purchase.

(c)		Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2008, all such securities in total represented 31.4% of net assets.

(d)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2008. The maturity date represents the actual maturity date.

(e)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.


DE		Germany

See accompanying notes to financial statements.

8 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT Money
	Market Fund

Assets:
Investments, at value (cost $2,422,829,339)	$	2,422,829,339
Interest and dividends receivable		979,395
Receivable for capital shares issued		3,518,425
Prepaid expenses and other assets		25,056

Total Assets		2,427,352,215

Liabilities:
Cash overdraft		9
Payable for capital shares redeemed		2,037,066
Accrued expenses and other payables:
Investment advisory fees		749,803
Fund administration and transfer agent fees		190,361
Administrative services fees		186,362
Custodian fees		12,986
Trustee fees		20,712
Compliance program costs (Note 3)		4,119
Other		3,021

Total Liabilities		3,204,439

Net Assets	$	2,424,147,776

Represented by:
Capital	$	2,425,775,784
Accumulated net realized losses from investments		(1,628,008	)

Net Assets	$	2,424,147,776

Net Assets:
Class I Shares	$	1,594,684,014
Class IV Shares		79,119,489
Class V Shares		568,629,718
Class Y Shares		181,714,555

Total	$	2,424,147,776

Shares outstanding (unlimited number of shares authorized):
Class I Shares		1,595,769,594
Class IV Shares		79,172,031
Class V Shares		568,998,971
Class Y Shares		181,838,829

Total		2,425,779,425

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 Y Shares	$	1.00

See accompanying notes to financial statements.

2008 Semiannual Report 9

Statements of Changes in Net Assets


	NVIT Money Market Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	32,085,383		$	96,480,415
Net realized gains (losses) from investment transactions		(1,599,279	)		4,849

Change in net assets resulting from operations		30,486,104			96,485,264


Distributions to Shareholders From:
Net investment income:
Class I		(21,063,773	)		(66,240,532	)
Class IV		(1,048,258	)		(3,770,906	)
Class V		(7,308,203	)		(22,994,315	)
Class Y(a)		(2,665,149	)		(3,459,919	)

Change in net assets from shareholder distributions		(32,085,383	)		(96,465,672	)

Change in net assets from capital transactions		97,502,741			500,111,250

Change in net assets		95,903,462			500,130,842

Net Assets:
Beginning of period		2,328,244,314			1,828,113,472

End of period	$	2,424,147,776		$	2,328,244,314

Accumulated net investment loss at end of period	$	(1,628,008	)	$	—


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	509,233,666		$	1,107,878,063
Dividends reinvested		21,053,645			66,239,341
Cost of shares redeemed		(490,097,127	)		(888,073,454	)

		40,190,184			286,043,950

Class IV Shares
Proceeds from shares issued		13,243,732			33,066,824
Dividends reinvested		1,048,266			3,770,900
Cost of shares redeemed		(13,417,253	)		(35,515,911	)

		874,745			1,321,813

Class V Shares
Proceeds from shares issued		249,542,320			351,673,311
Dividends reinvested		7,308,220			22,994,314
Cost of shares redeemed		(199,542,208	)		(329,183,182	)

		57,308,332			45,484,443

Class Y Shares (a)
Proceeds from shares issued		40,410,922			165,733,606
Dividends reinvested		2,665,149			3,459,926
Cost of shares redeemed		(43,946,591	)		(1,932,488	)

		(870,520	)		167,261,044

Change in net assets from capital transactions	$	97,502,741		$	500,111,250

See accompanying notes to financial statements.

2008 Semiannual Report 11

NVIT Money Market Fund


			Investment Activities									Distributions											Ratios / Supplemental Data

																															Ratio of
																												Ratio of Net			Expenses
																									Ratio of			Investment			(Prior to
	Net Asset																						Net Assets		Expenses			Income to			Reimbursements)
	Value,		Net			Total from			Net						Capital			Net Asset					at End		to Average			Average			to Average
	Beginning		Investment			Investment			Investment			Total			Contributions			Value, End		Total			of Period		Net			Net			Net
	of Period		Income			Activities			Income			Distributions			from Advisor			of Period		Return (a)			(000s)		Assets (b)			Assets (b)			Assets (b) (c)
Class I Shares
Six Months ended June 30, 2008 (Unaudited)		1.00		0.01			0.01			(0.01	)		(0.01	)		–			1.00		1.30	%		1,594,684		0.55	%		2.62	%		0.55%
Year ended December 31, 2007		1.00		0.05			0.05			(0.05	)		(0.05	)		–	(f)		1.00		4.79	%(h)		1,555,558		0.64	%		4.69	%		0.64%
Year ended December 31, 2006		1.00		0.04			0.04			(0.04	)		(0.04	)		–			1.00		4.53	%		1,269,500		0.64	%		4.46	%		(d)
Year ended December 31, 2005		1.00		0.03			0.03			(0.03	)		(0.03	)		–			1.00		2.67	%		1,173,301		0.65	%		2.63	%		(d)
Year ended December 31, 2004		1.00		0.01			0.01			(0.01	)		(0.01	)		–			1.00		0.81	%		1,223,530		0.62	%		0.79	%		(d)
Year ended December 31, 2003		1.00		0.01			0.01			(0.01	)		(0.01	)		–			1.00		0.63	%		1,573,895		0.63	%		0.63	%		(d)

Class IV Shares
Six Months ended June 30, 2008 (Unaudited)		1.00		0.01			0.01			(0.01	)		(0.01	)		–			1.00		1.33	%		79,119		0.49	%		2.67	%		0.55%
Year ended December 31, 2007		1.00		0.05			0.05			(0.05	)		(0.05	)		–	(f)		1.00		4.94	%(h)		78,295		0.50	%		4.83	%		0.64%
Year ended December 31, 2006		1.00		0.05			0.05			(0.05	)		(0.05	)		–			1.00		4.67	%		76,973		0.50	%		4.58	%		(d)
Year ended December 31, 2005		1.00		0.03			0.03			(0.03	)		(0.03	)		–			1.00		2.82	%		74,115		0.50	%		2.76	%		(d)
Year ended December 31, 2004		1.00		0.01			0.01			(0.01	)		(0.01	)		–			1.00		0.94	%		84,415		0.50	%		0.91	%		(d)
Period ended December 31, 2003 (e)		1.00		–	(f)		–	(f)		–	(f)		–	(f)		–			1.00		0.46	%		103,515		0.50	%		0.67	%		(d)

Class V Shares
Six Months ended June 30, 2008 (Unaudited)		1.00		0.01			0.01			(0.01	)		(0.01	)		–			1.00		1.34	%		568,630		0.49	%		2.65	%		0.49%
Year ended December 31, 2007		1.00		0.05			0.05			(0.05	)		(0.05	)		–	(f)		1.00		4.87	%(h)		511,681		0.57	%		4.76	%		0.57%
Year ended December 31, 2006		1.00		0.05			0.05			(0.05	)		(0.05	)		–			1.00		4.61	%		466,192		0.56	%		4.56	%		(d)
Year ended December 31, 2005		1.00		0.03			0.03			(0.03	)		(0.03	)		–			1.00		2.75	%		318,973		0.57	%		2.69	%		(d)
Year ended December 31, 2004		1.00		0.01			0.01			(0.01	)		(0.01	)		–			1.00		0.89	%		479,706		0.55	%		0.92	%		(d)
Year ended December 31, 2003		1.00		0.01			0.01			(0.01	)		(0.01	)		–			1.00		0.71	%		365,299		0.55	%		0.70	%		(d)

Class Y Shares (i)
Six Months ended June 30, 2008 (Unaudited)		1.00		0.01			0.01			(0.01	)		(0.01	)		–			1.00		1.35	%		181,715		0.46	%		2.68	%		0.46%
Year ended December 31, 2007		1.00		0.05			0.05			(0.05	)		(0.05	)		–	(f)		1.00		4.97	%(h)		182,710		0.45	%		4.79	%		0.45%
Period ended December 31, 2006 (g)		1.00		0.03			0.03			(0.03	)		(0.03	)		–			1.00		3.26	%		15,448		0.48	%		4.81	%		(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 waivers/reimbursements during the period.
(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)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(h)	Includes payment from the Investment Adviser which increased the total return by 0.25% (Note 3)
(i)	Effective May 1, 2008, Class ID shares were renamed Class Y shares.,

See accompanying notes to financial statements.

2008 Semiannual Report 13

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Money Market Fund (the “Fund”) (formerly “Nationwide NVIT Money Market Fund”) The Trust currently operates fifty-eight (58) 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


(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, among others. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern 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.

14 Semiannual Report 2008

are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

• Level 1 — quoted prices in active markets for identical assets.

• Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


	Level 2 — Other	Level 3 —
Level 1 — Quoted	Significant	Significant
Prices	Observable Inputs	Unobservable Inputs		Total Investments

$—	$2,422,829,339	$	—	$	2,422,829,339


(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, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty.


(c)	Security Transactions and Investment Income


(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. Distributions are recorded on the ex-dividend date.

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. Permanent differences(i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns), 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 (“NAV”) of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(e)	Federal Income Taxes


(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 (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent corporation is Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting subadvisers and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Effective January 1, 2008, Nationwide Asset Management, LLC (the “subadviser”), an affiliate of NFA, became the

16 Semiannual Report 2008

subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund


Schedule	Fees

Up to $1 billion		0.40%


$1 billion up to $2 billion		0.38%


$2 billion up to $5 billion		0.36%


$5 billion or more		0.34%

From such fees, pursuant to the sub advisory agreement, NFA paid the subadviser $486,995 for the six months ended June 30, 2008.

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 GAAP 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, 2009.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA 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 June 30, 2008, the cumulative potential reimbursements for the Class IV shares of the Fund would be:


Amount		Amount		Amount		Amount
Fiscal Year		Fiscal Year		Fiscal Year		Six Months Ended
2005		2006		2007		June 30, 2008

$	119,939	$	112,415	$	89,226	$	39,313

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund,and serves as Transfer and Dividend Disbursing Agent for the Fund .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 proportion to the average daily net assets of the Fund and are paid to NFM.


		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%

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

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 inquiries 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, 2008, NFS received $1,455,138 in Administrative Services fees from the Fund.

4. Investment Transactions

For the six months ended June 30, 2008, the Fund had short-term purchases of $112,197,172 of U.S. Government securities.

5. Bank Loans and Earnings Credit

18 Semiannual Report 2008

earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Portfolio Investment Risks

7. Indemnifications

8. New Accounting Pronouncements

9. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	2,422,829,339	$	—	$	—	$	—

2008 Semiannual Report 19

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

20 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

22 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

24 Semiannual Report 2008

Supplemental Information

(Unaudited)


A.	Renewal of Advisory (and Sub-advisory) Agreements

2008 Semiannual Report 25

Supplemental Information

(Unaudited) (Continued)

The Trustees found that the Fund’s performance had been good in all periods presented. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Adviser and subadviser to maintain performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee compared with peer group funds was two basis points above the median of the peer group funds, while total expenses were relatively low. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

26 Semiannual Report 2008

NVIT Money Market Fund II

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

7			Statement of Assets and Liabilities

8			Statement of Operations

9			Statement of Changes in Net Assets

10			Financial Highlights

11			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-MMKT2 (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged and have been provided for comparison purposes only.

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Money Market Fund II

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008

Beginning

Ending

Expenses Paid

Expense Ratio

Account Value ($)

During Period ($)

During Period (%)

NVIT Money Market Fund II

01/01/08

06/30/08

01/01/08 - 06/30/08^a

Class I

Actual^b

1,000.00

1,008.60

4.87

0.98

Hypothetical

1,000.00

1,019.99

4.92

0.98


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		The Money Market Fund II shares have no class designation.

^c		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	NVIT Money Market Fund II

June 30, 2008 (Unaudited)


Asset Allocation

Commercial Paper			84.1%
U.S. Government Agency & Obligations			7.1%
Asset-Backed Commercial Paper			14.5%
Liabilities in excess of other assets			-5.7%

			100.0%


Top Industries

Financial Services			12.4%
Personal Credit Institutions			11.5%
Banks — Foreign			9.7%
Oil & Gas			7.7%
Retail			6.0%
Food-Diversified			5.7%
Consumer Products			3.7%
Agricultural Services			3.3%
Printing & Publishing			3.3%
Diversified Manufacturing			3.1%
Other Assets			33.6%

			100.0%


Top Holdings

Falcon Asset Securitization Corp., 2.75%, 07/14/08			3.8%
Old Line Funding Corp.2.78%, 07/08/08			3.8%
BP Capital Markets PLC, 2.50%, 07/01/08			3.8%
ConocoPhillips, 2.32%, 07/01/08			3.8%
FPL Group Capital, Inc., 2.60%, 07/01/08			3.8%
Cargill, Inc., 2.42%, 01/01/00			3.3%
Washington Post Co. (The), 2.10%, 07/01/08			3.3%
Pitney Bowes, Inc., 2.20%, 07/08/08			3.3%
ANZ National (Int’l) Ltd., 2.67%, 07/08/08			3.3%
Old Line Funding Corp.2.62%, 07/11/08			3.3%
Other			64.5%

			100.0%

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Money Market Fund II


Asset-Backed Commercial Paper (14.5%) (a) (b) (c)
	Shares or
	Principal Amount		Value


ASSET-BACKED — TRADE & TERM RECEIVABLES (14.5%)
Falcon Asset Securitization Corp.,
2.75%, 07/14/08	$	10,000,000	$	9,990,069
Old Line Funding Corp.
2.78%, 07/08/08		7,000,000		6,996,216
2.62%, 07/11/08		1,310,000		1,309,047
2.62%, 07/15/08		2,250,000		2,247,708
Variable Funding Capital Corp., 2.65%, 07/01/08		11,500,000		11,500,000
Yorktown Capital LLC,
2.50%, 07/01/08		11,500,000		11,500,000


Total Asset-Backed Commercial Paper				43,543,040


Commercial Paper (84.1%) (a)


Agricultural Services (3.3%) (b) (c)
Cargill, Inc.,
2.42%, 01/01/00		10,000,000		10,000,000



Banks — Domestic (2.4%)
Citigroup Funding,
2.15%, 07/02/08		7,200,000		7,199,570



Banks — Foreign (9.7%)
ABN AMRO NA Finance, Inc.,
2.47%, 07/07/08		6,500,000		6,497,324
ANZ National (Int’l) Ltd.,
2.67%, 07/08/08 (b)		10,000,000		9,994,808
Bank of Scotland PLC,
2.62%, 07/07/08		6,200,000		6,197,293
DnB NOR Bank,
2.52%, 07/07/08 (b) (c)		6,200,000		6,197,396

				28,886,821



Beverages (3.0%)
PepsiCo, Inc.,
2.19%, 07/02/08		9,000,000		8,999,452



Consumer Products (3.7%) (b) (c)
Avon Capital Corp.
2.10%, 07/09/08		9,000,000		8,995,800
2.20%, 07/11/08		2,100,000		2,098,717

				11,094,517



Diversified Manufacturing (3.1%)
Honeywell International,
2.20%, 07/15/08		9,302,000		9,294,042



Financial Services (12.4%)
American Express Credit Corp.
2.20%, 07/03/08		5,000,000		4,999,389
2.10%, 07/15/08		5,000,000		4,995,917
Nordea North America, Inc.,
2.75%, 07/02/08		8,500,000		8,499,351
Private Export Funding Corp.,
2.15%, 07/15/08		8,500,000		8,492,893
Prudential Funding,
2.02%, 07/10/08		8,500,000		8,495,707
Rabobank U.S. Finance Corp.,
2.35%, 07/07/08		1,494,000		1,493,415

				36,976,672



Food-Diversified (5.7%)
Coca-Cola Co.,
2.16%, 07/09/08 (b) (c)		8,000,000		7,996,160
Nestle Finance France SA,
2.09%, 07/07/08		9,000,000		8,996,865

				16,993,025



Insurance (2.8%)
AIG Funding,
2.70%, 07/10/08		8,500,000		8,494,263



Oil & Gas (7.7%) (b) (c)
BP Capital Markets PLC,
2.50%, 07/01/08		11,500,000		11,500,000
ConocoPhillips,
2.32%, 07/01/08		11,500,000		11,500,000

				23,000,000



Personal Credit Institutions (11.5%)
General Electric Capital Corp.
2.04%, 07/02/08		9,000,000		8,999,490
2.08%, 07/15/08		2,500,000		2,497,978
ING U.S. Funding
2.50%, 07/01/08		8,000,000		8,000,000
2.75%, 07/15/08		3,500,000		3,496,257
Toyota Motor Credit Corp.
2.04%, 07/02/08		9,000,000		8,999,490
2.20%, 07/15/08		2,500,000		2,497,861

				34,491,076



Pharmaceutical Preparations (2.7%) (b) (c)
Abbott Laboratories,
2.20%, 07/07/08		8,200,000		8,196,993



Printing & Publishing (3.3%) (b) (c)
Washington Post Co. (The),
2.10%, 07/01/08		10,000,000		10,000,000



Retail (6.0%)
Pitney Bowes, Inc.,
2.20%, 07/08/08 (b) (c)		10,000,000		9,995,722

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Money Market Fund II (Continued)


Commercial Paper (a) (continued)
	Shares or
	Principal Amount		Value


Retail (continued)

Wal-Mart Stores, Inc.,
2.13%, 07/01/08	$	8,000,000	$	8,000,000

				17,995,722



Transportation (3.0%) (b) (c)
United Parcel Service, Inc.,
2.01%, 07/01/08		9,000,000		9,000,000



Utilities (3.8%)
FPL Group Capital, Inc.,
2.60%, 07/01/08		11,500,000		11,500,000


Total Commercial Paper				252,122,153


U.S. Government Agency & Obligations (7.1%) (a)


Federal Home Loan Bank,
2.10%, 07/11/08		4,000,000		3,997,667
Federal Home Loan Bank System,
2.09%, 07/02/08		5,900,000		5,899,658
Federal Home Loan Mortgage Corp.
2.10%, 07/03/08		5,700,000		5,699,335
2.15%, 07/09/08		5,600,000		5,597,324


Total U.S. Government Agency & Obligations				21,193,984


Total Investments (Cost $316,859,177) (d) — 105.7%				316,859,177

Liabilities in excess of other assets — (5.7)%				(17,177,451	)


NET ASSETS — 100.0%			$	299,681,726


(a)		The rate reflected in the Statement of Investments is the discount rate at the time of purchase.

(b)		Restricted securities issued pursuant to Section 4(2) of the Securities Act of 1933. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.

(c)		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.

(d)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements

6 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT Money
	Market Fund II

Assets:
Investments, at value (cost $316,859,177)	$	316,859,177
Cash		710

Total Assets		316,859,887

Liabilities:
Distributions payable		10,516
Payable for capital shares redeemed		16,939,482
Accrued expenses and other payables:
Investment advisory fees		117,924
Fund administration and transfer agent fees		20,773
Distribution fees		58,962
Administrative services fees		12,582
Other		17,922

Total Liabilities		17,178,161

Net Assets	$	299,681,726

Represented by:
Capital	$	299,678,467
Accumulated net investment income		3,281
Accumulated net realized losses from investments		(22	)

Net Assets	$	299,681,726

Shares outstanding (unlimited number of shares authorized):
Shares outstanding (unlimited number of shares authorized):		299,678,468

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class:	$	1.00

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statements of Changes in Net Assets


	NVIT Money Market Fund II

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	2,457,569		$	11,235,900
Net realized gains (losses) from investment transactions		(22	)		993

Change in net assets resulting from operations		2,457,547			11,236,893


Distributions to Shareholders From:
Net investment income		(2,457,569	)		(11,235,900	)

Change in net assets from capital transactions		33,391,156			34,145,524

Change in net assets		33,391,134			34,146,517

Net Assets:
Beginning of period		266,290,592			232,144,075

End of period	$	299,681,726		$	266,290,592

Accumulated net investment income at end of period	$	3,281		$	3,281


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	613,305,755		$	1,906,780,666
Dividends reinvested		2,458,486			11,235,900
Cost of shares redeemed		(582,373,085	)		(1,883,871,042	)

Change in net assets from capital transactions	$	33,391,156		$	34,145,524


SHARE TRANSACTIONS:
Issued		613,305,755			1,906,780,666
Reinvested		2,458,486			11,235,902
Redeemed		(582,373,085	)		(1,883,871,042	)

Total change in shares		33,391,156			34,145,526

NVIT Money Market Fund II


			Investment Activities						Distributions										Ratios / Supplemental Data

																										Ratio of
																							Ratio of Net			Expenses
	Net Asset																		Net Assets		Ratio of		Investment			(Prior to
	Value,		Net			Total from			Net						Net Asset				at End		Expenses		Income			Reimbursements)
	Beginning		Investment			Investment			Investment			Total			Value, End		Total		of Period		to Average		to Average			to Average
	of Period		Income			Activities			Income			Distributions			of Period		Return (a)		(000s)		Net Assets (b)		Net Assets (b)			Net Assets (b) (c)
Six Months ended June 30, 2008 (Unaudited)		1.00		0.01			0.01			(0.01	)		(0.01	)		1.00		0.86%		299,682		0.98%		1.72	%		0.98%
Year ended December 31, 2007		1.00		0.04			0.04			(0.04	)		(0.04	)		1.00		4.25%		266,291		0.96%		4.18	%		0.96%
Year ended December 31, 2006		1.00		0.04			0.04			(0.04	)		(0.04	)		1.00		4.11%		232,144		1.01%		4.06	%		(d)
Year ended December 31, 2005		1.00		0.20			0.02			(0.02	)		(0.02	)		1.00		2.26%		260,557		1.01%		2.24	%		(d)
Year ended December 31, 2004		1.00		–	(e)		–	(e)		–	(e)		–	(e)		1.00		0.41%		192,820		0.96%		0.43	%		0.99%
Year ended December 31, 2003		1.00		–	(e)		–	(e)		–	(e)		–	(e)		1.00		0.18%		147,736		0.95%		0.17	%		0.99%


(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.

10 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Money Market Fund II (the “Fund”) (formerly “Nationwide NVIT Money Market II Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

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. Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern 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.

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

• Level 1 — quoted prices in active markets for identical assets.

• Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


	Level 2 — Other	Level 3 —
Level 1 — Quoted	Significant	Significant
Prices	Observable Inputs	Unobservable Inputs		Total Investments

$—	$316,859,177	$	—	$	316,859,177


(b)	Repurchase Agreements


(c)	Security Transactions and Investment Income


(d)	Distributions to Shareholders

12 Semiannual Report 2008

temporary in nature. To the extent these changes are permanent (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns), such amounts 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(e)	Federal Income Taxes


(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 (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting subadvisers and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Effective January 1, 2008, Nationwide Asset Management, LLC (the “subadviser”), an affiliate of NFA, became the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (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 for the year ending June 30, 2008:


Fee Schedule	Fees

Up to $1 billion		0.50%


$1 billion up to $2 billion		0.48%


$2 billion up to $5 billion		0.46%


$5 billion or more		0.44%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $57,091 for the six months ended June 30, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned security of NFS), provides various administrative and accounting services for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“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. These fees are based on average daily net assets of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

For the six months ended June 30, 2008, NFS received $210,387 in Administrative Services fees from the Fund.

14 Semiannual Report 2008

4. Investment Transactions

For the six months ended June 30, 2008, the Fund had short-term purchases of $186,746,705 of U.S. Government securities.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the six months ended June 30, 2008.

6. Portfolio Investment Risks

7. Indemnifications

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

liability 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. New Accounting Pronouncements

9. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:

Net Unrealized

Unrealized

Appreciation

Tax Cost of Securities

Appreciation

Depreciation

(Depreciation)

316,859,177

—

16 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 17

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

18 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 19

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

20 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 21

Supplemental Information

(Unaudited)


A.	Renewal of Advisory (and Sub-advisory) Agreements

22 Semiannual Report 2008

The Trustees found that the Fund had performed as expected, with the portfolio maintaining a shorter duration than the peer group funds because the Fund was designed for high inflows and outflows as part of a tactical market allocation product. Based on its review, and giving particular weight to the specific purpose of the Fund and the nature and quality of the resources dedicated by the Adviser and subadviser, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee compared with peer group funds was higher, but within the range of the peer group funds, and appropriate given the purpose of the Fund. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

2008 Semiannual Report 23

JPMorgan NVIT Balanced Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

26			Statement of Assets and Liabilities

28			Statement of Operations

29			Statement of Changes in Net Assets

31			Financial Highlights

32			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-BAL (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	JPMorgan NVIT Balanced Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
JPMorgan NVIT			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Balanced Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class I	Actual			1,000.00		923.20		4.35		0.91
	Hypothetical	^b		1,000.00		1,020.34		4.57		0.91


Class IV	Actual			1,000.00		922.90		4.73		0.99
	Hypothetical	^b		1,000.00		1,019.94		4.97		0.99


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	JPMorgan NVIT Balanced Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			58.9%
Corporate Bonds			13.9%
U.S. Government Sponsored & Agency Obligations			10.4%
U.S. Government Sponsored Mortgage-Backed Obligations			5.9%
Collateralized Mortgage Obligations			4.0%
Commercial Paper			3.9%
U.S. Government Mortgage Backed Agencies			3.2%
Commercial Mortgage Backed Securities			3.1%
Mutual Funds			2.3%
Asset-Backed Securities			1.9%
Sovereign Bonds			0.9%
Preferred Stocks			0.1%
Yankee Dollars			0.1%
Liabilities in excess of other assets			-8.6%

			100.0%


Top Industries

Other Financial			8.3%
Oil, Gas & Consumable Fuels			7.5%
Pharmaceuticals			3.6%
Commercial Banks			3.5%
Capital Markets			2.5%
Insurance			2.6%
Computers and Peripherals			2.3%
Health Care Providers & Services			2.1%
Electric Utility			2.1%
Diversified Telecommunication Services			2.1%
Other			65.9%

			100.0%


Top Holdings

AIM Liquid Assets Portfolio			2.3%
Variable Funding Capital Corp., 2.70%, 09/02/08			2.0%
Exxon Mobil Corp.			1.9%
Enterprise Funding Corp., 2.53%, 07/07/08			1.9%
Market Street Funding Corp., 2.64%, 07/10/08			1.9%
Federal National Mortgage Association, 5.00%, 07/17/37			1.8%
U.S. Treasury Notes, 2.63%, 05/31/10			1.6%
Freddie Mac Gold PoolPool #G03069, 5.50%, 12/01/36			1.5%
United States Treasury Note/Bond, 3.25%, 01/15/09			1.4%
Ranger Funding Company LLC, 2.50%, 07/14/08			1.4%
Other			82.3%

			100.0%

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

JPMorgan NVIT Balanced Fund


Common Stocks (58.9%)
	Shares or
	Principal Amount		Value


AUSTRALIA (0.5%) (a)
Airline (0.0%)
Qantas Airways Ltd.		21,745	$	63,350

Capital Markets (0.1%)
Macquarie Group Ltd.		1,562		72,700

Commercial Banks (0.1%)
Australia & New Zealand Banking Group Ltd.		3,329		59,815
Commonwealth Bank of Australia		699		26,946
National Australia Bank Ltd.		1,041		26,426
Westpac Banking Corp.		1,325		25,442

				138,629

Commercial Services & Supplies (0.0%)
Brambles Ltd.		3,691		30,885

Metals & Mining (0.3%)
BHP Billiton Ltd.		5,874		249,933
International Ferro Metals Ltd.*		13,582		32,888
Rio Tinto Ltd.		650		84,080

				366,901

Oil, Gas & Consumable Fuels (0.0%)
Woodside Petroleum Ltd.		880		56,865

Transportation Infrastructure (0.0%)
Macquarie Infrastructure Group		6,571		14,617

				743,947



AUSTRIA (0.2%) (a)
Diversified Telecommunication Services (0.1%)
Telekom Austria AG		3,988		86,407

Oil, Gas & Consumable Fuels (0.1%)
OMV AG		1,793		140,074

				226,481



BERMUDA (0.9%)
Electronic Equipment & Instruments (0.3%)
Tyco Electronics Ltd.		12,550		449,541

Household Durables (0.0%)
Helen of Troy Ltd.*		775		12,493

Information Technology Services (0.2%)
Accenture Ltd., Class A		7,250		295,220
Genpact Ltd.*		4,200		62,664

				357,884

Insurance (0.3%)
Argo Group International Holdings Ltd.*		828		27,788
Aspen Insurance Holdings Ltd.		1,475		34,913
Axis Capital Holdings Ltd.		6,100		181,841
Platinum Underwriters Holdings Ltd.		1,200		39,132
RenaissanceRe Holdings Ltd.		2,100		93,807
XL Capital Ltd., Class A		400		8,224

				385,705

Machinery (0.0%)
Ingersoll-Rand Co. Ltd., Class A		1,800		67,374

Oil, Gas & Consumable Fuels (0.0%)
Frontline Ltd.		500		34,890

Pharmaceutical (0.1%)
Warner Chilcott Ltd., Class A*		4,200		71,190

				1,379,077



CANADA (0.1%)
Oil, Gas & Consumable Fuels (0.1%)
Ultra Petroleum Corp.*		500		49,100

Pharmaceutical (0.0%)
Cardiome Pharma Corp.*		975		8,580

				57,680



CAYMAN ISLANDS (0.3%)
Computers & Peripherals (0.0%)
Seagate Technology		3,550		67,911

Food Products (0.0%)
Fresh Del Monte Produce, Inc.*		3,000		70,710

Insurance (0.2%)
ACE Ltd.		5,020		276,552

Personal Products (0.1%)
Herbalife Ltd.		2,000		77,500

				492,673



DENMARK (0.1%) (a)
Pharmaceutical (0.1%)
Novo Nordisk AS, Class B		2,288		150,639



FINLAND (0.2%) (a)
Commercial Services & Supplies (0.0%)
Poyry OYJ		566		14,653

Communications Equipment (0.1%)
Nokia OYJ		6,858		167,614

Construction & Engineering (0.1%)
YIT OYJ		2,508		62,621

Industrial Conglomerate (0.0%)
Ruukki Group OYJ		10,522		38,809

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

JPMorgan NVIT Balanced Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


FINLAND (continued)

Machinery (0.0%)
Konecranes OYJ		936	$	38,428

				322,125



FRANCE (1.1%) (a)
Aerospace & Defense (0.0%)
Thales SA		744		42,316

Auto Components (0.1%)
Compagnie Generale des Etablissements Michelin, Class B		1,265		90,447

Chemicals (0.1%)
Arkema		1,861		104,515

Commercial Banks (0.1%)
BNP Paribas		650		58,505
Societe Generale		932		80,753

				139,258

Construction Materials (0.1%)
Lafarge SA		962		146,679

Electrical Equipment (0.1%)
Alstom		348		79,791

Food & Staples Retailing (0.0%)
Carrefour SA		338		19,050

Insurance (0.1%)
AXA SA		1,306		38,479
SCOR SE		3,387		77,114

				115,593

Media (0.1%)
Vivendi		4,194		158,126

Multi-Utility (0.2%)
Suez SA		3,343		226,593

Multiline Retail (0.0%)
PPR SA		67		7,396

Oil, Gas & Consumable Fuels (0.2%)
Total SA		4,183		356,018
Pharmaceutical (0.0%)
Sanofi-Aventis SA		875		58,137

				1,543,919



GERMANY (0.8%) (a)
Airline (0.0%)
Deutsche Lufthansa AG		1,558		33,565

Chemicals (0.0%)
Lanxess		449		18,440

Diversified Financial Services (0.0%)
Deutsche Boerse AG		551		62,288

Electric Utility (0.2%)
E. ON AG		1,437		289,457

Industrial Conglomerate (0.1%)
Siemens AG		939		103,498

Insurance (0.1%)
Allianz SE		259		45,518
Hannover Rueckversicherung AG		1,895		93,306
Muenchener Rueckversicherungs AG		280		49,110

				187,934

Internet Software & Services (0.1%)
United Internet AG		5,395		106,027

Machinery (0.1%)
MAN AG		1,028		113,801

Media (0.0%)
Axel Springer AG		50		5,549

Metals & Mining (0.1%)
ThyssenKrupp AG		1,736		108,788

Pharmaceutical (0.1%)
Bayer AG		2,361		198,186

				1,227,533



GREECE (0.1%) (a)
Beverages (0.0%)
Coca Cola Hellenic Bottling Co. SA		1,663		45,241

Commercial Banks (0.1%)
EFG Eurobank Ergasias SA		2,739		65,211
National Bank of Greece SA		1,068		48,063
Piraeus Bank SA		1,408		38,317

				151,591

Metals & Mining (0.0%)
Corinth Pipeworks SA*		1,269		8,011

				204,843



HONG KONG (0.1%) (a)
Commercial Banks (0.0%)
Dah Sing Financial Holdings Ltd.		800		6,463

6 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


HONG KONG (continued)

Real Estate Management & Development (0.1%)
New World Development Ltd.		15,000	$	30,640
Sun Hung Kai Properties Ltd. (b)		2,000		27,189
Swire Pacific Ltd., Class A		3,500		35,826

				93,655

Specialty Retail (0.0%)
Esprit Holdings Ltd.		7,535		78,461

				178,579



ISRAEL (0.0%)
Biotechnology (0.0%)
Protalix BioTherapeutics, Inc.*		4,325		11,721



ITALY (0.3%) (a)
Automobiles (0.1%)
Fiat SpA		6,915		112,544

Capital Markets (0.0%)
Mediobanca SpA		1,884		31,925

Commercial Banks (0.1%)
Banco Popolare SC		5,958		105,246
UniCredit SpA		20,886		127,035
Unione di Banche Italiane SpA		467		10,911

				243,192

Construction Materials (0.1%)
Buzzi Unicem SpA		3,409		84,968

Oil, Gas & Consumable Fuels (0.0%)
ENI SpA		199		7,392

				480,021



JAPAN (2.0%)
Auto Components (0.0%) (a)
Bridgestone Corp.		1,000		15,343

Automobiles (0.2%)(a)
Toyota Motor Corp.		5,200		245,496

Building Products (0.2%)(a)
Daikin Industries Ltd.		3,182		160,914
Nippon Sheet Glass Co. Ltd.		13,000		64,440

				225,354

Capital Markets (0.0%)(a)
Daiwa Securities Group, Inc.		7,000		64,380

Chemicals (0.1%)(a)
Nitto Denko Corp.		1,100		42,290
Shin-Etsu Chemical Co. Ltd.		2,200		136,541
Showa Denko KK		1,000		2,655

				181,486

Commercial Banks (0.2%)(a)
Hokuhoku Financial Group, Inc.		14,000		40,616
Mitsubishi UFJ Financial Group, Inc.		12,600		111,368
Nishi-Nippon City Bank Ltd. (The)		13,000		38,776
Sumitomo Mitsui Financial Group, Inc.		13		97,776

				288,536

Construction & Engineering (0.0%)(a)
Nishimatsu Construction Co. Ltd.		15,000		39,447

Consumer Finance (0.1%)(a)
Hitachi Capital Corp.		4,300		69,268
ORIX Corp.		300		42,974

				112,242

Diversified Telecommunication Services (0.1%)(a)
Nippon Telegraph & Telephone Corp.		34		167,789

Electric Utility (0.1%)(a)
Kansai Electric Power Co., Inc. (The)		3,800		89,036

Electrical Equipment (0.1%)(a)
Mitsubishi Electric Corp.		15,000		162,261

Electronic Equipment & Instruments (0.1%)(a)
FUJIFILM Holdings Corp.		2,700		93,016
Ibiden Co. Ltd.		600		21,853
Nippon Electric Glass Co. Ltd.		2,000		34,769

				149,638

Household Durables (0.1%)(a)
Matsushita Electric Industrial Co. Ltd.		8,000		171,174
Sony Corp.		1,000		43,840

				215,014

Information Technology Services (0.0%)(a)
NTT Data Corp.		11		43,071

Marine (0.0%)(a)
Kawasaki Kisen Kaisha Ltd.		3,000		28,197

Metals & Mining (0.1%)(a)
JFE Holdings, Inc.		2,500		126,063
Tokyo Steel Manufacturing Co. Ltd.		2,400		27,801

				153,864

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

JPMorgan NVIT Balanced Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


JAPAN (continued)

Multiline Retail (0.1%)
Isetan Mitsukoshi Holdings Ltd.*		6,600	$	70,681

Natural Gas Utility (0.0%)(a)
Tokyo Gas Co. Ltd.		196		792

Oil, Gas & Consumable Fuels (0.0%)(a)
Nippon Mining Holdings, Inc.		2,500		15,699

Personal Products (0.1%)(a)
Aderans Holdings Co. Ltd.		1,200		23,170
Shiseido Co. Ltd.		2,000		45,841

				69,011

Pharmaceutical (0.1%)(a)
Daiichi Sankyo Co. Ltd.		5,300		146,027

Software (0.0%)(a)
Nintendo Co. Ltd.		100		56,715

Tobacco (0.1%)(a)
Japan Tobacco, Inc.		31		132,229

Trading Companies & Distributors (0.1%)(a)
ITOCHU Corp.		7,000		74,643
Mitsui & Co. Ltd.		3,000		66,223

				140,866

Wireless Telecommunication Services (0.1%)(a)
NTT DoCoMo, Inc.		46		67,480

				2,880,654



LIBERIA (0.0%)
Hotels, Restaurants & Leisure (0.0%)
Royal Caribbean Cruises Ltd.		500		11,235



LUXEMBOURG (0.0%) (a)
Metals & Mining (0.0%)
ArcelorMittal		447		43,925



NETHERLANDS (0.3%)
Air Freight & Logistics (0.0%) (a)
TNT NV		2,346		79,837

Chemicals (0.1%)(a)
Akzo Nobel NV		2,263		154,851

Construction & Engineering (0.0%)(a)
Koninklijke BAM Groep NV		1,242		21,794

Diversified Financial Services (0.1%)(a)
ING Groep NV CVA		2,532		80,049

Diversified Telecommunication Services (0.0%)(a)
Koninklijke KPN NV		50		855

Food & Staples Retailing (0.1%)(a)
Koninklijke Ahold NV		8,538	$	114,446

Metals & Mining (0.0%)
Vimetco NV GDR		5,277		45,382

				497,214



NETHERLANDS ANTILLES (0.5%)
Energy Equipment & Services (0.5%)
Schlumberger Ltd.		6,900		741,267



NORWAY (0.2%) (a)
Commercial Banks (0.1%)
DnB NOR ASA		7,186		91,330

Industrial Conglomerate (0.1%)(b)
Orkla ASA, Class A		11,570		148,313

				239,643



PANAMA (0.0%)
Hotels, Restaurants & Leisure (0.0%)
Carnival Corp.		1,300		42,848



PUERTO RICO (0.0%)
Commercial Banks (0.0%)
W Holding Co., Inc.		2,500		2,125



SINGAPORE (0.1%) (a)
Diversified Financial Services (0.0%)
Singapore Exchange Ltd.		6,293		32,110

Diversified Telecommunication Services (0.1%)(b)
Singapore Telecommunications Ltd.		42,900		114,390

Real Estate Management & Development (0.0%)
City Developments Ltd.		4,000		32,026
Keppel Land Ltd.		4,000		14,613

				46,639

				193,139



SPAIN (0.3%) (a)
Commercial Banks (0.2%)
Banco Bilbao Vizcaya Argentaria SA		7,853		149,616
Banco Santander SA		10,037		183,099

				332,715

Construction & Engineering (0.0%)
Acciona SA		109		25,764

Diversified Telecommunication Services (0.1%)
Telefonica SA		3,291		87,084

				445,563

8 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


SWEDEN (0.1%) (a)
Commercial Banks (0.1%)
Skandinaviska Enskilda Banken AB, Class A		4,254	$	78,506
Svenska Handelsbanken AB, Class A		90		2,133

				80,639

Health Care Equipment & Supplies (0.0%)
Elekta AB		361		6,921

Machinery (0.0%)
Atlas Copco AB, Class B		2,582		34,157

				121,717



SWITZERLAND (0.6%) (a)
Capital Markets (0.0%)
Credit Suisse Group AG		491		22,354
Julius Baer Holding AG		189		12,678
UBS AG*		555		11,568

				46,600

Construction Materials (0.1%)
Holcim Ltd.		746		60,316

Electrical Equipment (0.0%)
ABB Ltd.*		598		16,931

Food Products (0.2%)
Nestle SA		4,990		224,928

Insurance (0.1%)
Swiss Reinsurance		719		47,675
Zurich Financial Services AG		340		86,672

				134,347

Machinery (0.0%)
Georg Fischer AG		90		36,818

Pharmaceutical (0.2%)
Roche Holding AG		1,609		289,325

				809,265



UNITED KINGDOM (2.0%) (a)
Aerospace & Defense (0.0%)
BAE Systems PLC		7,913		69,446

Commercial Banks (0.2%)
HBOS PLC		4,082		22,345
HSBC Holdings PLC		9,315		143,411
HSBC Holdings PLC		6,000		92,486
Royal Bank of Scotland Group PLC		18,044		76,807

				335,049

Commercial Services & Supplies (0.0%)
Robert Walters PLC		3,039		7,561

Diversified Telecommunication Services (0.1%)
Cable & Wireless PLC		24,185		72,281

Food & Staples Retailing (0.1%)
Tesco PLC		4,165		30,460
WM Morrison Supermarkets PLC		23,437		123,537

				153,997

Hotels, Restaurants & Leisure (0.2%)
Compass Group PLC		23,281		175,097
Greene King PLC		8,009		70,889
PartyGaming PLC*		7,202		37,609

				283,595

Household Durables (0.0%)
Taylor Wimpey PLC		28,115		34,437

Independent Power Producers & Energy Traders (0.1%)
International Power PLC		17,704		151,647

Industrial Conglomerate (0.1%)
Cookson Group PLC		7,665		95,343

Information Technology Services (0.0%)
LogicaCMG PLC		24,925		53,365

Insurance (0.1%)
Amlin PLC		1		3
Aviva PLC		465		4,610
Beazley Group PLC		18,982		41,777
RSA Insurance Group PLC		31,732		78,989
Standard Life PLC		5,020		20,867

				146,246

Media (0.1%)
Pearson PLC		2,884		35,140
Reed Elsevier PLC		2,320		26,435
Taylor Nelson Sofres PLC		2,857		13,174

				74,749

Metals & Mining (0.1%)
Anglo American PLC		958		67,276
Rio Tinto PLC		631		75,980
Vedanta Resources PLC		641		27,679
Xstrata PLC		419		33,374

				204,309

Multiline Retail (0.1%)
Marks & Spencer Group PLC		12,781		83,099

Oil, Gas & Consumable Fuels (0.5%)
Afren PLC*		11,753		39,469
BG Group PLC		2,946		76,550
BP PLC		14,718		170,570

2008 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

JPMorgan NVIT Balanced Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED KINGDOM (continued)
Oil, Gas & Consumable Fuels (continued)

Royal Dutch Shell PLC, Class A		6,308	$	258,543
Royal Dutch Shell PLC, Class B		3,193		127,842

				672,974

Pharmaceuticals (0.1%)
AstraZeneca PLC		726		30,865
GlaxoSmithKline PLC		2,265		50,063
Shire Ltd.		5,609		91,682

				172,610

Semiconductors & Semiconductor Equipment (0.0%)
ARM Holdings PLC		17,662		29,813
CSR PLC*		2,146		11,392

				41,205

Tobacco (0.1%)
British American Tobacco PLC		1,875		64,668
Imperial Tobacco Group PLC		4,131		153,443

				218,111

Trading Companies & Distributors (0.0%)
Wolseley PLC		2,698		20,100

Wireless Telecommunication Services (0.1%)
Vodafone Group PLC		30,287		89,224

				2,979,348



UNITED STATES (48.1%)
Aerospace & Defense (1.7%)
Boeing Co.		5,400		354,888
General Dynamics Corp.		3,890		327,538
Goodrich Corp.		3,400		161,364
Honeywell International, Inc.		5,850		294,138
Lockheed Martin Corp.		2,955		291,540
Northrop Grumman Corp.		5,500		367,950
Orbital Sciences Corp.*		3,975		93,651
TransDigm Group, Inc.*		1,900		63,821
United Technologies Corp.		8,000		493,600

				2,448,490

Air Freight & Logistics (0.1%)
FedEx Corp.		100		7,879
Pacer International, Inc.		5,075		109,163
United Parcel Service, Inc., Class B		1,200		73,764

				190,806

Airlines (0.0%)
Continental Airlines, Inc., Class B*		3,450		34,880
UAL Corp.		100		522

				35,402

Auto Components (0.3%)
ArvinMeritor, Inc.		1,950		24,336
ATC Technology Corp.*		1,350		31,428
Autoliv, Inc.		1,600		74,592
Drew Industries, Inc.*		1,275		20,336
Johnson Controls, Inc.		10,000		286,800
Lear Corp.*		1,550		21,979

				459,471

Beverages (0.7%)
Coca-Cola Co. (The)		15,700		816,086
Coca-Cola Enterprises, Inc.		4,400		76,120
Pepsi Bottling Group, Inc.		2,100		58,632
PepsiAmericas, Inc.		1,650		32,637

				983,475

Biotechnology (0.8%)
Alexion Pharmaceuticals, Inc.*		1,125		81,562
Alkermes, Inc.*		1,225		15,141
Amgen, Inc.*		3,000		141,480
Arena Pharmaceuticals, Inc.*		1,075		5,579
BioMarin Pharmaceutical, Inc.*		950		27,531
Bionovo, Inc.*		2,375		2,898
Celgene Corp.*		4,900		312,963
Cephalon, Inc.*		100		6,669
Combinatorx, Inc.		575		2,041
Gilead Sciences, Inc.*		7,200		381,240
Human Genome Sciences, Inc.*		1,850		9,639
Keryx Biopharmaceuticals, Inc.*		850		417
Martek Biosciences Corp.*		175		5,899
Myriad Genetics, Inc.*		300		13,656
Onyx Pharmaceuticals, Inc.*		375		13,350
Progenics Pharmaceuticals, Inc.*		400		6,348
Regeneron Pharmaceuticals, Inc.*		950		13,718
Rigel Pharmaceuticals, Inc.*		300		6,798
Seattle Genetics, Inc.*		1,700		14,382
Third Wave Technologies, Inc.		1,475		16,461
United Therapeutics Corp.*		375		36,656

				1,114,428

Building Products (0.1%)
Gibraltar Industries, Inc.		500		7,985
Insteel Industries, Inc.		1,650		30,212
NCI Building Systems, Inc.*		1,550		56,931
Quanex Building Products Corp.		1,275		18,947

				114,075

10 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED STATES (continued)

Capital Markets (1.9%)
Affiliated Managers Group, Inc.*		650	$	58,539
Bank of New York Mellon Corp. (The)		8,850		334,795
Eaton Vance Corp.		1,100		43,736
Federated Investors, Inc., Class B		3,300		113,586
Goldman Sachs Group, Inc. (The)		3,610		631,389
Invesco Ltd.		1,950		46,761
Investment Technology Group, Inc.		1,600		53,536
Janus Capital Group, Inc.		75		1,985
LaBranche & Co., Inc.*		1,775		12,567
Lehman Brothers Holdings, Inc.		4,880		96,673
Merrill Lynch & Co., Inc.		6,200		196,602
Morgan Stanley		12,240		441,497
Northern Trust Corp.		2,550		174,854
State Street Corp.		5,700		364,743
TD Ameritrade Holding Corp.*		9,750		176,377
Waddell & Reed Financial, Inc., Class A		1,600		56,016

				2,803,656

Chemicals (1.2%)
Air Products & Chemicals, Inc.		200		19,772
Celanese Corp., Series A		1,650		75,339
CF Industries Holdings, Inc.		450		68,760
Dow Chemical Co. (The)		8,600		300,226
E.I. Du Pont de Nemours & Co.		1,400		60,046
Innospec, Inc.		2,475		46,580
Monsanto Co.		1,600		202,304
Mosaic Co. (The)*		800		115,760
PPG Industries, Inc.		2,200		126,214
Praxair, Inc.		2,100		197,904
Rohm & Haas Co.		8,500		394,740
Spartech Corp.		1,175		11,080
Terra Industries, Inc.		3,400		167,790

				1,786,515

Commercial Banks (1.2%)
1st Source Corp.		270		4,347
Bancfirst Corp.		2,475		105,930
Bank of Hawaii Corp.		1,550		74,090
City Holding Co.		850		34,655
Comerica, Inc.		3,200		82,016
Commerce Bancshares, Inc.		355		14,079
First Merchants Corp.		300		5,445
Fulton Financial Corp.		6,850		68,842
Huntington Bancshares, Inc.		7,400		42,698
KeyCorp		3,500		38,430
Lakeland Financial Corp.		200		3,816
National City Corp.		3,700		17,649
Regions Financial Corp.		100		1,091
Sierra Bancorp		325		5,363
Simmons First National Corp., Class A		3,550		99,293
StellarOne Corp.		317		4,628
Suffolk Bancorp		2,050		60,229
SunTrust Banks, Inc.		100		3,622
Synovus Financial Corp.		2,000		17,460
TCF Financial Corp.		5,700		68,571
U.S. Bancorp		19,975		557,103
Wachovia Corp.		7,200		111,816
Wells Fargo & Co.		8,900		211,375
Zions Bancorp		3,700		116,513

				1,749,061

Commercial Services & Supplies (0.3%)
Administaff, Inc.		2,225		62,055
COMSYS IT Partners, Inc.*		600		5,472
Deluxe Corp.		1,625		28,958
Diamond Management & Technology Consultants, Inc.		7,775		40,508
IKON Office Solutions, Inc.		6,725		75,858
Pitney Bowes, Inc.		2,050		69,905
Standard Parking Corp.*		425		7,735
Standard Register Co. (The)		6,200		58,466
Steelcase, Inc., Class A		550		5,517
Watson Wyatt Worldwide, Inc., Class A		1,350		71,401

				425,875

Communications Equipment (1.5%)
ADTRAN, Inc.		850		20,264
Avocent Corp.*		1,950		36,270
Black Box Corp.		1,925		52,341
Cisco Systems, Inc.*		29,400		683,844
CommScope, Inc.*		1,950		102,901
Corning, Inc.		24,700		569,335
Emulex Corp.*		6,875		80,094
Harris Corp.		1,350		68,161
InterDigital, Inc.*		2,525		61,408
Juniper Networks, Inc.*		5,000		110,900
QUALCOMM, Inc.		9,300		412,641
Tellabs, Inc.*		550		2,558

				2,200,717

Computers & Peripherals (2.1%)
Apple, Inc.*		3,400		569,296
EMC Corp.*		3,100		45,539
Hewlett-Packard Co.		21,875		967,094
Imation Corp.		2,800		64,176
International Business Machines Corp.		11,490		1,361,910

2008 Semiannual Report 11

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

JPMorgan NVIT Balanced Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED STATES (continued)
Computers & Peripherals (continued)

QLogic Corp.*		5,150	$	75,138
Rackable Systems, Inc.*		675		9,045
SanDisk Corp.*		1,000		18,700
Western Digital Corp.*		1,950		67,333

				3,178,231

Construction & Engineering (0.1%)
Dycom Industries, Inc.*		775		11,253
EMCOR Group, Inc.*		3,150		89,869
Fluor Corp.		100		18,608
Integrated Electrical Services, Inc.*		175		3,010
Jacobs Engineering Group, Inc.*		200		16,140
KBR, Inc.		350		12,219

				151,099

Construction Materials (0.0%)
Headwaters, Inc.*		200		2,354

Consumer Finance (0.2%)
Advance America Cash Advance Centers, Inc.		750		3,810
American Express Co.		3,100		116,777
AmeriCredit Corp.*		1,975		17,025
Capital One Financial Corp.		2,000		76,020
Credit Acceptance Corp.*		249		6,364
Discover Financial Services		3,145		41,420
Dollar Financial Corp.*		1,964		29,676
World Acceptance Corp.*		650		21,885

				312,977

Containers & Packaging (0.1%)
Graphic Packaging Holding Co.*		16,825		33,987
Myers Industries, Inc.		800		6,520
Rock-Tenn Co., Class A		1,075		32,239
Smurfit-Stone Container Corp.*		4,725		19,231

				91,977

Diversified Consumer Services (0.1%)
Apollo Group, Inc., Class A*		100		4,426
Coinstar, Inc.*		700		22,897
ITT Educational Services, Inc.*		800		66,104

				93,427

Diversified Financial Services (1.0%)
Bank of America Corp.		31,450		750,711
CIT Group, Inc.		7,300		49,713
Citigroup, Inc.		21,750		364,530
CME Group, Inc.		300		114,957
IntercontinentalExchange, Inc.*		400		45,600
Nasdaq OMX Group (The)*		1,950		51,773
NYSE Euronext		3,400		172,244

				1,549,528

Diversified Telecommunication Services (1.6%)
AT&T, Inc.		40,210		1,354,675
CenturyTel, Inc.		1,980		70,468
Citizens Communications Co.		2,350		26,649
Consolidated Communications Holdings, Inc.		3,050		45,414
Embarq Corp.		1,847		87,308
Verizon Communications, Inc.		21,500		761,100
Windstream Corp.		6,350		78,359

				2,423,973

Electric Utilities (1.4%)
Allegheny Energy, Inc.		300		15,033
American Electric Power Co., Inc.		13,450		541,093
DPL, Inc.		2,650		69,907
Edison International		12,850		660,233
El Paso Electric Co.*		1,075		21,285
Exelon Corp.		2,500		224,900
FirstEnergy Corp.		2,800		230,524
FPL Group, Inc.		900		59,022
Portland General Electric Co.		950		21,394
PPL Corp.		2,100		109,767
Sierra Pacific Resources		5,400		68,634
UniSource Energy Corp.		500		15,505

				2,037,297

Electrical Equipment (0.2%)
Cooper Industries Ltd., Class A		1,500		59,250
GrafTech International Ltd.*		2,800		75,124
LSI Industries, Inc.		1,075		8,729
Sunpower Corp., Class A*		100		7,198
WESCO International, Inc.*		2,000		80,080

				230,381

Electronic Equipment & Instruments (0.1%)
Benchmark Electronics, Inc.*		750		12,255
Coherent, Inc.*		3,350		100,132
Methode Electronics, Inc.		3,725		38,926
Mettler Toledo International, Inc.*		250		23,715
Sanmina-SCI Corp.*		13,600		17,408
Tech Data Corp.*		100		3,389

				195,825

Energy Equipment & Services (1.1%)
Baker Hughes, Inc.		2,600		227,084
ENSCO International, Inc.		900		72,666
Global Industries Ltd.*		3,250		58,272

12 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED STATES (continued)
Energy Equipment & Services (continued)

Grey Wolf, Inc.*		3,350	$	30,251
Halliburton Co.		7,400		392,718
ION Geophysical Corp.*		6,300		109,935
National Oilwell Varco, Inc.*		4,650		412,548
Patterson-UTI Energy, Inc.		375		13,515
Smith International, Inc.		100		8,314
Transocean, Inc.*		1,750		266,682

				1,591,985

Food & Staples Retailing (1.3%)
BJ’s Wholesale Club, Inc.*		2,299		88,971
CVS Caremark Corp.		17,250		682,582
Nash Finch Co.		2,300		78,821
Safeway, Inc.		12,500		356,875
SUPERVALU, Inc.		2,550		78,770
SYSCO Corp.		6,400		176,064
Wal-Mart Stores, Inc.		9,100		511,420

				1,973,503

Food Products (0.5%)
General Mills, Inc.		4,100		249,157
Kellogg Co.		1,500		72,030
Kraft Foods, Inc., Class A		12,600		358,470

				679,657

Health Care Equipment & Supplies (0.7%)
Baxter International, Inc.		600		38,364
Boston Scientific Corp.*		4,500		55,305
C.R. Bard, Inc.		2,100		184,695
Covidien Ltd.		2,200		105,358
Datascope Corp.		975		45,825
Invacare Corp.		5,025		102,711
Medtronic, Inc.		5,300		274,275
Power Medical Interventions, Inc.*		650		3,608
Quidel Corp.*		1,175		19,411
Stryker Corp.		100		6,288
Thoratec Corp.*		1,175		20,433
Zimmer Holdings, Inc.*		1,700		115,685

				971,958

Health Care Providers & Services (1.3%)
Aetna, Inc.		11,890		481,902
AMERIGROUP Corp.*		2,150		44,720
Apria Healthcare Group, Inc.*		1,700		32,963
Cardinal Health, Inc.		1,500		77,370
CIGNA Corp.		3,500		123,865
Express Scripts, Inc.*		4,200		263,424
Laboratory Corp. of America Holdings*		1,100		76,593
Landauer, Inc.		1,750		98,420
Magellan Health Services, Inc.*		1,950		72,208
McKesson Corp.		1,400		78,274
Medcath Corp.*		1,700		30,566
Medco Health Solutions, Inc.*		5,850		276,120
Omnicare, Inc.		3,225		84,559
Owens & Minor, Inc.		1,550		70,820
UnitedHealth Group, Inc.		200		5,250
WellPoint, Inc.*		2,200		104,852

				1,921,906

Health Care Technology (0.0%)
MedAssets, Inc.*		750		12,788

Hotels, Restaurants & Leisure (0.7%)
AFC Enterprises*		4,275		34,157
Bally Technologies, Inc.*		1,900		64,220
Darden Restaurants, Inc.		1,500		47,910
Denny’s Corp.*		12,675		35,997
Domino’s Pizza, Inc.*		1,400		16,100
International Game Technology		5,600		139,888
McDonald’s Corp.		8,320		467,751
Monarch Casino & Resort, Inc.*		1,525		17,995
Starwood Hotels & Resorts Worldwide, Inc.		2,500		100,175
Wyndham Worldwide Corp.		4,300		77,013

				1,001,206

Household Durables (0.2%)
American Greetings Corp., Class A		4,300		53,062
Blyth, Inc.		950		11,429
Centex Corp.		1,800		24,066
CSS Industries, Inc.		200		4,844
D.R. Horton, Inc.		200		2,170
Furniture Brands International, Inc.		1,275		17,034
Leggett & Platt, Inc.		2,825		47,375
Lennar Corp., Class A		3,400		41,956
Standard Pacific Corp.		750		2,535
Tupperware Brands Corp.		2,275		77,850

				282,321

Household Products (1.1%)
Church & Dwight Co., Inc.		1,350		76,073
Colgate-Palmolive Co.		2,500		172,750
Kimberly-Clark Corp.		6,215		371,533
Procter & Gamble Co.		15,850		963,838

				1,584,194

Independent Power Producers & Energy Traders (0.1%)
Constellation Energy Group, Inc.		2,200		180,620
Dynegy, Inc., Class A*		1,632		13,954

				194,574

2008 Semiannual Report 13

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

JPMorgan NVIT Balanced Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED STATES (continued)

Industrial Conglomerates (0.9%)
3M Co.		2,800	$	194,852
General Electric Co.		31,900		851,411
McDermott International, Inc.*		1,350		83,551
Teleflex, Inc.		1,625		90,334
Walter Industries, Inc.		900		97,893

				1,318,041

Information Technology Services (0.3%)
Acxiom Corp.		425		4,883
Affiliated Computer Services, Inc., Class A*		1,900		101,631
Cognizant Technology Solutions Corp., Class A*		600		19,506
CSG Systems International, Inc.*		750		8,265
CyberSource Corp.*		187		3,129
Hewitt Associates, Inc., Class A*		1,900		72,827
Paychex, Inc.		6,800		212,704
Unisys Corp.*		6,900		27,255

				450,200

Insurance (1.3%)
Aflac, Inc.		1,800		113,040
American International Group, Inc.		4,200		111,132
Assurant, Inc.		1,500		98,940
Chubb Corp.		4,630		226,916
Conseco, Inc.*		2,425		24,056
Genworth Financial, Inc., Class A		3,700		65,897
Harleysville Group, Inc.		1,275		43,133
Hartford Financial Services Group, Inc.		1,200		77,484
LandAmerica Financial Group, Inc.		200		4,438
Lincoln National Corp.		2,200		99,704
Loews Corp.		757		35,503
MBIA, Inc.		1,600		7,024
Meadowbrook Insurance Group, Inc.		1,675		8,878
MetLife, Inc.		3,800		200,526
Navigators Group, Inc.*		850		45,942
ProAssurance Corp.*		425		20,447
Protective Life Corp.		3,400		129,370
Prudential Financial, Inc.		2,400		143,376
Travelers Cos., Inc.		9,587		416,076
Unum Group		2,300		47,035

				1,918,917

Internet & Catalog Retail (0.2%)
Amazon.com, Inc.*		2,000		146,660
Expedia, Inc.*		6,500		119,470
priceline.com, Inc.*		750		86,595

				352,725

Internet Software & Services (0.5%)
AsiaInfo Holdings, Inc.*		750		8,865
CMGI, Inc.*		830		8,798
eBay, Inc.*		4,600		125,718
Google, Inc., Class A*		900		473,778
Sohu.com, Inc.*		1,000		70,440
ValueClick, Inc.*		3,950		59,842
Yahoo!, Inc.*		2,600		53,716

				801,157

Leisure Equipment & Products (0.1%)
Hasbro, Inc.		2,575		91,979
JAKKS Pacific, Inc.*		1,175		25,674

				117,653

Life Sciences Tools & Services (0.1%)
AMAG Pharmaceuticals, Inc.*		200		6,820
Enzo Biochem, Inc.*		925		10,379
Illumina, Inc.*		250		21,778
Medivation, Inc.*		1,275		15,083
PerkinElmer, Inc.		3,750		104,437
Thermo Fisher Scientific, Inc.*		900		50,157

				208,654

Machinery (1.4%)
AGCO Corp.*		1,775		93,028
Caterpillar, Inc.		8,250		609,015
Cummins, Inc.		1,140		74,693
Danaher Corp.		2,000		154,600
Deere & Co.		600		43,278
Dover Corp.		2,400		116,088
Eaton Corp.		2,100		178,437
Gardner Denver, Inc.*		1,550		88,040
Illinois Tool Works, Inc.		7,450		353,949
Nordson Corp.		1,550		112,979
PACCAR, Inc.		3,000		125,490
Parker Hannifin Corp.		950		67,754
Tecumseh Products Co., Class A*		1,825		59,824
Wabash National Corp.		1,200		9,072
Wabtec Corp.		300		14,586

				2,100,833

Marine (0.0%)
Genco Shipping & Trading Ltd.		1,050		68,460

14 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED STATES (continued)

Media (1.3%)
Charter Communications, Inc., Class A*		4,225	$	4,436
Cumulus Media, Inc., Class A*		1,500		5,910
DIRECTV Group, Inc. (The)*		3,950		102,344
DISH Network Corp., Class A*		800		23,424
Entercom Communications Corp., Class A		1,075		7,547
News Corp., Class A		23,500		353,440
Omnicom Group, Inc.		1,810		81,233
Sinclair Broadcast Group, Inc., Class A		8,400		63,840
Time Warner, Inc.		17,500		259,000
Viacom, Inc., Class B*		5,222		159,480
Walt Disney Co. (The)		27,760		866,112

				1,926,766

Metals & Mining (0.9%)
AK Steel Holding Corp.		1,150		79,350
Alcoa, Inc.		3,800		135,356
Freeport-McMoRan Copper & Gold, Inc.		3,268		382,977
Nucor Corp.		3,800		283,746
Steel Dynamics, Inc.		225		8,791
United States Steel Corp.		1,990		367,712
Worthington Industries, Inc.		4,025		82,512

				1,340,444

Multi-Utilities (0.5%)
CMS Energy Corp.		18,800		280,120
Dominion Resources, Inc.		7,150		339,553
NorthWestern Corp.		2,050		52,111
PNM Resources, Inc.		175		2,093

				673,877

Multiline Retail (0.2%)
Big Lots, Inc.*		5,400		168,696
Family Dollar Stores, Inc.		2,700		53,838
Kohl’s Corp.*		2,700		108,108
Saks, Inc.*		1,800		19,764

				350,406

Natural Gas Utilities (0.1%)
Energen Corp.		1,230		95,977
Nicor, Inc.		2,825		120,317

				216,294

Oil, Gas & Consumable Fuels (5.9%)
Anadarko Petroleum Corp.		3,500		261,940
Apache Corp.		3,051		424,089
Brigham Exploration Co.*		600		9,498
Chevron Corp.		17,480		1,732,792
ConocoPhillips		11,800		1,113,802
Devon Energy Corp.		2,400		288,384
Energy Partners Ltd.*		950		14,174
EOG Resources, Inc.		500		65,600
Exxon Mobil Corp.		32,130		2,831,617
Frontier Oil Corp.		1,075		25,703
Hess Corp.		900		113,571
Marathon Oil Corp.		2,800		145,236
Mariner Energy, Inc.*		859		31,757
Meridian Resource Corp.*		8,800		25,960
Murphy Oil Corp.		2,450		240,223
Occidental Petroleum Corp.		7,600		682,936
Plains Exploration & Production Co.*		1,100		80,267
Rosetta Resources, Inc.*		525		14,963
Stone Energy Corp.*		1,775		116,990
Swift Energy Co.*		650		42,939
Vaalco Energy, Inc.*		1,850		15,670
W&T Offshore, Inc.		200		11,702
Westmoreland Coal Co.*		300		6,333
XTO Energy, Inc.		7,300		500,123

				8,796,269

Paper & Forest Products (0.1%)
Buckeye Technologies, Inc.*		2,875		24,323
Domtar Corp.*		12,100		65,945

				90,268

Personal Products (0.0%)
NBTY, Inc.*		650		20,839

Pharmaceuticals (2.9%)
Abbott Laboratories		14,200		752,174
Barrier Therapeutics, Inc.*		300		1,206
Bristol-Myers Squibb Co.		14,500		297,685
Cypress Bioscience, Inc.*		775		5,572
Eli Lilly & Co.		7,400		341,584
Forest Laboratories, Inc.*		2,500		86,850
Johnson & Johnson		11,250		723,825
MDRNA, Inc.*		1,575		1,921
Merck & Co., Inc.		22,185		836,153
Perrigo Co.		3,200		101,664
Pfizer, Inc.		36,140		631,366
Schering-Plough Corp.		14,700		289,443
ULURU, Inc.*		1,000		850
Viropharma, Inc.*		3,500		38,710
Watson Pharmaceuticals, Inc.*		775		21,057
Wyeth		3,200		153,472
XenoPort, Inc.*		450		17,563

				4,301,095

Real Estate Investment Trusts (REITs) (0.9%)
Annaly Capital Management, Inc.		4,850		75,223
Anthracite Capital, Inc.		3,700		26,048

2008 Semiannual Report 15

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

JPMorgan NVIT Balanced Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED STATES (continued)
Real Estate Investment Trusts (continued)

Anworth Mortgage Asset Corp.		1,400	$	9,114
Apartment Investment & Management Co., Class A		2,100		71,526
Camden Property Trust		1,100		48,686
DCT Industrial Trust, Inc.		2,675		22,149
Digital Realty Trust, Inc.		1,300		53,183
Duke Realty Corp.		1,200		26,940
Home Properties, Inc.		425		20,426
Hospitality Properties Trust		8,400		205,464
Kimco Realty Corp.		300		10,356
Lexington Realty Trust		3,650		49,750
LTC Properties, Inc.		2,350		60,066
MFA Mortgage Investments, Inc.		5,775		37,653
Mid-America Apartment Communities, Inc.		125		6,380
Pennsylvania Real Estate Investment Trust		550		12,727
ProLogis		8,810		478,823
PS Business Parks, Inc.		550		28,380
Ramco-Gershenson Properties Trust		2,800		57,512
Strategic Hotels & Resorts, Inc.		1,275		11,947
Sunstone Hotel Investors, Inc.		3,725		61,835
Taubman Centers, Inc.		300		14,595

				1,388,783

Road & Rail (0.8%)
Burlington Northern Santa Fe Corp.		1,200		119,868
Con-way, Inc.		650		30,719
CSX Corp.		4,900		307,769
Norfolk Southern Corp.		9,750		611,033
Union Pacific Corp.		900		67,950
YRC Worldwide, Inc.*		875		13,011

				1,150,350

Semiconductors & Semiconductor Equipment (1.3%)
Altera Corp.		7,450		154,215
Amkor Technology, Inc.*		7,875		81,979
Asyst Technologies, Inc.*		1,175		4,195
Atmel Corp.*		950		3,306
Broadcom Corp., Class A*		3,900		106,431
Brooks Automation, Inc.*		850		7,030
Cirrus Logic, Inc.*		6,325		35,167
Cymer, Inc.*		1,950		52,416
Integrated Device Technology, Inc.*		5,600		55,664
Intel Corp.		6,550		140,694
KLA-Tencor Corp.		1,700		69,207
LSI Corp.*		12,725		78,131
MEMC Electronic Materials, Inc.*		2,760		169,850
Micrel, Inc.		5,775		52,841
National Semiconductor Corp.		6,000		123,240
NVIDIA Corp.*		3,725		69,732
OmniVision Technologies, Inc.*		1,000		12,090
ON Semiconductor Corp.*		5,350		49,059
Semtech Corp.*		850		11,960
Silicon Storage Technology, Inc.*		4,825		13,365
Texas Instruments, Inc.		9,100		256,256
Ultratech, Inc.*		825		12,804
Xilinx, Inc.		11,200		282,800
Zoran Corp.*		650		7,605

				1,850,037

Software (1.9%)
Adobe Systems, Inc.*		500		19,695
Aspen Technology, Inc.*		7,300		97,090
BMC Software, Inc.*		2,390		86,040
EPIQ Systems, Inc.*		1,950		27,690
Fair Isaac Corp.		200		4,154
JDA Software Group, Inc.*		375		6,788
Magma Design Automation, Inc.*		275		1,669
Microsoft Corp.		61,550		1,693,240
MicroStrategy, Inc., Class A*		650		42,087
Net 1 UEPS Technologies, Inc.*		450		10,935
Oracle Corp.*		28,135		590,835
Pegasystems, Inc.		550		7,403
Secure Computing Corp.*		1,200		4,968
SPSS, Inc.*		200		7,274
Sybase, Inc.*		4,771		140,363
Synopsys, Inc.*		3,275		78,305
Wind River Systems, Inc.*		650		7,079

				2,825,615

Specialty Retail (0.8%)
Abercrombie & Fitch Co., Class A		1,500		94,020
Advance Auto Parts, Inc.		3,150		122,314
Aeropostale, Inc.*		2,800		87,724
AutoZone, Inc.*		650		78,656
Barnes & Noble, Inc.		1,850		45,954
Cache, Inc.*		2,575		27,553
CarMax, Inc.*		3,400		48,246
Collective Brands, Inc.*		1,550		18,027
Dick’s Sporting Goods, Inc.*		4,300		76,282
Finish Line, Class A*		4,975		43,283
GameStop Corp., Class A*		2,150		86,860
Gap, Inc. (The)		4,350		72,515
Lowe’s Cos., Inc.		100		2,075
Ltd Brands, Inc.		600		10,110

16 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED STATES (continued)
Specialty Retail (continued)

Midas, Inc.*		5,375	$	72,562
Ross Stores, Inc.		1,950		69,264
Staples, Inc.		5,500		130,625
TJX Cos., Inc.		3,350		105,424

				1,191,494

Technology (0.0%)
Hackett Group, Inc. (The)*		1,000		5,740

Textiles, Apparel & Luxury Goods (0.5%)
Coach, Inc.*		700		20,216
Hanesbrands, Inc.*		2,550		69,207
Nike, Inc., Class B		6,972		415,601
Phillips-Van Heusen Corp.		1,100		40,282
Polo Ralph Lauren Corp.		500		31,390
V.F. Corp.		1,900		135,242

				711,938

Thrifts & Mortgage Finance (0.3%)
Federal Agricultural Mortgage Corp., Class C		3,900		96,642
Federal National Mortgage Association		5,800		113,158
Freddie Mac		5,900		96,760
MGIC Investment Corp.		500		3,055
Ocwen Financial Corp.*		400		1,860
Washington Federal, Inc.		3,600		65,160
Washington Mutual, Inc.		2,900		14,297

				390,932

Tobacco (1.1%)
Alliance One International, Inc.*		16,075		82,143
Altria Group, Inc.		38,320		787,859
Lorillard, Inc.*		1,700		117,572
Philip Morris International, Inc.		8,570		423,272
Reynolds American, Inc.		4,780		223,083
Universal Corp.		475		21,480

				1,655,409

Wireless Telecommunication Services (0.1%)
Centennial Communications Corp.*		3,700		25,863
Sprint Nextel Corp.		4,800		45,600
USA Mobility, Inc.		575		4,341

				75,804

				71,092,132


Total Common Stocks				87,119,313

Preferred Stocks (0.1%) (a)
	Shares or
	Principal Amount		Value




GERMANY (0.1%)
Household Products (0.0%)
Henkel KGaA		751	$	29,864

Multi-Utility (0.1%)
RWE AG		940		94,286


Total Preferred Stocks				124,150


Corporate Bonds (13.9%)


Air Freight & Logistics (0.1%)
United Parcel Service, Inc.,
6.20%, 01/15/38	$	90,000		91,223

Auto Components (0.0%)(b)
Tenneco, Inc.,
8.13%, 11/15/15		30,000		27,150
TRW Automotive, Inc.,
7.25%, 03/15/17		5,000		4,200

				31,350

Automobiles (0.0%)
Terex Corp.,
8.00%, 11/15/17		35,000		34,737

Beverages (0.1%)
Constellation Brands, Inc.,
7.25%, 09/01/16		35,000		32,900
Dr Pepper Snapple Group, Inc.,
6.82%, 05/01/18(b)		125,000		125,516

				158,416

Capital Markets (0.5%)
Goldman Sachs Group, Inc. (The)
5.95%, 01/18/18		65,000		62,397
5.95%, 01/15/27		55,000		47,421
6.75%, 10/01/37		105,000		96,048
Lehman Brothers Holdings, Inc.,
5.25%, 02/06/12		165,000		156,145
Merrill Lynch & Co., Inc.
6.05%, 08/15/12		80,000		78,297
6.22%, 09/15/26		55,000		45,534
Morgan Stanley,
6.63%, 04/01/18		305,000		288,995

				774,837

Chemicals (0.1%)
Huntsman LLC,
11.50%, 07/15/12		30,000		31,125
Nalco Co.
7.75%, 11/15/11		15,000		15,000
8.88%, 11/15/13		10,000		10,250

2008 Semiannual Report 17

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

JPMorgan NVIT Balanced Fund (Continued)


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value

Chemicals (continued)

PolyOne Corp.
8.88%, 05/01/12	$	20,000	$	20,000
8.88%, 05/01/12(b)		20,000		20,000

				96,375

Commercial Banks (1.1%)
Bank of America Corp.,
5.65%, 05/01/18		170,000		158,710
Bank of Scotland PLC,
5.25%, 02/21/17(b)		275,000		270,417
Citigroup, Inc.
5.50%, 04/11/13		165,000		161,036
6.00%, 08/15/17		115,000		109,695
6.13%, 11/21/17		120,000		115,164
Credit Suisse Guernsey,
5.86%, 05/29/49		100,000		83,365
HBOS PLC,
6.66%, 12/31/49(b)		100,000		70,071
Royal Bank of Scotland Group PLC
7.64%, 03/31/49(c)		100,000		91,433
6.99%, 10/29/49(b)		200,000		180,005
Standard Chartered PLC,
6.41%, 12/01/47(b)		200,000		160,495
Woori Bank,
5.75%, 03/13/14(b)		160,000		159,952

				1,560,343

Commercial Services & Supplies (0.1%)
ACCO Brands Corp.,
7.63%, 08/15/15		35,000		31,500
Allied Waste North America, Inc.,
7.38%, 04/15/14		10,000		10,150
Corrections Corp. of America,
6.25%, 03/15/13		10,000		9,625
Iron Mountain, Inc.,
6.63%, 01/01/16		45,000		42,075
Jostens Holding Corp.
0.00%, 12/01/13(d)		5,000		4,850
Service Corp. International,
7.38%, 10/01/14		30,000		30,000
Visant Corp.,
7.63%, 10/01/12		15,000		14,737
Visant Holding Corp.,
8.75%, 12/01/13		15,000		14,738

				157,675

Computers & Peripherals (0.2%)
Hewlett-Packard Co.,
4.50%, 03/01/13		210,000		207,989

Consumer Goods (0.0%)
Jarden Corp.,
7.50%, 05/01/17		25,000		21,750

Containers & Packaging (0.0%)
Owens Brockway Glass Container, Inc.,
8.25%, 05/15/13		10,000		10,250
Smurfit-Stone Container Enterprises, Inc.,
8.38%, 07/01/12		20,000		17,550

				27,800

Diversified Consumer Services (0.0%)
Stewart Enterprises, Inc.,
6.25%, 02/15/13		15,000		14,250

Electric Utilities (0.4%)
Duke Energy Carolinas LLC,
6.10%, 06/01/37		140,000		133,027
Florida Power & Light Co.,
5.95%, 02/01/38		100,000		98,856
Midamerican Energy Holdings Co.,
6.13%, 04/01/36		30,000		28,808
NRG Energy, Inc.,
7.38%, 02/01/16		45,000		42,356
Ohio Power Co., Series K,
6.00%, 06/01/16		80,000		79,360
Pacificorp,
4.30%, 09/15/08		125,000		125,031
Virginia Electric and Power Co.,
6.35%, 11/30/37		90,000		87,624

				595,062

Electronic Equipment & Instruments (0.0%)
L-3 Communications Corp.,
5.88%, 01/15/15		15,000		13,837
Sensata Technologies BV,
8.00%, 05/01/14		30,000		27,600

				41,437

Food & Staples Retailing (0.3%)
CVS Pass-Through Trust,
6.04%, 12/10/28(b)		120,743		112,114
Kroger Co. (The)
6.40%, 08/15/17		85,000		86,696
6.15%, 01/15/20		95,000		93,995
Safeway, Inc.,
6.35%, 08/15/17		90,000		92,625

				385,430

18 Semiannual Report 2008


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value

Food Products (0.1%)
Del Monte Corp.,
6.75%, 02/15/15	$	10,000	$	9,525
Kraft Foods, Inc.,
6.00%, 02/11/13		175,000		176,806

				186,331

Health Care Providers & Services (0.1%)
Biomet, Inc.,
10.38%, 10/15/17(b)		15,000		15,900
Community Health Systems, Inc.,
8.88%, 07/15/15		15,000		15,150
Cooper Cos., Inc. (The),
7.13%, 02/15/15		25,000		24,000
HCA, Inc.
9.25%, 11/15/16		10,000		10,413
9.25%, 11/15/16		10,000		10,300
9.63%, 11/15/16		35,000		36,838

				112,601

Hotels, Restaurants & Leisure (0.1%)
Host Hotels & Resorts LP,
7.13%, 11/01/13		20,000		18,600
McDonald’s Corp.,
6.30%, 10/15/37		100,000		99,458
MGM Mirage
6.75%, 04/01/13		10,000		8,625
5.88%, 02/27/14		30,000		24,300
7.50%, 06/01/16		5,000		4,113
Steinway Musical Instruments,
7.00%, 03/01/14(b)		10,000		9,150

				164,246

Household Durables (0.0%)
Sealy Mattress Co.,
8.25%, 06/15/14		45,000		36,900

Industrial Conglomerates (0.2%)
General Electric Co.,
5.25%, 12/06/17		260,000		249,946
Georgia-Pacific LLC(b)
7.00%, 01/15/15		15,000		14,100
7.70%, 06/15/15		25,000		23,625

				287,671

Information Technology Services (0.0%)
Oracle Corp.,
6.50%, 04/15/38		50,000		50,124

Insurance (0.4%)
Liberty Mutual Group, Inc.,
7.50%, 08/15/36(b)		105,000		91,823
Lincoln National Corp.,
7.00%, 05/17/66		150,000		136,630
Reinsurance Group of America, Inc.,
6.75%, 12/15/65		105,000		82,567
Travelers Cos., Inc. (The),
6.25%, 03/15/37		90,000		77,323
XL Capital Ltd.,
6.50%, 12/31/49		220,000		148,500

				536,843

Machinery (0.0%)
Baldor Electric Co.,
8.63%, 02/15/17		10,000		10,050
Cameron International Corp.,
7.00%, 07/15/38		45,000		44,940

				54,990

Media (0.3%)
Charter Communications Operating LLC,
8.00%, 04/30/12(b)		20,000		18,900
Comcast Corp.,
6.95%, 08/15/37		165,000		162,292
DIRECTV Holdings LLC,
6.38%, 06/15/15		30,000		28,125
Echostar DBS Corp.,
7.13%, 02/01/16		50,000		46,125
Time Warner Cable, Inc.,
6.55%, 05/01/37		50,000		46,050
Time Warner Entertainment Co. LP,
8.38%, 07/15/33		40,000		43,290
Time Warner, Inc.,
5.88%, 11/15/16		125,000		117,870

				462,652

Metals & Mining (0.0%)
Freeport-McMoRan Copper & Gold, Inc.,
8.25%, 04/01/15		30,000		31,538

Multi-Utility (0.0%)
Veolia Environnement,
6.00%, 06/01/18		50,000		49,885

Multiline Retail (0.2%)
Wal-Mart Stores, Inc.
5.38%, 04/05/17		150,000		151,673
5.25%, 09/01/35		60,000		52,129
6.50%, 08/15/37		40,000		41,166

				244,968

2008 Semiannual Report 19

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

JPMorgan NVIT Balanced Fund (Continued)


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value

Natural Gas Utilities (0.1%)
ONEOK Partners LP,
5.90%, 04/01/12	$	115,000	$	115,615
Sonat, Inc.,
7.63%, 07/15/11		25,000		25,237

				140,852

Oil, Gas & Consumable Fuels (0.7%)
Anadarko Petroleum Corp.,
6.45%, 09/15/36		70,000		69,096
Chesapeake Energy Corp.
7.00%, 08/15/14		10,000		9,800
6.50%, 08/15/17		20,000		18,700
Enterprise Products Operating LP,
6.30%, 09/15/17		140,000		139,021
Kinder Morgan Energy Partners LP,
6.50%, 02/01/37		75,000		70,916
Ras Laffan Liquefied Natural Gas Co. Ltd. III,
5.83%, 09/30/16(b)		250,000		242,770
Suncor Energy, Inc.,
6.85%, 06/01/39		70,000		71,422
Transocean, Inc.,
5.25%, 03/15/13		300,000		303,134
Valero Energy Corp.,
6.63%, 06/15/37		70,000		64,179
XTO Energy, Inc.,
6.38%, 06/15/38		85,000		81,235

				1,070,273

Other Financial (8.3%)
Allstate Life Global Funding Trust,
5.38%, 04/30/13		185,000		184,275
American International Group, Inc.,
8.18%, 05/15/58(b)		95,000		89,405
Arch Western Finance LLC,
6.75%, 07/01/13		30,000		29,400
Berkshire Hathaway Finance Corp.,
4.50%, 01/15/13		305,000		302,197
Caterpillar Financial Services Corp.,
5.45%, 04/15/18		125,000		123,921
Countrywide Financial Corp.,
5.80%, 06/07/12		100,000		94,581
Dex Media West LLC,
9.88%, 08/15/13		30,000		27,000
Enterprise Funding Corp.,
2.53%, 07/07/08(e)		2,750,000		2,748,854
Ford Motor Credit Co. LLC,
7.80%, 06/01/12		15,000		11,601
General Electric Capital Corp.
5.25%, 10/19/12		220,000		222,145
Series A, 6.15%, 08/07/37		80,000		75,070
GMAC LLC,
6.88%, 08/28/12		25,000		17,119
Goldman Sachs Capital II,
5.79%, 12/29/49		150,000		104,304
Hanesbrands, Inc.,
6.51%, 12/15/14(c)		35,000		32,550
Hawker Beechcraft Acquisition Co. LLC, PIK,
8.88%, 04/01/15		20,000		20,100
IBM International Group Capital LLC,
5.05%, 10/22/12		100,000		102,123
John Deere Capital Corp.,
Series D, 5.35%, 04/03/18		100,000		98,552
Lehman Brothers Holdings Capital Trust V,
5.86%, 11/29/49		175,000		114,188
Market Street Funding Corp.,
2.64%, 07/10/08(e)		2,750,000		2,748,212
MetLife Global Funding I,
5.13%, 04/10/13(b)		200,000		196,938
Mirant North America LLC,
7.38%, 12/31/13		25,000		24,781
Pricoa Global Funding I,
3.90%, 12/15/08(b)		400,000		398,130
Principal Life, Income Funding Trusts,
5.30%, 04/24/13		125,000		125,001
QBE Capital Funding II LP,
6.80%, 12/31/49(b)		100,000		83,831
Rio Tinto, Ltd.,
5.88%, 07/15/13		280,000		281,552
Shinsei Finance II,
7.16%, 07/25/16(b)		225,000		158,344
Stingray Pass-Through Trust,
5.90%, 01/12/15(b)		180,000		28,800
Swiss Re Capital I LP,
6.85%, 05/25/49(b)		300,000		264,519
Telecom Italia Capital SA,
7.72%, 06/04/38		35,000		35,565
Telefonica Emisiones SAU,
5.86%, 02/04/13		260,000		261,737
Variable Funding Capital Corp.,
2.70%, 09/02/08(e)		3,000,000		2,983,890
Wachovia Capital Trust III,
5.80%, 03/15/42		190,000		129,200
Wells Fargo Capital XIII,
7.70%, 12/29/49(c)		145,000		144,137

				12,262,022

20 Semiannual Report 2008


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value

Real Estate Management & Development (0.0%)
Beazer Homes USA, Inc.,
6.88%, 07/15/15	$	11,000	$	7,865

Special Purpose Entity (0.1%)
IIRSA Norte Finance Ltd.,
8.75%, 05/30/24		100,000		113,250

Specialty Retail (0.1%)
Home Depot, Inc.,
5.88%, 12/16/36		125,000		102,116
Neiman-Marcus Group, Inc.,
9.00%, 10/15/15		15,000		14,812

				116,928

Telecommunications (0.3%)
AT&T, Inc.,
6.30%, 01/15/38		215,000		203,122
Intelsat Jackson Holdings Ltd.,
9.25%, 06/15/16		10,000		10,075
Qwest Communications International, Inc.,
6.18%, 02/15/09(c)		7,000		6,965
Qwest Corp.,
8.88%, 03/15/12		5,000		5,100
Verizon Communications, Inc.,
6.40%, 02/15/38		140,000		130,323

				355,585

Tobacco (0.0%)
Philip Morris International, Inc.,
6.38%, 05/16/38		55,000		53,599


Total Corporate Bonds				20,537,797


Asset-Backed Securities (1.9%)

Capital One Multi-Asset Execution Trust, Series 2007-A9, Class A9,
4.95%, 08/15/12		995,000		1,005,487
Countrywide Asset-Backed Certificates, Series 03-5, Class MF1,
5.41%, 01/25/34		128,244		108,678
Ford Credit Auto Owner Trust, Series 06-B, Class A3,
5.26%, 10/15/10		810,295		818,387
PSE&G Transition Funding LLC, Series 01-1, Class A6,
6.61%, 06/15/15		240,000		255,546
Residential Asset Securities Corp.(c) Series 2002-KS4, Class AIIB,
2.98%, 07/25/32		9,073		7,885
Series 2003-KS5, Class AIIB,
3.06%, 07/25/33		13,141		9,277
Specialty Underwriting & Residential Finance, Series 06-BC2, Class A2B,
5.57%, 02/25/37		743,156		655,371
Wachovia Asset Securitization, Inc., Series 2003-HE2, Class AII1,
2.74%, 07/25/33(c)		33,044		25,895


Total Asset-Backed Securities				2,886,526


Collateralized Mortgage Obligations (4.0%)

Countrywide Alternative Loan Trust
Series 04-28CB, Class 3A1,
6.00%, 01/25/35		452,018		410,771
Series 06-J5, Class 3A1,
6.50%, 09/25/36		686,425		567,213
Countrywide Home Loan Mortgage Pass Through Trust,
Series 2005-14, Class A2,
5.50%, 7/25/35		518,007		488,884
CS First Boston Mortgage Securities Corp., Series 03-29, Class 7A1,
6.5%, 12/25/33		76,778		67,517
Fannie Mae REMICS
6.50%, 09/25/33		275,293		283,687
6.50%, 10/25/33		238,639		245,921
6.50%, 10/25/33		238,639		245,921
6.50%, 12/25/33		236,912		244,337
6.50%, 12/25/33		214,948		221,742
6.50%, 01/25/34		217,709		224,716
First Horizon Alternative Mortgage Securities, Series 2006-FA4, Class 1A1		375,934		335,083
Freddie Mac REMICS
5.00%, 11/15/28		422,507		428,246
6.50%, 05/15/35		195,030		203,570
5.50%, 07/15/37		600,000		573,197
Indymac Index Mortgage Loan Trust, Series 04-AR7, Class A1,
3.04%, 9/25/34		49,134		39,175
Lehman Mortgage Trust, Series 2007-4, Class 4A1,
6%, 5/25/37		88,399		83,537

2008 Semiannual Report 21

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

JPMorgan NVIT Balanced Fund (Continued)


Collateralized Mortgage Obligations (continued)
	Shares or
	Principal Amount		Value

Residential Funding Mortgage Securities I, Series 07-S8, Class 1A1,
6%, 9/25/37	$	568,880	$	539,725
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 06-5, Class 2CB1,
6%, 7/25/36		250,745		197,775
Wells Fargo Mortgage Backed Securities TrustSeries 2007-5, Class 2A3,
5.50%, 05/25/37		168,928		157,101
Series 2007-11, Class A96,
2,190.00%, 08/25/37		328,438		313,247


Total Collateralized Mortgage Obligations				5,871,365


Commercial Mortgage Backed Securities (3.1%)

Bear Stearns Commercial Mortgage Securities
Series 05-PWR7, Class A3,
5.12%, 02/11/41		380,000		363,696
Series 04-PWR6, Class A4,
4.52%, 11/11/41		260,000		251,746
Credit Suisse Mortgage Capital Certificates, Series 07-C4, Class A3,
6%, 9/15/39		445,000		425,121
CS First Boston Mortgage Securities Corp.
Series 01-CK1, Class A3,
6.38%, 12/18/35		250,705		256,208
Series 03-C4, Class A4,
5.14%, 08/15/36		480,000		470,492
Greenwich Capital Commercial Funding Corp.
Series 04-GG1, Class A3,
4.34%, 06/10/36		892,391		891,058
Series 05-GG3, Class A4,
4.80%, 08/10/42		285,000		269,354
LB-UBS Commercial Mortgage Trust
Series 05-C1, Class A4,
4.74%, 02/15/30		485,000		457,330
Series 2006, Class A4,
5.16%, 02/15/31		250,000		235,272
Series 06-C4, Class A4,
6.08%, 06/15/38(c)		190,000		187,100
Morgan Stanley Capital I
Series 03-HQ2, Class A2,
4.92%, 03/12/35		250,000		243,220
Series 04-HQ3, Class A2,
4.05%, 01/13/41		360,509		356,589
Series 05, Class IQ9,
4.70%, 07/15/56		265,000		249,003


Total Commercial Mortgage Backed Securities				4,656,189


Commercial Paper (3.9%) (e)

Clipper Receivables Corp.,
2.84%, 07/18/08		2,000,000		1,997,040
Kitty Hawk Funding Corp.,
2.77%, 08/13/08		1,000,000		996,739
Ranger Funding Company LLC,
2.50%, 07/14/08		2,000,000		1,998,216
Ticonderoga Funding LLC,
2.53%, 07/11/08		750,000		749,318


Total Commercial Paper				5,741,313


Sovereign Bonds (0.9%)

Brazilian Government International Bond
8.00%, 01/15/18		154,000		171,017
12.25%, 03/06/30		75,000		127,237
Guatemala Government Bond,
9.25%, 08/01/13		50,000		57,002
Mexico Government International Bond,
8.00%, 09/24/22		175,000		212,975
Republic of Argentina Government Bond,
3.00%, 04/30/13(c)		180,000		85,770
Russia Government International Bond,
12.75%, 06/24/28		100,000		178,260
Ukraine Government International Bond
6.88%, 03/04/11		170,000		166,175
6.58%, 11/21/16(b)		100,000		88,750
6.58%, 11/21/16		210,000		186,579


Total Sovereign Bonds				1,273,765

22 Semiannual Report 2008


U.S. Government Mortgage Backed Agencies (3.2%)
	Shares or
	Principal Amount		Value

Federal Home Loan Mortgage Corp. TBA
5.50%, 07/15/37	$	1,255,000	$	1,236,175
5.50%, 08/15/37		420,000		425,652
Federal National Mortgage Association TBA
4.50%, 08/15/21		340,000		327,888
6.00%, 06/01/22		245,000		251,125
5.50%, 07/15/22		586,000		589,845
5.00%, 07/15/37		1,080,000		1,035,113
Government National Mortgage Association TBA
5.00%, 07/15/35		700,000		678,125
5.50%, 07/15/35		195,000		194,025
6.00%, 07/15/35		85,000		86,275


Total U.S. Government Mortgage Backed Agencies				4,824,223


U.S. Government Sponsored Mortgage-Backed Obligations (5.9%)

Fannie Mae Pool
Pool #787555, 6.50%, 02/01/35		274,583		283,330
Pool #888016, 5.50%, 05/01/36		772,212		763,510
Pool #888415, 5.00%, 12/01/36		817,196		786,056
Pool #906474, 6.00%, 01/01/37		1,880,063		1,898,826
Federal Home Loan Mortgage Corp. TBA		1,360,000		1,314,100
Freddie Mac Gold Pool
Pool #A29796, 6.00%, 02/01/35		152,668		154,573
Pool #G03069, 5.50%, 12/01/36		2,192,696		2,163,574
Pool #G03269, 5.50%, 10/01/37		407,289		401,625
Freddie Mac Non Gold Pool
Pool #1B3166, 5.85%, 11/01/36		541,857		551,654
Pool #1G1999, 5.42%, 06/01/37		29,437		29,678
Pool #1J1749, 5.57%, 06/01/37		292,626		294,846
Pool #1J0453, 5.60%, 06/01/37		33,757		34,075
Pool #1G2061, 5.45%, 07/01/37		57,161		57,599


Total U.S. Government Sponsored Mortgage-Backed Obligations				8,733,446


U.S. Government Sponsored & Agency Obligations (10.4%)

Federal Home Loan Mortgage Corp.
6.75%, 03/15/31		375,000		451,727
5.00%, 07/15/37		157,000		150,426
Federal National Mortgage Association
6.63%, 11/15/30		30,000		35,612
6.50%, 07/15/37		1,645,000		1,693,322
5.00%, 07/17/37		2,650,000		2,620,187
Federal National Mortgage Association TBA,
5.50%, 07/01/38		200,000		197,125
U.S. Treasury Bond,
5.00%, 05/15/37		345,000		370,767
U.S. Treasury Notes
4.88%, 06/30/09		30,000		30,734
1.75%, 03/31/10		205,000		202,357
2.63%, 05/31/10		2,400,000		2,401,500
4.25%, 09/30/12		125,000		130,147
3.50%, 05/31/13		1,570,000		1,581,653
4.13%, 05/15/15		175,000		180,838
4.75%, 08/15/17		500,000		529,687
3.50%, 02/15/18		615,000		591,985
3.88%, 05/15/18		1,245,000		1,234,593
United States Treasury Inflation Indexed Bonds,
2.63%, 07/15/17		365,000		417,873
United States Treasury Note/Bond
4.63%, 11/30/08		25,000		25,273
3.25%, 01/15/09		2,100,000		2,113,946
3.25%, 12/31/09		200,000		202,391
8.88%, 02/15/19		200,000		278,656


Total U.S. Government Sponsored & Agency Obligations				15,440,799

2008 Semiannual Report 23

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

JPMorgan NVIT Balanced Fund (Continued)


Rights (0.0%)
	Shares or
	Principal Amount		Value


UNITED KINGDOM (0.0%)
HBOS PLC	$	1,632	$	350


Total Rights				350



Mutual Funds (2.3%) (c)

AIM Liquid Assets Portfolio		3,378,734		3,378,734


Total Mutual Funds				3,378,734


Yankee Dollar (0.1%)

UNITED STATES (0.1%)
Nexen, Inc.		110,000		104,152


Total Yankee Dollar				104,152


Total Investments (Cost $167,062,868) (f) — 108.6%				160,692,122

Liabilities in excess of other assets — (8.6)%				(12,711,976	)


NET ASSETS — 100.0%			$	147,980,146


*		Denotes a non-income producing security.
(a)		Fair Valued Security.
(b)		Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2008, all such securities in total represented 1.8% of net assets.
(c)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2008. The maturity date represents the actual maturity date.
(d)		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, 2008.
(e)		The rate reflected in the Statement of Investments is the discount rate at the time of purchase.
(f)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.


ARM		Adjustable Rate Mortgage
GDR		Global Depositary Receipt
LP		Limited Partnership
MBIA		Insured by Municipal Bond Insurance Organization
TBA		To Be Announced.

24 Semiannual Report 2008

At June 30, 2008, the Fund’s open futures contracts were as follows:


				Notional Value		Unrealized
Number of	Long			Covered by		Appreciation
Contracts	Contracts	Expiration		Contracts		(Depreciation)

10	CAC40 10 EURO		07/18/08		699,622		(34,177	)
11	AMSTERDAM IDX		07/18/08		1,475,787		(115,388	)
61	EURO BOBL		09/10/08		10,158,344		(158,561	)
9	S&P/MIB IDEM		09/19/08		2,102,361		(96,638	)
31	LONG GILT		09/30/08		6,444,982		(104,269	)
27	90DAY STERLING		06/18/09		6,307,918		(28,033	)
2	FTSE 100		09/19/08		224,971		(7,052	)
7	TOPIX IDX		09/12/08		869,313		(54,212	)
26	S&P 500 EMINI		09/19/08		1,665,430		(60,434	)
22	US TREAS 5YR NOTE		09/30/08		2,432,203		28,595
1	RUSSELL 2000		09/19/08		345,850		(22,279	)
17	US TREAS 2YR NOTE		09/30/08		3,590,453		1,765
8	US LONG BOND		09/19/08		924,750		17,142

				$	37,241,984	$	(633,541	)


				Notional Value			Unrealized
Number of	Short			Covered by			Appreciation
Contracts	Contracts	Expiration		Contracts			(Depreciation)

6	SPI 200 IDX		09/30/08		(746,543	)		23,980
16	EURO-BUND		09/10/08		(2,785,139	)		41,589
101	DJ EURO STOXX 50		09/19/08		(5,374,370	)		277,397
5	HANG SENG IDX		07/31/08		(709,247	)		19,547
1	US 10YR 6% SWAP		09/15/08		(109,953	)		(2,018	)
31	RUSSELL MINI		09/19/08		(2,144,270	)		137,874
15	US TREAS 10YR NOTE		09/30/08		(1,708,828	)		(28,183	)

				$	(13,578,350	)	$	470,186

At June 30, 2008, 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:
Australian Dollar	08/13/08		(108,797	)		(103,563	)		(103,627	)		(64	)
Swiss Franc	08/13/08		(76,951	)		(75,072	)		(75,387	)		(315	)
Euro	08/13/08		(332,321	)		(517,070	)		(521,957	)		(4,887	)
British Sterling Pound	08/13/08		(54,725	)		(107,688	)		(108,606	)		(918	)
Japanese Yen	08/13/08		(28,184,502	)		(271,147	)		(266,139	)		5,008
Norwegian Krone	08/13/08		(589,041	)		(113,818	)		(115,165	)		(1,347	)
Singapore Dollar	08/13/08		(73,337	)		(54,148	)		(54,037	)		111

Total Short Contracts					$	(1,242,506	)	$	(1,244,916	)	$	(2,412	)

Long Contracts:
Australian Dollar	08/13/08		340,726			314,535			324,535			10,000
Swiss Franc	08/13/08		210,373			202,277			206,098			3,821
Euro	08/13/08		100,617			157,105			158,034			929
British Sterling Pound	08/13/08		57,983			113,751			115,073			1,322
Hong Kong Dollar	08/13/08		452,806			58,270			58,130			(140	)
Japanese Yen	08/13/08		27,526,880			264,720			259,929			(4,791	)
Swedish Krone	08/13/08		882,199			145,996			146,170			174

Total Long Contracts					$	1,256,654		$	1,267,969		$	11,315

The following is a summary of written option activity for the period ended June 30, 2008, by the Fund (Dollar amounts in thousands):


				Premiums
Written Options	Contract			Received

Balance at beginning of period		169		$	178
Options written		91			67
Options expired		(103	)		(91	)
Options terminated in closing purchase transactions		(188	)		(179	)

Options outstanding at end of period		(31	)	$	(25	)

At June 30, 2008, the Fund had no outstanding options.

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	JPMorgan NVIT
	Balanced Fund

Assets:
Investments, at value (cost $167,062,868)	$	160,692,122
Cash		133,727
Deposits with broker for futures		20,000
Interest and dividends receivable		642,894
Receivable for capital shares issued		2,234
Receivable for investments sold		7,597,650
Unrealized appreciation on futures contracts		2,496
Unrealized appreciation on forward foreign currency contracts		21,466
Reclaims receivable		40,099
Receivable for variation margin on futures contracts		2,243
Prepaid expenses and other assets		1,198

Total Assets		169,156,129

Liabilities:
Foreign currencies payable to custodian, at value (Cost $225,360)		222,987
Payable for investments purchased		20,740,432
Unrealized depreciation on forward foreign currency contracts		12,563
Unrealized depreciation on spot foreign currency contracts		2
Payable for capital shares redeemed		85,955
Accrued expenses and other payables:
Investment advisory fees		92,319
Fund administration and transfer agent fees		11,816
Administrative services fees		1,649
Custodian fees		2,453
Trustee fees		2,525
Compliance program costs (Note 3)		281
Other		3,001

Total Liabilities		21,175,983

Net Assets	$	147,980,146

Represented by:
Capital	$	140,668,725
Accumulated net investment income		113,799
Accumulated net realized gains from investment, futures, options and foreign currency transactions		13,715,032
Net unrealized appreciation/(depreciation) from investments, futures and translation of assets and liabilities denominated in foreign currencies		(6,517,410	)

Net Assets	$	147,980,146

Net Assets:
Class I Shares	$	106,288,443
Class IV Shares		41,691,703

Total	$	147,980,146

See accompanying notes to financial statements.

26 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	JPMorgan
	NVIT Balanced Fund

INVESTMENT INCOME:
Interest income	$	1,591,090
Dividend income		1,318,284
Foreign tax withholding		(36,233	)

Total Income		2,873,141

Expenses:
Investment advisory fees		589,801
Fund administration and transfer agent fees		64,086
Administrative services fees Class I Shares		34,528
Administrative services fees Class IV Shares		29,759
Custodian fees		9,682
Trustee fees		4,242
Compliance program costs (Note 3)		563
Other		23,135

Total expenses before earnings credit		755,796
Earnings credit (Note 6)		(4,841	)

Net Expenses		750,955

Net Investment Income		2,122,186

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(468,746	)
Net realized losses from futures transactions		(687,697	)
Net realized losses from option transactions		(29,291	)
Net realized gains from foreign currency transactions		7,600

Net realized losses from investment, futures, options and foreign currency transactions		(1,178,134	)
Net change in unrealized appreciation/(depreciation) from investments, futures, options and translation of assets and liabilities denominated in foreign currencies		(14,160,843	)

Net realized/unrealized losses from investments, futures, options and translation of assets and liabilities denominated in foreign currencies		(15,338,977	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,216,791	)

See accompanying notes to financial statements.

28 Semiannual Report 2008

Statements of Changes in Net Assets


	JPMorgan NVIT Balanced Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	2,122,186		$	4,229,065
Net realized gains (losses) from investment, futures, options and foreign currency transactions		(1,178,134	)		15,824,264
Net change in unrealized appreciation/(depreciation) from investments, futures, options and translation of assets and liabilities denominated in foreign currencies		(14,160,843	)		(10,808,265	)

Change in net assets resulting from operations		(13,216,791	)		9,245,064


Distributions to Shareholders From:
Net investment income:
Class I		(1,784,917	)		(3,117,614	)
Class IV		(671,881	)		(1,049,170	)
Net realized gains:
Class I		–			(3,971,841	)
Class IV		–			(1,304,687	)

Change in net assets from shareholder distributions		(2,456,798	)		(9,443,312	)

Change in net assets from capital transactions		(14,850,036	)		(24,036,224	)

Change in net assets		(30,523,625	)		(24,234,472	)

Net Assets:
Beginning of period		178,503,771			202,738,243

End of period	$	147,980,146		$	178,503,771

Accumulated net investment income at end of period	$	113,799		$	448,411


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	4,634,760		$	7,584,177
Dividends reinvested		1,784,906			7,089,430
Cost of shares redeemed		(19,318,914	)		(39,018,013	)

		(12,899,248	)		(24,344,406	)

Class IV Shares
Proceeds from shares issued		644,630			4,077,420
Dividends reinvested		671,876			2,353,849
Cost of shares redeemed		(3,267,294	)		(6,123,087	)

		(1,950,788	)		308,182

Change in net assets from capital transactions	$	(14,850,036	)	$	(24,036,224	)

See accompanying notes to financial statements.

2008 Semiannual Report 29

JPMorgan NVIT Balanced Fund


			Investment Activities								Distributions														Ratios / Supplemental Data

					Net Realized																												Ratio of
					and																									Ratio of Net			Expenses
	Net Asset				Unrealized			Total																	Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net			Net						Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Gains			Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2008 (Unaudited)	$	10.95		0.14		(0.98	)		(0.84	)		(0.16	)		–			(0.16	)	$	9.95		(7.68	%)	$	106,288		0.91	%		2.65	%		0.91	%		104.57	%
Year Ended December 31, 2007	$	11.00		0.25		0.25			0.50			(0.24	)		(0.31	)		(0.55	)	$	10.95		4.63	%	$	130,556		1.02	%		2.19	%		1.03	%		268.79	%
Year Ended December 31, 2006	$	10.03		0.24		0.97			1.21			(0.24	)		–			(0.24	)	$	11.00		12.25	%	$	154,931		1.01	%		2.22	%		(e)			312.59	%
Year Ended December 31, 2005	$	9.98		0.20		0.05			0.25			(0.20	)		–			(0.20	)	$	10.03		2.54	%	$	178,569		0.99	%		1.97	%		(e)			328.26	%
Year Ended December 31, 2004	$	9.38		0.19		0.60			0.79			(0.19	)		–			(0.19	)	$	9.98		8.49	%	$	189,232		0.98	%		1.96	%		(e)			293.17	%
Year Ended December 31, 2003	$	8.06		0.15		1.32			1.47			(0.15	)		–			(0.15	)	$	9.38		18.41	%	$	182,056		0.98	%		1.80	%		(e)			310.16	%

Class IV Shares
Six Months Ended June 30, 2008 (Unaudited)	$	10.95		0.13		(0.97	)		(0.84	)		(0.16	)		–			(0.16	)	$	9.95		(7.71	%)	$	41,692		0.99	%		2.58	%		0.99	%		104.57	%
Year Ended December 31, 2007	$	11.00		0.25		0.26			0.51			(0.25	)		(0.31	)		(0.56	)	$	10.95		4.65	%	$	47,948		1.00	%		2.20	%		1.01	%		268.79	%
Year Ended December 31, 2006	$	10.03		0.24		0.98			1.22			(0.25	)		–			(0.25	)	$	11.00		12.30	%	$	47,807		0.97	%		2.26	%		1.01	%		312.59	%
Year Ended December 31, 2005	$	9.98		0.21		0.05			0.26			(0.21	)		–			(0.21	)	$	10.03		2.62	%	$	47,803		0.91	%		2.05	%		0.99	%		328.26	%
Year Ended December 31, 2004	$	9.38		0.19		0.60			0.79			(0.19	)		–			(0.19	)	$	9.98		8.54	%	$	51,061		0.91	%		2.02	%		0.98	%		293.17	%
Period Ended December 31, 2003 (f)	$	8.23		0.11		1.16			1.27			(0.12	)		–			(0.12	)	$	9.38		15.47	%	$	50,811		0.91	%		1.79	%		0.96	%		310.16	%


(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 waivers/reimbursements during the period.
(f)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

See accompanying notes to financial statements.

2008 Semiannual Report 31

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the JPMorgan NVIT Balanced Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

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 valued at amortized cost, which approximates market value.

32 Semiannual Report 2008


	•	Level 1 – quoted prices in active markets for identical assets.

	•	Level 2 – other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.).

	•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

2008 Semiannual Report 33

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


					Level 2 – Other Significant				Level 3 – Significant
Level 1 – Quoted Prices					Observable Inputs				Unobservable Inputs				Total
Investments		Other*			Investments		Other*		Investments		Other*		Investments		Other*

$	77,209,492	$	(163,355	)	$	83,482,630	$	8,903	$	–	$	–	$	160,692,122	$	(154,452	)


	*	Other financial instruments are derivative instruments not reflected in the Statement of Investments, such as futures, forwards, options, and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.


(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, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty.


(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)	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; however, in those instances, the aggregate initial margin and premiums required to establish those positions may not exceed 5% of the Fund’s net NAV after taking into account unrealized profits and unrealized losses on any such contract it has entered into.

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

34 Semiannual Report 2008

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


(e)	Written Options Contracts


(f)	Mortgage Dollar Rolls


(g)	Security Transactions and Investment Income


(h)	Distributions to Shareholders

2008 Semiannual Report 35

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(i)	Federal Income Taxes


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

36 Semiannual Report 2008


Fee Schedule	Total 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 $266,979 for the six months ended June 30, 2008.

Prior to May 1, 2006, NFA and the Fund had entered into a written contract (“Expense Limitation Agreement”) that limited operating expenses (excluding certain Fund expenses including, but not limited to taxes, interest, brokerage commissions, short-sale dividend expenses) from exceeding 0.91% for the Fund’s Class IV shares. The Expense Limitation Agreement expired 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, 2008, the cumulative potential reimbursements for the Class IV shares of the Fund would be:

Amount Fiscal Year

Six months ended

2005

2006

2007

June 30, 2008

41,390

16,988

–


		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 NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, and the NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the

2008 Semiannual Report 37

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


		“Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

For the six months ended June 30, 2008, NFS received $124,372 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, management portion of such costs amounted to $563.

4. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $173,139,543 and sales of $201,981,200.

For the six months ended June 30, 2008, the Fund had purchases of $139,440,285 and sales of $147,511,189 of U.S. Government securities.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other lenders participating in this arrangement. Advances taken by the fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the six months ended June 30, 2008.

38 Semiannual Report 2008

6. Portfolio Investment Risks

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 involves 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

8. New Accounting Pronouncements

9. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	168,445,064	$	5,102,805	$	(12,870,461)	$	(7,767,656)

2008 Semiannual Report 39

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 41

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

42 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 43

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

44 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

2008 Semiannual Report 45

Supplemental Information (Continued)

(Unaudited)

The Trustees found that, during 2006, there were changes made to the Fund’s mandate to get more exposure to small cap and international securities, and following such change, the Fund had shown improved performance. The Trustees found that the Fund’s longer-term performance had been acceptable, and more recent performance had been good. Based on its review, and giving particular weight to the recent changes to the Fund’s mandate and the nature and quality of the resources dedicated by the Adviser and subadviser to maintain and improve performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee compared with peer group funds was higher, but within the range of the peer group funds. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

NVIT Mid Cap Growth Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

8			Statement of Assets and Liabilities

10			Statement of Operations

11			Statement of Changes in Net Assets

13			Financial Highlights

14			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-MCG (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Mid Cap Growth Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT Mid Cap			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Growth Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class I	Actual			1,000.00		870.30		4.51		0.97
	Hypothetical	^b		1,000.00		1,020.04		4.87		0.97


Class II	Actual			1,000.00		869.20		5.76		1.24
	Hypothetical	^b		1,000.00		1,018.70		6.22		1.24


Class III	Actual			1,000.00		870.70		4.09		0.88
	Hypothetical	^b		1,000.00		1,020.49		4.42		0.88


Class IV	Actual			1,000.00		870.50		4.23		0.91
	Hypothetical	^b		1,000.00		1,020.34		4.57		0.91


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	NVIT Mid Cap Growth Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			89.1%
Repurchase Agreements			9.7%
Other Investments*			0.9%
Other assets in excess of liabilities**			0.3%

			100.0%


Top Industries

Energy Equipment & Services			7.4%
Oil, Gas & Consumable Fuels			7.0%
Health Care Equipment & Supplies			5.7%
Information Technology Services			5.6%
Machinery			4.9%
Textiles, Apparel & Luxury Goods			4.5%
Commercial Services & Supplies			3.9%
Communications Equipment			3.9%
Semiconductors & Semiconductor Equipment			3.2%
Capital Markets			2.8%
Other			51.1%

			100.0%


Top Holdings***

Fiserv, Inc.			2.7%
XTO Energy, Inc.			2.6%
St. Jude Medical, Inc.			2.5%
Harris Corp.			2.3%
TD Ameritrade Holding Corp.			1.9%
Fastenal Co.			1.8%
NII Holdings, Inc.			1.8%
CommScope, Inc.			1.6%
Bucyrus International, Inc., Class A			1.6%
Helmerich & Payne, Inc.			1.6%
Other			79.6%

			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.

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Mid Cap Growth Fund


Common Stocks (89.1%)
	Shares or
	Principal Amount		Value


Aerospace & Defense (0.2%)
Rockwell Collins, Inc.		20,700	$	992,772



Air Freight & Logistics (0.9%)
Atlas Air Worldwide Holdings, Inc.*		76,000		3,758,960



Beverages (1.4%)
Central European Distribution Corp.*		60,500		4,486,075
Hansen Natural Corp.*		61,900		1,783,958

				6,270,033



Capital Markets (2.8%)
Affiliated Managers Group, Inc.*		42,200		3,800,532
TD Ameritrade Holding Corp.*		459,200		8,306,928

				12,107,460



Chemicals (1.8%)
Airgas, Inc.		41,100		2,399,829
Albemarle Corp.		56,900		2,270,879
Ecolab, Inc.		69,600		2,992,104

				7,662,812



Commercial Services & Supplies (3.9%)
American Reprographics Co.*		112,780		1,877,787
Dun & Bradstreet Corp.		71,200		6,239,968
Manpower, Inc.		67,600		3,937,024
Stericycle, Inc.*		95,200		4,921,840

				16,976,619



Communications Equipment (3.9%)
CommScope, Inc.*		133,900		7,065,903
Harris Corp.		195,200		9,855,648

				16,921,551



Computers & Peripherals (1.3%)
Logitech International SA*		138,900		3,722,520
SanDisk Corp.*		107,300		2,006,510

				5,729,030



Construction & Engineering (1.4%)
Aecom Technology Corp.*		182,210		5,927,291



Containers & Packaging (1.4%)
Ball Corp.		131,600		6,282,584



Distributor (1.3%)
LKQ Corp.*		320,400		5,789,628



Diversified Consumer Services (1.6%)
ITT Educational Services, Inc.*		57,900		4,784,277
New Oriental Education & Technology Group, Inc. ADR — CN*		37,200		2,173,224

				6,957,501



Diversified Financial Services (1.9%)
Interactive Brokers Group, Inc., Class A*		152,070		4,886,009
IntercontinentalExchange, Inc.*		29,060		3,312,840

				8,198,849



Electric Utility (1.0%)
Allegheny Energy, Inc.		85,800		4,299,438



Electrical Equipment (1.0%)
General Cable Corp.*		70,600		4,296,010



Electronic Equipment & Instruments (0.7%)
Dolby Laboratories, Inc., Class A*		72,400		2,917,720



Energy Equipment & Services (7.4%)
FMC Technologies, Inc.*		71,400		5,492,802
Helmerich & Payne, Inc.		94,400		6,798,688
National Oilwell Varco, Inc.*		74,400		6,600,768
Patterson-UTI Energy, Inc.		135,100		4,869,004
Superior Energy Services, Inc.*		93,300		5,144,562
TETRA Technologies, Inc.*		130,200		3,087,042

				31,992,866



Health Care Equipment & Supplies (5.7%)
C.R. Bard, Inc.		9,900		870,705
Intuitive Surgical, Inc.*		15,700		4,229,580
Mindray Medical International Ltd. ADR — CN		92,000		3,433,440
St. Jude Medical, Inc.*		263,300		10,763,704
Varian Medical Systems, Inc.*		106,000		5,496,100

				24,793,529



Health Care Providers & Services (1.6%)
Express Scripts, Inc.*		64,500		4,045,440
Laboratory Corp. of America Holdings *		43,600		3,035,868

				7,081,308



Hotels, Restaurants & Leisure (1.0%)
Burger King Holdings, Inc.		78,700		2,108,373
Penn National Gaming, Inc.*		76,000		2,443,400

				4,551,773



Household Durables (1.0%)
Jarden Corp.*		243,550		4,442,352

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Mid Cap Growth Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Household Products (1.0%)
Church & Dwight Co., Inc.		74,200	$	4,181,170



Information Technology Services (5.6%)
Alliance Data Systems Corp.*		112,000		6,333,600
Cognizant Technology Solutions Corp., Class A*		185,300		6,024,103
Fiserv, Inc.*		258,700		11,737,219

				24,094,922



Insurance (1.5%)
Brown & Brown, Inc.		176,200		3,064,118
W.R. Berkley Corp.		142,500		3,442,800

				6,506,918



Internet Software & Services (1.0%)
Akamai Technologies, Inc.*		118,700		4,129,573



Life Sciences Tools & Services (2.1%)
Covance, Inc.*		15,800		1,359,116
Thermo Fisher Scientific, Inc.*		57,400		3,198,902
Waters Corp.*		71,400		4,605,300

				9,163,318



Machinery (4.9%)
Actuant Corp., Class A		106,800		3,348,180
Bucyrus International, Inc., Class A		95,600		6,980,712
Harsco Corp.		80,300		4,369,123
Oshkosh Corp.		207,700		4,297,313
Terex Corp.*		42,100		2,162,677

				21,158,005



Media (0.8%)
John Wiley & Sons, Inc., Class A		74,200		3,341,226



Metals & Mining (1.5%)
Cleveland-Cliffs, Inc.		11,800		1,406,442
Steel Dynamics, Inc.		131,700		5,145,519

				6,551,961



Oil, Gas & Consumable Fuels (7.0%)
Chesapeake Energy Corp.		86,800		5,725,328
Continental Resources, Inc.*		70,000		4,852,400
Denbury Resources, Inc.*		95,000		3,467,500
Encore Acquisition Co.*		69,100		5,195,629
XTO Energy, Inc.		163,062		11,171,379

				30,412,236



Personal Products (1.5%)
Alberto-Culver Co.		250,200		6,572,754



Road & Rail (1.8%)
Con-way, Inc.		93,666		4,426,655
Knight Transportation, Inc.		192,200		3,517,260

				7,943,915



Semiconductors & Semiconductor Equipment (3.2%)
Broadcom Corp., Class A*		122,300		3,337,567
Marvell Technology Group Ltd.*		296,000		5,227,360
MEMC Electronic Materials, Inc.*		85,100		5,237,054

				13,801,981



Software (2.7%)
Intuit, Inc.*		209,600		5,778,672
MICROS Systems, Inc.*		199,600		6,085,804

				11,864,476



Specialty Retail (2.2%)
GameStop Corp., Class A*		134,000		5,413,600
Guess?, Inc.		107,200		4,014,639

				9,428,239



Textiles, Apparel & Luxury Goods (4.5%)
Coach, Inc.*		178,800		5,163,744
Hanesbrands, Inc.*		176,600		4,792,924
Iconix Brand Group, Inc.* (a)		334,400		4,039,552
Warnaco Group, Inc. (The) *		127,300		5,610,111

				19,606,331



Trading Companies & Distributors (1.8%)
Fastenal Co.		183,000		7,898,280



Wireless Telecommunication Services (2.8%)
Millicom International Cellular SA		41,200		4,264,200
NII Holdings, Inc.*		164,700		7,821,603

				12,085,803


Total Common Stocks				386,691,194


Repurchase Agreements (9.7%)

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $17,988,827, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $18,347,401	$	17,987,647		17,987,647

6 Semiannual Report 2008


Repurchase Agreements (continued)
	Shares or
	Principal Amount		Value

UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $24,288,582, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $24,772,730	$	24,286,990	$	24,286,990


Total Repurchase Agreements				42,274,637

Securities Purchased With Collateral For Securities
On Loan (0.9%)


Barclays Capital, 2.50%, dated 06/30/08, due 07/01/08, repurchase price $3,693,794, collateralized by U.S. Government Agency Mortgages ranging 2.64%-15.43%, maturing 12/15/13-05/25/38; total market value of $3,767,409		3,693,538		3,693,538


Total Securities Purchased With Collateral For Securities On Loan				3,693,538


Total Investments (Cost $424,439,781) (b) — 99.7%				432,659,369

Other assets in excess of liabilities — 0.3%				1,448,750


NET ASSETS — 100.0%			$	434,108,119


*		Denotes a non-income producing security.

(a)		All or a part of the security was on loan as of June 30, 2008.

(b)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.


ADR		American Depositary Receipt

CN		China

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Mid Cap
	Growth Fund

Assets:
Investments, at value (cost $378,471,606)*	$	386,691,194
Repurchase agreements, at cost and value†		45,968,175

Total Investments		432,659,369

Cash		1
Interest and dividends receivable		130,299
Receivable for capital shares issued		93,755
Receivable for investments sold		7,718,696
Prepaid expenses and other assets		17,122

Total Assets		440,619,242

Liabilities:
Payable for investments purchased		2,234,756
Payable upon return of securities loaned (Note 2)		3,693,538
Payable for capital shares redeemed		177,740
Accrued expenses and other payables:
Investment advisory fees		278,634
Fund administration and transfer agent fees		23,365
Distribution fees		57,509
Administrative services fees		36,905
Custodian fees		2,705
Trustee fees		4,404
Compliance program costs (Note 3)		709
Other		858

Total Liabilities		6,511,123

Net Assets	$	434,108,119

Represented by:
Capital	$	507,759,556
Accumulated net investment loss		(1,167,772	)
Accumulated net realized losses from investment transactions		(80,703,253	)
Net unrealized appreciation/(depreciation) from investments		8,219,588

Net Assets	$	434,108,119

Net Assets:
Class I Shares	$	91,124,476
Class II Shares		267,874,046
Class III Shares		1,137,347
Class IV Shares		73,972,250

Total	$	434,108,119

Shares outstanding (unlimited number of shares authorized):
Class I Shares		3,218,955
Class II Shares		9,554,456
Class III Shares		40,122
Class IV Shares		2,608,155

Total		15,421,688

See accompanying notes to financial statements.

8 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT
	Mid Cap
	Growth Fund

INVESTMENT INCOME:
Interest income	$	280,909
Dividend income		866,888
Income from securities lending (Note 2)		92,926

Total Income		1,240,723

Expenses:
Investment advisory fees		1,603,968
Fund administration and transfer agent fees		110,341
Distribution fees Class II Shares		322,696
Administrative services fees Class I Shares		61,275
Administrative services fees Class II Shares		193,369
Administrative services fees Class III Shares		283
Administrative services fees Class IV Shares		65,134
Custodian fees		11,796
Trustee fees		10,613
Compliance program costs (Note 3)		137
Other		67,269

Total expenses before earnings credit and reimbursed expenses		2,446,881
Earnings credit (Note 6)		(138	)
Expenses reimbursed		(38,248	)

Net Expenses		2,408,495

Net Investment Loss		(1,167,772	)

REALIZED/UNREALIZED LOSSES FROM INVESTMENTS:
Net realized losses from investment transactions		(10,086,444	)
Net change in unrealized appreciation/(depreciation) from investments		(50,152,030	)

Net realized/unrealized losses from investments		(60,238,474	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(61,406,246	)

See accompanying notes to financial statements.

10 Semiannual Report 2008

Statements of Changes in Net Assets


	NVIT Mid Cap Growth Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment loss	$	(1,167,772	)	$	(2,273,412	)
Net realized gains (losses) from investment transactions		(10,086,444	)		26,385,733
Net change in unrealized appreciation/(depreciation) from investments		(50,152,030	)		8,517,425

Change in net assets resulting from operations		(61,406,246	)		32,629,746

Change in net assets from capital transactions		2,413,870			116,700,721

Change in net assets		(58,992,376	)		149,330,467

Net Assets:
Beginning of period		493,100,495			343,770,028

End of period	$	434,108,119		$	493,100,495

Accumulated net investment income (loss) at end of period	$	(1,167,772	)	$	–


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	8,894,158		$	12,388,914
Cost of shares redeemed		(16,828,371	)		(33,921,802	)

		(7,934,213	)		(21,532,888	)

Class II Shares
Proceeds from shares issued		42,831,838			158,552,058
Cost of shares redeemed		(27,682,974	)		(9,539,051	)

		15,148,864			149,013,007

Class III Shares
Proceeds from shares issued		149,098			396,708
Cost of shares redeemed		(319,412	)		(328,598	)

		(170,314	)		68,110

Class IV Shares
Proceeds from shares issued		1,226,378			3,077,330
Cost of shares redeemed		(5,856,845	)		(13,924,838	)

		(4,630,467	)		(10,847,508	)

Change in net assets from capital transactions	$	2,413,870		$	116,700,721


SHARE TRANSACTIONS:
Class I Shares
Issued		305,233			388,977
Redeemed		(573,862	)		(1,059,673	)

		(268,629	)		(670,696	)

Class II Shares
Issued		1,503,210			4,990,175
Redeemed		(876,160	)		(297,992	)

		627,050			4,692,183

See accompanying notes to financial statements.

2008 Semiannual Report 11

NVIT Mid Cap Growth Fund


	Investment Activities																Ratios / Supplemental Data

																						Ratio of Net			Ratio of
						Net Realized											Net		Ratio of			Investment			Expenses
	Net Asset		Net			and											Assets at		Expenses			Income			(Prior to
	Value,		Investment			Unrealized			Total from			Net Asset					End of		to Average			(Loss) to			Reimbursements)
	Beginning		Income			Gains			Investment			Value, End		Total			Period		Net			Average Net			to Average			Portfolio
	of Period		(Loss)			(Losses) on Investments			Activities			of Period		Return (a)			(000s)		Assets (b)			Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months ended June 30, 2008 (Unaudited)	$	32.53		(0.06	)		(4.16	)		(4.22	)	$	28.31		(12.97%	)	$	91,124		0.97	%		(0.39%	)		0.97	%		56.83	%
Year ended December 31, 2007	$	29.84		(0.14	)		2.83			2.69		$	32.53		9.01%		$	113,458		0.97	%		(0.41%	)		0.98	%		80.29	%
Year ended December 31, 2006	$	27.15		–	(e)		2.69			2.69		$	29.84		9.91%		$	124,091		0.98	%		0.00%			(f)			65.88	%
Year ended December 31, 2005	$	24.74		(0.13	)		2.54			2.41		$	27.15		9.74%		$	134,094		1.01	%		(0.48%	)		(f)			56.01	%
Year ended December 31, 2004	$	21.45		(0.11	)		3.40			3.29		$	24.74		15.34%		$	149,324		0.98	%		(0.51%	)		(f)			90.14	%
Period ended December 31, 2003 (g)	$	16.53		(0.07	)		4.99			4.92		$	21.45		29.76%		$	137,837		0.98	%		(0.49%	)		(f)			109.73	%

Class II Shares
Six Months ended June 30, 2008 (Unaudited)	$	32.26		(0.09	)		(4.13	)		(4.22	)	$	28.04		(13.08%	)	$	267,874		1.24	%		(0.66%	)		1.24	%		56.83	%
Year ended December 31, 2007	$	29.67		(0.16	)		2.75			2.59		$	32.26		8.73%		$	288,032		1.22	%		(0.65%	)		1.22	%		80.29	%
Year ended December 31, 2006	$	27.06		(0.06	)		2.67			2.61		$	29.67		9.65%		$	125,647		1.23	%		(0.37%	)		(f)			65.88	%
Year ended December 31, 2005	$	24.69		(0.11	)		2.48			2.37		$	27.06		9.60%		$	26,825		1.16	%		(0.63%	)		(f)			56.01	%
Year ended December 31, 2004	$	21.43		(0.09	)		3.35			3.26		$	24.69		15.21%		$	14,256		1.08	%		(0.61%	)		(f)			90.14	%
Year ended December 31, 2003	$	16.77		(0.03	)		4.69			4.66		$	21.43		27.79%		$	2,388		1.17	%		(0.64%	)		(f)			109.73	%

Class III Shares
Six Months ended June 30, 2008 (Unaudited)	$	32.56		(0.05	)		(4.16	)		(4.21	)	$	28.35		(12.93%	)	$	1,137		0.88	%		(0.31%	)		0.88	%		56.83	%
Year ended December 31, 2007	$	29.88		(0.13	)		2.81			2.68		$	32.56		8.97%		$	1,504		1.00	%		(0.43%	)		1.00	%		80.29	%
Year ended December 31, 2006	$	27.18		–	(e)		2.70			2.70		$	29.88		9.93%		$	1,325		0.99	%		(0.01%	)		(f)			65.88	%
Year ended December 31, 2005	$	24.77		(0.11	)		2.52			2.41		$	27.18		9.73%		$	1,392		1.01	%		(0.48%	)		(f)			56.01	%
Year ended December 31, 2004	$	21.48		(0.10	)		3.39			3.29		$	24.77		15.32%		$	1,190		0.98	%		(0.50%	)		(f)			90.14	%
Year ended December 31, 2003	$	16.53		(0.03	)		4.98			4.95		$	21.48		29.95%		$	628		0.98	%		(0.48%	)		(f)			109.73	%

Class IV Shares
Six Months ended June 30, 2008 (Unaudited)	$	32.58		(0.05	)		(4.17	)		(4.22	)	$	28.36		(12.95%	)	$	73,972		0.91	%		(0.33%	)		1.00	%		56.83	%
Year ended December 31, 2007	$	29.88		(0.13	)		2.83			2.70		$	32.58		9.04%		$	90,106		0.95	%		(0.37%	)		0.96	%		80.29	%
Year ended December 31, 2006	$	27.18		0.01			2.69			2.70		$	29.88		9.93%		$	92,707		0.95	%		0.03%			0.98	%		65.88	%
Year ended December 31, 2005	$	24.75		(0.11	)		2.54			2.43		$	27.18		9.82%		$	95,257		0.95	%		(0.42%	)		1.01	%		56.01	%
Year ended December 31, 2004	$	21.46		(0.11	)		3.40			3.29		$	24.75		15.33%		$	95,854		0.95	%		(0.48%	)		0.98	%		90.14	%
Year ended December 31, 2003 (h)	$	15.46		(0.10	)		6.10			6.00		$	21.46		38.81%		$	89,413		0.95	%		(0.51%	)		1.02	%		109.73	%


(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 amount is less than $0.005 per share.
(f)	There were no fee reductions during the period.
(g)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(h)	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.

See accompanying notes to financial statements.

2008 Semiannual Report 13

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, 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 Mid Cap Growth Fund (the “Fund”) (formerly “Nationwide NVIT Mid Cap Growth Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

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 combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining “Fair Value.” For example, fair value determinations may take into account 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

14 Semiannual Report 2008

involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.


	•	Level 1 – quoted prices in active markets for identical assets.

	•	Level 2 – other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.).

	•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 – Other		Level 3 –
Level 1 – Quoted		Significant		Significant
Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	386,691,194	$	45,968,175	$	–	$	432,659,369


(b)	Repurchase Agreements

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty.


(c)	Foreign Currency Transactions


(d)	Futures Contracts

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


(e)	Short Sales

16 Semiannual Report 2008

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.


(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 and 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 (i.e., the “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

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

As of June 30, 2008, the Fund had securities with the following value on loan:


Value of Loaned Securities		Value of Collateral

$	3,569,435	$	3,693,538

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(i)	Distributions to Shareholders

The Fund’s distributions 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. Distributions are recorded on the ex-dividend date.

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. To the extent these changes are (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns), such amounts 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(j)	Federal Income Taxes


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

18 Semiannual Report 2008

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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. NorthPointe Capital, LLC (“NorthPointe”) is the subadviser to the Fund. The subadviser manages the Fund’s investments and has responsibility for making all investment decisions for the Fund.


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 $956,514 for the six months ended June 30, 2008.

NFA and the Fund entered into a written contract (“Expense Limitation Agreement”) limiting operating expenses (excluding any taxes, interest, brokerage commissions, short-sale dividend expenses, other expenses which are capitalized in accordance with GAAP and 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, 2009.

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 in a given quarter is approved by the Board of Trustees on an advance 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, 2008, the cumulative potential reimbursements for the Class IV shares of the Fund would be:


Amount		Amount		Amount		Six Months
Fiscal Year		Fiscal Year		Fiscal Year		Ended
2005		2006		2007		June 30, 2008

$	54,418	$	27,983	$	3,955	$	38,248

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) ( a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

proportionately among all funds within the Trust in proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, an affiliate of NFA, 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 inquiries 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, 2008, NFS received $328,967 in Administrative Services fees from the Fund.

4. Short-Term Trading Fees

20 Semiannual Report 2008

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, 2008, Class III shares had no contributions to capital due to collection of redemption fees.

For the year ended December 31, 2007, Class III shares had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $235,517,928 and sales of $246,218,128.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the six months ended June 30, 2008.

7. Portfolio Investment Risks

8. Indemnifications

2008 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with the Trust’s vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. New Accounting Pronouncements

10. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	425,451,739	$	35,871,183	$	(28,663,553)	$	7,207,630

22 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

24 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 25

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

26 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 27

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

28 Semiannual Report 2008

The Trustees found that, although the Fund’s performance had been disappointing, the current market had not been good for the portfolio manager’s investment style, and the portfolio manager had a good longer-term performance record. The Trustees considered the steps taken by the Adviser to monitor the performance of the subadviser, and found that more recent performance had shown improvement. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Adviser and subadviser to improve performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

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. The Trustees found that the Fund’s total expenses compared with peer group funds was high, as a result of the higher Rule 12b-1 and administrative services fees for the Fund, but the advisory fee was low. Based on its review, the Board concluded that the Fund’s total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

Van Kampen NVIT Comstock Value Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

8			Statement of Assets and Liabilities

9			Statement of Operations

10			Statement of Changes in Net Assets

12			Financial Highlights

13			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-CVAL (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	Van Kampen NVIT Comstock Value Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
Van Kampen NVIT			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Comstock Value Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class I	Actual			1,000.00		834.10		4.15		0.91
	Hypothetical	^b		1,000.00		1,020.34		4.57		0.91


Class II	Actual			1,000.00		833.00		5.65		1.24
	Hypothetical	^b		1,000.00		1,018.70		6.22		1.24


Class IV	Actual			1,000.00		834.30		3.97		0.87
	Hypothetical	^b		1,000.00		1,020.54		4.37		0.87


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	Van Kampen NVIT Comstock Value Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			94.8%
Repurchase Agreements			5.0%
Other Investments*			0.4%
Liabilities in excess of other assets**			-0.2%

			100.0%


Top Industries

Media			12.0%
Pharmaceuticals			10.8%
Insurance			8.8%
Food Products			7.3%
Diversified Financial Services			6.4%
Diversified Telecommunication Services			5.7%
Food & Staples Retailing			5.3%
Commercial Banks			5.0%
Paper & Forest Products			4.1%
Computers & Peripherals			3.7%
Other			30.9%

			100.0%


Top Holdings***

Wal-Mart Stores, Inc.			4.2%
International Paper Co.			4.1%
Comcast Corp., Class A			3.7%
Verizon Communications, Inc.			3.6%
Chubb Corp.			3.2%
Viacom, Inc., Class B			3.1%
Time Warner, Inc.			3.1%
Bank of America Corp.			2.6%
Kraft Foods, Inc., Class A			2.5%
Bristol-Myers Squibb Co.			2.5%
Other			67.4%

			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.

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

Van Kampen NVIT Comstock Value Fund


Common Stocks (94.8%)
	Shares or
	Principal Amount		Value


Airline (0.9%)
Southwest Airlines Co.		226,900	$	2,958,776



Beverages (1.9%)
Coca-Cola Co. (The)		78,400		4,075,232
Dr. Pepper Snapple Group, Inc.*		105,260		2,208,355

				6,283,587



Capital Markets (3.0%)
Bank of New York Mellon Corp. (The)		184,021		6,961,514
Merrill Lynch & Co., Inc.		91,900		2,914,149

				9,875,663



Chemicals (2.7%)
E.I. Du Pont de Nemours & Co.		131,495		5,639,821
Rohm & Haas Co.		69,900		3,246,156

				8,885,977



Commercial Banks (5.0%)
Barclays PLC ADR — GB (a)		15,000		347,250
PNC Financial Services Group, Inc.		67,800		3,871,380
U.S. Bancorp		93,400		2,604,926
Wachovia Corp.		340,605		5,289,596
Wells Fargo & Co.		193,800		4,602,750

				16,715,902



Communications Equipment (0.7%)
Alcatel-Lucent ADR — FR*		228,400		1,379,536
Telefonaktiebolaget LM Ericsson ADR — SE (a)		84,400		877,760

				2,257,296



Computers & Peripherals (3.7%)
Dell, Inc.*		169,100		3,699,908
Hewlett-Packard Co.		63,700		2,816,177
International Business Machines Corp.		48,000		5,689,440

				12,205,525



Diversified Financial Services (6.4%)
Bank of America Corp.		367,634		8,775,424
Citigroup, Inc.		405,000		6,787,800
JPMorgan Chase & Co.		168,200		5,770,942

				21,334,166



Diversified Telecommunication Services (5.7%)
AT&T, Inc.		202,100		6,808,749
Verizon Communications, Inc.		341,610		12,092,994

				18,901,743



Food & Staples Retailing (5.3%)
CVS Caremark Corp.		94,800		3,751,236
Wal-Mart Stores, Inc.		245,900		13,819,580

				17,570,816



Food Products (7.3%)
Cadbury PLC ADR — GB		160,280		8,065,289
Kraft Foods, Inc., Class A		289,011		8,222,363
Sara Lee Corp.		106,100		1,299,725
Unilever NV		244,200		6,935,280

				24,522,657



Health Care Equipment & Supplies (0.9%)
Boston Scientific Corp.*		241,900		2,972,951



Health Care Providers & Services (2.5%)
Cardinal Health, Inc.		114,300		5,895,594
UnitedHealth Group, Inc.		43,100		1,131,375
WellPoint, Inc.*		27,300		1,301,118

				8,328,087



Household Products (2.2%)
Kimberly-Clark Corp.		72,000		4,304,160
Procter & Gamble Co. (The)		48,100		2,924,961

				7,229,121



Industrial Conglomerate (0.9%)
General Electric Co.		119,900		3,200,131



Information Technology Services (1.0%)
Computer Sciences Corp.*		35,400		1,658,136
Western Union Co. (The)		73,000		1,804,560

				3,462,696



Insurance (8.8%)
Aflac, Inc.		20,300		1,274,840
American International Group, Inc.		81,900		2,167,074
Berkshire Hathaway, Inc., Class B*		570		2,286,840
Chubb Corp.		217,980		10,683,200
Genworth Financial, Inc., Class A		67,600		1,203,956
Hartford Financial Services Group, Inc.		58,000		3,745,060
MetLife, Inc.		67,700		3,572,529
Torchmark Corp.		27,200		1,595,280
Travelers Cos., Inc. (The)		65,900		2,860,060

				29,388,839



Internet & Catalog Retail (1.1%)
Liberty Media Corp. — Interactive, Series A*		240,574		3,550,872

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Van Kampen NVIT Comstock Value Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Internet Software & Services (0.8%)
eBay, Inc.*		96,500	$	2,637,345



Media (12.0%)
Comcast Corp., Class A		644,500		12,226,165
Liberty Media Corp. — Entertainment, Series A*		147,356		3,570,436
News Corp., Class B		230,000		3,530,500
Time Warner, Inc.		703,000		10,404,400
Viacom, Inc., Class B*		342,100		10,447,734

				40,179,235



Metals & Mining (0.4%)
Alcoa, Inc.		36,400		1,296,568



Multiline Retail (1.2%)
J.C. Penney Co., Inc.		55,800		2,024,982
Macy’s, Inc.		102,500		1,990,550

				4,015,532



Paper & Forest Products (4.1%)
International Paper Co.		588,336		13,708,229



Pharmaceuticals (10.8%)
Abbott Laboratories		79,400		4,205,818
Bristol-Myers Squibb Co.		397,200		8,154,516
Eli Lilly & Co.		78,900		3,642,024
GlaxoSmithKline PLC ADR — GB		40,400		1,786,488
Pfizer, Inc.		233,700		4,082,739
Roche Holding AG ADR — CH (a)		13,000		1,174,160
Schering-Plough Corp.		340,700		6,708,383
Wyeth		134,400		6,445,824

				36,199,952



Semiconductors & Semiconductor Equipment (1.1%)
Intel Corp.		92,800		1,993,344
KLA-Tencor Corp.		41,100		1,673,181

				3,666,525



Software (0.5%)
Microsoft Corp.		64,000		1,760,640



Specialty Retail (1.3%)
Home Depot, Inc.		78,900		1,847,838
Lowe’s Cos., Inc.		114,200		2,369,650

				4,217,488



Thrifts & Mortgage Finance (0.7%)
Federal National Mortgage Association		29,950		584,324
Freddie Mac		102,080		1,674,112

				2,258,436



Tobacco (1.9%)
Altria Group, Inc.		97,550		2,005,628
Philip Morris International, Inc.		90,150		4,452,508

				6,458,136


Total Common Stocks				316,042,891


Rights (0.0%)


Commercial Banks (0.0%)
Barclays PLC ADR — GB		3,214		0


Total Rights				0


Repurchase Agreements (5.0%)

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $7,019,655, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $7,159,579	$	7,019,195		7,019,195
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $9,477,965, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $9,666,891		9,477,344		9,477,344


Total Repurchase Agreements				16,496,539

6 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	Van Kampen NVIT
	Comstock Value Fund

Assets:
Investments, at value (cost $395,683,517)*	$	316,042,891
Repurchase agreements, at cost and value†		17,790,364

Total Investments		333,833,255

Interest and dividends receivable		489,980
Receivable for capital shares issued		204,861
Receivable for investments sold		1,137,043
Prepaid expenses and other assets		37,525

Total Assets		335,702,664

Liabilities:
Payable for investments purchased		568,311
Payable upon return of securities loaned (Note 2)		1,293,825
Payable for capital shares redeemed		206,793
Accrued expenses and other payables:
Investment advisory fees		192,418
Fund administration and transfer agent fees		15,987
Distribution fees		49,925
Administrative services fees		16,187
Custodian fees		11,606
Trustee fees		4,505
Compliance program costs (Note 3)		631
Other		9,495

Total Liabilities		2,369,683

Net Assets	$	333,332,981

Represented by:
Capital	$	404,417,637
Accumulated net investment income		153,760
Accumulated net realized gains from investment transactions		8,402,210
Net unrealized appreciation/(depreciation) from investments		(79,640,626	)

Net Assets	$	333,332,981

Net Assets:
Class I Shares	$	66,869,100
Class II Shares		227,906,707
Class IV Shares		38,557,174

Total	$	333,332,981

Shares outstanding (unlimited number of shares authorized):
Class I Shares		7,040,911
Class II Shares		24,100,932
Class IV Shares		4,059,810

Total		35,201,653

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	9.50
Class II Shares	$	9.46
Class IV Shares	$	9.50


*		Includes value of securities on loan of $1,270,170.

†		Includes value of repurchase agreements purchased with cash collateral received from securities on loan of $1,293,825.

See accompanying notes to financial statements.

8 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	Van Kampen NVIT
	Comstock Value Fund

INVESTMENT INCOME:
Interest income	$	170,703
Dividend income		5,146,763
Income from securities lending (Note 2)		13,124

Total Income		5,330,590

Expenses:
Investment advisory fees		1,212,405
Fund administration and transfer agent fees		92,773
Distribution fees Class II Shares		309,757
Administrative services fees Class I Shares		65,642
Administrative services fees Class II Shares		303,609
Administrative services fees Class IV Shares		26,666
Custodian fees		20,081
Trustee fees		9,494
Compliance program costs (Note 3)		25
Other		45,392

Total expenses before earnings credit		2,085,844
Earnings credit (Note 6)		(567	)

Net Expenses		2,085,277

Net Investment Income		3,245,313

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		6,039,245
Net change in unrealized appreciation/(depreciation) from investments		(77,151,389	)

Net realized/unrealized losses from investments		(71,112,144	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(67,866,831	)

See accompanying notes to financial statements.

2008 Semiannual Report 9

Statements of Changes in Net Assets


	Van Kampen NVIT Comstock Value Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	3,245,313		$	6,831,775
Net realized gains from investment transactions		6,039,245			24,600,386
Net change in unrealized appreciation/(depreciation) from investments		(77,151,389	)		(44,278,618	)

Change in net assets resulting from operations		(67,866,831	)		(12,846,457	)


Distributions to Shareholders From:
Net investment income:
Class I		(714,896	)		(1,832,766	)
Class II		(1,966,184	)		(4,072,513	)
Class IV		(410,473	)		(973,240	)
Net realized gains:
Class I		—			(4,391,139	)
Class II		—			(14,712,632	)
Class IV		—			(2,268,434	)

Change in net assets from shareholder distributions		(3,091,553	)		(28,250,724	)

Change in net assets from capital transactions		(54,861,870	)		125,466,646

Change in net assets		(125,820,254	)		84,369,465

Net Assets:
Beginning of period		459,153,235			374,783,770

End of period	$	333,332,981		$	459,153,235

Accumulated net investment income at end of period	$	153,760		$	—


CAPITAL TRANSACTIONS:

Class I Shares
Proceeds from shares issued	$	3,664,939		$	11,159,504
Dividends reinvested		714,889			6,223,885
Cost of shares redeemed		(15,868,215	)		(28,413,813	)

		(11,488,387	)		(11,030,424	)

Class II Shares
Proceeds from shares issued		21,455,992			160,407,044
Dividends reinvested		1,966,161			18,785,105
Cost of shares redeemed		(64,608,105	)		(37,242,024	)

		(41,185,952	)		141,950,125

Class IV Shares
Proceeds from shares issued		958,623			3,305,118
Dividends reinvested		410,469			3,241,668
Cost of shares redeemed		(3,556,623	)		(11,999,841	)

		(2,187,531	)		(5,453,055	)

Change in net assets from capital transactions	$	(54,861,870	)	$	125,466,646

See accompanying notes to financial statements.

10 Semiannual Report 2008

Van Kampen NVIT Comstock Value Fund


			Investment Activities								Distributions														Ratios / Supplemental Data

					Net Realized																												Ratio of
					and																									Ratio of Net			Expenses
	Net Asset				Unrealized			Total																	Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net			Net						Net Asset					at End of		Expenses to			Income to			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total			Value, End		Total			Period		Average Net			Average Net			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Gains			Distributions			of Period		Return (a)			(000s)		Assets (b)			Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2008 (Unaudited)	$	11.50		0.11		(2.01	)		(1.90	)		(0.10	)		–			(0.10	)	$	9.50		(16.59	%)	$	66,869		0.91	%		1.95	%		0.91	%		13.75	%
Year Ended December 31, 2007	$	12.54		0.23		(0.49	)		(0.26	)		(0.22	)		(0.56	)		(0.78	)	$	11.50		(2.22	%)	$	93,367		0.87	%		1.78	%		0.87	%		29.74	%
Year Ended December 31, 2006	$	11.53		0.23		1.55			1.78			(0.21	)		(0.56	)		(0.77	)	$	12.54		15.91	%	$	112,029		0.93	%		1.84	%		(e)			25.62	%
Year Ended December 31, 2005	$	11.53		0.20		0.29			0.49			(0.19	)		(0.30	)		(0.49	)	$	11.53		4.25	%	$	103,565		0.94	%		1.65	%		(e)			33.13	%
Year Ended December 31, 2004	$	9.94		0.14		1.59			1.73			(0.14	)		–			(0.14	)	$	11.53		17.50	%	$	112,202		0.94	%		1.41	%		(e)			31.95	%
Year Ended December 31, 2003	$	7.66		0.11		2.28			2.39			(0.11	)		–			(0.11	)	$	9.94		31.43	%	$	62,517		0.99	%		1.37	%		(e)			71.31	%

Class II Shares
Six Months Ended June 30, 2008 (Unaudited)	$	11.45		0.08		(1.99	)		(1.91	)		(0.08	)		–			(0.08	)	$	9.46		(16.70	%)	$	227,907		1.24	%		1.64	%		1.24	%		13.75	%
Year Ended December 31, 2007	$	12.50		0.17		(0.48	)		(0.31	)		(0.18	)		(0.56	)		(0.74	)	$	11.45		(2.61	%)	$	316,794		1.21	%		1.42	%		1.21	%		29.74	%
Year Ended December 31, 2006	$	11.50		0.16		1.58			1.74			(0.18	)		(0.56	)		(0.74	)	$	12.50		15.56	%	$	204,233		1.26	%		1.45	%		(e)			25.62	%
Year Ended December 31, 2005	$	11.50		0.14		0.31			0.45			(0.15	)		(0.30	)		(0.45	)	$	11.50		3.95	%	$	60,617		1.28	%		1.31	%		1.31	%		33.13	%
Year Ended December 31, 2004	$	9.93		0.11		1.58			1.69			(0.12	)		–			(0.12	)	$	11.50		17.08	%	$	34,312		1.20	%		1.20	%		1.28	%		31.95	%
Period Ended December 31, 2003 (f)	$	7.47		0.08		2.47			2.55			(0.09	)		–			(0.09	)	$	9.93		34.20	%	$	6,092		1.20	%		1.27	%		1.31	%		71.31	%

Class IV Shares
Six Months Ended June 30, 2008 (Unaudited)	$	11.50		0.11		(2.01	)		(1.90	)		(0.10	)		–			(0.10	)	$	9.50		(16.57	%)	$	38,557		0.87	%		1.99	%		0.87	%		13.75	%
Year Ended December 31, 2007	$	12.54		0.23		(0.49	)		(0.26	)		(0.22	)		(0.56	)		(0.78	)	$	11.50		(2.19	%)	$	48,992		0.83	%		1.81	%		0.83	%		29.74	%
Year Ended December 31, 2006	$	11.53		0.23		1.55			1.78			(0.21	)		(0.56	)		(0.77	)	$	12.54		15.94	%	$	58,521		0.90	%		1.86	%		(e)			25.62	%
Year Ended December 31, 2005	$	11.52		0.19		0.31			0.50			(0.19	)		(0.30	)		(0.49	)	$	11.53		4.36	%	$	55,297		0.93	%		1.67	%		(e)			33.13	%
Year Ended December 31, 2004	$	9.94		0.15		1.57			1.72			(0.14	)		–			(0.14	)	$	11.52		17.42	%	$	55,683		0.91	%		1.42	%		(e)			31.95	%
Period Ended December 31, 2003 (g)	$	7.76		0.09		2.18			2.27			(0.09	)		–			(0.09	)	$	9.94		29.38	%	$	48,070		0.94	%		1.50	%		(e)			71.31	%


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

See accompanying notes to financial statements.

12 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Van Kampen NVIT Comstock Value Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.


	•	Level 1 – quoted prices in active markets for identical assets.

	•	Level 2 – other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.).

	•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 – Other		Level 3 –
Level 1 – Quoted		Significant		Significant
Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	314,868,731	$	18,964,524	$	–	$	333,833,255


(b)	Repurchase Agreements

14 Semiannual Report 2008


(c)	Futures Contracts

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


(d)	Written Options Contracts

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(e)	Security Transactions and Investment Income


(f)	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 the 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, 2008, the Fund had securities with the following value on loan:


Value of Loaned Securities		Value of Collateral

$	1,270,170	$	1,293,825


(g)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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

16 Semiannual Report 2008

capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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 (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 and the following schedule for the six months ended June 30, 2008:


Fee Schedule	Total Fees

Up to $50 million		0.80%


$50 million up to $250 million		0.65%


$250 million up to $500 million		0.60%


$500 million or more		0.55%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $538,320 for the six months ended June 30, 2008.

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

Prior to May 1, 2006, NFA and the Fund had entered into a written contract (“Expense Limitation Agreement”) that limited operating expenses (excluding certain Fund expenses including, but not limited to taxes, interest, brokerage commissions, short-sale dividend expenses) from exceeding 0.95% for the Fund’s Class IV shares. 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, 2008, the cumulative potential reimbursements for the Class IV shares of the Fund would be:

Amount

Six Months

Fiscal Year

Ended

2005

2006

2007

June 30, 2008

10,247

–

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned security of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

18 Semiannual Report 2008

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 inquiries 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, 2008, NFS received $413,693 in Administrative Services fees from the Fund.

For the six months ended June 30, 2008, the Adviser or affiliates of the Adviser directly held 3% of the shares outstanding of the Fund.

4. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $50,107,499 and sales of $93,770,858.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JP Morgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the six months ended June 30, 2008.

6. Portfolio Investment Risks

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

7. Indemnifications

8. New Accounting Pronouncements

9. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	416,772,551	$	4,498,512	$	(87,437,808)	$	(82,939,296)

20 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

22 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

24 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 25

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

26 Semiannual Report 2008

The Trustees found that, although the Fund’s relative performance had been disappointing, the contrarian investment style employed by the Fund’s subadviser makes comparison to the peer group and benchmark difficult. The Board found that the Fund may be valuable for an investor’s portfolio diversification, and the Adviser had recommended that the subadviser be retained. The Board intends to meet with the portfolio manager at a future meeting of the Board, and closely monitor the performance of the Fund. 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 Trustees found that the Fund’s actual advisory fee compared with peer group funds was at the median, but total expenses for the Fund were low. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

2008 Semiannual Report 27

Federated NVIT High Income Bond Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

13			Statement of Assets and Liabilities

14			Statement of Operations

15			Statement of Changes in Net Assets

16			Financial Highlights

17			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-FHI (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	Federated NVIT High Income Bond 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. These 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 Securities and Exchange Commission (”SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
(June 30, 2008)


			Beginning		Ending		Expenses Paid		Expense Ratio
Federated NVIT High			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Income Bond Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class I	Actual			1,000.00		979.80		4.48		0.91
	Hypothetical	^b		1,000.00		1,020.34		4.57		0.91


Class III	Actual			1,000.00		979.10		4.92		1.00
	Hypothetical	^b		1,000.00		1,019.89		5.02		1.00


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

Federated NVIT High Income Bond Fund


Corporate Bonds (97.7%)
	Principal
	Amount		Value


Aerospace & Defense (3.1%)
Alliant Techsystems, Inc.,
6.75%, 04/01/16	$	800,000	$	780,000
DRS Technologies, Inc.,
6.63%, 02/01/16		400,000		408,000
Hawker Beechcraft Acquisition Co. LLC,
9.75%, 04/01/17		350,000		351,750
L-3 Communications Corp.
6.13%, 01/15/14		1,350,000		1,272,375
6.38%, 10/15/15		375,000		352,500
Sequa Corp., 11.75%, 12/01/15 (a)		900,000		805,500
Sequa Corp., PIK, 13.50%, 12/01/15 (a)		375,000		346,875
TransDigm, Inc., 7.75%, 07/15/14		875,000		868,438
US Investigations Services, Inc. (a)
10.50%, 11/01/15		600,000		555,000
11.75%, 05/01/16		425,000		367,625

				6,108,063



Automotive (4.0%)
Cooper-Standard Automotive, Inc.,
8.38%, 12/15/14		700,000		518,000
Ford Motor Co.,
7.45%, 07/16/31		900,000		528,750
Ford Motor Credit Co. LLC
9.88%, 08/10/11		750,000		632,321
7.25%, 10/25/11		1,100,000		853,040
5.46%, 01/13/12(b)		1,350,000		960,279
8.00%, 12/15/16		1,100,000		800,539
General Motors Corp.
7.40%, 09/01/25		2,925,000		1,521,000
8.38%, 07/15/33		825,000		492,938
Tenneco, Inc., 8.63%, 11/15/14		450,000		399,375
United Components, Inc., 9.38%, 06/15/13		1,175,000		1,104,500

				7,810,742



Beverages (0.2%)
Constellation Brands, Inc.,
7.25%, 09/01/16		375,000		354,375



Building Materials (0.9%)
Norcraft Holdings LP
0.00%, 09/01/12 (c)		500,000		468,125
Nortek, Inc.,
8.50%, 09/01/14		425,000		274,125
NTK Holdings, Inc.
0.00%, 03/01/14 (c)		300,000		138,000
Panolam Industries International, Inc.,
10.75%, 10/01/13		625,000		496,875
Ply Gem Industries, Inc.,
11.75%, 06/15/13 (a)		375,000		345,938

				1,723,063



Chemicals (3.2%)
Airgas, Inc.,
7.13%, 10/01/18 (a)(d)		250,000		252,500
Chemtura Corp.,
6.88%, 06/01/16		1,050,000		913,500
Hexion U.S. Finance Corp.,
9.75%, 11/15/14		1,075,000		978,250
Koppers, Inc.,
9.88%, 10/15/13		715,000		754,325
LyondellBassell Industries AF SCA,
8.38%, 08/15/15 (a)(d)		525,000		336,000
Mosaic Co. (The),
7.88%, 12/01/16 (a)(d)		525,000		561,750
Nalco Co.,
8.88%, 11/15/13		500,000		515,000
Nalco Finance Holdings, Inc.
0.00%, 02/01/14 (c)		481,000		444,925
Terra Capital, Inc.,
7.00%, 02/01/17		975,000		960,375
Union Carbide Corp.
7.88%, 04/01/23		225,000		225,152
7.50%, 06/01/25		350,000		343,244

				6,285,021



Commercial Services & Supplies (2.0%)
Jostens Holding Corp.
0.00%, 12/01/13 (c)		1,000,000		975,000
Visant Corp.,
7.63%, 10/01/12		1,350,000		1,333,125
Visant Holding Corp.,
8.75%, 12/01/13		1,575,000		1,551,375

				3,859,500



Construction Machinery (0.4%)
RSC Equipment Rental, Inc.,
9.50%, 12/01/14		925,000		777,000



Consumer Goods (2.1%)
AAC Group Holding Corp.
0.00%, 10/01/12 (c)		1,025,000		984,000
American Achievement Corp.,
8.25%, 04/01/12		600,000		591,000
American Achievement Group Holding Corp., PIK,
14.75%, 10/01/12		414,779		383,670

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Federated NVIT High Income Bond Fund (Continued)


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value


Consumer Goods (continued)

American Greetings Corp.,
7.38%, 06/01/16	$	725,000	$	710,500
Jarden Corp.,
7.50%, 05/01/17		1,150,000		1,006,250
True Temper Sports, Inc.,
8.38%, 09/15/11		750,000		491,250

				4,166,670



Containers & Packaging (0.2%)
Owens Brockway Glass Container, Inc.,
8.25%, 05/15/13		475,000		489,250



Electric Utility (0.5%)
NRG Energy, Inc.,
7.38%, 02/01/16		975,000		920,156



Electronic Equipment & Instruments (0.1%)
L-3 Communications Corp.,
5.88%, 01/15/15		300,000		278,250



Energy (4.2%)
Basic Energy Services, Inc.,
7.13%, 04/15/16		950,000		928,625
Chesapeake Energy Corp.
7.50%, 09/15/13		375,000		376,875
6.88%, 01/15/16		1,650,000		1,600,500
Cie Generale de Geophysique-Veritas,
7.75%, 05/15/17		400,000		402,500
Complete Production Services, Inc.,
8.00%, 12/15/16		500,000		501,875
Forest Oil Corp.,
7.25%, 06/15/19 (a)(d)		225,000		217,125
Petroplus Finance LTD (a)(d)
6.75%, 05/01/14		350,000		318,500
7.00%, 05/01/17		500,000		443,750
Pioneer Natural Resources Co., 6.88%, 05/01/18		850,000		802,060
Plains Exploration & Production Co.
7.75%, 06/15/15		750,000		759,375
7.00%, 03/15/17		375,000		361,875
7.63%, 06/01/18		250,000		251,250
Range Resources Corp.
6.38%, 03/15/15		250,000		240,000
7.50%, 05/15/16		550,000		550,687
7.25%, 05/01/18		125,000		124,688
SandRidge Energy, Inc.,
8.00%, 06/01/18		275,000		277,750
Southwestern Energy Co.,
7.50%, 02/01/18 (a)(d)		175,000		180,934

				8,338,369



Entertainment (0.9%)
Cinemark, Inc.
0.00%, 03/15/14(c)		1,075,000		1,026,625
HRP Myrtle Beach Operations LLC,
7.38%, 04/01/12(a)(d)(b)		675,000		583,875
Universal City Florida Holding Co. I/II,
7.62%, 05/01/10 (b)		250,000		242,500

				1,853,000



Environmental (0.7%)
Allied Waste North America, Inc.,
7.25%, 03/15/15		900,000		902,250
Browning-Ferris Industries, Inc.,
9.25%, 05/01/21		475,000		515,375

				1,417,625



Financial Institutions (3.3%)
General Motors Acceptance Corp. LLC
6.88%, 09/15/11		3,225,000		2,318,914
7.00%, 02/01/12		550,000		382,583
8.00%, 11/01/31		1,125,000		733,348
Icahn Enterprises LP,
7.13%, 02/15/13		800,000		730,000
iPayment, Inc.,
9.75%, 05/15/14		950,000		807,500
Lender Processing Services, Inc.,
8.13%, 07/01/16		300,000		301,875
Nuveen Investments, Inc.,
10.50%, 11/15/15(a)(d)		1,400,000		1,298,500

				6,572,720



Food & Beverage (5.6%)
ARAMARK Corp.
6.37%, 02/01/15(b)		750,000		705,000
8.50%, 02/01/15		550,000		541,750
ASG Consolidated LLC
0.00%, 11/01/11(c)		1,675,000		1,557,750
B&G Foods Corp.,
8.00%, 10/01/11		1,100,000		1,086,250
Constellation Brands, Inc.
8.38%, 12/15/14		225,000		228,938
7.25%, 05/15/17		575,000		540,500

6 Semiannual Report 2008


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value


Food & Beverage (continued)

Dean Foods Co., 7.00%, 06/01/16	$	1,175,000	$	1,025,187
Eurofresh, Inc.,
11.50%, 01/15/13 (a)(d)		775,000		527,000
Michael Foods, Inc.,
8.00%, 11/15/13		875,000		866,250
Pierre Foods, Inc.,
9.88%, 07/15/12		775,000		89,125
Pilgrim’s Pride Corp.,
8.38%, 05/01/17		1,150,000		851,000
Pinnacle Foods Finance LLC
9.25%, 04/01/15		650,000		575,250
10.63%, 04/01/17		650,000		523,250
Reddy Ice Holdings, Inc.
0.00%, 11/01/12 (c)		1,300,000		1,101,750
Smithfield Foods, Inc.
7.75%, 05/15/13		200,000		177,500
7.75%, 07/01/17		900,000		751,500

				11,148,000



Food & Staples Retailing (0.0%) (e)(f)(g)(i)
Jitney-Jungle Stores of America, Inc.
0.00%, 09/15/10		100,000		0



Gaming (4.4%)
Fontainebleu Las Vegas Holdings LLC/Fontainebleu Las Vegas,
10.25%, 06/15/15(a)(d)		975,000		638,625
Global Cash Access LLC,
8.75%, 03/15/12		678,000		669,525
Great Canadian Gaming Corp.,
7.25%, 02/15/15(a)(d)		900,000		877,500
Herbst Gaming, Inc.,
7.00%, 11/15/14(d)(e)(f)		850,000		136,000
Indianapolis Downs LLC & Capital Corp.,
11.00%, 11/01/12 (a)		1,250,000		1,143,750
Indianapolis Downs LLC & Capital Corp., PIK,
15.50%, 11/01/13 (a)		188,637		180,148
Jacobs Entertainment, Inc.,
9.75%, 06/15/14		925,000		698,375
MGM Mirage,
8.38%, 02/01/11		700,000		679,000
Penn National Gaming, Inc.,
6.75%, 03/01/15		925,000		901,875
San Pasqual Casino Development Group, Inc.,
8.00%, 09/15/13 (a)(d)		800,000		732,000
Shingle Springs Tribal Gaming Authority,
9.38%, 06/15/15 (a)(d)		675,000		551,813
Tunica-Biloxi Gaming Authority,
9.00%, 11/15/15 (a)(d)		425,000		414,375
Wynn Las Vegas Captial Corp.,
6.63%, 12/01/14		1,275,000		1,173,000

				8,795,986



Healthcare (8.9%)
Accellent, Inc.,
10.50%, 12/01/13		1,050,000		966,000
AMR HoldCo., Inc./Emare HoldCo., Inc.,
10.00%, 02/15/15		825,000		878,625
Bausch & Lomb, Inc.,
9.88%, 11/01/15 (a)(d)		425,000		428,188
Biomet, Inc.,
10.38%, 10/15/17 (a)(d)		75,000		79,875
Biomet, Inc.,
11.63%, 10/15/17 (a)(d)		1,125,000		1,198,125
CRC Health Corp.,
10.75%, 02/01/16		875,000		721,875
HCA, Inc.,
7.50%, 11/06/33		900,000		697,500
HCA, Inc.,
9.25%, 11/15/16		1,650,000		1,703,625
HCA, Inc., PIK,
9.63%, 11/15/16		1,650,000		1,703,625
National Mentor Holdings, Inc.,
11.25%, 07/01/14		1,125,000		1,161,562
Omnicare, Inc.,
6.88%, 12/15/15		1,125,000		1,046,250
Rad Laboratories, Inc.,
6.13%, 12/15/14		525,000		498,750
United Surgical Partners International, Inc.,
9.25%, 05/01/17		1,075,000		994,375
Universal Hospital Services, Inc., PIK, 8.50%, 06/01/15		500,000		502,500
Vanguard Health Holding Co. II LLC, 9.00%, 10/01/14		1,150,000		1,144,250
Ventas Realty LP
9.00%, 05/01/12		200,000		210,500
6.63%, 10/15/14		925,000		892,625
7.13%, 06/01/15		325,000		318,906
6.75%, 04/01/17		500,000		482,500
Viant Holdings, Inc.,
10.13%, 07/15/17 (a)(d)	$	1,160,000	$	991,800
VWR Funding, Inc., PIK,
10.25%, 07/15/15		1,100,000		1,020,250

				17,641,706

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Federated NVIT High Income Bond Fund (Continued)


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value


Hotels, Restaurants & Leisure (1.4%)
Host Hotels & Resorts LP,
7.13%, 11/01/13	$	450,000	$	420,750
MGM Mirage
5.88%, 02/27/14		1,050,000		855,750
7.50%, 06/01/16		1,875,000		1,551,563

				2,828,063



Household Durables (0.3%)
Sealy Mattress Co.,
8.25%, 06/15/14		750,000		618,750



Industrial — Other (5.7%)
ALH Finance LLC/ALH Finance Corp.,
8.50%, 01/15/13		1,075,000		989,000
American Tire Distributors, Inc.,
10.75%, 04/01/13		475,000		439,375
Baker & Taylor, Inc.,
11.50%, 07/01/13(a)(d)		1,000,000		900,000
Belden, Inc.,
7.00%, 03/15/17		375,000		361,875
Da-Lite Screen Co., Inc.,
9.50%, 05/15/11		525,000		506,625
Education Management LLC,
10.25%, 06/01/16		1,300,000		1,202,500
ESCO Corp.(a)(d)
6.65%, 12/15/13(b)		250,000		236,250
8.63%, 12/15/13		500,000		507,500
General Cable Corp.,
7.13%, 04/01/17		550,000		526,625
Hawk Corp.,
8.75%, 11/01/14		625,000		636,718
Interline Brands, Inc.,
8.13%, 06/15/14		800,000		776,000
Knowledge Learning Corp., Inc.,
7.75%, 02/01/15 (a)(d)		1,100,000		1,017,500
Sensus Metering Systems, Inc.,
8.63%, 12/15/13		950,000		907,250
SPX Corp.,
7.63%, 12/15/14(a)(d)		475,000		482,719
Stanadyne Corp.,
10.00%, 08/15/14		425,000		414,375
Superior Essex Communications LLC, 9.00%, 04/15/12		725,000		743,125
Valmont Industries, Inc.,
6.88%, 05/01/14		650,000		648,375

				11,295,812



Lodging (0.9%)
Host Hotels & Resorts LP
6.88%, 11/01/14		400,000		370,000
6.38%, 03/15/15		450,000		400,500
Royal Caribbean Cruises Ltd.
7.00%, 06/15/13		750,000		667,500
7.25%, 06/15/16		300,000		264,000

				1,702,000



Machinery (0.4%)
Baldor Electric Co.,
8.63%, 02/15/17		825,000		833,250
Clark Material Handling
10.75%, 11/15/2006 (f)		100,000		0

				833,250



Media (8.4%)
Affinity Group, Inc.,
9.00%, 02/15/12		425,000		376,125
Affinity Group, Inc. PIK,
10.88%, 02/15/12		869,758		769,736
Dex Media, Inc.
0.00%, 11/15/13 (c)		600,000		432,000
DirecTV Holdings LLC,
8.38%, 03/15/13		975,000		1,009,125
Echostar DBS Corp.,
6.63%, 10/01/14		1,125,000		1,043,437
Intelsat Jackdon Holdings Ltd.,
11.25%, 06/15/16		1,850,000		1,882,375
Kabel Deutschland,
10.63%, 07/01/14		900,000		924,750
Lamar Media Corp.
7.25%, 01/01/13		550,000		531,437
6.63%, 08/15/15		750,000		686,250
6.63%, 08/15/15		125,000		114,375
MediMedia USA, Inc.,
11.38%, 11/15/14 (a)(d)		1,200,000		1,206,000
Newport Television LLC, PIK,
13.00%, 03/15/17 (a)(d)		1,150,000		1,017,750
Quebecor Media, Inc.,
7.75%, 03/15/16		975,000		911,625
Rainbow National Services LLC,
10.38%, 09/01/14 (a)(d)		255,000		272,213
Reader’s Digest Association, Inc. (The),
9.00%, 02/15/17 (a)(d)		1,525,000		1,120,875
RH Donnelley Corp.
8.88%, 01/15/16		775,000		468,875
8.88%, 10/15/17 (a)(d)		1,250,000		750,000
SGS International, Inc.,
12.00%, 12/15/13		1,250,000		1,153,125

8 Semiannual Report 2008


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value


Media (continued)

Univision Television Group, Inc., PIK,
9.75%, 03/15/15 (a)(d)	$	1,100,000	$	814,000
Videotron Ltee,
6.38%, 12/15/15		325,000		303,063
WDAC Subsidiary Corp.,
8.38%, 12/01/14 (a)(d)		1,250,000		900,000

				16,687,136



Metals & Mining (1.4%)
Aleris International, Inc.,
10.00%, 12/15/16		475,000		350,313
Aleris International, Inc., PIK,
9.00%, 12/15/14		600,000		480,750
Freeport-McMoRan Copper & Gold, Inc.,
8.38%, 04/01/17		1,150,000		1,215,136
Novelis, Inc.,
7.25%, 02/15/15		712,000		676,400

				2,722,599



Oil, Gas & Consumable Fuels (0.4%)
Cie Generale de Geophysique,
7.50%, 05/15/15		100,000		100,250
Pacific Energy Partners LP,
7.13%, 06/15/14		700,000		706,494

				806,744



Other Financial (1.8%)
Dex Media West LLC,
9.88%, 08/15/13		1,216,000		1,097,440
First Data Corp.,
9.88%, 09/24/15(a)(d)		1,250,000		1,089,063
Hawker Beechcraft Acquisition Co. LLC, PIK,
8.88%, 04/01/15		400,000		404,000
Hilcorp Energy I LP,
7.75%, 11/01/15 (a)(d)		925,000		892,625

				3,483,128



Packaging (1.5%)
Ball Corp.,
6.63%, 03/15/18		800,000		782,000
Berry Plastics Holding Corp.,
8.88%, 09/15/14		1,025,000		891,750
Crown Americas LLC,
7.75%, 11/15/15		1,250,000		1,256,250
Russell-Stanley Holdings, Inc.,
9.00%, 11/30/08 (a)(d)(e)(f)		14,589		677

				2,930,677



Paper (1.4%)
Graphic Packaging International Corp.,
9.50%, 08/15/13		1,250,000		1,200,000
NewPage Corp.
10.00%, 05/01/12		225,000		228,938
12.00%, 05/01/13		1,125,000		1,141,875
Rock-Tenn Co.,
9.25%, 03/15/16 (a)(d)		125,000		133,125

				2,703,938



Restaurants (0.9%)
Dave & Buster’s, Inc.,
11.25%, 03/15/14		575,000		589,375
NPC International, Inc,
9.50%, 05/01/14		775,000		674,250
Seminole Hard Rock Entertainment, Inc.,
5.28%, 03/15/14 (a)(d)(b)		550,000		464,750

				1,728,375



Retailers (3.7%)
AutoNation, Inc.
4.71%, 04/15/13 (b)		250,000		212,500
7.00%, 04/15/14		350,000		313,250
Claire’s Stores, Inc.,
10.50%, 06/01/17		325,000		134,063
Couche-Tard Finance Corp.,
7.50%, 12/15/13		1,325,000		1,315,062
FTD, Inc.,
7.75%, 02/15/14		1,065,000		1,072,987
General Nutrition Centers, Inc., PIK,
7.20%, 03/15/14 (b)		1,075,000		913,750
NBC Acquisition Corp.,
11.00%, 03/15/13 (c)		1,000,000		830,000
Nebraska Book Co., Inc.,
8.63%, 03/15/12		1,125,000		933,750
Penske Auto Group, Inc.,
7.75%, 12/15/16		650,000		572,000
U.S. Office Products Co. (e)(f)(i)
0.00%, 06/15/08		455,359		0
Yankee Acquisition Corp.,
9.75%, 02/15/17		1,350,000		978,750

				7,276,112



Services (1.6%)
Ceridian Corp.,
11.25%, 11/15/15(a)(d)		975,000		887,250
Holdings, Inc.,
10.00%, 05/01/15		750,000		633,750
West Corp.
9.50%, 10/15/14		575,000		520,375

2008 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Federated NVIT High Income Bond Fund (Continued)


	Shares or
	Principal Amount		Value


Services (continued)

11.00%, 10/15/16	$	1,275,000	$	1,083,750

				3,125,125



Technology (5.1%)
Activant Solutions, Inc.,
9.50%, 05/01/16		1,100,000		874,500
CompuCom System, Inc.,
12.50%, 10/01/15 (a)(d)		1,050,000		971,250
Freescale Semiconductor, Inc.,
9.13%, 12/15/14		375,000		293,438
Freescale Semiconductor, Inc., PIK,
8.88%, 12/15/14		875,000		715,312
Open Solutions, Inc.,
9.75%, 02/01/15 (a)(d)		1,025,000		840,500
Seagate Technology HDD Holdings,
6.80%, 10/01/16		1,125,000		1,032,187
Serena Software, Inc.,
10.38%, 03/15/16		950,000		888,250
Smart Modular Technologies,
8.20%, 04/01/12 (b)		405,000		405,000
SS&C Technologies, Inc.,
11.75%, 12/01/13		900,000		949,500
Sungard Data Systems, Inc.
9.13%, 08/15/13		1,070,000		1,086,050
10.25%, 08/15/15		1,150,000		1,161,500
Unisys Corp.,
12.50%, 01/15/16		900,000		904,500

				10,121,987



Telecommunications (3.2%)
FairPoint Communications, Inc.,
13.13%, 04/01/18 (a)(d)		975,000		960,375
Frontier Communications,
9.00%, 08/15/31		550,000		497,750
Idearc, Inc.,
8.00%, 11/15/16		1,375,000		871,406
Qwest Corp.,
8.88%, 03/15/12		1,750,000		1,793,750
Sprint Nextel Corp.,
6.00%, 12/01/16		1,125,000		969,027
Valor Telecommunications Enterprises Finance Corp.,
7.75%, 02/15/15		650,000		665,770
Windstream Corp.,
8.63%, 08/01/16		600,000		601,500

				6,359,578



Textiles, Apparel & Luxury Goods (0.00%) (e)(f)(g)(i)
Glenoit Corp.
0.00%, 12/31/49		125,000		0



Tobacco (0.4%)
Reynolds American, Inc.,
7.75%, 06/01/18		800,000		841,755



Transportation (1.9%)
CEVA Group PLC,
10.00%, 09/01/14(a)(d)		875,000		903,437
Hertz Corp. (The)
8.88%, 01/01/14		700,000		644,000
10.50%, 01/01/16		1,050,000		960,750
Holt Group, Inc. (The) (e)(f)(i)
0.00%, 01/15/06		50,000		0
Kansas City Southern Railway,
8.00%, 06/01/15		375,000		380,625
Stena AB
7.50%, 11/01/13		575,000		569,969
7.00%, 12/01/16		250,000		240,313

				3,699,094



Utility — Electric (4.7%)
Dynegy Holdings, Inc., 7.75%, 06/01/19		1,700,000		1,555,500
Edison Mission Energy
7.75%, 06/15/16		1,125,000		1,125,000
7.00%, 05/15/17		650,000		611,000
Energy Future Holdings Corp.,
10.88%, 11/01/17 (a)(d)		250,000		253,750
Forest Oil Corp.,
7.25%, 06/15/19		700,000		675,500
FPL Energy National Wind,
6.13%, 03/25/19 (a)(d)		279,080		276,473
Intergen NV,
9.00%, 06/30/17 (a)(d)		1,000,000		1,040,000
NRG Energy, Inc.,
7.38%, 01/15/17		1,200,000		1,137,000
Sierra Pacific Resources,
6.75%, 08/15/17		1,150,000		1,123,107
Teco Finance, Inc.,
6.75%, 05/01/15		150,000		151,724
Texas Competitive Electric Holdings Co. LLC (a)(d)
10.25%, 11/01/15		500,000		492,500
10.25%, 11/01/15		850,000		837,250

				9,278,804



Utility — Natural Gas (4.6%)
AmeriGas Partners LP,
7.13%, 05/20/16		1,600,000		1,492,000
El Paso Corp.,
7.80%, 08/01/31		500,000		506,031
Holly Energy Partners LP,
6.25%, 03/01/15		1,375,000		1,251,250
Inergy LP, 6.88%,
12/15/14		1,025,000		958,375

10 Semiannual Report 2008


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value


Utility — Natural Gas (continued)

MarkWest Energy Partners LP,
8.75%, 04/15/18 (a)(d)	$	800,000	$	822,000
Pacific Energy Partners LP,
6.25%, 09/15/15		150,000		148,951
Regency Energy Partners LP,
8.38%, 12/15/13		650,000		667,875
Southern Star Central Corp.,
6.75%, 03/01/16		625,000		596,875
Tennessee Gas Pipeline Co.,
8.38%, 06/15/32		1,675,000		1,878,859
Williams Cos.,
7.88%, 09/01/21		750,000		798,750

				9,120,966



Wireless Telecommunication Services (3.3%)
Alltel Communications Corp., PIK,
10.38%, 12/01/17 (a)(d)		775,000		899,000
Centennial Communications Corp.
8.45%, 01/01/13 (b)		450,000		436,500
10.00%, 01/01/13		450,000		459,000
Digicel Grouyp Ltd.,
8.88%, 01/15/15 (a)(d)		275,000		260,219
Digicel Ltd.,
9.25%, 09/01/12 (a)(d)		475,000		491,031
Digicel Ltd., PIK,
9.13%, 01/15/15 (a)(d)		846,000		800,527
MetroPCS Wireless, Inc.,
9.25%, 11/01/14		1,250,000		1,209,375
Nextel Communications, Inc.,
7.38%, 08/01/15		1,150,000		955,119
Rogers Communications, Inc.,
8.00%, 12/15/12		300,000		311,250
U.S. Unwired, Inc.,
10.00%, 06/15/12		700,000		715,764

				6,537,785


Total Corporate Bonds				193,241,174


Common Stocks (0.1%)


Consumer Goods (0.0%) (e)(g)
Sleepmaster LLC Membership Units		185		2



Containers & Packaging (0.0%) (d)
Pliant Corp.*(e)		1		0
Russell Stanley Holdings, Inc.*(i)		4,000		0

				0



Media (0.1%)
Virgin Media, Inc.		5,650		76,896


Total Common Stocks				76,898


Preferred Stock (0.00%)


Publishing & Periodicals (0.00%)
Ziff Davis Media, Inc. (e)(f)(i)		12		0


Total Preferred Stock				0


Warrants (0.0%)


Entertainment (0.00%) (e)(g)
AMF Bowling Worldwide, Inc.
Class B, expiring 03/09/09		811		0



Industrial — Other (0.0%) (a)(c)(e)(g)
Neenah Enterprises, Inc.,
0.00%, expiring 09/30/13		19,280		47,815



Media — Non-Cable (0.0%)
XM Satellite Radio, Inc. , 0.00%, expiring 03/15/10		300		225
Ziff Davis Media, Inc.
expiring 08/12/12 (e)		2,200		0

				225


Total Warrants				48,040


Total Investments (Cost $211,294,696) (h) — 97.8%				193,366,112

Other assets in excess of liabilities — 2.2%				4,380,067


NET ASSETS — 100.0%			$	197,746,179


(a)		Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2008, all such securities in total represented 18.3% of net assets.

(b)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2008. The maturity date represents the actual maturity date.

(c)		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, 2008.

(d)		Denotes a restricted security that either (a) cannot be offered sale without first being registered, or being able to take advantage of an exemption from

2008 Semiannual Report 11

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	Federated NVIT High Income Bond Fund

Assets:
Investments, at value (cost $211,294,696)	$	193,366,112
Interest and dividends receivable		4,125,384
Receivable for capital shares issued		157,755
Receivable for investments sold		2,034,750
Prepaid expenses and other assets		1,708

Total Assets		199,685,709

Liabilities:
Cash overdraft		1,052,725
Payable for investments purchased		300,000
Payable for capital shares redeemed		397,654
Accrued expenses and other payables:
Investment advisory fees		124,809
Fund administration and transfer agent fees		25,879
Administrative services fees		28,959
Custodian fees		1,709
Trustee fees		4,005
Compliance program costs (Note 3)		348
Other		3,442

Total Liabilities		1,939,530

Net Assets	$	197,746,179

Represented by:
Capital	$	228,450,886
Accumulated net investment income		540,853
Accumulated net realized losses from investment transactions		(13,316,976	)
Net unrealized appreciation/(depreciation) from investments		(17,928,584	)

Net Assets	$	197,746,179

Net Assets:
Class I Shares	$	102,919,405
Class III Shares		94,826,774

Total	$	197,746,179

Shares outstanding (unlimited number of shares authorized):
Class I Shares		14,339,791
Class III Shares		13,220,811

Total		27,560,602

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	7.18
Class III Shares	$	7.17

See accompanying notes to financial statements.

2008 Semiannual Report 13

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	Federated NVIT High Income Bond Fund

INVESTMENT INCOME:
Interest income	$	9,553,579
Dividend income		452

Total Income		9,554,031

Expenses:
Investment advisory fees		732,696
Fund administration and transfer agent fees		74,430
Administrative services fees Class I Shares		57,291
Administrative services fees Class III Shares		104,215
Custodian fees		14,003
Trustee fees		6,081
Compliance program costs (Note 3)		696
Other		33,797

Total expenses before earnings credit		1,023,209
Earnings credit (Note 6)		(3,368	)

Net Expenses		1,019,841

Net Investment Income		8,534,190

REALIZED/UNREALIZED LOSSES FROM INVESTMENTS:
Net realized losses from investment transactions		(1,377,621	)
Net change in unrealized appreciation/(depreciation) from investments		(11,323,703	)

Net realized/unrealized losses from investments		(12,701,324	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,167,134	)

See accompanying notes to financial statements.

14 Semiannual Report 2008

Statements of Changes in Net Assets


	Federated NVIT High Income Bond Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	8,534,190		$	18,579,940
Net realized gains (losses) from investment transactions		(1,377,621	)		2,437,495
Net change in unrealized appreciation/(depreciation) from investments		(11,323,703	)		(13,408,209	)

Change in net assets resulting from operations		(4,167,134	)		7,609,226


Distributions to Shareholders From:
Net investment income:
Class I		(4,357,428	)		(10,186,840	)
Class III		(3,927,770	)		(8,247,527	)

Change in net assets from shareholder distributions		(8,285,198	)		(18,434,367	)

Change in net assets from capital transactions		(20,923,889	)		(16,934,049	)

Change in net assets		(33,376,221	)		(27,759,190	)

Net Assets:
Beginning of period		231,122,400			258,881,590

End of period	$	197,746,179		$	231,122,400

Accumulated net investment income at end of period	$	540,853		$	291,861


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	6,450,555		$	10,494,985
Dividends reinvested		4,357,399			10,186,825
Cost of shares redeemed		(22,305,254	)		(48,943,524	)

		(11,497,300	)		(28,261,714	)

Class III Shares
Proceeds from shares issued		41,148,418			82,824,059
Dividends reinvested		3,927,758			8,247,526
Cost of shares redeemed (a)		(54,502,765	)		(79,743,920	)

		(9,426,589	)		11,327,665

Change in net assets from capital transactions	$	(20,923,889	)	$	(16,934,049	)


SHARE TRANSACTIONS:
Class I Shares
Issued		865,695			1,289,863
Reinvested		600,538			1,294,984
Redeemed		(2,986,159	)		(6,155,302	)

		(1,519,926	)		(3,570,455	)

Class III Shares
Issued		5,576,207			10,414,488
Reinvested		541,912			1,050,913
Redeemed		(7,319,141	)		(10,072,664	)

		(1,201,022	)		1,392,737

Total change in shares		(2,720,948	)		(2,177,718	)


(a)		Includes redemption fees — see Note 4 to Financial Statements.

See accompanying notes to financial statements.

2008 Semiannual Report 15

Federated NVIT High Income Bond Fund


			Investment Activities								Distributions													Ratios / Supplemental Data

					Net Realized																											Ratio of
					and																								Ratio of Net			Expenses
	Net Asset				Unrealized			Total																Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net								Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Total			Redemption		Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Distributions			Fees		of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2008 (Unaudited)	$	7.64		0.31		(0.46	)		(0.15	)		(0.31	)		(0.31	)		–	$	7.18		(2.02	%)	$	102,919		0.91	%		8.03	%		0.91	%		19.72	%
Year Ended December 31, 2007	$	7.98		0.60		(0.36	)		0.24			(0.59	)		(0.59	)		0.01	$	7.64		3.13	%	$	121,100		0.95	%		7.24	%		0.95	%		42.02	%
Year Ended December 31, 2006	$	7.77		0.60		0.19			0.79			(0.58	)		(0.58	)		–	$	7.98		10.60	%	$	155,024		0.94	%		7.38	%		(e)			42.91	%
Year Ended December 31, 2005	$	8.20		0.64		(0.46	)		0.18			(0.61	)		(0.61	)		–	$	7.77		2.38	%	$	181,905		0.96	%		7.35	%		(e)			37.06	%
Year Ended December 31, 2004	$	8.02		0.60		0.18			0.78			(0.60	)		(0.60	)		–	$	8.20		10.10	%	$	302,285		0.94	%		7.46	%		(e)			61.24	%
Year Ended December 31, 2003	$	7.06		0.57		0.96			1.53			(0.57	)		(0.57	)		–	$	8.02		22.27	%	$	268,336		0.95	%		7.74	%		(e)			41.30	%

Class III Shares
Six Months Ended June 30, 2008 (Unaudited)	$	7.63		0.32		(0.48	)		(0.16	)		(0.30	)		(0.30	)		–	$	7.17		(2.09	%)	$	94,827		1.00	%		7.92	%		1.00	%		19.72	%
Year Ended December 31, 2007	$	7.97		0.60		(0.36	)		0.24			(0.59	)		(0.59	)		0.01	$	7.63		3.17	%	$	110,022		0.91	%		7.28	%		0.91	%		42.02	%
Year Ended December 31, 2006	$	7.76		0.57		0.22			0.79			(0.58	)		(0.58	)		–	$	7.97		10.60	%	$	103,857		0.96	%		7.37	%		(e)			42.91	%
Period Ended December 31, 2005 (f)	$	7.83		0.39		0.01			0.40			(0.47	)		(0.47	)		–	$	7.76		5.14	%	$	63,264		0.95	%		7.23	%		(e)			37.06	%


(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, 2005 (commencement of operations) through December 31, 2005.

See accompanying notes to financial statements.

16 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Federated NVIT High Income Bond Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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 and those differences could be material.


(a)	Security Valuation

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

an appropriate method of determining “Fair Value.” For example, fair value determinations may take into account 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 an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.


	•	Level 1 – quoted prices in active markets for identical assets.

	•	Level 2 – other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.).

	•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 – Other		Level 3 –
Level 1 – Quoted		Significant		Significant
Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	76,896	$	193,289,214	$	2	$	193,366,112

18 Semiannual Report 2008

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Investments

Balance as of 12/31/2007	$	2


Accrued Accretion / (Amortization)		–


Change in Unrealized Appreciation / (Depreciation)		–


Net Purchase / (Sales)		–


Transfers In / (Out) of Level 3		–


Balance as of 6/30/2008	$	2


(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, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty.


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (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” payments, are made or received each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the 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 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 of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.


(f)	Written Options Contracts


(g)	Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (i.e., the “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 recognized on the ex-dividend date.


(h)	Securities Lending

20 Semiannual Report 2008

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 the 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, 2008, the Fund did not have securities on loan.


(i)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(j)	Federal Income Taxes

2008 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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 the Fund’s average daily net assets and the following schedule is for the six months ended June 30, 2008:


Fee Schedule	Fees

Up to $50 million		0.80%


$50 million up to $250 million		0.65%


$250 million up to $500 million		0.60%


$500 million or more		0.55%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $304,757 for the six months ended June 30, 2008.


		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 NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, and the NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the

22 Semiannual Report 2008


		“Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

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 inquiries 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, 2008, NFS received $162,037 in Administrative Services fees from the Fund.

4. Short-Term Trading Fees

For the six months ended June 30, 2008, Class III shares had contributions to capital due to collection of redemption fees in the amount of $30,188.

For the year ended December 31, 2007, Class III shares had contributions to capital due to collection of redemption fees in the amount of $219,889

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $40,447,983 and sales of $56,677,145.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or

2008 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the six months ended June 30, 2008.

7. Portfolio Investment Risks

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 credit risk. The Fund’s investment in securities rated below investment grade typically involves 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

9. New Accounting Pronouncements

24 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

26 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 27

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

28 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 29

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

30 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

2008 Semiannual Report 31

Supplemental Information (Continued)

(Unaudited)

The Trustees found that the Fund’s actual advisory fee compared with peer group funds was higher, but within the range of the peer group funds, and total expenses were at the median of the peer group funds. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

32 Semiannual Report 2008

NVIT S&P 500 Index Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

13			Statement of Assets and Liabilities

14			Statement of Operations

15			Statement of Changes in Net Assets

17			Financial Highlights

18			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-S&P (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT S&P 500 Index Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
NVIT S&P 500 Index Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class IV	Actual			1,000.00		878.60		1.59		0.34
	Hypothetical	^b		1,000.00		1,023.17		1.71		0.34


Class Y	Actual			1,000.00		880.00		0.98		0.21
	Hypothetical	^b		1,000.00		1,023.82		1.06		0.21


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	NVIT S&P 500 Index Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			98.0%
Repurchase Agreements			4.8%
Other Investments*			1.3%
Liabilities in excess of other assets**			-4.1%

			100.0%


Top Industries

Oil, Gas & Consumable Fuels			12.3%
Pharmaceuticals			6.0%
Computers & Peripherals			4.6%
Energy Equipment & Services			3.6%
Software			3.5%
Insurance			3.4%
Diversified Financial Services			3.3%
Industrial Conglomerates			3.0%
Diversified Telecommunication Services			2.9%
Media			2.8%
Other			54.6%

			100.0%


Top Holdings***

Exxon Mobil Corp.			4.1%
General Electric Co.			2.3%
Microsoft Corp.			1.9%
Chevron Corp.			1.8%
AT&T, Inc.			1.8%
Procter & Gamble Co. (The)			1.8%
Johnson & Johnson			1.6%
International Business Machines Corp.			1.4%
Apple, Inc.			1.3%
ConocoPhillips			1.3%
Other			80.7%

			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.

2008 Semiannual Report 4

Statement of Investments

June 30, 2008 (Unaudited)

NVIT S&P 500 Index Fund


Common Stocks (98.0%)
	Shares or
	Principal Amount		Value


Aerospace & Defense (2.6%)
Boeing Co.		150,550	$	9,894,146
General Dynamics Corp.		79,870		6,725,054
Goodrich Corp.		25,561		1,213,125
Honeywell International, Inc.		148,656		7,474,424
L-3 Communications Holdings, Inc.		25,454		2,313,005
Lockheed Martin Corp.		67,765		6,685,695
Northrop Grumman Corp.		68,754		4,599,643
Precision Castparts Corp.		28,032		2,701,444
Raytheon Co.		85,009		4,784,306
Rockwell Collins, Inc.		32,724		1,569,443
United Technologies Corp.		194,847		12,022,060

				59,982,345



Air Freight & Logistics (0.9%)
CH Robinson Worldwide, Inc.		34,550		1,894,722
Expeditors International of Washington, Inc.		41,300		1,775,900
FedEx Corp.		62,578		4,930,520
United Parcel Service, Inc., Class B		204,340		12,560,780

				21,161,922



Airline (0.1%)
Southwest Airlines Co.		147,680		1,925,747



Auto Components (0.2%)
Goodyear Tire & Rubber Co. (The)*		44,443		792,419
Johnson Controls, Inc.		114,888		3,294,988

				4,087,407



Automobiles (0.2%)
Ford Motor Co.*(a)		451,107		2,169,825
General Motors Corp. (a)		115,406		1,327,169
Harley-Davidson, Inc.		46,356		1,680,868

				5,177,862



Beverages (2.4%)
Anheuser-Busch Cos., Inc.		140,978		8,757,554
Brown-Forman Corp., Class B		15,279		1,154,634
Coca-Cola Co. (The)		398,934		20,736,589
Coca-Cola Enterprises, Inc.		52,880		914,824
Constellation Brands, Inc., A Shares*		34,976		694,623
Molson Coors Brewing Co., Class B		26,282		1,427,901
Pepsi Bottling Group, Inc.		25,401		709,196
PepsiCo, Inc.		317,237		20,173,101

				54,568,422



Biotechnology (1.4%)
Amgen, Inc.*		218,011		10,281,399
Biogen Idec, Inc.*		58,838		3,288,456
Celgene Corp.*		87,303		5,576,042
Genzyme Corp.*		54,197		3,903,268
Gilead Sciences, Inc.*		184,197		9,753,231

				32,802,396



Building Products (0.1%)
Masco Corp.		73,560		1,157,099



Capital Markets (2.7%)
American Capital Ltd. (a)		41,967		997,556
Ameriprise Financial, Inc.		45,001		1,830,191
Bank of New York Mellon Corp. (The)		225,398		8,526,806
Charles Schwab Corp. (The)		184,126		3,781,948
ETrade Financial Corp.(a)		99,984		313,950
Federated Investors, Inc., Class B		14,833		510,552
Franklin Resources, Inc.		31,396		2,877,443
Goldman Sachs Group, Inc. (The)		78,724		13,768,828
Janus Capital Group, Inc.		29,662		785,153
Legg Mason, Inc.		28,697		1,250,328
Lehman Brothers Holdings, Inc. (a)		137,984		2,733,463
Merrill Lynch & Co., Inc.		196,710		6,237,674
Morgan Stanley		219,009		7,899,655
Northern Trust Corp.		38,644		2,649,819
State Street Corp.		85,621		5,478,888
T. Rowe Price Group, Inc.		50,814		2,869,466

				62,511,720



Chemicals (2.0%)
Air Products & Chemicals, Inc.		42,415		4,193,147
Ashland, Inc.		12,839		618,840
Dow Chemical Co. (The)		186,681		6,517,034
E.I. Du Pont de Nemours & Co.		180,534		7,743,103
Eastman Chemical Co.		15,406		1,060,857
Ecolab, Inc.		32,357		1,391,027
Hercules, Inc.		18,317		310,107
International Flavors & Fragrances, Inc.		14,073		549,691
Monsanto Co.		109,606		13,858,583
PPG Industries, Inc.		30,695		1,760,972
Praxair, Inc.		62,339		5,874,827
Rohm & Haas Co.		25,466		1,182,641
Sigma-Aldrich Corp.		25,809		1,390,073

				46,450,902

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT S&P 500 Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Commercial Banks (2.2%)
BB&T Corp. (a)		112,792	$	2,568,274
Comerica, Inc. (a)		33,640		862,193
Fifth Third Bancorp		117,125		1,192,333
First Horizon National Corp. (a)		35,922		266,900
Huntington Bancshares, Inc. (a)		76,118		439,201
KeyCorp		98,881		1,085,713
M&T Bank Corp.		16,860		1,189,304
Marshall & Ilsley Corp.		51,155		784,206
National City Corp. (a)		155,393		741,225
PNC Financial Services Group, Inc.		69,085		3,944,754
Regions Financial Corp.		140,631		1,534,284
SunTrust Banks, Inc.		72,876		2,639,569
U.S. Bancorp		347,540		9,692,891
Wachovia Corp. (a)		421,629		6,547,898
Wells Fargo & Co.		659,531		15,663,861
Zions Bancorp. (a)		24,657		776,449

				49,929,055



Commercial Services & Supplies (0.5%)
Allied Waste Industries, Inc.*		61,239		772,836
Avery Dennison Corp.		21,054		924,902
Cintas Corp.		23,431		621,156
Equifax, Inc.		28,182		947,479
Monster Worldwide, Inc.*		25,595		527,513
Pitney Bowes, Inc.		38,925		1,327,342
Robert Half International, Inc.		28,601		685,566
RR Donnelley & Sons Co.		39,933		1,185,611
Waste Management, Inc.		98,742		3,723,561

				10,715,966



Communications Equipment (2.5%)
Ciena Corp.*		20,576		476,746
Cisco Systems, Inc.*		1,179,587		27,437,194
Corning, Inc.		311,094		7,170,717
JDS Uniphase Corp.*		46,393		527,024
Juniper Networks, Inc.*		106,599		2,364,366
Motorola, Inc.		440,619		3,234,143
QUALCOMM, Inc.		323,235		14,341,937
Tellabs, Inc.*		79,585		370,070

				55,922,197



Computers & Peripherals (4.6%)
Apple, Inc.*		176,061		29,479,654
Dell, Inc.*		404,513		8,850,745
EMC Corp.*		414,200		6,084,598
Hewlett-Packard Co.		492,529		21,774,707
International Business Machines Corp.		274,226		32,504,008
Lexmark International, Inc., Class A*		20,477		684,546
NetApp, Inc.*		70,847		1,534,546
QLogic Corp.*		27,853		406,375
SanDisk Corp.*		45,782		856,123
Sun Microsystems, Inc.*		157,607		1,714,764
Teradata Corp.*		35,200		814,528

				104,704,594



Construction & Engineering (0.2%)
Fluor Corp.		17,833		3,318,365
Jacobs Engineering Group, Inc.*		24,100		1,944,870

				5,263,235



Construction Materials (0.1%) (a)
Vulcan Materials Co.		22,777		1,361,609



Consumer Finance (0.6%)
American Express Co.		231,928		8,736,728
Capital One Financial Corp.		75,422		2,866,790
Discover Financial Services		95,732		1,260,791
SLM Corp.*		92,795		1,795,583

				14,659,892



Containers & Packaging (0.1%)
Ball Corp.		21,214		1,012,756
Bemis Co., Inc.		16,239		364,079
Pactiv Corp.*		25,283		536,758
Sealed Air Corp.		28,887		549,142

				2,462,735



Distributor (0.1%)
Genuine Parts Co.		30,428		1,207,383



Diversified Consumer Services (0.1%)
Apollo Group, Inc., Class A*		28,647		1,267,916
H&R Block, Inc.		61,150		1,308,610

				2,576,526



Diversified Financial Services (3.3%)
Bank of America Corp.		889,188		21,224,917
CIT Group, Inc.		60,581		412,557
Citigroup, Inc.		1,087,143		18,220,517
CME Group, Inc.		10,677		4,091,320
IntercontinentalExchange, Inc.*		13,700		1,561,800
JPMorgan Chase & Co.		689,544		23,658,271
Leucadia National Corp.		33,426		1,569,016
Moody’s Corp. (a)		41,103		1,415,587
NYSE Euronext		53,300		2,700,178

				74,854,163

6 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Diversified Telecommunication Services (2.9%)
AT&T, Inc.		1,186,426	$	39,970,692
CenturyTel, Inc.		21,768		774,723
Citizens Communications Co.		66,137		749,994
Embarq Corp.		30,154		1,425,379
Qwest Communications International, Inc. (a)		298,846		1,174,465
Verizon Communications, Inc.		569,261		20,151,839
Windstream Corp.		82,505		1,018,112

				65,265,204



Electric Utilities (2.3%)
Allegheny Energy, Inc.		31,206		1,563,733
American Electric Power Co., Inc.		80,976		3,257,665
Duke Energy Corp.		254,263		4,419,091
Edison International		64,969		3,338,107
Entergy Corp.		38,692		4,661,612
Exelon Corp.		131,327		11,814,177
FirstEnergy Corp.		61,234		5,041,395
FPL Group, Inc.		79,680		5,225,414
Pepco Holdings, Inc.		37,300		956,745
Pinnacle West Capital Corp.		18,010		554,168
PPL Corp.		75,027		3,921,661
Progress Energy, Inc.		52,866		2,211,385
Southern Co.		154,088		5,380,753

				52,345,906



Electrical Equipment (0.5%)
Cooper Industries Ltd., Class A		33,038		1,305,001
Emerson Electric Co.		153,451		7,588,152
Rockwell Automation, Inc.		29,852		1,305,428

				10,198,581



Electronic Equipment & Instruments (0.3%)
Agilent Technologies, Inc.*		71,665		2,546,974
Jabil Circuit, Inc.		42,897		703,940
Molex, Inc.		25,286		617,231
Tyco Electronics Ltd.		93,509		3,349,492

				7,217,637



Energy Equipment & Services (3.6%)
Baker Hughes, Inc.		61,838		5,400,931
BJ Services Co.		61,071		1,950,608
Cameron International Corp.*		43,700		2,418,795
ENSCO International, Inc.		29,902		2,414,288
Halliburton Co.		174,777		9,275,415
Nabors Industries Ltd.*		57,980		2,854,355
National Oilwell Varco, Inc.*		81,968		7,272,201
Noble Corp.		54,625		3,548,440
Rowan Cos., Inc.		24,172		1,130,041
Schlumberger Ltd.		238,248		25,594,983
Smith International, Inc.		40,008		3,326,265
Transocean, Inc.*		63,877		9,734,216
Weatherford International Ltd.*		136,222		6,755,249

				81,675,787



Food & Staples Retailing (2.7%)
Costco Wholesale Corp.		86,926		6,096,990
CVS Caremark Corp.		285,396		11,293,120
Kroger Co. (The)		132,999		3,839,681
Safeway, Inc.		88,376		2,523,135
SUPERVALU, Inc.		42,059		1,299,202
SYSCO Corp.		115,735		3,183,870
Wal-Mart Stores, Inc.		464,632		26,112,318
Walgreen Co.		198,604		6,456,616
Whole Foods Market, Inc. (a)		30,466		721,740

				61,526,672



Food Products (1.5%)
Archer-Daniels-Midland Co.		129,286		4,363,402
Campbell Soup Co.		40,120		1,342,415
ConAgra Foods, Inc.		99,116		1,910,956
Dean Foods Co.*		28,386		556,933
General Mills, Inc.		67,401		4,095,959
H.J. Heinz Co.		64,671		3,094,507
Hershey Co. (The)		30,445		997,987
Kellogg Co.		51,314		2,464,098
Kraft Foods, Inc., Class A		303,799		8,643,082
McCormick & Co., Inc., Non-Voting Shares		22,295		795,040
Sara Lee Corp.		141,166		1,729,284
Tyson Foods, Inc., Class A		55,924		835,505
Wm. Wrigley Jr. Co.		41,527		3,229,970

				34,059,138



Health Care Equipment & Supplies (2.1%)
Baxter International, Inc.		125,774		8,041,990
Becton, Dickinson & Co.		49,087		3,990,773
Boston Scientific Corp.*		262,835		3,230,242
C.R. Bard, Inc.		20,123		1,769,818
Covidien Ltd.		97,510		4,669,754
Hospira, Inc.*		29,074		1,166,158
Intuitive Surgical, Inc.*		7,885		2,124,219
Medtronic, Inc.		224,802		11,633,503
St. Jude Medical, Inc.*		68,244		2,789,815
Stryker Corp.		47,308		2,974,727
Varian Medical Systems, Inc.*		23,276		1,206,861
Zimmer Holdings, Inc.*		46,564		3,168,680

				46,766,540



Health Care Providers & Services (1.8%)
Aetna, Inc.		97,451		3,949,689
AmerisourceBergen Corp.		32,309		1,292,037

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT S&P 500 Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Health Care Providers & Services (continued)

Cardinal Health, Inc.		71,400	$	3,682,812
CIGNA Corp.		56,748		2,008,312
Coventry Health Care, Inc.*		28,743		874,362
Express Scripts, Inc.*		50,508		3,167,862
Humana, Inc.*		34,214		1,360,691
Laboratory Corp. of America Holdings*(a)		22,923		1,596,129
McKesson Corp.		55,793		3,119,387
Medco Health Solutions, Inc.*		101,696		4,800,051
Patterson Cos., Inc.*		27,675		813,368
Quest Diagnostics, Inc.		29,160		1,413,385
Tenet Healthcare Corp.*		82,763		460,162
UnitedHealth Group, Inc.		246,093		6,459,941
WellPoint, Inc.*		104,243		4,968,221

				39,966,409



Health Care Technology (0.0%)
IMS Health, Inc.		33,854		788,798



Hotels, Restaurants & Leisure (1.2%)
Carnival Corp.		88,082		2,903,183
Darden Restaurants, Inc.		28,612		913,867
International Game Technology		62,615		1,564,123
Marriott International, Inc., Class A		60,983		1,600,194
McDonald’s Corp.		226,859		12,754,013
Starbucks Corp.*		146,577		2,307,122
Starwood Hotels & Resorts Worldwide, Inc.		37,808		1,514,967
Wendy’s International, Inc.		19,933		542,576
Wyndham Worldwide Corp.		32,087		574,678
Yum! Brands, Inc.		93,979		3,297,723

				27,972,446



Household Durables (0.4%)
Black & Decker Corp.		13,201		759,189
Centex Corp.		25,815		345,147
D.R. Horton, Inc.		56,258		610,399
Fortune Brands, Inc.		28,826		1,799,031
Harman International Industries, Inc.		11,194		463,320
KB Home (a)		17,453		295,479
Leggett & Platt, Inc.		29,663		497,449
Lennar Corp., Class A (a)		29,230		360,698
Newell Rubbermaid, Inc.		50,095		841,095
Pulte Homes, Inc.		36,999		356,300
Snap-on, Inc.		9,356		486,606
Stanley Works (The)		13,512		605,743
Whirlpool Corp.		15,328		946,197

				8,366,653



Household Products (2.2%)
Clorox Co.		28,117		1,467,707
Colgate-Palmolive Co.		101,872		7,039,355
Kimberly-Clark Corp.		84,084		5,026,542
Procter & Gamble Co. (The)		609,653		37,072,999

				50,606,603



Independent Power Producers & Energy Traders (0.3%)
AES Corp. (The)*		128,644		2,471,251
Constellation Energy Group, Inc.		36,596		3,004,532
Dynegy, Inc., Class A*		89,841		768,140

				6,243,923



Industrial Conglomerates (3.0%)
3M Co.		141,017		9,813,373
General Electric Co.		1,990,434		53,124,684
Textron, Inc.		50,330		2,412,317
Tyco International Ltd.		95,610		3,828,224

				69,178,598



Information Technology Services (0.9%)
Affiliated Computer Services, Inc., Class A*		20,195		1,080,231
Automatic Data Processing, Inc.		100,663		4,217,780
Cognizant Technology Solutions Corp., Class A*		58,238		1,893,317
Computer Sciences Corp.*		31,647		1,482,345
Convergys Corp.*		22,449		333,592
Electronic Data Systems Corp.		97,589		2,404,593
Fidelity National Information Services, Inc.		31,977		1,180,271
Fiserv, Inc.*		33,807		1,533,824
Paychex, Inc.		64,813		2,027,351
Total System Services, Inc.		39,500		877,690
Unisys Corp.*		54,151		213,896
Western Union Co. (The)		148,625		3,674,010

				20,918,900



Insurance (3.4%)
ACE Ltd.		66,985		3,690,204
Aflac, Inc.		95,367		5,989,048
Allstate Corp. (The)		110,606		5,042,528
American International Group, Inc.		536,948		14,207,644
AON Corp.		58,780		2,700,353
Assurant, Inc.		17,604		1,161,160
Chubb Corp.		73,626		3,608,410
Cincinnati Financial Corp.		29,790		756,666
Genworth Financial, Inc., Class A		89,305		1,590,522

8 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Insurance (continued)

Hartford Financial Services Group, Inc.		63,732	$	4,115,175
Lincoln National Corp.		49,717		2,253,174
Loews Corp. (a)		73,795		3,460,986
Marsh & McLennan Cos., Inc.		100,155		2,659,115
MBIA, Inc. (a)		35,539		156,016
MetLife, Inc.		142,423		7,515,662
Principal Financial Group, Inc.		48,923		2,053,298
Progressive Corp. (The)		133,369		2,496,668
Prudential Financial, Inc.		87,552		5,230,357
Safeco Corp.		19,044		1,278,995
Torchmark Corp.		16,391		961,332
Travelers Cos., Inc. (The)		119,791		5,198,929
Unum Group		65,507		1,339,618
XL Capital Ltd., Class A		36,236		745,012

				78,210,872



Internet & Catalog Retail (0.3%)
Amazon.Com, Inc.*		61,982		4,545,140
Expedia, Inc.*		41,400		760,932
InterActiveCorp*		37,016		713,669

				6,019,741



Internet Software & Services (1.7%)
Akamai Technologies, Inc.*		34,111		1,186,722
eBay, Inc.*		218,205		5,963,543
Google, Inc., Class A*		46,417		24,434,837
VeriSign, Inc.*		40,183		1,518,917
Yahoo!, Inc.*		275,580		5,693,483

				38,797,502



Leisure Equipment & Products (0.1%)
Eastman Kodak Co. (a)		58,747		847,719
Hasbro, Inc.		28,262		1,009,519
Mattel, Inc.		68,980		1,180,937

				3,038,175



Life Sciences Tools & Services (0.4%)
Applied Biosystems Group		35,307		1,182,079
Millipore Corp.*		11,820		802,105
PerkinElmer, Inc.		20,372		567,360
Thermo Fisher Scientific, Inc.*		82,658		4,606,530
Waters Corp.*		18,709		1,206,731

				8,364,805



Machinery (1.9%)
Caterpillar, Inc.		123,092		9,086,652
Cummins, Inc.		40,864		2,677,409
Danaher Corp.		51,251		3,961,702
Deere & Co.		86,346		6,228,137
Dover Corp.		37,133		1,796,123
Eaton Corp.		33,607		2,855,587
Illinois Tool Works, Inc.		78,200		3,715,282
Ingersoll-Rand Co. Ltd., Class A		63,056		2,360,186
ITT Corp.		34,401		2,178,615
Manitowoc Co., Inc. (The)		25,900		842,527
PACCAR, Inc.		70,832		2,962,903
Pall Corp.		22,147		878,793
Parker Hannifin Corp.		33,848		2,414,039
Terex Corp.*		20,322		1,043,941

				43,001,896



Media (2.8%)
CBS Corp., Class B		137,393		2,677,789
Clear Channel Communications, Inc.		96,714		3,404,333
Comcast Corp., Class A		560,747		10,637,371
Comcast Corp., Special Class A		30,500		572,180
DIRECTV Group, Inc. (The)*		142,780		3,699,430
Gannett Co., Inc.		46,818		1,014,546
Interpublic Group of Cos., Inc.*		85,375		734,225
McGraw-Hill Cos., Inc. (The)		64,679		2,594,921
Meredith Corp. (a)		8,037		227,367
New York Times Co. (The), Class A (a)		31,963		491,911
News Corp., Class A		452,206		6,801,178
Omnicom Group, Inc.		65,105		2,921,912
Scripps Networks Interactive, Class A*		17,800		682,630
Time Warner, Inc.		714,441		10,573,727
Viacom, Inc., Class B*		125,469		3,831,823
Walt Disney Co. (The)		381,350		11,898,120
Washington Post Co. (The), Class B		1,154		677,283

				63,440,746



Metals & Mining (1.4%)
AK Steel Holding Corp.		22,200		1,531,800
Alcoa, Inc.		163,345		5,818,349
Allegheny Technologies, Inc.		20,125		1,193,010
Freeport-McMoRan Copper & Gold, Inc.		75,955		8,901,167
Newmont Mining Corp.		91,584		4,777,021
Nucor Corp.		62,923		4,698,460
Titanium Metals Corp. (a)		17,600		246,224
United States Steel Corp.		23,616		4,363,765

				31,529,796



Multi-Utility (1.2%)
Ameren Corp.		42,455		1,792,875
CenterPoint Energy, Inc.		65,627		1,053,313
CMS Energy Corp.		47,049		701,030

2008 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT S&P 500 Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Multi-Utility (continued)

Consolidated Edison, Inc.		55,253	$	2,159,840
Dominion Resources, Inc.		113,854		5,406,926
DTE Energy Co.		34,569		1,467,108
Integrys Energy Group, Inc.		12,895		655,453
NiSource, Inc.		48,019		860,501
PG&E Corp.		72,123		2,862,562
Public Service Enterprise Group, Inc.		100,256		4,604,758
Sempra Energy		49,807		2,811,605
TECO Energy, Inc.		46,464		998,511
Xcel Energy, Inc.		80,052		1,606,644

				26,981,126



Multiline Retail (0.7%)
Big Lots, Inc.*		18,248		570,068
Dillard’s, Inc., Class A (a)		14,463		167,337
Family Dollar Stores, Inc.		28,806		574,392
J.C. Penney Co., Inc.		45,759		1,660,594
Kohl’s Corp.*		61,754		2,472,630
Macy’s, Inc.		85,005		1,650,797
Nordstrom, Inc.		35,660		1,080,498
Sears Holdings Corp.*(a)		14,172		1,043,909
Target Corp.		155,993		7,252,115

				16,472,340



Natural Gas Utilities (0.1%)
Nicor, Inc. (a)		11,581		493,235
Questar Corp.		35,649		2,532,505

				3,025,740



Office Electronics (0.1%)
Xerox Corp.		179,364		2,432,176



Oil, Gas & Consumable Fuels (12.3%)
Anadarko Petroleum Corp.		93,814		7,021,040
Apache Corp.		66,819		9,287,841
Cabot Oil & Gas Corp.		19,900		1,347,827
Chesapeake Energy Corp.		96,473		6,363,359
Chevron Corp.		413,019		40,942,573
ConocoPhillips		307,977		29,069,949
CONSOL Energy, Inc.		36,702		4,124,204
Devon Energy Corp.		89,314		10,731,970
El Paso Corp.		142,820		3,104,907
EOG Resources, Inc.		49,778		6,530,874
Exxon Mobil Corp.		1,055,123		92,987,990
Hess Corp.		55,544		7,009,097
Marathon Oil Corp.		141,787		7,354,492
Massey Energy Co.		16,300		1,528,125
Murphy Oil Corp.		38,238		3,749,236
Noble Energy, Inc.		34,700		3,489,432
Occidental Petroleum Corp.		163,886		14,726,796
Peabody Energy Corp.		54,402		4,790,096
Range Resources Corp.		31,200		2,044,848
Southwestern Energy Co.*		68,600		3,266,046
Spectra Energy Corp.		122,721		3,527,001
Sunoco, Inc.		23,839		970,009
Tesoro Corp. (a)		28,400		561,468
Valero Energy Corp.		106,049		4,367,098
Williams Cos., Inc.		117,430		4,733,603
XTO Energy, Inc.		102,382		7,014,191

				280,644,072



Paper & Forest Products (0.2%)
International Paper Co.		86,564		2,016,941
MeadWestvaco Corp.		37,624		896,956
Weyerhaeuser Co.		43,819		2,240,904

				5,154,801



Personal Products (0.2%)
Avon Products, Inc.		86,077		3,100,493
Estee Lauder Cos., Inc. (The), Class A		20,999		975,404

				4,075,897



Pharmaceuticals (6.0%)
Abbott Laboratories		308,234		16,327,155
Allergan, Inc.		61,758		3,214,504
Barr Pharmaceuticals, Inc.*		23,072		1,040,086
Bristol-Myers Squibb Co.		396,529		8,140,740
Eli Lilly & Co.		198,169		9,147,481
Forest Laboratories, Inc.*		60,828		2,113,165
Johnson & Johnson		562,730		36,206,048
King Pharmaceuticals, Inc.*		42,305		442,933
Merck & Co., Inc.		428,645		16,155,630
Mylan, Inc.*(a)		63,667		768,461
Pfizer, Inc.		1,350,951		23,601,114
Schering-Plough Corp.		320,184		6,304,423
Watson Pharmaceuticals, Inc.*		18,644		506,557
Wyeth		266,779		12,794,721

				136,763,018



Real Estate Investment Trusts (REITs) (1.2%)
Apartment Investment & Management Co., Class A		18,297		623,196
AvalonBay Communities, Inc.		16,183		1,442,876
Boston Properties, Inc.		24,518		2,212,014
Developers Diversified Realty Corp.		24,854		862,682
Equity Residential		55,465		2,122,646
General Growth Properties, Inc.		50,598		1,772,448
HCP, Inc.		46,800		1,488,708
Host Hotels & Resorts, Inc.		106,251		1,450,326
Kimco Realty Corp.		47,370		1,635,212
Plum Creek Timber Co., Inc.		31,389		1,340,624

10 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Real Estate Investment Trusts (REITs) (continued)

ProLogis		53,750	$	2,921,313
Public Storage		24,448		1,975,154
Simon Property Group, Inc.		45,256		4,068,062
Vornado Realty Trust		26,792		2,357,696

				26,272,957



Real Estate Management & Development (0.0%)
CB Richard Ellis Group, Inc., Class A*		34,650		665,280



Road & Rail (1.1%)
Burlington Northern Santa Fe Corp.		58,873		5,880,824
CSX Corp.		81,251		5,103,375
Norfolk Southern Corp.		75,477		4,730,144
Ryder System, Inc.		11,771		810,786
Union Pacific Corp.		103,604		7,822,102

				24,347,231



Semiconductors & Semiconductor Equipment (2.5%)
Advanced Micro Devices, Inc.*(a)		124,014		723,002
Altera Corp.		61,052		1,263,776
Analog Devices, Inc.		58,883		1,870,713
Applied Materials, Inc.		272,532		5,202,636
Broadcom Corp., Class A*		89,918		2,453,862
Intel Corp.		1,143,812		24,569,082
KLA-Tencor Corp.		35,961		1,463,972
Linear Technology Corp.		47,016		1,531,311
LSI Corp.*		126,748		778,233
MEMC Electronic Materials, Inc.*		45,758		2,815,947
Microchip Technology, Inc. (a)		37,700		1,151,358
Micron Technology, Inc.*		154,672		928,032
National Semiconductor Corp.		44,037		904,520
Novellus Systems, Inc.*		20,949		443,909
NVIDIA Corp.*		111,724		2,091,473
Teradyne, Inc.*		29,763		329,477
Texas Instruments, Inc.		265,044		7,463,639
Xilinx, Inc.		56,732		1,432,483

				57,417,425



Software (3.5%)
Adobe Systems, Inc.*		106,780		4,206,064
Autodesk, Inc.*		44,726		1,512,186
BMC Software, Inc.*		38,741		1,394,676
C.A., Inc.		78,994		1,823,972
Citrix Systems, Inc.*		37,388		1,099,581
Compuware Corp*		54,126		516,362
Electronic Arts, Inc.*		64,773		2,877,864
Intuit, Inc.*		64,971		1,791,251
Microsoft Corp.		1,599,451		44,000,897
Novell, Inc.*		71,354		420,275
Oracle Corp.*		792,108		16,634,268
Symantec Corp.*		168,835		3,266,957

				79,544,353



Specialty Retail (1.5%)
Abercrombie & Fitch Co., Class A		18,331		1,148,987
AutoNation, Inc.*		28,387		284,438
AutoZone, Inc.*		9,390		1,136,284
Bed Bath & Beyond, Inc.*		52,465		1,474,266
Best Buy Co., Inc.		69,547		2,754,061
GameStop Corp., Class A*		33,400		1,349,360
Gap, Inc. (The)		90,723		1,512,352
Home Depot, Inc.		339,902		7,960,505
Lowe’s Cos., Inc.		288,352		5,983,304
Ltd Brands, Inc.		60,836		1,025,087
Office Depot, Inc.*		54,172		592,642
RadioShack Corp.		29,632		363,585
Sherwin-Williams Co. (The)		20,265		930,771
Staples, Inc.		142,505		3,384,494
Tiffany & Co.		25,623		1,044,137
TJX Cos., Inc.		85,557		2,692,479

				33,636,752



Textiles, Apparel & Luxury Goods (0.4%)
Coach, Inc.*		68,754		1,985,615
Jones Apparel Group, Inc.		20,667		284,171
Liz Claiborne, Inc.		20,232		286,283
Nike, Inc., Class B		76,201		4,542,342
Polo Ralph Lauren Corp.		11,772		739,046
V.F. Corp.		16,137		1,148,632

				8,986,089



Thrifts & Mortgage Finance (0.5%)
Countrywide Financial Corp. (a)		117,282		498,448
Federal National Mortgage Association		209,203		4,081,551
Freddie Mac		127,235		2,086,654
Hudson City Bancorp, Inc.		105,176		1,754,336
MGIC Investment Corp. (a)		22,011		134,487
Sovereign Bancorp, Inc.		86,581		637,236
Washington Mutual, Inc. (a)		215,002		1,059,960

				10,252,672



Tobacco (1.5%)
Altria Group, Inc.		419,693		8,628,888
Lorillard, Inc.*		35,800		2,475,928
Philip Morris International, Inc.		421,193		20,802,722

2008 Semiannual Report 11

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT S&P 500 Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Tobacco (continued)

Reynolds American, Inc.		31,636	$	1,476,452
UST, Inc.		30,075		1,642,396

				35,026,386



Trading Companies & Distributors (0.0%)
W.W. Grainger, Inc.		13,029		1,065,772



Wireless Telecommunication Services (0.4%)
American Tower Corp., Class A*		79,800		3,371,550
Sprint Nextel Corp.		571,193		5,426,333

				8,797,883


Total Common Stocks				2,230,546,475


Repurchase Agreements (4.8%)

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $46,320,512, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $47,243,825	$	46,317,476		46,317,476
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $62,542,131, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $63,788,792		62,538,031		62,538,031


Total Repurchase Agreements				108,855,507

Securities Purchased With Collateral For Securities
On Loan (1.3%)
	Shares or
	Principal Amount		Value


Repurchase Agreement (1.3%)
Barclays Capital, 2.50%, dated 06/30/08, due 07/01/08, repurchase price $29,374,986, collateralized by U.S. Government Agency Mortgages ranging 2.64%-15.43%, maturing 12/15/13-05/25/38; total market value of $29,960,405	$	29,372,946	$	29,373,446


Total Securities Purchased With Collateral For Securities On Loan				29,373,446


Total Investments (Cost $2,611,514,337) (b) — 104.1%				2,368,775,428

Liabilities in excess of other assets — (4.1)%				(92,640,552	)


NET ASSETS — 100.0%			$	2,276,134,876


*		Denotes a non-income producing security.

(a)		All or a part of the security was on loan as of June 30, 2008.

(b)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

At June 30, 2008, the Fund’s open futures contracts were as follows:

Notional Value

Number of

Long

Covered by

Unrealized

Contracts

Expiration

Contracts

(Depreciation)

144

S&P 500 Futures

09/18/08

46,119,600

(2,252,954

)

See accompanying notes to financial statements.

12 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT S&P 500
	Index Fund

Assets:
Investments, at value (cost $2,473,285,884)*	$	2,230,546,475
Repurchase agreements, at cost and value†		138,228,953

Total Investments		2,368,775,428

Interest and dividends receivable		2,993,783
Receivable for capital shares issued		166,289
Receivable for investments sold		619,483
Receivable for variation margin on futures contracts		39,956
Prepaid expenses and other assets		199,030

Total Assets		2,372,793,969

Liabilities:
Cash overdraft		138,740
Payable for investments purchased		66,303,369
Payable upon return of securities loaned (Note 2)		29,373,446
Payable for capital shares redeemed		418,384
Accrued expenses and other payables:
Investment advisory fees		237,015
Fund administration and transfer agent fees		112,515
Administrative services fees		28,352
Custodian fees		14,853
Trustee fees		16,320
Compliance program costs (Note 3)		3,840
Other		12,259

Total Liabilities		96,659,093

Net Assets	$	2,276,134,876

Represented by:
Capital	$	2,584,066,634
Accumulated net investment income		860,192
Accumulated net realized losses from investment and futures transactions		(64,529,442	)
Net unrealized (depreciation) from investments and futures		(244,262,508	)

Net Assets	$	2,276,134,876

Net Assets:
Class IV Shares		213,284,855
Class Y Shares		2,062,850,021

Total	$	2,276,134,876

Shares outstanding (unlimited number of shares authorized):
Class IV Shares		23,953,949
Class Y Shares		231,755,042

Total		255,708,991

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class IV Shares	$	8.90
Class Y Shares	$	8.90


*		Includes value of securities on loan of $34,221,934.

†		Includes value of repurchase agreements purchased with cash collateral received from securities on loan of $29,373,446.

See accompanying notes to financial statements.

2008 Semiannual Report 13

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT S&P 500
	Index Fund

INVESTMENT INCOME:
Interest income	$	1,009,545
Dividend income		23,411,040
Income from securities lending (Note 2)		170,218

Total Income		24,590,803

Expenses:
Investment advisory fees		1,456,811
Fund administration and transfer agent fees		565,517
Administrative services fees Class IV Shares		148,976
Custodian fees		72,829
Trustee fees		57,467
Compliance program costs (Note 3)		1,867
Other		253,562

Total expenses before earnings credit		2,557,029
Earnings credit (Note 6)		(13,099	)

Net Expenses		2,543,930

Net Investment Income		22,046,873

REALIZED/UNREALIZED LOSSES FROM INVESTMENTS:
Net realized losses from investment transactions		(1,116,306	)
Net realized losses from futures transactions		(7,593,610	)

Net realized losses from investment and futures transactions		(8,709,916	)
Net change in unrealized appreciation/(depreciation) from investments and futures		(312,567,294	)

Net realized/unrealized losses from investments and futures		(321,277,210	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(299,230,337	)

See accompanying notes to financial statements.

14 Semiannual Report 2008

Statements of Changes in Net Assets


	NVIT S&P 500 Index Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	22,046,873		$	34,627,609
Net realized gains (losses) from investment and futures transactions		(8,709,916	)		5,991,278
Net change in unrealized appreciation/(depreciation) from investments and futures		(312,567,294	)		16,404,467

Change in net assets resulting from operations		(299,230,337	)		57,023,354


Distributions to Shareholders From:
Net investment income:
Class IV		(2,001,318	)		(4,269,811	)
Class Y (a)		(19,496,073	)		(30,054,955	)

Change in net assets from shareholder distributions		(21,497,391	)		(34,324,766	)

Change in net assets from capital transactions		123,857,380			1,896,969,783

Change in net assets		(196,870,348	)		1,919,668,371

Net Assets:
Beginning of period		2,473,005,224			553,336,853

End of period	$	2,276,134,876		$	2,473,005,224

Accumulated net investment income at end of period	$	860,192		$	310,710


CAPITAL TRANSACTIONS:
Class IV Shares
Proceeds from shares issued	$	3,379,633		$	8,824,825
Dividends reinvested		2,001,318			4,269,786
Cost of shares redeemed		(15,603,134	)		(37,367,441	)

		(10,222,183	)		(24,272,830	)

Class Y Shares (a)
Proceeds from shares issued		220,735,362			547,877,576
Issued from in-kind transactions		–			1,387,369,746
Dividends reinvested		19,495,856			30,054,335
Cost of shares redeemed		(106,151,655	)		(44,059,044	)

		134,079,563			1,921,242,613

Change in net assets from capital transactions	$	123,857,380		$	1,896,969,783


SHARE TRANSACTIONS:
Class IV Shares
Issued		358,999			858,556
Reinvested		215,625			412,393
Redeemed		(1,645,467	)		(3,636,349	)

		(1,070,843	)		(2,365,400	)

See accompanying notes to financial statements.

2008 Semiannual Report 15

NVIT S&P 500 Index Fund


			Investment Activities								Distributions											Ratios / Supplemental Data

					Net Realized																								Ratio of
					and																					Ratio of Net			Expenses
	Net Asset				Unrealized			Total														Net Assets		Ratio of		Investment			(Prior to
	Value,		Net		Gains			from			Net						Net Asset					at End of		Expenses		Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Total			Value, End		Total			Period		to Average		to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Distributions			of Period		Return (a)			(000s)		Net Assets (b)		Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class IV Shares
Six Months Ended June 30, 2008 (Unaudited)	$	10.22		0.08		(1.32	)		(1.24	)		(0.08	)		(0.08	)	$	8.90		(12.14%	)	$	213,285		0.34%		1.80	%		0.34	%		1.27	%
Year Ended December 31, 2007	$	9.88		0.19		0.32			0.51			(0.17	)		(0.17	)	$	10.22		5.11%		$	255,677		0.32%		1.77	%		0.32	%		4.93	%
Year Ended December 31, 2006	$	8.71		0.17		1.15			1.32			(0.15	)		(0.15	)	$	9.88		15.32%		$	270,585		0.31%		1.80	%		0.38	%		5.40	%
Year Ended December 31, 2005	$	8.45		0.14		0.26			0.40			(0.14	)		(0.14	)	$	8.71		4.75%		$	265,571		0.28%		1.58	%		0.47	%		4.29	%
Year Ended December 31, 2004	$	7.85		0.14		0.68			0.82			(0.22	)		(0.22	)	$	8.45		10.59%		$	286,933		0.28%		1.74	%		0.43	%		3.10	%
Year Ended December 31, 2003 (e)	$	6.24		0.11		1.63			1.74			(0.13	)		(0.13	)	$	7.85		28.33%		$	281,115		0.28%		1.51	%		0.47	%		2.41	%

Class Y Shares (f)
Six Months Ended June 30, 2008 (Unaudited)	$	10.21		0.09		(1.31	)		(1.22	)		(0.09	)		(0.09	)	$	8.90		(12.00%	)	$	2,062,850		0.21%		1.93	%		0.21	%		1.27	%
Year Ended December 31, 2007	$	9.88		0.18		0.33			0.51			(0.18	)		(0.18	)	$	10.21		5.13%		$	2,217,328		0.20%		1.87	%		0.20	%		4.93	%
Period Ended December 31, 2006 (g) (h)	$	9.15		0.13		0.72			0.85			(0.12	)		(0.12	)	$	9.88		9.42%		$	282,751		0.23%		1.99	%		0.23	%		5.40	%


(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)	Effective May 1, 2008, Class ID was renamed Class Y.
(g)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(h)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

2008 Semiannual Report 17

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT S&P 500 Index Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

18 Semiannual Report 2008

involve an events occurring between the close of a foreign market on which a security trades and the next Valuation Time.


	•	Level 1 – quoted prices in active markets for identical assets.

	•	Level 2 – other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.).

	•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


					Level 2 – Other Significant				Level 3 – Significant
Level 1 – Quoted Prices					Observable Inputs				Unobservable Inputs				Total
Investments		Other*			Investments		Other*		Investments		Other*		Investments		Other*

$	2,230,546,475	$	(2,252,954	)	$	138,228,453	$	–	$	–	$	–	$	2,368,774,928	$	(2,252,954	)


	*	Other financial instruments are derivative instruments not reflected in the Statement of Investments, such as futures, forwards, options, and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

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

20 Semiannual Report 2008


(f)	Written Options Contracts


(g)	Short Sales


(h)	Security Transactions and Investment Income


(i)	Securities Lending

2008 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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 the 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, 2008, the Fund had securities with the following value on loan:


Value of Loaned Securities		Value of Collateral

$	34,221,934	$	36,279,956	*


*		Includes $6,906,510 of collateral in the form of U.S. Government securities, interest rates ranging from 2.64% to 15.43%, and maturity dates ranging from 12/15/13 to 05/25/38.


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns), such amounts 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in capital.


(k)	Federal Income Taxes

22 Semiannual Report 2008

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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.


Fee Schedule	Total Fees

Up to $1.5 billion		0.13%


$1.5 billion up to $3 billion		0.12%


$3 billion or more		0.11%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $209,978 for the six months ended June 30, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA, 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 in a given quarter is approved by the Board of Trustees on an advance quarterly basis. Except as provided for in the

2008 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

As of June 30, 2008, the cumulative potential reimbursements for the Fund would be:


Amount		Amount		Amount		Six Months
Fiscal Year		Fiscal Year		Fiscal Year		Ended
2005		2006		2007		June 30, 2008

$	500,657	$	209,099	$	—	$	—


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

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

For the six months ended June 30, 2008, NFS received $157,233 in Administrative Services fees from the Fund.

24 Semiannual Report 2008

4. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $571,630,892 and sales of $28,664,349.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the six months ended June 30, 2008.

6. Portfolio Investment Risks

7. Indemnifications

2008 Semiannual Report 25

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

8. New Accounting Pronouncements

9. Other

During the six months ended June 30, 2008, the NVIT S&P 500 Index Fund accepted securities eligible for investment by the Fund as consideration for Fund shares issued (“Purchase In-Kind”) to the NVIT Investor Destinations Aggressive Fund, NVIT Investor Destinations Moderately Aggressive Fund, NVIT Investor Destinations Moderate Fund, NVIT Investor Destinations Moderately Conservative Fund and NVIT Investor Destinations Conservative Fund, pursuant to no-action relief received from the Securities and Exchange Commission. Gartmore Variable Insurance Trust (no-action letter pub. avail. December 29, 2006).

10. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	2,641,874,068	$	173,980,607	$	(447,079,747)	$	(273,099,140)

26 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 27

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

28 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 29

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

30 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 31

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

32 Semiannual Report 2008

The Trustees found that, although performance had been disappointing, the Fund recently had been launched, and recently had had a change in subadviser. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Adviser and subadviser to improve the performance of this recently-launched Fund, and the recent change in subadviser, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

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. The Trustees found that the Fund’s total expenses compared with peer group funds were low, and the Adviser agreed to maintain the expense cap at 23 basis points (excluding certain Fund expenses as set forth in the Fund’s prospectus). Based on its review, the Board concluded that the Fund’s total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

2008 Semiannual Report 33

Van Kampen NVIT Multi-Sector Bond Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

19			Statement of Assets and Liabilities

20			Statement of Operations

21			Statement of Changes in Net Assets

22			Financial Highlights

23			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-MSB (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.


Shareholder	Van Kampen NVIT Multi Sector Bond Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008

Beginning

Ending

Expenses Paid

Expense Ratio

Account Value ($)

During Period ($)

During Period (%)

Van Kampen NVIT Multi Sector Bond Fund

01/01/08

06/30/08

01/01/08 - 06/30/08^(a)

Class I

Actual

1,000.00

926.80

4.55

0.95

Hypothetical

^(b)

1,000.00

1,020.14

4.77

0.95


^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(b)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	Van Kampen NVIT Multi Sector Bond Fund

June 30, 2008 (Unaudited)


Asset Allocation

Corporate Bonds			27.4%
Asset-Backed Securities			22.4%
U.S. Government Sponsored & Agency Obligations			18.1%
Sovereign Bonds			15.7%
U.S. Government Sponsored Mortgage-Backed Obligations			9.2%
Commercial Mortgage Backed Securities			8.8%
Collateralized Mortgage Obligations			8.0%
Repurchase Agreements			3.6%
Interest Only Bonds			2.6%
Yankee Dollars			2.0%
Options Purchased			0.2%
Other Investments*			1.4%
Liabilities in excess of other assets**			-19.4%

			100.0%


Top Industries

Home Equity Loans			19.8%
Other Financial			6.9%
Media			1.9%
Oil, Gas, & Consumable Fuels			1.8%
Auto Loans			1.7%
Telecommunications			1.5%
Electric Power			1.4%
Hotels, Restaurants & Leisure			1.2%
Electronic Equipment & Instruments			1.1%
Banks			1.1%
Other			61.6%

			100.0%


Top Holdings***

Federal Home Loan Mortgage Corp. 5.00%, 07/15/37			4.4%
Federal National Mortgage Association TBA, 5.50%, 07/15/37			3.6%
Freddie Mac Gold, Pool # C02851, 5.50%, 05/01/37			3.4%
Federal Home Loan Mortgage Corp. 6.00%, 07/15/37			3.3%
Bundesrepublik Deutschland (EUR), 5.63%, 01/04/28			3.3%
U.S. Treasury Bond, 4.50%, 02/15/36			2.7%
Government National Mortgage Association, 6.10%, 06/20/38			2.1%
Spain Government Bond (EUR) 5.15%, 07/30/09			1.8%
U.S. Treasury Notes, 4.75%, 02/15/37			1.3%
Federal National Mortgage Association 5.00%, 07/17/37			1.2%
Other			72.9%
			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

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund


Corporate Bonds (27.4%)
	Principal
	Amount		Value


Auto Components (0.1%)
ArvinMeritor, Inc., 8.75%, 03/01/12	$	225,000	$	198,000



Automobiles (0.1%)
Daimler Finance North America LLC, 8.50%, 01/18/31		180,000		208,119



Banks (1.1%)
Bank of America Corp.
5.75%, 12/01/17		50,000		46,956
5.65%, 05/01/18		525,000		490,133
Bank One Corp., 6.00%, 02/17/09		95,000		95,560
Citigroup, Inc., 7.34%, 02/24/10 (a)		257,000		260,984
Credit Suisse New York, 6.00%, 02/15/18		385,000		370,723
JPMorgan Chase & Co., 7.00%, 11/15/09		240,000		245,318
UBS AG, 9.27%, 04/09/09 (a) (b)		37,900,000		298,367
Wachovia Corp., 5.50%, 05/01/13		335,000		320,629

				2,128,670



Beverages (0.1%) (a)
Dr Pepper Snapple Group, Inc., 6.82%, 05/01/18		135,000		135,557



Capital Markets (0.9%)
Bear Stearns Cos., Inc. (The), 5.55%, 01/22/17		260,000		240,299
Goldman Sachs Group, Inc. (The)
6.15%, 04/01/18		180,000		174,629
6.75%, 10/01/37		355,000		324,735
Lehman Brothers Holdings, Inc.
5.75%, 01/03/17		150,000		132,370
6.50%, 07/19/17		215,000		198,901
6.88%, 07/17/37		350,000		301,279
NYSE Euronext, Inc., 4.80%, 06/28/13		155,000		152,867
Systems 2001 AT LLC, 6.66%, 09/15/13 (a)		235,045		242,002

				1,767,082



Chemicals (0.3%)
Innophos, Inc., 8.88%, 08/15/14		430,000		430,000
Koppers, Inc., 9.88%, 10/15/13		47,000		49,350
Nalco Co., 7.75%, 11/15/11		165,000		165,000

				644,350



Commercial Services & Supplies (0.2%)
Iron Mountain, Inc.
8.63%, 04/01/13		195,000		195,975
7.75%, 01/15/15		180,000		179,100

				375,075



Computers & Peripherals (0.2%)
Dell, Inc., 5.65%, 04/15/18 (a)		225,000		217,119
Hewlett-Packard Co., 5.50%, 03/01/18		130,000		127,323

				344,442



Construction & Engineering (0.1%)
Pulte Homes, Inc., 6.38%, 05/15/33		190,000		147,250



Consumer Goods (0.1%) (c)
Johnsondiversey, Inc., 9.63%, 05/15/12		180,000		181,800



Containers & Packaging (0.1%)
Owens-Illinois, Inc., 7.50%, 05/15/10		230,000		234,025



Diversified Financial Services (1.1%) (a)
CDX North America High Yield, 8.75%, 12/29/12		2,277,000		2,103,379



Electric Power (1.4%)
AES Corp., 8.00%, 06/01/20 (a)		435,000		419,775
Arizona Public Service Co., 5.80%, 06/30/14		250,000		237,531
Consolidated Natural Gas Co., Series C, 6.25%, 11/01/11		260,000		268,333
Consumers Energy Co., 4.80%, 02/17/09		210,000		210,602
Detroit Edison Co. (The), 6.13%, 10/01/10		200,000		208,149
Entergy Gulf States, Inc. (d)
3.43%, 12/08/08 (a)		123,000		122,920
3.08%, 12/01/09		105,000		103,791
Ohio Power Co., Series K, 6.00%, 06/01/16		225,000		223,201
Peco Energy Co., 5.35%, 03/01/18		165,000		161,484
Texas Competitive Electric Holdings Co. LLC (a)
10.25%, 11/01/15		470,000		460,600
10.25%, 11/01/15		180,000		176,400

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund (Continued)


Corporate Bonds (continued)
	Principal
	Amount		Value


Electric Power (continued)

Union Electronic Co., 6.70%, 02/01/19	$	100,000	$	101,292

				2,694,078



Electronic Equipment & Instruments (1.1%)
Freescale Semiconductor, Inc., 8.88%, 12/15/14		535,000		434,688
General Electric Co., 5.25%, 12/06/17		1,190,000		1,143,985
KLA Instruments Corp., 6.90%, 05/01/18		200,000		196,073
Koninklijke Philips Electronics NV, 5.75%, 03/11/18		230,000		225,336
Xerox Corp., 6.35%, 05/15/18		180,000		177,678

				2,177,760



Food & Staples Retailing (0.7%)
CVS Caremark Corp.
5.75%, 08/15/11		65,000		66,600
5.75%, 06/01/17		100,000		98,355
CVS Pass-Through Trust, 6.04%, 12/10/28 (a)		415,356		385,670
Delhaize America, Inc., 9.00%, 04/15/31		356,000		419,084
Kroger Co. (The)
5.00%, 04/15/13		70,000		68,854
6.40%, 08/15/17		100,000		101,996
Rite Aid Corp., 8.63%, 03/01/15		420,000		278,250

				1,418,809



Food Products (0.7%)
ConAgra Foods, Inc.
7.00%, 10/01/28		150,000		154,420
8.25%, 09/15/30		100,000		115,839
Kraft Foods, Inc., 6.13%, 08/23/18		135,000		130,737
Michael Foods, Inc., 8.00%, 11/15/13		120,000		118,200
Pilgrim’s Pride Corp., 7.63%, 05/01/15		1,020,000		838,950
Smithfield Foods, Inc., 8.00%, 10/15/09		90,000		89,550

				1,447,696



Health Care Providers & Services (1.0%)
Baxter International, Inc.
4.63%, 03/15/15		135,000		128,467
5.38%, 06/01/18		45,000		44,470
Biomet, Inc., 10.38%, 10/15/17 (a)		115,000		121,900
HCA, Inc.
6.25%, 02/15/13		345,000		299,287
5.75%, 03/15/14		185,000		154,012
7.69%, 06/15/25		370,000		302,574
Invacare Corp., 9.75%, 02/15/15		80,000		80,000
Sun Healthcare Group, Inc., 9.13%, 04/15/15		265,000		265,000
Tenet Healthcare Corp.
7.38%, 02/01/13		510,000		479,400
9.88%, 07/01/14		65,000		65,325

				1,940,435



Hotels, Restaurants & Leisure (1.2%)
ARAMARK Corp.
5.00%, 06/01/12 (c)		210,000		183,750
6.37%, 02/01/15 (d)		50,000		46,750
8.50%, 02/01/15		60,000		58,800
Harrah’s Operating Co., Inc., 5.38%, 12/15/13		495,000		303,187
Isle of Capri Casinos, Inc., 7.00%, 03/01/14		555,000		391,275
Las Vegas Sands Corp., 6.38%, 02/15/15 (c)		550,000		467,500
MGM Mirage, 6.00%, 10/01/09		300,000		295,125
Starwood Hotels & Resort Worldwide, Inc., 6.75%, 05/15/18		85,000		80,161
Station Casinos, Inc., 6.00%, 04/01/12		340,000		270,300
Yum! Brands, Inc., 8.88%, 04/15/11		295,000		318,865

				2,415,713



Industrial Conglomerates (0.2%)
Glatfelter, 7.13%, 05/01/16		65,000		63,700
Graphic Packaging International Corp., 9.50%, 08/15/13 (c)		165,000		157,575
Honeywell International, Inc., 5.30%, 03/01/18		140,000		137,912

				359,187



Information Technology Services (0.2%)
Fiserv, Inc., 6.80%, 11/20/17		190,000		192,211
Lender Processing Services, Inc., 8.13%, 07/01/16 (a)		40,000		40,050
Oracle Corp., 5.75%, 04/15/18		265,000		264,773

				497,034

6 Semiannual Report 2008


Corporate Bonds (continued)
	Principal
	Amount		Value


Insurance (0.7%)
ACE INA Holdings, Inc., 5.60%, 05/15/15	$	135,000	$	130,011
AXA Financial, Inc., 7.75%, 08/01/10		460,000		484,990
Chubb Corp., 5.75%, 05/15/18		45,000		43,615
Farmers Insurance Exchange, 8.63%, 05/01/24 (a)		250,000		261,476
Muenchener Rueckversicherungs AG (EUR), 6.75%, 06/21/23		130,000		202,196
UnitedHealth Group, Inc., 6.00%, 02/15/18		240,000		232,160

				1,354,448



Internet Software & Services (0.1%)
Exodus Communications, Inc., 0.00%, 07/15/10 (f)(g)		124,113		0
Expedia, Inc., 8.50%, 07/01/16		160,000		156,400
Rhythms Netconnections, 0.00%, 02/15/10 (f)(g)		366,692		0

				156,400



Machinery (0.2%)
Cooper Industries, Inc., 5.25%, 11/15/12		205,000		205,859
Parker-Hannifin Corp., 5.50%, 05/15/18		135,000		135,424

				341,283



Manufacturing (0.3%)
Berry Plastics Corp., 8.88%, 09/15/14		685,000		592,525



Media (1.9%)
Cablevision Systems Corp., 7.13%, 04/01/09 (d)		290,000		290,000
Comcast Cable Communications LLC, 6.75%, 01/30/11		300,000		310,793
Cox Communications, Inc., 6.25%, 06/01/18 (a)		100,000		97,619
Echostar DBS Corp.
6.38%, 10/01/11		550,000		530,750
6.63%, 10/01/14		60,000		55,500
Interpublic Group of Cos., Inc., 6.25%, 11/15/14		205,000		177,325
Time Warner Cable, Inc., 6.75%, 07/01/18		200,000		201,326
Time Warner, Inc., 2.92%, 11/13/09 (d)		645,000		626,799
Univision Television Group, Inc., 9.75%, 03/15/15 (a)		240,000		176,400
Valassis Communications, Inc., 8.25%, 03/01/15		480,000		435,600
Viacom, Inc., 6.88%, 04/30/36		380,000		356,853
Vivendi, 6.63%, 04/04/18 (a)		425,000		421,848

				3,680,813



Metals & Mining (0.1%)
ArcelorMittal, 6.13%, 06/01/18 (a)		200,000		195,451
Foundation PA Coal Co., 7.25%, 08/01/14		50,000		50,000
Murrin Murrin Holdings Ltd., 9.38%, 08/31/07 (f)(g)		125,000		0

				245,451



Multi-Utilities (0.2%)
Texas Eastern Transmission LP, 7.00%, 07/15/32		215,000		215,490
Williams Cos., 7.88%, 09/01/21		255,000		270,300

				485,790



Multiline Retail (0.1%)
Wal-Mart Stores, Inc., 4.25%, 04/15/13		230,000		228,712



Oil, Gas & Consumable Fuels (1.8%)
CenterPoint Energy Resources Corp.
Series B,
7.88%, 04/01/13		45,000		48,173
6.25%, 02/01/37		70,000		62,113
Chaparral Energy, Inc., 8.88%, 02/01/17		210,000		182,175
Cie Generale de Geophysique, 7.50%, 05/15/15		40,000		39,900
ConocoPhillips, 5.20%, 05/15/18		170,000		167,538
Equitable Resources, Inc., 6.50%, 04/01/18		230,000		230,332
Helix Energy Solutions Group, Inc., 9.50%, 01/15/16 (a)		385,000		394,625
Husky Oil Co., 8.90%, 08/15/28		525,000		527,954
Marathon Oil Corp.
6.00%, 10/01/17		185,000		183,944
5.90%, 03/15/18		145,000		143,302
Pacific Energy Partners LP, 7.13%, 06/15/14		150,000		151,263
Petro-Canada, 6.05%, 05/15/18		45,000		44,347

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund (Continued)


Corporate Bonds (continued)
	Principal
	Amount		Value


Oil, Gas & Consumable Fuels (continued)

Plains All American Pipeline LP, 6.70%, 05/15/36	$	230,000	$	218,870
Questar Market Resources, Inc., 6.80%, 04/01/18		270,000		263,813
Sandridge Energy, Inc., 8.63%, 04/01/15		325,000		333,125
Weatherford International Ltd., 6.00%, 03/15/18		140,000		138,169
XTO Energy, Inc., 5.50%, 06/15/18		570,000		544,339

				3,673,982



Other Financial (6.9%)
AIG SunAmerica Global Financing VI, 6.30%, 05/10/11 (a)		395,000		401,146
Alfa MTN Invest Ltd., 9.25%, 06/24/13 (a)		150,000		150,188
American General Finance Corp., 4.63%, 05/15/09		95,000		94,237
Axcan Intermediate Holdings, Inc., 12.75%, 03/01/16 (a)		115,000		115,000
Bershire Hathaway Finance Corp., 5.40%, 05/15/18 (a)		205,000		204,888
Brookfield Asset Management, Inc.
7.13%, 06/15/12		250,000		252,451
5.80%, 04/25/17		95,000		84,834
CCH I Holdings LLC, 11.00%, 10/01/15 (c)		210,000		155,663
Dex Media West LLC, 9.88%, 08/15/13		75,000		67,500
Farmers Exchange Capital, 7.05%, 07/15/28 (a)		285,000		260,518
FBG Finance Ltd., 5.13%, 06/15/15 (a)		250,000		235,971
First Data Corp., 9.88%, 09/24/15 (a)		640,000		556,800
Ford Motor Credit Co., 7.25%, 10/25/11		1,470,000		1,139,193
Fresenius Medical Care Capital Trust IV, 7.88%, 06/15/11		95,000		98,325
Gaz Capital for Gazprom
6.21%, 11/22/16 (a)		310,000		289,633
8.63%, 04/28/34		53,000		57,730
General Electric Capital Corp.
4.25%, 12/01/10		100,000		101,013
5.63%, 05/01/18		505,000		488,363
General Motors Acceptance Corp., 6.88%, 09/15/11		1,615,000		1,160,494
Glaxosmithkline Capital, Inc., 5.65%, 05/15/18		140,000		139,465
Harley-Davidson Funding Corp., 6.80%, 06/15/18 (a)		155,000		153,145
Hilcorp Energy I LP, 7.75%, 11/01/15 (a)		230,000		220,800
HSBC Finance Corp., 6.50%, 05/05/09		140,000		220,976
ICI Wilmington, Inc., 4.38%, 12/01/08		115,000		115,168
John Hancock Global Funding II, Series II, 7.90%, 07/02/10 (a)		155,000		165,112
Kazmuaigaz Finance Sub, 9.13%, 07/02/18 (a)		400,000		397,500
Koppers Holdings, Inc. 0.00%, 11/15/14		255,000		230,775
Mantis Reef Ltd., 4.69%, 11/14/08 (a)		425,000		423,372
Nisource Finance Corp.
3.21%, 11/23/09 (d)		120,000		116,656
7.88%, 11/15/10		440,000		456,287
6.80%, 01/15/19		135,000		132,388
Nordic Telephone Co. Holdings ApS, 8.88%, 05/01/16 (a)		155,000		151,900
Pearson Dollar Finance Two PLC, 6.25%, 05/06/18 (a)		100,000		98,849
Pemex Project Funding Master Trust
4.08%, 06/15/10 (d) (a)		570,000		572,280
5.75%, 03/01/18 (a)		1,000,000		987,500
8.63%, 12/01/23		250,000		310,000
Pemex Project Funding Master Trust (EUR), 6.63%, 04/04/10		250,000		397,080
Prudential Financial, Inc., 6.63%, 12/01/37		170,000		160,472
Qwest Capital Funding, Inc., 7.25%, 02/15/11		330,000		320,100
Residential Capital LLC, 9.63%, 05/15/15 (a)		160,000		77,600
Rio Tinto Finance USA Ltd., 6.50%, 07/15/18		120,000		120,364
RSHB Capital SA for OJSC Russian Agricultural Bank, 7.18%, 05/16/13 (a)		280,000		280,350
Slm Corp., 8.45%, 06/15/18		285,000		273,411
Sprint Capital Corp.
6.90%, 05/01/19		65,000		57,038
8.75%, 03/15/32		200,000		190,500
Telecom Italia Capital SA
4.00%, 11/15/08		110,000		109,984
4.00%, 01/15/10		195,000		192,378
Telefonica Europe BV, 8.25%, 09/15/30		220,000		252,550
VimpelCom, 9.13%, 04/30/18 (a)		195,000		191,831

8 Semiannual Report 2008


Corporate Bonds (continued)
	Principal
	Amount		Value


Other Financial (continued)

Wind Acquisition Finance SA, 10.75%, 12/01/15 (a)	$	200,000	$	210,000

				13,639,778



Other Utility (0.1%)
National Grid PLC (EUR), 5.00%, 07/02/18		110,000		154,387



Paper & Forest Products (0.3%)
Nine Dragons Paper Holdings Ltd., 7.88%, 04/29/13 (a)		300,000		294,544
Pindo Deli Finance BV (a)
4.93%, 04/28/15 (d)		46,182		35,098
4.93%, 04/28/18 (d)		223,449		82,676
0.00%, 04/28/25		901,231		54,074
Tjiwi Kimia Finance BV
4.93%, 04/28/15 (d)		135,195		102,748
4.93%, 04/28/18 (d) (a)		91,531		32,951
0.00%, 04/28/27 (a)		473,111		28,387

				630,478



Pharmaceuticals (0.6%)
Amgen, Inc., 5.85%, 06/01/17		60,000		59,098
Biogen Idec, Inc., 6.88%, 03/01/18		220,000		225,350
Hospira, Inc., 3.18%, 03/30/10 (d)		490,000		475,066
Medco Health Solutions, Inc., 7.13%, 03/15/18		195,000		202,506
Wyeth
5.50%, 02/15/16		50,000		50,252
5.45%, 04/01/17		140,000		138,075

				1,150,347



Real Estate Investment Trusts (REITs) (0.6%)
Capmark Financial Group, Inc.
5.88%, 05/10/12		945,000		666,614
6.30%, 05/10/17		85,000		54,945
ProLogis, 6.63%, 05/15/18		55,000		54,178
World Financial Properties, 6.91%, 09/01/13 (a)		415,182		414,690

				1,190,427



Real Estate Management & Development (0.1%) (c)
Realogy Corp., 10.50%, 04/15/14		215,000		149,425



Specialty Retail (0.4%)
Home Depot, Inc.
2.90%, 12/16/09 (d)		320,000		311,677
5.40%, 03/01/16		205,000		188,242
Sonic Automotive, Inc., 8.63%, 08/15/13		335,000		309,875

				809,794



Technology (0.1%)
Intergas Finance BV, 6.38%, 05/14/17		250,000		222,813



Telecommunications (1.5%)
American Tower Corp.
7.50%, 05/01/12		275,000		277,750
7.13%, 10/15/12		100,000		101,000
AT&T Corp., 8.00%, 11/15/31 (d)		295,000		338,661
AT&T, Inc., 6.15%, 09/15/34		140,000		130,812
Axtel SAB de CV, 11.00%, 12/15/13		225,000		239,625
Deutsche Telekom International Finance BV (EUR), 8.13%, 05/29/12		160,000		267,185
DIRECTV Holding LLC, 7.63%, 05/15/16 (a)		405,000		398,925
France Telecom SA (EUR), 8.13%, 01/28/33		90,000		168,479
Idearc, Inc., 8.00%, 11/15/16		825,000		518,719
Qwest Communications International, Inc., 6.18%, 02/15/09 (d)		150,000		149,250
Qwest Corp., 5.63%, 11/15/08		45,000		44,888
Sprint Nextel Corp., 6.00%, 12/01/16		110,000		94,600
Verizon Communications, Inc., 5.50%, 02/15/18		100,000		95,131
Verizon New England, Inc., 6.50%, 09/15/11		10,000		10,278
Virgin Media Finance PLC
8.75%, 04/15/14		75,000		70,500
9.13%, 08/15/16		100,000		93,750

				2,999,553



Textiles, Apparel & Luxury Goods (0.1%)
Interface, Inc.
10.38%, 02/01/10		60,000		63,000
9.50%, 02/01/14		225,000		232,875
Propex, Inc., 10.00%, 12/01/12		385,000		3,850

				299,725

2008 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund (Continued)


Corporate Bonds (continued)
	Principal
	Amount		Value


Tobacco (0.3%)
Philip Morris International, Inc., 5.65%, 05/16/18	$	215,000	$	208,972
Reynolds American, Inc., 6.50%, 07/15/10		350,000		355,250

				564,222



Transportation (0.1%)
CHC Helicopter Corp., 7.38%, 05/01/14		220,000		228,250



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				54,217,064


Asset-Backed Securities (22.4%)

Auto Loans (1.7%) (d)
Capital Auto Receivables Asset Trust
2.53%, 07/15/10		1,650,000		1,643,678
2.53%, 05/15/11		1,746,036		1,740,398

				3,384,076



Credit Card Receivables (0.4%)
Citibank Credit Card Issuance Trust, 5.65%, 09/20/19		835,000		824,855



Home Equity Loans (19.8%)
American Home Mortgage Assets (d)
2.62%, 09/25/46		1,193,603		642,421
2.58%, 10/25/46		1,623,721		1,159,154
2.52%, 03/25/47		1,360,079		952,317
American Home Mortgage Investment Trust (d)
Series 2004-1 Class 1A
2.74%, 04/25/44		152,971		152,500
2.58%, 03/25/46		1,211,198		669,557
Argent Securities, Inc., 2.44%, 10/25/36 (d)		710,576		690,577
Bear Stearns Asset Backed Securities Trust, 2.61%, 03/25/35 (d)		26,828		26,805
Bear Stearns Mortgage Funding Trust (d)
2.64%, 07/25/36		1,017,305		657,479
2.55%, 12/25/36		1,023,394		741,731
2.53%, 03/25/37		1,346,319		961,440
2.56%, 03/25/37		1,498,705		889,750
Countrywide Alternative Loan Trust (d)
5.49%, 02/25/36		1,775,687		959,279
2.66%, 07/25/46		706,038		384,175
2.70%, 07/25/46		407,933		157,439
2.58%, 10/25/46		907,645		641,977
1.37%, 02/25/47		12,181,442		139,745
2.53%, 04/25/47		1,356,197		952,453
1.54%, 05/25/47		6,065,460		106,037
Countrywide Asset-Backed Certificates, 2.54%, 05/25/36 (d)		110,428		108,737
Deutsche ALT-A Securities, Inc. Alternate Loan Trust (d)
2.54%, 02/25/47		1,443,888		1,008,488
4.03%, 02/25/47		580,188		261,084
Downey Savings & Loan Association Mortgage Loan Trust (d)
2.68%, 11/19/37		1,224,753		855,833
4.73%, 04/19/47		1,110,934		1,059,143
First Franklin Mortgage Loan Asset Backed Certificates, 2.44%, 07/25/36 (d)		478,318		472,661
Fremont Home Loan Trust, 2.44%, 10/25/36 (d)		791,419		743,659
Greenpoint Mortgage Funding Trust, 2.71%, 03/25/36 (d)		892,427		493,374
GSAMP Trust, 2.46%, 01/25/37 (d)		720,960		695,928
GSR Mortgage Loan Trust, 2.58%, 08/25/46 (d)		1,115,727		804,113
Harborview Mortgage Loan Trust (d)
2.73%, 08/21/36		1,125,541		642,895
2.66%, 11/19/36		1,358,395		955,958
2.69%, 11/19/36		1,323,019		932,119
2.68%, 10/19/37		636,720		439,630
2.73%, 10/19/37		939,162		506,833
2.67%, 01/19/38		1,499,968		1,070,738
2.68%, 03/19/38		1,504,313		840,876
2.63%, 04/19/38		1,733,656		1,211,067
Indymac Index Mortgage Loan Trust (d)
2.51%, 07/25/46		1,199,642		1,144,342
2.64%, 06/25/47		1,185,821		656,960
Luminent Mortgage Trust, 2.59%, 10/25/46 (d)		797,798		572,333
Nationstar Home Equity Loan Trust, 3.09%, 09/25/36 (d)		218,604		216,887
Newcastle Mortgage Securities Trust, 2.52%, 04/25/37 (d)		657,700		575,658
Residential Accredit Loans, Inc. (d)
2.58%, 12/25/36		1,181,512		852,217
2.55%, 01/25/37		1,499,346		1,154,781

10 Semiannual Report 2008


Asset-Backed Securities (continued)
	Principal
	Amount		Value


Home Equity Loans (continued)

2.55%, 02/25/37	$	1,084,498	$	743,470
2.59%, 06/25/37		2,315,822		1,587,878
Residential Asset Mortgage Products, Inc., 2.46%, 08/25/36 (d)		513,795		506,249
Residential Asset Securities Corp., 2.47%, 10/25/36 (d)		545,673		535,280
Securitized Asset Backed Receivables LLC Trust
5.43%, 11/25/36		938,036		914,193
2.52%, 05/25/37 (d)		906,553		840,890
Soundview Home Equity Loan Trust (d)
2.56%, 01/25/37		591,628		577,955
2.50%, 02/25/37		898,678		817,407
Specialty Underwriting & Residential Finance, 2.51%, 03/25/37 (d)		629,011		602,219
Structured Asset Investment Loan Trust, 3.07%, 11/25/33 (d)		28,003		25,116
Structured Asset Mortgage Investments, Inc. (d)
2.70%, 02/25/36		756,441		415,729
2.62%, 07/25/36		524,740		283,220
2.67%, 07/25/36		540,641		210,266
2.62%, 08/25/36		943,707		523,002
2.57%, 09/25/47		1,745,559		1,292,179
Terwin Mortgage Trust, 2.50%, 04/25/37 (d)		153,765		152,708

				39,188,911



Student Loans (0.3%) (d)
SLM Student Loan Trust, 2.91%, 10/27/14		666,069		663,817



Utility Loans (0.2%)
TXU Electric Delivery Transition Bond Co. LLC, 4.81%, 11/17/14		300,000		302,391


Total Asset-Backed Securities				44,364,050


Collateralized Mortgage Obligations (8.0%)

American Home Mortgage Assets Trust (d)
2.62%, 05/25/46		1,144,017		668,640
2.58%, 06/25/47		1,738,778		1,215,971
2.69%, 06/25/47		672,328		259,696
American Home Mortgage Investment Trust, 2.58%, 05/25/47 (d)		1,695,324		1,215,424
Banc of America Funding Corp., 2.83%, 09/20/35 (d)		212,070		130,757
Countrywide Alternative Loan Trust (d)
3.47%, 09/25/35		17,631,614		396,711
2.74%, 11/20/35		284,324		256,583
2.86%, 11/20/35		621,313		360,167
3.93%, 02/25/37		5,828,112		203,984
4.16%, 03/20/46		5,028,767		164,969
2.82%, 05/20/46		620,080		237,747
2.78%, 12/20/46		726,081		242,465
3.93%, 12/20/46		18,515,755		712,523
2.76%, 03/20/47		514,400		199,951
4.25%, 03/20/47		9,364,018		402,531
2.68%, 06/25/47		994,607		751,396
2.89%, 06/25/47		740,664		310,524
Deutsche ALT-A Securities NIM Trust, 6.75%, 02/25/47 (d)		131,816		130,060
Government National Mortgage Association, 6.10%, 06/20/38		4,000,000		4,106,250
Harborview Mortgage Loan Trust (d)
2.86%, 11/19/35		512,434		323,482
2.77%, 07/19/45		255,268		187,562
2.71%, 07/19/46		956,248		546,289
Luminent Mortgage Trust, 2.63%, 04/25/36 (d)		672,055		463,248
Residential Accredit Loans, Inc., 2.66%, 02/25/46 (d)		339,742		238,868
Structured Asset Mortgage Investments, Inc., 2.58%, 02/25/36 (d)		331,023		244,762
WaMu Mortgage Pass Through Certificates (d)
2.66%, 04/25/45		416,729		266,901
2.77%, 08/25/45		20,926		20,754
2.65%, 10/25/45		71,477		70,250
2.64%, 12/25/45		160,590		144,324
Washington Mutual Alternative Mortgage Pass-Through Certificates (d)
4.73%, 04/25/46		1,045,650		569,318
4.73%, 04/25/46		946,064		682,462
2.67%, 07/25/46		600,343		234,366


Total Collateralized Mortgage Obligations				15,958,935

2008 Semiannual Report 11

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund (Continued)



Commercial Mortgage Backed Securities (8.8%)

Banc of America Commercial Mortgage, Inc.
5.75%, 07/10/17 (d)	$	1,000,000	$	952,203
5.49%, 10/10/17		500,000		464,317
5.41%, 09/10/47 (d)		975,000		926,022
Bear Stearns Commercial Mortgage Securities, 5.71%, 05/11/17 (d)		975,000		927,505
Citigroup Commercial Mortgage Trust, 5.43%, 10/15/49		975,000		924,153
Citigroup/Deutsche Bank Commercial Mortgage Trust, 5.89%, 11/15/44 (d)		950,000		905,653
Commercial Mortgage Pass Through Certificates, 6.01%, 12/10/49		1,515,000		1,450,013
Credit Suisse Mortgage Capital Certificates, 5.72%, 06/15/39 (d)		850,000		808,124
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.44%, 03/10/39		975,000		908,498
JP Morgan Chase Commercial Mortgage Securities Corp.
5.44%, 06/12/47		1,075,000		999,855
5.94%, 02/12/49 (d)		950,000		903,373
5.82%, 06/15/49 (d)		1,200,000		1,147,840
5.79%, 02/12/51		925,000		877,590
LB Commercial Conduit Mortgage Trust, 5.93%, 07/15/44 (d)		925,000		893,437
LB-UBS Commercial Mortgage Trust, Series 2006, Class A4
5.16%, Series 2006, Class A4, 02/15/31		975,000		917,562
5.43%, Series 2006, Class A4, 02/15/40		975,000		906,532
Wachovia Bank Commercial Mortgage Trust
5.68%, 05/15/46		825,000		777,483
Series 2007-C32, Class A3,
5.74%, 06/15/49 (d)		950,000		901,413
6.10%, 02/15/51 (d)		950,000		916,763


Total Commercial Mortgage Backed Securities				17,508,336

Sovereign Bonds (15.7%)

ARGENTINA (0.1%)
Argentina Government International Bond
8.28%, 12/31/33		335,636		256,426
8.38%, 12/31/33		51,957		33,071
1.38%, 12/15/35 (d)		11		0

				289,497



BRAZIL (1.9%)
Brazilian Government International Bond
10.50%, 07/14/14		180,000		227,700
8.00%, 01/15/18		472,000		524,156
8.88%, 10/14/19		556,000		696,112
8.88%, 04/15/24		470,000		593,375
11.00%, 08/17/40		290,000		383,525
Federative Republic of Brazil, 6.00%, 01/17/17		440,000		448,580
National Development Co., 6.37%, 06/16/18		500,000		497,500
Nota Do Tesouro Nacional (BRL), 10.00%, 01/01/10		631,000		388,823

				3,759,771



CANADA (0.4%)
Canadian Government (CAD), 5.25%, 06/01/12		700,000		731,992



COLOMBIA (0.1%)
Colombia Government International Bond, 11.75%, 02/25/20		100,000		145,000



ECUADOR (0.2%)
Ecuador Government International
9.38%, 12/15/15		200,000		205,481
10.00%, 08/15/30 (d)		290,000		282,750

				488,231



EGYPT (0.1%) (c)
Arab Republic of Egypt, 8.75%, 07/18/12		1,000,000		182,023



GERMANY (3.3%)
Bundesrepublik Deutschland (EUR), 5.63%, 01/04/28		3,820,000		6,496,285



GHANA (0.1%) (a)
Republic of Ghana, 8.50%, 10/04/17		200,000		205,500



INDONESIA (0.3%) (a)
Indonesia Government International Bond, 7.75%, 01/17/38		735,000		690,900

12 Semiannual Report 2008


Sovereign Bonds (continued)
	Principal
	Amount		Value


ITALY (0.1%)
Italy Buoni Poliennali Del Tesoro (EUR), 5.25%, 11/01/29	$	120,000	$	185,437



IVORY COAST (0.1%)
Ivory Coast Government International Bond, 3.00%, 03/30/18		285,000		110,438



JAPAN (0.2%)
Japan Government Ten Year Bond (JPY), 0.80%, 03/20/13		50,000,000		463,645



MEXICO (1.1%)
Mexican Bonos (MXN)
9.50%, 12/18/14		1,949,000		193,218
8.00%, 12/17/15		3,755,000		342,545
Mexico Government International Bond
8.38%, 01/14/11		710,000		776,385
7.50%, 01/14/12		380,000		413,060
5.63%, 01/15/17		396,000		400,158

				2,125,366



PERU (0.8%)
Peruvian Government International Bond
9.88%, 02/06/15		288,000		352,368
8.38%, 05/03/16		120,000		139,080
8.75%, 11/21/33		667,000		857,095
Republic of Peru, 6.55%, 03/14/37		270,000		273,375

				1,621,918



PHILIPPINES (0.9%)
Philippine Government International Bond
9.00%, 02/15/13		270,000		296,325
8.88%, 03/17/15		893,000		990,069
9.50%, 02/02/30		500,000		610,625

				1,897,019



RUSSIAN FEDERATION (1.4%)
Russia Government International Bond
11.00%, 07/24/18		46,000		64,514
12.75%, 06/24/28		960,000		1,711,296
7.50%, 03/31/30 (d)		398,874		447,580
Russian Ministry of Finance, 3.00%, 05/14/11 (c)		530,000		505,610

				2,729,000



SPAIN (2.1%)
Spain Government Bond (EUR)
5.15%, 07/30/09		2,250,000		3,555,014
6.15%, 01/31/13		330,000		546,147

				4,101,161



SWEDEN (0.4%)
Sweden Government Bond (SEK), 5.00%, 01/28/09		4,500,000		749,602



TURKEY (1.0%)
Turkey Government International Bond
11.00%, 01/14/13		917,000		1,056,843
6.75%, 04/03/18 (c)		708,000		658,440
11.88%, 01/15/30		156,000		219,180

				1,934,463



UKRAINE (0.1%) (a) (c)
Ukraine Government International Bond, 6.58%, 11/21/16		230,000		204,125



VENEZUELA (1.0%)
Venezuela Government International Bond
10.75%, 09/19/13		640,000		665,600
8.50%, 10/08/14		270,000		254,475
9.25%, 09/15/27		1,106,000		1,037,981

				1,958,056


Total Sovereign Bonds				31,069,429


U.S. Government Sponsored & Agency Obligations (18.1%)

Federal Home Loan Mortgage Corp.
5.00%, 07/15/37		9,150,000		8,766,844
6.00%, 07/15/37		6,500,000		6,565,000
Federal National Mortgage Association
6.50%, 07/15/37		2,250,000		2,316,094
5.00%, 07/17/37		2,400,000		2,373,000
Federal National Mortgage Association TBA, 5.50%, 07/15/37		7,250,000		7,145,781
Freddie Mac Gold Pool, Pool #C69951, 6.50%, 08/01/32		27,163		28,232
U.S. Treasury Bills, 1.72%, 10/09/08 (b)		785,000		781,005
U.S. Treasury Bond, 4.50%, 02/15/36 (c)		5,325,000		5,287,144

2008 Semiannual Report 13

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund (Continued)


U.S. Government Sponsored & Agency Obligations (continued)
	Principal
	Amount		Value

U.S. Treasury Notes, 4.75%, 02/15/37	$	2,500,000	$	2,581,640


Total U.S. Government Sponsored & Agency Obligations				35,844,740

U.S. Government Sponsored Mortgage-Backed Obligations (9.2%)
	Principal
	Amount		Value


Fannie Mae Pool
Pool #50946, 6.50%, 12/01/23	$	20,673	$	21,365
Pool # 346286, 6.50%, 05/01/26		59,566		62,022
Pool # 370191, 6.50%, 01/01/27		5,663		5,897
Pool # 251752, 6.50%, 06/01/28		95,804		99,694
Pool # 252009, 6.50%, 07/01/28		235,080		244,625
Pool # 415967, 6.50%, 10/01/28		91,882		95,613
Pool # 457953, 6.50%, 01/01/29		69,187		71,996
Pool # 482616, 6.50%, 02/01/29		156,349		162,600
Pool # 323591, 6.50%, 03/01/29		169,330		176,205
Pool # 511954, 7.50%, 10/01/29		7,763		8,378
Pool # 519145, 7.50%, 10/01/29		18,907		20,407
Pool # 523284, 7.50%, 11/01/29		2,141		2,310
Pool # 527589, 7.50%, 01/01/30		6,330		6,832
Pool # 517874, 7.50%, 02/01/30		29,396		31,675
Pool # 253113, 7.50%, 03/01/30		14,382		15,528
Pool # 540017, 8.00%, 05/01/30		5,922		6,407
Pool # 540091, 7.50%, 06/01/30		14,925		16,082
Pool # 535399, 8.00%, 07/01/30		26,419		28,586
Pool # 535533, 8.00%, 10/01/30		86,492		93,583
Pool # 564363, 8.00%, 01/01/31		2,017		2,182
Pool # 564993, 7.50%, 03/01/31		14,470		15,593
Pool # 253673, 7.50%, 03/01/31		23,516		25,340
Pool # 613017, 8.00%, 03/01/31		1,194		1,298
Pool # 253674, 8.00%, 03/01/31		1,512		1,636
Pool # 576112, 7.00%, 05/01/31		2,204		2,329
Pool # 577407, 7.50%, 07/01/31		54,640		58,824
Pool # 545239, 8.00%, 09/01/31		35,249		38,139
Pool # 545604, 8.00%, 09/01/31		12,353		13,427
Pool # 606566, 7.50%, 10/01/31		16,534		17,800
Pool # 545551, 8.00%, 04/01/32		19,792		21,415
Pool # 630601, 7.00%, 05/01/32		188,632		199,383
Pool # 545759, 6.50%, 07/01/32		153,963		159,830
Pool # 642656, 7.00%, 07/01/32		56,498		59,718
Pool # 254695, 6.50%, 04/01/33		249,348		258,538
Pool # 555533, 6.50%, 04/01/33		74,634		77,525
Pool # 741875, 6.50%, 09/01/33		30,490		31,614
Pool # 815635, 5.14%, 06/01/35 (d)		0		0
Pool # 822148, 5.11%, 11/01/35 (d)		0		0
Pool # 868995, 6.50%, 05/01/36 (d)		1,426,280		1,447,499
Pool # 886574, 6.57%, 08/01/36 (d)		855,336		870,643
Federal Home Loan Mortgage Corp. TBA
4.50%, 07/01/20		2,450,000		2,367,313
6.50%, 07/15/37		1,300,000		1,339,813
Federal National Mortgage Association TBA 0.00%, 07/01/36		1,525,000		1,598,391
Freddie Mac Gold Pool
Gold, Pool # C90381, 7.50%, 11/01/20		1,180		1,277

14 Semiannual Report 2008


U.S. Government Sponsored Mortgage-Backed Obligations (continued)
	Principal
	Amount		Value

Gold, Pool # C00712, 6.50%, 02/01/29	$	25,929	$	27,006
Gold, Pool # C29808, 8.00%, 08/01/29		14,689		15,909
Gold, Pool # C39060, 8.00%, 06/01/30		492		533
Gold, Pool # C41333, 7.50%, 08/01/30		18,533		20,021
Gold, Pool # C41531, 8.00%, 08/01/30		2,281		2,471
Gold, Pool # C42327, 8.00%, 09/01/30		1,856		2,011
Gold, Pool # C44964, 7.50%, 11/01/30		37,075		40,051
Gold, Pool # C01104, 8.00%, 12/01/30		28,148		30,491
Gold, Pool # C46946, 8.00%, 01/01/31		7,480		8,102
Gold, Pool # C01132, 8.00%, 01/01/31		20,291		21,980
Gold, Pool # C01150, 8.00%, 02/01/31		24,195		26,209
Gold, Pool # C48997, 8.00%, 03/01/31		87,078		94,325
Gold, Pool # C49587, 8.00%, 03/01/31		19,304		20,913
Gold, Pool # C50477, 8.00%, 04/01/31		34,017		36,853
Gold, Pool # C53597, 8.00%, 06/01/31		149,753		162,235
Gold, Pool # C53381, 8.00%, 06/01/31		4,752		5,148
Gold, Pool # C53657, 8.00%, 06/01/31		10,411		11,279
Gold, Pool # C60019, 7.50%, 11/01/31		7,303		7,882
Gold, Pool # C67851, 7.50%, 06/01/32		126,289		136,047
Gold, Pool # C02851, 5.50%, 05/01/37		6,876,765		6,781,135
Freddie Mac Non Gold Pool, Pool # 170271, 12.00%, 08/01/15		159,418		176,797
Ginnie Mae I pool
Pool # 780699, 9.50%, 12/15/17		135,764		149,307
Pool # 780378, 11.00%, 01/15/19		153,175		171,606
Pool # 780141, 10.00%, 12/15/20		129,172		145,134
Pool # 780709, 11.00%, 01/15/21		175,729		196,206
Pool # 780349, 10.00%, 09/15/21		163,072		182,890


Total U.S. Government Sponsored Mortgage-Backed Obligations				18,251,873


Yankee Dollars (2.0%)

Banks (0.3%)
Banco ABN AMRO Real SA (BRL), 16.20%, 02/22/10		410,000		261,350
HBOS PLC, 6.75%, 05/21/18 (a)		240,000		229,528
JP Morgan & Chase Co. (RUB), 7.00%, 06/28/17		6,000,000		198,983

				689,861



Electric Power (0.1%) (a)
Israel Electric Corp. Ltd., 7.25%, 01/15/19		260,000		265,398



Industrial Conglomerate (0.1%)
Astrazeneca PLC, 5.90%, 09/15/17		145,000		148,625



Media (0.1%) (a)
Grupo Televisa SA, 6.00%, 05/15/18		200,000		194,508


Metals & Mining (0.1%) (a)
Evraz Group SA, 9.50%, 04/24/18		200,000		200,500



Other Financial (1.1%)
Covidien International Finance SA, 6.00%, 10/15/17 (a)		100,000		101,209
E. ON International Finance BV, 5.80%, 04/30/18 (a)		425,000		416,928
GTL Trade Finance, Inc., 7.25%, 10/20/17 (a)		100,000		100,467
Kinder Morgan Finance Co. ULC, 5.70%, 01/05/16		530,000		471,700
RSHB Capital SA for OJSC Russian Agricultural Bank
7.18%, 05/16/13		100,000		99,963
6.30%, 05/15/17 (a)		106,000		97,801
TNK-BP Finance SA, 7.88%, 03/13/18 (a)		388,000		373,450
Unicredit Luxembourg Finance SA, 2.97%, 10/24/08 (a) (d)		440,000		439,695

				2,101,213

2008 Semiannual Report 15

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund (Continued)


Yankee Dollars (continued)
	Principal
	Amount		Value

Sovereign (0.1%) (a)
Republic of Indonesia, 6.88%, 01/17/18	$	245,000	$	230,300



Telecommunications (0.1%)
France Telecom SA, 8.50%, 03/01/31		115,000		139,201



Transportation (0.0%)
Canadian National Railway Co., 5.55%, 05/15/18		45,000		44,399


Total Yankee Dollars				4,014,005


Interest Only Bonds (2.6%)

Bear Stearns Structured Products, Inc. (d)
3.98%, 06/26/36		17,777,888		62,223
0.02%, 01/27/37		13,255,271		16,967
2.22%, 01/27/37		23,585,953		117,930
2.95%, 01/27/37		16,258,676		73,164
3.45%, 04/25/37		20,563,490		257,044
Countrywide Alternative Loan Trust (a) (d)
3.65%, 12/20/35		5,521,757		139,220
3.83%, 12/20/35		7,434,320		209,336
Fannie Mae REMICS
Series 2003-82, Class IA, 6.00%, 08/25/32		210,815		26,158
Series 03-39, Class IO, 6.00%, 05/25/33		330,785		76,321
Series 2003-33, Class IA, 6.50%, 05/25/33 (d)		749,559		193,481
Series 2003-35, Class UI, 6.50%, 05/25/33 (d)		305,001		77,933
Series 2003-44, Class IB, 5.50%, 06/25/33		369,454		97,400
Series 2003-49, Class IO, 6.50%, 06/25/33 (d)		304,400		74,327
Freddie Mac REMICS
Series 2129, Class SG, 4.50%, 06/17/27 (d)		1,057,698		73,640
Series 2557, Class IW, 6.00%, 04/15/32		787,032		123,215
Series 2649, Class IM, 7.00%, 07/15/33		356,508		85,969
Greenpoint Mortgage Funding Trust (d)
3.67%, 08/25/45		2,517,566		81,418
3.93%, 10/25/45		3,565,551		130,356
4.01%, 10/25/45		1,159,269		33,514
2.59%, 03/25/47		1,781,727		1,248,464
Harborview Mortgage Loan Trust (d)
2.79%, 11/19/34		5,007,019		57,894
3.57%, 05/19/35		5,001,519		102,375
3.34%, 06/19/35		3,729,550		82,167
3.95%, 03/19/37		4,928,538		157,867
4.01%, 07/19/47		5,921,394		182,268
Indymac Index Mortgage Loan Trust, 2.80%, 07/25/35 (d)		3,262,896		70,866
Kreditanstalt fuer Wiederaufbau (JPY), 2.05%, 09/21/09		94,000,000		896,247
Residential Accredit Loans, Inc. (d)
3.19%, 03/25/47		7,018,387		127,208
4.31%, 05/25/47		13,971,951		261,974


Total Interest Only Bonds				5,136,946


Principal Only Bonds (0.0%)

Harborview Mortgage Loan Trust
Series 2006-1, Class PO1,
0.00%, 03/19/37		6,657		891
Series 2006-5, Class PO2,
0.00%, 07/19/47 (d)		41		4


Total Principal Only Bonds				895


Ioette Bond (0.0%)

Federal Home Loan Mortgage Corp., 1,156.50%, 06/15/21		9		203


Total Ioette Bond				203


Warrants (0.0%)


Bank (0.0%)
Republic of Venezuela		1,250		44,063



Communications Equipment (0.0%)
XO Holdings, Inc.
0.00%, expiring 01/16/10		248		102
0.00%, expiring 01/16/10		499		15
0.00%, expiring 01/16/10		374		3
0.00%, expiring 01/16/10		374		4

				124


Total Warrants				44,187

16 Semiannual Report 2008


Repurchase Agreements (3.6%)
	Shares or
	Principal
	Amount		Value

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $2,996,839, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $3,056,575	$	2,996,642	$	2,996,642
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $4,046,343, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of 4,126,999		4,046,078		4,046,078


Total Repurchase Agreements				7,042,720


Securities Purchased With Collateral For Securities On Loan (1.4%)

Repurchase Agreement (1.4%)
Barclays Capital, 2.50%, dated 06/30/08, due 07/01/08, repurchase price $2,773,853, collateralized by U.S. Government Agency Mortgages ranging 2.64%-15.43%, maturing 12/15/13-05/25/38; total market value of $2,829,133		2,773,660		2,773,660


Total Securities Purchased With Collateral For Securities On Loan				2,773,660


Option Purchased (0.2%)

90 Day Euro Future Call (Strike Price $96.75), expiring September 2009		422		379,800


Total Option Purchased				379,800


Total Investments (Cost $257,204,791) (e) — 119.4%				236,606,843

Liabilities in excess of other assets — (19.4)%				(38,466,518	)


NET ASSETS — 100.0%			$	198,140,325


*		Denotes a non-income producing security.
(a)		Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2008, all such securities in total represented 9.0 % of net assets.
(b)		The rate reflected in the Statement of Investments is the discount rate at the time of purchase.
(c)		All or a part of the security was on loan as of June 30, 2008.
(d)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2008. The maturity date represents the actual maturity date.
(e)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
(f)		Security in default
(g)		Fair Valued Security


BRL		Principal amount denominated in Brazilian Real.
CAD		Principal amount denominated in Canadian Dollar.
EUR		Principal amount denominated in Euro.
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.
JP		Japan
JPY		Principal amount denominated in Japanese Yen.
LP		Limited Partnership
MXN		Principal amount denominated in Mexican Peso.
RUB		Principal amount denominated in Russian Ruble.
SEK		Principal amount denominated in Swedish Krone.
SG		Singapore
TBA		To Be Announced.
ULC		Unlimited Liability Co.
LLC		Limited Liability Co.

See accompanying notes to financial statements.

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund (Continued)

At June 30, 2008, the Fund’s open futures contracts were as follows:


				Notional Value		Unrealized
Number of				Covered by		Appreciation
Contracts	Long Contracts	Expiration		Contracts		(Depreciation)

2	Euro 90 Day Future		03/16/09	$	483,400	$	9,695
6	Euro 90 Day Future		06/30/09		1,447,050		13,156
2	Japanese Gov’t Bond*		09/22/08		25,516		25,756
238	U.S. 10 yr. Swap		09/15/08		26,168,844		142,672
55	U.S. 2 yr. Note		09/30/08		11,616,172		5,108
291	U.S. 5 yr. Swap		09/15/08		31,227,938		(63,233	)

				$	70,968,920	$	133,154


				Notional Value			Unrealized
Number of				Covered by			Appreciation
Contracts	Short Contracts	Expiration		Contracts			(Depreciation)

24	Euro 90 Day Future		03/15/10	$	(5,744,700	)	$	(29,766	)
18	Euro 90 Day Future		06/14/10		(4,300,875	)		(17,825	)
15	Euro 90 Day Future		09/13/10		(3,579,188	)		(12,416	)
5	Euro 90 Day Future		09/15/08		(1,213,375	)		(18,450	)
30	Euro 90 Day Future		09/14/09		(7,216,125	)		2,384
12	Euro 90 Day Future		12/13/10		(2,859,900	)		(8,631	)
4	Euro 90 Day Future		12/15/08		(968,200	)		(11,294	)
26	Euro 90 Day Future		12/14/09		(6,235,755	)		(40,131	)
280	U.S. 10 yr. Note		09/30/08		(31,898,125	)		(45,649	)
11	U.S. 5 yr. Note		09/30/08		(1,216,102	)		(9,696	)
74	U.S. Long Bond		09/19/08		(8,553,938	)		(30,659	)

				$	(73,786,303	)	$	(222,133	)


*		Principal amount denominated in Japanese Yen.

At June 30, 2008, 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 Contracts:
Euro	07/31/08		(6,471,000	)	$	(10,081,171	)	$	(10,170,185	)	$	(89,014	)
Japanese Yen	07/09/08		(150,000,000	)		(1,390,434	)		(1,413,594	)		(23,160	)
Swedish Krone	08/21/08		(3,000,000	)		(497,536	)		(496,853	)		683

Total Short Contracts					$	(11,969,141	)	$	(12,080,632	)	$	(111,491	)

Long Contracts:
British Pound	09/15/08		1,040,000		$	2,028,000		$	2,058,831		$	30,831
Japanese Yen	07/09/08		710,000,000			6,964,786			6,691,010			(273,776	)
Japanese Yen	07/09/08		1,097,000,000			10,754,902			10,338,081			(416,821	)

Total Long Contracts					$	19,747,688		$	19,087,922		$	(659,766	)

The following is a summary of written option activity for the period ended June 30, 2008, by the Fund (Dollar amounts in thousands):


			Premiums
Written Options	Contract		Received

Balance at beginning of period		–	$	–
Options written		422		210
Options expired		–		–
Options terminated in closing purchase transactions		–		–

Options outstanding at end of period		422	$	210

At June 30, 2008, the Fund had the following outstanding written options:

Unrealized

Expiration

Exercise

Number of

Premiums

Appreciation

Contracts

Type

Date

Price

Contracts

Received

Value

(Depreciation)

90 Day Euro Future

Call

September 2009

97.25

422

209,882

229,463

19,581

18 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	Van Kampen
	NVIT Multi Sector Bond Fund

Assets:
Investments, at value (cost $247,388,411)*	$	226,790,463
Repurchase agreements, at cost and value†		9,816,380

Total Investments		236,606,843

Cash		133,894
Deposits with broker for futures		332,371
Foreign currencies, at value (cost $177,601)		179,472
Interest and dividends receivable		2,775,067
Receivable for capital shares issued		23,839
Receivable for investments sold		3,989,500
Unrealized appreciation on futures contracts		119,829
Unrealized appreciation on forward foreign currency contracts		31,514
Reclaims receivable		7,993
Receivable for variation margin on futures contracts		91,977
Prepaid expenses and other assets		15,122

Total Assets		244,307,421

Liabilities:
Payable for investments purchased		41,240,766
Unrealized depreciation on forward foreign currency contracts		802,771
Payable upon return of securities loaned (Note 2)		2,773,660
Payable for capital shares redeemed		951,574
Call options written, at value (premium $209,882)		229,463
Accrued expenses and other payables:
Investment advisory fees		118,520
Fund administration and transfer agent fees		26,877
Administrative services fees		16,277
Custodian fees		1,801
Trustee fees		2,960
Compliance program costs (Note 3)		398
Other		2,029

Total Liabilities		46,167,096

Net Assets	$	198,140,325

Represented by:
Capital	$	210,742,541
Accumulated net investment income		2,630,864
Accumulated net realized gains from investment, futures, options and foreign currency transactions		6,226,532
Net unrealized appreciation/(depreciation) from investments, futures, options and translation of assets and liabilities denominated in foreign currencies		(21,459,612	)

Net Assets	$	198,140,325

Net Assets:
Class I Shares	$	198,140,325

Shares outstanding (unlimited number of shares authorized):
Class I Shares		22,180,672

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	8.93


*		Includes value of securities on loan of $2,780,558.

^†		Includes value of repurchase agreements purchased with cash collateral received from securities on loan of $2,773,660.

See accompanying notes to financial statements.

2008 Semiannual Report 19

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	Van Kampen NVIT
	Multi Sector
	Bond Fund

INVESTMENT INCOME:

Interest income	$	7,031,524
Dividend income		9,009
Income from securities lending (Note 2)		27,486
Foreign tax withholding		(11,155	)

Total Income		7,056,864

Expenses:
Investment advisory fees		838,049
Fund administration and transfer agent fees		84,316
Administrative services fees Class I Shares		121,536
Custodian fees		9,641
Trustee fees		5,874
Compliance program costs (Note 3)		46
Other		32,058

Total expenses before earnings credit and expenses waived		1,091,520
Earnings credit (Note 6)		(2,213	)
Investment advisory fees waived		(17,847	)

Net Expenses		1,071,460

Net Investment Income		5,985,404

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(66,881	)
Net realized gains from futures transactions		524,877
Net realized losses from option transactions		(292,232	)
Net realized gains from foreign currency transactions		1,165,330

Net realized gains from investment, futures, options and foreign currency transactions		1,331,094
Net change in unrealized appreciation/(depreciation) from investments, futures, options and translation of assets and liabilities denominated in foreign currencies		(23,957,296	)

Net realized/unrealized losses from investments, futures, options and translation of assets and liabilities denominated in foreign currencies		(22,626,202	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(16,640,798	)

See accompanying notes to financial statements.

20 Semiannual Report 2008

Statements of Changes in Net Assets


	Van Kampen NVIT Multi Sector Bond FundÏ

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	5,985,404		$	11,088,740
Net realized gains from investment, futures, options and foreign currency transactions		1,331,094			4,410,665
Net change in unrealized appreciation/(depreciation) from investments, futures, options and translation of assets and liabilities denominated in foreign currencies		(23,957,296	)		(4,758,714	)

Change in net assets resulting from operations		(16,640,798	)		10,740,691


Distributions to Shareholders From:
Net investment income:
Class I		(4,839,898	)		(9,530,811	)
Net realized gains:
Class I		—			(11,962	)

Change in net assets from shareholder distributions		(4,839,898	)		(9,542,773	)

Change in net assets from capital transactions		(20,615,526	)		(1,988,581	)

Change in net assets		(42,096,222	)		(790,663	)

Net Assets:
Beginning of period		240,236,547			241,027,210

End of period	$	198,140,325		$	240,236,547

Accumulated net investment income at end of period	$	2,630,864		$	1,485,358


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	20,619,379		$	46,353,192
Dividends reinvested		4,839,870			9,542,697
Cost of shares redeemed		(46,074,775	)		(57,884,470	)

Change in net assets from capital transactions	$	(20,615,526	)	$	(1,988,581	)


SHARE TRANSACTIONS:
Class I Shares
Issued		2,126,402			4,690,661
Reinvested		529,358			974,478
Redeemed		(4,850,597	)		(5,871,205	)

Total change in shares		(2,194,837	)		(206,066	)

See accompanying notes to financial statements.

2008 Semiannual Report 21

Van Kampen NVIT Multi Sector Bond Fund


			Investment Activities								Distributions															Ratios / Supplemental Data

					Net																													Ratio of
					Realized																										Ratio			Expenses
					And																					Net		Ratio of			of Net			(Prior to
	Net Asset				Unrealized																					Assets at		Expenses			Investment			Reimbursements)
	Value,		Net		Gains			Total from			Net			Net							Net Asset		Total			End of		to			Income to			to
	Beginning		Investment		(Losses) on			Investment			Investment			Realized				Total			Value, End		Return			Period		Average Net			Average Net			Average Net			Portfolio
	of Period		Income		Investments			Activities			Income			Gains				Distributions			of Period		(a)			(000s)		Assets (b)			Assets (b)			Assets (b) (c)			Turnover (d)

Class I Shares
Six Months ended June 30, 2008 (Unaudited)	$	9.86		0.27		(0.99	)		(0.72	)		(0.21	)		–				(0.21	)	$	8.93		(7.32	%)	$	198,140		0.95	%		5.32	%		0.97	%		35.85	%
Year ended December 31, 2007	$	9.81		0.46		(0.02	)		0.44			(0.39	)		–	(e	)		(0.39	)	$	9.86		4.62	%	$	240,237		1.01	%		4.65	%		1.01	%		101.00	%
Year ended December 31, 2006	$	9.78		0.43		0.02			0.45			(0.40	)		(0.02		)		(0.42	)	$	9.81		4.84	%	$	241,027		1.02	%		4.24	%		(f)			100.56	%
Year ended December 31, 2005	$	10.00		0.42		(0.20	)		0.22			(0.39	)		(0.05		)		(0.44	)	$	9.78		2.18	%	$	258,958		1.03	%		4.26	%		(f)			157.82	%
Year ended December 31, 2004	$	9.86		0.42		0.21			0.63			(0.49	)		–				(0.49	)	$	10.00		6.53	%	$	238,502		1.01	%		4.23	%		(f)			212.84	%
Year ended December 31, 2003	$	9.28		0.36		0.74			1.10			(0.52	)		–				(0.52	)	$	9.86		12.12	%	$	226,525		1.01	%		3.75	%		(f)			296.62	%


(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)	The amount is less than $0.01.
(f)	There were no fee reductions during the period.

See accompanying notes to financial statements.

22 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Van Kampen NVIT Multi Sector Bond Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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 and those differences could be material.


(a)	Security Valuation

2008 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining “Fair Value.” For example, fair value determinations may take into account 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 an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

Certain securities held by the Funds are valued on the basis of a price provided by a principal market maker. The prices provided by the principal market makers may differ from the value that would be realized if the securities were sold. At June 30, 2008, the total value of these securities represented approximately 0.33% of the net assets of the Fund.


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

24 Semiannual Report 2008

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 — Other Significant					Level 3 — Significant
Level 1 — Quoted Prices		Observable Inputs					Unobservable Inputs				Total
Investments	Other*	Investments		Other*			Investments		Other*		Investments		Other*

$102	$(69,398)	$	236,606,741	$	(771,257	)	$	—	$	—	$	236,606,843	$	(840,655	)


*		Other financial instruments are derivative instruments not reflected in the Statement of Investments, such as futures, forwards, options, and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.


(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, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty.


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

2008 Semiannual Report 25

Notes to Financial Statements (Continued)

June 30, 2008 (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” payments are made or received 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.


(f)	Written Options Contracts


(g)	Mortgage Dollar Rolls

26 Semiannual Report 2008


(h)	Security Transactions and Investment Income


(i)	Securities Lending

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

As of June 30, 2008, the Fund had securities with the following value on loan:


Value of Loaned		Value of
Securities		Collateral

$	2,780,558	$	2,826,191	*


*		Includes $52,531 of collateral in the form of U.S. Government securities, interest rates ranging from 2.64% to 15.43%, and maturity dates ranging from 12/15/13 to 5/25/38.


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(k)	Federal Income Taxes

2008 Semiannual Report 27

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

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 will generally result in an increase in a liability for taxes payable (or a reduction of tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. 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.


(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 (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.


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 $331,270 for the six months ended June 30, 2008.

The Trust and the Adviser have entered into a written agreement waiving management fees in the amount of 0.05%, as a percentage of the Fund’s daily average net assets, for all share classes of the Fund until at least

28 Semiannual Report 2008

May 1, 2009. The Adviser may not collect on, or make claim for, such waived fees at any time in the future. For the six months ended June 30, 2008, the Fund waived management fees in the amount of $17,847.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

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, 2008, NFS received $172,854 in Administrative Services fees from the Fund.

4. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $79,684,032 and sales of $93,797,632.

For the six months ended June 30, 2008, the Fund had purchases of $264,233,486 and sales of $277,232,863 of U.S. Government securities.

2008 Semiannual Report 29

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extensions. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

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.

7. Indemnifications

30 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

32 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 33

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

34 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 35

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

36 Semiannual Report 2008

Supplemental Information

(Unaudited)


A.	Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

2008 Semiannual Report 37

Supplemental Information

(Unaudited) (Continued)

The Trustees found that, although the Fund’s performance had been disappointing, the Fund had been positioned conservatively, and more recent performance had shown improvement. Based on its review, and giving particular weight to the Adviser’s recommendation to retain the subadviser, and the nature and quality of the resources dedicated by the Adviser and subadviser to improve performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee compared with peer group funds was higher, and the Adviser agreed to waive five basis points of the advisory fee for a period of one year. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

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. The Trustees found that the Fund’s total expenses compared with peer group funds were high, but would be at or below the median of the peer group as a result of the Adviser’s agreement to waive five basis points of the advisory fee for a period of one year. Based on its review, the Board concluded that the Fund’s total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

38 Semiannual Report 2008

NVIT Multi-Manager Small Cap Growth Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

8			Statement of Assets and Liabilities

10			Statement of Operations

11			Statement of Changes in Net Assets

13			Financial Highlights

14			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-SCG (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Multi-Manager Small Cap Growth Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid			Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)			During Period (%)
NVIT Multi-Manager Small Cap Growth Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^(a)			01/01/08 - 06/30/08^(a)

Class I	Actual			1,000.00		807.30		4.99			1.11
	Hypothetical	^(b)		1,000.00		1,019.34		5.57			1.11


Class II	Actual			1,000.00		806.20		6.20			1.38
	Hypothetical	^(b)		1,000.00		1,018.00		6.92			1.38


Class III	Actual			1,000.00		807.40		5.17			1.15
	Hypothetical	^(b)		1,000.00		1,019.14		5.77			1.15


Class Y^(c)	Actual			1,000.00		1,012.50		2.74	*		1.04	*
	Hypothetical	^(b)		1,000.00		1,019.69		5.22	*		1.04	*


*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 96/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
^(b)		Represents the hypothetical 5% return before expenses.
^(c)		For the period from March 27, 2008 (commencement of operations) through June 30, 2008.

2008 Semiannual Report 3


Portfolio Summary	NVIT Multi-Manager Small Cap Growth Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			95.9%
Repurchase Agreements			5.0%
Other Investments*			9.0%
Liabilities in excess of other assets**			-9.9%

			100.0%


Top Industries

Software			16.6%
Internet Software & Services			8.9%
Oil, Gas & Consumable Fuels			8.3%
Health Care Providers & Services			5.1%
Energy Equipment & Services			4.9%
Hotels, Restaurants & Leisure			4.8%
Road & Rail			4.6%
Semiconductors & Semiconductor Equipment			3.7%
Health Care Equipment & Supplies			3.2%
Commercial Services & Supplies			3.0%
Other			36.9%

			100.0%


Top Holdings***

Kansas City Southern			2.5%
Bill Barrett Corp.			2.4%
Carrizo Oil & Gas, Inc.			2.2%
J.B. Hunt Transport Services, Inc.			2.2%
Blackboard, Inc.			2.0%
Blackbaud, Inc.			1.9%
Scientific Games Corp., Class A			1.7%
Concur Technologies, Inc.			1.7%
MICROS Systems, Inc.			1.7%
Vocus, Inc.			1.7%
Other			80.0%

			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.

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Cap Growth Fund


Common Stocks (95.9%)
	Shares		Value


Aerospace & Defense (2.0%)
Axsys Technologies, Inc.*		14,000	$	728,560
Stanley, Inc.*		40,000		1,340,800

				2,069,360



Beverages (1.6%)
Central European Distribution Corp.*		23,050		1,709,158



Biotechnology (0.4%)
Omrix Biopharmaceuticals, Inc.*		24,245		381,616



Capital Markets (0.6%)
Riskmetrics Group, Inc.*		33,750		662,850



Chemicals (0.5%)
Flotek Industries, Inc.*		11,600		239,192
Zoltek Cos., Inc.*		10,600		257,050

				496,242



Commercial Banks (0.2%)
Pinnacle Financial Partners, Inc.*		10,800		216,972



Commercial Services & Supplies (3.0%)
CoStar Group, Inc.*(a)		19,300		857,885
Hill International, Inc.*		25,600		420,864
Innerworkings, Inc.*		81,400		973,544
Team, Inc.*		26,600		912,912

				3,165,205



Communications Equipment (2.0%)
Riverbed Technology, Inc.*		58,950		808,794
Sierra Wireless, Inc.*		45,500		664,300
Starent Networks Corp.*		48,100		605,098

				2,078,192



Computers & Peripherals (0.7%)
Synaptics, Inc.*		18,600		701,778



Construction & Engineering (1.6%)
Chicago Bridge & Iron Co. NV		41,150		1,638,593



Distributor (1.3%)
LKQ Corp.*		77,988		1,409,243



Diversified Consumer Services (1.4%)
American Public Education, Inc.*		9,750		380,640
Capella Education Co.*		9,050		539,833
ITT Educational Services, Inc.*		7,150		590,804

				1,511,277



Diversified Financial Services (1.0%)
Financial Federal Corp.		46,525		1,021,689



Electrical Equipment (0.7%)
Orion Energy Systems, Inc.*		71,800		718,000



Electronic Equipment & Instruments (2.3%)
DTS, Inc.*		29,550		925,506
IPG Photonics Corp.*		42,000		790,020
Mellanox Technologies Ltd.*		48,300		653,982

				2,369,508



Energy Equipment & Services (4.9%)
Dawson Geophysical Co.*		13,200		784,872
Dril-Quip, Inc.*		14,700		926,100
NATCO Group, Inc., Class A*		8,600		468,958
T-3 Energy Services, Inc.*		13,300		1,056,951
Tesco Corp.*		14,200		453,690
Willbros Group, Inc.*		32,100		1,406,301

				5,096,872



Health Care Equipment & Supplies (3.2%)
ABIOMED, Inc.*(a)		7,300		129,575
Accuray, Inc.*		51,800		377,622
Cynosure, Inc., Class A*		29,700		588,654
Natus Medical, Inc.*		62,700		1,312,938
NuVasive, Inc.*		19,900		888,734

				3,297,523



Health Care Providers & Services (5.1%)
athenahealth, Inc.*(a)		46,200		1,421,112
Genoptix, Inc.*		25,700		810,835
HealthExtras, Inc.*		28,000		843,920
Healthways, Inc.*(a)		45,230		1,338,808
inVentiv Health, Inc.*		17,571		488,298
Virtual Radiologic Corp.*		28,600		378,950

				5,281,923



Health Care Technology (2.0%)
Allscripts Healthcare Solutions, Inc.*(a)		78,000		967,980
Cerner Corp.*(a)		11,950		539,901
Omnicell, Inc.*		46,550		613,529

				2,121,410



Hotels, Restaurants & Leisure (4.8%)
BJ’s Restaurants, Inc.*		42,600		414,498
Chipotle Mexican Grill, Inc., Class A*(a)		3,900		322,218
Gaylord Entertainment Co.*		55,350		1,326,186
Scientific Games Corp., Class A*		61,500		1,821,630
Vail Resorts, Inc.*(a)		26,050		1,115,721

				5,000,253

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Cap Growth Fund (Continued)


Common Stocks (continued)
	Shares		Value


Information Technology Services (2.0%)
CyberSource Corp.*		50,400	$	843,192
ExlService Holdings, Inc.*		42,500		596,275
Sapient Corp.*		97,200		624,024

				2,063,491



Insurance (1.4%)
eHealth, Inc.*		56,500		997,790
Life Partners Holdings, Inc.		23,300		465,534

				1,463,324



Internet & Catalog Retail (0.5%) (a)
Blue Nile, Inc.*		12,650		537,878



Internet Software & Services (8.9%)
Bankrate, Inc.*(a)		25,100		980,657
comScore, Inc.*		30,000		654,600
Constant Contact, Inc.*(a)		35,700		672,945
DealerTrack Holdings, Inc.*		47,250		666,698
Gmarket, Inc. ADR — KR*		41,700		854,850
Liquidity Services, Inc.*		39,200		451,976
LoopNet, Inc.*(a)		55,200		623,760
Omniture, Inc.*		42,700		792,939
SINA Corp.*		19,750		840,362
ValueClick, Inc.*		17,949		271,927
VistaPrint Ltd.*(a)		29,550		790,758
Vocus, Inc.*		53,600		1,724,312

				9,325,784



Life Sciences Tools & Services (0.7%)
eResearchTechnology, Inc.*		44,000		767,360



Machinery (2.0%)
Bucyrus International, Inc., Class A		22,800		1,664,856
Dynamic Materials Corp.		12,100		398,695

				2,063,551



Media (1.3%)
Focus Media Holding Ltd. ADR — CN*		47,754		1,323,741



Oil, Gas & Consumable Fuels (8.3%)
Arena Resources, Inc.*		31,600		1,669,112
Bill Barrett Corp.*		42,250		2,510,073
Carrizo Oil & Gas, Inc.*		33,334		2,269,712
Gulfport Energy Corp.*		33,500		551,745
Rex Energy Corp.*		14,300		377,520
TXCO Resources, Inc.*		41,100		483,336
Warren Resources, Inc.*		55,200		810,336

				8,671,834



Personal Products (1.6%)
Alberto-Culver Co.		31,750		834,073
Bare Escentuals, Inc.*(a)		47,050		881,246

				1,715,319



Pharmaceuticals (1.1%)
Caraco Pharmaceutical Laboratories Ltd.*		24,500		323,400
Sciele Pharma, Inc.		44,648		863,939

				1,187,339



Road & Rail (4.6%)
J.B. Hunt Transport Services, Inc.		67,450		2,244,736
Kansas City Southern*		58,050		2,553,619

				4,798,355



Semiconductors & Semiconductor Equipment (3.7%)
Anadigics, Inc.*		95,500		940,675
Atheros Communications, Inc.*		29,400		882,000
AuthenTec, Inc.*		27,200		283,424
Cavium Networks, Inc.*		14,600		306,600
Netlogic Microsystems, Inc.*		32,700		1,085,640
Volterra Semiconductor Corp.*		23,300		402,158

				3,900,497



Software (16.6%)
ArcSight, Inc.*		46,300		407,440
Blackbaud, Inc.		91,300		1,953,820
Blackboard, Inc.*		53,300		2,037,659
Commvault Systems, Inc.*		68,000		1,131,520
Concur Technologies, Inc.*		54,150		1,799,404
Double-Take Software, Inc.*		52,500		721,350
EPIQ Systems, Inc.*(a)		64,065		909,723
FactSet Research Systems, Inc.		30,325		1,709,117
FalconStor Software, Inc.*		85,800		607,464
Interactive Intelligence, Inc.*		29,300		341,052
Kenexa Corp.*		20,500		386,220
MICROS Systems, Inc.*		57,650		1,757,749
Netscout Systems, Inc.*		51,600		551,088
Pegasystems, Inc.		21,500		289,390
Phoenix Technologies Ltd.*		63,800		701,800
PROS Holdings, Inc.*		53,900		605,297
Taleo Corp., Class A*		35,400		693,486
Ultimate Software Group, Inc.*		20,300		723,289

				17,326,868



Specialty Retail (1.5%)
O’Reilly Automotive, Inc.*		50,350		1,125,323
Zumiez, Inc.*		23,850		395,433

				1,520,756

6 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Textiles, Apparel & Luxury Goods (2.4%)
Iconix Brand Group, Inc.*		42,700	$	515,816
True Religion Apparel, Inc.*		48,400		1,289,860
Volcom, Inc.*		29,600		708,328

				2,514,004


Total Common Stocks				100,127,765

Repurchase Agreements (5.0%)

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $2,241,361, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $2,286,038	$	2,241,214		2,241,214
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $3,026,294, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $3,086,618		3,026,096		3,026,096


Total Repurchase Agreements				5,267,310





Securities Purchased With Collateral For Securities On Loan (9.0%)
	Shares or
	Principal Amount		Value


Repurchase Agreement (9.0%)
Barclays Capital, 2.50%, dated 06/30/08, due 07/01/08, repurchase price $9,400,147, collateralized by U.S. Government Agency Mortgages ranging 2.64% — 15.43%, maturing 12/15/13 — 05/25/38; total market value of $9,87,485	$	9,399,495	$	9,399,495


Total Securities Purchased With Collateral For Securities On Loan				9,399,495


Total Investments (Cost $104,319,510)(b) — 109.9%				114,794,570

Liabilities in excess of other assets — (9.9)%				(10,360,226	)


NET ASSETS — 100.0%			$	104,434,344


*		Denotes a non-income producing security.

(a)		All or a part of the security was on loan as of June 30, 2008.

(b)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.


ADR		American Depositary Receipt

CN		China

KR		Korea

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT Multi-Manager
	Small Cap
	Growth Fund

Assets:
Investments, at value (cost $89,652,705)*	$	100,127,765
Repurchase agreements, at cost and value†		14,666,805

Total Investments		114,794,570

Interest and dividends receivable		47,669
Receivable for capital shares issued		156,167
Receivable for investments sold		186,772
Prepaid expenses and other assets		751

Total Assets		115,185,929

Liabilities:
Cash overdraft		3,410
Payable for investments purchased		452,632
Payable upon return of securities loaned (Note 2)		9,399,495
Payable for capital shares redeemed		772,910
Accrued expenses and other payables:
Investment advisory fees		94,343
Fund administration and transfer agent fees		5,639
Distribution fees		5,221
Administrative services fees		182
Custodian fees		1,298
Trustee fees		3,371
Compliance program costs (Note 3)		196
Other		12,888

Total Liabilities		10,751,585

Net Assets	$	104,434,344

Represented by:
Capital	$	115,056,293
Accumulated net investment loss		(350,332	)
Accumulated net realized losses from investment transactions		(20,746,677	)
Net unrealized appreciation/(depreciation) from investments		10,475,060

Net Assets	$	104,434,344

Net Assets:
Class I Shares	$	81,452,882
Class II Shares		19,982,732
Class III Shares		450,620
Class Y Shares		2,548,110

Total	$	104,434,344

See accompanying notes to financial statements.

8 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT Multi-Manager
	Small Cap
	Growth Fund

INVESTMENT INCOME:
Interest income	$	105,384
Dividend income		69,251
Income from securities lending (Note 2)		129,288

Total Income		303,923

Expenses:
Investment advisory fees		532,144
Fund administration and transfer agent fees		29,263
Distribution fees Class II Shares		32,267
Administrative services fees Class I Shares		20,528
Administrative services fees Class II Shares		8,912
Administrative services fees Class III Shares		214
Custodian fees		7,483
Trustee fees		4,492
Compliance program costs (Note 3)		391
Other		19,202

Total expenses before earnings credit		654,896
Earnings credit (Note 6)		(641	)

Net Expenses		654,255

Net Investment Loss		(350,332	)

REALIZED/UNREALIZED LOSSES FROM INVESTMENTS:
Net realized losses from investment transactions		(5,935,202	)
Net change in unrealized appreciation/(depreciation) from investments		(20,495,107	)

Net realized/unrealized losses from investment		(26,430,309	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(26,780,641	)

See accompanying notes to financial statements.

10 Semiannual Report 2008

Statements of Changes in Net Assets


	NVIT Multi-Manager Small Cap Growth Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment loss	$	(350,332	)	$	(1,204,678	)
Net realized gains (losses) from investment transactions		(5,935,202	)		15,268,744
Net change in unrealized appreciation/(depreciation) from investments		(20,495,107	)		(1,613,954	)

Change in net assets resulting from operations		(26,780,641	)		12,450,112

Change in net assets from capital transactions		(8,853,560	)		(15,867,314	)

Change in net assets		(35,634,201	)		(3,417,202	)
Net Assets:
Beginning of period		140,068,545			143,485,747

End of period	$	104,434,344		$	140,068,545

Accumulated net investment loss at end of period	$	(350,332	)	$	—


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	6,529,100		$	19,932,969
Cost of shares redeemed		(12,642,748	)		(46,569,303	)

		(6,113,648	)		(26,636,334	)

Class II Shares
Proceeds from shares issued		2,796,353			14,984,917
Cost of shares redeemed		(8,153,263	)		(4,100,469	)

		(5,356,910	)		10,884,448

Class III Shares
Proceeds from shares issued		36,590			92,453
Cost of shares redeemed (a)		(85,351	)		(207,881	)

		(48,761	)		(115,428	)

Class Y Shares(b)
Proceeds from shares issued		2,669,487			–
Cost of shares redeemed		(3,728	)		–
		2,665,759			–

Change in net assets from capital transactions	$	(8,853,560	)	$	(15,867,314	)

See accompanying notes to financial statements.

2008 Semiannual Report 11

NVIT Multi-Manager Small Cap Growth Fund


			Investment Activities									Distributions					Ratios / Supplemental Data

						Net Realized																Ratio of Net			Ratio of
						and																Investment			Expenses
	Net Asset		Net			Unrealized			Total										Ratio of			Income			(Prior to
	Value,		Investment			Gains			from			Net Asset					Net Assets		Expenses			(Loss) to			Reimbursements)
	Beginning of		Income			(Losses) on			Investment			Value, End		Total			at End of		to Average			Average			to Average			Portfolio
	Period		(Loss)			Investments			Activities			of Period		Return (a)			Period (000s)		Net Assets (b)			Net Assets (b)			Net Assets (b) (c)			Turnover (d)
Class I Shares
Six Months ended June 30, 2008 (Unaudited)	$	18.01		(0.04	)		(3.43	)		(3.47	)	$	14.54		(19.27%	)	$	81,453		1.11	%		(0.56%	)		1.11	%		32.78	%
Year ended December 31, 2007	$	16.41		(0.16	)		1.76			1.60		$	18.01		9.75%		$	108,219		1.22	%		(0.83%	)		1.22	%		63.09	%
Year ended December 31, 2006	$	15.90		(0.14	)		0.65			0.51		$	16.41		3.21%		$	123,771		1.25	%		(0.81%	)		(e)			58.45	%
Year ended December 31, 2005	$	14.71		(0.13	)		1.32			1.19		$	15.90		8.09%		$	141,684		1.22	%		(0.83%	)		(e)			58.28	%
Year ended December 31, 2004	$	12.97		(0.12	)		1.86			1.74		$	14.71		13.42%		$	156,535		1.21	%		(0.90%	)		(e)			112.22	%
Year ended December 31, 2003	$	9.66		(0.11	)		3.42			3.31		$	12.97		34.27%		$	156,978		1.34	%		(1.03%	)		(e)			121.69	%

Class II Shares
Six Months ended June 30, 2008 (Unaudited)	$	17.75		(0.08	)		(3.36	)		(3.44	)	$	14.31		(19.38%	)	$	19,983		1.38	%		(0.83%	)		1.38	%		32.78	%
Year ended December 31, 2007	$	16.21		(0.13	)		1.67			1.54		$	17.75		9.50%		$	31,237		1.47	%		(1.07%	)		1.47	%		63.09	%
Year ended December 31, 2006	$	15.74		(0.18	)		0.65			0.47		$	16.21		2.99%		$	19,047		1.51	%		(1.07%	)		(e)			58.45	%
Year ended December 31, 2005	$	14.61		(0.14	)		1.27			1.13		$	15.74		7.73%		$	19,521		1.46	%		(1.08%	)		(e)			58.28	%
Year ended December 31, 2004	$	12.91		(0.12	)		1.82			1.70		$	14.61		13.17%		$	15,917		1.47	%		(1.16%	)		(e)			112.22	%
Year ended December 31, 2003	$	9.63		(0.09	)		3.37			3.28		$	12.91		34.06%		$	8,842		1.59	%		(1.29%	)		(e)			121.69	%

Class III Shares
Six Months ended June 30, 2008 (Unaudited)	$	17.91		(0.05	)		(3.40	)		(3.45	)	$	14.46		(19.26%	)	$	451		1.15	%		(0.61%	)		1.15	%		32.78	%
Year ended December 31, 2007	$	16.31		(0.15	)		1.75			1.60		$	17.91		9.81%		$	613		1.20	%		(0.80%	)		1.20	%		63.09	%
Year ended December 31, 2006	$	15.80		(0.16	)		0.67			0.51		$	16.31		3.23%		$	667		1.24	%		(0.80%	)		(e)			58.45	%
Year ended December 31, 2005	$	14.63		(0.14	)		1.31			1.17		$	15.80		8.00%		$	833		1.23	%		(0.84%	)		(e)			58.28	%
Year ended December 31, 2004	$	12.90		(0.14	)		1.87			1.73		$	14.63		13.41%		$	996		1.21	%		(0.91%	)		(e)			112.22	%
Year ended December 31, 2003	$	9.62		(0.05	)		3.33			3.28		$	12.90		34.10%		$	978		1.34	%		(1.04%	)		(e)			121.69	%

Class Y Shares
Period ended June 30, 2008 (Unaudited)(f)	$	14.36		(0.01	)		0.19			0.18		$	14.54		1.25%		$	2,548		1.04	%		(0.45%	)		1.04	%		32.78	%


(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 waivers/reimbursements during the period.

(f)		For the period from March 27, 2008 (commencement of operations) through June 30, 2008.

2008 Semiannual Report 13

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Multi-Manager Small Cap Growth Fund (the “Fund”) (formerly “Nationwide Multi-Manager NVIT Small Cap Growth Fund”). The Trust currently operates fifty-eight (58) 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 and those differences could be material.


(a)	Security Valuation

14 Semiannual Report 2008

NVIT Multi-Manager Small Cap Growth Fund (Continued)

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 combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining “Fair Value.” For example, fair value determinations may take into account 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 an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


	Level 2 — Other	Level 3 —
Level 1 — Quoted	Significant	Significant
Prices	Observable Inputs	Unobservable Inputs		Total Investments

$100,127,765	$14,666,805	$	—	$	114,794,570


(b)	Repurchase Agreements

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Cap Growth Fund (Continued)

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, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty.


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

16 Semiannual Report 2008

NVIT Multi-Manager Small Cap Growth Fund (Continued)

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


(g)	Security Transactions and Investment Income


(h)	Securities Lending

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 the 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.

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Cap Growth Fund (Continued)

As of June 30, 2008, the Fund had securities with the following value on loan:


Value of Loaned		Value of
Securities		Collateral

$	9,080,062	$	9,399,495


(i)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(j)	Federal Income Taxes

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 will generally result in an increase in a liability for taxes payable (or a reduction of tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. 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.


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

18 Semiannual Report 2008

NVIT Multi-Manager Small Cap Growth Fund (Continued)

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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 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 the Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreements, NFA paid the subadvisers $336,091 for the six months ended June 30, 2008.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

2008 Semiannual Report 19

NVIT Multi-Manager Small Cap Growth Fund (Continued)

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, 2008, NFS received $87,321 in Administrative Services fees from the Fund.

4. Short-Term Trading Fees

For the six months ended June 30, 2008 and the year ended December 31, 2007, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $35,145,533 and sales of $37,067,374.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extensions. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the six months ended June 30, 2008.

2008 Semiannual Report 20

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Cap Growth Fund (Continued)

earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

8. Indemnifications

9. New Accounting Pronouncements

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities”. SFAS No. 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS No. 161 requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial position, performance and cash flows. Management is currently evaluating the impact the adoption of SFAS No. 161 will have on the Fund’s financial statements and related disclosures.

10. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	104,996,818	$	20,423,162	$	(10,625,410)	$	9,797,752

21 Semiannual Report 2008

NVIT Multi-Manager Small Cap Growth Fund (Continued)

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 22

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

23 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 24

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

25 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 26

Supplemental Information

(Unaudited)


A.	Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

27 Semiannual Report 2008

The Trustees found that the Fund’s recent performance had been good. Based on its review, and giving particular weight to the recent actions taken by the Adviser to improve performance and the nature and quality of the resources dedicated by the Adviser and subadvisers to maintain improved performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee compared with peer group funds was high, but was justified in a multi-manager, capacity-constrained product. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

2008 Semiannual Report 28

NVIT Multi-Manager Small Cap Value Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

6			Statement of Investments

16			Statement of Assets and Liabilities

18			Statement of Operations

19			Statement of Changes in Net Assets

21			Financial Highlights

22			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-SCV (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.


Shareholder	NVIT Multi-Manager Small Cap Value Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid			Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)			During Period (%)
NVIT Multi-Manager Small Cap Value Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^(a)			01/01/08 - 06/30/08^(a)

Class I	Actual			1,000.00		910.90		4.80			1.01
	Hypothetical	^(b)		1,000.00		1,019.84		5.07			1.01


Class II	Actual			1,000.00		910.80		5.94			1.25
	Hypothetical	^(b)		1,000.00		1,018.65		6.27			1.25


Class III	Actual			1,000.00		910.70		5.18			1.09
	Hypothetical	^(b)		1,000.00		1,019.44		5.47			1.09


Class IV	Actual			1,000.00		910.50		5.23			1.10
	Hypothetical	^(b)		1,000.00		1,019.39		5.52			1.10


Class Y^(c)	Actual			1,000.00		967.10		2.37	*		0.92	*
	Hypothetical	^(b)		1,000.00		1,020.29		4.62	*		0.92	*


*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 96/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund


Common Stocks (92.1%)
	Shares		Value


Aerospace & Defense (2.0%)
AAR Corp.*		26,370	$	356,786
Alliant Techsystems, Inc.*		22,450		2,282,716
Ceradyne, Inc.*		19,000		651,700
Curtiss-Wright Corp.		16,000		715,840
DRS Technologies, Inc.		13,500		1,062,720
Esterline Technologies Corp.*		13,400		660,084
Hexcel Corp.*		50,740		979,282
Moog, Inc., Class A*		20,695		770,682
Triumph Group, Inc.		6,800		320,280

				7,800,090



Air Freight & Logistics (0.4%)
Atlas Air Worldwide Holdings, Inc.*		13,900		687,494
Pacer International, Inc.		44,127		949,172

				1,636,666



Airlines (0.3%)
Hawaiian Holdings, Inc.*		5,000		34,750
Republic Airways Holdings, Inc.*		59,500		515,270
SkyWest, Inc.		38,700		489,555

				1,039,575



Auto Components (1.1%)
American Axle & Manufacturing Holdings, Inc.		9,800		78,302
ATC Technology Corp.*		34,400		800,832
Lear Corp.*		76,900		1,090,442
Tenneco, Inc.*		13,500		182,655
WABCO Holdings, Inc.		47,650		2,213,819

				4,366,050



Automobiles (0.1%)
Thor Industries, Inc.		16,850		358,231



Biotechnology (0.4%)
Alkermes, Inc.*		57,101		705,768
Arena Pharmaceuticals, Inc.*		3,800		19,722
Bionovo, Inc.*		27,200		33,184
Celera Group*		8,300		94,288
Onyx Pharmaceuticals, Inc.*		5,600		199,360
Protalix BioTherapeutics, Inc.*		16,000		43,360
Rigel Pharmaceuticals, Inc.*		2,900		65,714
Seattle Genetics, Inc.*		9,300		78,678
Third Wave Technologies, Inc.*		8,100		90,396
United Therapeutics Corp.*		3,800		371,450

				1,701,920



Building Products (0.9%)
Ameron International Corp.		5,300		635,894
Apogee Enterprises, Inc.		12,800		206,848
Armstrong World Industries, Inc.		17,200		502,584
Gibraltar Industries, Inc.		28,640		457,381
NCI Building Systems, Inc.*		17,100		628,083
Quanex Building Products Corp.		26,200		389,332
Universal Forest Products, Inc.		21,600		647,136

				3,467,258



Capital Markets (1.6%)
Apollo Investment Corp.		15,300		219,249
BGC Partners, Inc., Class A*		4,100		30,955
FCStone Group, Inc.*		21,135		590,301
GFI Group, Inc.		34,960		314,990
HFF, Inc., Class A*		11,300		64,297
KBW, Inc.*		3,956		81,414
Knight Capital Group, Inc., Class A*		49,700		893,606
LaBranche & Co., Inc.*		6,906		48,894
MCG Capital Corp.		30,772		122,473
Patriot Capital Funding, Inc.		42,903		268,144
Penson Worldwide, Inc.*		8,300		99,185
Piper Jaffray Cos.*		4,000		117,320
Sanders Morris Harris Group, Inc.		84,290		571,486
Stifel Financial Corp.*		5,000		171,950
SWS Group, Inc.		73,575		1,222,081
TICC Capital Corp.		8,190		44,717
TradeStation Group, Inc.*		21,970		222,995
Waddell & Reed Financial, Inc., Class A		28,000		980,280

				6,064,337



Chemicals (2.9%)
Agrium, Inc.		3,500		376,390
CF Industries Holdings, Inc.		6,100		932,080
Ferro Corp.		7,630		143,139
H.B. Fuller Co.		33,500		751,740
Hercules, Inc.		118,750		2,010,437
Innospec, Inc.		14,600		274,772
Koppers Holdings, Inc.		4,800		200,976
Methanex Corp.		30,298		848,950
Minerals Technologies, Inc.		5,200		330,668
Nalco Holding Co.		44,410		939,272
NewMarket Corp.		4,900		324,527
O.M. Group, Inc.*		8,100		265,599
Penford Corp.		55,580		827,030
Rockwood Holdings, Inc.*		17,500		609,000
Sensient Technologies Corp.		53,110		1,495,578
Spartech Corp.		18,200		171,626
W.R. Grace & Co.*		19,500		458,055
Zep, Inc.		7,400		110,112

				11,069,951

6 Semiannual Report 2008


Common Stocks (continued)
	Shares		Value


Commercial Banks (6.2%)
1st Source Corp.		8,300	$	133,630
Amcore Financial, Inc.		17,528		99,208
Ameris Bancorp		11,180		97,266
Bancfirst Corp.		7,000		299,600
Banco Latinoamericano de Exportaciones SA		11,900		192,661
Bank of the Ozarks, Inc.		15,100		224,386
Banner Corp.		3,500		31,010
Boston Private Financial Holdings, Inc.		44,600		252,882
Cathay General Bancorp		8,500		92,395
Central Pacific Financial Corp.		36,600		390,156
Chemical Financial Corp.		11,655		237,762
Citizens Republic Bancorp, Inc.		11,847		33,409
City Bank		13,300		114,380
City Holding Co.		22,800		929,556
Colonial BancGroup, Inc. (The)		27,300		120,666
Columbia Banking System, Inc.		23,430		452,902
Community Bank System, Inc.		12,300		253,626
Community Trust Bancorp, Inc.		22,270		584,810
CVB Financial Corp.		54,820		517,501
East West Bancorp, Inc.		20,300		143,318
First Bancorp North Carolina		5,200		65,728
First Bancorp Puerto Rico		92,700		587,718
First Citizens BancShares, Inc.		3,038		423,771
First Community Bancshares, Inc.		8,000		225,600
First Merchants Corp.		9,100		165,165
First Midwest Bancorp, Inc.		14,690		273,969
First State Bancorp		880		4,840
FirstMerit Corp.		14,000		228,340
FNB Corp.		21,600		254,448
Fulton Financial Corp.		25,500		256,275
Glacier Bancorp, Inc.		5,900		94,341
Great Southern Bancorp, Inc.		40,593		329,615
Green Bankshares, Inc.		15,400		215,908
Hanmi Financial Corp.		81,700		425,657
Heartland Financial USA, Inc.		4,200		76,398
Heritage Commerce Corp.		2,300		22,770
IBERIABANK Corp.		20,900		929,423
Independent Bank Corp.		28,700		684,208
Integra Bank Corp.		12,900		101,007
Lakeland Bancorp, Inc.		6,400		77,952
Lakeland Financial Corp.		8,500		162,180
MainSource Financial Group, Inc.		15,810		245,055
Midwest Banc Holdings, Inc.		12,890		62,774
Nara Bancorp, Inc.		18,400		197,432
National Penn Bancshares, Inc.		120,619		1,601,820
NBT Bancorp, Inc.		27,179		560,159
Old National Bancorp		29,800		424,948
Old Second Bancorp, Inc.		2,500		29,050
Oriental Financial Group		15,000		213,900
Pacific Capital Bancorp		39,900		549,822
PacWest Bancorp		8,200		122,016
Peoples Bancorp, Inc.		8,900		168,922
Prosperity Bancshares, Inc.		15,800		422,334
Provident Bankshares Corp.		26,300		167,794
Renasant Corp.		12,900		190,017
Republic Bancorp, Inc., Class A		7,155		176,013
S&T Bancorp, Inc.		2,600		75,556
Santander BanCorp		3,300		35,013
SCBT Financial Corp.		3,314		94,648
Sierra Bancorp		7,844		129,426
Signature Bank*		68,450		1,763,272
Simmons First National Corp., Class A		15,300		427,941
Southside Bancshares, Inc.		9,110		167,988
Southwest Bancorp, Inc.		24,700		284,050
StellarOne Corp.		1,519		22,177
Sterling Bancorp		9,915		118,484
Sterling Bancshares, Inc.		41,000		372,690
Sterling Financial Corp.		76,205		315,489
Suffolk Bancorp		3,900		114,582
SVB Financial Group*		6,280		302,131
Taylor Capital Group, Inc.		7,300		54,677
Trico Bancshares		8,900		97,455
UCBH Holdings, Inc.		38,100		85,725
UMB Financial Corp.		15,250		781,868
Umpqua Holdings Corp.		25,996		315,331
Union Bankshares Corp.		26,693		397,459
United Bankshares, Inc.		6,800		156,060
United Community Banks, Inc.		21,800		185,954
Washington Trust Bancorp, Inc.		8,900		175,330
West Coast Bancorp		28,300		245,361
Wilshire Bancorp, Inc.		99,650		854,001

				23,511,161



Commercial Services & Supplies (2.9%)
Administaff, Inc.		10,300		287,267
American Ecology Corp.		71,580		2,113,757
Comfort Systems U.S.A., Inc.		43,100		579,264
COMSYS IT Partners, Inc.*		11,200		102,144
Consolidated Graphics, Inc.*		13,200		650,364
CRA International, Inc.*		3,500		126,525
Deluxe Corp.		75,300		1,341,846
Duff & Phelps Corp., Class A*		92,695		1,535,029
Ennis, Inc.		43,330		678,115
Geo Group, Inc. (The)*		12,500		281,250
IKON Office Solutions, Inc.		42,200		476,016
Kforce, Inc.*		17,900		151,971
Kimball International, Inc., Class B		24,100		199,548
On Assignment, Inc.*		88,800		712,176
School Specialty, Inc.*		1,200		35,676

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund (Continued)


Common Stocks (continued)
	Shares		Value


Commercial Services & Supplies (continued)

Spherion Corp.*		38,800	$	179,256
United Stationers, Inc.*		8,200		302,990
Viad Corp.		14,500		373,955
Volt Information Sciences, Inc.*		22,315		265,772
Watson Wyatt Worldwide, Inc., Class A		12,245		647,638

				11,040,559



Communications Equipment (3.1%)
3Com Corp.*		56,900		120,628
ADC Telecommunications, Inc.*		158,240		2,337,205
Arris Group, Inc.*		212,176		1,792,887
Avocent Corp.*		19,100		355,260
Bel Fuse, Inc., Class B		300		7,413
Black Box Corp.		9,600		261,024
Cogo Group, Inc.*		7,800		71,058
DG FastChannel, Inc.*		38,800		669,300
Digi International, Inc.*		13,300		104,405
Emulex Corp.*		65,000		757,250
Finisar Corp.*		23,000		27,370
Foundry Networks, Inc.*		15,700		185,574
Harmonic, Inc.*		114,550		1,089,371
MRV Communications, Inc.*		12,900		15,351
Plantronics, Inc.		12,800		285,696
Polycom, Inc.*		8,300		202,188
Powerwave Technologies, Inc.*		679,070		2,886,047
Sycamore Networks, Inc.*		165,200		531,944
UTStarcom, Inc.*		11,100		60,717

				11,760,688



Computers & Peripherals (0.6%)
Adaptec, Inc.*		18,400		58,880
Electronics for Imaging, Inc.*		25,900		378,140
Hypercom Corp.*		286,113		1,258,897
Imation Corp.		15,300		350,676
Palm, Inc.		5,500		29,645
Quantum Corp.*		111,300		150,255

				2,226,493



Construction & Engineering (0.7%)
Dycom Industries, Inc.*		40,570		589,076
EMCOR Group, Inc.*		14,200		405,126
MasTec, Inc.*		20,200		215,332
Michael Baker Corp.*		13,900		304,132
Perini Corp.*		21,300		703,965
Sterling Construction Co., Inc.*		3,848		76,421
URS Corp.*		11,115		466,497

				2,760,549



Construction Materials (0.1%)
U.S. Concrete, Inc.*		58,610		278,984



Consumer Finance (0.8%)
Advance America Cash Advance Centers, Inc.		24,500		124,460
Advanta Corp., Class B		25,500		160,395
Cash America International, Inc.		37,600		1,165,600
CompuCredit Corp.*		19,400		116,400
Dollar Financial Corp.*		36,623		553,373
World Acceptance Corp.*		27,600		929,292

				3,049,520



Containers & Packaging (1.9%)
Greif, Inc., Class A		10,990		703,690
Myers Industries, Inc.		40,500		330,075
Rock-Tenn Co., Class A		74,741		2,241,482
Silgan Holdings, Inc.		75,992		3,855,834

				7,131,081



Distributor (0.1%)
Core-Mark Holding Co., Inc.*		13,200		345,840



Diversified Consumer Services (0.7%)
Regis Corp.		9,600		252,960
Service Corp. International		175,980		1,735,163
Stewart Enterprises, Inc., Class A		73,800		531,360

				2,519,483



Diversified Financial Services (0.3%)
Compass Diversified Holdings		14,200		162,306
Encore Capital Group, Inc.*		10,700		94,481
Financial Federal Corp.		14,100		309,636
Interactive Brokers Group, Inc., Class A*		12,200		391,986

				958,409



Diversified Telecommunication Services (1.5%)
Atlantic Tele-Network, Inc.		4,800		132,048
CenturyTel, Inc.		44,900		1,597,991
Cincinnati Bell, Inc.*		319,700		1,272,406
Consolidated Communications Holdings, Inc.		6,400		95,296
Iowa Telecommunications Services, Inc.		18,100		318,741
NTELOS Holdings Corp.		42,300		1,073,151
Premiere Global Services, Inc.*		71,900		1,048,302

				5,537,935



Electric Utilities (2.4%)
Allete, Inc.		8,700		365,400
Cleco Corp.		24,200		564,586
El Paso Electric Co.*		38,400		760,320
Portland General Electric Co.		92,600		2,085,352

8 Semiannual Report 2008


Common Stocks (continued)
	Shares		Value


Electric Utilities (continued)

UIL Holdings Corp.		11,633	$	342,127
UniSource Energy Corp.		45,900		1,423,359
Westar Energy, Inc.		176,550		3,797,590

				9,338,734



Electrical Equipment (1.5%)
A.O. Smith Corp.		8,900		292,187
Acuity Brands, Inc.		20,300		976,024
Belden, Inc.		8,200		277,816
Brady Corp., Class A		15,400		531,762
Encore Wire Corp.		12,400		262,756
GrafTech International Ltd.*		79,300		2,127,619
Regal-Beloit Corp.		33,881		1,431,472

				5,899,636



Electronic Equipment & Instruments (2.2%)
Anixter International, Inc.*		19,700		1,171,953
Benchmark Electronics, Inc.*		25,125		410,542
Celestica, Inc.*		18,800		158,484
Checkpoint Systems, Inc.*		11,700		244,296
CTS Corp.		25,500		256,275
DTS, Inc.*		63,960		2,003,227
Electro Scientific Industries, Inc.*		2,600		36,842
Insight Enterprises, Inc.*		9,300		109,089
Mettler Toledo International, Inc.*		3,100		294,066
Napco Security Systems, Inc.*		203,754		923,006
Newport Corp.*		10,900		124,151
Park Electrochemical Corp.		6,500		158,015
PC Connection, Inc.*		12,600		117,306
Plexus Corp.*		5,700		157,776
SYNNEX Corp.*		23,000		577,070
Tech Data Corp.*		17,200		582,908
Technitrol, Inc.		22,300		378,877
TTM Technologies, Inc.*		50,100		661,821

				8,365,704



Energy Equipment & Services (2.7%)
Allis-Chalmers Energy, Inc.*		11,930		212,354
Basic Energy Services, Inc.*		10,909		343,634
Cal Dive International, Inc.*		156,000		2,229,240
Gulfmark Offshore, Inc.*		30,800		1,791,944
IHS, Inc., Class A*		36,290		2,525,784
Pioneer Drilling Co.*		13,700		257,697
RPC, Inc.		11,487		192,982
SEACOR Holdings, Inc.*		12,750		1,141,252
Trico Marine Services, Inc.*		26,900		979,698
Union Drilling, Inc.*		7,300		158,264
Willbros Group, Inc.*		10,000		438,100

				10,270,949



Food & Staples Retailing (1.1%)
Andersons, Inc. (The)		6,057		246,581
BJ’s Wholesale Club, Inc.*		7,700		297,990
Casey’s General Stores, Inc.		2,300		53,291
Longs Drug Stores Corp.		11,030		464,473
Nash Finch Co.		49,779		1,705,926
Pantry, Inc. (The)*		7,200		76,752
Ruddick Corp.		4,800		164,688
Spartan Stores, Inc.		49,100		1,129,300
United Natural Foods, Inc.*		2,654		51,700

				4,190,701



Food Products (0.5%)
Flowers Foods, Inc.		13,300		376,922
Fresh Del Monte Produce, Inc.*		29,000		683,530
Ralcorp Holdings, Inc.*		20,500		1,013,520

				2,073,972



Health Care Equipment & Supplies (2.4%)
CONMED Corp.*		48,963		1,299,968
Greatbatch, Inc.*		16,500		285,450
Haemonetics Corp.*		24,010		1,331,595
Invacare Corp.		24,200		494,648
Inverness Medical Innovations, Inc.*		66,640		2,210,449
IRIS International, Inc.*		71,350		1,116,627
MAKO Surgical Corp*		82,500		603,900
Power Medical Interventions, Inc.*		4,100		22,755
SonoSite, Inc.*		58,150		1,628,781
STERIS Corp.		8,900		255,964
SurModics, Inc.*		900		40,356

				9,290,493



Health Care Providers & Services (2.8%)
Alliance Imaging, Inc.*		13,500		117,045
AMERIGROUP Corp.*		39,200		815,360
AMN Healthcare Services, Inc.*		12,400		209,808
Apria Healthcare Group, Inc.*		6,500		126,035
Assisted Living Concepts, Inc., Class A*		154,326		848,793
Bio-Reference Laboratories, Inc.*		84,200		1,878,502
Chemed Corp.		5,800		212,338
Five Star Quality Care, Inc.*		98,570		466,236
Gentiva Health Services, Inc.*		52,700		1,003,935
Healthspring, Inc.*		11,140		188,043
Hythiam, Inc.*		212,880		515,170
Landauer, Inc.		12,650		711,436
Magellan Health Services, Inc.*		10,300		381,409
Molina Healthcare, Inc.*		4,400		107,096
Pediatrix Medical Group, Inc.*		18,530		912,232
PSS World Medical, Inc.*		8,200		133,660
Psychiatric Solutions, Inc.*		14,500		548,680
RehabCare Group, Inc.*		6,600		105,798
Res-Care, Inc.*		21,600		384,048

2008 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund (Continued)


Common Stocks (continued)
	Shares		Value


Health Care Providers & Services (continued)

Sunrise Senior Living, Inc.*		44,990	$	1,011,375

				10,676,999



Health Care Technology (0.0%)
MedAssets, Inc.*		7,600		129,580



Hotels, Restaurants & Leisure (1.4%)
Bob Evans Farms, Inc.		1,800		51,480
CBRL Group, Inc.		7,625		186,889
Domino’s Pizza, Inc.*		21,600		248,400
Great Wolf Resorts, Inc.*		61,562		269,026
Jack in the Box, Inc.*		44,000		986,040
Multimedia Games, Inc.*		206,820		914,144
Papa John’s International, Inc.*		6,000		159,540
Ruby Tuesday, Inc.		124,790		673,866
Ruth’s Hospitality Group, Inc.*		27,600		142,968
Shuffle Master, Inc.*		143,071		706,771
Texas Roadhouse, Inc., Class A*		100,400		900,588

				5,239,712



Household Durables (1.1%)
American Greetings Corp., Class A		21,100		260,374
Ethan Allen Interiors, Inc.		14,500		356,700
Furniture Brands International, Inc.		23,600		315,296
Helen of Troy Ltd.*		4,900		78,988
Jarden Corp.*		3,772		68,801
Russ Berrie & Co., Inc.*		23,789		189,599
Tupperware Brands Corp.		89,050		3,047,291

				4,317,049



Industrial Conglomerates (0.6%)
Raven Industries, Inc.		4,125		135,218
Teleflex, Inc.		36,370		2,021,808

				2,157,026



Information Technology Services (2.0%)
CACI International, Inc., Class A*		6,779		310,275
Ciber, Inc.*		82,500		512,325
CSG Systems International, Inc.*		14,200		156,484
CyberSource Corp.*		18,000		301,140
Forrester Research, Inc.*		4,000		123,520
Gartner, Inc.*		24,500		507,640
Global Cash Access Holdings, Inc.*		16,100		110,446
infoGROUP, Inc.		3,400		14,926
Mantech International Corp., Class A*		8,375		403,005
MAXIMUS, Inc.		5,100		177,582
Ness Technologies, Inc.*		49,910		505,089
NeuStar, Inc., Class A*		42,950		926,002
Perot Systems Corp., Class A*		53,240		799,132
SAIC, Inc.*		55,300		1,150,793
Sapient Corp.*		73,800		473,796
SI International, Inc.*		4,800		100,512
SYKES Enterprises, Inc.*		53,438		1,007,841
Virtusa Corp.*		4,200		42,546
Wright Express Corp.*		7,400		183,520

				7,806,574



Insurance (3.4%)
American Physicians Capital, Inc.		8,100		392,364
Amerisafe, Inc.*		51,200		816,128
Amtrust Financial Services, Inc.		69,720		878,472
Argo Group International Holdings Ltd.*		13,031		437,320
Aspen Insurance Holdings Ltd.		56,700		1,342,089
Assured Guaranty Ltd.		42,600		766,374
Castlepoint Holdings Ltd.		5,900		53,631
CNA Surety Corp.*		4,970		62,821
Delphi Financial Group, Inc., Class A		41,275		955,104
FPIC Insurance Group, Inc.*		6,800		308,176
Hallmark Financial Services*		4,300		41,581
Harleysville Group, Inc.		8,700		294,321
Infinity Property & Casualty Corp.		3,900		161,928
Max Capital Group Ltd.		37,600		802,008
Meadowbrook Insurance Group, Inc.		17,100		90,630
Navigators Group, Inc.*		12,600		681,030
Phoenix Cos., Inc. (The)		9,700		73,817
Platinum Underwriters Holdings Ltd.		40,300		1,314,183
PMA Capital Corp., Class A*		68,800		633,648
ProAssurance Corp.*		3,900		187,629
RLI Corp.		2,800		138,516
Safety Insurance Group, Inc.		20,500		730,825
SeaBright Insurance Holdings, Inc.*		12,900		186,792
Selective Insurance Group		29,900		560,924
United Fire & Casualty Co.		12,040		324,237
Zenith National Insurance Corp.		22,050		775,278

				13,009,826



Internet & Catalog Retail (0.5%)
FTD Group, Inc.		79,200		1,055,736
NutriSystem, Inc.		41,150		581,861
PC Mall, Inc.*		6,000		81,360

				1,718,957

10 Semiannual Report 2008

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund (Continued)


Common Stocks (continued)
	Shares		Value


Internet Software & Services (0.6%)
EarthLink, Inc.*		44,300	$	383,195
Interwoven, Inc.*		26,400		317,064
Perficient, Inc.*		12,824		123,880
SonicWALL, Inc.*		19,000		122,550
United Online, Inc.		37,900		380,137
ValueClick, Inc.*		4,485		67,948
Websense, Inc.*		59,900		1,008,716

				2,403,490



Leisure Equipment & Products (0.5%)
JAKKS Pacific, Inc.*		60,600		1,324,110
RC2 Corp.*		12,400		230,144
Steinway Musical Instruments*		10,000		264,000

				1,818,254



Life Sciences Tools & Services (0.5%)
Bio-Rad Laboratories, Inc., Class A*		9,500		768,455
Cambrex Corp.*		150,880		885,666
Exelixis, Inc.*		14,400		72,000
Medivation, Inc.*		3,800		44,954

				1,771,075



Machinery (3.6%)
Actuant Corp., Class A		15,200		476,520
AGCO Corp.*		12,390		649,360
Astec Industries, Inc.*		3,800		122,132
Barnes Group, Inc.		63,476		1,465,661
Blount International, Inc.*		26,200		304,182
Cascade Corp.		9,400		397,808
CIRCOR International, Inc.		26,300		1,288,437
Columbus McKinnon Corp.*		17,400		418,992
Commercial Vehicle Group, Inc.*		7,000		65,450
Dynamic Materials Corp.		17,800		586,510
EnPro Industries, Inc.*		34,300		1,280,762
Gehl Co.*		5,759		85,176
Hardinge, Inc.		32,519		428,275
Hurco Cos., Inc.*		4,317		133,352
IDEX Corp.		13,420		494,393
Kadant, Inc.*		1,400		31,640
Kennametal, Inc.		42,900		1,396,395
Mueller Industries, Inc.		16,200		521,640
Oshkosh Corp.		13,300		275,177
Tennant Co.		8,700		261,609
Titan Machinery, Inc.*		18,050		565,326
Valmont Industries, Inc.		5,470		570,466
Wabtec Corp.		40,900		1,988,558

				13,807,821



Marine (1.9%)
Eagle Bulk Shipping, Inc.		21,256		628,540
Excel Maritime Carriers Ltd.		6,500		255,125
Genco Shipping & Trading Ltd.		16,700		1,088,840
Omega Navigation Enterprises, Inc., Class A		110,612		1,826,204
Paragon Shipping, Inc., Class A		17,842		299,567
Safe Bulkers, Inc.*		77,250		1,455,390
Star Bulk Carriers Corp.		3,190		37,610
TBS International Ltd., Class A*		33,700		1,346,315
Ultrapetrol Bahamas Ltd.*		31,390		395,828

				7,333,419



Media (2.0%)
Arbitron, Inc.		68,150		3,237,125
Cox Radio, Inc., Class A*		35,600		420,080
Entercom Communications Corp., Class A		23,300		163,566
Interactive Data Corp.		28,000		703,640
Lee Enterprises, Inc.		45,200		180,348
Lin TV Corp., Class A*		12,400		73,904
Regal Entertainment Group, Class A		103,704		1,584,597
Scholastic Corp.*		18,400		527,344
Sinclair Broadcast Group, Inc., Class A		71,700		544,920
Valassis Communications, Inc.*		8,000		100,160
Westwood One, Inc.*		29,900		37,076

				7,572,760



Metals & Mining (0.8%)
Commercial Metals Co.		11,100		418,470
Compass Minerals International, Inc.		11,000		886,160
Gerdau Ameristeel Corp.		13,600		262,480
Olympic Steel, Inc.		5,300		402,376
Steel Dynamics, Inc.		9,900		386,793
Stillwater Mining Co.*		7,000		82,810
Sutor Technology Group Ltd.*		1,800		12,726
Worthington Industries, Inc.		29,100		596,550

				3,048,365



Multi-Utilities (0.7%)
Black Hills Corp.		4,100		131,446
PNM Resources, Inc.		28,800		344,448
Vectren Corp.		74,750		2,332,947

				2,808,841



Multiline Retail (0.2%)
Dollar Tree, Inc.*		9,700		317,093
Fred’s, Inc., Class A		13,300		149,492
Tuesday Morning Corp.*		71,193		292,603

				759,188

2008 Semiannual Report 11


Common Stocks (continued)
	Shares		Value


Natural Gas Utilities (1.4%)
Laclede Group, Inc. (The)		6,000	$	242,220
New Jersey Resources Corp.		46,300		1,511,695
Nicor, Inc.		1,900		80,921
Northwest Natural Gas Co.		9,000		416,340
Piedmont Natural Gas Co.		10,931		285,955
South Jersey Industries, Inc.		20,700		773,352
Southwest Gas Corp.		39,200		1,165,416
WGL Holdings, Inc.		24,100		837,234

				5,313,133



Oil, Gas & Consumable Fuels (5.0%)
Alon USA Energy, Inc.		17,400		208,104
Approach Resources, Inc.*		8,690		232,805
Berry Petroleum Co., Class A		26,039		1,533,176
Bois d’Arc Energy, Inc.*		15,260		370,971
Callon Petroleum Co.*		5,800		158,688
Cimarex Energy Co.		9,600		668,832
Comstock Resources, Inc.*		13,100		1,106,033
Concho Resources, Inc.*		9,800		365,540
Energy Partners Ltd.*		11,156		166,447
Evergreen Energy, Inc.*		246,240		428,458
Foundation Coal Holdings, Inc.		28,370		2,513,015
Frontline Ltd.		8,000		558,240
Infinity Bio-Energy Ltd.*		155,500		598,675
Knightsbridge Tankers Ltd.		40,692		1,310,689
McMoRan Exploration Co.*		11,200		308,224
Nordic American Tanker Shipping		7,934		307,998
Parallel Petroleum Corp.*		22,730		457,555
Rosetta Resources, Inc.*		12,542		357,447
St. Mary Land & Exploration Co.		8,200		530,048
Stone Energy Corp.*		30,200		1,990,482
Swift Energy Co.*		17,300		1,142,838
Teekay Tankers Ltd., Class A		32,079		744,553
TXCO Resources, Inc.*		23,496		276,313
Vaalco Energy, Inc.*		24,000		203,280
Warren Resources, Inc.*		154,750		2,271,730
Western Refining, Inc.		18,700		221,408

				19,031,549



Paper & Forest Products (0.5%)
Buckeye Technologies, Inc.*		129,588		1,096,314
Schweitzer-Mauduit International, Inc.		44,050		742,243

				1,838,557



Personal Products (0.7%)
Chattem, Inc.*		11,400		741,570
Elizabeth Arden, Inc.*		18,860		286,295
Physicians Formula Holdings, Inc.*		99,043		926,052
Prestige Brands Holdings, Inc.*		63,000		671,580

				2,625,497



Pharmaceuticals (1.1%)
Alpharma, Inc., Class A*		6,800		153,204
Auxilium Pharmaceuticals, Inc.*		5,000		168,100
Barrier Therapeutics, Inc.*		8,400		33,768
Cypress Bioscience, Inc.*		6,000		43,140
Endo Pharmaceuticals Holdings, Inc.*		32,350		782,546
KV Pharmaceutical Co., Class A*		102,800		1,987,124
Par Pharmaceutical Cos., Inc.*		4,900		79,527
Perrigo Co.		12,500		397,125
ULURU, Inc.*		10,300		8,755
Valeant Pharmaceuticals International*		7,900		135,169
Viropharma, Inc.*		27,200		300,832

				4,089,290



Real Estate Investment Trusts (REITs) (6.2%)
Anthracite Capital, Inc.		78,500		552,640
Anworth Mortgage Asset Corp.		39,400		256,494
Arbor Realty Trust, Inc.		18,600		166,842
Ashford Hospitality Trust, Inc.		400,380		1,849,756
Associated Estates Realty Corp.		4,800		51,408
BioMed Realty Trust, Inc.		34,200		838,926
Capital Trust, Inc., Class A		7,300		140,233
CBRE Realty Finance, Inc.		165,200		568,288
Cedar Shopping Centers, Inc.		31,900		373,868
DCT Industrial Trust, Inc.		85,200		705,456
DiamondRock Hospitality Co.		53,800		585,882
Duke Realty Corp.		8,000		179,600
Education Realty Trust, Inc.		134,500		1,566,925
Entertainment Properties Trust		30,400		1,502,976
Equity Lifestyle Properties, Inc.		12,200		536,800
Extra Space Storage, Inc.		7,300		112,128
First Industrial Realty Trust, Inc.		16,500		453,255
First Potomac Realty Trust		23,600		359,664
Glimcher Realty Trust		9,100		101,738
Hersha Hospitality Trust		75,100		567,005
Home Properties, Inc.		4,300		206,658
Inland Real Estate Corp.		28,400		409,528
Lexington Realty Trust		189,200		2,578,796
LTC Properties, Inc.		18,100		462,636
Maguire Properties, Inc.		9,500		115,615
MFA Mortgage Investments, Inc.		122,100		796,092
National Retail Properties, Inc.		77,600		1,621,840
NorthStar Realty Finance Corp.		63,300		526,656

12 Semiannual Report 2008

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund (Continued)


Common Stocks (continued)
	Shares		Value


Real Estate Investment Trusts (continued)

Omega Healthcare Investors, Inc.		11,600	$	193,140
Parkway Properties, Inc.		22,500		758,925
Pennsylvania Real Estate Investment Trust		48,800		1,129,232
Resource Capital Corp.		10,700		77,147
Saul Centers, Inc.		14,400		676,656
Senior Housing Properties Trust		67,200		1,312,416
Strategic Hotels & Resorts, Inc.		31,527		295,408
Sun Communities, Inc.		3,000		54,690
Sunstone Hotel Investors, Inc.		38,300		635,780
Urstadt Biddle Properties, Inc., Class A		9,100		133,406
Washington Real Estate Investment Trust		13,700		411,685

				23,866,190



Road & Rail (0.2%)
Arkansas Best Corp.		12,200		447,008
Celadon Group, Inc.*		20,800		207,792
Werner Enterprises, Inc.		14,990		278,514

				933,314



Semiconductors & Semiconductor Equipment (2.8%)
Actel Corp.*		9,600		161,760
Advanced Energy Industries, Inc.*		10,700		146,590
Amkor Technology, Inc.*		34,300		357,063
Anadigics, Inc.*		55,000		541,750
Applied Micro Circuits Corp.*		7,975		68,266
Asyst Technologies, Inc.*		6,300		22,491
Brooks Automation, Inc.*		9,000		74,430
Cirrus Logic, Inc.*		23,600		131,216
Cohu, Inc.		2,300		33,764
DSP Group, Inc.*		9,700		67,900
Eagle Test Systems, Inc.*		6,400		71,680
Entegris, Inc.*		38,838		254,389
Integrated Device Technology, Inc.*		174,900		1,738,506
Kulicke & Soffa Industries, Inc.*		17,300		126,117
Lattice Semiconductor Corp.*		21,800		68,234
LSI Corp.*		73,400		450,676
Micrel, Inc.		1,643		15,033
MKS Instruments, Inc.*		18,600		407,340
Novellus Systems, Inc.*		17,800		377,182
Pericom Semiconductor Corp.*		5,300		78,652
Photronics, Inc.*		7,000		49,280
PMC — Sierra, Inc.*		86,900		664,785
RF Micro Devices, Inc.*		56,700		164,430
Semtech Corp.*		9,000		126,630
Silicon Image, Inc.*		197,680		1,433,180
Silicon Motion Technology Corp. ADR — TW*		16,264		235,015
Silicon Storage Technology, Inc.*		13,300		36,841
Skyworks Solutions, Inc.*		97,300		960,351
Standard Microsystems Corp.*		10,400		282,360
Teradyne, Inc.*		65,300		722,871
TriQuint Semiconductor, Inc.*		68,400		414,504
Zoran Corp.*		51,100		597,870

				10,881,156



Software (3.9%)
Actuate Corp.*		222,500		869,975
Aspen Technology, Inc.*		55,000		731,500
Corel Corp.*		58,918		551,472
Fair Isaac Corp.		58,450		1,214,007
Jack Henry & Associates, Inc.		4,727		102,292
JDA Software Group, Inc.*		11,100		200,910
Macrovision Solutions Corp.*		81,200		1,214,752
Mentor Graphics Corp.*		28,600		451,880
Parametric Technology Corp.*		28,871		481,280
Progress Software Corp.*		11,200		286,384
Quest Software, Inc.*		54,830		812,032
Solera Holdings, Inc.*		61,200		1,692,792
SPSS, Inc.*		2,500		90,925
Sybase, Inc.*		129,800		3,818,716
THQ, Inc.*		114,718		2,324,187
TIBCO Software, Inc.*		16,400		125,460

				14,968,564



Specialty Retail (2.7%)
Aaron Rents, Inc.		4,550		101,602
Asbury Automotive Group, Inc.		76,470		982,639
Brown Shoe Co., Inc.		38,300		518,965
Buckle, Inc. (The)		6,326		289,288
Cabela’s, Inc.*		2,200		24,222
Cato Corp. (The), Class A		11,200		159,488
Charming Shoppes, Inc.*		206,617		948,372
Coldwater Creek, Inc.*		50,100		264,528
Collective Brands, Inc.*		53,500		622,205
Conn’s, Inc.*		4,500		72,315
CSK Auto Corp.*		15,400		161,392
Dress Barn, Inc.*		46,461		621,648
DSW, Inc., Class A*		200		2,356
Finish Line, Class A*		24,100		209,670
Guess?, Inc.		14,681		549,803
Gymboree Corp.*		16,439		658,711
Men’s Wearhouse, Inc.		32,100		522,909
Monro Muffler, Inc.		64,555		999,957
Office Depot, Inc.*		28,900		316,166
Rent-A-Center, Inc.*		63,600		1,308,252
Shoe Carnival, Inc.*		5,000		58,950
Stage Stores, Inc.		43,225		504,436

2008 Semiannual Report 13


Common Stocks (continued)
	Shares		Value


Specialty Retail (continued)

Systemax, Inc.		15,200	$	268,280
Tween Brands, Inc.*		2,300		37,858

				10,204,012



Textiles, Apparel & Luxury Goods (0.7%)
Deckers Outdoor Corp.*		3,600		501,120
Maidenform Brands, Inc.*		24,300		328,050
Movado Group, Inc.		8,300		164,340
Oxford Industries, Inc.		2,000		38,300
Perry Ellis International, Inc.*		22,450		476,389
Phillips-Van Heusen Corp.		13,030		477,159
Quiksilver, Inc.*		8,000		78,560
Skechers USA, Inc., Class A*		10,400		205,504
Warnaco Group, Inc. (The)*		10,900		480,363

				2,749,785



Thrifts & Mortgage Finance (1.2%)
Berkshire Hills Bancorp, Inc.		700		16,555
Brookline Bancorp, Inc.		30,700		293,185
Dime Community Bancshares		28,450		469,709
Downey Financial Corp.		9,700		26,869
Federal Agricultural Mortgage Corp., Class C		13,900		344,442
First Financial Holdings, Inc.		8,700		149,466
First Niagara Financial Group, Inc.		85,396		1,098,193
First Place Financial Corp.		8,100		76,140
FirstFed Financial Corp.*		8,100		65,124
Flushing Financial Corp.		72,990		1,383,160
MASSBANK Corp.		500		19,790
Ocwen Financial Corp.*		16,900		78,585
Provident Financial Services, Inc.		6,600		92,466
TrustCo Bank Corp. NY		8,190		60,770
United Community Financial Corp.		22,100		82,875
WSFS Financial Corp.		6,600		294,360

				4,551,689



Tobacco (0.3%)
Alliance One International, Inc.*		149,600		764,456
Universal Corp.		12,300		556,206

				1,320,662



Trading Companies & Distributors (0.7%)
Applied Industrial Technologies, Inc.		66,150		1,598,845
Beacon Roofing Supply, Inc.*		28,500		302,385
Electro Rent Corp.		3,500		43,890
Genesis Lease Ltd. ADR — IE		16,400		169,412
Interline Brands, Inc.*		17,690		281,802
Watsco, Inc.		5,600		234,080

				2,630,414



Water Utility (0.1%)
American States Water Co.		5,600		195,664



Wireless Telecommunication Services (0.6%)
Centennial Communications Corp.*		86,700		606,033
Syniverse Holdings, Inc.*		96,700		1,566,540
USA Mobility, Inc.		4,500		33,975

				2,206,548


Total Common Stocks				351,839,929

U.S. Treasury Note (0.2%) (a)
United States Treasury Note, 4.63%, 11/30/08	$	925,000		935,118


Total U.S. Treasury Note				935,118

*Warrants (0.0%)**


Health Care Providers & Services (0.0%)
Hythiam, Inc., 0.00% expiring 07/13/13		19,000		0


Total Warrants				0

Mutual Funds (3.1%)
Money Market Fund (3.1%)
AIM Liquid Assets Portfolio		11,959,496		11,959,496


Total Mutual Funds				11,959,496


Total Investments (Cost $411,433,330)(b) — 95.4%				364,734,543

Other assets in excess of liabilities — 4.6%				17,471,473


NET ASSETS — 100.0%			$	382,206,016


*		Denotes a non-income producing security.

(a)		All or a part of the security was pledged as collateral for futures contracts as of June 30, 2008.

(b)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.


ADR		American Depositary Receipt

IE		Ireland

TW		Taiwan

14 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT Multi-Manager
	Small Cap Value Fund

Assets:
Investments, at value (cost $411,433,330)	$	364,734,543
Cash		7,422,206
Interest and dividends receivable		694,180
Receivable for capital shares issued		153,063
Receivable for investments sold		17,381,406
Prepaid expenses and other assets		13,084

Total Assets		390,398,482

Liabilities:
Payable for variation margin on futures contracts		5,208
Payable for investments purchased		7,255,123
Payable for capital shares redeemed		606,427
Accrued expenses and other payables:
Investment advisory fees		224,123
Fund administration and transfer agent fees		28,838
Distribution fees		6,875
Administrative services fees		3,055
Custodian fees		6,850
Trustee fees		6,268
Compliance program costs (Note 3)		732
Other		48,967

Total Liabilities		8,192,466

Net Assets	$	382,206,016

Represented by:
Capital	$	443,090,630
Accumulated net investment income		318,092
Accumulated net realized losses from investment and futures transactions		(14,326,428	)
Net unrealized appreciation/(depreciation) from investments and futures		(46,876,278	)

Net Assets	$	382,206,016

Net Assets:
Class I Shares	$	313,057,237
Class II Shares		31,269,450
Class III Shares		675,749
Class IV Shares		34,667,904
Class Y Shares		2,535,676

Total	$	382,206,016

See accompanying notes to financial statements.

2008 Semiannual Report 16

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT
	Multi-Manager
	Small Cap
	Value Fund

INVESTMENT INCOME:
Interest income	$	13,013
Dividend income		4,251,750
Foreign tax withholding		(41	)

Total Income		4,264,722

Expenses:
Investment advisory fees		1,843,217
Fund administration and transfer agent fees		110,828
Distribution fees Class II Shares		41,930
Administrative services fees Class I Shares		102,534
Administrative services fees Class II Shares		8,391
Administrative services fees Class III Shares		566
Administrative services fees Class IV Shares		28,695
Custodian fees		59,912
Trustee fees		9,204
Compliance program costs (Note 3)		1,465
Other		58,258

Total expenses before earnings credit and expenses waived		2,265,000
Earnings credit (Note 6)		(25,681	)
Investment advisory fees waived		(51,956	)

Net Expenses		2,187,363

Net Investment Income		2,077,359

REALIZED/UNREALIZED LOSSES FROM INVESTMENTS:
Net realized losses from investment transactions		(5,301,217	)
Net realized losses from futures transactions		(1,841,046	)

Net realized losses from investment and futures transactions		(7,142,263	)
Net change in unrealized appreciation/(depreciation) from investments and futures		(36,547,682	)

Net realized/unrealized losses from investments and futures		(43,689,945	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(41,612,586	)

See accompanying notes to financial statements.

2008 Semiannual Report 18

Statements of Changes in Net Assets


	NVIT Multi-Manager
	Small Cap Value Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	2,077,359		$	3,940,373
Net realized gains (losses) from investment and futures transactions		(7,142,263	)		57,421,688
Net change in unrealized appreciation/(depreciation) from investments and futures		(36,547,682	)		(97,181,623	)

Change in net assets resulting from operations		(41,612,586	)		(35,819,562	)


Distributions to Shareholders From:
Net investment income:
Class I		(1,494,035	)		(5,625,747	)
Class II		(110,668	)		(422,572	)
Class III		(2,967	)		(14,321	)
Class IV		(146,743	)		(571,422	)
Class Y (a)		(5,802	)		–
Net realized gains:
Class I		–			(61,344,302	)
Class II		–			(5,656,029	)
Class III		–			(147,730	)
Class IV		–			(6,062,465	)

Change in net assets from shareholder distributions		(1,760,215	)		(79,844,588	)

Change in net assets from capital transactions		(64,716,044	)		(90,181,317	)

Change in net assets		(108,088,845	)		(205,845,467	)

Net Assets:
Beginning of period		490,294,861			696,140,328

End of period	$	382,206,016		$	490,294,861

Accumulated net investment income at end of period	$	318,092		$	948


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	12,265,069		$	16,216,652
Dividends reinvested		1,494,035			66,969,844
Cost of shares redeemed		(74,847,133	)		(163,358,248	)

		(61,088,029	)		(80,171,752	)

Class II Shares
Proceeds from shares issued		1,912,293			3,476,522
Dividends reinvested		110,664			6,078,587
Cost of shares redeemed		(4,893,728	)		(18,288,308	)

		(2,870,771	)		(8,733,199	)

Class III Shares
Proceeds from shares issued		30,132			128,284
Dividends reinvested		2,967			162,051
Cost of shares redeemed		(264,613	)		(542,925	)

		(231,514	)		(252,590	)

See accompanying notes to financial statements.

19 Semiannual Report 2008

Statements of Changes in Net Assets (Continued)


	NVIT Multi-Manager
	Small Cap Value Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)

CAPITAL TRANSACTIONS: (continued)
Class IV Shares
Proceeds from shares issued	$	514,731		$	2,599,055
Dividends reinvested		146,740			6,633,878
Cost of shares redeemed		(3,891,254	)		(10,256,709	)

		(3,229,783	)		(1,023,776	)

Class Y Shares (a)
Proceeds from shares issued		2,699,620			–
Dividends reinvested		5,802			–
Cost of shares redeemed		(1,369	)		–

		2,704,053			–

Change in net assets from capital transactions	$	(64,716,044	)	$	(90,181,317	)


SHARE TRANSACTIONS:
Class I Shares
Issued		1,331,112			1,299,008
Reinvested		160,021			6,290,854
Redeemed		(8,058,243	)		(13,223,151	)

		(6,567,110	)		(5,633,289	)

Class II Shares
Issued		205,022			281,574
Reinvested		11,986			579,300
Redeemed		(534,482	)		(1,489,109	)

		(317,474	)		(628,235	)

Class III Shares
Issued		3,209			10,000
Reinvested		317			15,184
Redeemed		(28,436	)		(44,054	)

		(24,910	)		(18,870	)

Class IV Shares
Issued		55,345			224,930
Reinvested		15,712			623,802
Redeemed		(417,528	)		(835,141	)

		(346,471	)		13,591

Class Y Shares(a)
Issued		282,621			–
Reinvested		619			–
Redeemed		(141	)		–

		283,099			–

Total change in shares		(6,972,866	)		(6,266,803	)


(a)		For the period from March 27, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 20

NVIT Multi-Manager Small Cap Value Fund


			Investment Activities									Distributions															Ratios / Supplemental Data

						Net Realized																													Ratio of
						and																										Ratio of Net			Expenses
	Net Asset		Net			Unrealized																							Ratio of			Investment			(Prior to
	Value,		Investment			Gains			Total from			Net				Net						Net Asset					Net Assets		Expenses			Income (Loss)			Reimbursements)
	Beginning		Income			(Losses) on			Investment			Investment				Realized			Total			Value, End		Total			at End of		to Average			to Average			to Average			Portfolio
	of Period		(Loss)			Investments			Activities			Income				Gains			Distributions			of Period		Return (a)			Period (000s)		Net Assets (b)			Net Assets (b)			Net Assets (b) (c)			Turnover (d)
Class I Shares
Six Months ended June 30, 2008 (Unaudited)	$	9.88		0.05			(0.93	)		(0.88	)		(0.04		)		–			(0.04	)	$	8.96		(8.91	%)	$	313,057		1.01	%		1.01	%		1.03	%		55.28	%
Year ended December 31, 2007	$	12.45		0.10			(0.87	)		(0.77	)		(0.15		)		(1.65	)		(1.80	)	$	9.88		(6.89	%)	$	410,073		1.14	%		0.66	%		1.14	%		94.94	%
Year ended December 31, 2006	$	11.53		0.07			1.91			1.98			(0.06		)		(1.00	)		(1.06	)	$	12.45		17.29	%	$	587,084		1.13	%		0.47	%		(e)			115.12	%
Year ended December 31, 2005	$	12.62		0.03			0.35			0.38			(0.01		)		(1.46	)		(1.47	)	$	11.53		3.07	%	$	634,107		1.12	%		0.09	%		(e)			188.69	%
Year ended December 31, 2004	$	11.56		(0.01	)		2.01			2.00			–	(f	)		(0.94	)		(0.94	)	$	12.62		17.30	%	$	754,412		1.11	%		(0.09	%)		(e)			132.11	%
Year ended December 31, 2003	$	7.37		(0.02	)		4.21			4.19			–				–			–		$	11.56		56.85	%	$	715,099		1.11	%		(0.18	%)		(e)			126.29	%
Class II Shares
Six Months ended June 30, 2008 (Unaudited)	$	9.76		0.04			(0.91	)		(0.87	)		(0.03		)		–			(0.03	)	$	8.86		(8.92	%)	$	31,269		1.25	%		0.78	%		1.28	%		55.28	%
Year ended December 31, 2007	$	12.34		0.06			(0.87	)		(0.81	)		(0.12		)		(1.65	)		(1.77	)	$	9.76		(7.23	%)	$	37,579		1.39	%		0.38	%		1.39	%		94.94	%
Year ended December 31, 2006	$	11.43		0.03			1.91			1.94			(0.03		)		(1.00	)		(1.03	)	$	12.34		17.10	%	$	55,229		1.38	%		0.23	%		(e)			115.12	%
Year ended December 31, 2005	$	12.55		(0.02	)		0.36			0.34			–	(f	)		(1.46	)		(1.46	)	$	11.43		2.78	%	$	44,096		1.38	%		(0.15	%)		(e)			188.69	%
Year ended December 31, 2004	$	11.53		(0.03	)		1.99			1.96			–				(0.94	)		(0.94	)	$	12.55		17.00	%	$	41,804		1.36	%		(0.30	%)		(e)			132.11	%
Year ended December 31, 2003 (g)	$	7.37		(0.04	)		4.20			4.16			–				–			–		$	11.53		56.45	%	$	18,446		1.36	%		(0.41	%)		(e)			126.29	%
Class III Shares
Six Months ended June 30, 2008 (Unaudited)	$	9.90		0.05			(0.93	)		(0.88	)		(0.04		)		–			(0.04	)	$	8.98		(8.93	%)	$	676		1.09	%		0.91	%		1.12	%		55.28	%
Year ended December 31, 2007	$	12.48		0.10			(0.88	)		(0.78	)		(0.15		)		(1.65	)		(1.80	)	$	9.90		(6.92	%)	$	992		1.11	%		0.68	%		1.12	%		94.94	%
Year ended December 31, 2006	$	11.55		0.07			1.92			1.99			(0.06		)		(1.00	)		(1.06	)	$	12.48		17.37	%	$	1,485		1.12	%		0.47	%		(e)			115.12	%
Year ended December 31, 2005	$	12.64		0.03			0.35			0.38			(0.01		)		(1.46	)		(1.47	)	$	11.55		3.06	%	$	1,445		1.13	%		0.08	%		(e)			188.69	%
Year ended December 31, 2004	$	11.57		(0.01	)		2.02			2.01			–	(f	)		(0.94	)		(0.94	)	$	12.64		17.37	%	$	2,029		1.11	%		(0.09	%)		(e)			132.11	%
Year ended December 31, 2003 (g)	$	7.38		(0.01	)		4.20			4.19			–				–			–		$	11.57		56.78	%	$	2,568		1.11	%		(0.13	%)		(e)			126.29	%
Class IV Shares
Six Months ended June 30, 2008 (Unaudited)	$	9.88		0.05			(0.93	)		(0.88	)		(0.04		)		–			(0.04	)	$	8.96		(8.95	%)	$	34,668		1.10	%		0.92	%		1.13	%		55.28	%
Year ended December 31, 2007	$	12.45		0.09			(0.86	)		(0.77	)		(0.15		)		(1.65	)		(1.80	)	$	9.88		(6.92	%)	$	41,650		1.10	%		0.67	%		1.11	%		94.94	%
Year ended December 31, 2006	$	11.53		0.07			1.91			1.98			(0.06		)		(1.00	)		(1.06	)	$	12.45		17.40	%	$	52,343		1.12	%		0.48	%		(e)			115.12	%
Year ended December 31, 2005	$	12.62		0.03			0.35			0.38			(0.01		)		(1.46	)		(1.47	)	$	11.53		3.07	%	$	52,727		1.12	%		0.10	%		(e)			188.69	%
Year ended December 31, 2004	$	11.56		(0.01	)		2.01			2.00			–	(f	)		(0.94	)		(0.94	)	$	12.62		17.30	%	$	58,521		1.11	%		(0.08	%)		(e)			132.11	%
Period ended December 31, 2003 (h)	$	7.49		(0.01	)		4.08			4.07			–				–			–		$	11.56		54.34	%	$	53,826		1.10	%		(0.18	%)		(e)			126.29	%
Class Y Shares
Period ended June 30, 2008 (Unaudited) (i)	$	9.29		0.02			(0.32	)		(0.30	)		(0.03		)		–			(0.03	)	$	8.96		(3.29	%)	$	2,536		0.92	%		1.49	%		0.95	%		55.28	%


(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 waivers/reimbursements during the period.
(f)	The amount is less than $0.005 per share.
(g)	Net investment income (loss) is based on average shares outstanding during the period.
(h)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(i)	For the period from March 27, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

21 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Multi-Manager Small Cap Value Fund (the “Fund”) (formerly “Nationwide Multi-Manager NVIT Small Cap Value Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 22

involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 -Other Significant				Level 3 - Significant
Level 1 - Quoted Prices		Observable Inputs				Unobservable Inputs				Total
Investments	Other*	Investments		Other*		Investments		Other*		Investments		Other*

$363,200,750	$(177,491)	$	1,533,793	$	—	$	—	$	—	$	364,734,543	$	(177,491	)


*		Other financial instruments are derivative instruments not reflected in the Statement of Investments, such as futures, forwards, options, and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

23 Semiannual Report 2008

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(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, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty.


(c)	Futures Contracts


(d)	Security Transactions and Investment Income


(e)	Securities Lending

2008 Semiannual Report 24


(f)	Distributions to Shareholders

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. To the extent these changes are permanent (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns), such amounts 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(g)	Federal Income Taxes

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 will generally result in an increase in a liability for taxes payable (or a reduction of tax refund receivable) and increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.

25 Semiannual Report 2008

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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 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*


- JPMorgan Investment Management, Inc.


- Epoch Investment Partners, Inc.


- Aberdeen Asset Management, Inc.

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. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadvisers is as follows for six months ended June 30, 2008:


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 $999,220 for the six months ended June 30, 2008.

The Trust and the Adviser have entered into a written agreement waiving management fees in the amount of 0.03% as a percentage of the Fund’s average daily net assets, for all share classes of the Fund. This agreement may be terminated at any time. The Adviser may not collect on, or make a claim for, such waived fees at any time in the future.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”) a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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

2008 Semiannual Report 26

proportionately among all funds within the Trust in proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

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, 2008, NFS received $326,720 in Administrative Services fees from the Fund.

4. Short-Term Trading Fees

27 Semiannual Report 2008

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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, 2008 and the year ended December 31, 2007, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $226,397,173 and sales of $309,155,532.

For the six months ended June 30, 2008, the Fund had purchases of $1,336,158 and sales of $1,112,590 of U.S. Government securities.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extensions. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

7. Portfolio Investment Risks

8. Indemnifications

2008 Semiannual Report 28

9. New Accounting Pronouncements

10. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	419,105,106	$	19,456,295	$	(73,826,858)	$	(54,370,563)

29 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 30

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

31 Semiannual Report 2008

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 32

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

33 Semiannual Report 2008

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 34

Supplemental Information

(Unaudited)


A.	Renewal of Advisory (and Sub-advisory) Agreements

35 Semiannual Report 2008

Supplemental Information

(Unaudited) (Continued)

The Trustees found that, although the Fund’s recent performance had been disappointing, more recent one-year annualized performance had shown improvement and the Adviser had agreed to a voluntary fee waiver of three basis points until the earlier of one year or until performance had improved. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Adviser and subadvisers to improve performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee compared with peer group funds was approximately three basis points above the median, but the Adviser agreed to voluntarily waive three basis points of the advisory fee until the earlier of one year or until management presents information to the Board to show that the Fund’s performance has improved. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

2008 Semiannual Report 36

Gartmore NVIT Worldwide Leaders Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

7			Statement of Assets and Liabilities

8			Statement of Operations

9			Statement of Changes in Net Assets

10			Financial Highlights

11			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-WWL (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	Gartmore NVIT Worldwide Leaders Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


Gartmore			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT Worldwide			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Leaders Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^(a)		01/01/08 - 06/30/08^(a)

Class I	Actual			1,000.00		859.10		5.78		1.25
	Hypothetical	^(b)		1,000.00		1,018.65		6.27		1.25


Class III	Actual			1,000.00		858.70		6.19		1.34
	Hypothetical	^(b)		1,000.00		1,018.20		6.72		1.34


^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(b)		Represents the hypothetical 5% return before expenses.

3 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

Gartmore NVIT Worldwide Leaders Fund


Common Stocks (97.4%)
	Shares		Value


BRAZIL (2.0%)
Oil, Gas & Consumable Fuels (2.0%)
Petroleo Brasileiro SA ADR		14,200	$	822,890



CANADA (2.0%)
Chemicals (2.0%)
Agrium, Inc.		7,600		817,304



GERMANY (7.1%) (a)
Electric Utility (3.4%)
E. ON AG		6,700		1,349,590

Pharmaceutical (2.7%)
Bayer AG		12,900		1,082,847

Software (1.0%)
SAP AG		7,800		406,722

				2,839,159



HONG KONG (2.4%) (a)
Real Estate Management & Development (2.4%)
Cheung Kong Holdings Ltd.		71,000		960,165



ISRAEL (3.3%)
Pharmaceutical (3.3%)
Teva Pharmaceutical Industries Ltd. ADR		29,300		1,341,940



JAPAN (15.0%) (a)
Automobiles (2.9%)
Toyota Motor Corp.		24,600		1,161,382

Food & Staples Retailing (1.5%)
Seven & I Holdings Co. Ltd.		21,400		612,835

Machinery (1.0%)
THK Co. Ltd.		20,700		402,850

Real Estate Management & Development (4.9%)
Mitsubishi Estate Co. Ltd.		35,000		801,425
Mitsui Fudosan Co. Ltd.		55,000		1,177,331

				1,978,756

Tobacco (2.5%)
Japan Tobacco, Inc.		236		1,006,648

Trading Companies & Distributors (2.2%)
Mitsubishi Corp.		26,200		863,431

				6,025,902



SWITZERLAND (8.8%) (a)
Electrical Equipment (4.5%)
ABB Ltd.*		63,600		1,800,693

Food Products (4.3%)
Nestle SA		38,600		1,739,922

				3,540,615



UNITED KINGDOM (17.6%) (a)
Commercial Banks (3.2%)
HSBC Holdings PLC		40,000		615,827
Royal Bank of Scotland Group PLC		161,200		686,168

				1,301,995

Food & Staples Retailing (4.2%)
Tesco PLC		228,800		1,673,312

Metals & Mining (6.4%)
BHP Billiton PLC		24,900		954,800
Rio Tinto PLC		13,500		1,625,569

				2,580,369

Oil, Gas & Consumable Fuels (3.8%)
Royal Dutch Shell PLC, Class B		38,000		1,521,455

				7,077,131



UNITED STATES (39.2%)
Aerospace & Defense (2.6%)
Lockheed Martin Corp.		10,450		1,030,997

Biotechnology (2.5%)
Gilead Sciences, Inc.*		19,100		1,011,345

Capital Markets (2.4%)
Charles Schwab Corp. (The)		47,000		965,380

Chemicals (2.0%)
Mosaic Co. (The)*		5,600		810,320

Computers & Peripherals (3.5%)
Apple, Inc.*		8,500		1,423,240

Diversified Financial Services (1.5%)
JPMorgan Chase & Co.		17,200		590,132

Diversified Telecommunication Services (3.4%)
AT&T, Inc.		40,500		1,364,445

Energy Equipment & Services (3.3%)
Transocean, Inc.*		8,656		1,319,088

Hotels, Restaurants & Leisure (5.2%)
McDonald’s Corp.		37,100		2,085,762

Machinery (3.0%)
Deere & Co.		16,700		1,204,571

Oil, Gas & Consumable Fuels (4.2%)
Apache Corp.		4,700		653,300
Hess Corp.		8,400		1,059,996

				1,713,296

Software (5.6%)
Microsoft Corp.		36,100		993,111

5 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	Gartmore NVIT
	Worldwide Leaders
	Fund

Assets:
Investments, at value (cost $38,180,601)	$	39,203,093
Foreign currencies, at value (cost $1,362)		1,363
Interest and dividends receivable		40,011
Receivable for capital shares issued		425
Receivable for investments sold		1,699,892
Unrealized appreciation on forward foreign currency contracts		73
Reclaims receivable		13,087
Prepaid expenses and other assets		358

Total Assets		40,958,302

Liabilities:
Cash overdraft		261,634
Payable for investments purchased		292,480
Unrealized depreciation on forward foreign currency contracts		248
Payable for capital shares redeemed		26,536
Accrued expenses and other payables:
Investment advisory fees		100,174
Fund administration and transfer agent fees		4,468
Administrative services fees		5,233
Custodian fees		416
Trustee fees		1,007
Compliance program costs (Note 3)		78
Other		18,058

Total Liabilities		710,332

Net Assets	$	40,247,970

Represented by:
Capital	$	34,761,145
Accumulated net investment income		66,379
Accumulated net realized gains from investment and foreign currency transactions		4,273,049
Net unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		1,147,397

Net Assets	$	40,247,970

Net Assets:
Class I Shares	$	22,047,393
Class III Shares		18,200,577

Total	$	40,247,970

Shares outstanding (unlimited number of shares authorized):
Class I Shares		1,354,263
Class III Shares		1,118,250

Total		2,472,513

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	16.28
Class III Shares	$	16.27	(a)


(a)		The NAV reported above represents the traded NAV at June 30, 2008. 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.

7 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	Gartmore NVIT
	Worldwide Leaders
	Fund

INVESTMENT INCOME:
Interest income	$	11,348
Dividend income		442,867
Income from securities lending (Note 2)		12,937
Foreign tax withholding		(32,189	)

Total Income		434,963

Expenses:
Investment advisory fees		197,129
Fund administration and transfer agent fees		16,944
Administrative services fees Class I Shares		14,765
Administrative services fees Class III Shares		22,140
Custodian fees		9,066
Trustee fees		1,517
Compliance program costs (Note 3)		156
Printing fees		22,970
Other		3,427

Total expenses before earnings credit		288,114
Earnings credit (Note 6)		(57	)

Net Expenses		288,057

Net Investment Income		146,906

REALIZED/UNREALIZED LOSSES FROM INVESTMENTS:
Net realized losses from investment transactions		(1,027,436	)
Net realized losses on foreign currency transactions		(5,048	)

Net realized losses from investment and foreign currency transactions		(1,032,484	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(6,646,661	)

Net realized/unrealized losses from investments and translation of assets and liabilities denominated in foreign currencies		(7,679,145	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,532,239	)

See accompanying notes to financial statements.

2008 Semiannual Report 8

Statement of Changes in Net Assets


	Gartmore NVIT Worldwide Leaders Fund

	Six Months			Year Ended
	Ended			December 31,
	June 30, 2008			2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	146,906		$	226,934
Net realized gains (losses) from investment and foreign currency transactions		(1,032,484	)		9,997,434
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(6,646,661	)		403,955

Change in net assets resulting from operations		(7,532,239	)		10,587,498


Distributions to Shareholders From:
Net investment income:
Class I		(47,858	)		(113,059	)
Class III		(32,669	)		(127,021	)

Change in net assets from shareholder distributions		(80,527	)		(240,080	)

Change in net assets from capital transactions		(6,875,636	)		(8,168,357	)

Change in net assets		(14,488,402	)		2,179,061

Net Assets:
Beginning of period		54,736,372			52,557,311

End of period	$	40,247,970		$	54,736,372

Accumulated net investment income at end of period	$	66,379		$	–


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	493,501		$	3,129,245
Dividends reinvested		47,858			113,057
Cost of shares redeemed		(3,122,698	)		(9,090,437	)

		(2,581,339	)		(5,848,135	)

Class III Shares
Proceeds from shares issued		927,734			16,511,318
Dividends reinvested		32,669			127,018
Cost of shares redeemed		(5,254,700	)		(18,958,558	)

		(4,294,297	)		(2,320,222	)

Change in net assets from capital transactions	$	(6,875,636	)	$	(8,168,357	)


SHARE TRANSACTIONS:
Class I Shares
Issued		28,891			173,782
Reinvested		2,892			6,225
Redeemed		(186,984	)		(520,030	)

		(155,201	)		(340,023	)

Class III Shares
Issued		55,475			963,538
Reinvested		1,974			7,013
Redeemed		(312,867	)		(1,053,775	)

		(255,418	)		(83,224	)

Total change in shares		(410,619	)		(423,247	)

Gartmore NVIT Worldwide Leaders Fund


			Investment Activities									Distributions											Ratios / Supplemental Data

						Net Realized																						Ratio of Net			Ratio of
						and																						Investment			Expenses
	Net Asset		Net			Unrealized			Total														Net Assets		Ratio of			Income			(Prior to
	Value,		Investment			Gains			from			Net						Net Asset					at End of		Expenses			(Loss) to			Reimbursements)
	Beginning		Income			(Losses) on			Investment			Investment			Total			Value, End		Total			Period		to Average			Average			to Average			Portfolio
	of Period		(Loss)			Investments			Activities			Income			Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b) (c)			Turnover (d)
Class I Shares
Six Months ended June 30, 2008 (Unaudited)	$	18.99		0.07			(2.74	)		(2.67	)		(0.04	)		(0.04	)	$	16.28		(14.09	%)	$	22,047		1.25	%		0.70	%		1.25	%		122.95	%
Year ended December 31, 2007	$	15.90		0.06			3.10			3.16			(0.07	)		(0.07	)	$	18.99		19.90	%	$	28,659		1.30	%		0.33	%		1.30	%		270.07	%
Year ended December 31, 2006	$	12.73		0.13			3.16			3.29			(0.12	)		(0.12	)	$	15.90		25.88	%	$	29,403		1.21	%		0.96	%		(e)			269.37	%
Year ended December 31, 2005	$	10.78		0.01			2.04			2.05			(0.10	)		(0.10	)	$	12.73		19.34	%	$	29,173		1.29	%		0.18	%		(e)			360.00	%
Year ended December 31, 2004	$	9.32		0.09			1.37			1.46			–			–		$	10.78		15.67	%	$	28,776		1.25	%		0.95	%		(e)			452.01	%
Year ended December 31, 2003	$	6.85		0.01			2.46			2.47			–			–		$	9.32		36.06	%	$	27,624		1.32	%		0.30	%		(e)			603.34	%

Class III Shares
Six Months ended June 30, 2008 (Unaudited)	$	18.98		0.06			(2.74	)		(2.68	)		(0.03	)		(0.03	)	$	16.27		(14.13	%)	$	18,201		1.34	%		0.61	%		1.34	%		122.95	%
Year ended December 31, 2007	$	15.89		0.08			3.09			3.17			(0.08	)		(0.08	)	$	18.98		19.94	%	$	26,077		1.26	%		0.43	%		1.26	%		270.07	%
Year ended December 31, 2006	$	12.73		0.12			3.16			3.28			(0.12	)		(0.12	)	$	15.89		25.81	%	$	23,155		1.20	%		0.93	%		(e)			269.37	%
Year ended December 31, 2005	$	10.78		0.01			2.04			2.05			(0.10	)		(0.10	)	$	12.73		19.34	%	$	16,198		1.29	%		0.13	%		(e)			360.00	%
Year ended December 31, 2004	$	9.32		0.09			1.37			1.46			–			–		$	10.78		15.67	%	$	7,376		1.25	%		0.94	%		(e)			452.01	%
Period ended December 31, 2003 (f)	$	6.89		(0.01	)		2.44			2.43			–			–		$	9.32		35.27	%	$	5,853		1.35	%		(0.31	%)		(e)			603.34	%


(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)	There were no fee reductions during the period.
(f)	For the period from May 2, 2003 (commencement of operations) through December 31, 2003.

See accompanying notes to financial statements.

2008 Semiannual Report 10

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Gartmore NVIT Worldwide Leaders Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

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 valued at amortized cost, which approximates market value.

11 Semiannual Report 2008

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


	•	Level 1 — quoted prices in active markets for identical assets

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


	Level 2 — Other	Level 3 —
Level 1 — Quoted	Significant	Significant
Prices	Observable Inputs	Unobservable Inputs		Total Investments

$18,760,121	$20,442,972	$	—	$	39,203,093

2008 Semiannual Report 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, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty.


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

13 Semiannual Report 2008

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(f)	Written Options Contracts


(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 earmark or 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, if any, includes the deposits with brokers and securities held long would be shown in the Statement of Investments for the Fund.


(h)	Security Transactions and Investment Income


(i)	Securities Lending

2008 Semiannual Report 14

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 the 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, 2008, the Fund did not have securities on loan.


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 excesses are reported as distributions of paid-in-capital.


(k)	Federal Income Taxes

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 will generally result in an increase in a liability for taxes payable (or a reduction of tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.

15 Semiannual Report 2008

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”) whose parent company is Nationwide Corporation. 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”) is the subadviser of the fund. 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 the Fund’s average daily net assets and the performance of the Fund. NFA pays the subadviser a subadvisory fee from the management fee it receives.

The Fund pays a performance-based fee to NFA. This performance-based fee can vary depending on the Fund’s performance relative to its benchmark, the MSCI World Index. This fee is intended to either reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, 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) as adjusted for any applicable breakpoints (“Base Fee Breakpoints”) as described in the chart shown below under the heading “Base Fee Breakpoints and Performance Adjustments”. 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 subperiod 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 (as such base fee may be adjusted by Base Fee Breakpoints). NFA pays/(charges) the entire performance component of the fee to the Fund’s subadviser.


Out or Underperformance	Change in Fees

+/− 1 percentage point		+/− 0.02%


+/− 2 percentage points		+/− 0.04%


+/− 3 percentage points		+/− 0.06%


+/− 4 percentage points		+/− 0.08%


+/− 5 percentage points or more		+/− 0.10%

2008 Semiannual Report 16

Under this performance fee arrangement, NFA (and the subadviser) 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.

Base Fee Breakpoints and Performance Adjustments (base management fees, as well as the maximum and minimum performance-adjusted fees, not including any applicable waivers)

Net Assets

Minimum Fee

Base Fee

Maximum Fee

On assets up to $50 million

0.80%

0.90%

1.00%

On assets up to $50 million or more

0.75%

0.85%

0.95%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $122,346 for the six months ended June 30, 2008.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

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, 2008, NFS received $34,944 in Administrative Services fees from the Fund.

17 Semiannual Report 2008

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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, 2008, the Fund’s portion of such costs amounted to $156.

4. Short-Term Trading Fees

For the six months ended June 30, 2008, Class III had contributions to capital due to collection of redemption fees of $1,520.

For the year ended December 31, 2007, Class III had contributions to capital due to collection of redemption fees of $12,731.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $55,070,649 and sales of $62,295,690.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extensions. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the six months ended June 30, 2008.

7. Portfolio Investment Risks

2008 Semiannual Report 18

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.

8. Indemnifications

9. New Accounting Pronouncements

10. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	38,389,604	$	3,155,261	$	(2,341,772)	$	813,489

19 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 20

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

21 Semiannual Report 2008

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 22

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

23 Semiannual Report 2008

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 24

Supplemental Information

(Unaudited)


A.	Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

25 Semiannual Report 2008

Supplemental Information

(Unaudited) (Continued)

The Trustees found that the Fund’s performance had been good in all periods. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Adviser and subadviser to maintain or improve performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee (a performance-based fee structure) compared with peer group funds was higher, but the higher fee was justified for this concentrated Fund, and the performance-based fee structure resulted in a higher advisory fee as a result of the good performance of the Fund. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

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. The Trustees found that the Fund’s total expenses compared with peer group funds were high, primarily due to the Fund’s relatively small asset base relative to its peers, and the higher performance-based advisory fee for this concentrated Fund as a result of the Fund’s good performance. Based on its review, the Board concluded that the Fund’s total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

2008 Semiannual Report 26

NVIT Mid Cap Index Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

12			Statement of Assets and Liabilities

13			Statement of Operations

14			Statement of Changes in Net Assets

16			Financial Highlights

17			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-MCX (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Mid Cap Index Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
NVIT Mid Cap Index Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^(a)		01/01/08 - 06/30/08^(a)

Class I	Actual			1,000.00		959.60		1.90		0.39
	Hypothetical	^(b)		1,000.00		1,022.92		1.96		0.39


Class II	Actual			1,000.00		958.50		2.97		0.61
	Hypothetical	^(b)		1,000.00		1,021.83		3.07		0.61


Class Y^(c)	Actual			1,000.00		960.00		1.46		0.30
	Hypothetical	^(b)		1,000.00		1,023.37		1.51		0.30


^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(b)		Represents the hypothetical 5% return before expenses.

^(c)		Effective May 1, 2008, Class ID Shares were renamed Class Y Shares.

3 Semiannual Report 2008


Portfolio Summary	NVIT Mid Cap Index Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			98.5%
Repurchase Agreements			2.2%
Other Investments*			6.5%
Liabilities in excess of other assets**			-7.2%

			100.0%


Top Industries

Oil, Gas & Consumable Fuels			6.8%
Machinery			6.1%
Real Estate Investment Trusts (REITs)			5.6%
Chemicals			4.2%
Energy Equipment & Services			4.1%
Commercial Services & Supplies			3.8%
Specialty Retail			3.7%
Multi-Utilities			3.7%
Insurance			3.3%
Electronic Equipment & Instruments			3.1%
Other			55.6%

			100.0%


Top Holdings***

Arch Coal, Inc.			1.0%
Cleveland-Cliffs, Inc.			1.0%
Activision Blizzard, Inc.			1.0%
FMC Technologies, Inc.			0.9%
Pioneer Natural Resources Co.			0.9%
Denbury Resources, Inc.			0.8%
Equitable Resources, Inc.			0.8%
Newfield Exploration Co.			0.8%
Joy Global, Inc.			0.8%
Pride International, Inc.			0.7%
Other			91.3%

			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.

2008 Semiannual Report 4

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Mid Cap Index Fund


Common Stocks (98.5%)
	Shares or
	Principal Amount		Value


Aerospace & Defense (0.8%)
Alliant Techsystems, Inc.*		38,700	$	3,935,016
BE Aerospace, Inc.*		109,376		2,547,367
DRS Technologies, Inc.		47,700		3,754,944

				10,237,327



Airlines (0.1%)
AirTran Holdings, Inc.*(a)		134,200		273,768
Alaska Air Group, Inc.*		43,000		659,620
JetBlue Airways Corp.*(a)		216,500		807,545

				1,740,933



Auto Components (0.9%)
ArvinMeritor, Inc.		86,825		1,083,576
BorgWarner, Inc.		136,200		6,044,556
Gentex Corp.		168,000		2,425,920
Lear Corp.*		91,140		1,292,365
Modine Manufacturing Co.		34,900		431,713

				11,278,130



Automobiles (0.1%) (a)
Thor Industries, Inc.		40,200		854,652



Beverages (0.3%)
Hansen Natural Corp.*(a)		71,600		2,063,512
PepsiAmericas, Inc.		66,200		1,309,436

				3,372,948



Biotechnology (1.0%)
Cephalon, Inc.*(a)		79,500		5,301,855
PDL BioPharma, Inc.		140,400		1,491,048
Vertex Pharmaceuticals, Inc.*		164,790		5,515,521

				12,308,424



Capital Markets (1.9%)
Affiliated Managers Group, Inc.*		48,027		4,325,311
Apollo Investment Corp. (a)		167,333		2,397,882
Eaton Vance Corp.		134,800		5,359,648
Jefferies Group, Inc. (a)		139,700		2,349,754
Raymond James Financial, Inc.		109,625		2,893,004
SEI Investments Co.		144,100		3,389,232
Waddell & Reed Financial, Inc., Class A		101,800		3,564,018

				24,278,849



Chemicals (4.2%)
Airgas, Inc.		97,100		5,669,669
Albemarle Corp.		88,500		3,532,035
Cabot Corp.		75,000		1,823,250
CF Industries Holdings, Inc.		56,750		8,671,400
Chemtura Corp.		276,400		1,614,176
Cytec Industries, Inc.		49,300		2,689,808
Ferro Corp.		48,400		907,984
FMC Corp.		87,800		6,799,232
Lubrizol Corp.		80,000		3,706,400
Minerals Technologies, Inc.		22,300		1,418,057
Olin Corp.		87,900		2,301,222
RPM International, Inc.		140,400		2,892,240
Scotts Miracle-Gro Co. (The), Class A		51,400		903,098
Sensient Technologies Corp.		54,600		1,537,536
Terra Industries, Inc.		107,080		5,284,398
Valspar Corp.		117,200		2,216,252

				51,966,757



Commercial Banks (2.4%)
Associated Bancorp		149,915		2,891,860
Bank of Hawaii Corp.		56,400		2,695,920
Cathay General Bancorp, Inc. (a)		58,700		638,069
City National Corp.		47,500		1,998,325
Colonial BancGroup, Inc. (The) (a)		238,070		1,052,270
Commerce Bancshares, Inc.		73,700		2,922,942
Cullen/Frost Bankers, Inc.		69,060		3,442,641
FirstMerit Corp.		95,500		1,557,605
PacWest Bancorp		29,250		435,240
SVB Financial Group*(a)		37,800		1,818,558
Synovus Financial Corp. (a)		388,000		3,387,240
TCF Financial Corp.		128,400		1,544,652
Webster Financial Corp.		62,300		1,158,780
Westamerica Bancorp (a)		34,300		1,803,837
Wilmington Trust Corp.		79,300		2,096,692

				29,444,631



Commercial Services & Supplies (3.8%)
Brink’s Co. (The)		55,700		3,643,894
ChoicePoint, Inc.*		79,733		3,843,130
Copart, Inc.*		79,800		3,417,036
Corporate Executive Board Co. (The)		39,900		1,677,795
Corrections Corp. of America*		145,700		4,002,379
Deluxe Corp.		58,400		1,040,688
Dun & Bradstreet Corp.		65,000		5,696,600
Herman Miller, Inc.		66,200		1,647,718
HNI Corp. (a)		52,300		923,618
Kelly Services, Inc., Class A		23,500		454,255
Korn/Ferry International*		51,500		810,095
Manpower, Inc.		93,100		5,422,144
Mine Safety Appliances Co. (a)		34,600		1,383,654
MPS Group, Inc.*		109,600		1,165,048
Navigant Consulting, Inc.*		52,180		1,020,641
Republic Services, Inc.		183,650		5,454,405
Rollins, Inc.		45,650		676,533

5 Semiannual Report 2008

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Mid Cap Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Commercial Services & Supplies (continued)

Stericycle, Inc.*		101,200	$	5,232,040

				47,511,673



Communications Equipment (2.2%)
3Com Corp.*		451,300		956,756
ADC Telecommunications, Inc.*		138,454		2,044,966
ADTRAN, Inc.		66,600		1,587,744
Avocent Corp.*		52,600		978,360
CommScope, Inc.*		80,655		4,256,164
Dycom Industries, Inc.*		44,600		647,592
F5 Networks, Inc.*		96,200		2,734,004
Foundry Networks, Inc.*		171,400		2,025,948
Harris Corp.		157,900		7,972,371
Plantronics, Inc.		56,400		1,258,848
Polycom, Inc.*		102,900		2,506,644

				26,969,397



Computers & Peripherals (1.4%)
Diebold, Inc.		76,200		2,711,196
Imation Corp.		36,800		843,456
NCR Corp.*		196,610		4,954,572
Palm, Inc. (a)		127,000		684,530
Western Digital Corp.*		259,400		8,957,082

				18,150,836



Construction & Engineering (2.0%)
Granite Construction, Inc.		37,750		1,190,257
KBR, Inc.		198,660		6,935,221
Quanta Services, Inc.*		201,680		6,709,894
Shaw Group, Inc. (The)*		97,205		6,006,297
URS Corp.*		97,700		4,100,469

				24,942,138



Construction Materials (0.4%) (a)
Martin Marietta Materials, Inc.		48,480		5,022,043



Consumer Finance (0.1%) (a)
AmeriCredit Corp.*		132,290		1,140,340



Containers & Packaging (0.8%)
AptarGroup, Inc.		80,000		3,356,000
Packaging Corp. of America		107,600		2,314,476
Sonoco Products Co.		113,500		3,512,825
Temple-Inland, Inc.		125,000		1,408,750

				10,592,051



Diversified Consumer Services (1.7%)
Career Education Corp.*(a)		105,400		1,539,894
Corinthian Colleges, Inc.*(a)		100,400		1,165,644
DeVry, Inc.		70,300		3,769,486
ITT Educational Services, Inc.*		33,700		2,784,631
Matthews International Corp., Class A		36,020		1,630,265
Regis Corp.		50,400		1,328,040
Service Corp. International		304,700		3,004,342
Sotheby’s (a)		79,200		2,088,504
Strayer Education, Inc.		16,700		3,491,469

				20,802,275



Diversified Telecommunication Services (0.1%)
Cincinnati Bell, Inc.*		285,600		1,136,688



Electric Utilities (1.7%)
DPL, Inc. (a)		133,600		3,524,368
Great Plains Energy, Inc.		99,700		2,520,416
Hawaiian Electric Industries, Inc. (a)		95,000		2,349,350
IDACORP, Inc.		53,500		1,545,615
Northeast Utilities		182,500		4,659,225
Sierra Pacific Resources		272,710		3,466,144
Westar Energy, Inc.		126,300		2,716,713

				20,781,831



Electrical Equipment (1.4%)
Ametek, Inc.		124,850		5,895,417
Hubbell, Inc., Class B		64,500		2,571,615
Roper Industries, Inc.		104,600		6,891,048
Thomas & Betts Corp.*		60,200		2,278,570

				17,636,650



Electronic Equipment & Instruments (3.1%)
Amphenol Corp., Class A		205,200		9,209,376
Arrow Electronics, Inc.*		144,100		4,426,752
Avnet, Inc.*		176,400		4,812,192
FLIR Systems, Inc.*		160,900		6,527,713
Ingram Micro, Inc., Class A*		166,900		2,962,475
Kemet Corp.*		98,500		319,140
National Instruments Corp.		64,150		1,819,936
Tech Data Corp.*		62,300		2,111,347
Trimble Navigation Ltd.*		142,100		5,072,970
Vishay Intertechnology, Inc.*		213,050		1,889,753

				39,151,654



Energy Equipment & Services (4.1%)
Exterran Holdings, Inc.*		77,030		5,506,875
FMC Technologies, Inc.*		150,042		11,542,731
Helmerich & Payne, Inc.		122,300		8,808,046
Patterson-UTI Energy, Inc.		181,100		6,526,844
Pride International, Inc.*		196,700		9,301,943
Superior Energy Services, Inc.*		94,670		5,220,104
Tidewater, Inc. (a)		60,400		3,927,812

				50,834,355

2008 Semiannual Report 6


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Food & Staples Retailing (0.3%)
BJ’s Wholesale Club, Inc.*		70,600	$	2,732,220
Ruddick Corp.		43,900		1,506,209

				4,238,429



Food Products (1.1%)
Corn Products International, Inc.		86,370		4,241,631
Hormel Foods Corp.		84,600		2,928,006
J.M. Smucker Co. (The)		65,467		2,660,579
Lancaster Colony Corp.		23,300		705,524
Smithfield Foods, Inc.*		137,490		2,733,301
Tootsie Roll Industries, Inc. (a)		28,927		726,935

				13,995,976



Health Care Equipment & Supplies (2.9%)
Advanced Medical Optics, Inc.*(a)		70,186		1,315,286
Beckman Coulter, Inc.		73,800		4,983,714
Dentsply International, Inc.		174,600		6,425,280
Edwards Lifesciences Corp.*		64,400		3,995,376
Gen-Probe, Inc.*		63,400		3,010,232
Hill-Rom Holdings, Inc.		73,520		1,983,569
Hologic, Inc.*		299,800		6,535,640
Kinetic Concepts, Inc.*(a)		63,800		2,546,258
ResMed, Inc.*		90,800		3,245,192
STERIS Corp.		69,000		1,984,440

				36,024,987



Health Care Providers & Services (2.8%)
Apria Healthcare Group, Inc.*		50,800		985,012
Community Health Systems, Inc.*		113,000		3,726,740
Health Management Associates, Inc., A Shares*		286,050		1,862,185
Health Net, Inc.*		126,000		3,031,560
Henry Schein, Inc.*		105,900		5,461,263
Kindred Healthcare, Inc.*		35,490		1,020,692
LifePoint Hospitals, Inc.*		63,800		1,805,540
Lincare Holdings, Inc.*		86,130		2,446,092
Omnicare, Inc.		142,700		3,741,594
Psychiatric Solutions, Inc.*		65,100		2,463,384
Universal Health Services, Inc., Class B		59,700		3,774,234
VCA Antech, Inc.*		97,300		2,702,994
WellCare Health Plans, Inc.*		49,090		1,774,604

				34,795,894



Health Care Technology (0.3%)
Cerner Corp.*		78,530		3,547,985



Hotels, Restaurants & Leisure (1.1%)
Bob Evans Farms, Inc.		36,700		1,049,620
Boyd Gaming Corp. (a)		66,400		833,984
Brinker International, Inc.		119,140		2,251,746
CBRL Group, Inc.		26,300		644,613
Cheesecake Factory, (The)*(a)		79,250		1,260,868
Chipotle Mexican Grill, Inc., Class A*(a)		38,720		3,199,046
International Speedway Corp., Class A		34,400		1,342,632
Life Time Fitness, Inc.*(a)		40,060		1,183,773
Scientific Games Corp., Class A*		76,200		2,257,044

				14,023,326



Household Durables (1.4%)
American Greetings Corp., Class A		57,400		708,316
Blyth, Inc.		28,300		340,449
Furniture Brands International, Inc. (a)		57,800		772,208
Hovnanian Enterprises, Inc., A Shares*(a)		54,500		298,660
M.D.C. Holdings, Inc. (a)		41,500		1,620,990
Mohawk Industries, Inc.*(a)		65,000		4,166,500
NVR, Inc.*		6,209		3,104,997
Ryland Group, Inc.		50,000		1,090,500
Toll Brothers, Inc.*		151,000		2,828,230
Tupperware Brands Corp.		72,900		2,494,638

				17,425,488



Household Products (0.7%)
Church & Dwight Co., Inc.		78,050		4,398,118
Energizer Holdings, Inc.*		67,460		4,930,651

				9,328,769



Industrial Conglomerates (0.4%)
Carlisle Cos., Inc.		70,600		2,047,400
Teleflex, Inc.		45,700		2,540,463

				4,587,863



Information Technology Services (1.9%)
Acxiom Corp.		76,100		874,389
Alliance Data Systems Corp.*		93,000		5,259,150
Broadridge Financial Solutions, Inc.		160,740		3,383,577
DST Systems, Inc.*(a)		53,900		2,967,195
Gartner, Inc.*		73,100		1,514,632
Global Payments, Inc.		91,290		4,254,114
Metavante Technologies, Inc.*		102,300		2,314,026
NeuStar, Inc., Class A*		91,160		1,965,410

7 Semiannual Report 2008

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Mid Cap Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Information Technology Services (continued)

SRA International, Inc., Class A*		49,500	$	1,111,770

				23,644,263



Insurance (3.3%)
American Financial Group, Inc.		83,450		2,232,288
Arthur J. Gallagher & Co. (a)		108,700		2,619,670
Brown & Brown, Inc.		129,000		2,243,310
Everest Re Group Ltd.		72,700		5,794,917
Fidelity National Financial, Inc., Class A		251,365		3,167,199
First American Corp.		108,800		2,872,320
Hanover Insurance Group, Inc. (The)		58,400		2,482,000
HCC Insurance Holdings, Inc.		128,950		2,726,003
Horace Mann Educators Corp.		48,500		679,970
Mercury General Corp.		41,300		1,929,536
Old Republic International Corp.		268,737		3,181,846
Protective Life Corp.		79,600		3,028,780
StanCorp Financial Group, Inc.		57,100		2,681,416
Unitrin, Inc.		57,600		1,588,032
W.R. Berkley Corp.		172,750		4,173,640

				41,400,927



Internet & Catalog Retail (0.1%) (a)
NetFlix, Inc.*		53,150		1,385,621



Internet Software & Services (0.3%)
Digital River, Inc.*		43,730		1,687,103
ValueClick, Inc.*		112,000		1,696,800

				3,383,903



Leisure Equipment & Products (0.1%)
Callaway Golf Co.		78,300		926,289



Life Sciences Tools & Services (2.1%)
Affymetrix, Inc.*		82,100		844,809
Charles River Laboratories International, Inc.*		80,000		5,113,600
Covance, Inc.*		73,800		6,348,276
Invitrogen Corp.*		105,060		4,124,656
Pharmaceutical Product Development, Inc.		121,700		5,220,930
Techne Corp.*		45,100		3,490,289
Varian, Inc.*		34,800		1,776,888

				26,919,448



Machinery (6.1%)
AGCO Corp.*		107,600		5,639,316
Crane Co.		58,700		2,261,711
Donaldson Co., Inc.		80,300		3,584,592
Federal Signal Corp.		52,600		631,200
Flowserve Corp.		67,500		9,227,250
Graco, Inc.		71,350		2,716,295
Harsco Corp.		98,100		5,337,621
IDEX Corp.		93,630		3,449,329
Joy Global, Inc.		126,800		9,615,244
Kennametal, Inc.		89,600		2,916,480
Lincoln Electric Holdings, Inc.		49,200		3,872,040
Nordson Corp.		39,600		2,886,444
Oshkosh Corp.		85,700		1,773,133
Pentair, Inc.		115,100		4,030,802
SPX Corp.		62,610		8,247,615
Timken Co.		109,600		3,610,224
Trinity Industries, Inc. (a)		95,000		3,295,550
Wabtec Corp.		56,940		2,768,423

				75,863,269



Marine (0.2%)
Alexander & Baldwin, Inc.		48,700		2,218,285



Media (1.3%)
Belo Corp., A Shares		100,980		738,164
DreamWorks Animation SKG, Inc., Class A*		93,700		2,793,197
Entercom Communications Corp., Class A		32,500		228,150
Getty Images, Inc.*		55,240		1,874,293
Harte-Hanks, Inc.		50,950		583,377
John Wiley & Sons, Inc., Class A		50,800		2,287,524
Lamar Advertising Co., Class A*(a)		91,200		3,285,936
Lee Enterprises, Inc. (a)		46,800		186,732
Marvel Entertainment, Inc.*		58,200		1,870,548
Media General, Inc., Class A (a)		26,800		320,260
Scholastic Corp.*		30,700		879,862
Valassis Communications, Inc.*		56,300		704,876

				15,752,919



Metals & Mining (2.9%)
Carpenter Technology Corp.		56,180		2,452,257
Cleveland-Cliffs, Inc.		105,940		12,626,989
Commercial Metals Co.		133,900		5,048,030
Reliance Steel & Aluminum Co.		74,400		5,735,496
Steel Dynamics, Inc.		221,300		8,646,191
Worthington Industries, Inc.		75,700		1,551,850

				36,060,813

2008 Semiannual Report 8


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Multi-Utility (3.7%)
Alliant Energy Corp.		129,700	$	4,443,522
Aquila, Inc.*		418,900		1,579,253
Black Hills Corp.		45,200		1,449,112
Energy East Corp.		181,290		4,481,489
MDU Resources Group, Inc.		213,950		7,458,297
NSTAR		125,500		4,244,410
OGE Energy Corp.		106,100		3,364,431
PNM Resources, Inc.		101,250		1,210,950
Puget Energy, Inc.		147,900		3,548,121
SCANA Corp.		137,000		5,069,000
Vectren Corp.		89,900		2,805,779
Wisconsin Energy Corp.		137,200		6,204,184

				45,858,548



Multiline Retail (0.4%)
99 Cents Only Stores *(a)		56,300		371,580
Dollar Tree, Inc.*		105,450		3,447,160
Saks, Inc.*(a)		168,800		1,853,424

				5,672,164



Natural Gas Utilities (2.7%)
AGL Resources, Inc.		90,000		3,112,200
Energen Corp.		84,100		6,562,323
Equitable Resources, Inc.		152,100		10,504,026
National Fuel Gas Co.		95,400		5,674,392
Oneok, Inc.		122,320		5,972,886
WGL Holdings, Inc.		58,400		2,028,816

				33,854,643



Office Electronics (0.2%)
Zebra Technologies Corp., Class A*		75,900		2,477,376



Oil, Gas & Consumable Fuels (6.8%)
Arch Coal, Inc.		168,800		12,665,064
Bill Barrett Corp.*		39,730		2,360,359
Cimarex Energy Co.		97,190		6,771,227
Denbury Resources, Inc.*		287,900		10,508,350
Encore Acquisition Co.*		62,550		4,703,134
Forest Oil Corp.*		104,070		7,753,215
Frontier Oil Corp.		122,000		2,917,020
Newfield Exploration Co.*		154,400		10,074,600
Overseas Shipholding Group, Inc.		31,530		2,507,266
Pioneer Natural Resources Co.		140,100		10,967,028
Plains Exploration & Production Co.*		125,780		9,178,167
Quicksilver Resources, Inc.*		120,100		4,640,664

				85,046,094



Paper & Forest Products (0.1%)
Louisiana-Pacific Corp.		121,210		1,029,073



Personal Products (0.4%)
Alberto-Culver Co.		101,970		2,678,752
NBTY, Inc.*		60,550		1,941,233

				4,619,985



Pharmaceuticals (1.0%)
Endo Pharmaceuticals Holdings, Inc.*		141,260		3,417,079
Medicis Pharmaceutical Corp., Class A		66,500		1,381,870
Par Pharmaceutical Cos., Inc.*		41,000		665,430
Perrigo Co. (a)		91,200		2,897,424
Sepracor, Inc.*		126,600		2,521,872
Valeant Pharmaceuticals International*(a)		105,100		1,798,261

				12,681,936



Real Estate Investment Trusts (REITs) (5.6%)
Alexandria Real Estate Equities, Inc.		37,750		3,674,585
AMB Property Corp.		114,970		5,792,189
BRE Properties, Inc.		60,100		2,601,128
Camden Property Trust		62,600		2,770,676
Cousins Properties, Inc. (a)		43,430		1,003,233
Duke Realty Corp.		172,430		3,871,053
Equity One, Inc. (a)		39,840		818,712
Federal Realty Investment Trust		69,000		4,761,000
Health Care REIT, Inc.		105,500		4,694,750
Highwoods Properties, Inc.		67,600		2,123,992
Hospitality Properties Trust		110,640		2,706,254
Liberty Property Trust		109,000		3,613,350
Macerich Co. (The)		87,700		5,448,801
Mack-Cali Realty Corp.		77,310		2,641,683
Nationwide Health Properties, Inc.		113,320		3,568,447
Potlatch Corp.		46,498		2,097,990
Rayonier, Inc.		92,177		3,913,835
Realty Income Corp. (a)		119,300		2,715,268
Regency Centers Corp.		82,100		4,853,752
UDR, Inc.		150,800		3,374,904
Weingarten Realty Investors		88,000		2,668,160

				69,713,762



Real Estate Management & Development (0.2%)
Jones Lang LaSalle, Inc.		37,430		2,252,912



Road & Rail (1.0%)
Avis Budget Group, Inc.*		118,640		993,017
Con-way, Inc.		53,700		2,537,862
J.B. Hunt Transport Services, Inc.		101,100		3,364,608
Kansas City Southern*		91,400		4,020,686

9 Semiannual Report 2008

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Mid Cap Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Road & Rail (continued)

Werner Enterprises, Inc. (a)		52,650	$	978,237
YRC Worldwide, Inc.*(a)		67,500		1,003,725

				12,898,135



Semiconductors & Semiconductor Equipment (2.2%)
Atmel Corp.*		507,200		1,765,056
Cree, Inc.*(a)		105,400		2,404,174
Cypress Semiconductor Corp.*		176,580		4,370,355
Fairchild Semiconductor International, Inc.*		145,700		1,709,061
Integrated Device Technology, Inc.*		201,330		2,001,220
International Rectifier Corp.*		85,400		1,639,680
Intersil Corp., Class A		145,500		3,538,560
Lam Research Corp.*		146,580		5,298,867
RF Micro Devices, Inc.*		310,900		901,610
Semtech Corp.*		73,200		1,029,924
Silicon Laboratories, Inc.*		57,400		2,071,566
TriQuint Semiconductor, Inc.*		169,191		1,025,298

				27,755,371



Software (3.1%)
ACI Worldwide, Inc.*(a)		40,700		715,913
Activision Blizzard, Inc.*		347,300		11,832,511
Advent Software, Inc.*		20,700		746,856
Cadence Design Systems, Inc.*		302,700		3,057,270
Fair Isaac Corp. (a)		57,020		1,184,306
Jack Henry & Associates, Inc.		90,600		1,960,584
Macrovision Solutions Corp.*		98,000		1,466,080
McAfee, Inc.*		188,800		6,424,864
Mentor Graphics Corp.*		102,700		1,622,660
Parametric Technology Corp.*		135,490		2,258,618
Sybase, Inc.*		93,236		2,743,003
Synopsys, Inc.*		167,600		4,007,316
Wind River Systems, Inc.*		80,000		871,200

				38,891,181



Specialty Retail (3.7%)
Advance Auto Parts, Inc.		111,850		4,343,135
Aeropostale, Inc.*		78,650		2,464,105
American Eagle Outfitters, Inc.		241,600		3,293,008
AnnTaylor Stores Corp.*		69,520		1,665,699
Barnes & Noble, Inc. (a)		53,500		1,328,940
Borders Group, Inc. (a)		72,300		433,800
CarMax, Inc.*(a)		256,500		3,639,735
Charming Shoppes, Inc.*(a)		134,400		616,896
Chico’s FAS, Inc.*		208,100		1,117,497
Coldwater Creek, Inc.*		70,900		374,352
Collective Brands, Inc.*		75,500		878,065
Dick’s Sporting Goods, Inc.*		98,340		1,744,552
Foot Locker, Inc.		181,900		2,264,655
Guess?, Inc.		64,700		2,423,015
O’Reilly Automotive, Inc.*		133,000		2,972,550
Pacific Sunwear of California*		81,700		696,901
PetSmart, Inc.		149,600		2,984,520
Rent-A-Center, Inc.*		78,600		1,616,802
Ross Stores, Inc. (a)		155,800		5,534,016
Urban Outfitters, Inc.*		133,300		4,157,627
Williams-Sonoma, Inc. (a)		103,100		2,045,504

				46,595,374



Textiles, Apparel & Luxury Goods (0.8%)
Hanesbrands, Inc.*		110,500		2,998,970
Phillips-Van Heusen Corp.		60,400		2,211,848
Timberland Co., Class A*		53,800		879,630
Under Armour, Inc., Class A*(a)		42,800		1,097,392
Warnaco Group, Inc. (The)*		53,520		2,358,626

				9,546,466



Thrifts & Mortgage Finance (1.0%)
Astoria Financial Corp.		96,350		1,934,708
First Niagara Financial Group, Inc.		129,600		1,666,656
New York Community Bancorp, Inc.		399,728		7,131,147
PMI Group, Inc. (The)		96,500		188,175
Radian Group, Inc. (a)		93,700		135,865
Washington Federal, Inc.		103,589		1,874,961

				12,931,512



Tobacco (0.1%)
Universal Corp.		31,800		1,437,996



Trading Companies & Distributors (1.0%)
Fastenal Co.		146,900		6,340,204
GATX Corp.		54,100		2,398,253
MSC Industrial Direct Co., Class A		53,200		2,346,652
United Rentals, Inc.*		89,500		1,755,095

				12,840,204



Water Utility (0.2%) (a)
Aqua America, Inc.		157,400		2,513,678



Wireless Telecommunication Services (0.5%)
Telephone & Data Systems, Inc.		107,300		5,072,071

2008 Semiannual Report 10


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Wireless Telecommunication Services (continued)

Telephone & Data Systems, Inc., Special Shares		16,600	$	732,060

				5,804,131


Total Common Stocks				1,230,099,577

Repurchase Agreements (2.2%)

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $11,821,735, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of 12,057,379	$	11,820,960		11,820,960
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $15,961,751, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $16,279,919		15,960,704		15,960,704


Total Repurchase Agreements				27,781,664

Securities Purchased With Collateral For Securities On Loan (6.5%)
	Shares or
	Principal Amount		Value


Repurchase Agreement (6.5%)
Barclays Capital, 2.50%, dated 06/30/08, due 07/01/08, repurchase price $81,020,429, collateralized by U.S. Government Agency Mortgages ranging 2.64% — 15.43%, maturing 12/15/13 — 05/25/38; total market value of $82,635,099	$	81,014,803	$	81,014,803


Total Securities Purchased With Collateral For Securities On Loan				81,014,803


Total Investments (Cost $1,327,107,158)(b) — 107.2%				1,338,896,044

Liabilities in excess of other assets — (7.2)%				(89,718,192	)


NET ASSETS — 100.0%			$	1,249,177,852


*		Denotes a non-income producing security.

(a)		All or a part of the security was on loan as of June 30, 2008.

(b)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

At June 30, 2008, the Fund’s open futures contracts were as follows:

Notional Value

Number of

Long

Covered By

Unrealized

Contracts

Expiration

Contracts

Depreciation

234

S&P 400 Futures

09/19/08

19,216,080

(1,092,124

)

See accompanying notes to financial statements.

11 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Mid Cap Index Fund

Assets:
Investments, at value (cost $1,218,310,691)*	$	1,230,099,577
Repurchase agreements, at cost and value†		108,796,467

Total Investments		1,338,896,044

Interest and dividends receivable		1,088,369
Receivable for capital shares issued		499,083
Prepaid expenses and other assets		72,654

Total Assets		1,340,556,150

Liabilities:
Cash overdraft		256,641
Payable for variation margin on futures contracts		42,120
Payable for investments purchased		9,137,489
Payable upon return of securities loaned (Note 2)		81,014,803
Payable for capital shares redeemed		570,531
Accrued expenses and other payables:
Investment advisory fees		241,096
Fund administration and transfer agent fees		67,266
Distribution fees		4,084
Administrative services fees		23,615
Custodian fees		6,705
Trustee fees		10,936
Compliance program costs (Note 3)		2,092
Other		920

Total Liabilities		91,378,298

Net Assets	$	1,249,177,852

Represented by:
Capital	$	1,157,653,817
Accumulated net investment income		545,384
Accumulated net realized gains from investment and futures transactions		79,189,765
Net unrealized appreciation/(depreciation) from investments and futures		11,788,886

Net Assets	$	1,249,177,852

Net Assets:
Class I Shares	$	433,108,385
Class II Shares		18,741,753
Class Y Shares		797,327,714

Total	$	1,249,177,852

Shares outstanding (unlimited number of shares authorized):
Class I Shares		23,685,050
Class II Shares		1,028,746
Class Y Shares		43,599,184

Total		68,312,980

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	18.29
Class II Shares	$	18.22
Class Y Shares	$	18.29


*		Includes value of securities on loan of $88,123,558.

†		Includes value of repurchase agreements purchased with cash collateral received from securities on loan of $81,014,803.

See accompanying notes to financial statements.

2008 NVIT Mid Cap Index Fund Report 12

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT
	Mid Cap Index Fund

INVESTMENT INCOME:
Interest income	$	672,094
Dividend income		9,377,154
Income from securities lending (Note 2)		866,869

Total Income		10,916,117

Expenses:
Investment advisory fees		1,399,229
Fund administration and transfer agent fees		312,222
Distribution fees Class II Shares		23,709
Administrative services fees Class I Shares		207,060
Administrative services fees Class II Shares		6,115
Custodian fees		63,109
Trustee fees		30,392
Compliance program costs (Note 3)		701
Other		107,321

Total expenses before earnings credit		2,149,858
Earnings credit (Note 6)		(20,062	)

Net Expenses		2,129,796

Net Investment Income		8,786,321

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		24,651,902
Net realized losses from futures transactions		(6,123,833	)

Net realized gains from investment and futures transactions		18,528,069
Net change in unrealized appreciation/(depreciation) from investments and futures		(83,075,143	)

Net realized/unrealized losses from investments and futures		(64,547,074	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(55,760,753	)

See accompanying notes to financial statements.

13 Semiannual Report 2008

Statements of Changes in Net Assets


	NVIT Mid Cap Index Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	8,786,321		$	15,595,945
Net realized gains from investment and futures transactions		18,528,069			72,540,943
Net change in unrealized appreciation/(depreciation) from investments and futures		(83,075,143	)		(36,748,744	)

Change in net assets resulting from operations		(55,760,753	)		51,388,144

Distributions to Shareholders From:
Net investment income:
Class I		(2,748,838	)		(7,219,213	)
Class II		(101,394	)		(271,599	)
Class Y (a)		(5,546,372	)		(9,062,605	)
Net realized gains:
Class I		–			(15,211,569	)
Class II		–			(645,494	)
Class Y (a)		–			(22,577,560	)

Change in net assets from shareholder distributions		(8,396,604	)		(54,988,040	)

Change in net assets from capital transactions		(48,566,810	)		642,795,615

Change in net assets		(112,724,167	)		639,195,719

Net Assets:
Beginning of period		1,361,902,019			722,706,300

End of period	$	1,249,177,852		$	1,361,902,019

Accumulated net investment income at end of period	$	545,384		$	155,667


CAPITAL TRANSACTIONS:

Class I Shares
Proceeds from shares issued	$	36,574,879		$	51,479,017
Dividends reinvested		2,748,838			22,430,715
Cost of shares redeemed		(62,727,064	)		(161,265,759	)

		(23,403,347	)		(87,356,027	)

Class II Shares
Proceeds from shares issued		1,329,009			4,058,685
Dividends reinvested		101,394			917,090
Cost of shares redeemed		(2,386,319	)		(6,505,171	)

		(955,916	)		(1,529,396	)

Class Y Shares (a)
Proceeds from shares issued		41,780,320			109,245,283
Issued from in-kind transactions		–			609,836,722
Dividends reinvested		5,546,327			31,640,058
Cost of shares redeemed		(71,534,194	)		(19,041,025	)

		(24,207,547	)		731,681,038

Change in net assets from capital transactions	$	(48,566,810	)	$	642,795,615

See accompanying notes to financial statements.

2008 Semiannual Report 14

NVIT Mid Cap Index Fund


			Investment Activities								Distributions															Ratios / Supplemental Data

					Net Realized																													Ratio of
					and																										Ratio of Net			Expenses
	Net Asset				Unrealized			Total																		Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net			Net							Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Realized				Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Gains				Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months ended June 30, 2008 (Unaudited)	$	19.18		0.13		(0.90	)		(0.77	)		(0.12	)		–				(0.12	)	$	18.29		(4.04	%)	$	433,108		0.39	%		1.32	%		0.39	%		7.25	%
Year ended December 31, 2007	$	18.59		0.27		1.16			1.43			(0.27	)		(0.57		)		(0.84	)	$	19.18		7.56	%	$	479,739		0.46	%		1.34	%		0.47	%		23.90	%
Year ended December 31, 2006	$	17.36		0.21		1.48			1.69			(0.21	)		(0.25		)		(0.46	)	$	18.59		9.89	%	$	548,012		0.50	%		1.17	%		(f)			13.76	%
Year ended December 31, 2005	$	16.61		0.16		1.82			1.98			(0.18	)		(1.05		)		(1.23	)	$	17.36		12.10	%	$	576,339		0.55	%		0.93	%		(f)			19.32	%
Year ended December 31, 2004	$	14.77		0.09		2.23			2.32			(0.08	)		(0.40		)		(0.48	)	$	16.61		15.73	%	$	532,474		0.60	%		0.62	%		(f)			15.90	%
Year ended December 31, 2003	$	11.02		0.06		3.75			3.81			(0.06	)		–	(g	)		(0.06	)	$	14.77		34.65	%	$	432,589		0.74	%		0.49	%		(f)			11.58	%

Class II Shares
Six Months ended June 30, 2008 (Unaudited)	$	19.11		0.11		(0.90	)		(0.79	)		(0.10	)		–				(0.10	)	$	18.22		(4.15	%)	$	18,742		0.61	%		1.10	%		0.61	%		7.25	%
Year ended December 31, 2007	$	18.53		0.23		1.16			1.39			(0.24	)		(0.57		)		(0.81	)	$	19.11		7.37	%	$	20,695		0.62	%		1.17	%		0.62	%		23.90	%
Year ended December 31, 2006	$	17.30		0.19		1.47			1.66			(0.18	)		(0.25		)		(0.43	)	$	18.53		9.74	%	$	21,522		0.66	%		1.01	%		(f)			13.76	%
Year ended December 31, 2005	$	16.56		0.13		1.81			1.94			(0.15	)		(1.05		)		(1.20	)	$	17.30		11.90	%	$	21,512		0.72	%		0.76	%		(f)			19.32	%
Year ended December 31, 2004	$	14.73		0.07		2.22			2.29			(0.06	)		(0.40		)		(0.46	)	$	16.56		15.50	%	$	15,367		0.78	%		0.45	%		(f)			15.90	%
Year ended December 31, 2003	$	11.00		0.03		3.74			3.77			(0.04	)		–	(g	)		(0.04	)	$	14.73		34.30	%	$	8,049		0.98	%		0.27	%		(f)			11.58	%

Class Y Shares(h)
Six Months ended June 30, 2008 (Unaudited)	$	19.18		0.13		(0.90	)		(0.77	)		(0.12	)		–				(0.12	)	$	18.29		(4.00	%)	$	797,328		0.30	%		1.42	%		0.30	%		7.25	%
Year ended December 31, 2007	$	18.59		0.28		1.18			1.46			(0.30	)		(0.57		)		(0.87	)	$	19.18		7.74	%	$	861,469		0.29	%		1.28	%		0.29	%		23.90	%
Period ended December 31, 2006 (e)	$	18.88		0.16		(0.01	)		0.15			(0.19	)		(0.25		)		(0.44	)	$	18.59		0.94	%	$	153,172		0.31	%		1.38	%		(f)			13.76	%


(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 1, 2006 (commencement of operations) through December 31, 2006.
(f)	There were no fee waivers/reimbursements during the period.
(g)	The amount is less than $0.005 per share.
(h)	Effective May 1, 2008, Class ID was renamed Class Y.

See accompanying notes to financial statements.

2008 Semiannual Report 16

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”), Great West Life & Annuity Insurance Company and First Great West Life & Annuity Insurance Company have purchased shares of the NVIT Mid Cap Index (the “Fund”). The Trust currently operates fifty-eight (58) 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 and those differences could be material.


(a)	Security Valuation

17 Semiannual Report 2008

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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 combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining “Fair Value.” For example, fair value determinations may take into account 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 an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

2008 Semiannual Report 18

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 - Other Significant				Level 3 - Significant
Level 1 - Quoted Prices		Observable Inputs				Unobservable Inputs				Total
Investments	Other*	Investments		Other*		Investments		Other*		Investments		Other*

$1,230,099,577	$(1,092,124)	$	108,796,467	$	—	$	—	$	—	$	1,338,896,044	$	(1,092,124	)


*		Other financial instruments are derivative instruments not reflected in the Statement of Investments, such as futures, forwards, options, and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.


(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, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty.


(c)	Foreign Currency Transactions


(d)	Futures Contracts

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” payments are made or received 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.

19 Semiannual Report 2008

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.


(e)	Written Options Contracts


(f)	Short Sales


(g)	Security Transactions and Investment Income


(h)	Securities Lending

2008 Semiannual Report 20

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

As of June 30, 2008, the Fund had securities with the following value on loan:


Value of Loaned Securities		Value of Collateral

$	88,123,558	$	92,374,879*


*		Includes $11,360,076 of collateral in the form of U.S. Government securities, interest rates ranging from 2.64% to 15.43%, and maturity dates ranging from 12/15/13 to 5/25/38.


(i)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(j)	Federal Income Taxes

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 will generally result in an increase in a liability for taxes payable (or a reduction of tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns

21 Semiannual Report 2008

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. 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.


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”) whose parent is Nationwide Corporation. 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”) is the subadviser to the Fund 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 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, 2008:


Fee Schedule	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 $477,017 for the six months ended June 30, 2008.

NFA and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.32% until at least May 1, 2009. 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 in a given quarter is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on an advance quarterly basis. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

2008 Semiannual Report 22

As of the six months ended June 30, 2008, there were no reimbursements for all share classes of the Fund.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”) a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”)(a wholly-owned subsidiary of NFS),provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC(“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.

For the six months ended June 30, 2008, NFS received $336,793 in Administrative Services fees from the Fund.

23 Semiannual Report 2008

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

4. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $131,015,799 and sales of $89,521,571.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extensions. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes,including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

6. Portfolio Investment Risks

7. Indemnifications

2008 Semiannual Report 24

8. New Accounting Pronouncements

9. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	1,337,339,299	$	202,949,188	$	(201,392,443)	$	1,556,745

10. Other

During the year ended December 31, 2007, the NVIT Mid Cap Index Fund accepted securities eligible for investment by the Fund as consideration for Fund shares issued (“Purchase In-Kind”) to the Nationwide NVIT Investor Destinations Aggressive Fund, Nationwide NVIT Investor Destinations Moderately Aggressive Fund, Nationwide NVIT Investor Destinations Moderate Fund, Nationwide NVIT Investor Destinations Moderately Conservative Fund and Nationwide NVIT Investor Destinations Conservative Fund, pursuant to no-action relief received from the Securities and Exchange Commission. Gartmore Variable Insurance Trust (no-action letter pub. avail. December 29, 2006).

25 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 26

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

27 Semiannual Report 2008

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 28

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

29 Semiannual Report 2008

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 30

Supplemental Information

(Unaudited)


A.	Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

31 Semiannual Report 2008

Supplemental Information

(Unaudited) (Continued)

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. The Trustees found that the Fund’s total expenses compared with peer group funds were low, and the Adviser agreed to maintain the expense cap at 32 basis points (excluding certain Fund expenses as set forth in the Fund’s prospectus). Based on its review, the Board concluded that the Fund’s total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

2008 Semiannual Report 32

NVIT Technology and Communications Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

7			Statement of Assets and Liabilities

9			Statement of Operations

10			Statement of Changes in Net Assets

12			Financial Highlights

13			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-TC (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Technology and Communications Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT Technology and			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Communications Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class I	Actual			1,000.00		807.40		4.45		0.99
	Hypothetical	^b		1,000.00		1,019.94		4.97		0.99


Class II	Actual			1,000.00		805.90		5.97		1.33
	Hypothetical	^b		1,000.00		1,018.25		6.67		1.33


Class III	Actual			1,000.00		806.90		5.17		1.15
	Hypothetical	^b		1,000.00		1,019.14		5.77		1.15


Class VI	Actual			1,000.00		806.60		5.30		1.18
	Hypothetical	^b		1,000.00		1,019.00		5.92		1.18


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	NVIT Technology and Communications Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			96.7%
Other Investments*			6.6%
Exchange Traded Fund			0.5%
Liabilities in excess of other assets**			-3.8%

			100.0%


Top Industries

Semiconductors & Semiconductor Equipment			27.3%
Communications Equipment			21.8%
Computers & Peripherals			13.8%
Software			10.5%
Internet Software & Services			10.1%
Information Technology Services			5.5%
Wireless Telecommunication Services			4.5%
Electrical Equipment			1.0%
Electronic Equipment & Instruments			0.7%
Internet & Catalog Retail			0.5%
Other			4.3%

			100.0%


Top Holdings

Tessera Technologies, Inc.			9.5%
Intel Corp.			6.9%
Google, Inc., Class A			6.7%
Cisco Systems, Inc.			5.5%
Microsoft Corp.			5.1%
International Business Machines Corp.			4.4%
Research In Motion Ltd.			4.4%
Nokia OYJ ADR — FI			4.2%
Apple, Inc.			4.0%
NVIDIA Corp.			3.7%
Other			45.6%

			100.0%


Top Countries

United States			90.2%
Canada			4.4%
Taiwan			1.6%
Japan			1.0%
Other			2.8%

			100.0%


*		Includes value of collateral received from securities lending.

**		Includes value of collateral owed from securities lending.

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Technology and Communications Fund


Common Stocks (96.7%)
	Shares or
	Principal Amount		Value


Commercial Services & Supplies (0.5%) (a)
Innerworkings, Inc.*		16,500	$	197,340



Communications Equipment (21.8%)
Cisco Systems, Inc.*		94,789		2,204,792
Comverse Technology, Inc.*		11,737		198,942
Foundry Networks, Inc.*		16,000		189,120
Neutral Tandem, Inc.*		14,582		255,185
Nokia OYJ ADR — FI		67,882		1,663,109
Nortel Networks Corp.*		14		115
QUALCOMM, Inc.		33,177		1,472,064
Research In Motion Ltd.*		14,946		1,747,187
Tellabs, Inc.*		215,450		1,001,843

				8,732,357



Computers & Peripherals (13.8%)
Acer, Inc. (b)		108,000		212,499
Apple, Inc.*		9,537		1,596,875
Hewlett-Packard Co.		22,356		988,359
International Business Machines Corp.		14,989		1,776,646
Intevac, Inc.*		15,982		180,277
Palm, Inc. (a)		78,030		420,582
SanDisk Corp.*		8,100		151,470
Sun Microsystems, Inc.*		19,030		207,046

				5,533,754



Electrical Equipment (1.0%)
Belden, Inc.		11,580		392,330



Electronic Equipment & Instruments (0.7%)
FLIR Systems, Inc.*		6,570		266,545



Information Technology Services (5.5%)
Automatic Data Processing, Inc.		19,300		808,670
Cognizant Technology Solutions Corp., Class A*		12,335		401,011
Euronet Worldwide, Inc.*		41,780		706,082
NeuStar, Inc., Class A*		14,080		303,565

				2,219,328



Internet & Catalog Retail (0.5%)
Amazon.Com, Inc.*		2,838		208,110



Internet Software & Services (10.1%)
Bankrate, Inc.*		5,280		206,290
eBay, Inc.*		15,088		412,355
Google, Inc., Class A*		5,075		2,671,581
Interwoven, Inc.*		17,270		207,413
Yahoo!, Inc.*		26,840		554,514

				4,052,153



Machinery (0.5%)
FreightCar America, Inc.		5,520		195,960



Semiconductors & Semiconductor Equipment (27.3%)
Advanced Micro Devices, Inc.* (a)		45,830		267,189
Elpida Memory, Inc.* (b)		12,530		401,905
FEI Co.*		13,180		300,240
Intel Corp.		128,571		2,761,705
KLA-Tencor Corp.		7,990		325,273
MediaTek, Inc. (b)		38,650		445,003
Microsemi Corp.*		12,040		303,167
NVIDIA Corp.*		80,230		1,501,906
RF Micro Devices, Inc.*		120,730		350,117
SiRF Technology Holdings, Inc.* (a)		42,050		181,656
Tessera Technologies, Inc.*		232,320		3,803,079
Texas Instruments, Inc.		10,851		305,564

				10,946,804



Software (10.5%)
Electronic Arts, Inc.*		14,463		642,591
MICROS Systems, Inc.*		11,480		350,025
Microsoft Corp.		74,614		2,052,631
NetSuite, Inc.* (a)		26,600		544,502
Oracle Corp.*		28,318		594,678

				4,184,427



Wireless Telecommunication Services (4.5%)
American Tower Corp., Class A*		15,491		654,495
Clearwire Corp., Class A* (a)		45,380		588,125
Crown Castle International Corp.*		14,100		546,093

				1,788,713


Total Common Stocks				38,717,821


Exchange Traded Fund (0.5%) (a)


Equity Fund (0.5%)
Powershares QQQ		4,693		211,983


Total Exchange Traded Fund				211,983

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Technology and Communications Fund (Continued)


Securities Purchased With Collateral For Securities On Loan (6.6%)
	Shares or
	Principal Amount		Value

Repurchase Agreement (6.6%)

Barclays Capital, 2.50%, dated 06/30/08, due 07/01/08, repurchase price $2,648,456, collateralized by U.S. Government Agency Mortgages ranging 2.64%-15.43%, maturing 12/15/13-05/25/38; total market value of $2,701,237	$	2,648,272	$	2,648,272


Total Securities Purchased With Collateral For Securities On Loan				2,648,272


Total Investments (Cost $45,306,851) (c) — 103.8%				41,578,076

Liabilities in excess of other assets — (3.8)%				(1,514,920	)


NET ASSETS — 100.0%			$	40,063,156


*		Denotes a non-income producing security.

(a)		All or a part of the security was on loan as of June 30, 2008.

(b)		Fair Valued Security.

(c)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.


ADR		American Depositary Receipt

FI		Finland

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Technology and
	Communications Fund

Assets:
Investments, at value (cost $42,658,579)*	$	38,929,804
Repurchase agreements, at cost and value†		2,648,272

Total Investments		41,578,076

Foreign currencies, at value (cost $437,696)		436,356
Interest and dividends receivable		17,895
Receivable for capital shares issued		6,193
Receivable for investments sold		4,692,734
Prepaid expenses and other assets		26,110

Total Assets		46,757,364

Liabilities:
Cash overdraft		207,300
Payable for investments purchased		3,626,044
Payable upon return of securities loaned (Note 2)		2,648,272
Payable for capital shares redeemed		118,136
Accrued expenses and other payables:
Investment advisory fees		85,543
Fund administration and transfer agent fees		114
Distribution fees		2,497
Administrative services fees		3,354
Custodian fees		1,874
Trustee fees		719
Compliance program costs (Note 3)		80
Other		275

Total Liabilities		6,694,208

Net Assets	$	40,063,156

Represented by:
Capital	$	48,470,022
Accumulated net investment loss		(32,968	)
Accumulated net realized losses from investment and foreign currency transactions		(4,643,783	)
Net unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(3,730,115	)

Net Assets	$	40,063,156

Net Assets:
Class I Shares	$	12,982,358
Class II Shares		1,057,158
Class III Shares		16,074,982
Class VI Shares		9,948,658

Total	$	40,063,156

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT
	Technology and
	Communications Fund

INVESTMENT INCOME:
Interest income	$	25,387
Dividend income		134,422
Income from securities lending (Note 2)		59,877

Total Income		219,686

Expenses:
Investment advisory fees		179,488
Fund administration and transfer agent fees		12,655
Distribution fees Class II Shares		1,473
Distribution fees Class VI Shares		13,527
Administrative services fees Class I Shares		4,284
Administrative services fees Class II Shares		884
Administrative services fees Class III Shares		21,010
Custodian fees		5,200
Trustee fees		1,257
Compliance program costs (Note 3)		30
Other		13,712

Total expenses before earnings credit		253,520
Earnings credit (Note 6)		(867	)

Net Expenses		252,653

Net Investment Loss		(32,967	)

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(8,162,667	)
Net realized gains from foreign currency transactions		42,714

Net realized losses from investment and foreign currency transactions		(8,119,953	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(3,397,438	)

Net realized/unrealized losses from investments and translation of assets and liabilities denominated in foreign currencies		(11,517,391	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,550,358	)

See accompanying notes to financial statements.

2008 Semiannual Report 9

Statements of Changes in Net Assets


	NVIT Technology and
	Communications Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment loss	$	(32,967	)	$	(323,588	)
Net realized gains (losses) from investment and foreign currency transactions		(8,119,953	)		11,714,709
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(3,397,438	)		(2,595,263	)

Change in net assets resulting from operations		(11,550,358	)		8,795,858

Change in net assets from capital transactions		(13,315,919	)		6,785,323

Change in net assets		(24,866,277	)		15,581,181

Net Assets:
Beginning of period		64,929,433			49,348,252

End of period	$	40,063,156		$	64,929,433

Accumulated net investment loss at end of period	$	(32,968	)	$	(1	)


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,721,468		$	9,500,673
Cost of shares redeemed		(2,676,043	)		(12,633,002	)

		(954,575	)		(3,132,329	)

Class II Shares
Proceeds from shares issued		358			812
Cost of shares redeemed		(195,432	)		(175,188	)

		(195,074	)		(174,376	)

Class III Shares
Proceeds from shares issued		1,900,610			18,934,383
Cost of shares redeemed (a)		(10,991,307	)		(16,250,246	)

		(9,090,697	)		2,684,137

Class VI Shares
Proceeds from shares issued		1,999,576			10,618,912
Cost of shares redeemed (a)		(5,075,149	)		(3,211,021	)

		(3,075,573	)		7,407,891

Change in net assets from capital transactions	$	(13,315,919	)	$	6,785,323

See accompanying notes to financial statements.

10 Semiannual Report 2008

NVIT Technology and Communications Fund


			Investment Activities														Ratios / Supplemental Data

						Net Realized																			Ratio of
						and																			Expenses
			Net			Unrealized			Total								Net Assets		Ratio of			Ratio of Net Investment			(Prior to
			Investment			Gains			from			Net Asset					at End of		Expenses			Income (Loss)			Reimbursements)
	Net Asset Value,		Income			(Losses) on			Investment			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	Beginning of Period		(Loss)			Investments			Activities			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (c)			Turnover (d)
Class I Shares
Six Months ended June 30, 2008 (Unaudited)	$	5.14		–			(0.99	)		(0.99	)	$	4.15		(19.26%	)	$	12,982		0.99	%		(0.02%	)		0.99	%		352.56	%
Year ended December 31, 2007	$	4.28		(0.03	)		0.89			0.86		$	5.14		20.09%		$	17,137		1.22	%		(0.60%	)		1.22	%		499.51	%
Year ended December 31, 2006	$	3.85		(0.02	)		0.45			0.43		$	4.28		11.17%		$	17,631		1.15	%		(0.55%	)			(e)		352.39	%
Year ended December 31, 2005	$	3.87		(0.02	)		–			(0.02	)	$	3.85		(0.52%	)	$	15,010		1.28	%		(0.63%	)			(e)		571.34	%
Year ended December 31, 2004	$	3.71		(0.02	)		0.18			0.16		$	3.87		4.31%		$	20,144		1.30	%		(0.69%	)			(e)		728.29	%
Year ended December 31, 2003	$	2.39		(0.03	)		1.35			1.32		$	3.71		55.23%		$	15,960		1.24	%		(0.94%	)			(e)		1,045.37	%

Class II Shares
Six Months ended June 30, 2008 (Unaudited)	$	5.10		(0.01	)		(0.98	)		(0.99	)	$	4.11		(19.41%	)	$	1,057		1.33	%		(0.36%	)		1.33	%		352.56	%
Year ended December 31, 2007	$	4.25		(0.04	)		0.89			0.85		$	5.10		20.00%		$	1,535		1.44	%		(0.83%	)		1.44	%		499.51	%
Year ended December 31, 2006	$	3.84		(0.03	)		0.44			0.41		$	4.25		10.68%		$	1,443		1.39	%		(0.79%	)		(e)			352.39	%
Year ended December 31, 2005	$	3.87		(0.04	)		0.01			(0.03	)	$	3.84		(0.78%	)	$	1,575		1.53	%		(0.89%	)		(e)			571.34	%
Year ended December 31, 2004	$	3.72		(0.05	)		0.20			0.15		$	3.87		4.03%		$	2,409		1.53	%		(0.98%	)		(e)			728.29	%
Period ended December 31, 2003 (f)	$	2.45		(0.01	)		1.28			1.27		$	3.72		51.84%		$	2,128		1.49	%		(1.27%	)		(e)			1,045.37	%

Class III Shares
Six Months ended June 30, 2008 (Unaudited)	$	5.18		–			(1.00	)		(1.00	)	$	4.18		(19.31%	)	$	16,075		1.15	%		(0.19%	)		1.15	%		352.56	%
Year ended December 31, 2007	$	4.31		(0.03	)		0.90			0.87		$	5.18		20.19%		$	30,290		1.17	%		(0.57%	)		1.17	%		499.51	%
Year ended December 31, 2006	$	3.88		(0.02	)		0.45			0.43		$	4.31		11.08%		$	23,256		1.14	%		(0.55%	)		(e)			352.39	%
Year ended December 31, 2005	$	3.90		(0.02	)		–			(0.02	)	$	3.88		(0.51%	)	$	17,975		1.29	%		(0.64%	)		(e)			571.34	%
Year ended December 31, 2004	$	43.74		(0.04	)		0.20			0.16		$	3.90		4.28%		$	22,656		1.28	%		(0.73%	)		(e)			728.29	%
Year ended December 31, 2003	$	2.41		(0.02	)		1.35			1.33		$	3.74		55.19%		$	33,398		1.25	%		(1.00%	)			(e)		1,045.37	%

Class VI Shares
Six Months ended June 30, 2008 (Unaudited)	$	5.12		–			(0.99	)		(0.99	)	$	4.13		(19.34%	)	$	9,949		1.18	%		(0.21%	)		1.18	%		352.56	%
Year ended December 31, 2007	$	4.27		(0.02	)		0.87			0.85		$	5.12		19.91%		$	15,968		1.28	%		(0.69%	)		1.28	%		499.51	%
Year ended December 31, 2006	$	3.84		(0.02	)		0.45			0.43		$	4.27		11.20%		$	7,018		1.24	%		(0.65%	)		(e)			352.39	%
Year ended December 31, 2005	$	3.87		(0.02	)		(0.01	)		(0.03	)	$	3.84		(0.78%	)	$	3,559		1.39	%		(0.73%	)		(e)			571.34	%
Period ended December 31, 2004 (g)	$	3.59		(0.01	)		0.29			0.28		$	3.87		7.80%		$	2,693		1.46	%		(0.44%	)		(e)			728.29	%


(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 waivers/reimbursements during the period.
(f)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.
(g)	For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

See accompanying notes to financial statements.

12 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Technology and Communications Fund (the “Fund”) (formerly “Nationwide NVIT Global Technology and Communications Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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 combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining “Fair Value.” For example, fair value may take into account 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 an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

• Level 1 – quoted prices in active markets for identical assets.


	•	Level 2 – other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:

Level 3 –

Level 2 – Other

Significant

Unobservable

Level 1 – Quoted Prices

Observable Inputs

Inputs

Total Investments

$37,870,397

3,707,679

–

41,578,076

14 Semiannual Report 2008


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

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” payments, are made or received 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.

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(f)	Written Options Contracts


(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 earmark or 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, if any, includes the deposits with brokers and securities held long would be shown in the Statement of Investments for the Fund.


(h)	Security Transactions and Investment Income


(i)	Securities Lending

16 Semiannual Report 2008

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

As of June 30, 2008, the Fund had securities with the following value on loan:


Value of Loaned Securities		Value of Collateral

$	2,484,003	$	2,648,272


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(k)	Federal Income Taxes

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 tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. 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.


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

3. Transactions with Affiliates

The Fund pays a performance-based fee to NFA. This performance-based fee can vary depending on the Fund’s performance relative to its benchmark, the Goldman Sachs Technology Composite Index. This fee is intended to either reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, the Fund’s benchmark.

18 Semiannual Report 2008

applicable to the Fund’s base fee (as such base fee may be adjusted by Base Fee Breakpoints). NFA pays/(charges) the entire performance component of the fee to the Fund’s subadviser.


Out or Underperformance	Change in Fees

+/− 1 percentage point		+/− 0.02%


+/− 2 percentage points		+/− 0.04%


+/− 3 percentage points		+/− 0.06%


+/− 4 percentage points		+/− 0.08%


+/− 5 percentage points or more		+/− 0.10%

Base Fee Breakpoints and Performance Adjustments (base management fees, as well as the maximum and minimum performance-adjusted fees, not including any applicable waivers)


Net Assets	Minimum Fee		Base Fee		Maximum Fee

On assets up to $500 million		0.78%		0.88%		0.98%


On assets of $500 million or more but less than $2 billion		0.73%		0.83%		0.93%


On assets of $2 billion and more		0.68%		0.78%		0.88%

The performance fee calculation applies to each 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 points		+/−0.04%


+/−3 percentage points		+/−0.06%


+/−4 percentage points		+/−0.08%


+/−5 percentage points or more		+/−0.10%

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.

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $115,715 for the six months ended June 30, 2008.

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement in a given quarter is approved by the Board of Trustees on an advance 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, 2008, 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 (“NFM”) a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”)(a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (“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. 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%. NFD is a wholly-owned subsidiary of NFSDI.

For the six months ended June 30, 2008, NFS received $27,892 in Administrative Services fees from the Fund.

20 Semiannual Report 2008

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, 2008, the Fund’s portion of such costs amounted to $30.

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.

For the six months ended June 30, 2008, Class III and Class VI shares had contributions to capital due to collection of redemption fees in the amount of $8,428 and $4,978, respectively.

For the year ended December 31, 2007, Class III and Class VI shares had contributions to capital due to collection of redemption fees in the amount of $14,383 and $9,957, respectively.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $154,271,206 and sales of $163,233,858.

6. Bank Loans and Earnings Credit

Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

2008 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

7. Portfolio Investment Risks

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 its Trustees and certain Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with the Trust’s vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. New Accounting Pronouncements

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities.” SFAS No. 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS No. 161 requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s Financial position, performance and cash flows. Management is currently evaluating the impact the adoption of SFAS No. 161 will have on the Fund’s financial statements and related disclosures.

10. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	48,913,562	$	79,010	$	(7,414,496)	$	(7,335,486)

22 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

24 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 25

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

26 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 27

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,“ copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

28 Semiannual Report 2008

as a result of being investment adviser for the Trust. The Trustees also considered, where 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 the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

The Trustees found that the Fund had delivered continued strong performance since the portfolio manager change in 2006, and a new portfolio manager had been named during 2007. Based on its review, and giving particular weight to the recent manager changes to the Fund and the nature and quality of the resources dedicated by the Adviser and subadviser to maintain and improve performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee (a performance-based fee structure) compared with peer group funds was higher, but within the range of the peer group funds, the performance-based fee structure resulted in a higher advisory fee due to the good performance of the Fund, and the higher advisory fee was justified because the Fund is highly specialized. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

2008 Semiannual Report 29

Supplemental Information

(Unaudited) (Continued)

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. The Trustees found that the Fund’s total expenses compared with peer group funds were high, but within the range of the peer group funds, and the Adviser agreed to maintain the expense cap at 123 basis points (excluding certain Fund expenses as set forth in the Fund’s prospectus). Based on its review, the Board concluded that the Fund’s total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

NVIT Health Sciences Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

7			Statement of Assets and Liabilities

9			Statement of Operations

10			Statement of Changes in Net Assets

12			Financial Highlights

14			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-HS (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Health Sciences Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
NVIT Health Sciences Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class I	Actual			1,000.00		865.80		5.33		1.15
	Hypothetical	^b		1,000.00		1,019.14		5.77		1.15


Class II	Actual			1,000.00		865.10		6.35		1.37
	Hypothetical	^b		1,000.00		1,018.05		6.87		1.37


Class III	Actual			1,000.00		865.30		5.38		1.16
	Hypothetical	^b		1,000.00		1,019.10		5.82		1.16


Class VI	Actual			1,000.00		864.70		6.77		1.46
	Hypothetical	^b		1,000.00		1,017.60		7.32		1.46


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Health Sciences Fund


Common Stocks (98.8%)
	Shares or
	Principal Amount		Value


Biotechnology (16.9%)
Amgen, Inc.*		20,130	$	949,331
Amylin Pharmaceuticals, Inc.* (a)		9,030		229,272
Array BioPharma, Inc.*		38,190		179,493
Biogen Idec, Inc.*		7,400		413,586
Celgene Corp.*		10,050		641,894
Cephalon, Inc.*		7,600		506,844
Dyax Corp.*		56,850		176,235
Enzon Pharmaceuticals, Inc.* (a)		16,770		119,402
Genentech, Inc.*		6,500		493,350
Gilead Sciences, Inc.*		49,266		2,608,635
ImClone Systems, Inc.*		10,990		444,655
Savient Pharmaceuticals, Inc.* (a)		10,200		258,060
United Therapeutics Corp.*		6,100		596,275

				7,617,032



Chemicals (0.8%)
Monsanto Co.		1,200		151,728
Sigma-Aldrich Corp.		3,930		211,670

				363,398



Commercial Services & Supplies (1.0%)
Stericycle, Inc.*		8,300		429,110



Food & Staples Retailing (1.2%)
CVS Caremark Corp.		13,778		545,195



Health Care Equipment & Supplies (17.5%)
Baxter International, Inc.		29,160		1,864,490
Becton, Dickinson & Co.		3,510		285,363
Boston Scientific Corp.*		52,130		640,678
Covidien Ltd.		8,700		416,643
Hologic, Inc.*		19,100		416,380
IDEXX Laboratories, Inc.*		6,820		332,407
Insulet Corp.* (a)		20,390		320,735
Masimo Corp.*		15,620		536,547
Medtronic, Inc.		24,790		1,282,882
Sirona Dental Systems, Inc.* (b)		7,300		189,216
St. Jude Medical, Inc.*		7,270		297,198
Stryker Corp.		8,890		559,003
TomoTherapy, Inc.*		12,920		115,376
Wright Medical Group, Inc.*		7,150		203,132
Xtent, Inc.* (a)		17,110		42,946
Zimmer Holdings, Inc.*		5,850		398,092

				7,901,088



Health Care Providers & Services (13.3%)
Aetna, Inc.		28,800		1,167,264
Cardinal Health, Inc.		6,346		327,327
CIGNA Corp.		18,440		652,592
Community Health Systems, Inc.*		6,500		214,370
Coventry Health Care, Inc.*		4,610		140,236
Express Scripts, Inc.*		5,900		370,048
Humana, Inc.*		8,830		351,169
IPC The Hospitalist Co., Inc.*		3,810		71,704
McKesson Corp.		7,920		442,807
Medco Health Solutions, Inc.*		6,810		321,432
Quest Diagnostics, Inc.		6,490		314,570
Skilled Healthcare Group, Inc., Class A*		4,690		62,940
UnitedHealth Group, Inc.		43,140		1,132,425
WellPoint, Inc.*		9,100		433,706

				6,002,590



Health Care Technology (0.3%)
Eclipsys Corp.*		7,790		143,024



Life Sciences Tools & Services (7.5%)
Bruker Corp.*		20,980		269,593
Charles River Laboratories International, Inc.*		5,950		380,324
Covance, Inc.*		5,229		449,799
Illumina, Inc.*		4,450		387,639
PerkinElmer, Inc.		20,540		572,039
Thermo Fisher Scientific, Inc.*		17,910		998,124
Waters Corp.*		4,790		308,955

				3,366,473



Pharmaceuticals (40.3%)
Abbott Laboratories		34,730		1,839,648
Allergan, Inc.		10,420		542,361
Bristol-Myers Squibb Co.		69,850		1,434,020
Eli Lilly & Co.		26,580		1,226,933
Johnson & Johnson		45,158		2,905,466
Merck & Co., Inc.		49,356		1,860,228
Perrigo Co. (a)		16,340		519,122
Pfizer, Inc.		94,942		1,658,637
Schering-Plough Corp.		65,378		1,287,293
Sepracor, Inc.*		18,900		376,488
Teva Pharmaceutical Industries Ltd. ADR — IL		30,630		1,402,854
Valeant Pharmaceuticals International * (a)		28,830		493,281
Viropharma, Inc.*		59,510		658,180
Wyeth		40,845		1,958,926

				18,163,437


Total Common Stocks				44,531,347

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Health Sciences Fund (Continued)


Securities Purchased With Collateral For Securities On Loan (3.7%)
	Shares or
	Principal Amount		Value



Repurchase Agreement (3.7%)
Barclays Capital, 2.50%, dated 06/30/08, due 07/01/08, repurchase price $1,646,291, collateralized by U.S. Government Agency Mortgages ranging 2.64%-15.43%, maturing 12/15/13-05/25/38; total market value of $1,689,300	$	1,656,176	$	1,656,176


Total Securities Purchased With Collateral For Securities On Loan				1,656,176


Total Investments (Cost $49,504,672) (c) — 102.5%				46,187,523

Liabilities in excess of other assets — (2.5)%				(1,114,406	)


NET ASSETS — 100.0%			$	45,073,117


*		Denotes a non-income producing security.

(a)		All or a part of the security was on loan as of June 30, 2008.

(b)		Fair Valued Security.

(c)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.


ADR		American Depositary Receipt

IL		Israel

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Health Sciences Fund

Assets:
Investments, at value (cost $47,848,496)*	$	44,531,347
Repurchase agreements, at cost and value†		1,656,176

Total Investments		46,187,523

Foreign currencies, at value (cost $247)		238
Interest and dividends receivable		42,956
Receivable for capital shares issued		13,447
Receivable for investments sold		1,448,536
Prepaid expenses and other assets		547

Total Assets		47,693,247

Liabilities:
Cash overdraft		90,982
Payable for investments purchased		709,161
Payable upon return of securities loaned (Note 2)		1,656,176
Payable for capital shares redeemed		36,800
Accrued expenses and other payables:
Investment advisory fees		105,973
Fund administration and transfer agent fees		1,873
Distribution fees		3,177
Administrative services fees		3,744
Custodian fees		1,414
Trustee fees		656
Compliance program costs (Note 3)		103
Other		10,071

Total Liabilities		2,620,130

Net Assets	$	45,073,117

Represented by:
Capital	$	44,692,183
Accumulated net investment loss		(4,089	)
Accumulated net realized gains from investment and foreign currency transactions		3,702,181
Net unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(3,317,158	)

Net Assets	$	45,073,117

Net Assets:
Class I Shares	$	3,993,634
Class II Shares		1,718,655
Class III Shares		25,825,663
Class VI Shares		13,535,165

Total	$	45,073,117

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT
	Health Sciences Fund

INVESTMENT INCOME:
Interest income	$	15,496
Dividend income		383,656
Income from securities lending (Note 2)		3,859

Total Income		403,011

Expenses:
Investment advisory fees		250,708
Fund administration and transfer agent fees		15,223
Distribution fees Class II Shares		2,349
Distribution fees Class VI Shares		19,314
Administrative services fees Class I Shares		2,231
Administrative services fees Class II Shares		581
Administrative services fees Class III Shares		16,050
Administrative services fees Class VI Shares		11,888
Custodian fees		6,791
Trustee fees		1,396
Compliance program costs (Note 3)		4
Other		13,722

Total expenses before earnings credit		340,257
Earnings credit (Note 6)		(371	)

Net Expenses		339,886

Net Investment Income		63,125

REALIZED/UNREALIZED LOSSES FROM INVESTMENTS:
Net realized losses from investment transactions		(1,187,282	)
Net realized losses from foreign currency transactions		(7,697	)

Net realized losses from investment and foreign currency transactions		(1,194,979	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(7,834,719	)

Net realized/unrealized losses from investments and translation of assets and liabilities denominated in foreign currencies		(9,029,698	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(8,966,573	)

See accompanying notes to financial statements.

2008 Semiannual Report 9

Statements of Changes in Net Assets


	NVIT Health Sciences Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	63,125		$	21,203
Net realized gains (losses) from investment and foreign currency transactions		(1,194,979	)		5,289,342
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(7,834,719	)		1,684,411

Change in net assets resulting from operations		(8,966,573	)		6,994,956

Distributions to Shareholders From:
Net investment income:
Class I		(8,211	)		(4,658	)
Class II		(1,740	)		(246	)
Class III		(52,276	)		(24,482	)
Class VI		(4,987	)		(7,693	)
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		(67,214	)		(1,215,986	)

Change in net assets from capital transactions		(3,468,757	)		(7,229,565	)

Change in net assets		(12,502,544	)		(1,450,595	)
Net Assets:
Beginning of period		57,575,661			59,026,256

End of period	$	45,073,117		$	57,575,661

Accumulated net investment income (loss) at end of period	$	(4,089	)	$	—


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	675,820		$	2,202,691
Dividends reinvested		8,211			128,048
Cost of shares redeemed		(2,711,929	)		(2,832,118	)

		(2,027,898	)		(501,379	)

Class II Shares
Proceeds from shares issued		421			564
Dividends reinvested		1,740			44,017
Cost of shares redeemed		(174,590	)		(389,632	)

		(172,429	)		(345,051	)

Class III Shares
Proceeds from shares issued		8,683,485			7,074,484
Dividends reinvested		52,276			759,800
Cost of shares redeemed (a)		(10,966,062	)		(15,810,340	)

		(2,230,301	)		(7,976,056	)

See accompanying notes to financial statements.

10 Semiannual Report 2008


	NVIT Health Sciences Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Class VI Shares
Proceeds from shares issued		5,722,747			4,280,237
Dividends reinvested		4,987			284,112
Cost of shares redeemed (a)		(4,765,863	)		(2,971,428	)

		961,871			1,592,921

Change in net assets from capital transactions	$	(3,468,757	)	$	(7,229,565	)


SHARE TRANSACTIONS:
Class I Shares
Issued		61,368			191,750
Reinvested		808			11,611
Redeemed		(245,100	)		(251,913	)

		(182,924	)		(48,552	)

Class II Shares
Reinvested		173			4,041
Redeemed		(16,427	)		(35,146	)

		(16,254	)		(31,105	)

Class III Shares
Issued		731,231			615,862
Reinvested		5,135			68,781
Redeemed		(1,038,703	)		(1,412,675	)

		(302,337	)		(728,032	)

Class VI Shares
Issued		498,352			378,684
Reinvested		493			25,867
Redeemed		(457,471	)		(259,369	)

		41,374			145,182

Total change in shares		(460,141	)		(662,507	)


(a)		Includes redemption fees – see Note 4 to Financial Statements.

See accompanying notes to financial statements.

2008 Semiannual Report 11

NVIT Health Sciences Fund


			Investment Activities									Distributions														Ratios / Supplemental Data

																																		Ratio of Net			Ratio of
						Net Realized																												Investment			Expenses
						and																									Ratio of			Income			(Prior to
			Net			Unrealized			Total															Net Asset					Net Assets		Expenses			(Loss) to			Reimbursements)
	Net Asset Value,		Investment			Gains			from			Net				Net								Value,					at End of		to Average			Average			to Average
	Beginning		Income			(Losses) on			Investment			Investment				Realized			Total			Redemption		End of		Total			Period		Net			Net			Net			Portfolio
	of Period		(Loss)			Investments			Activities			Income				Gains			Distributions			Fees		Period		Return (a)			(000s)		Assets (b)			Assets (b)			Assets (b) (c)			Turnover (d)
Class I Shares
Six Months ended June 30, 2008 (Unaudited)		11.77		0.02			(1.60	)		(1.58	)		(0.02		)		–			(0.02	)		–		10.17		(13.42%	)		3,994		1.15	%		0.36	%		1.15	%		50.90	%
Year ended December 31, 2007		10.62		0.01			1.37			1.38			(0.01		)		(0.22	)		(0.23	)		–		11.77		13.16%			6,774		1.20	%		0.11	%		1.20	%		116.00	%
Year ended December 31, 2006		10.34		0.03			0.25			0.28			–				–			–			–		10.62		2.71%			6,626		1.19	%		0.24	%		(e)			243.33	%
Year ended December 31, 2005		10.69		(0.03	)		0.92			0.89			–				(1.24	)		(1.24	)		–		10.34		8.44%			7,747		1.26	%		(0.22	%)		(e)			366.90	%
Year ended December 31, 2004		9.96		(0.03	)		0.80			0.77			–				(0.05	)		(0.05	)		0.01		10.69		7.86%			7,910		1.26	%		(0.28	%)		(e)			424.94	%
Year ended December 31, 2003		8.19		(0.02	)		3.01			2.99			–				(1.23	)		(1.23	)		0.01		9.96		36.69%			4,434		1.24	%		(0.36	%)		(e)			542.89	%

Class II Shares
Six Months ended June 30, 2008 (Unaudited)		11.64		0.01			(1.58	)		(1.57	)		(0.01		)		–			(0.01	)		–		10.06		(13.49%	)		1,719		1.37	%		0.11	%		1.37	%		50.90	%
Year ended December 31, 2007		10.52		(0.02	)		1.36			1.34			–	(f	)		(0.22	)		(0.22	)		–		11.64		12.92%			2,178		1.46	%		(0.16	%)		1.46	%		116.00	%
Year ended December 31, 2006		10.27		(0.01	)		0.26			0.25			–				–			–			–		10.52		2.43%			2,296		1.44	%		(0.05	%)		(e)			243.33	%
Year ended December 31, 2005		10.65		(0.05	)		0.91			0.86			–				(1.24	)		(1.24	)		–		10.27		8.19%			2,567		1.51	%		(0.47	%)		(e)			366.90	%
Year ended December 31, 2004		9.95		(0.06	)		0.80			0.74			–				(0.05	)		(0.05	)		0.01		10.65		7.56%			3,208		1.50	%		(0.54	%)		(e)			424.94	%
Period ended December 31, 2003 (g)		8.72		(0.01	)		2.46			2.45			–				(1.23	)		(1.23	)		0.01		9.95		28.27%			2,232		1.49	%		(0.59	%)		(e)			542.89	%


(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)	The amount is less than $0.005 per share.
(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 Semiannual Report 2008

Financial Highlights

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

NVIT Health Sciences Fund (Continued)


			Investment Activities									Distributions														Ratios / Supplemental Data

																																		Ratio of Net			Ratio of
						Net Realized																												Investment			Expenses
						and																									Ratio of			Income			(Prior to
			Net			Unrealized			Total															Net Asset					Net Assets		Expenses			(Loss) to			Reimbursements)
	Net Asset Value,		Investment			Gains			from			Net				Net								Value,					at End of		to Average			Average			to Average
	Beginning		Income			(Losses) on			Investment			Investment				Realized			Total			Redemption		End of		Total			Period		Net			Net			Net			Portfolio
	of Period		(Loss)			Investments			Activities			Income				Gains			Distributions			Fees		Period		Return (a)			(000s)		Assets (b)			Assets (b)			Assets (b) (c)			Turnover (d)

Class III Shares
Six Months ended June 30, 2008 (Unaudited)		11.80		0.02			(1.61	)		(1.59	)		(0.02		)		–			(0.02	)		–		10.19		(13.47%	)		25,826		1.16	%		0.32	%		1.16	%		50.90	%
Year ended December 31, 2007		10.64		0.01			1.38			1.39			(0.01		)		(0.22	)		(0.23	)		–		11.80		13.23%			33,448		1.20	%		0.11	%		1.20	%		116.00	%
Year ended December 31, 2006		10.36		0.02			0.26			0.28			–				–			–			–		10.64		2.70%			37,921		1.19	%		0.19	%		(e)			243.33	%
Year ended December 31, 2005		10.71		(0.02	)		0.91			0.89			–				(1.24	)		(1.24	)		–		10.36		8.42%			45,169		1.25	%		(0.24	%)		(e)			366.90	%
Year ended December 31, 2004		9.98		(0.03	)		0.80			0.77			–				(0.05	)		(0.05	)		0.01		10.71		7.84%			39,723		1.26	%		(0.29	%)		(e)			424.94	%
Year ended December 31, 2003		8.20		(0.03	)		3.03			3.00			–				(1.23	)		(1.23	)		0.01		9.98		36.77%			27,026		1.22	%		(0.39	%)		(e)			542.89	%

Class VI Shares
Six Months ended June 30, 2008 (Unaudited)		11.72		–			(1.59	)		(1.59	)		–	(f	)		–			–			–		10.13		(13.53%	)		13,535		1.46	%		0.02	%		1.46	%		50.90	%
Year ended December 31, 2007		10.59		(0.01	)		1.37			1.36			(0.01		)		(0.22	)		(0.23	)		–		11.72		12.98%			15,176		1.44	%		(0.14	%)		1.44	%		116.00	%
Year ended December 31, 2006		10.34		–			0.25			0.25			–				–			–			–		10.59		2.42%			12,183		1.43	%		(0.04	%)		(e)			243.33	%
Year ended December 31, 2005		10.71		(0.03	)		0.90			0.87			–				(1.24	)		(1.24	)		–		10.34		8.23%			10,292		1.42	%		(0.43	%)		(e)			366.90	%
Period ended December 31, 2004 (h)		10.70		(0.02	)		0.02			–			–				–			–			0.01		10.71		0.09%			4,981		1.35	%		(0.36	%)		(e)			424.94	%


(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)	The amount is less than $0.005 per share.
(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.

2008 Semiannual Report 13

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Health Sciences Fund (the “Fund”) (formerly “Nationwide NVIT Global Health Sciences Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

14 Semiannual Report 2008


	•	Level 1 – quoted prices in active markets for identical assets.

	•	Level 2 – other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:

Level 3 –

Level 2 – Other

Significant

Unobservable

Level 1 – Quoted Prices

Observable Inputs

Inputs

Total Investments

$44,531,347

1,656,176

–

46,187,523

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

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,” payments, are made or received 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 Semiannual Report 2008


(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 earmark or 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, if any, includes the deposits with brokers and securities held long would be shown in the Statement of Investments for the Fund.


(g)	Security Transactions and Investment Income


(h)	Securities Lending

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

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

As of June 30, 2008, the Fund had securities with the following value on loan:


Value of Loaned Securities		Value of Collateral

$	2,128,149	$	2,212,781	*


*		Includes $556,605 in the form of U.S. Government securities, interest rates ranging from 2.64% to 15.43%, and maturity dates ranging from 12/15/13 to 05/25/38.


(i)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(j)	Federal Income Taxes

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 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 tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. 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.


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

18 Semiannual Report 2008

participates based on the total NAV 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

The Fund pays a performance-based fee to NFA. This performance-based fee can vary depending on the Fund’s performance relative to its benchmark, the Goldman Sachs Healthcare Index. This fee is intended to either reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, the Fund’s benchmark.


Out or Underperformance	Change in Fees

+/− 1 percentage point		+/− 0.02%


+/− 2 percentage points		+/− 0.04%


+/− 3 percentage points		+/− 0.06%


+/− 4 percentage points		+/− 0.08%


+/− 5 percentage points or more		+/− 0.10%

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

Base Fee Breakpoints and Performance Adjustments (base management fees, as well as the maximum and minimum performance-adjusted fees, not including any applicable waivers)


Net Assets	Minimum Fee		Base Fee		Maximum Fee

On assets up to $500 million		0.80%		0.90%		1.00%


On assets of $500 million or more but less than $2 billion		0.75%		0.85%		0.95%


On assets of $2 billion and more		0.70%		0.80%		0.90%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $138,731 for the six months ended June 30, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (“NFM”) a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (“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. 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%. NFD is a wholly-owned subsidiary of NFSDI.

20 Semiannual Report 2008

For the six months ended June 30, 2008, NFS received $42,235 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such costs amounted to $4.

4. Short-Term Trading Fees

For the six months ended June 30, 2008, Class III and Class VI shares had contributions to capital due to collection of redemption fees in the amount of $4,823 and $7,066, respectively.

For the year ended December 31, 2007, Class III and Class VI shares had contributions to capital due to collection of redemption fees in the amount of $9,738 and $5,121, respectively.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $27,240,967 and sales of $30,656,468.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

2008 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

7. Portfolio Investment Risks

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 its Trustees and certain Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with the Trust’s vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. New Accounting Pronouncements

10. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	50,405,690	$	1,985,564	$	(6,203,731)	$	(4,218,167)

22 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

24 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 25

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

26 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 27

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,“ copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

28 Semiannual Report 2008

The Trustees found that the Fund’s performance had been acceptable, and a new portfolio manager had been named in 2006. Based on its review, and giving particular weight to the recent manager change to the Fund and the nature and quality of the resources dedicated by the Adviser and subadviser to improve performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee (a performance-based fee structure) compared with peer group funds was higher, but within the range of the peer group funds, and the higher advisory fee was justified because the Fund was highly specialized. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

NVIT Nationwide Leaders Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

7			Statement of Assets and Liabilities

8			Statement of Operations

9			Statement of Changes in Net Assets

11			Financial Highlights

12			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-NL (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.


Shareholder	NVIT Nationwide Leaders Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
NVIT Nationwide Leaders Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class I	Actual			1,000.00		903.60		5.30		1.12
	Hypothetical	^b		1,000.00		1,019.29		5.62		1.12


Class III	Actual			1,000.00		903.70		5.49		1.16
	Hypothetical	^b		1,000.00		1,019.10		5.82		1.16


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Nationwide Leaders Fund


Common Stocks (98.4%)
	Shares or
	Principal Amount		Value


Aerospace & Defense (1.8%)
BE Aerospace, Inc.*		18,860	$	439,249



Capital Markets (1.1%)
Bank of New York Mellon Corp.		1,300		49,179
Invesco Ltd.		9,112		218,506

				267,685



Chemicals (0.9%)
Monsanto Co.		1,800		227,592



Commercial Services & Supplies (4.3%)
Brink’s Co. (The)		16,139		1,055,813



Communications Equipment (2.0%)
Research In Motion Ltd.*		4,300		502,670



Computers & Peripherals (2.4%)
Ball Corp.		1,098		52,418
NCR Corp.*		21,439		540,263

				592,681



Consumer Finance (4.0%)
Capital One Financial Corp.		25,600		973,056



Containers & Packaging (5.4%)
Owens-Illinois, Inc.*		32,000		1,334,080



Electronic Equipment & Instruments (4.3%)
Avnet, Inc.*		38,960		1,062,829



Energy Equipment & Services (5.7%)
Cameron International Corp.*		23,300		1,289,655
Tidewater, Inc.		1,900		123,557

				1,413,212



Food & Staples Retailing (12.0%)
Kroger Co. (The)		37,073		1,070,298
Safeway, Inc.		53,878		1,538,217
Whole Foods Market, Inc.		14,100		334,029

				2,942,544



Food Products (1.8%)
Bunge Ltd.		4,170		449,067



Hotels, Restaurants & Leisure (4.4%)
Brinker International, Inc.		57,410		1,085,049



Household Products (5.7%)
Procter & Gamble Co. (The)		22,910		1,393,157



Insurance (4.4%)
Assurant, Inc.		16,500		1,088,340



Internet Software & Services (7.2%)
Akamai Technologies, Inc.*		51,220		1,781,944



Machinery (4.8%)
Deere & Co.		13,300		959,329
Oshkosh Corp.		11,100		229,659

				1,188,988



Media (4.5%)
Regal Entertainment Group, Class A		72,840		1,112,995



Metals & Mining (0.6%)
Southern Copper Co.		1,400		149,282



Oil, Gas & Consumable Fuels (11.3%)
Marathon Oil Corp.		22,560		1,170,187
Occidental Petroleum Corp.		17,870		1,605,799

				2,775,986



Pharmaceutical (6.0%)
Pfizer, Inc.		85,000		1,484,950



Real Estate Investment Trust (REIT) (0.3%)
Developers Diversified Realty Corp.		1,770		61,437



Specialty Retail (3.5%)
Guess?, Inc.		22,760		852,362


Total Common Stocks				24,234,968


Repurchase Agreements (4.5%)

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $478,920, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $488,466	$	478,888		478,888

2008 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Nationwide
	Leaders Fund

Assets:
Investments, at value (cost $26,171,920)	$	24,234,968
Repurchase agreements, at cost and value		1,125,485

Total Investments		25,360,453

Cash		53
Interest and dividends receivable		25,520
Receivable for capital shares issued		746
Receivable for investments sold		300,306
Prepaid expenses and other assets		178

Total Assets		25,687,256

Liabilities:
Payable for investments purchased		976,831
Payable for capital shares redeemed		13,052
Accrued expenses and other payables:
Investment advisory fees		56,780
Fund administration and transfer agent fees		226
Administrative services fees		1,514
Custodian fees		471
Trustee fees		869
Compliance program costs (Note 3)		42
Other		3,263

Total Liabilities		1,053,048

Net Assets	$	24,634,208

Represented by:
Capital	$	27,245,801
Accumulated net investment income		326
Accumulated net realized losses from investment transactions		(674,967	)
Net unrealized appreciation/(depreciation) from investments		(1,936,952	)

Net Assets	$	24,634,208

Net Assets:
Class I Shares	$	3,037,957
Class III Shares		21,596,251

Total	$	24,634,208

Shares outstanding (unlimited number of shares authorized):
Class I Shares		258,562
Class III Shares		1,834,059

Total		2,092,621

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	11.75
Class III Shares	$	11.78

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT
	Nationwide
	Leaders Fund

INVESTMENT INCOME:
Interest income	$	17,507
Dividend income		193,320
Foreign tax withholding		(52	)

Total Income		210,775

Expenses:
Investment advisory fees		113,433
Fund administration and transfer agent fees		7,178
Administrative services fees Class I Shares		951
Administrative services fees Class III Shares		10,832
Custodian fees		2,872
Trustee fees		1,110
Compliance program costs (Note 3)		84
Other		7,834

Total expenses before earnings credit		144,294
Earnings credit (Note 6)		(327	)

Net Expenses		143,967

Net Investment Income		66,808

REALIZED/UNREALIZED LOSSES FROM INVESTMENTS:
Net realized losses from investment transactions		(92,676	)
Net change in unrealized appreciation/(depreciation) from investments		(2,770,801	)

Net realized/unrealized losses from investments		(2,863,477	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,796,669	)

See accompanying notes to financial statements.

8 Semiannual Report 2008

Statements of Changes in Net Assets


	NVIT Nationwide Leaders Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	66,808		$	307,961
Net realized gains (losses) from investment transactions		(92,676	)		2,103,591
Net change in unrealized appreciation/(depreciation) from investments		(2,770,801	)		912,809

Change in net assets resulting from operations		(2,796,669	)		3,324,361


Distributions to Shareholders From:
Net investment income:
Class I		(8,640	)		(35,302	)
Class III		(57,842	)		(281,164	)
Net realized gains:
Class I		–			(509,007	)
Class III		–			(3,860,424	)

Change in net assets from shareholder distributions		(66,482	)		(4,685,897	)

Change in net assets from capital transactions		(1,003,450	)		(4,845,047	)

Change in net assets		(3,866,601	)		(6,206,583	)

Net Assets:
Beginning of period		28,500,809			34,707,392

End of period	$	24,634,208		$	28,500,809

Accumulated net investment income at end of period	$	326		$	—


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	475,527		$	2,025,708
Dividends reinvested		8,640			544,308
Cost of shares redeemed		(746,774	)		(1,057,468	)

		(262,607	)		1,512,548

Class III Shares
Proceeds from shares issued		2,860,618			7,092,888
Dividends reinvested		57,842			4,141,583
Cost of shares redeemed (a)		(3,659,303	)		(17,592,066	)

		(740,843	)		(6,357,595	)

Change in net assets from capital transactions	$	(1,003,450	)	$	(4,845,047	)

See accompanying notes to financial statements.

2008 Semiannual Report 9

NVIT Nationwide Leaders Fund


			Investment Activities								Distributions													Ratios / Supplemental Data

					Net Realized																						Net					Ratio of Net
					and																						Assets		Ratio of			Investment			Ratio of Expenses
	Net Asset				Unrealized			Total																			at End		Expenses			Income			(Prior to
	Value,		Net		Gains			from			Net			Net								Net Asset					of		to Average			to Average			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total			Redemption		Value, End		Total			Period		Net			Net			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Gains			Distributions			Fees		of Period		Return (a)			(000s)		Assets (b)			Assets (b)			Net Assets (b) (c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2008 (Unaudited)	$	13.04		0.03		(1.29	)		(1.26	)		(0.03	)		–			(0.03	)		–	$	11.75		(9.64%	)	$	3,038		1.12	%		0.57	%		1.12	%		386.66	%
Year Ended December 31, 2007	$	13.74		0.12		1.44			1.56			(0.15	)		(2.11	)		(2.26	)		–	$	13.04		11.56%		$	3,690		1.11	%		0.94	%		1.11	%		660.60	%
Year Ended December 31, 2006	$	12.89		0.10		1.96			2.06			(0.12	)		(1.09	)		(1.21	)		–	$	13.74		16.05%		$	2,421		1.12	%		0.55	%		(e)			671.16	%
Year Ended December 31, 2005	$	13.78		0.15		1.21			1.36			(0.17	)		(2.08	)		(2.25	)		–	$	12.89		10.31%		$	1,496		1.16	%		1.18	%		(e)			483.17	%
Year Ended December 31, 2004	$	11.81		0.06		2.15			2.21			(0.05	)		(0.20	)		(0.25	)		0.01	$	13.78		18.79%		$	927		1.19	%		0.55	%		(e)			259.37	%
Year Ended December 31, 2003	$	9.44		0.01		2.37			2.38			(0.02	)		–			(0.02	)		0.01	$	11.81		25.38%		$	530		1.14	%		0.05	%		(e)			244.94	%

Class III Shares
Six Months Ended June 30, 2008 (Unaudited)	$	13.07		0.03		(1.29	)		(1.26	)		(0.03	)		–			(0.03	)		–	$	11.78		(9.63%	)	$	21,596		1.16	%		0.53	%		1.16	%		386.66	%
Year Ended December 31, 2007	$	13.77		0.15		1.41			1.56			(0.15	)		(2.11	)		(2.26	)		–	$	13.07		11.56%		$	24,811		1.07	%		0.96	%		1.08	%		660.60	%
Year Ended December 31, 2006	$	12.91		0.10		1.97			2.07			(0.12	)		(1.09	)		(1.21	)		–	$	13.77		16.12%		$	32,286		1.10	%		0.63	%		(e)			671.16	%
Year Ended December 31, 2005	$	13.80		0.16		1.20			1.36			(0.17	)		(2.08	)		(2.25	)		–	$	12.91		10.30%		$	20,271		1.16	%		1.26	%		(e)			483.17	%
Year Ended December 31, 2004	$	11.83		0.06		2.15			2.21			(0.05	)		(0.20	)		(0.25	)		0.01	$	13.80		18.77%		$	9,617		1.17	%		0.48	%		(e)			259.37	%
Year Ended December 31, 2003	$	9.44		0.01		2.39			2.40			(0.02	)		–			(0.02	)		0.01	$	11.83		25.59%		$	8,801		1.13	%		0.16	%		(e)			244.94	%


(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.

See accompanying notes to financial statements.

2008 Semiannual Report 11

Notes to Financial Statements

June 30, 2008 (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 December 31, 1981, and as subsequently amended, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Nationwide Leaders Fund (the “Fund”) (formerly “Nationwide NVIT Nationwide Leaders Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

12 Semiannual Report 2008

method of determining “Fair Value.” For example, fair value determinations take into account 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 an event occurring between 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, among others. 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.


	•	Level 1 – quoted prices in active markets for identical assets.

	•	Level 2 – other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:

Level 3 –

Level 2 – Other

Significant

Unobservable

Level 1 – Quoted Prices

Observable Inputs

Inputs

Total Investments

$25,360,453

–

25,360,453

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(b)	Repurchase Agreements


(c)	Futures Contracts


(d)	Written Options Contracts

14 Semiannual Report 2008


(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 earmark or 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, if any, includes the deposits with brokers and securities held long would be shown in the Statement of Investments for the Fund.


(f)	Security Transactions and Investment Income


(g)	Securities Lending


(h)	Distributions to Shareholders

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

temporary in nature. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(i)	Federal Income Taxes

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 tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. 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.


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

3. Transactions with Affiliates

16 Semiannual Report 2008

The Fund pays a performance-based fee to NFA. This performance-based fee can vary depending on the Fund’s performance relative to its benchmark, the S&P 500 Index. This fee is intended to either reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, the Fund’s benchmark.


Out or Underperformance	Change in Fees

+/− 1 percentage point		+/− 0.02%


+/− 2 percentage points		+/− 0.04%


+/− 3 percentage points		+/− 0.06%


+/− 4 percentage points		+/− 0.08%


+/− 5 percentage points or more		+/− 0.10%

Base Fee Breakpoints and Performance Adjustments (base management fees, as well as the maximum and minimum performance-adjusted fees, not including any applicable waivers)


Net Assets	Minimum Fee		Base Fee		Maximum Fee

On assets up to $500 million		0.70%		0.80%		0.90%


On assets of $500 million or more but less than $2 billion		0.60%		0.70%		0.80%


On assets of $2 billion and more		0.55%		0.65%		0.75%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $54,852 for the six months ended June 30, 2008.

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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 in a given quarter is approved by the Board of Trustees on an advance 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, 2008, there were no cumulative potential reimbursements for all share classes of the Fund.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

For the six months ended June 30, 2008, NFS received $17,693 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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 preapproval of the Trust’s Audit Committee. For the six months ended June 30, 2008, the Fund’s portion of such costs amounted to $84.

18 Semiannual Report 2008

As of June 30, 2008, the Adviser or affiliates of the Adviser directly held 7% of the shares outstanding of the Fund.

4. Short-Term Trading Fees

For the six months ended June 30, 2008, Class III shares had contributions to capital due to collection of redemption fees in the amount of $686.

For the year ended December 31, 2007, Class III shares had contributions to capital due to collection of redemption fees in the amount of $5,931.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $92,901,485 and sales of $93,095,389.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

7. Portfolio Investment Risks

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those 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 its Trustees and certain Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with the Trust’s vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. New Accounting Pronouncements

10. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	27,617,655	$	316,462	$	(2,573,664)	$	(2,257,202)

20 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

22 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

24 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 25

Supplemental Information (Unaudited)

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,“ copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

26 Semiannual Report 2008

The Trustees found that the Fund’s performance was acceptable over the one-year period, and longer-term performance had been 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 and improve performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee (a performance-based fee structure) compared with peer group funds was high, but the Board also found that the services provided justify the higher fee in this concentrated Fund. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

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. The Trustees found that the Fund’s total expenses compared with peer group funds were higher, but were justified for this concentrated Fund, and the Adviser agreed to maintain the expense cap at 115 basis points (excluding certain Fund expenses as set forth in the Fund’s prospectus). Based on its review, the Board concluded that the Fund’s total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

Gartmore NVIT Emerging Markets Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

9			Statement of Assets and Liabilities

11			Statement of Operations

12			Statement of Changes in Net Assets

14			Financial Highlights

15			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-EM (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	Gartmore NVIT Emerging Markets Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
Gartmore NVIT Emerging			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Markets Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class I	Actual			1,000.00		884.30		6.09		1.30
	Hypothetical	^b		1,000.00		1,018.40		6.52		1.30


Class II	Actual			1,000.00		883.20		7.30		1.56
	Hypothetical	^b		1,000.00		1,017.11		7.82		1.56


Class III	Actual			1,000.00		884.10		6.14		1.31
	Hypothetical	^b		1,000.00		1,018.35		6.57		1.31


Class VI	Actual			1,000.00		883.50		6.70		1.43
	Hypothetical	^b		1,000.00		1,017.75		7.17		1.43


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	Gartmore NVIT Emerging Markets Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			82.2%
Preferred Stocks			11.9%
Equity-Linked Notes			5.7%
Other Investments*			1.6%
Liabilities in excess of other assets**			-1.4%

			100.00%


Top Industries

Oil, Gas & Consumable Fuels			22.1%
Commercial Banks			14.8%
Metals & Mining			12.9%
Wireless Telecommunication Services			8.5%
Semiconductors & Semiconductor Equipment			6.5%
Electric Utilities			4.3%
Chemicals			3.9%
Diversified Telecommunication Services			2.9%
Insurance			1.9%
Multiline Retail			1.8%
Other			20.4%

			100.0%


Top Holdings***

Petroleo Brasileiro SA ADR			5.0%
Gazprom OAO ADR			4.8%
Companhia Vale do Rio Doce, Class A			3.3%
China Mobile Ltd.			2.6%
CEZ AS			2.2%
Samsung Electronics Co. Ltd.			2.0%
Banpu NVDR			2.0%
CNOOC Ltd.			2.0%
Reliance Industries Ltd.			1.9%
China Construction Bank Corp., Class H			1.9%
Other			72.3%

			100.0%


Top Countries

Brazil			19.8%
Republic of Korea			13.7%
Russian Federation			13.2%
Taiwan			7.3%
Hong Kong			6.8%
Mexico			6.5%
India			6.0%
South Africa			4.8%
China			4.7%
Thailand			3.3%
Other			13.9%

			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 a part of Other.

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

Gartmore NVIT Emerging Markets Fund


Common Stocks (82.2%)
	Shares or
	Principal Amount		Value


ARGENTINA (1.0%)
Energy Equipment & Services (1.0%)
Tenaris SA ADR		54,500	$	4,060,250



BRAZIL (7.9%)
Commercial Banks (1.2%)
Unibanco-Uniao de Bancos Brasileiros SA GDR		38,400		4,874,112

Diversified Telecommunication Services (1.2%)
Brasil Telecom Participacoes SA ADR		64,000		4,695,680

Electric Utility (1.6%)
MPX Energia SA*		11,400		6,579,933

Multiline Retail (1.8%)
Lojas Renner SA		372,300		7,364,227

Oil, Gas & Consumable Fuels (0.8%)
Petroleo Brasileiro SA ADR		47,700		3,378,591

Transportation Infrastructure (1.3%)
Companhia de Concessoes Rodoviarias		268,836		5,309,284

				32,201,827



CHINA (4.7%) (a)
Commercial Banks (1.9%)
China Construction Bank Corp., Class H		9,646,000		7,783,809

Construction Materials (0.7%) (b)
Anhui Conch Cement Co. Ltd.*		390,000		2,612,555

Insurance (0.8%)
Ping An Insurance (Group) Co. of China Ltd.		445,000		3,316,671

Marine (0.5%)
China Shipping Development Co. Ltd.		646,000		1,946,434

Oil, Gas & Consumable Fuels (0.8%)
PetroChina Co. Ltd.		2,571,000		3,323,734

				18,983,203



CZECH REPUBLIC (2.2%) (a)
Electric Utility (2.2%)
CEZ AS		100,611		8,943,784



EGYPT (0.9%)
Diversified Telecommunication Services (0.9%)
Telecom Egypt GDR		233,734		3,681,310



HONG KONG (6.8%) (a)
Independent Power Producers & Energy Traders (1.2%)
China Resources Power Holdings Co.		1,984,300		4,828,076

Marine (1.1%)
Pacific Basin Shipping Ltd.		3,090,000		4,421,547

Oil, Gas & Consumable Fuels (1.9%)
CNOOC Ltd.		4,579,000		7,948,994

Real Estate Management & Development (0.0%)
Agile Property Holdings Ltd.		2,000		1,746

Wireless Telecommunication Services (2.6%)
China Mobile Ltd.		790,800		10,615,124

				27,815,487



INDIA (2.1%)
Commercial Banks (0.3%)
ICICI Bank Ltd. ADR		47,330		1,361,211

Information Technology Services (0.9%)
Satyam Computer Services Ltd. ADR		141,640		3,473,013

Pharmaceutical (0.9%)
Sun Pharmaceutical Industries Ltd.*		111,008		3,614,985

				8,449,209



INDONESIA (0.6%)
Commercial Banks (0.5%) (a)
Bank Central Asia Tbk PT		8,360,500		2,252,549

Oil, Gas & Consumable Fuels (0.1%)
Indika Energy Tbk PT*		681,000		242,027

				2,494,576



ISRAEL (0.6%) (a)
Chemicals (0.6%)
Makhteshim-Agan Industries Ltd.		279,017		2,599,143



KAZAKHSTAN (1.5%) (a)
Oil, Gas & Consumable Fuels (1.5%)
KazMunaiGas Exploration Production GDR		200,450		6,245,458



MALAYSIA (1.7%)
Commercial Banks (0.9%) (a)
Bumiputra Commerce Holdings Bhd		1,486,200		3,653,082

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Gartmore NVIT Emerging Markets Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


MALAYSIA (continued)

Food Products (0.1%) (a)
IOI Corp. Bhd		224,240	$	512,653

Wireless Telecommunication Services (0.7%)
TM International Bhd*		1,573,600		2,964,055

				7,129,790



MEXICO (6.5%)
Commercial Banks (1.2%) (b)
Grupo Financiero Banorte SAB de CV		1,044,519		4,912,643

Food & Staples Retailing (1.1%) (b)
Wal-Mart de Mexico SAB de CV, Series V		1,152,964		4,589,718

Metals & Mining (2.3%)
Grupo Mexico SAB de CV, Series B		2,096,817		4,758,099
Industrias CH SAB de CV, Series B*		857,700		4,781,727

				9,539,826

Wireless Telecommunication Services (1.9%)
America Movil SA de CV, Series L ADR		144,674		7,631,554

				26,673,741



MOROCCO (0.3%) (a)
Real Estate Management & Development (0.3%)
Compagnie Generale Immobiliere		3,389		1,116,833



PERU (1.1%)
Commercial Banks (1.1%)
Credicorp Ltd.		54,989		4,515,697



POLAND (1.5%)
Beverages (0.6%)
Central European Distribution Corp.*		32,729		2,426,856

Diversified Telecommunication Services (0.9%) (a)
Telekomunikacja Polska SA		374,068		3,623,330

				6,050,186



REPUBLIC OF KOREA (13.7%)
Building Products (0.5%) (a)
KCC Corp.		5,076	$	2,112,047

Chemicals (1.3%) (a)
LG Chem Ltd.		54,656		5,219,458

Commercial Banks (3.1%)
Industrial Bank of Korea(a)		272,180		4,150,632
Kookmin Bank ADR		110,103		6,442,127
Shinhan Financial Group Co. Ltd. (a)		49,500		2,229,861

				12,822,620

Household Durables (0.8%) (a)
LG Electronics, Inc.		30,401		3,438,318

Industrial Conglomerate (0.8%) (a)
LG Corp.		48,400		3,136,218

Insurance (1.1%) (a)
Samsung Fire & Marine Insurance Co. Ltd.		21,024		4,391,674

Machinery (1.3%) (a)
Hanjin Heavy Industries & Construction Co. Ltd.		58,263		2,499,351
Hyundai Heavy Industries		8,714		2,694,868

				5,194,219

Metals & Mining (1.8%) (a)
POSCO		13,738		7,155,204

Semiconductors & Semiconductor Equipment (3.0%) (a)
Samsung Electronics Co. Ltd.		13,954		8,337,851
Samsung Electronics Co. Ltd. GDR		17,997		3,842,359

				12,180,210

				55,649,968



RUSSIAN FEDERATION (13.2%)
Automobiles (1.5%) (a)
Severstal-Avto		99,406		6,239,136

Chemicals (1.3%) (a)
Uralkali GDR		73,574		5,307,967

Commercial Banks (1.8%) (a)
Sberbank		2,335,800		7,362,453

Metals & Mining (1.9%)
Chelyabinsk Zinc Plant* (a)		44,200		353,600
Evraz Group SA GDR (a)		20,800		2,412,523
MMC Norilsk Nickel ADR		203,500		5,146,515

				7,912,638

Oil, Gas & Consumable Fuels (5.4%) (a)
Gazprom OAO ADR*		337,493		19,608,343
LUKOIL ADR		23,700		2,327,550

				21,935,893

6 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


RUSSIAN FEDERATION (continued)

Transportation Infrastructure (0.3%)(a)
Novorossiysk Commercial Sea Port GDR		66,092	$	990,058

Wireless Telecommunication Services (1.0%)
Mobile Telesystems OJSC ADR		52,046		3,987,244

				53,735,389



SOUTH AFRICA (4.8%) (a)
Industrial Conglomerate (0.8%)
Barloworld Ltd.		335,880		3,426,551

Metals & Mining (1.1%)
Impala Platinum Holdings Ltd.		110,940		4,365,453

Oil, Gas & Consumable Fuels (1.4%)
Sasol Ltd.		96,946		5,714,002

Wireless Telecommunication Services (1.5%)
MTN Group Ltd.		378,676		6,001,729

				19,507,735



TAIWAN (7.3%)
Chemicals (0.7%) (a)
Nan Ya Plastics Corp.		1,317,900		2,796,562

Computers & Peripherals (0.9%) (a)
Asustek Computer, Inc.		1,381,000		3,751,553

Construction Materials (0.6%) (a)
Taiwan Cement Corp.		1,867,198		2,518,802

Electronic Equipment & Instruments (0.8%) (a)
Delta Electronics, Inc.		210		583
HON HAI Precision Industry Co. Ltd.		704,080		3,462,835

				3,463,418

Metals & Mining (0.8%) (a)
China Steel Corp.		2,103,000		3,242,297

Semiconductors & Semiconductor Equipment (3.5%)
Advanced Semiconductor Engineering, Inc. (a)		4,347,070		3,897,312
Taiwan Semiconductor Manufacturing Co. Ltd. (a)		3,651,112		7,759,119
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		226,711		2,473,417

				14,129,848

				29,902,480



THAILAND (3.3%)
Oil, Gas & Consumable Fuels (3.3%)
Banpu NVDR		509,208		8,062,155
PTT Exploration & Production PCL NVDR (a)		921,400		5,331,175

				13,393,330



TURKEY (0.5%) (a)
Commercial Banks (0.5%)
Turkiye Vakiflar Bankasi Tao, Class D		1,532,409		1,993,519


Total Common Stocks				335,142,915


Equity-Linked Notes (5.7%)


EGYPT (0.5%)
Real Estate Management & Development (0.5%)
Talaat Moustafa Group 0.00%, 11/24/08		1,039,700		1,871,460



INDIA (3.9%)
Electric Utilities (0.5%)
Tata Power Co. Ltd. 0.00%, 03/28/12		74,747		1,836,534

Metals & Mining (0.6%)
Tata Steel Ltd. 0.00%, 05/20/10		151,222		2,561,701

Oil, Gas & Consumable Fuels (1.9%)
Reliance Industries Ltd. 0.00%, 03/09/09		161,403		7,860,326

Wireless Telecommunication Services (0.9%)
Bharti Airtel Ltd. 0.00%, 01/24/17		210,286		3,526,496

				15,785,057



MALAYSIA (0.6%)
Food Products (0.6%)
IOI Corp. Bhd		1,001,250		2,282,850



UNITED ARAB EMIRATES (0.7%)
Commercial Banks (0.7%)
Union National Bank 0.00%, 01/05/10		1,244,784		3,087,064


Total Equity-Linked Notes				23,026,431


Preferred Stocks (11.9%)


BRAZIL (11.9%)
Beverages (1.0%)
Cia Brasileira de Distribuicao Groupo Pao de Acucar ADR		98,348		4,175,856

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Gartmore NVIT Emerging Markets Fund (Continued)


Preferred Stocks (continued)
	Shares or
	Principal Amount		Value

Commercial Banks (1.5%)
Banco Bradesco SA		286,917	$	5,840,030

Metals & Mining (4.4%)
Companhia Vale do Rio Doce, Class A		447,216		13,297,044
Usinas Siderurgicas de Minas Gerais SA, Class A		94,200		4,635,938

				17,932,982

Oil, Gas & Consumable Fuels (5.0%)
Petroleo Brasileiro SA ADR		353,776		20,501,320


Total Preferred Stocks				48,450,188


Securities Purchased With Collateral For Securities On Loan (1.6%)


Repurchase Agreement (1.6%)
Barclays Capital, 2.50%, dated 06/30/08, due 07/01/08, repurchase price $6,441,159, collateralized by U.S. Government Agency Mortgages ranging 2.64%-15.43%, maturing 12/15/13-05/25/38; total market value of $6,569,525	$	6,440,711		6,440,711


Total Securities Purchased With Collateral For Securities On Loan				6,440,711


Total Investments (Cost $344,584,785) (c) — 101.4%				413,060,245


Liabilities in excess of other assets — (1.4)%				(5,707,727	)


NET ASSETS — 100.0%			$	407,352,518


*		Denotes a non-income producing security.

(a)		Fair Valued Security.

(b)		All or a part of the security was on loan as of June 30, 2008.

(c)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.


ADR		American Depositary Receipt

GDR		Global Depositary Receipt

NVDR		Non Voting Depositary Receipt

See accompanying notes to financial statements.

8 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	Gartmore
	NVIT Emerging
	Markets Fund

Assets:
Investments, at value (cost $338,144,074)*	$	406,619,534
Repurchase agreements, at cost and value†		6,440,711

Total Investments		413,060,245

Foreign currencies, at value (cost $58,797)		58,844
Interest and dividends receivable		1,065,969
Receivable for capital shares issued		31,551
Receivable for investments sold		6,477,216
Reclaims receivable		10,045
Prepaid expenses and other assets		35,404

Total Assets		420,739,274

Liabilities:
Cash overdraft		2,643,183
Payable for investments purchased		2,444,873
Unrealized depreciation on spot foreign currency contracts		12,507
Payable upon return of securities loaned (Note 2)		6,440,711
Payable for capital shares redeemed		563,405
Accrued expenses and other payables:
Investment advisory fees		1,184,034
Fund administration and transfer agent fees		16,797
Distribution fees		24,066
Administrative services fees		28,655
Custodian fees		18,885
Trustee fees		4,129
Compliance program costs (Note 3)		735
Other		4,776

Total Liabilities		13,386,756

Net Assets	$	407,352,518

Represented by:
Capital	$	250,406,997
Accumulated net investment income		706,366
Accumulated net realized gains from investment and foreign currency transactions		87,754,242
Net unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		68,484,913

Net Assets	$	407,352,518

Net Assets:
Class I Shares	$	69,221,787
Class II Shares		7,629,312
Class III Shares		225,920,352
Class VI Shares		104,581,067

Total	$	407,352,518

See accompanying notes to financial statements.

2008 Semiannual Report 9

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	Gartmore NVIT
	Emerging Markets
	Fund

INVESTMENT INCOME:
Interest income	$	30,168
Dividend income		5,240,660
Income from securities lending (Note 2)		100,851
Foreign tax withholding		(364,723	)

Total Income		5,006,956

Expenses:
Investment advisory fees		2,353,162
Fund administration and transfer agent fees		113,230
Distribution fees Class II Shares		10,187
Distribution fees Class VI Shares		134,961
Administrative services fees Class I Shares		41,288
Administrative services fees Class II Shares		5,100
Administrative services fees Class III Shares		154,031
Custodian fees		21,633
Trustee fees		10,647
Compliance program costs (Note 3)		167
Other		59,598

Total expenses before earnings credit		2,904,004
Earnings credit (Note 6)		(1,382	)

Net Expenses		2,902,622

Net Investment Income		2,104,334

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		20,003,853
Net realized gains from foreign currency transactions		267,543

Net realized gains from investment and foreign currency transactions		20,271,396
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(81,236,501	)

Net realized/unrealized losses from investments and translation of assets and liabilities denominated in foreign currencies		(60,965,105	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(58,860,771	)

See accompanying notes to financial statements.

2008 Semiannual Report 11

Statements of Changes in Net Assets


	Gartmore NVIT Emerging Markets Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	2,104,334		$	2,792,511
Net realized gains from investment and foreign currency transactions		20,271,396			67,678,445
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(81,236,501	)		72,342,943

Change in net assets resulting from operations		(58,860,771	)		142,813,899


Distributions to Shareholders From:
Net investment income:
Class I		(249,638	)		(413,677	)
Class II		(18,267	)		(38,948	)
Class III		(842,169	)		(1,670,240	)
Class VI		(311,030	)		(586,038	)
Net realized gains:
Class I		–			(5,931,932	)
Class II		–			(979,635	)
Class III		–			(24,362,173	)
Class VI		–			(9,036,777	)

Change in net assets from shareholder distributions		(1,421,104	)		(43,019,420	)

Change in net assets from capital transactions		(45,254,209	)		90,151,894

Change in net assets		(105,536,084	)		189,946,373

Net Assets:
Beginning of period		512,888,602			322,942,229

End of period	$	407,352,518		$	512,888,602

Accumulated net investment income at end of period	$	706,366		$	23,136


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	13,429,307		$	24,402,284
Dividends reinvested		249,638			6,345,599
Cost of shares redeemed		(12,902,363	)		(13,991,360	)

		776,582			16,756,523

Class II Shares
Proceeds from shares issued		3,064			6,219
Dividends reinvested		18,267			1,018,582
Cost of shares redeemed		(963,736	)		(2,342,221	)

		(942,405	)		(1,317,420	)

Class III Shares
Proceeds from shares issued		17,903,111			85,001,467
Dividends reinvested		842,169			26,032,372
Cost of shares redeemed (a)		(57,054,468	)		(68,643,044	)

		(38,309,188	)		42,390,795

See accompanying notes to financial statements.

12 Semiannual Report 2008


	Gartmore NVIT Emerging Markets Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)

CAPITAL TRANSACTIONS: (continued)
Class VI Shares
Proceeds from shares issued	$	12,639,225		$	46,740,126
Dividends reinvested		311,025			9,622,809
Cost of shares redeemed (a)		(19,729,448	)		(24,040,939	)

		(6,779,198	)		32,321,996

Change in net assets from capital transactions	$	(45,254,209	)	$	90,151,894


SHARE TRANSACTIONS:
Class I Shares
Issued		657,382			1,189,263
Reinvested		12,658			340,767
Redeemed		(631,849	)		(728,074	)

		38,191			801,956

Class II Shares
Issued		64			50
Reinvested		929			55,203
Redeemed		(48,135	)		(121,506	)

		(47,142	)		(66,253	)

Class III Shares
Issued		873,489			4,192,756
Reinvested		42,767			1,399,588
Redeemed		(2,798,614	)		(3,634,347	)

		(1,882,358	)		1,957,997

Class VI Shares
Issued		609,631			2,331,450
Reinvested		15,768			517,233
Redeemed		(966,196	)		(1,284,704	)

		(340,797	)		1,563,979

Total change in shares		(2,232,106	)		4,257,679


(a)		Includes redemption fees — see Note 4 to Financial Statements.

See accompanying notes to financial statements.

2008 Semiannual Report 13

Gartmore NVIT Emerging Markets Fund


			Investment Activities								Distributions																Ratios / Supplemental Data

					Net Realized																											Ratio of Net
					and																											Investment			Ratio of
					Unrealized																								Ratio of			Income			Expenses
	Net Asset				Gains			Total																			Net Assets		Expenses			to			(Prior to
	Value,		Net		(Losses)			from			Net			Net								Net Asset					at End of		to			Average			Reimbursements)
	Beginning		Investment		on			Investment			Investment			Realized			Total			Redemption		Value, End		Total			Period		Average			Net			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Gains			Distributions			Fees		of Period		Return (a)			(000s)		Net Assets (b)			Assets (b)			Net Assets (c)			Turnover (d)
Class I Shares
Six Months ended June 30, 2008 (Unaudited)	$	22.61		0.10		(2.72	)		(2.62	)		(0.07	)		–			(0.07	)		–	$	19.92		(11.57%	)	$	69,222		1.30	%		1.02	%		1.30	%		30.41	%
Year ended December 31, 2007	$	17.52		0.14		7.31			7.45			(0.14	)		(2.23	)		(2.37	)		–	$	22.61		45.58%		$	77,699		1.37	%		0.73	%		1.37	%		62.52	%
Year ended December 31, 2006	$	13.08		0.12		4.58			4.70			(0.10	)		(0.17	)		(0.27	)		0.01	$	17.52		36.72%		$	46,161		1.33	%		0.81	%		(e)			114.19	%
Year ended December 31, 2005	$	10.83		0.10		3.38			3.48			(0.07	)		(1.16	)		(1.23	)		–	$	13.08		32.64%		$	30,292		1.46	%		0.89	%		(e)			132.22	%
Year ended December 31, 2004	$	9.84		0.13		1.89			2.02			(0.11	)		(0.93	)		(1.04	)		0.01	$	10.83		20.74%		$	20,280		1.47	%		1.08	%		(e)			151.18	%
Year ended December 31, 2003	$	5.99		0.09		3.80			3.89			(0.05	)		–			(0.05	)		0.01	$	9.84		65.26%		$	16,993		1.39	%		1.17	%		(e)			133.49	%

Class II Shares
Six Months ended June 30, 2008 (Unaudited)	$	22.46		0.08		(2.70	)		(2.62	)		(0.05	)		–			(0.05	)		–	$	19.79		(11.68%	)	$	7,629		1.56	%		0.75	%		1.56	%		30.41	%
Year ended December 31, 2007	$	17.42		0.11		7.24			7.35			(0.09	)		(2.23	)		(2.32	)		–	$	22.46		45.19%		$	9,720		1.61	%		0.53	%		1.61	%		62.52	%
Year ended December 31, 2006	$	13.02		0.09		4.55			4.64			(0.08	)		(0.17	)		(0.25	)		0.01	$	17.42		36.31%		$	8,692		1.58	%		0.61	%		(e)			114.19	%
Year ended December 31, 2005	$	10.79		0.07		3.37			3.44			(0.05	)		(1.16	)		(1.21	)		–	$	13.02		32.33%		$	8,141		1.71	%		0.61	%		(e)			132.22	%
Year ended December 31, 2004	$	9.82		0.11		1.87			1.98			(0.09	)		(0.93	)		(1.02	)		0.01	$	10.79		20.44%		$	8,178		1.72	%		0.87	%		(e)			151.18	%
Year ended December 31, 2003	$	5.99		0.04		3.81			3.85			(0.03	)		–			(0.03	)		0.01	$	9.82		64.66%		$	6,360		1.66	%		0.35	%		(e)			133.49	%

Class III Shares
Six Months ended June 30, 2008 (Unaudited)	$	22.59		0.11		(2.73	)		(2.62	)		(0.07	)		–			(0.07	)		–	$	19.90		(11.59%	)	$	225,920		1.31	%		1.01	%		1.31	%		30.41	%
Year ended December 31, 2007	$	17.51		0.15		7.29			7.44			(0.14	)		(2.23	)		(2.37	)		–	$	22.59		45.55%		$	299,039		1.36	%		0.74	%		1.36	%		62.52	%
Year ended December 31, 2006	$	13.08		0.12		4.57			4.69			(0.10	)		(0.17	)		(0.27	)		0.01	$	17.51		36.64%		$	197,467		1.33	%		0.87	%		(e)			114.19	%
Year ended December 31, 2005	$	10.83		0.08		3.40			3.48			(0.07	)		(1.16	)		(1.23	)		–	$	13.08		32.65%		$	151,546		1.45	%		0.75	%		(e)			132.22	%
Year ended December 31, 2004	$	9.84		0.12		1.90			2.02			(0.11	)		(0.93	)		(1.04	)		0.01	$	10.83		20.76%		$	66,844		1.48	%		1.08	%		(e)			151.18	%
Year ended December 31, 2003	$	5.99		0.06		3.82			3.88			(0.04	)		–			(0.04	)		0.01	$	9.84		65.22%		$	46,902		1.42	%		0.89	%		(e)			133.49	%

Class VI Shares
Six Months ended June 30, 2008 (Unaudited)	$	22.58		0.09		(2.72	)		(2.63	)		(0.06	)		–			(0.06	)		–	$	19.89		(11.65%	)	$	104,581		1.43	%		0.88	%		1.43	%		30.41	%
Year ended December 31, 2007	$	17.50		0.12		7.30			7.42			(0.12	)		(2.23	)		(2.35	)		–	$	22.58		45.45%		$	126,431		1.45	%		0.62	%		1.45	%		62.52	%
Year ended December 31, 2006	$	13.07		0.10		4.58			4.68			(0.09	)		(0.17	)		(0.26	)		0.01	$	17.50		36.56%		$	70,623		1.43	%		0.69	%		(e)			114.19	%
Year ended December 31, 2005	$	10.83		0.07		3.40			3.47			(0.07	)		(1.16	)		(1.23	)		–	$	13.07		32.49%		$	36,000		1.55	%		0.59	%		(e)			132.22	%
Period ended December 31, 2004 (f)	$	10.11		0.05		1.62			1.67			(0.10	)		(0.86	)		(0.96	)		0.01	$	10.83		16.70%		$	8,862		1.68	%		0.97	%		(e)			151.18	%


(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 waivers/reimbursements during the period.
(f)	For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

See accompanying notes to financial statements.

2008 Semiannual Report 14

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Gartmore NVIT Emerging Markets Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


	•	Level 1 – quoted prices in active markets for identical assets.

	•	Level 2 – other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:

Level 3 –

Level 2 – Other

Significant

Unobservable

Level 1 – Quoted Prices

Observable Inputs

Inputs

Total Investments

$107,265,511

305,794,734

–

413,060,245

16 Semiannual Report 2008


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

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” payments, are made or received 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.

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(f)	Written Options Contracts


(g)	Equity-Linked Notes

Equity-linked 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 markets in India, Egypt, and United Arab Emirates 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 an equity-linked note by the 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, equity-linked 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, equity-linked 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 an equity-linked note defaulted under the terms of the note.


(h)	Security Transactions and Investment Income

18 Semiannual Report 2008


(i)	Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33% 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 the 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, 2008, the Fund had securities with the following value on loan:


Value of Loaned Securities		Value of Collateral

$	7,742,706	$	8,036,391	*


*		Includes $1,595,680 in the form of U.S. Government securities, interest rates ranging from 2.64% to 15.43%, and maturity dates ranging from 12/15/13 to 05/25/38.


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(k)	Federal Income Taxes

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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 tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. 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.


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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.

The Fund pays a performance-based fee to NFA. This performance-based fee can vary depending on the Fund’s performance relative to its benchmark, the MSCI Emerging Markets Index. This fee is intended to either reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, the Fund’s benchmark.

20 Semiannual Report 2008

applicable to the Fund’s base fee (as such base fee may be adjusted by Base Fee Breakpoints). NFA pays/(charges) the entire performance component of the fee to the Fund’s subadviser.


Out or Underperformance	Change in Fees

+/− 1 percentage point		+/− 0.02%


+/− 2 percentage points		+/− 0.04%


+/− 3 percentage points		+/− 0.06%


+/− 4 percentage points		+/− 0.08%


+/− 5 percentage points or more		+/− 0.10%

Base Fee Breakpoints and Performance Adjustments (base management fees, as well as the maximum and minimum performance-adjusted fees, not including any applicable waivers)


Net Assets	Minimum Fee		Base Fee		Maximum Fee

On assets up to $500 million		0.95%		1.05%		1.15%


On assets of $500 million or more but less than $2 billion		0.90%		1.00%		1.10%


On assets of $2 billion and more		0.85%		0.95%		1.05%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $1,135,177 for the six months ended June 30, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA, 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 in a given quarter is approved by the Board of Trustees on an advance 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, 2008, 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 (“NFM”) a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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

2008 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

proportionately among all funds within the Trust in proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (“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. 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%. NFD is a wholly-owned subsidiary of NFSDI.

For the six months ended June 30, 2008, NFS received $252,040 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such costs amounted to $167.

4. Short-Term Trading Fees

22 Semiannual Report 2008

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.

For the six months ended June 30, 2008, Class III and Class VI shares had contributions to capital due to collection of redemption fees in the amount of $61,612 and $29,458, respectively.

For the year ended December 31, 2007, Class III and Class VI shares had contributions to capital due to collection of redemption fees in the amount of $186,872 and $37,749, respectively.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $131,810,717 and sales of $174,028,516.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

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 Demand Deposit Accounts (“DDA”). The earnings credits are allocated across those funds that use DDAs based on the number of open Shareholder accounts in each fund. If the earnings credits for a particular month exceed gross service charges generated by the DDAs, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

2008 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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 its Trustees and certain Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with the Trust’s vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. New Accounting Pronouncements

10. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	344,894,721	$	87,433,922	$	(19,268,398)	$	68,165,524

24 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 25

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

26 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 27

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

28 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 29

Supplemental Information (Unaudited)

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,“ copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

30 Semiannual Report 2008

The Trustees found that the Fund’s performance had been very good in all periods. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Adviser and subadviser to maintain performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee (a performance-based fee structure) compared with peer group funds was approximately at the median of the peer group of funds, and the performance-based fee had resulted in a higher advisory fee due to the Fund’s good performance. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

Gartmore NVIT International Equity Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

8			Statement of Assets and Liabilities

10			Statement of Operations

11			Statement of Changes in Net Assets

13			Financial Highlights

14			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-IE (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	Gartmore NVIT International Equity Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008

Beginning

Ending

Expenses Paid

Expense Ratio

Gartmore NVIT

Account Value ($)

During Period ($)

During Period (%)

International Equity Fund

01/01/08

06/30/08

01/01/08 - 06/30/08^a

Class I

Actual

1,000.00

943.70

5.75

1.19

Hypothetical

1,000.00

1,018.95

5.97

1.19

Class III

Actual

1,000.00

943.40

6.18

1.28

Hypothetical

1,000.00

1,018.50

6.42

1.28

Class VI

Actual

1,000.00

959.60

7.11*

1.46*

Hypothetical

1,000.00

1,017.60

7.32*

1.46*


^*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 61/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

^c		For the period from May 1, 2008 (commencement of operations) through June 30, 2008.

2008 Semiannual Report 3


Portfolio Summary	Gartmore NVIT International Equity Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			98.9%
Repurchase Agreements			0.5%
Other assets in excess of liabilities			0.6%

			100.0%


Top Industries

Oil, Gas & Consumable Fuels			14.7%
Metals & Mining			12.5%
Chemicals			9.8%
Commercial Banks			8.1%
Machinery			5.6%
Wireless Telecommunication Services			5.7%
Tobacco			4.4%
Automobiles			4.0%
Diversified Telecommunication Services			3.7%
Electrical Equipment			3.7%
Other			27.8%

			100.0%


Top Holdings*

Royal Dutch Shell PLC, Class A			3.8%
Agrium, Inc.			2.7%
Syngenta AG			2.6%
ArcelorMittal			2.6%
BG Group PLC			2.6%
Petroleo Brasileiro SA ADR			2.5%
Nestle SA			2.4%
Nintendo Co. Ltd.			2.3%
Vallourec			2.3%
Companhia Vale do Rio Doce ADR			2.3%
Other			73.9%

			100.0%


Top Countries

United Kingdom			22.3%
Japan			13.3%
Switzerland			10.0%
France			9.2%
Brazil			6.5%
United States			5.7%
Australia			4.6%
Hong Kong			4.6%
Canada			4.2%
Germany			3.2%
Other			16.4%

			100.0%


*		For purpose of listing top holdings, repurchase agreements are included as a part of Other.

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

Gartmore NVIT International Equity Fund


Common Stocks (98.9%)
	Shares or
	Principal Amount		Value


AUSTRALIA (4.6%) (a)
Biotechnology (2.0%)
CSL Ltd.		65,170	$	2,230,239

Information Technology Services (1.7%)
Computershare Ltd.		215,990		1,903,343

Metals & Mining (0.9%)
MacArthur Coal Ltd.		63,900		1,031,168

				5,164,750



BRAZIL (6.5%)
Commercial Banks (1.7%)
Unibanco — Uniao de Bancos Brasileiros SA GDR		15,000		1,903,950

Metals & Mining (2.3%)
Companhia Vale do Rio Doce ADR		86,060		2,568,030

Oil, Gas & Consumable Fuels (2.5%)
Petroleo Brasileiro SA ADR		48,620		2,817,529

				7,289,509



CANADA (4.2%)
Chemicals (4.2%)
Agrium, Inc.		28,070		3,018,648
Potash Corp. of Saskatchewan		7,270		1,661,704

				4,680,352



FRANCE (9.2%) (a)
Commercial Banks (1.4%)
Societe Generale		18,635		1,615,487

Diversified Telecommunication Services (1.8%)
France Telecom SA		69,070		2,025,432

Electrical Equipment (1.8%)
Alstom		8,910		2,042,926

Machinery (2.3%)
Vallourec		7,380		2,580,769

Oil, Gas & Consumable Fuels (1.9%)
Total SA		24,650		2,097,976

				10,362,590



GERMANY (3.2%) (a)
Electric Utility (2.0%)
E. ON AG		10,750		2,165,387

Machinery (1.2%)
MAN AG		12,460		1,379,338

				3,544,725



HONG KONG (4.6%)
Marine (0.9%) (a)
Pacific Basin Shipping Ltd.		716,000		1,024,540

Real Estate Management & Development (1.9%) (a)
Cheung Kong Holdings Ltd.		66,000		892,548
New World Development Co. Ltd.		599,000		1,223,547

				2,116,095

Wireless Telecommunication Services (1.8%)
China Mobile Ltd. ADR		29,770		1,993,101

				5,133,736



ISRAEL (1.6%)
Pharmaceutical (1.6%)
Teva Pharmaceutical Industries Ltd. ADR		38,940		1,783,452



ITALY (0.9%) (a)
Automobiles (0.9%)
Fiat SpA		59,630		970,504



JAPAN (13.3%) (a)
Automobiles (3.1%)
Honda Motor Co. Ltd.		36,000		1,228,734
Suzuki Motor Corp.		48,500		1,148,863
Toyota Motor Corp.		23,300		1,100,009

				3,477,606

Commercial Banks (0.9%)
Mizuho Financial Group, Inc.		213		991,194

Food & Staples Retailing (1.0%)
Seven & I Holdings Co. Ltd.		41,500		1,188,442

Machinery (2.1%)
NSK Ltd.		271,000		2,374,846

Marine (2.2%)
Mitsui OSK Lines Ltd.		170,000		2,424,877

Software (2.3%)
Nintendo Co. Ltd.		4,600		2,608,906

Tobacco (1.7%)
Japan Tobacco, Inc.		445		1,898,129

				14,964,000



LUXEMBOURG (2.6%) (a)
Metals & Mining (2.6%)
ArcelorMittal		29,830		2,933,139



MEXICO (1.2%)
Commercial Banks (1.2%)
Grupo Financiero Banorte SAB de CV		278,580		1,310,234

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Gartmore NVIT International Equity Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


NORWAY (2.0%) (a)
Chemicals (2.0%)
Yara International ASA		24,800	$	2,191,131



PORTUGAL (1.4%) (a)
Oil, Gas & Consumable Fuels (1.4%)
Galp Energia SGPS SA, B Shares		71,820		1,592,783



RUSSIAN FEDERATION (0.7%)
Specialty Retail (0.7%)
M Video		99,000		806,850



SOUTH AFRICA (1.8%) (a)
Wireless Telecommunication Services (1.8%)
MTN Group Ltd.		125,730		1,992,725



SPAIN (3.1%) (a)
Commercial Banks (1.2%)
Banco Bilbao Vizcaya Argentaria SA		70,800		1,348,883

Diversified Telecommunication Services (1.9%)
Telefonica SA		82,060		2,171,417

				3,520,300



SWITZERLAND (10.0%) (a)
Capital Markets (1.4%)
Julius Baer Holding AG		23,800		1,596,489

Chemicals (2.7%)
Syngenta AG		9,140		2,961,836

Electrical Equipment (1.9%)
ABB Ltd.*		75,670		2,142,428

Food Products (2.4%)
Nestle SA		60,100		2,709,050

Insurance (1.6%)
Zurich Financial Services AG		7,000		1,784,420

				11,194,223



UNITED KINGDOM (22.3%)
Aerospace & Defense (0.0%)
Rolls-Royce Group PLC, B Shares		4,344		9

Airline (0.7%) (a)
British Airways PLC		182,170		775,828

Commercial Banks (1.7%) (a)
Standard Chartered PLC		66,240		1,875,654

Independent Power Producers & Energy Traders (1.9%) (a)
International Power PLC		244,160		2,091,392

Metals & Mining (5.6%) (a)
Anglo American PLC		18,870		1,325,151
BHP Billiton PLC		46,250		1,773,475
Rio Tinto PLC		13,580		1,635,202
Xstrata PLC		19,970		1,590,627

				6,324,455

Oil, Gas & Consumable Fuels (6.4%) (a)
BG Group PLC		112,790		2,930,773
Royal Dutch Shell PLC, Class A		105,060		4,295,814

				7,226,587

Tobacco (2.7%) (a)
British American Tobacco PLC		57,930		1,997,988
Imperial Tobacco Group PLC		28,275		1,050,250

				3,048,238

Water Utility (1.2%) (a)
Pennon Group PLC		106,697		1,349,974

Wireless Telecommunication Services (2.1%) (a)
Vodafone Group PLC		785,940		2,315,346

				25,007,483



UNITED STATES (5.7%)
Chemicals (0.9%)
Mosaic Co. (The)*		7,440		1,076,568

Energy Equipment & Services (1.2%)
Transocean, Inc.*		8,690		1,324,267

Metals & Mining (1.1%)
Freeport-McMoRan Copper & Gold, Inc.		10,250		1,201,197

Oil, Gas & Consumable Fuels (2.5%)
Apache Corp.		12,980		1,804,220
ConocoPhillips		10,600		1,000,535

				2,804,755

				6,406,787


Total Common Stocks				110,849,273

6 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	Gartmore NVIT
	International
	Equity Fund

Assets:
Investments, at value (cost $97,389,948)	$	110,849,273
Repurchase agreements, at cost and value		582,170

Total Investments		111,431,443

Foreign currencies, at value (cost $58,936)		58,951
Interest and dividends receivable		173,711
Receivable for capital shares issued		94,981
Receivable for investments sold		731,558
Unrealized appreciation on futures contracts		580
Reclaims receivable		125,610
Prepaid expenses and other assets		1,081

Total Assets		112,617,915

Liabilities:
Cash overdraft		46,533
Unrealized depreciation on spot foreign currency contracts		469
Payable for capital shares redeemed		140,533
Accrued expenses and other payables:
Investment advisory fees		290,748
Fund administration and transfer agent fees		8,126
Distribution fees		144
Administrative services fees		6,981
Custodian fees		3,631
Trustee fees		1,208
Compliance program costs (Note 3)		192
Other		10,452

Total Liabilities		509,017

Net Assets	$	112,108,898

Represented by:
Capital	$	79,183,736
Accumulated net investment income		415,348
Accumulated net realized gains from investment and foreign currency transactions		19,038,629
Net unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		13,471,185

Net Assets	$	112,108,898

Net Assets:
Class I Shares	$	18,146,683
Class III Shares		92,917,213
Class VI Shares		1,045,002

Total	$	112,108,898

Shares outstanding (unlimited number of shares authorized):
Class I Shares		1,374,894
Class III Shares		7,033,541
Class VI Shares		79,148

Total		8,487,583

See accompanying notes to financial statements.

8 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	Gartmore NVIT
	International Equity Fund

INVESTMENT INCOME:
Interest income	$	10,376
Dividend income		1,839,476
Income from securities lending (Note 2)		102
Foreign tax withholding		(156,490	)

Total Income		1,693,464

Expenses:
Investment advisory fees		572,935
Fund administration and transfer agent fees		34,900
Distribution fees Class VI Shares		200
Administrative services fees Class I Shares		5,323
Administrative services fees Class III Shares		67,918
Administrative services fees Class VI Shares		80
Custodian fees		15,507
Trustee fees		2,870
Compliance program costs (Note 3)		43
Other		27,505

Total expenses before earnings credit		727,281
Earnings credit (Note 6)		(230	)

Net Expenses		727,051

Net Investment Income		966,413

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		5,653,936
Net realized gains from foreign currency transactions		20,577

Net realized gains from investment and foreign currency transactions		5,674,513
Net change in unrealized appreciation/ (depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(13,853,144	)

Net realized/unrealized losses from investments and translation of assets and liabilities denominated in foreign currencies		(8,178,631	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,212,218	)

See accompanying notes to financial statements.

10 Semiannual Report 2008

Statements of Changes in Net Assets


	Gartmore NVIT International Equity Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	966,413		$	411,102
Net realized gains from investment and foreign currency transactions		5,674,513			13,531,192
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(13,853,144	)		11,173,812

Change in net assets resulting from operations		(7,212,218	)		25,116,106


Distributions to Shareholders From:
Net investment income:
Class I		(93,335	)		(72,352	)
Class III		(446,230	)		(392,720	)
Class VI		(2,989	)(a)		–
Net realized gains:
Class I		–			(1,473,604	)
Class III		–			(7,597,748	)

Change in net assets from shareholder distributions		(542,554	)		(9,536,424	)

Change in net assets from capital transactions		(9,284,772	)		22,471,871

Change in net assets		(17,039,544	)		38,051,553

Net Assets:
Beginning of period		129,148,442			91,096,889

End of period	$	112,108,898		$	129,148,442

Accumulated net investment income (loss) at end of period	$	415,348		$	(8,511	)


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,489,408		$	12,467,723
Dividends reinvested		93,335			1,545,953
Cost of shares redeemed		(4,849,064	)		(9,607,522	)

		(3,266,321	)		4,406,154

Class III Shares
Proceeds from shares issued		9,067,199			28,773,270
Dividends reinvested		446,223			7,990,455
Cost of shares redeemed (b)		(16,625,632	)		(18,698,008	)

		(7,112,210	)		18,065,717

Class VI Shares
Proceeds from shares issued		1,098,383	(a)		–
Dividends reinvested		2,989	(a)		–
Cost of shares redeemed (b)		(7,613	)(a)		–

		1,093,759			–

Change in net assets from capital transactions	$	(9,284,772	)	$	22,471,871

See accompanying notes to financial statements.

2008 Semiannual Report 11

Gartmore NVIT International Equity Fund


			Investment Activities								Distributions														Ratios / Supplemental Data

																																	Ratio of
																														Ratio of Net			Expenses
																									Net Assets					Investment			(Prior to
					Net Realized and			Total																	at End of		Ratio of Expenses			Income			reimbursements)
	Net Asset Value,				Unrealized Gains (Losses) on			from Investment			Net Investment			Net						Net Asset Value, End					Period		to Average			to Average			to Average			Portfolio
	Beginning of Period		Net Investment Income		Investments			Activities			Income			Realized Gains			Total Distributions			of Period		Total Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b) (c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2008 (Unaudited)	$	14.06		0.12		(0.91	)		(0.79	)		(0.07	)		–			(0.07	)	$	13.20		(5.63	%)	$	18,147		1.19	%		1.71	%		1.19	%		53.05	%
Year Ended December 31, 2007	$	12.07		0.04		3.10			3.14			(0.05	)		(1.10	)		(1.15	)	$	14.06		27.15	%	$	22,903		1.29	%		0.30	%		1.29	%		151.60	%
Year Ended December 31, 2006	$	9.21		0.08		2.92			3.00			(0.12	)		(0.02	)		(0.14	)	$	12.07		32.96	%	$	16,082		1.24	%		0.41	%		(e)			169.26	%
Year Ended December 31, 2005	$	7.16		0.07		2.08			2.15			(0.08	)		(0.02	)		(0.10	)	$	9.21		30.21	%	$	6,302		1.34	%		0.94	%		(e)			215.52	%
Year Ended December 31, 2004	$	6.32		0.07		0.83			0.90			(0.06	)		–			(0.06	)	$	7.16		14.19	%	$	3,647		1.33	%		0.98	%		(e)			262.03	%
Year Ended December 31, 2003	$	4.66		0.07		1.59			1.66			–			–			–		$	6.32		35.62	%	$	3,678		1.25	%		0.83	%		(e)			331.02	%

Class III Shares
Six Months Ended June 30, 2008 (Unaudited)	$	14.07		0.11		(0.91	)		(0.80	)		(0.06	)		–			(0.06	)	$	13.21		(5.66	%)	$	92,917		1.28	%		1.68	%		1.28	%		53.05	%
Year Ended December 31, 2007	$	12.08		0.06		3.09			3.15			(0.06	)		(1.10	)		(1.16	)	$	14.07		27.15	%	$	106,245		1.25	%		0.38	%		1.25	%		151.60	%
Year Ended December 31, 2006	$	9.22		0.07		2.93			3.00			(0.12	)		(0.02	)		(0.14	)	$	12.08		32.95	%	$	75,015		1.22	%		0.59	%		(e)			169.26	%
Year Ended December 31, 2005	$	7.17		0.06		2.09			2.15			(0.08	)		(0.02	)		(0.10	)	$	9.22		30.17	%	$	37,647		1.33	%		0.54	%		(e)			215.52	%
Year Ended December 31, 2004	$	6.32		0.05		0.86			0.91			(0.06	)		–			(0.06	)	$	7.17		14.35	%	$	12,023		1.35	%		0.98	%		(e)			262.03	%
Year Ended December 31, 2003	$	4.67		0.02		1.63			1.65			–			–			–		$	6.32		35.33	%	$	6,912		1.33	%		0.24	%		(e)			331.02	%

Class VI Shares
Period Ended June 30, 2008 (Unaudited) (f)	$	13.81		0.03		(0.59	)		(0.56	)		(0.05	)		–			(0.05	)	$	13.20		(4.04	%)	$	1,045		1.46	%		1.64	%		1.46	%		53.05	%


(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 May 1, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 13

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Gartmore NVIT International Equity Fund (“the Fund”) (formerly “Gartmore NVIT International Growth Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

14 Semiannual Report 2008


	•	Level 1 – quoted prices in active markets for identical assets.

	•	Level 2 – other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:

Level 3 –

Level 2 – Other

Significant

Unobservable

Level 1 – Quoted Prices

Observable Inputs

Inputs

Total Investments

$22,153,201

89,278,242

–

111,431,443

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

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,” payments, are made or received 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 Semiannual Report 2008


(f)	Written Options Contracts


(g)	Equity-Linked Notes

Equity-linked 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 markets in India 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.


(h)	Short Sales

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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, if any, includes the deposits with brokers and securities held long would be shown in the Statement of Investments for the Fund.


(i)	Security Transactions and Investment Income


(j)	Securities Lending


(k)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(l)	Federal Income Taxes

18 Semiannual Report 2008

capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

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 tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. 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.


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

The Fund pays a performance-based fee to NFA. This performance-based fee can vary depending on the Fund’s performance relative to its benchmark, the MSCI All Country World ex U.S. Index. This fee is intended to either reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, the Fund’s benchmark.

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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 subperiod and that total fee is paid at the end of that most recently completed quarter.


Out or Underperformance	Change in Fees

+/− 1 percentage point		+/− 0.02%


+/− 2 percentage points		+/− 0.04%


+/− 3 percentage points		+/− 0.06%


+/− 4 percentage points		+/− 0.08%


+/− 5 percentage points or more		+/− 0.10%

Base Fee Breakpoints and Performance Adjustments (base management fees, as well as the maximum and minimum performance-adjusted fees, not including any applicable waivers)


Net Assets	Minimum Fee		Base Fee		Maximum Fee

On assets up to $500 million		0.80%		0.90%		1.00%


On assets of $500 million or more but less than $2 billion		0.75%		0.85%		0.95%


On assets of $2 billion and more		0.70%		0.80%		0.90%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $258,341 for the six months ended June 30, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA 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 in a given quarter is approved by the Board of Trustees on an advance 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, 2008, there were no cumulative potential reimbursements for all share classes of the Fund.

20 Semiannual Report 2008

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (“NFM”) a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

For the six months ended June 30, 2008, NFS received $87,981 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA 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, 2008, the Fund’s portion of such costs amounted to $43.

4. Short-Term Trading Fees

2008 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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.

For the six months ended June 30, 2008, Class VI shares had contributions to capital due to collection of redemption fees in the amount of $26.

For the year ended December 31, 2007, Class III shares had contributions to capital due to collection of redemption fees in the amount of $19,452.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $61,770,386 and sales of $72,112,889.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

7. Portfolio Investment Risks

22 Semiannual Report 2008

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 its Trustees and certain Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with the Trust’s vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. New Accounting Pronouncements

10. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	98,151,925	$	19,075,670	$	(5,796,152)	$	13,279,518

2008 Semiannual Report 23

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

24 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 25

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

26 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 27

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

28 Semiannual Report 2008

Supplemental Information (Unaudited)

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,“ copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

2008 Semiannual Report 29

Supplemental Information

(Unaudited) (Continued)

The Trustees found that the Fund’s actual advisory fee (a performance-based fee structure) compared with peer group funds was higher as a result of the performance-based fee structure and the great performance of the Fund, but total expenses were only four basis points above the median of the peer group funds. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

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. The Trustees found that the Fund’s total expenses compared with peer group funds were slightly higher than the median of the peer group of funds, based upon the higher performance-based advisory fee paid as a result of great performance. Based on its review, the Board concluded that the Fund’s total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

30 Semiannual Report 2008

NVIT Multi-Manager International Value Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

12			Statement of Assets and Liabilities

14			Statement of Operations

15			Statement of Changes in Net Assets

18			Financial Highlights

20			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-MM-IV (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Multi-Manager International Value Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid			Expense Ratio
NVIT Multi-Manager			Account Value ($)		Account Value ($)		During Period ($)			During Period (%)
International Value Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a			01/01/08 - 06/30/08

Class I	Actual			1,000.00		888.20		4.65			0.99
	Hypothetical	^b		1,000.00		1,019.94		4.97			0.99


Class II	Actual			1,000.00		886.60		5.96			1.27
	Hypothetical	^b		1,000.00		1,018.55		6.37			1.27


Class III	Actual			1,000.00		887.80		4.65			0.99
	Hypothetical	^b		1,000.00		1,019.94		4.97			0.99


Class IV	Actual			1,000.00		888.20		4.60			0.98
	Hypothetical	^b		1,000.00		1,019.99		4.92			0.98


Class VI	Actual			1,000.00		886.40		5.86			1.25
	Hypothetical	^b		1,000.00		1,018.65		6.27			1.25


Class Y	Actual	^c		1,000.00		979.50		2.18	*		0.84	*
	Hypothetical	^b		1,000.00		1,020.69		4.22	*		0.84	*


^*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 96/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

^c		For the period from March 27, 2008 (commencement of operations) through June 30, 2008.

2008 Semiannual Report 3


Portfolio Summary	NVIT Multi-Manager International Value Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			97.6%
Mutual Funds			1.8%
Repurchase Agreements			1.1%
Preferred Stocks			0.4%
Liabilities in excess of other assets			-0.9%

			100.0%


Top Industries

Commercial Banks			16.5%
Oil, Gas & Consumable Fuels			13.9%
Metals & Mining			7.1%
Insurance			5.5%
Automobiles			5.4%
Chemicals			4.6%
Diversified Telecommunication Services			3.9%
Capital Markets			3.3%
Electric Utilities			3.2%
Pharmaceuticals			3.1%
Other			33.5%

			100.0%


Top Holdings*

Royal Dutch Shell PLC, Class A			4.4%
Total SA			3.4%
Vodafone Group PLC			2.8%
Allianz SE			2.5%
BP PLC			2.2%
E. ON AG			2.1%
ING Groep NV CVA			1.9%
HSBC Holdings PLC			1.8%
AIM Liquid Assets Portfolio			1.8%
Credit Suisse Group			1.8%
Other			75.3%

			100.0%


Top Countries

United Kingdom			20.9%
Japan			20.1%
France			15.4%
Germany			12.3%
Netherlands			4.2%
Italy			3.0%
Spain			2.9%
Switzerland			2.8%
Canada			2.2%
Taiwan			1.9%
Other			14.3%

			100.0%


*		For purpose of listing top holdings, repurchase agreements are included as part of Other

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Multi-Manager International Value Fund


Common Stocks (97.6%)
	Shares or
	Principal Amount		Value


AUSTRALIA (1.4%) (a)
Airline (0.3%)
Qantas Airways Ltd.		368,900	$	1,074,728

Commercial Banks (0.5%)
Australia & New Zealand Banking Group Ltd.		112,446		2,020,412

Metals & Mining (0.6%)
BHP Billiton Ltd.		34,700		1,476,451
Oxiana Ltd.		249,062		623,571

				2,100,022

				5,195,162



BELGIUM (1.0%) (a)
Chemicals (0.4%)
Solvay SA		11,400		1,485,058

Diversified Financial Services (0.6%)
Fortis		125,000		1,985,371
Fortis — STRIP VVPR*		65,592		1,033

				1,986,404

				3,471,462



BRAZIL (0.2%)
Commercial Banks (0.2%)
Banco do Brasil SA		24,300		395,599
Unibanco — Uniao de Bancos Brasileiros SA		1,900		241,167

				636,766



CANADA (2.2%)
Chemicals (0.2%)
Methanex Corp.		21,100		596,529

Commercial Banks (0.5%)
Canadian Imperial Bank of Commerce		14,800		814,479
National Bank of Canada		22,200		1,102,814

				1,917,293

Insurance (0.5%)
Fairfax Financial Holdings Ltd.		2,500		640,082
Sun Life Financial, Inc.		24,600		1,012,331

				1,652,413

Metals & Mining (0.2%)
HudBay Minerals, Inc.		24,000		333,608
Inmet Mining Corp.		6,900		458,105

				791,713

Multi-Utility (0.1%)
Atco Ltd., Class A		9,500		485,251

Oil, Gas & Consumable Fuels (0.7%)
Imperial Oil Ltd.		19,600		1,079,788
Petro-Canada		27,100		1,518,227

				2,598,015

				8,041,214



CHINA (0.5%) (a)
Commercial Banks (0.3%)
China Merchants Bank Co. Ltd.		290,000		913,328

Diversified Telecommunication Services (0.1%)
China Netcom Group Corp. Ltd.		105,000		285,587
China Telecom Corp. Ltd.		382,000		207,754

				493,341

Oil, Gas & Consumable Fuels (0.1%)
China Petroleum & Chemical Corp.		474,000		443,071

				1,849,740



CYPRUS (0.1%) (a)
Commercial Banks (0.1%)
Marfin Popular Bank PCL		55,345		404,929



FINLAND (0.9%) (a)
Communications Equipment (0.5%)
Nokia OYJ		77,603		1,896,668

Paper & Forest Products (0.4%)
Stora Enso OYJ, Class R		138,500		1,290,239

				3,186,907



FRANCE (15.4%) (a)
Auto Components (0.8%)
Compagnie Generale des Etablissements Michelin, Class B		39,771		2,843,604

Automobiles (0.6%)
Renault SA		28,000		2,278,613

Chemicals (0.2%)
Arkema		15,600		876,106

Commercial Banks (3.6%)
BNP Paribas		67,763		6,099,257
Credit Agricole SA		88,500		1,796,421
Societe Generale		59,740		5,178,921

				13,074,599

Construction Materials (0.5%)
Lafarge SA		11,938		1,820,226

Diversified Telecommunication Services (0.4%)
France Telecom SA		45,100		1,322,528

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager International Value Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


FRANCE (continued)

Electrical Equipment (0.5%)
Alstom		7,352	$	1,685,700

Hotels, Restaurants & Leisure (0.5%)
Sodexo		27,213		1,780,101

Insurance (0.5%)
AXA SA		54,251		1,598,405

Machinery (0.5%)
Vallourec		5,400		1,888,367

Media (1.3%)
Lagardere SCA		29,000		1,640,336
Vivendi		82,230		3,100,304

				4,740,640

Multi-Utility (1.5%)
Suez SA		77,149		5,229,258

Oil, Gas & Consumable Fuels (3.4%)
Total SA		143,164		12,184,772

Pharmaceutical (1.1%)
Sanofi-Aventis SA		60,789		4,038,989

				55,361,908



GERMANY (12.3%) (a)
Airline (0.4%)
Deutsche Lufthansa AG		68,400		1,473,597

Automobiles (0.8%)
Daimler AG		48,146		2,979,939

Capital Markets (0.9%)
Deutsche Bank AG		38,400		3,289,188

Chemicals (2.6%)
BASF SE		63,600		4,363,994
Bayer AG		34,220		2,872,483
Lanxess		47,892		1,966,931

				9,203,408

Construction & Engineering (0.2%)
Bilfinger Berger AG		7,700		666,789

Diversified Telecommunication Services (0.5%)
Deutsche Telekom AG		102,100		1,676,505

Electric Utility (2.0%)
E. ON AG		36,767		7,406,025

Food Products (0.1%)
Suedzucker AG		29,300		529,705

Insurance (4.2%)
Allianz SE		51,843		9,111,177
Muenchener Rueckversicherungs AG		33,339		5,847,441

				14,958,618

Multi-Utility (0.3%)
RWE AG		8,210		1,032,849

Semiconductors & Semiconductor Equipment (0.3%)
Infineon Technologies AG*		114,500		981,139

				44,197,762



GREECE (0.5%) (a)
Metals & Mining (0.5%)
Sidenor Steel Products Manufacturing Co. SA		106,848		1,629,940



HONG KONG (0.5%) (a)
Real Estate Management & Development (0.5%)
Sun Hung Kai Properties Ltd.		124,000		1,685,719



ISRAEL (0.6%) (a)
Chemicals (0.4%)
Makhteshim-Agan Industries Ltd.		177,753		1,655,832

Commercial Banks (0.1%)
Bank Hapoalim BM		53,300		235,313

Wireless Telecommunication Services (0.1%)
Partner Communications		10,130		241,812

				2,132,957



ITALY (3.0%) (a)
Commercial Banks (1.5%)
Intesa Sanpaolo SpA		667,080		3,791,896
UniCredit SpA		257,771		1,567,838

				5,359,734

Diversified Telecommunication Services (0.6%)
Telecom Italia SpA		693,600		1,387,139
Telecom Italia SpA RNC		379,700		612,921

				2,000,060

Oil, Gas & Consumable Fuels (0.9%)
Eni SpA		91,100		3,384,083

				10,743,877



JAPAN (20.1%) (a)
Airline (0.4%)
All Nippon Airways Co. Ltd.		335,000		1,253,082

6 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


JAPAN (continued)

Automobiles (3.9%)
Honda Motor Co. Ltd.		157,200	$	5,365,470
Nissan Motor Co. Ltd.		307,100		2,550,973
Toyota Motor Corp.		127,400		6,014,641

				13,931,084

Beverages (0.3%)
Kirin Holdings Co. Ltd.		77,000		1,204,242

Capital Markets (0.7%)
Daiwa Securities Group, Inc.		291,000		2,676,354

Chemicals (0.6%)
Dainippon Ink & Chemicals, Inc.		140,000		406,333
Mitsubishi Chemical Holdings Corp.		242,000		1,409,367
Tosoh Corp.		110,000		450,442

				2,266,142

Commercial Banks (2.1%)
Fukuoka Financial Group, Inc.		281,000		1,270,452
Mitsubishi UFJ Financial Group, Inc.		262,100		2,316,621
Sumitomo Mitsui Financial Group, Inc.		523		3,933,625

				7,520,698

Computers & Peripherals (1.2%)
Fujitsu Ltd.		322,000		2,391,452
Toshiba Corp.		272,000		2,006,974

				4,398,426

Consumer Finance (0.5%)
ORIX Corp.		12,880		1,845,024

Diversified Telecommunication Services (0.6%)
Nippon Telegraph & Telephone Corp.		464		2,289,827

Electric Utilities (0.6%)
Kyushu Electric Power Co., Inc.		3,900		81,618
Tokyo Electric Power Co., Inc. (The)		84,700		2,181,198

				2,262,816

Electrical Equipment (0.7%)
Mitsubishi Electric Corp.		219,000		2,369,010

Electronic Equipment & Instruments (0.4%)
Hitachi Ltd.		197,000		1,418,891

Household Durables (0.6%)
Sharp Corp.		124,000		2,021,644

Household Products (0.3%)
Kao Corp.		38,000		997,733

Leisure Equipment & Products (0.2%)
Namco Bandai Holdings, Inc.		63,700		722,403

Machinery (0.6%)
Kubota Corp.		287,000		2,062,929

Marine (0.7%)
Mitsui OSK Lines Ltd.		168,000		2,396,349

Metals & Mining (2.2%)
JFE Holdings, Inc.		99,400		5,012,277
Nippon Steel Corp.		369,000		2,000,127
Yamato Kogyo Co. Ltd.		14,400		687,756

				7,700,160

Oil, Gas & Consumable Fuels (0.3%)
Nippon Mining Holdings, Inc.		184,000		1,155,426

Software (0.6%)
Nintendo Co. Ltd.		3,800		2,155,184

Tobacco (0.7%)
Japan Tobacco, Inc.		610		2,601,930

Trading Companies & Distributors (1.9%)
Marubeni Corp.		171,000		1,426,510
Mitsubishi Corp.		160,100		5,276,156

				6,702,666

				71,952,020



LUXEMBOURG (1.2%) (a)
Metals & Mining (1.2%)
ArcelorMittal		44,818		4,404,074



NETHERLANDS (4.2%) (a)
Chemicals (0.2%)
Koninklijke DSM NV		10,600		621,228

Construction & Engineering (0.1%)
Koninklijke BAM Groep NV		26,500		465,007

Diversified Financial Services (1.9%)
ING Groep NV CVA		213,904		6,762,520

Diversified Telecommunication Services (0.7%)
Koninklijke KPN NV		155,511		2,658,498

Food & Staples Retailing (0.6%)
Koninklijke Ahold NV		150,300		2,014,675

Industrial Conglomerate (0.7%)
Koninklijke Philips Electronics NV		70,671		2,393,080

				14,915,008



NORWAY (1.2%) (a)
Metals & Mining (0.4%)
Norsk Hydro ASA		83,200		1,213,675

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager International Value Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


NORWAY (continued)

Oil, Gas & Consumable Fuels (0.8%)
StatoilHydro ASA		79,900	$	2,982,279

				4,195,954



REPUBLIC OF KOREA (1.7%) (a)
Auto Components (0.1%)
Hyundai Mobis		3,000		242,874

Automobiles (0.1%)
Hyundai Motor Co.		7,800		528,725

Commercial Banks (0.8%)
Hana Financial Group, Inc.		57,790		2,224,061
Woori Finance Holdings Co. Ltd.		46,100		733,484

				2,957,545

Semiconductors & Semiconductor Equipment (0.7%)
Hynix Semiconductor, Inc.*		25,900		618,074
Samsung Electronics Co. Ltd.		3,036		1,814,083

				2,432,157

				6,161,301



RUSSIAN FEDERATION (0.3%) (a)
Metals & Mining (0.1%)
JSC MMC Norilsk Nickel ADR		17,000		428,257

Oil, Gas & Consumable Fuels (0.2%)
LUKOIL ADR		7,300		716,925

				1,145,182



SINGAPORE (0.4%) (a)
Diversified Telecommunication Services (0.4%)
Singapore Telecommunications Ltd.		512,000		1,365,208



SOUTH AFRICA (0.1%)
Commercial Banks (0.1%) (a)
Standard Bank Group Ltd.		20,978		203,871

Industrial Conglomerate (0.0%)
Bidvest Group Ltd.		13,450		168,645

				372,516



SPAIN (2.9%) (a)
Commercial Banks (1.7%)
Banco Santander SA		341,668		6,232,848

Electric Utilities (0.6%)
Iberdrola SA		165,763		2,208,390

Oil, Gas & Consumable Fuels (0.6%)
Repsol YPF SA		52,700		2,067,989

				10,509,227



SWEDEN (1.2%) (a)
Commercial Banks (0.3%)
Nordea Bank AB		85,800		1,176,037

Diversified Telecommunication Services (0.2%)
Tele2 AB, B Shares		41,400		805,339

Household Durables (0.1%)
Electrolux AB, Class B		17,900		227,521

Machinery (0.2%)
Volvo AB, Class B		42,950		523,165

Paper & Forest Products (0.4%)
Svenska Cellulosa AB, Class B*		99,000		1,393,425

				4,125,487



SWITZERLAND (2.8%) (a)
Capital Markets (1.7%)
Credit Suisse Group		138,237		6,293,674

Pharmaceuticals (1.1%)
Novartis AG		37,280		2,052,102
Roche Holding AG		9,969		1,792,589

				3,844,691

				10,138,365



TAIWAN (1.9%)
Computers & Peripherals (0.2%) (a)
Asustek Computer, Inc.		215,000		584,058

Diversified Telecommunication Services (0.4%)
Chunghwa Telecom Co. Ltd. ADR		62,140		1,576,492

Electronic Equipment & Instruments (0.3%) (a)
HON HAI Precision GDR		111,718		1,106,306

Metals & Mining (0.1%) (a)
China Steel Corp.		206,000		317,600

Semiconductors & Semiconductor Equipment (0.9%)
Powerchip Semiconductor Corp. (a)		939,000		266,563
Siliconware Precision Industries Co. (a)		154,000		226,636
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		169,004		1,843,834
United Microelectronics Corp. (a)		1,452,000		767,557

				3,104,590

				6,689,046



THAILAND (0.1%)
Oil, Gas & Consumable Fuels (0.1%)
PTT PCL		55,300		500,735

8 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED KINGDOM (20.9%) (a)
Aerospace & Defense (0.6%)
BAE Systems PLC		264,395	$	2,320,397

Beverages (0.2%)
Britvic PLC		146,493		841,164

Commercial Banks (4.7%)
Barclays PLC		297,000		1,684,818
HBOS PLC		589,470		3,226,848
HSBC Holdings PLC		430,284		6,624,516
Royal Bank of Scotland Group PLC		1,269,866		5,405,338

				16,941,520

Commercial Services & Supplies (0.3%)
Rentokil Initial PLC		497,409		979,607

Food Products (0.5%)
Associated British Foods PLC		116,000		1,747,081

Hotels, Restaurants & Leisure (0.4%)
Punch Taverns PLC		30,950		192,327
TUI Travel PLC		268,998		1,093,000

				1,285,327

Independent Power Producers & Energy Traders (0.7%)
International Power PLC		285,984		2,449,642

Insurance (0.3%)
Royal & Sun Alliance Insurance Group PLC		463,500		1,153,771

Internet & Catalog Retail (0.1%)
Home Retail Group PLC		117,100		505,951

Media (0.3%)
ITV PLC		862,100		763,264
Trinity Mirror PLC		138,600		298,849

				1,062,113

Metals & Mining (1.5%)
BHP Billiton PLC		41,100		1,575,996
Vedanta Resources PLC		46,411		2,004,053
Xstrata PLC		22,270		1,773,824

				5,353,873

Oil, Gas & Consumable Fuels (6.8%)
Afren PLC*		304,929		1,024,017
BP PLC		686,785		7,959,284
Royal Dutch Shell PLC, Class A		223,709		9,169,061
Royal Dutch Shell PLC, Class A		155,400		6,354,174

				24,506,536

Pharmaceutical (0.9%)
GlaxoSmithKline PLC		144,000		3,182,848

Tobacco (0.8%)
Imperial Tobacco Group PLC		72,534		2,694,212

Wireless Telecommunication Services (2.8%)
Vodafone Group PLC		3,389,531		9,985,416

				75,009,458


Total Common Stocks				350,021,924


Preferred Stocks (0.4%)


BRAZIL (0.3%)
Metals & Mining (0.3%)
Usinas Siderurgicas de Minas Gerais SA, Class A		19,575		963,360



REPUBLIC OF KOREA (0.1%) (a)
Semiconductors & Semiconductor Equipment (0.1%)
Samsung Electronics Co. Ltd.		1,200		517,325


Total Preferred Stocks				1,480,685


Mutual Funds (1.8%) (b)


UNITED STATES (1.8%)
AIM Liquid Assets Portfolio		6,414,084		6,414,084


Total Mutual Fund				6,414,084


Repurchase Agreements (1.1%)

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $1,635,304, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $1,667,901	$	1,635,197	$	1,635,197

2008 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager International Value Fund (Continued)


Repurchase Agreements (continued)

UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $2,207,994, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $2,252,006	$	2,207,849	$	2,207,849


Total Repurchase Agreements				3,843,046

Rights (0.0%)
	Shares or
	Principal Amount		Value


UNITED KINGDOM (0.0%)
Barclays PLC	$	63,642	$	10,115
HBOS PLC		235,788		50,481


Total Rights				60,596


Total Investments (Cost $387,146,715) (c) — 100.9%				361,820,335


Liabilities in excess of other assets — (0.9)%				(3,178,871	)


NET ASSETS — 100.0%			$	358,641,464


*		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, 2008. The maturity date represents the actual maturity date.

(c)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.


ADR		American Depositary Receipt

GDR		Global Depositary Receipt

RNC		Savings Shares

See accompanying notes to financial statements.

At June 30, 2008 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 Contracts:
British Pound	09/16/08		(9,301,000	)	$	(18,043,382	)	$	(18,411,282	)	$	(367,900	)
British Pound	08/11/08		(210,346	)		(412,901	)		(417,514	)		(4,613	)
British Pound	08/11/08		(429,033	)		(845,342	)		(851,586	)		(6,244	)
British Pound	08/11/08		(1,564,590	)		(3,074,528	)		(3,105,545	)		(31,017	)
British Pound	08/11/08		(347,275	)		(672,274	)		(689,304	)		(17,030	)
British Pound	08/11/08		(559,747	)		(1,097,865	)		(1,111,038	)		(13,173	)
Canadian Dollar	08/11/08		(1,333,324	)		(1,334,224	)		(1,307,183	)		27,041
Canadian Dollar	08/11/08		(3,328,483	)		(3,319,874	)		(3,263,225	)		56,649
Canadian Dollar	08/11/08		(2,018,813	)		(2,010,748	)		(1,979,233	)		31,515
Canadian Dollar	08/11/08		(8,828,299	)		(8,739,249	)		(8,655,213	)		84,036
Canadian Dollar	08/11/08		(2,040,959	)		(2,014,995	)		(2,000,945	)		14,050
Canadian Dollar	08/11/08		(644,091	)		(639,080	)		(631,463	)		7,617
Canadian Dollar	08/11/08		(1,870,996	)		(1,856,648	)		(1,834,313	)		22,335
Euro	09/16/08		(652,000	)		(1,009,166	)		(1,022,281	)		(13,115	)
Euro	09/16/08		(949,000	)		(1,463,187	)		(1,487,951	)		(24,764	)
Euro	09/16/08		(737,000	)		(1,156,832	)		(1,155,553	)		1,279
Euro	08/11/08		(8,997,517	)		(13,664,673	)		(14,133,269	)		(468,596	)
Euro	08/11/08		(1,570,000	)		(2,462,561	)		(2,466,151	)		(3,590	)
Euro	08/11/08		(692,093	)		(1,070,363	)		(1,087,137	)		(16,774	)
Japanese Yen	09/16/08		(2,993,499,000	)		(28,658,812	)		(28,318,453	)		340,359
Japanese Yen	08/11/08		(193,681,999	)		(1,851,453	)		(1,828,697	)		22,756
Japanese Yen	08/11/08		(127,157,436	)		(1,228,850	)		(1,200,589	)		28,261
Japanese Yen	08/11/08		(154,441,889	)		(1,451,112	)		(1,458,202	)		(7,090	)
Norwegian Krone	09/16/08		(5,812,000	)		(1,125,027	)		(1,132,648	)		(7,621	)
Swedish Krone	09/16/08		(4,374,000	)		(725,578	)		(723,363	)		2,215
Swiss Franc	08/11/08		(1,500,000	)		(1,430,798	)		(1,469,496	)		(38,698	)

Total Short Contracts					$	(101,359,522	)	$	(101,741,634	)	$	(382,112	)


		Currency						Unrealized
	Delivery	Received/		Contract		Market		Appreciation/
Currency	Date	(Delivered)		Value		Value		(Depreciation)

Long Contracts:
Australia Dollar	05/19/09		1,510,000	$	1,414,900	$	1,447,178	$	32,278
Australia Dollar	08/11/08		9,385,518		8,739,249		8,941,716		202,467
Australia Dollar	08/11/08		885,026		841,960		843,177		1,217
British Pound	08/11/08		1,039,333		2,014,995		2,062,966		47,971
Canadian Dollar	09/16/08		7,803,000		7,702,140		7,647,226		(54,914	)
Canadian Dollar	08/11/08		1,884,081		1,851,453		1,847,142		(4,311	)
Canadian Dollar	08/11/08		13,905,482		13,664,673		13,632,852		(31,821	)
Canadian Dollar	08/11/08		4,346,932		4,301,806		4,261,706		(40,100	)
Euro	09/16/08		14,325,000		22,028,269		22,460,383		432,114
Euro	09/16/08		699,000		1,091,922		1,095,973		4,051
Euro	08/11/08		800,000		1,230,367		1,256,637		26,270
Euro	08/11/08		939,755		1,472,545		1,476,164		3,619
Euro	08/11/08		875,503		1,364,252		1,375,237		10,985
Hong Kong Dollar	08/11/08		25,806,397		3,319,874		3,312,832		(7,042	)
Japanese Yen	08/11/08		135,209,895		1,316,443		1,276,618		(39,825	)
Japanese Yen	08/11/08		140,000,000		1,341,627		1,321,845		(19,782	)
Japanese Yen	08/11/08		156,521,012		1,488,708		1,477,832		(10,876	)
Japanese Yen	08/11/08		200,677,531		1,914,133		1,894,747		(19,386	)
Norwegian Krone	09/16/08		40,843,000		7,843,638		7,959,520		115,882
Norwegian Krone	08/11/08		10,371,856		2,010,748		2,028,213		17,465
Singapore Dollar	08/11/08		874,716		639,080		644,446		5,366
Swedish Krone	09/16/08		52,584,000		8,642,004		8,696,232		54,228
Swedish Krone	08/11/08		11,263,503		1,856,648		1,866,429		9,781
Swedish Krone	08/11/08		8,281,150		1,376,269		1,372,236		(4,033	)
Swedish Krone	08/11/08		6,561,477		1,078,441		1,087,276		8,835
Swiss Franc	09/16/08		2,769,000		2,630,329		2,713,424		83,095
Swiss Franc	09/16/08		2,698,000		2,594,031		2,643,849		49,818
Swiss Franc	08/11/08		1,405,767		1,334,224		1,377,180		42,956

Total Long Contracts				$	107,104,728	$	108,021,036	$	916,308

2008 Semiannual Report 11

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT Multi-Manager
	International Value Fund

Assets:
Investments, at value (cost $383,303,669)	$	357,977,289
Repurchase agreements, at cost and value		3,843,046

Total Investments		361,820,335

Foreign currencies, at value (cost $1,987,937)		1,994,269
Interest and dividends receivable		760,773
Receivable for capital shares issued		796,071
Receivable for investments sold		148,636
Unrealized appreciation on forward foreign currency contracts		1,786,512
Unrealized appreciation on spot foreign currency contracts		3,044
Reclaims receivable		272,020
Prepaid expenses and other assets		76,707

Total Assets		367,658,367

Liabilities:
Cash overdraft		884,725
Payable for investments purchased		6,248,828
Unrealized depreciation on forward foreign currency contracts		1,252,316
Unrealized depreciation on spot foreign currency contracts		7,730
Payable for capital shares redeemed		317,601
Accrued expenses and other payables:
Investment advisory fees		197,847
Fund administration and transfer agent fees		16,034
Distribution fees		40,937
Administrative services fees		13,283
Custodian fees		28,911
Trustee fees		4,652
Compliance program costs (Note 3)		608
Other		3,431

Total Liabilities		9,016,903

Net Assets	$	358,641,464

Represented by:
Capital	$	365,722,188
Accumulated net investment income		4,549,360
Accumulated net realized gains from investment, futures and foreign currency transactions		13,118,716
Net unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(24,748,800	)

Net Assets	$	358,641,464

Net Assets:
Class I Shares	$	2,299,551
Class II Shares		1,981,803
Class III Shares		104,039,636
Class IV Shares		46,553,489
Class VI Shares		190,160,189
Class Y Shares		13,606,796

Total	$	358,641,464

See accompanying notes to financial statements.

12 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT Multi-Manager
	International Value Fund

INVESTMENT INCOME:
Interest income	$	67,836
Dividend income		10,450,351
Income from securities lending (Note 2)		246,847
Foreign tax withholding		(1,114,371	)

Total Income		9,650,663

Expenses:
Investment advisory fees		1,373,585
Fund administration and transfer agent fees		102,957
Distribution fees Class II Shares		2,773
Distribution fees Class VI Shares		241,188
Administrative services fees Class I Shares		1,703
Administrative services fees Class II Shares		1,871
Administrative services fees Class III Shares		80,365
Administrative services fees Class IV Shares		31,591
Administrative services fees Class VI Shares		146,109
Custodian fees		25,744
Trustee fees		9,290
Compliance program costs (Note 3)		28
Other		52,871

Total expenses before earnings credit		2,070,075
Earnings credit (Note 6)		(4,639	)

Net Expenses		2,065,436

Net Investment Income		7,585,227

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(33,998,557	)
Net realized gains from futures transactions		248,445
Net realized losses on foreign currency transactions		(666,861	)

Net realized losses from investment, futures and foreign currency transactions		(34,416,973	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(18,735,387	)

Net realized/unrealized losses from investments and translation of assets and liabilities denominated in foreign currencies		(53,152,360	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(45,567,133	)

See accompanying notes to financial statements.

14 Semiannual Report 2008

Statements of Changes in Net Assets


	NVIT Multi-Manager
	International Value Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	7,585,227		$	8,802,014
Net realized gains (losses) from investment, futures and foreign currency transactions		(34,416,973	)		54,308,533
Net change in unrealized appreciation/(depreciation) from investments, futures and translation of assets and liabilities denominated in foreign currencies		(18,735,387	)		(53,051,614	)

Change in net assets resulting from operations		(45,567,133	)		10,058,933


Distributions to Shareholders From:
Net investment income:
Class I		(24,785	)		(70,192	)
Class II		(18,879	)		(45,860	)
Class III		(1,132,184	)		(3,408,287	)
Class IV		(503,109	)		(1,356,832	)
Class VI		(1,817,716	)		(4,501,158	)
Class Y		(123,196	)(a)		–
Net realized gains:
Class I		–			(236,344	)
Class II		–			(189,984	)
Class III		–			(11,553,312	)
Class IV		–			(4,387,787	)
Class VI		–			(14,829,378	)

Change in net assets from shareholder distributions		(3,619,869	)		(40,579,134	)

Change in net assets from capital transactions		(76,831,759	)		132,798,708

Change in net assets		(126,018,761	)		102,278,507

Net Assets:
Beginning of period		484,660,225			382,381,718

End of period	$	358,641,464		$	484,660,225

Accumulated net investment income at end of period	$	4,549,360		$	584,002


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	41		$	40,307
Dividends reinvested		24,785			306,535
Cost of shares redeemed		(289,346	)		(1,252,416	)

		(264,520	)		(905,574	)

Class II Shares
Proceeds from shares issued		1,658			–
Dividends reinvested		18,879			236,185
Cost of shares redeemed		(233,110	)		(567,569	)

		(212,573	)		(331,384	)

See accompanying notes to financial statements.

2008 Semiannual Report 15

Statements of Changes in Net Assets (Continued)


	NVIT Multi-Manager
	International Value Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)

CAPITAL TRANSACTIONS: (continued)
Class III Shares
Proceeds from shares issued	$	3,194,882		$	17,774,494
Dividends reinvested		1,132,177			14,961,577
Cost of shares redeemed (b)		(23,478,176	)		(54,004,036	)

		(19,151,117	)		(21,267,965	)

Class IV Shares
Proceeds from shares issued		189,383			743,735
Dividends reinvested		503,109			5,744,689
Cost of shares redeemed		(5,259,803	)		(12,228,571	)

		(4,567,311	)		(5,740,147	)

Class VI Shares
Proceeds from shares issued		18,741,832			149,285,080
Dividends reinvested		1,817,716			19,330,489
Cost of shares redeemed (b)		(87,708,571	)		(7,571,791	)

		(67,149,023	)		161,043,778

Class Y Shares
Proceeds from shares issued		14,453,166	(a)		–
Dividends reinvested		123,196	(a)		–
Cost of shares redeemed		(63,577	)(a)		–

		14,512,785			–

Change in net assets from capital transactions	$	(76,831,759	)	$	132,798,708


SHARE TRANSACTIONS:
Class I Shares
Issued		–			2,178
Reinvested		1,605			16,758
Redeemed		(17,926	)		(67,404	)

		(16,321	)		(48,468	)

Class II Shares
Issued		99			–
Reinvested		1,225			12,936
Redeemed		(14,667	)		(30,889	)

		(13,343	)		(17,953	)

Class III Shares
Issued		196,828			954,997
Reinvested		73,518			820,521
Redeemed		(1,441,890	)		(2,945,679	)

		(1,171,544	)		(1,170,161	)

Class IV Shares
Issued		11,515			39,506
Reinvested		32,606			314,163
Redeemed		(320,407	)		(662,106	)

		(276,286	)		(308,437	)

See accompanying notes to financial statements.

16 Semiannual Report 2008

NVIT Multi-Manager International Value Fund


			Investment Activities								Distributions																Ratios / Supplemental Data

					Net Realized																														Ratio of
					and																											Ratio of Net			Expenses
	Net Asset				Unrealized			Total																			Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net			Net								Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total			Redemption		Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Gains			Distributions			Fees		of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (c)			Turnover (d)
Class I Shares
Six Months ended June 30, 2008 (Unaudited) (f)	$	17.48		0.34		(2.29	)		(1.95	)		(0.17	)		–			(0.17	)		–	$	15.36		(11.18%	)	$	2,300		0.99	%		4.21	%		0.99	%		65.99	%
Year ended December 31, 2007	$	18.58		0.41		0.18			0.59			(0.39	)		(1.30	)		(1.69	)		–	$	17.48		2.92%		$	2,903		0.99	%		2.10	%		0.99	%		157.60	%
Year ended December 31, 2006	$	16.60		0.35		3.18			3.53			(0.37	)		(1.18	)		(1.55	)		–	$	18.58		22.67%		$	3,985		1.01	%		1.95	%		(e)			48.61	%
Year ended December 31, 2005	$	15.58		0.35		1.43			1.78			(0.21	)		(0.55	)		(0.76	)		–	$	16.60		12.09%		$	4,349		0.91	%		1.92	%		(e)			48.94	%
Year ended December 31, 2004	$	13.26		0.18		2.46			2.64			(0.33	)		–			(0.33	)		0.01	$	15.58		20.29%		$	6,247		0.86	%		1.33	%		(e)			42.68	%
Period ended December 31, 2003 (g)	$	9.25		0.02		3.90			3.92			–			–			–			0.09	$	13.26		45.08%		$	542		1.20	%		0.56	%		(e)			91.20	%

Class II Shares
Six Months ended June 30, 2008 (Unaudited) (f)	$	17.44		0.32		(2.30	)		(1.98	)		(0.14	)		–			(0.14	)		–	$	15.32		(11.34%	)	$	1,982		1.27	%		3.96	%		1.27	%		65.99	%
Year ended December 31, 2007	$	18.50		0.36		0.19			0.55			(0.31	)		(1.30	)		(1.61	)		–	$	17.44		2.71%		$	2,488		1.23	%		1.85	%		1.23	%		157.60	%
Year ended December 31, 2006	$	16.54		0.30		3.17			3.47			(0.33	)		(1.18	)		(1.51	)		–	$	18.50		22.40%		$	2,972		1.26	%		1.68	%		(e)			48.61	%
Year ended December 31, 2005	$	15.53		0.23		1.51			1.74			(0.18	)		(0.55	)		(0.73	)		–	$	16.54		11.79%		$	2,852		1.17	%		1.40	%		(e)			48.94	%
Year ended December 31, 2004	$	13.22		0.14		2.46			2.60			(0.30	)		–			(0.30	)		0.01	$	15.53		20.00%		$	3,368		1.10	%		1.69	%		(e)			42.68	%
Period ended December 31, 2003 (g)	$	9.25		0.01		3.87			3.88			–			–			–			0.09	$	13.22		44.64%		$	1,523		1.45	%		0.20	%		(e)			91.20	%

Class III Shares
Six Months ended June 30, 2008 (Unaudited) (f)	$	17.43		0.34		(2.29	)		(1.95	)		(0.17	)		–			(0.17	)		–	$	15.31		(11.22%	)	$	104,040		0.99	%		4.21	%		0.99	%		65.99	%
Year ended December 31, 2007	$	18.53		0.41		0.18			0.59			(0.39	)		(1.30	)		(1.69	)		–	$	17.43		2.93%		$	138,847		0.99	%		2.14	%		0.99	%		157.60	%
Year ended December 31, 2006	$	16.56		0.34		3.18			3.52			(0.37	)		(1.18	)		(1.55	)		–	$	18.53		22.75%		$	169,278		1.01	%		1.87	%		(e)			48.61	%
Year ended December 31, 2005	$	15.54		0.24		1.54			1.78			(0.21	)		(0.55	)		(0.76	)		–	$	16.56		12.05%		$	116,151		0.93	%		1.64	%		(e)			48.94	%
Year ended December 31, 2004	$	13.23		0.18		2.45			2.63			(0.33	)		–			(0.33	)		0.01	$	15.54		20.26%		$	69,043		0.86	%		1.42	%		(e)			42.68	%
Period ended December 31, 2003 (g)	$	9.25		0.05		3.84			3.89			–			–			–			0.09	$	13.23		44.75%		$	9,620		1.13	%		1.30	%		(e)			91.20	%


(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)	Net investment income (loss) is based on average shares outstanding during the period.
(g)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(h)	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.
(i)	For the period from April 28, 2004 (commencement of operations) through December 31, 2004.
(j)	For the period from March 27, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

18 Semiannual Report 2008

Financial Highlights

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

NVIT Multi-Manager International Value Fund (Continued)


			Investment Activities								Distributions																Ratios / Supplemental Data

					Net Realized																														Ratio of
					and																											Ratio of Net			Expenses
	Net Asset				Unrealized			Total																			Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net			Net								Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total			Redemption		Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Gains			Distributions			Fees		of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (c)			Turnover (d)

Class IV Shares
Six Months ended June 30, 2008 (Unaudited) (f)	$	17.47		0.34		(2.29	)		(1.95	)		(0.17	)		–			(0.17	)		–	$	15.35		(11.18%	)	$	46,554		0.98	%		4.25	%		0.98	%		65.99	%
Year ended December 31, 2007	$	18.57		0.40		0.20			0.60			(0.40	)		(1.30	)		(1.70	)		–	$	17.47		2.90%		$	57,819		0.99	%		2.09	%		0.99	%		157.60	%
Year ended December 31, 2006	$	16.60		0.34		3.18			3.52			(0.37	)		(1.18	)		(1.55	)		–	$	18.57		22.74%		$	67,200		1.02	%		1.93	%		(e)			48.61	%
Year ended December 31, 2005	$	15.57		0.25		1.52			1.77			(0.19	)		(0.55	)		(0.74	)		–	$	16.60		11.97%		$	66,597		1.03	%		1.56	%		(e)			48.94	%
Year ended December 31, 2004	$	13.26		0.22		2.39			2.61			(0.31	)		–			(0.31	)		0.01	$	15.57		20.04%		$	73,953		1.00	%		1.56	%		(e)			42.68	%
Year ended December 31, 2003 (h)	$	9.85		0.18		3.41			3.59			(0.27	)		–			(0.27	)		0.09	$	13.26		38.52%		$	77,347		1.12	%		1.62	%		(e)			91.20	%

Class VI Shares
Six Months ended June 30, 2008 (Unaudited) (f)	$	17.38		0.33		(2.30	)		(1.97	)		(0.15	)		–			(0.15	)		–	$	15.26		(11.36%	)	$	190,160		1.25	%		4.08	%		1.25	%		65.99	%
Year ended December 31, 2007	$	18.49		0.31		0.24			0.55			(0.36	)		(1.30	)		(1.66	)		–	$	17.38		2.70%		$	282,602		1.23	%		1.73	%		1.23	%		157.60	%
Year ended December 31, 2006	$	16.56		0.30		3.17			3.47			(0.36	)		(1.18	)		(1.54	)		–	$	18.49		22.41%		$	138,946		1.26	%		1.40	%		(e)			48.61	%
Year ended December 31, 2005	$	15.55		0.20		1.55			1.75			(0.19	)		(0.55	)		(0.74	)		–	$	16.56		11.80%		$	42,916		1.19	%		1.41	%		(e)			48.94	%
Period ended December 31, 2004 (i)	$	13.63		0.13		1.95			2.08			(0.17	)		–			(0.17	)		0.01	$	15.55		15.45%		$	13,117		1.11	%		0.63	%		(e)			42.68	%

Class Y Shares
Period ended June 30, 2008 (Unaudited) (f) (j)	$	15.84		0.16		(0.48	)		(0.32	)		(0.18	)		–			(0.18	)		–	$	15.34		(2.05%	)	$	13,607		0.84	%		3.79	%		0.84	%		65.99	%


(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)	Net investment income (loss) is based on average shares outstanding during the period.
(g)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(h)	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.
(i)	For the period from April 28, 2004 (commencement of operations) through December 31, 2004.
(j)	For the period from March 27, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 19

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Multi-Manager International Value Fund (the “Fund”) (formerly “NVIT International Value Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

20 Semiannual Report 2008

similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining “Fair Value.” For example, fair value determinations take into account 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 an event occurring between the close of a foreign market on which a security trades and 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.


	•	Level 1 – quoted prices in active markets for identical assets.

	•	Level 2 – other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


				Level 2 – Other Significant				Level 3 – Significant
Level 1 – Quoted Prices				Observable Inputs				Unobservable Inputs				Total

Investments		Other*		Investments		Other*		Investments		Other*		Investments		Other*

$	18,116,791	$	–	$	343,703,544	$	534,196	$	–	$	–	$	361,820,335	$	534,196


	*	Other financial instruments are derivative instruments not reflected in the Statement of Investments, such as futures, forwards, options, and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

2008 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(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: however, in those instances, the aggregate initial margin and premiums required to establish those positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on any such contracts it has entered into.

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,” payments, are made or received 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.

22 Semiannual Report 2008


(f)	Written Options Contracts


(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 earmark or 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, if any, includes the deposits with brokers and securities held long would be shown in the Statement of Investments for the Fund.


(h)	Security Transactions and Investment Income


(i)	Securities Lending

2008 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

under guidelines established by the Board of Trustees and when, in the 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, 2008, the Fund did not have securities on loan.


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(k)	Federal Income Taxes

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 tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. 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.


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

24 Semiannual Report 2008

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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.


Subadvisers

- The Boston Company until January 25, 2008


- JPMorgan Investment Management, Inc. effective February 6, 2008


- AllianceBernstein L.P.


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 agreements, NFA paid the subadvisers $686,793 for the six months ended June 30, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides the Fund with various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


		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 NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, and the NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the

2008 Semiannual Report 25

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


		“Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (“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. 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%. NFD is a wholly-owned subsidiary of NFSDI.

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 inquiries 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 up to 0.20% of Class IV shares of the Fund.

For the six months ended June 30, 2008, NFS received $288,833 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such costs amounted to $28.

4. Short-Term Trading Fees

For the six months ended June 30, 2008, Class III and Class VI shares had contributions to capital due to collection of redemption fees in the amount of $2,563 and $3,153; respectively.

For the year ended December 31, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $11,257 and $32,235; respectively.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $244,358,194 and sales of $308,675,923.

6. Bank Loans and Earnings Credit

26 Semiannual Report 2008

compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

7. Portfolio Investment Risks

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 its Trustees and certain Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with the Trust’s vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. New Accounting Pronouncements

2008 Semiannual Report 27

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 29

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

30 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 31

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

32 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 33

Supplemental Information (Unaudited)

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,“ copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

34 Semiannual Report 2008

The Trustees found that the Fund’s performance had been poor; however, the Adviser recently had retained AllianceBernstein as an additional subadviser to the Fund, and the Board had approved the change in subadviser from The Boston Company to JP Morgan Investment Management. Based on its review, and giving particular weight to the Adviser’s recent actions to change the subadvisers to the Fund and reallocate assets among the subadvisers, and the nature and quality of the resources dedicated by the Adviser and subadvisers to improve performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee compared with peer group funds was at approximately the median of the peer group funds. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

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. The Trustees found that the Fund’s total expenses compared with peer group funds were higher, at eight basis points above the median of the peer group, but within the range of the peer group funds. Based on its review, the Board concluded that the Fund’s total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

2008 Semiannual Report 35

NVIT Investor Destinations Aggressive Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

6			Statement of Assets and Liabilities

7			Statement of Operations

8			Statement of Changes in Net Assets

10			Financial Highlights

11			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-ID-AG (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Investor Destinations Aggressive Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


NVIT Investor			Beginning		Ending		Expenses Paid		Expense Ratio
Destinations			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Aggressive Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^(a)(b)		01/01/08 - 06/30/08^(a)(b)

Class II	Actual			1,000.00		901.10		2.60		0.55
	Hypothetical	^(c)		1,000.00		1,022.13		2.77		0.55


Class VI	Actual			1,000.00		901.30		2.60		0.55
	Hypothetical	^(c)		1,000.00		1,022.13		2.77		0.55


^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(b)		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.

^(c)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Investor
	Destinations
	Aggressive Fund

Assets:
Investments in affiliates, at value (cost $732,321,379)	$	673,337,258
Receivable for capital shares issued		412,037
Receivable for investments sold		4,682
Prepaid expenses and other assets		8,753

Total Assets		673,762,730

Liabilities:
Payable for capital shares redeemed		416,719
Accrued expenses and other payables:
Investment advisory fees		74,882
Accounting and transfer agent fees		272
Distribution fees		144,004
Administrative services fees		61,901
Custodian fees		4,369
Trustee fees		11,689
Compliance program costs (Note 3)		1,192
Other		4,793

Total Liabilities		719,821

Net Assets	$	673,042,909

Represented by:
Capital	$	612,509,568
Accumulated net investment loss		(71,904	)
Accumulated net realized gains from investment transactions		119,589,366
Net unrealized appreciation/(depreciation) from investments		(58,984,121	)

Net Assets	$	673,042,909

Net Assets:
Class II Shares	$	662,540,831
Class VI Shares		10,502,078

Total	$	673,042,909

Shares outstanding (unlimited number of shares authorized):
Class II Shares		54,508,404
Class VI Shares		867,637

Total		55,376,041

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	12.15
Class VI Shares	$	12.10

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT
	Investor
	Destinations
	Aggressive Fund

INVESTMENT INCOME:
Interest income	$	976
Dividend income from affiliates		7,253,089

Total Income		7,254,065

Expenses:
Investment advisory fees		458,948
Accounting and transfer agent fees		1,169
Distribution fees Class II Shares		868,712
Distribution fees Class VI Shares		13,882
Administrative services fees Class II Shares		497,229
Administrative services fees Class VI Shares		7,593
Custodian fees		16,894
Trustee fees		20,349
Compliance program costs (Note 3)		133
Other		73,218

Total expenses before earnings credit		1,958,127
Earnings credit (Note 6)		(737	)

Net Expenses		1,957,390

Net Investment Income		5,296,675

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains from investment transactions with affiliates		12,578,849
Net change in unrealized appreciation/(depreciation) from investments		(93,408,844	)

Net realized/unrealized losses from investments		(80,829,995	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(75,533,320	)

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statements of Changes in Net Assets


	NVIT Investor
	Destinations Aggressive Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	5,296,675		$	12,493,592
Net realized gains from investment transactions		12,578,849			109,250,766
Net change in unrealized appreciation/(depreciation) from investments		(93,408,844	)		(77,857,987	)

Change in net assets resulting from operations		(75,533,320	)		43,886,371

Distributions to Shareholders From:
Net investment income:
Class II		(5,852,108	)		(14,846,380	)
Class VI		(91,267	)		(261,717	)
Net realized gains:
Class II		–			(24,266,362	)
Class VI		–			(371,136	)

Change in net assets from shareholder distributions		(5,943,375	)		(39,745,595	)

Change in net assets from capital transactions		(21,670,182	)		33,061,009

Change in net assets		(103,146,877	)		37,201,785
Net Assets:
Beginning of period		776,189,786			738,988,001

End of period	$	673,042,909		$	776,189,786

Accumulated net investment income (loss) at end of period	$	(71,904	)	$	574,796


CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	23,382,834		$	66,338,718
Dividends reinvested		5,852,108			39,112,645
Cost of shares redeemed		(48,958,378	)		(74,888,764	)

		(19,723,436	)		30,562,599

Class VI Shares
Proceeds from shares issued		1,275,588			7,668,215
Dividends reinvested		91,267			632,850
Cost of shares redeemed (a)		(3,313,601	)		(5,802,655	)

		(1,946,746	)		2,498,410

Change in net assets from capital transactions	$	(21,670,182	)	$	33,061,009


SHARE TRANSACTIONS:
Class II Shares
Issued		1,840,717			4,767,455
Reinvested		469,284			2,809,637
Redeemed		(3,853,997	)		(5,382,201	)

		(1,543,996	)		2,194,891

See accompanying notes to financial statements.

8 Semiannual Report 2008

NVIT Investor Destinations Aggressive Fund


			Investment Activities								Distributions														Ratios / Supplemental Data

					Net Realized																												Ratio of
					and																									Ratio of Net			Expenses
	Net Asset				Unrealized			Total																	Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net			Net						Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Gains			Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b) (c)			Turnover (d)

Class II Shares
Six Months ended June 30, 2008 (Unaudited)	$	13.60		0.10		(1.44	)		(1.34	)		(0.11	)		–			(0.11	)	$	12.15		(9.89	%)	$	662,541		0.55	%		1.50	%		0.55	%		12.51	%
Year ended December 31, 2007	$	13.51		0.22		0.59			0.81			(0.27	)		(0.45	)		(0.72	)	$	13.60		5.96	%	$	762,322		0.56	%		1.60	%		0.56	%		76.72	%
Year ended December 31, 2006	$	11.97		0.20		1.78			1.98			(0.26	)		(0.18	)		(0.44	)	$	13.51		16.87	%	$	727,599		0.57	%		1.56	%		(f)			7.82	%
Year ended December 31, 2005	$	11.52		0.22		0.68			0.90			(0.22	)		(0.23	)		(0.45	)	$	11.97		7.93	%	$	577,843		0.56	%		2.04	%		(f)			9.12	%
Year ended December 31, 2004 (e)	$	10.49		0.17		1.28			1.45			(0.17	)		(0.25	)		(0.42	)	$	11.52		14.03	%	$	332,097		0.56	%		2.13	%		(f)			18.26	%
Year ended December 31, 2003	$	8.15		0.12		2.46			2.58			(0.12	)		(0.12	)		(0.24	)	$	10.49		31.87	%	$	94,500		0.55	%		1.60	%		(f)			49.13	%

Class VI Shares
Six Months ended June 30, 2008 (Unaudited)	$	13.54		0.10		(1.43	)		(1.33	)		(0.11	)		–			(0.11	)	$	12.10		(9.87	%)	$	10,502		0.55	%		1.47	%		0.55	%		12.51	%
Year ended December 31, 2007	$	13.47		0.24		0.57			0.81			(0.29	)		(0.45	)		(0.74	)	$	13.54		5.97	%	$	13,868		0.55	%		1.80	%		0.55	%		76.72	%
Year ended December 31, 2006	$	11.96		0.20		1.77			1.97			(0.28	)		(0.18	)		(0.46	)	$	13.47		16.92	%	$	11,389		0.56	%		1.72	%		(f)			7.82	%
Year ended December 31, 2005	$	11.52		0.23		0.68			0.91			(0.24	)		(0.23	)		(0.47	)	$	11.96		7.95	%	$	7,303		0.51	%		3.82	%		(f)			9.12	%
Period ended December 31, 2004 (g)	$	10.52		0.17		1.15			1.32			(0.17	)		(0.15	)		(0.32	)	$	11.52		12.58	%	$	440		0.41	%		3.59	%		(f)			18.26	%


(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.

10 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Investor Destinations Aggressive Fund (the “Fund”) (formerly “Nationwide NVIT Investor Destinations Aggressive Fund”) The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values (“NAV“s) 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 4:00 p.m. Eastern time). The Underlying Funds generally value securities and assets at current market value.


	•	Level 1 – quoted prices in active markets for identical assets.

	•	Level 2 – other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 -		Level 3 -
Level 1-		Other Significant		Significant
Quoted Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	673,337,258	$	-	$	-	$	673,337,258

The following policies, (b) through (h), represent the accounting policies applicable to the Underlying Funds.


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(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.

12 Semiannual Report 2008


(e)	Futures Contracts

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” payments are made or received 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.


(f)	Written Options Contracts


(g)	Mortgage Dollar Rolls

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

consideration for entering into these transactions and is included in interest income on the Statement of Operations.


(h)	Short Sales


(i)	Security Transactions and Investment Income


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV 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

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

14 Semiannual Report 2008

deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.


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

3. Transactions with Affiliates

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.

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“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. 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%. NFD is a wholly-owned subsidiary of NFSDI.

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, 2008, NFS received $539,721 in Administrative Services fees from the Fund.

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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, 2008, Class VI shares had contributions to capital due to collection of redemption fees in the amount of $735.

For the year ended December 31, 2007, Class VI shares had contributions to capital due to collection of redemption fees in the amount of $1,495.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $89,478,319 and sales of $111,897,293.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

16 Semiannual Report 2008

7. Portfolio Investment Risks from Underlying Funds

8. Indemnifications

9. New Accounting Pronouncements

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities”. SFAS No. 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS No. 161 requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial position, performance, and cash flows. Management is currently evaluating the impact the adoption of SFAS No. 161 will have on the Fund’s financial statements and related disclosures.

10. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	734,251,170	$	5,301,807	$	(66,215,719)	$	(60,913,912)

2008 Semiannual Report 17

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

18 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 19

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

20 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

22 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

2008 Semiannual Report 23

Supplemental Information (Continued)

(Unaudited)

The Board considered the information and discussion with respect to the services provided to the Fund by the investment adviser, and reviewed the information presented with respect to ancillary benefits received by the investment adviser, including fee income for performing other services, and any soft dollars and affiliated brokerage commissions.

The Trustees found that the Fund had been performing as it was designed to do in up markets and in down markets. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Adviser to maintain performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees considered the Fund’s actual advisory fee compared with peer group funds, but found that the comparative fee and expense information includes expenses and fees for actively-managed funds and, therefore, the peer group comparative fee and expense data are not necessarily appropriate. The Trustees concluded that the advisory fee for each of the Investor Destinations Funds should be consistent. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

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. The Trustees considered the Fund’s actual advisory fee compared with peer group funds, but found that the comparative fee and expense information includes expenses and fees for actively-managed funds and, therefore, the peer group comparative fee and expense data are not necessarily appropriate. The Trustees considered that the Adviser had agreed to maintain the expense cap at 25 basis points (excluding certain Fund expenses as set forth in the Fund’s prospectus). Based on its review, the Board concluded that the Fund’s total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

24 Semiannual Report 2008

NVIT Investor Destinations Moderately
Aggressive Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

6			Statement of Assets and Liabilities

7			Statement of Operations

8			Statement of Changes in Net Assets

9			Financial Highlights

10			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-ID-MAG (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Investor Destinations Moderately Aggressive Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expense Paid		Expense Ratio
NVIT Investor Destinations			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Moderately Aggressive Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^(a)(b)		01/01/08 - 06/30/08^(a)(b)

Class II	Actual			1,000.00		919.80		2.34		0.49
	Hypothetical	^(c)		1,000.00		1,022.43		2.46		0.49


Class VI	Actual			1,000.00		919.40		2.43		0.51
	Hypothetical	^(c)		1,000.00		1,022.33		2.56		0.51


^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(b)		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.

^(c)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Investor Destinations Moderately Aggressive Fund


Mutual Funds (97.2%) (a)
	Shares or
	Principal Amount		Value


Equity Funds (80.0%)
NVIT S&P 500 Index Fund, Class Y		84,103,176	$	748,518,264
Nationwide International Index Fund, Institutional Class		27,593,111		274,827,387
NVIT International Index Fund, Class Y		25,549,745		261,373,894
NVIT Mid Cap Index Fund, Class Y		17,433,796		318,864,123
NVIT Small Cap Index Fund, Class Y		12,625,423		105,548,538

				1,709,132,206



Fixed Income Funds (16.3%)
NVIT Bond Index Fund, Class Y		31,979,351		320,752,894
NVIT Enhanced Income Fund, Class Y		2,713,456		27,297,371

				348,050,265



Money Market Fund (0.9%)
NVIT Money Market Fund, Class Y		19,368,285		19,368,285


Total Mutual Funds				2,076,550,756

Fixed Contract (2.8%) (b)
	Shares or
	Principal Amount		Value
Contract, 4.00%	$	60,235,334	$	60,235,334


Total Investments (Cost $2,293,398,483) (c) – 100.0%				2,136,786,090

Liabilities in excess of other assets – 0.0%				(805,704	)


NET ASSETS – 100.0%			$	2,135,980,386


(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.

2008 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT Investor
	Destinations
	Moderately
	Aggressive Fund

Assets:
Investments in affiliates, at value (cost $2,293,398,483)	$	2,136,786,090
Interest and dividends receivable		70,211
Receivable for capital shares issued		632,828
Prepaid expenses and other assets		19,975

Total Assets		2,137,509,104

Liabilities:
Payable for investments purchased		142,574
Payable for capital shares redeemed		560,466
Accrued expenses and other payables:
Investment advisory fees		235,751
Accounting and transfer agent fees		483
Distribution fees		453,369
Administrative services fees		75,814
Custodian fees		13,315
Trustee fees		26,520
Compliance program costs (Note 4)		3,673
Other		16,753

Total Liabilities		1,528,718

Net Assets	$	2,135,980,386

Represented by:
Capital	$	2,041,427,191
Accumulated net investment income		74,540
Accumulated net realized gains from investment transactions		251,091,048
Net unrealized appreciation/(depreciation) from investments		(156,612,393	)

Net Assets	$	2,135,980,386

Net Assets:
Class II Shares	$	2,120,695,738
Class VI Shares		15,284,648

Total	$	2,135,980,386

Shares outstanding (unlimited number of shares authorized):
Class II Shares		174,648,484
Class VI Shares		1,264,831

Total		175,913,315

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	12.14
Class VI Shares	$	12.08

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT Investor
	Destinations
	Moderately
	Aggressive Fund

INVESTMENT INCOME:
Interest income	$	7,955
Interest income from affiliates		1,498,322
Dividend income from affiliates		25,418,155

Total Income		26,924,432

Expenses:
Investment advisory fees		1,427,121
Accounting and transfer agent fees		1,408
Distribution fees Class II Shares		2,724,605
Distribution fees Class VI Shares		19,868
Administrative services fees Class II Shares		939,104
Administrative services fees Class VI Shares		8,236
Custodian fees		50,187
Trustee fees		57,133
Compliance program costs (Note 3)		120
Other		165,635

Total expenses before earnings credit		5,393,417
Earnings credit (Note 6)		(5,677	)

Net Expenses		5,387,740

Net Investment Income		21,536,692

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains from investment transactions with affiliates		42,035,223
Net change in unrealized appreciation/(depreciation) from investments		(249,874,349	)

Net realized/unrealized losses from investments		(207,839,126	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(186,302,434	)

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statements of Changes in Net Assets


	NVIT Investor Destinations
	Moderately Aggressive Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	21,536,692		$	44,156,051
Net realized gains form investment transactions		42,035,223			214,356,487
Net change in unrealized appreciation/(depreciation) from investments		(249,874,349	)		(137,544,089	)

Change in net assets resulting from operations		(186,302,434	)		120,968,449

Distributions to Shareholders From:
Net investment income:
Class II		(22,971,453	)		(49,448,762	)
Class VI		(174,732	)		(395,803	)
Net realized gains:
Class II		–			(41,053,058	)
Class VI		–			(320,408	)

Change in net assets from shareholder distributions		(23,146,185	)		(91,218,031	)

Change in net assets from capital transactions		19,973,687			402,842,475

Change in net assets		(189,474,932	)		432,592,893
Net Assets:
Beginning of period		2,325,455,318			1,892,862,425

End of period	$	2,135,980,386		$	2,325,455,318

Accumulated net investment income at end of period	$	74,540		$	1,684,033


CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	84,028,158		$	412,785,556
Dividends reinvested		22,971,453			90,501,562
Cost of shares redeemed		(87,346,748	)		(104,680,416	)

		19,652,863			398,606,702

Class VI Shares
Proceeds from shares issued		6,378,755			14,070,741
Dividends reinvested		174,732			716,209
Cost of shares redeemed (a)		(6,232,663	)		(10,551,177	)

		320,824			4,235,773

Change in net assets from capital transactions	$	19,973,687		$	402,842,475


SHARE TRANSACTIONS:
Class II Shares
Issued		6,638,609			30,524,258
Reinvested		1,851,796			6,697,524
Redeemed		(6,919,819	)		(7,734,888	)

		1,570,586			29,486,894

Class VI Shares
Issued		507,486			1,051,405
Reinvested		14,154			53,221
Redeemed		(494,218	)		(794,788	)

		27,422			309,838

Total change in shares		1,598,008			29,796,732


(a)		Includes redemption fees – see Note 4 to Financial Statements.

See accompanying notes to financial statements.

8 Semiannual Report 2008

NVIT Investor Destinations Moderately Aggressive Fund


			Investment Activities								Distributions														Ratios / Supplemental Data

					Net Realized																												Ratio of
					and																									Ratio of Net			Expenses
	Net Asset				Unrealized			Total																	Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net			Net						Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Gains			Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b) (c)			Turnover (d)

Class II Shares
Six Months ended June 30, 2008 (Unaudited)	$	13.34		0.12		(1.19	)		(1.07	)		(0.13	)		–			(0.13	)	$	12.14		(8.02	%)	$	2,120,696		0.49	%		1.96	%		0.49	%		14.17	%
Year ended December 31, 2007	$	13.10		0.27		0.54			0.81			(0.31	)		(0.26	)		(0.57	)	$	13.34		6.15	%	$	2,309,023		0.58	%		2.03	%		0.58	%		65.97	%
Year ended December 31, 2006	$	11.85		0.23		1.45			1.68			(0.27	)		(0.16	)		(0.43	)	$	13.10		14.54	%	$	1,880,752		0.57	%		1.97	%		(f)			5.40	%
Year ended December 31, 2005	$	11.52		0.24		0.57			0.81			(0.24	)		(0.24	)		(0.48	)	$	11.85		7.07	%	$	1,202,098		0.57	%		2.23	%		(f)			7.53	%
Year ended December 31, 2004 (e)	$	10.60		0.19		1.08			1.27			(0.19	)		(0.16	)		(0.35	)	$	11.52		12.09	%	$	734,244		0.55	%		2.11	%		(f)			11.44	%
Year ended December 31, 2003	$	8.49		0.14		2.10			2.24			(0.13	)		–			(0.13	)	$	10.60		26.64	%	$	290,666		0.56	%		1.73	%		(f)			22.22	%

Class VI Shares
Six Months ended June 30, 2008 (Unaudited)	$	13.28		0.11		(1.18	)		(1.07	)		(0.13	)		–			(0.13	)	$	12.08		(8.06	%)	$	15,285		0.51	%		1.88	%		0.51	%		14.17	%
Year ended December 31, 2007	$	13.06		0.25		0.55			0.80			(0.32	)		(0.26	)		(0.58	)	$	13.28		6.16	%	$	16,432		0.55	%		2.01	%		0.55	%		65.97	%
Year ended December 31, 2006	$	11.83		0.24		1.44			1.68			(0.29	)		(0.16	)		(0.45	)	$	13.06		14.56	%	$	12,111		0.56	%		1.99	%		(f)			5.40	%
Year ended December 31, 2005	$	11.51		0.25		0.57			0.82			(0.26	)		(0.24	)		(0.50	)	$	11.83		7.16	%	$	7,575		0.48	%		2.59	%		(f)			7.53	%
Period ended December 31, 2004 (g)	$	10.63		0.17		0.98			1.15			(0.17	)		(0.10	)		(0.27	)	$	11.51		10.92	%	$	2,751		0.41	%		4.26	%		(f)			11.44	%


(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.

2008 Semiannual Report 9

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Investor Destinations Moderately Aggressive Fund (the “Fund”) (formerly “Nationwide NVIT Investor Destinations Moderately Aggressive Fund”) . The Trust currently operates fifty-eight (58) 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. The Fund also invests in a non-registered Fixed Interest Contract (“Fixed Interest Contract”) issued by Nationwide Life Insurance Company (“Nationwide Life”) up to the Fund’s designated limit. The Fund’s target allocation range is 0-10%.

2. Summary of Significant Accounting Policies


(a)	Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values (“NAV”s) 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 4:00 p.m. Eastern time). The Underlying Funds generally value securities and assets at current market value.

The Fund currently invests in the Nationwide Contract. The Nationwide Contract is a fixed interest contract issued and guaranteed by Nationwide Life. 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. During the six months ended June 30, 2008, the rate ranged from 4.00% to 4.05%. Because the contract is guaranteed by Nationwide Life, 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, Nationwide Fund Advisors (“NFA” or “Adviser”) 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. 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.

2008 Semiannual Report 10

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


	•	Level 1 – quoted prices in active markets for identical assets.

	•	Level 2 – other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 -		Level 3 -
Level 1 -		Other Significant		Significant
Quoted Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	2,136,786,090	$	-	$	-	$	2,136,786,090

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, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty.


(c)	Foreign Currency Transactions

11 Semiannual Report 2008

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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

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” payments are made or received 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.


(f)	Written Options Contracts

12 Semiannual Report 2008

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


(h)	Short Sales


(i)	Security Transactions and Investment Income


(j)	Distributions to Shareholders

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. Permanent differences(i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassifications. These reclassifications have no effect upon the NAV 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.

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(k)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.


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

3. Transactions with Affiliates

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.

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

14 Semiannual Report 2008

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“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. 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%. NFD is a wholly-owned subsidiary of NFSDI.

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, 2008, NFS received $1,662,272 in Administrative Services fees from the Fund.

4. Short-Term Trading Fees

For the six months ended June 30, 2008, Class VI shares had contributions to capital due to collection of redemption fees in the amount of $22,314.

For the year ended December 31, 2007, Class VI shares had contributions to capital due to collection of redemption fees in the amount of $17,999.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $330,737,510 and sales of $305,036,167.

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

7. Portfolio Investment Risks from Underlying Funds

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 liability 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. New Accounting Pronouncements

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities”. SFAS No. 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS No. 161 requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial position, performance, and cash flows. Management is currently evaluating the impact the adoption of SFAS No. 161 will have on the Fund’s financial statements and related disclosures.

16 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

18 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 19

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

20 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

22 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

2008 Semiannual Report 23

Supplemental Information (Continued)

(Unaudited)

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. The Trustees considered the Fund’s actual advisory fee compared with peer group funds, but found that the comparative fee and expense information includes expenses and fees for actively-managed funds and, therefore, the peer group comparative fee and expense data are not necessarily appropriate. The Trustees considered that the Adviser had agreed to maintain the expense cap at 25 basis points (excluding certain Fund expenses as set forth in the Fund’s prospectus). Based on its review, the Board concluded that the Fund’s total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

24 Semiannual Report 2008

NVIT Investor Destinations Moderate Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

6			Statement of Assets and Liabilities

7			Statement of Operations

8			Statement of Changes in Net Assets

9			Financial Highlights

10			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-ID-MOD (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Investor Destinations Moderate Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


							Expenses Paid		Expense Ratio
			Beginning		Ending		During Period ($)		During Period (%)
NVIT Investor Destinations			Account Value ($)		Account Value ($)		01/01/08 -		01/01/08 -
Moderate Fund			01/01/08		06/30/08		06/30/08^(a)(b)		06/30/08^(a)(b)

Class II	Actual			1,000.00		941.60		2.66		0.55
	Hypothetical	^(c)		1,000.00		1,022.13		2.77		0.55


Class VI	Actual			1,000.00		940.80		2.46		0.51
	Hypothetical	^(c)		1,000.00		1,022.33		2.56		0.51


^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(b)		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.

^(c)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Investor Destinations Moderate Fund


Mutual Funds (90.2%)(a)
	Shares or
	Principal Amount		Value


Equity Funds (60.0%)
NVIT S&P 500 Index Fund, Class Y		94,993,800	$	845,444,819
Nationwide International Index Fund, Institutional Class		21,729,633		216,427,146
NVIT International Index Fund, Class Y		20,285,050		207,516,061
NVIT Mid Cap Index Fund, Class Y		15,315,426		280,119,147
NVIT Small Cap Index Fund, Class Y		16,636,918		139,084,634

				1,688,591,807



Fixed Income Funds (28.0%)
NVIT Bond Index Fund, Class Y		70,234,101		704,448,036
NVIT Enhanced Income Fund, Class Y		8,253,063		83,025,809

				787,473,845



Money Market Fund (2.2%)
NVIT Money Market Fund, Class Y		61,654,760		61,654,760


Total Mutual Funds				2,537,720,412




Nationwide Fixed Contract, 4.00%	$	277,795,111		277,795,111


Total Investments (Cost $2,964,423,814)(c) – 100.0%				2,815,515,523

Liabilities in excess of other assets – 0.0%				(1,234,433	)


NET ASSETS – 100.0%			$	2,814,281,090


(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.

2008 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT Investor
	Destinations
	Moderate Fund

Assets:
Investments in affiliates, at value (cost $2,964,423,814)	$	2,815,515,523
Interest and dividends receivable		134,398
Receivable for capital shares issued		87,211
Receivable for investments sold		1,255,381
Prepaid expenses and other assets		26,432

Total Assets		2,817,018,945

Liabilities:
Payable for investments purchased		134,398
Payable for capital shares redeemed		1,342,593
Accrued expenses and other payables:
Investment advisory fees		308,190
Accounting and transfer agent fees		393
Distribution fees		592,675
Administrative services fees		280,022
Custodian fees		16,676
Trustee fees		28,895
Compliance program costs (Note 3)		4,834
Other		29,179

Total Liabilities		2,737,855

Net Assets	$	2,814,281,090

Represented by:
Capital	$	2,698,351,867
Accumulated net investment loss		(80,903	)
Accumulated net realized gains from investment transactions		264,918,416
Net unrealized appreciation/(depreciation) from investments		(148,908,290	)

Net Assets	$	2,814,281,090

Net Assets:
Class II Shares	$	2,790,301,726
Class VI Shares		23,979,364

Total	$	2,814,281,090

Shares outstanding (unlimited number of shares authorized):
Class II Shares		241,151,490
Class VI Shares		2,080,807

Total		243,232,297

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	11.57
Class VI Shares	$	11.52

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT Investor
	Destinations
	Moderate Fund

INVESTMENT INCOME:
Interest income	$	7,404
Interest income from affiliates		5,673,132
Dividend income from affiliates		35,342,141

Total Income		41,022,677

Expenses:
Investment advisory fees		1,870,675
Accounting and transfer agent fees		1,775
Distribution fees Class II Shares		3,569,272
Distribution fees Class VI Shares		28,192
Administrative services fees Class II Shares		2,051,658
Administrative services fees Class VI Shares		12,443
Custodian fees		61,578
Trustee fees		68,756
Compliance program costs (Note 3)		139
Other		214,310

Total expenses before earnings credit		7,878,798
Earnings credit (Note 6)		(4,983	)

Net Expenses		7,873,815

Net Investment Income		33,148,862

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains from investment transactions with affiliates		33,449,607
Net change in unrealized appreciation/(depreciation) from investments		(242,568,990	)

Net realized/unrealized losses from investments		(209,119,383	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(175,970,521	)

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statements of Changes in Net Assets


	NVIT Investor
	Destinations Moderate Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	33,148,862		$	71,783,866
Net realized gains from investment transactions		33,449,607			238,061,661
Net change in unrealized appreciation/(depreciation) from investments		(242,568,990	)		(160,892,165	)

Change in net assets resulting from operations		(175,970,521	)		148,953,362

Distributions to Shareholders From:
Net investment income:
Class II		(34,940,126	)		(75,819,681	)
Class VI		(288,334	)		(624,309	)
Net realized gains:
Class II		–			(43,372,304	)
Class VI		–			(357,115	)

Change in net assets from shareholder distributions		(35,228,460	)		(120,173,409	)

Change in net assets from capital transactions		19,333,342			452,971,164

Change in net assets		(191,865,639	)		481,751,117
Net Assets:
Beginning of period		3,006,146,729			2,524,395,612

End of period	$	2,814,281,090		$	3,006,146,729

Accumulated net investment income (loss) at end of period	$	(80,903	)	$	1,998,695


CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	92,645,111		$	467,681,812
Dividends reinvested		34,939,647			119,191,324
Cost of shares redeemed		(110,831,261	)		(135,742,628	)

		16,753,497			451,130,508

Class VI Shares
Proceeds from shares issued		5,032,956			11,164,630
Dividends reinvested		288,334			981,423
Cost of shares redeemed (a)		(2,741,445	)		(10,305,397	)

		2,579,845			1,840,656

Change in net assets from capital transactions	$	19,333,342		$	452,971,164


SHARE TRANSACTIONS:
Class II Shares
Issued		7,740,827			37,177,520
Reinvested		2,965,976			9,516,108
Redeemed		(9,270,283	)		(10,803,470	)

		1,436,520			35,890,158

Class VI Shares
Issued		419,677			892,730
Reinvested		24,574			78,615
Redeemed		(232,399	)		(820,063	)

		211,852			151,282

Total change in shares		1,648,372			36,041,440


(a)		Includes redemption fees – see Note 4 to Financial Statements.

See accompanying notes to financial statements.

8 Semiannual Report 2008

NVIT Investor Destinations Moderate Fund


			Investment Activities								Distributions														Ratios / Supplemental Data

					Net Realized																												Ratio of
					and																									Ratio of Net			Expenses
	Net Asset				Unrealized			Total																	Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net			Net						Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Gains			Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b) (c)			Turnover (d)

Class II Shares
Six Months ended June 30, 2008 (Unaudited)	$	12.44		0.14		(0.86	)		(0.72	)		(0.15	)		–			(0.15	)	$	11.57		(5.84	%)	$	2,790,302		0.55	%		2.30	%		0.55	%		9.81	%
Year ended December 31, 2007	$	12.28		0.32		0.38			0.70			(0.34	)		(0.20	)		(0.54	)	$	12.44		5.66	%	$	2,982,977		0.55	%		2.54	%		0.55	%		75.27	%
Year ended December 31, 2006	$	11.40		0.26		1.01			1.27			(0.28	)		(0.11	)		(0.39	)	$	12.28		11.35	%	$	2,503,358		0.57	%		2.32	%		(f)			5.69	%
Year ended December 31, 2005	$	11.26		0.26		0.33			0.59			(0.26	)		(0.19	)		(0.45	)	$	11.40		5.34	%	$	1,596,055		0.56	%		2.41	%		(f)			4.20	%
Year ended December 31, 2004 (e)	$	10.54		0.21		0.78			0.99			(0.21	)		(0.06	)		(0.27	)	$	11.26		9.54	%	$	1,118,116		0.56	%		2.19	%		(f)			5.54	%
Year ended December 31, 2003	$	8.94		0.17		1.60			1.77			(0.17	)		–			(0.17	)	$	10.54		20.05	%	$	566,916		0.56	%		2.01	%		(f)			9.90	%

Class VI Shares
Six Months ended June 30, 2008 (Unaudited)	$	12.40		0.14		(0.87	)		(0.73	)		(0.15	)		–			(0.15	)	$	11.52		(5.92	%)	$	23,979		0.51	%		2.42	%		0.51	%		9.81	%
Year ended December 31, 2007	$	12.25		0.32		0.38			0.70			(0.35	)		(0.20	)		(0.55	)	$	12.40		5.70	%	$	23,170		0.55	%		2.51	%		0.55	%		75.27	%
Year ended December 31, 2006	$	11.38		0.26		1.02			1.28			(0.30	)		(0.11	)		(0.41	)	$	12.25		11.44	%	$	21,038		0.56	%		2.30	%		(f)			5.69	%
Year ended December 31, 2005	$	11.24		0.27		0.33			0.60			(0.27	)		(0.19	)		(0.46	)	$	11.38		5.50	%	$	15,820		0.47	%		2.56	%		(f)			4.20	%
Period ended December 31, 2004 (g)	$	10.54		0.19		0.72			0.91			(0.19	)		(0.02	)		(0.21	)	$	11.24		8.72	%	$	9,384		0.41	%		3.84	%		(f)			5.54	%


(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.

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Investor Destinations Moderate Fund (the “Fund”) (formerly “Nationwide NVIT Investor Destinations Moderate Fund”) . The Trust currently operates fifty-eight (58) 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


(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 4:00 p.m. Eastern time). The Underlying Funds generally value securities and assets at current market value.

10 Semiannual Report 2008


	•	Level 1 – quoted prices in active markets for identical assets.

	•	Level 2 – other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 -		Level 3 -
Level 1 -		Other Significant		Significant
Quoted Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	2,815,515,523	$	-	$	-	$	2,815,515,523

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, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty.


(c)	Foreign Currency Transactions

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(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

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” payments are made or received 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.


(f)	Written Options Contracts

12 Semiannual Report 2008


(g)	Mortgage Dollar Rolls


(h)	Short Sales


(i)	Security Transactions and Investment Income


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV 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.

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(k)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.


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

3. Transactions with Affiliates

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 (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides various administrative and accounting services for the Fund, and serves as Transfer Agent and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

14 Semiannual Report 2008

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“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. 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%. NFD is a wholly-owned subsidiary of NFSDI.

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, 2008, NFS received $2,174,226 in Administrative Services fees from the Fund.

4. Short-Term Trading Fees

For the six months ended June 30, 2008, Class VI shares had contributions to capital due to collection of redemption fees in the amount of $3,107.

For the year ended December 31, 2007, Class VI shares had contributions to capital due to collection of redemption fees in the amount of $12,580.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $293,747,256 and sales of $256,298,710.

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

7. Portfolio Investment Risks from Underlying Funds

8. Indemnifications

9. New Accounting Pronouncements

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities”. SFAS No. 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS No. 161 requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial position, performance, and cash flows. Management is currently evaluating the impact the adoption of SFAS No. 161 will have on the Fund’s financial statements and related disclosures.

16 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

18 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 19

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

20 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

22 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

2008 Semiannual Report 23

Supplemental Information (Continued)

(Unaudited)

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. The Trustees considered the Fund’s actual advisory fee compared with peer group funds, but found that the comparative fee and expense information includes expenses and fees for actively-managed funds and, therefore, the peer group comparative fee and expense data are not necessarily appropriate. The Trustees considered that the Adviser had agreed to maintain the expense cap at 25 basis points (excluding certain Fund expenses as set forth in the Fund’s prospectus). Based on its review, the Board concluded that the Fund’s total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

24 Semiannual Report 2008

NVIT Investor Destinations Moderately
Conservative Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

6			Statement of Assets and Liabilities

7			Statement of Operations

8			Statement of Changes in Net Assets

9			Financial Highlights

10			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-ID-MCON (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Investor Destinations Moderately Conservative Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


NVIT Investor
Destinations			Beginning		Ending		Expense Paid		Expense Ratio
Moderately			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Conservative Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^(a)(b)		01/01/08 - 06/30/08^(a)(b)

Class II	Actual			1,000.00		967.00		2.69		0.55
	Hypothetical(c	)		1,000.00		1,022.13		2.77		0.55


Class VI	Actual			1,000.00		967.70		2.45		0.50
	Hypothetical(c	)		1,000.00		1,022.38		2.51		0.50


^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
^(b)		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.
^(c)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Investor Destinations Moderately Conservative Fund


Mutual Funds (88.5%) (a)
	Shares or
	Principal Amount		Value


Equity Funds (40.0%)
NVIT S&P 500 Index Fund, Class Y		18,124,309	$	161,306,347
Nationwide International Index Fund, Institutional Class		2,814,402		28,031,445
NVIT International Index Fund, Class Y		5,163,897		52,826,669
NVIT Mid Cap Index Fund, Class Y		4,383,178		80,168,317

				322,332,778



Fixed Income Funds (42.4%)
NVIT Bond Index Fund, Class Y		28,140,614		282,250,356
NVIT Enhanced Income Fund, Class Y		5,917,541		59,530,461

				341,780,817



Money Market Fund (6.1%)
NVIT Money Market Fund, Class Y		49,103,326		49,103,326


Total Mutual Funds				713,216,921

Fixed Contract (11.5%) (b)
	Shares or
	Principal Amount		Value
4.00%	$	92,901,931	$	92,901,931


Total Investments (Cost $834,229,262) (c) – 100.0%				806,118,852

Liabilities in excess of other assets – 0.0%				(340,001	)


NET ASSETS – 100.0%			$	805,778,851


(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.

2008 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT Investor
	Destinations
	Moderately
	Conservative Fund

Assets:
Investments in affiliates, at value (cost $834,229,262)	$	806,118,852
Interest and dividends receivable		98,776
Receivable for capital shares issued		608,726
Prepaid expenses and other assets		7,729

Total Assets		806,834,083

Liabilities:
Cash overdraft		1
Payable for investments purchased		515,008
Payable for capital shares redeemed		192,493
Accrued expenses and other payables:
Investment advisory fees		87,033
Accounting and transfer agent fees		96
Distribution fees		167,372
Administrative services fees		76,705
Custodian fees		4,782
Trustee fees		8,073
Compliance program costs (Note 3)		1,336
Other		2,333

Total Liabilities		1,055,232

Net Assets	$	805,778,851

Represented by:
Capital	$	787,233,235
Accumulated net investment income		3,061
Accumulated net realized gains from investment transactions		46,652,965
Net unrealized appreciation/(depreciation) from investments		(28,110,410	)

Net Assets	$	805,778,851

Net Assets:
Class II Shares	$	798,441,094
Class VI Shares		7,337,757

Total	$	805,778,851

Shares outstanding (unlimited number of shares authorized):
Class II Shares		73,778,238
Class VI Shares		680,735

Total		74,458,973

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	10.82
Class VI Shares	$	10.78

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT Investor
	Destinations
	Moderately
	Conservative Fund

INVESTMENT INCOME:
Interest income	$	8,264
Interest income from affiliates		1,880,682
Dividend income from affiliates		11,192,739

Total Income		13,081,685

Expenses:
Investment advisory fees		520,840
Accounting and transfer agent fees		1,406
Distribution fees Class II Shares		989,607
Distribution fees Class VI Shares		12,011
Administrative services fees Class II Shares		573,830
Administrative services fees Class VI Shares		4,671
Custodian fees		17,706
Trustee fees		19,593
Compliance program costs (Note 3)		324
Other		61,152

Total expenses before earnings credit		2,201,140
Earnings credit (Note 6)		(2,529	)

Net Expenses		2,198,611

Net Investment Income		10,883,074

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains from investment transactions with affiliates		7,366,811
Net change in unrealized appreciation/(depreciation) from investments		(45,357,594	)

Net realized/unrealized losses from investments		(37,990,783	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(27,107,709	)

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statements of Changes in Net Assets


	Nationwide NVIT Investor Destinations
	Moderately Conservative Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	10,883,074		$	22,612,926
Net realized gains from investment transactions		7,366,811			41,567,475
Net change in unrealized appreciation/(depreciation) from investments		(45,357,594	)		(23,791,978	)

Change in net assets resulting from operations		(27,107,709	)		40,388,423

Distributions to Shareholders From:
Net investment income:
Class II		(11,294,220	)		(22,892,932	)
Class VI		(122,648	)		(251,651	)
Net realized gains:
Class II		–			(19,126,179	)
Class VI		–			(146,726	)

Change in net assets from shareholder distributions		(11,416,868	)		(42,417,488	)

Change in net assets from capital transactions		22,421,248			186,497,375

Change in net assets		(16,103,329	)		184,468,310
Net Assets:
Beginning of period		821,882,180			637,413,870

End of period	$	805,778,851		$	821,882,180

Accumulated net investment income at end of period	$	3,061		$	536,855


CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	69,574,003		$	212,062,488
Dividends reinvested		11,294,146			42,018,983
Cost of shares redeemed		(55,288,874	)		(74,871,629	)

		25,579,275			179,209,842

Class VI Shares
Proceeds from shares issued		1,509,118			8,367,557
Dividends reinvested		122,648			398,376
Cost of shares redeemed (a)		(4,789,793	)		(1,478,400	)

		(3,158,027	)		7,287,533

Change in net assets from capital transactions	$	22,421,248		$	186,497,375


SHARE TRANSACTIONS:
Class II Shares
Issued		6,272,405			18,439,089
Reinvested		1,031,407			3,698,450
Redeemed		(4,975,031	)		(6,525,077	)

		2,328,781			15,612,462

Class VI Shares
Issued		136,632			738,295
Reinvested		11,237			35,179
Redeemed		(432,369	)		(129,082	)

		(284,500	)		644,392

Total change in shares		2,044,281			16,256,854


(a)		Includes redemption fees – see Note 4 to Financial Statements.

See accompanying notes to financial statements.

8 Semiannual Report 2008

NVIT Investor Destinations Moderately Conservative Fund


			Investment Activities								Distributions														Ratios / Supplemental Data

					Net Realized																												Ratio of
					and																									Ratio of Net			Expenses
	Net Asset				Unrealized			Total																	Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net			Net						Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Gains			Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b) (c)			Turnover (d)

Class II Shares
Six Months ended June 30, 2008 (Unaudited)	$	11.35		0.15		(0.52	)		(0.37	)		(0.16	)		–			(0.16	)	$	10.82		(3.30	%)	$	798,441		0.55	%		2.72	%		0.55	%		11.90	%
Year ended December 31, 2007	$	11.35		0.34		0.31			0.65			(0.35	)		(0.30	)		(0.65	)	$	11.35		5.86	%	$	810,971		0.55	%		3.07	%		0.55	%		80.89	%
Year ended December 31, 2006	$	10.91		0.30		0.60			0.90			(0.31	)		(0.15	)		(0.46	)	$	11.35		8.42	%	$	633,782		0.57	%		2.69	%		(f)			17.68	%
Year ended December 31, 2005	$	10.91		0.28		0.20			0.48			(0.28	)		(0.20	)		(0.48	)	$	10.91		4.49	%	$	525,426		0.56	%		2.66	%		(f)			11.32	%
Year ended December 31, 2004 (e)	$	10.48		0.23		0.50			0.73			(0.23	)		(0.07	)		(0.30	)	$	10.91		7.16	%	$	425,066		0.56	%		2.35	%		(f)			7.18	%
Year ended December 31, 2003	$	9.43		0.21		1.07			1.28			(0.21	)		(0.02	)		(0.23	)	$	10.48		13.70	%	$	258,529		0.56	%		2.32	%		(f)			12.61	%

Class VI Shares
Six Months ended June 30, 2008 (Unaudited)	$	11.30		0.16		(0.52	)		(0.36	)		(0.16	)		–			(0.16	)	$	10.78		(3.23	%)	$	7,338		0.50	%		2.49	%		0.50	%		11.90	%
Year ended December 31, 2007	$	11.32		0.35		0.30			0.65			(0.37	)		(0.30	)		(0.67	)	$	11.30		5.82	%	$	10,912		0.56	%		3.34	%		0.56	%		80.89	%
Year ended December 31, 2006	$	10.90		0.30		0.59			0.89			(0.32	)		(0.15	)		(0.47	)	$	11.32		8.39	%	$	3,632		0.57	%		2.65	%		(f)			17.68	%
Year ended December 31, 2005	$	10.90		0.30		0.20			0.50			(0.30	)		(0.20	)		(0.50	)	$	10.90		4.65	%	$	4,265		0.48	%		2.65	%		(f)			11.32	%
Period ended December 31, 2004 (g)	$	10.44		0.20		0.49			0.69			(0.20	)		(0.03	)		(0.23	)	$	10.90		6.67	%	$	719		0.41	%		3.37	%		(f)			7.18	%


(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.

Notes to Financial Statements

June 30, 2008 (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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Investor Destinations Moderately Conservative Fund (the “Fund”) (formerly “Nationwide NVIT Investor Destinations Moderately Conservative Fund”) . The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 10


	•	Level 1 – quoted prices in active markets for identical assets.

	•	Level 2 – other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 -		Level 3 -
Level 1 -		Other Significant		Significant
Quoted Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	806,118,852	$	-	$	-	$	806,118,852

The following policies, (b) through (h), represent the accounting policies applicable to the Underlying Funds.


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(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

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” payments are made or received 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.


(f)	Written Options Contracts

12 Semiannual Report 2008


(g)	Mortgage Dollar Rolls


(h)	Short Sales


(i)	Security Transactions and Investment Income


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassifications. 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.

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(k)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.


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

3. Transactions with Affiliates

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.

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

14 Semiannual Report 2008

with the distribution of the Class II and Class VI shares of the Fund. 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%. NFD is a wholly-owned subsidiary of NFSDI.

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, 2008, NFS received $601,460 in Administrative Services fees from the Fund.

4. Short-Term Trading Fees

For the six months ended June 30, 2008, Class VI shares had contributions to capital due to collection of redemption fees in the amount of $1,480.

For the year ended December 31, 2007, Class VI shares had contributions to capital due to collection of redemption fees in the amount of $3,409.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $827,421,291 and sales of $84,978,416.

6. Bank Loans and Earnings Credit

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

7. Portfolio Investment Risks from Underlying Funds

8. Indemnifications

9. New Accounting Pronouncements

In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities”. SFAS No. 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS No. 161 requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial position, performance, and cash flows. Management is currently evaluating the impact the adoption of SFAS No. 161 will have on the Fund’s financial statements and related disclosures.

16 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

18 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 19

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

20 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

22 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

2008 Semiannual Report 23

Supplemental Information (Continued)

(Unaudited)

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. The Trustees considered the Fund’s actual advisory fee compared with peer group funds, but found that the comparative fee and expense information includes expenses and fees for actively-managed funds and, therefore, the peer group comparative fee and expense data are not necessarily appropriate. The Trustees considered that the Adviser had agreed to maintain the expense cap at 25 basis points . Based on its review, the Board concluded that the Fund’s total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

24 Semiannual Report 2008

NVIT Investor Destinations Conservative Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

6			Statement of Assets and Liabilities

7			Statement of Operations

8			Statement of Changes in Net Assets

9			Financial Highlights

10			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-ID-CON (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Investor Destinations Conservative Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT Investor Destinations			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Conservative Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^(a)(b)		01/01/08 - 06/30/08^(a)(b)

Class II	Actual			1,000.00		990.50		2.67		0.54
	Hypothetical	^(c)		1,000.00		1,022.18		2.72		0.54


Class VI	Actual			1,000.00		990.50		2.52		0.51
	Hypothetical	^(c)		1,000.00		1,022.33		2.56		0.51


^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(b)		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.

^(c)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Investor Destinations Conservative Fund


Mutual Funds (86.5%) (a)
	Shares or
	Principal Amount		Value


Equity Funds (20.0%)
NVIT S&P 500 Index Fund, Class Y		3,826,684	$	34,057,489
NVIT International Index Fund, Class Y		1,667,610		17,059,655
NVIT Mid Cap Index Fund, Class Y		925,439		16,926,271

				68,043,415



Fixed Income Funds (53.2%)
NVIT Bond Index Fund, Class Y		13,580,527		136,212,686
NVIT Enhanced Income Fund, Class Y		4,464,749		44,915,371

				181,128,057



Money Market Fund (13.3%)
NVIT Money Market Fund, Class Y		45,159,187		45,159,187


Total Mutual Funds				294,330,659



Nationwide Fixed Contract, 4.00%	$	46,093,710		46,093,710


Total Investments (Cost $345,729,815) (c) – 100.1%				340,424,369

Liabilities in excess of other assets – (0.1)%				(173,761	)


NET ASSETS – 100.0%			$	340,250,608


(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.

2008 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Investor
	Destinations
	Conservative Fund

Assets:
Investments in affiliates, at value (cost $345,729,815)	$	340,424,369
Interest and dividends receivable		76,963
Receivable for capital shares issued		53,090
Receivable for investments sold		168,690
Prepaid expenses and other assets		3,313

Total Assets		340,726,425

Liabilities:
Payable for investments purchased		76,963
Payable for capital shares redeemed		221,780
Accrued expenses and other payables:
Investment advisory fees		36,690
Accounting and transfer agent fees		3
Distribution fees		70,559
Administrative services fees		55,045
Custodian fees		2,228
Trustee fees		4,227
Compliance program costs (Note 3)		559
Other		7,763

Total Liabilities		475,817

Net Assets	$	340,250,608

Represented by:
Capital	$	338,664,061
Accumulated net investment income		30,078
Accumulated net realized gains from investment transactions		6,861,915
Net unrealized appreciation/(depreciation) from investments		(5,305,446	)

Net Assets	$	340,250,608

Net Assets:
Class II Shares	$	331,929,630
Class VI Shares		8,320,978

Total	$	340,250,608

Shares outstanding (unlimited number of shares authorized):
Class II Shares		32,723,483
Class VI Shares		823,914

Total		33,547,397

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	10.14
Class VI Shares	$	10.10

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT
	Investor
	Destinations
	Conservative Fund

INVESTMENT INCOME:
Interest income	$	3,169
Interest income from affiliates		984,252
Dividend income from affiliates		5,131,067

Total Income		6,118,488

Expenses:
Investment advisory fees		219,445
Accounting and transfer agent fees		1,326
Distribution fees Class II Shares		413,032
Distribution fees Class VI Shares		8,979
Administrative services fees Class II Shares		223,188
Administrative services fees Class VI Shares		3,582
Custodian fees		8,404
Trustee fees		8,787
Compliance program costs (Note 3)		4
Other		28,512

Total expenses before earnings credit		915,259
Earnings credit (Note 6)		(1,711	)

Net Expenses		913,548

Net Investment Income		5,204,940

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains from investment transactions with affiliates		654,670
Net change in unrealized appreciation/(depreciation) from investments		(8,814,294	)

Net realized/unrealized losses from investments		(8,159,624	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,954,684	)

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statements of Changes in Net Assets


	NVIT Investor
	Destinations Conservative Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	5,204,940		$	10,836,668
Net realized gains from investment transactions		654,670			9,018,121
Net change in unrealized appreciation/(depreciation) from investments		(8,814,294	)		(3,337,700	)

Change in net assets resulting from operations		(2,954,684	)		16,517,089

Distributions to Shareholders From:
Net investment income:
Class II		(5,269,376	)		(10,659,762	)
Class VI		(114,733	)		(179,634	)
Net realized gains:
Class II		–			(7,040,572	)
Class VI		–			(122,000	)

Change in net assets from shareholder distributions		(5,384,109	)		(18,001,968	)

Change in net assets from capital transactions		33,891,393			5,630,893

Change in net assets		25,552,600			4,146,014
Net Assets:
Beginning of period		314,698,008			310,551,994

End of period	$	340,250,608		$	314,698,008

Accumulated net investment income at end of period	$	30,078		$	209,247


CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	65,341,148		$	65,705,122
Dividends reinvested		5,269,311			17,700,272
Cost of shares redeemed		(39,817,812	)		(77,307,396	)

		30,792,647			6,097,998

Class VI Shares
Proceeds from shares issued		7,106,182			2,939,766
Dividends reinvested		114,733			301,633
Cost of shares redeemed (a)		(4,122,169	)		(3,708,504	)

		3,098,746			(467,105	)

Change in net assets from capital transactions	$	33,891,393		$	5,630,893


SHARE TRANSACTIONS:
Class II Shares
Issued		6,334,456			6,257,799
Reinvested		516,001			1,706,694
Redeemed		(3,858,963	)		(7,341,451	)

		2,991,494			623,042

Class VI Shares
Issued		691,027			280,787
Reinvested		11,288			29,207
Redeemed		(400,560	)		(357,276	)

		301,755			(47,282	)

Total change in shares		3,293,249			575,760


(a)		Includes redemption fees – see Note 4 to Financial Statements.

See accompanying notes to financial statements.

8 Semiannual Report 2008

NVIT Investor Destinations Conservative Fund


			Investment Activities								Distributions														Ratios / Supplemental Data

					Net Realized																												Ratio of
					and																									Ratio of Net			Expenses
	Net Asset				Unrealized			Total																	Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net			Net						Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Gains			Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b) (c)			Turnover (d)

Class II Shares
Six Months ended June 30, 2008 (Unaudited)	$	10.40		0.15		(0.25	)		(0.10	)		(0.16	)		–			(0.16	)	$	10.14		(0.95	%)	$	331,930		0.54	%		3.07	%		0.54	%		16.04	%
Year ended December 31, 2007	$	10.46		0.37		0.19			0.56			(0.37	)		(0.25	)		(0.62	)	$	10.40		5.38	%	$	309,289		0.57	%		3.52	%		0.57	%		101.35	%
Year ended December 31, 2006	$	10.27		0.32		0.29			0.61			(0.32	)		(0.10	)		(0.42	)	$	10.46		6.16	%	$	304,610		0.57	%		3.10	%		(f)			45.93	%
Year ended December 31, 2005	$	10.45		0.29		0.05			0.34			(0.29	)		(0.23	)		(0.52	)	$	10.27		3.31	%	$	280,331		0.57	%		2.79	%		(f)			30.49	%
Year ended December 31, 2004 (e)	$	10.32		0.24		0.23			0.47			(0.24	)		(0.10	)		(0.34	)	$	10.45		4.65	%	$	256,277		0.56	%		2.39	%		(f)			15.34	%
Year ended December 31, 2003	$	9.83		0.24		0.53			0.77			(0.24	)		(0.04	)		(0.28	)	$	10.32		7.91	%	$	90,624		0.56	%		2.55	%		(f)			24.84	%

Class VI Shares
Six Months ended June 30, 2008 (Unaudited)	$	10.36		0.17		(0.27	)		(0.10	)		(0.16	)		–			(0.16	)	$	10.10		(0.95	%)	$	8,321		0.51	%		3.52	%		0.51	%		16.04	%
Year ended December 31, 2007	$	10.43		0.37		0.19			0.56			(0.38	)		(0.25	)		(0.63	)	$	10.36		5.43	%	$	5,409		0.56	%		3.58	%		0.56	%		101.35	%
Year ended December 31, 2006	$	10.26		0.31		0.29			0.60			(0.33	)		(0.10	)		(0.43	)	$	10.43		6.13	%	$	5,942		0.57	%		3.13	%		(f)			45.93	%
Year ended December 31, 2005	$	10.45		0.31		0.04			0.35			(0.31	)		(0.23	)		(0.54	)	$	10.26		3.39	%	$	4,645		0.47	%		2.95	%		(f)			30.49	%
Period ended December 31, 2004 (g)	$	10.26		0.21		0.25			0.46			(0.21	)		(0.06	)		(0.27	)	$	10.45		4.48	%	$	1,454		0.41	%		3.00	%		(f)			15.34	%


(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)	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.

2008 Semiannual Report 9

Notes to Financial Statements

June 30, 2008

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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Investor Destinations Conservative Fund (the “Fund”) (formerly “Nationwide NVIT Investor Destinations Conservative Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

10 Semiannual Report 2008

value; prior day’s interest accrued (par multiplied by guaranteed fixed rate); and current day net purchase or redemption.


	•	Level 1 – quoted prices in active markets for identical assets.

	•	Level 2 – other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 -		Level 3 -
Level 1-		Other Significant		Significant
Quoted Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	340,424,369	$	-	$	-	$	340,424,369

The following policies, (b) through (h), represent the accounting policies applicable to the Underlying Funds.


(b)	Repurchase Agreements

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008


(c)	Foreign Currency Transactions


(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

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” payments are made or received 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 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 th a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.


(f)	Written Options Contracts

12 Semiannual Report 2008

written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments, and 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


(h)	Short Sales


(i)	Security Transactions and Investment Income


(j)	Distributions to Shareholders

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008

income tax purposes; temporary differences do not require reclassifications. 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

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.


(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 Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.13% based on the Fund’s average daily net assets.

14 Semiannual Report 2008

provides various administrative and accounting services for the Fund, and serves as Transfer Agent and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“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. 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%. NFD is a wholly-owned subsidiary of NFSDI.

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, 2008, NFS received $249,517 in Administrative Services fees from the Fund.

Under the terms the Fund Administration and Transfer Agency Agreement and of a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such costs amounted to $4.

4. Short-Term Trading Fees

For the six months ended June 30, 2008, the Fund had contributions to capital due to collection of redemption fees in the amount of $2,686.

For the year ended December 31, 2007, Class VI shares had contributions to capital due to collection of redemption fees in the amount of $2,233.

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $88,208,038 and sales of $46,106,338.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

7. Portfolio Investment Risks from Underlying Funds

8. Indemnifications

16 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

18 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 19

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

20 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

22 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

2008 Semiannual Report 23

Supplemental Information (Continued)

(Unaudited)

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. The Trustees considered the Fund’s actual advisory fee compared with peer group funds, but found that the comparative fee and expense information includes expenses and fees for actively-managed funds and, therefore, the peer group comparative fee and expense data are not necessarily appropriate. The Trustees considered that the Adviser had agreed to maintain the expense cap at 25 basis points (excluding certain Fund expenses as set forth in the Fund’s prospectus). Based on its review, the Board concluded that the Fund’s total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

24 Semiannual Report 2008

NVIT Global Financial Services Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

7			Statement of Assets and Liabilities

9			Statement of Operations

10			Statement of Changes in Net Assets

12			Financial Highlights

13			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-GFS (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Global Financial Services Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT Global Financial			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Services Fund			01/01/08		06/30/08		01/01/08 – 06/30/08^(a)		01/01/08 – 06/30/08^(a)

Class I	Actual			1,000.00		788.70		5.87		1.32
	Hypothetical	^(b)		1,000.00		1,018.30		6.62		1.32


Class II	Actual			1,000.00		787.80		6.80		1.53
	Hypothetical	^(b)		1,000.00		1,017.26		7.67		1.53


Class III	Actual			1,000.00		788.90		5.60		1.26
	Hypothetical	^(b)		1,000.00		1,018.60		6.32		1.26


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	NVIT Global Financial Services Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			97.4%
Repurchase Agreements			0.9%
Other assets in excess of liabilities			1.7%

			100.0%


Top Industries

Commercial Banks			44.4%
Insurance			15.9%
Capital Markets			14.1%
Diversified Financial Services			8.3%
Real Estate Investment Trusts (REITs)			3.4%
Consumer Finance			4.8%
Information Technology Services			1.6%
Thrifts & Mortgage Finance			0.8%
Other			6.7%

			100.0%


Top Holdings*

Banco Santander SA			4.8%
HSBC Holdings PLC			4.3%
National Bank of Greece SA			3.0%
UniCredit SpA			2.9%
AXA SA			2.9%
JPMorgan Chase & Co.			2.8%
Banco Bilbao Vizcaya Argentaria SA			2.8%
BNP Paribas			2.7%
State Street Corp.			2.7%
Goldman Sachs Group, Inc. (The)			2.6%
Other			68.5%

			100.0%


Top Countries

United States			41.8%
Japan			9.5%
United Kingdom			8.3%
Spain			7.6%
France			5.7%
Canada			5.0%
Greece			4.8%
Switzerland			3.4%
Australia			3.4%
Italy			3.0%
Other			7.5%

			100.0%


*		For purpose of listing top holdings, repurchase agreements are included as part of Other

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Global Financial Services Fund


Common Stocks (97.4%)
	Shares or
	Principal Amount		Value


AUSTRALIA (3.4%)
Commercial Banks (2.4%) (a)
Australia & New Zealand Banking Group Ltd.		10,940	$	196,568
Commonwealth Bank of Australia		7,371		284,147

				480,715

Real Estate Investment Trusts (REITs) (1.0%)
Westfield Group*		496		7,663
Westfield Group (a)		12,833		200,470

				208,133

				688,848



AUSTRIA (1.0%) (a)
Insurance (1.0%)
Vienna Insurance Group		3,212		211,633



BELGIUM (0.0%) (a)
Diversified Financial Services (0.0%)
Fortis — STRIP VVPR*		3,430		54



BERMUDA (0.8%)
Capital Markets (0.8%)
Lazard Ltd., Class A		5,020		171,433



CANADA (5.0%)
Commercial Banks (5.0%)
Royal Bank of Canada		11,082		498,222
Toronto-Dominion Bank		8,280		521,866

				1,020,088



CHINA (1.0%) (a)
Commercial Banks (1.0%)
China Construction Bank Corp., Class H		264,070		213,091



FRANCE (5.7%) (a)
Commercial Banks (2.8%)
BNP Paribas		6,200		558,053
Insurance (2.9%)
AXA SA		20,110		592,504

				1,150,557



GREECE (4.8%) (a)
Commercial Banks (4.8%)
Alpha Bank AE		12,210		369,606
National Bank of Greece SA		13,426		604,206

				973,812



HONG KONG (1.0%) (a)
Real Estate Management & Development (1.0%)
Hang Lung Group Ltd.		47,010		209,673



ITALY (3.0%) (a)
Commercial Banks (3.0%)
UniCredit SpA		98,570		599,531



JAPAN (9.5%) (a)
Commercial Banks (4.5%)
Mitsubishi UFJ Financial Group, Inc.		52,000		459,612
Sumitomo Mitsui Financial Group, Inc.		36		270,766
Suruga Bank Ltd.		13,390		174,359

				904,737

Consumer Finance (1.4%)
ORIX Corp.		1,930		276,467

Insurance (1.6%)
Tokio Marine Holdings, Inc.		8,500		331,335

Real Estate Management & Development (2.0%)
Mitsubishi Estate Co. Ltd.		11,880		272,027
Sumitomo Realty & Development Co. Ltd.		7,040		140,067

				412,094

				1,924,633



SINGAPORE (1.1%) (a)
Real Estate Management & Development (1.1%)
CapitaLand Ltd.		50,850		213,731



SPAIN (7.6%) (a)
Commercial Banks (7.6%)
Banco Bilbao Vizcaya Argentaria SA		29,870		569,084
Banco Santander SA		53,740		980,347

				1,549,431



SWITZERLAND (3.4%) (a)
Capital Markets (1.6%)
Bank Sarasin & Cie AG		3,050		136,909
Credit Suisse Group AG		4,280		194,860

				331,769

Insurance (1.8%)
Zurich Financial Services AG		1,415		360,708

				692,477



UNITED KINGDOM (8.3%) (a)
Commercial Banks (6.8%)
HSBC Holdings PLC		56,769		873,997
Lloyds TSB Group PLC		33,475		205,353
Royal Bank of Scotland Group PLC		72,000		306,477

				1,385,827

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Global Financial Services Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED KINGDOM (continued)

Insurance (1.5%)
Aviva PLC		31,304	$	310,314

				1,696,141



UNITED STATES (41.8%)
Capital Markets (11.6%)
Charles Schwab Corp. (The)		9,050		185,887
Goldman Sachs Group, Inc. (The)		3,060		535,194
Invesco Ltd.		17,285		414,495
Lehman Brothers Holdings, Inc.		2,630		52,100
Raymond James Financial, Inc.		4,400		116,116
State Street Corp.		8,680		555,433
TD Ameritrade Holding Corp.*		13,200		238,788
Waddell & Reed Financial, Inc., Class A		7,530		263,625

				2,361,638

Commercial Banks (6.6%)
Bank of the Ozarks, Inc.		5,250		78,015
BB&T Corp.		11,100		252,747
PNC Financial Services Group, Inc.		4,930		281,503
TCF Financial Corp.		8,050		96,842
U.S. Bancorp		10,370		289,219
Wells Fargo & Co.		14,800		351,500

				1,349,826

Consumer Finance (3.5%)
Capital One Financial Corp.		11,160		424,191
Visa, Inc., Class A*		3,490		283,772

				707,963

Diversified Financial Services (8.3%)
Bank of America Corp.		5,420		129,375
Citigroup, Inc.		9,800		164,248
CME Group, Inc.		760		291,225
IntercontinentalExchange, Inc.*		1,660		189,240
JPMorgan Chase & Co.		16,850		578,124
MSCI, Inc., Class A*		5,610		203,587
Nymex Holdings, Inc.		1,680		141,926

				1,697,725

Information Technology Services (1.6%)
Alliance Data Systems Corp.*		5,700		322,335

Insurance (7.0%)
Aflac, Inc.		4,090		256,852
Chubb Corp.		2,660		130,367
Hanover Insurance Group, Inc. (The)		8,530		362,525
HCC Insurance Holdings, Inc.		12,610		266,575
Prudential Financial, Inc.		2,370		141,584
Travelers Cos., Inc. (The)		6,110		265,174

				1,423,077

Real Estate Investment Trusts (REITs) (2.4%)
Health Care REIT, Inc.		2,040		90,780
Simon Property Group, Inc.		2,300		206,746
SL Green Realty Corp.		2,270		187,774

				485,300

Thrifts & Mortgage Finance (0.8%)
Federal National Mortgage Association		7,870		153,544

				8,501,408


Total Common Stocks				19,816,541


Repurchase Agreements (0.9%)

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $74,596, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $76,083	$	74,591		74,591
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $100,720, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $102,728		100,714		100,714


Total Repurchase Agreements				175,305


Total Investments (Cost $23,746,951) (b) — 98.3%				19,991,846

Other assets in excess of liabilities — 1.7%				341,524


NET ASSETS — 100.0%			$	20,333,370


*		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.

6 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT Global
	Financial
	Services Fund

Assets:
Investments, at value (cost $23,571,646)	$	19,816,541
Repurchase agreements, at cost and value		175,305

Total Investments		19,991,846

Foreign currencies, at value (cost $364,402)		362,570
Interest and dividends receivable		34,120
Receivable for capital shares issued		1,285
Receivable for investments sold		127,089
Reclaims receivable		29,060
Prepaid expenses and other assets		273

Total Assets		20,546,243

Liabilities:
Cash overdraft		6,418
Payable for investments purchased		19,357
Payable for capital shares redeemed		112,219
Accrued expenses and other payables:
Investment advisory fees		59,042
Fund administration and transfer agent fees		2,288
Distribution fees		225
Administrative services fees		4,300
Custodian fees		433
Trustee fees		1,032
Compliance program costs (Note 3)		39
Other		7,520

Total Liabilities		212,873

Net Assets	$	20,333,370

Represented by:
Capital	$	26,428,891
Accumulated net investment income		136,362
Accumulated net realized losses from investment and foreign currency transactions		(2,479,009	)
Net unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(3,752,874	)

Net Assets	$	20,333,370

Net Assets:
Class I Shares	$	5,710,945
Class II Shares		1,017,906
Class III Shares		13,604,519

Total	$	20,333,370

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT Global Financial
	Services Fund

INVESTMENT INCOME:
Interest income	$	1,798
Dividend income		522,863
Foreign tax withholding		(27,005	)

Total Income		497,656

Expenses:
Investment advisory fees		115,181
Fund administration and transfer agent fees		12,416
Distribution fees Class II Shares		1,473
Administrative services fees Class I Shares		3,386
Administrative services fees Class II Shares		357
Administrative services fees Class III Shares		3,181
Custodian fees		4,046
Trustee fees		1,216
Compliance program costs (Note 3)		79
Other		8,752

Total expenses before earnings credit		150,087
Earnings credit (Note 6)		(198	)

Net Expenses		149,889

Net Investment Income		347,767

REALIZED/UNREALIZED LOSSES FROM INVESTMENTS:
Net realized losses from investment transactions		(2,192,331	)
Net realized losses from foreign currency transactions		(26,225	)

Net realized losses from investment and foreign currency transactions		(2,218,556	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(3,776,977	)

Net realized/unrealized losses from investments and translation of assets and liabilities denominated in foreign currencies		(5,995,533	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,647,766	)

See accompanying notes to financial statements.

2008 Semiannual Report 9

Statements of Changes in Net Assets


	NVIT Global Financial Services Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	347,767		$	456,278
Net realized gains (losses) from investment and foreign currency transactions		(2,218,556	)		2,649,895
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(3,776,977	)		(3,296,002	)

Change in net assets resulting from operations		(5,647,766	)		(189,829	)

Distributions to Shareholders From:
Net investment income:
Class I		(57,310	)		(103,121	)
Class II		(8,978	)		(15,749	)
Class III		(137,819	)		(260,860	)
Net realized gains:
Class I		–			(1,100,723	)
Class II		–			(212,458	)
Class III		–			(2,724,972	)
Tax return of capital:
Class I		–			(158,934	)
Class II		–			(30,447	)
Class III		–			(395,945	)

Change in net assets from shareholder distributions		(204,107	)		(5,003,209	)

Change in net assets from capital transactions		(641,501	)		(1,979,081	)

Change in net assets		(6,493,374	)		(7,172,119	)

Net Assets:
Beginning of period		26,826,744			33,998,863

End of period	$	20,333,370		$	26,826,744

Accumulated net investment income (loss) at end of period	$	136,362		$	(7,298	)

CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,481,643		$	3,468,747
Dividends reinvested		57,310			1,362,777
Cost of shares redeemed		(1,500,483	)		(4,130,025	)

		38,470			701,499

Class II Shares
Proceeds from shares issued		330			1,325
Dividends reinvested		8,978			258,653
Cost of shares redeemed		(87,947	)		(462,087	)

		(78,639	)		(202,109	)

Class III Shares
Proceeds from shares issued		1,654,973			4,582,208
Dividends reinvested		137,819			3,381,770
Cost of shares redeemed (a)		(2,394,124	)		(10,442,449	)

		(601,332	)		(2,478,471	)

Change in net assets from capital transactions	$	(641,501	)	$	(1,979,081	)

See accompanying notes to financial statements.

10 Semiannual Report 2008

NVIT Global Financial Services Fund


			Investment Activities								Distributions														Ratios / Supplemental Data

					Net
					Realized																														Ratio of			Ratio of
					and																														Net			Expenses
	Net Asset				Unrealized																									Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			Total from			Net			Net			Return								Net Asset					at End of		Expenses to			Income to			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			of			Total			Redemption		Value, End		Total			Period		Average Net			Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Gains			capital			Distributions			Fees		of Period		Return (a)			(000s)		Assets (b)			Net Assets (b)			Net Assets (b) (c)			Turnover (d)

Class I Shares
Six Months ended June 30, 2008 (Unaudited)		10.89		0.14		(2.44	)		(2.30	)		(0.08	)		–			–			(0.08	)		–		8.51		(21.13	%)		5,711		1.32	%		2.99	%		1.32	%		68.61	%
Year ended December 31, 2007		13.25		0.22		(0.33	)		(0.11	)		(0.20	)		(1.82	)		(0.24	)		(2.26	)		0.01		10.89		(1.05	%)		7,282		1.27	%		1.42	%		1.27	%		150.87	%
Year ended December 31, 2006		12.66		0.20		2.34			2.54			(0.26	)		(1.69	)		–			(1.95	)		–		13.25		20.32	%		8,024		1.24	%		1.32	%		(e)			236.59	%
Year ended December 31, 2005		12.82		0.19		1.18			1.37			(0.25	)		(1.28	)		–			(1.53	)		–		12.66		11.15	%		5,799		1.34	%		1.24	%		(e)			217.57	%
Year ended December 31, 2004		11.39		0.17		2.19			2.36			(0.17	)		(0.77	)		–			(0.94	)		0.01		12.82		20.99	%		4,011		1.27	%		1.19	%		(e)			127.69	%
Year ended December 31, 2003		8.96		0.10		3.58			3.68			(0.05	)		(1.21	)		–			(1.26	)		0.01		11.39		41.45	%		3,121		1.27	%		1.47	%		(e)			261.68	%

Class II Shares
Six Months ended June 30, 2008 (Unaudited)		10.84		0.13		(2.43	)		(2.30	)		(0.07	)		–			–			(0.07	)		–		8.47		(21.22	%)		1,018		1.53	%		2.72	%		1.53	%		68.61	%
Year ended December 31, 2007		13.21		0.20		(0.36	)		(0.16	)		(0.16	)		(1.82	)		(0.24	)		(2.22	)		0.01		10.84		(1.41	%)		1,390		1.52	%		1.21	%		1.52	%		150.87	%
Year ended December 31, 2006		12.62		0.15		2.35			2.50			(0.22	)		(1.69	)		–			(1.91	)		–		13.21		20.08	%		1,863		1.49	%		1.08	%		(e)			236.59	%
Year ended December 31, 2005		12.80		0.14		1.18			1.32			(0.22	)		(1.28	)		–			(1.50	)		–		12.62		10.79	%		1,685		1.59	%		1.08	%		(e)			217.57	%
Year ended December 31, 2004		11.37		0.11		2.22			2.33			(0.14	)		(0.77	)		–			(0.91	)		0.01		12.80		20.76	%		1,879		1.52	%		1.00	%		(e)			127.69	%
Period ended December 31, 2003 (f)		8.46		0.04		4.11			4.15			(0.04	)		(1.21	)		–			(1.25	)		0.01		11.37		49.51	%		913		1.51	%		1.20	%		(e)			261.68	%

Class III Shares
Six Months ended June 30, 2008 (Unaudited)		10.89		0.15		(2.44	)		(2.29	)		(0.09	)		–			–			(0.09	)		–		8.51		(21.11	%)		13,605		1.26	%		3.01	%		1.26	%		68.61	%
Year ended December 31, 2007		13.26		0.24		(0.36	)		(0.12	)		(0.20	)		(1.82	)		(0.24	)		(2.26	)		0.01		10.89		(1.12	%)		18,155		1.24	%		1.48	%		1.24	%		150.87	%
Year ended December 31, 2006		12.67		0.19		2.35			2.54			(0.26	)		(1.69	)		–			(1.95	)		–		13.26		20.34	%		24,112		1.20	%		1.36	%		(e)			236.59	%
Year ended December 31, 2005		12.83		0.20		1.17			1.37			(0.25	)		(1.28	)		–			(1.53	)		–		12.67		11.17	%		21,359		1.29	%		1.36	%		(e)			217.57	%
Year ended December 31, 2004		11.39		0.14		2.23			2.37			(0.17	)		(0.77	)		–			(0.94	)		0.01		12.83		21.13	%		19,634		1.24	%		1.28	%		(e)			127.69	%
Year ended December 31, 2003		8.96		0.13		3.55			3.68			(0.05	)		(1.21	)		–			(1.26	)		0.01		11.39		41.46	%		11,634		1.22	%		1.57	%		(e)			261.68	%


(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 March 28, 2003 (commencement of operations) through December 31, 2003.

See accompanying notes to financial statements.

12 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Global Financial Services Fund (the “Fund”) (formerly “Nationwide NVIT Global Financial Services Fund”) The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


	Level 2 — Other	Level 3 —
Level 1 — Quoted	Significant	Significant
Prices	Observable Inputs	Unobservable Inputs		Total Investments

$9,692,930	$10,298,916	$	—	$19,991,846

14 Semiannual Report 2008


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

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” payments, are made or received 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.

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(f)	Written Options Contracts


(g)	Short Sales


(h)	Security Transactions and Investment Income


(i)	Securities Lending

16 Semiannual Report 2008


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(k)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements.

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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.


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”) whose parent company is Nationwide Corporation. 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. Aberdeen Asset Management Inc. (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

The Fund pays a performance-based fee to NFA. This performance-based fee can vary depending on the Fund’s performance relative to its benchmark, the MSCI World Financials Index. This fee is intended to either reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, the Fund’s benchmark.


Out or Underperformance	Change in Fees

+/- 1 percentage point		+/- 0.02%


+/- 2 percentage points		+/- 0.04%


+/- 3 percentage points		+/- 0.06%


+/- 4 percentage points		+/- 0.08%


+/- 5 percentage points or more		+/- 0.10%

18 Semiannual Report 2008

Base Fee Breakpoints and Performance Adjustments (base management fees, as well as the maximum and minimum performance-adjusted fees, not including any applicable waivers)


Net Assets	Minimum Fee			Base Fee			Maximum Fee

On assets up to $500 million		0.80	%		0.90	%		1.00	%


On assets of $500 million or more but less than $2 billion		0.75	%		0.85	%		0.95	%


On assets of $2 billion and more		0.70	%		0.80	%		0.90	%

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides the Fund with various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“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. 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%. NFD is a wholly-owned subsidiary of NFSDI.

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.

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

For the six months ended June 30, 2008, NFS received $13,847 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such cost amounted to $79.

For the six months ended June 30, 2008, the Adviser or affiliates of the Adviser directly held 24% of the shares outstanding of the Fund.

4. Short-Term Trading Fees

For the six months ended June 30, 2008, Class III shares had contributions to capital due to collection of redemption fees in the amount of $6,287.

For the year ended December 31, 2007, Class III shares had contributions to capital due to collection of redemption fees in the amount of $17,950.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $15,899,840 and sales of $17,415,482.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

20 Semiannual Report 2008

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.

8. Indemnifications

9. Recently Issued Accounting Pronouncements

10. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	24,187,847	$	286,931	$	(4,482,932)	$	(4,196,001)

2008 Semiannual Report 21

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Other

and Length of

Principal Occupation(s)

Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

22 Semiannual Report 2008

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

Number of

Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Other

and Length of

Principal Occupation(s)

Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

24 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 25

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

26 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,“ copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

2008 Semiannual Report 27

Supplemental Information (Continued)

(Unaudited)

The Trustees found that the Fund’s performance had been very good in all periods presented. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Adviser and subadviser to maintain performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee (a performance-based fee structure) compared with peer group funds was higher, but the performance-based fee structure resulted in a higher advisory fee due to the very good performance of the Fund. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

28 Semiannual Report 2008

NVIT U.S. Growth Leaders Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

7			Statement of Assets and Liabilities

9			Statement of Operations

10			Statement of Changes in Net Assets

11			Financial Highlights

12			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-USGL (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT U.S. Growth Leaders Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT U.S. Growth			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Leaders Fund			01/01/08		06/30/08		01/01/08 – 06/30/08^(a)		01/01/08 – 06/30/08^(a)

Class I	Actual			1,000.00		893.10		5.27		1.12
	Hypothetical	^(b)		1,000.00		1,019.29		5.62		1.12


Class II	Actual			1,000.00		892.30		6.26		1.33
	Hypothetical	^(b)		1,000.00		1,018.25		6.67		1.33


Class III	Actual			1,000.00		893.00		5.41		1.15
	Hypothetical	^(b)		1,000.00		1,019.14		5.77		1.15


^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(b)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	NVIT U.S. Growth Leaders Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			97.1%
Repurchase Agreements			5.8%
Other Investments*			2.6%
Liabilities in excess of other assets**			-5.5%

			100.0%


Top Industries

Energy Equipment & Services			10.7%
Communications Equipment			8.9%
Semiconductors & Semiconductor Equipment			8.0%
Hotels, Restaurants & Leisure			7.2%
Software			6.7%
Capital Markets			5.5%
Oil, Gas & Consumable Fuels			5.3%
Food & Staples Retailing			4.8%
Biotechnology			4.5%
Internet Software & Service			4.5%
Other			33.9%

			100.0%


Top Holdings***

Transocean, Inc.			4.9%
Wal-Mart Stores, Inc.			4.8%
Marvell technology Group Ltd.			4.6%
Gilead Sciences, Inc.			4.5%
Google, Inc., Class A			4.5%
Oracle Corp.			4.4%
Baxter International, Inc.			4.4%
Qualcomm, Inc.			3.9%
Halliburton Co.			3.7%
Monsanto Co.			3.6%
Other			56.7%

			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

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT U.S. Growth Leaders Fund


Common Stocks (97.1%)
	Shares or
	Principal Amount		Value


Aerospace & Defense (3.6%)
Raytheon Co.		35,750	$	2,012,010



Biotechnology (4.5%)
Gilead Sciences, Inc.*		48,140		2,549,013



Capital Markets (5.5%)
Invesco Ltd.		55,940		1,341,441
State Street Corp.		27,690		1,771,883

				3,113,324



Chemicals (3.6%)
Monsanto Co.		16,220		2,050,857



Communications Equipment (8.9%)
Juniper Networks, Inc.*		56,300		1,248,734
QUALCOMM, Inc.		49,450		2,194,097
Research In Motion Ltd.*		13,220		1,545,418

				4,988,249



Diversified Financial Services (1.8%)
IntercontinentalExchange, Inc.*		9,000		1,026,000



Electrical Equipment (3.4%)
Emerson Electric Co.		38,500		1,903,825



Energy Equipment & Services (10.7%)
Halliburton Co.		38,800		2,059,116
National Oilwell Varco, Inc.*		13,600		1,206,592
Transocean, Inc.*		17,973		2,738,905

				6,004,613



Food & Staples Retailing (4.8%)
Wal-Mart Stores, Inc.		47,920		2,693,104



Health Care Equipment & Supplies (4.4%)
Baxter International, Inc.		38,360		2,452,738



Health Care Providers & Services (2.0%)
Aetna, Inc.		28,500		1,155,105



Hotels, Restaurants & Leisure (7.2%)
Darden Restaurants, Inc.		54,000		1,724,760
McDonald’s Corp.		30,600		1,720,332
WMS Industries, Inc.*		19,900		592,423

				4,037,515



Information Technology Services (2.0%)
Cognizant Technology Solutions Corp., Class A*		33,850		1,100,464



Internet Software & Services (4.5%)
Google, Inc., Class A*		4,800		2,526,816



Life Sciences Tools & Services (3.3%)
Thermo Fisher Scientific, Inc.*		33,100		1,844,663



Oil, Gas & Consumable Fuels (5.3%)
Cabot Oil & Gas Corp.		22,200		1,503,606
EOG Resources, Inc.		8,960		1,175,552
PetroHawk Energy Corp.*		6,600		305,646

				2,984,804



Pharmaceutical (2.8%)
Teva Pharmaceutical Industries Ltd. ADR — IL		34,850		1,596,130



Semiconductors & Semiconductor Equipment (8.0%)
Altera Corp.		64,100		1,326,870
Marvell Technology Group Ltd.*		147,600		2,606,616
PMC — Sierra, Inc.*		70,600		540,090

				4,473,576



Software (6.7%)
Adobe Systems, Inc.*		33,160		1,306,172
Oracle Corp.*		117,200		2,461,200

				3,767,372



Specialty Retail (2.0%)
J Crew Group, Inc.*		33,800		1,115,738



Textiles, Apparel & Luxury Goods (2.1%)
Coach, Inc.*		40,500		1,169,640


Total Common Stocks				54,565,556


Repurchase Agreements (5.8%)

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $1,391,047, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $1,418,775	$	1,390,956		1,390,956
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $1,878,197, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $1,915,635		1,878,074		1,878,074


Total Repurchase Agreements				3,269,030

2008 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT U.S.
	Growth Leaders Fund

Assets:
Investments, at value (cost $53,689,256)*	$	54,565,556
Repurchase agreements, at cost and value†		4,699,480

Total Investments		59,265,036

Interest and dividends receivable		21,674
Receivable for capital shares issued		125
Receivable for investments sold		2,184,704
Prepaid expenses and other assets		14,402

Total Assets		61,485,941

Liabilities:
Payable for investments purchased		3,664,914
Payable upon return of securities loaned (Note 2)		1,430,450
Payable for capital shares redeemed		30,868
Accrued expenses and other payables:
Investment advisory fees		153,155
Fund administration and transfer agent fees		2,311
Distribution fees		4,541
Administrative services fees		3,399
Custodian fees		331
Trustee fees		784
Compliance program costs (Note 3)		99
Other		2,742

Total Liabilities		5,293,594

Net Assets	$	56,192,347

Represented by:
Capital	$	48,693,756
Accumulated net investment loss		(94,769	)
Accumulated net realized gains from investment transactions		6,717,060
Net unrealized appreciation/(depreciation) from investments		876,300

Net Assets	$	56,192,347

Net Assets:
Class I Shares	$	13,075,582
Class II Shares		21,395,386
Class III Shares		21,721,379

Total	$	56,192,347

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT U.S. Growth
	Leaders Fund

INVESTMENT INCOME:
Interest income	$	24,295
Dividend income		229,133
Income from securities lending (Note 2)		4,083

Total Income		257,511

Expenses:
Investment advisory fees		262,947
Fund administration and transfer agent fees		15,574
Distribution fees Class II Shares		26,970
Administrative services fees Class I Shares		7,114
Administrative services fees Class II Shares		7,534
Administrative services fees Class III Shares		16,577
Custodian fees		3,528
Trustee fees		1,529
Compliance program costs (Note 3)		13
Other		11,424

Total expenses before earnings credit		353,210
Earnings credit (Note 6)		(930	)

Net Expenses		352,280

Net Investment Loss		(94,769	)

REALIZED/UNREALIZED LOSSES FROM INVESTMENTS:
Net realized losses from investment transactions		(2,776,620	)
Net change in unrealized appreciation/(depreciation) from investments		(4,014,348	)

Net realized/unrealized losses from investments		(6,790,968	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,885,737	)

See accompanying notes to financial statements.

2008 Semiannual Report 9

Statements of Changes in Net Assets


	NVIT U.S. Growth Leaders Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment loss	$	(94,769	)	$	(326,578	)
Net realized gains (losses) from investment transactions		(2,776,620	)		10,292,574
Net change in unrealized appreciation/(depreciation) from investments		(4,014,348	)		1,955,960

Change in net assets resulting from operations		(6,885,737	)		11,921,956

Change in net assets from capital transactions		(484,036	)		(8,860,042	)

Change in net assets		(7,369,773	)		3,061,914

Net Assets:
Beginning of period		63,562,120			60,500,206

End of period	$	56,192,347		$	63,562,120

Accumulated net investment loss at end of period	$	(94,769	)	$	–

CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,762,761		$	4,346,567
Cost of shares redeemed		(1,947,704	)		(3,427,328	)

		(184,943	)		919,239

Class II Shares
Proceeds from shares issued		2,590,170			3,605,515
Cost of shares redeemed		(1,894,540	)		(4,324,344	)

		695,630			(718,829	)

Class III Shares
Proceeds from shares issued		5,568,395			4,522,221
Cost of shares redeemed (a)		(6,563,118	)		(13,582,673	)

		(994,723	)		(9,060,452	)

Change in net assets from capital transactions	$	(484,036	)	$	(8,860,042	)

SHARE TRANSACTIONS:
Class I Shares
Issued		148,708			357,677
Redeemed		(168,912	)		(297,271	)

		(20,204	)		60,406

Class II Shares
Issued		222,984			302,245
Redeemed		(165,097	)		(374,115	)

		57,887			(71,870	)

Class III Shares
Issued		468,961			382,188
Redeemed		(555,713	)		(1,175,701	)

		(86,752	)		(793,513	)

Total change in shares		(49,069	)		(804,977	)


(a)		Includes redemption fees – see Note 4 to Financial Statements.

See accompanying notes to financial statements.

10 Semiannual Report 2008

NVIT U.S. Growth Leaders Fund


			Investment Activities									Distributions														Ratios / Supplemental Data

						Net
						Realized																														Ratio of			Ratio of
						and																														Net			Expenses
	Net Asset		Net			Unrealized																									Net Assets		Ratio of			Investment			(Prior to
	Value,		Investment			Gains			Total from			Net			Net			Return								Net Asset					at End of		Expenses to			Income (Loss)			Reimbursements)
	Beginning		Income			(Losses) on			Investment			Investment			Realized			of			Total			Redemption		Value, End		Total			Period		Average Net			to Average			to Average			Portfolio
	of Period		(Loss)			Investments			Activities			Income			Gains			capital			Distributions			Fees		of Period		Return (a)			(000s)		Assets (b)			Net Assets (b)			Net Assets (b) (c)			Turnover (d)

Class I Shares
Six Months ended June 30, 2008 (Unaudited)		12.91		(0.01	)		(1.37	)		(1.38	)		–			–			–			–			–		11.53		(10.69	%)		13,076		1.12	%		(0.24	%)		1.12	%		200.57	%
Year ended December 31, 2007		10.53		(0.05	)		2.43			2.38			–			–			–			–			–		12.91		22.49	%		14,894		1.17	%		(0.46	%)		1.17	%		344.07	%
Year ended December 31, 2006		10.80		0.02			(0.08	)		(0.06	)		(0.02	)		(0.18	)		(0.01	)		(0.21	)		–		10.53		(0.29	%)(e)		11,510		1.21	%(f)		0.26	%(f)		(g)			382.64	%
Year ended December 31, 2005		11.56		(0.02	)		1.32			1.30			–			(2.06	)		–			(2.06	)		–		10.80		11.96	%		10,783		1.17	%		(0.39	%)		(g)			447.55	%
Year ended December 31, 2004		10.74		(0.08	)		1.36			1.28			–			(0.46	)		–			(0.46	)		–		11.56		12.41	%		6,369		1.29	%		(0.77	%)		(g)			520.00	%
Year ended December 31, 2003		7.56		(0.02	)		3.95			3.93			–			(0.76	)		–			(0.76	)		0.01		10.74		52.14	%		6,199		1.19	%		(0.50	%)		(g)			580.71	%

Class II Shares
Six Months ended June 30, 2008 (Unaudited)		12.81		(0.03	)		(1.35	)		(1.38	)		–			–			–			–			–		11.43		(10.77	%)		21,395		1.33	%		(0.45	%)		1.33	%		200.57	%
Year ended December 31, 2007		10.49		(0.08	)		2.40			2.32			–			–			–			–			–		12.81		22.12	%		23,229		1.43	%		(0.72	%)		1.43	%		344.07	%
Year ended December 31, 2006		10.76		–	(h)		(0.07	)		(0.07	)		(0.01	)		(0.18	)		(0.01	)		(0.20	)		–		10.49		(0.50	%)(e)		19,777		1.46	%(f)		0.02	%(f)		(g)			382.64	%
Year ended December 31, 2005		11.55		(0.04	)		1.31			1.27			–			(2.06	)		–			(2.06	)		–		10.76		11.70	%		19,067		1.41	%		(0.63	%)		(g)			447.55	%
Year ended December 31, 2004		10.76		(0.08	)		1.33			1.25			–			(0.46	)		–			(0.46	)		–		11.55		12.10	%		10,593		1.53	%		(1.03	%)		(g)			520.00	%
Period ended December 31, 2003(i)		8.17		(0.02	)		3.36			3.34			–			(0.76	)		–			(0.76	)		0.01		10.76		41.02	%		4,101		1.43	%		(0.66	%)		(g)			580.71	%

Class III Shares
Six Months ended June 30, 2008 (Unaudited)		12.99		(0.02	)		(1.37	)		(1.39	)		–			–			–			–			–		11.60		(10.70	%)		21,721		1.15	%		(0.26	%)		1.15	%		200.57	%
Year ended December 31, 2007		10.61		(0.06	)		2.44			2.38			–			–			–			–			–		12.99		22.43	%		25,439		1.16	%		(0.45	%)		1.16	%		344.07	%
Year ended December 31, 2006		10.86		0.04			(0.08	)		(0.04	)		(0.02	)		(0.18	)		(0.01	)		(0.21	)		–		10.61		(0.29	%)(e)		29,194		1.20	%(f)		0.31	%(f)		(g)			382.64	%
Year ended December 31, 2005		11.62		(0.03	)		1.33			1.30			–			(2.06	)		–			(2.06	)		–		10.86		11.99	%		37,556		1.17	%		(0.38	%)		(g)			447.55	%
Year ended December 31, 2004		10.79		(0.11	)		1.40			1.29			–			(0.46	)		–			(0.46	)		–		11.62		12.45	%		33,158		1.29	%		(0.77	%)		(g)			520.00	%
Year ended December 31, 2003		7.58		(0.03	)		3.99			3.96			–			(0.76	)		–			(0.76	)		0.01		10.79		52.39	%		54,959		1.19	%		(0.50	%)		(g)			580.71	%


(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)	Includes reimbursement from the Investment Adviser which increased the total return by 0.66%.
(f)	Excludes reimbursement from the Investment Adviser.
(g)	There were no fee reductions during the period.
(h)	The amount is less than $0.005 per share.
(i)	For the period from March 21, 2003 (commencement of operations) through December 31, 2003.

See accompanying notes to financial statements.

2008 Semiannual Report 11

Notes to Financial Statements

June 30, 2008 (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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT U.S. Growth Leaders Fund (the “Fund”) (formerly “Nationwide NVIT U.S. Growth Leaders Fund”) . The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

12 Semiannual Report 2008


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


	Level 2 — Other	Level 3 —
Level 1 — Quoted	Significant	Significant
Prices	Observable Inputs	Unobservable Inputs	Total Investments

$54,565,556	$4,699,480	$—	$59,265,036

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

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 margins” payments, are made or received 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.

14 Semiannual Report 2008


(f)	Written Options Contracts


(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 earmark or 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, if any, includes the deposits with brokers and securities held long as shown in the Statement of Investments for the Fund.


(h)	Security Transactions and Investment Income


(i)	Securities Lending

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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

As of June 30, 2008, the Fund had securities with the following value on loan:


Value of Loaned Securities		Value of Collateral

$	1,409,527	$	1,430,450


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(k)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns

16 Semiannual Report 2008

and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.


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

3. Transactions with Affiliates

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), as adjusted for any applicable breakpoints Base Fee Breakpoints as described in the chart shown below under the heading “Base Fee Breakpoints and Performance Adjustments”. 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 36-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 subperiod, 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 Class III shares. Thus, if the Fund outperforms the Fund’s benchmark by 12% or more over a 36-month rolling period, the Fund will pay the maximum management fees listed below. Conversely, if the Fund underperforms the Fund’s benchmark by 12% or more over a 36-month rolling period, the Fund will pay the minimum management fees listed below. No adjustment will take place if the under- or overperformance is less than 12%. NFA pays/(charges) the entire performance component of the fee to the Fund’s subadviser.

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

Base Fee Breakpoints and Performance Adjustments (base management fees, as well as the maximum and minimum performance-adjusted fees, not including any applicable waivers)


Net Assets	Minimum Fee			Base Fee			Maximum Fee

On assets up to $500 million		0.68	%		0.90	%		1.12	%


On assets up to $500 million or more but less than $2 billion		0.62	%		0.80	%		0.98	%


On assets of $2 billion and more		0.59	%		0.75	%		0.91	%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $131,473 for the six months ended June 30, 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 in a given quarter is approved by the Board of Trustees on an advance 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, 2008, there were no cumulative potential reimbursements for all share classes of the Fund.


		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 NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, and the NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the

18 Semiannual Report 2008


		“Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (“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. 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%. NFD is a wholly-owned subsidiary of NFSDI.

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, 2008, NFS received $44,448 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agreement and, a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such cost amounted to $13.

4. Short-Term Trading Fees

For the six months ended June 30, 2008, Class III shares had contributions to capital due to collection of redemption fees in the amount of $4,383.

For the year ended December 31, 2007, Class III shares had contributions to capital due to collection of redemption fees in the amount of $10,518.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $115,054,186 and sales of $116,218,917.

6. Bank Loans and Earnings Credit

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

7. Portfolio Investment Risks

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 Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with the Trust’s vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects the risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

20 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Other

and Length of

Principal Occupation(s)

Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

22 Semiannual Report 2008

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

Number of

Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Other

and Length of

Principal Occupation(s)

Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Other

and Length of

Principal Occupation(s)

Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

24 Semiannual Report 2008

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

Number of

Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Other

and Length of

Principal Occupation(s)

Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 25

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

26 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,“ copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

2008 Semiannual Report 27

Supplemental Information (Continued)

(Unaudited)

The Trustees found that the Fund’s more recent performance had been 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 performance, and based on the factors described above, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee (a performance-based fee structure) compared with peer group funds was high, but the Board also considered that the services provided justify the higher fee in this capacity-constrained, concentrated Fund. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

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. The Trustees found that the Fund’s total expenses compared with peer group funds were higher, but were justified for this capacity-constrained, concentrated Fund, and the Adviser agreed to maintain the expense cap at 115 basis points (excluding certain Fund expenses as set forth in the Fund’s prospectus). Based on its review, the Board concluded that the Fund’s total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

28 Semiannual Report 2008

Gartmore NVIT Global Utilities Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

7			Statement of Assets and Liabilities

8			Statement of Operations

9			Statement of Changes in Net Assets

11			Financial Highlights

12			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-GU (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	Gartmore NVIT Global Utilities Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
Gartmore NVIT Global			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Utilities Fund			01/01/08		06/30/08		01/01/08 – 06/30/08^(a)		01/01/08 – 06/30/08^(a)

Class I	Actual			1,000.00		896.90		3.91		0.83
	Hypothetical	^(b)		1,000.00		1,020.74		4.17		0.83


Class II	Actual			1,000.00		895.40		5.14		1.09
	Hypothetical	^(b)		1,000.00		1,019.44		5.47		1.09


Class III	Actual			1,000.00		897.30		3.92		0.83
	Hypothetical	^(b)		1,000.00		1,020.74		4.17		0.83


^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(b)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

Gartmore NVIT Global Utilities Fund


Common Stocks (97.2%)
	Shares		Value


AUSTRIA (0.5%) (a)
Diversified Telecommunication Services (0.5%)
Telekom Austria AG		11,430	$	247,651



BELGIUM (0.5%) (a)
Electric Utility (0.2%)
Elia System Operator SA NV		2,570		107,231

Wireless Telecommunication Services (0.3%)
Mobistar SA		1,670		134,786

				242,017



FRANCE (6.4%) (a)
Construction & Engineering (0.5%)
Bouygues SA		4,040		266,522

Diversified Telecommunication Services (3.1%)
France Telecom SA		52,120		1,528,384

Multi-Utility (2.8%)
Suez SA		20,100		1,362,404

				3,157,310



GERMANY (10.2%) (a)
Diversified Telecommunication Services (0.2%)
Deutsche Telekom AG		6,590		108,209

Electric Utility (6.6%)
E. ON AG		16,240		3,271,244

Multi-Utility (3.4%)
RWE AG		13,330		1,676,964

				5,056,417



GREECE (0.4%)
Diversified Telecommunication Services (0.4%)
Hellenic Telecommunications Organization SA		8,021		202,040



HONG KONG (0.2%) (a)
Electric Utility (0.2%)
CLP Holdings Ltd.		10,000		85,761



ITALY (0.7%) (a)
Diversified Telecommunication Services (0.5%)
Telecom Italia SpA		44,160		88,316
Telecom Italia SpA RNC		108,770		175,579

				263,895

Natural Gas Utility (0.2%)
Snam Rete Gas SpA		13,975		95,251

				359,146



JAPAN (5.2%) (a)
Diversified Telecommunication Services (1.0%)
Nippon Telegraph & Telephone Corp.		101		498,432

Electric Utilities (1.7%)
Chubu Electric Power Co., Inc.		7,600		185,663
Kansai Electric Power Co., Inc. (The)		7,200		168,701
Kyushu Electric Power Co., Inc.		5,700		119,288
Tohoku Electric Power Co., Inc.		5,200		113,280
Tokyo Electric Power Co., Inc. (The)		10,200		262,671

				849,603

Natural Gas Utilities (0.4%)
Osaka Gas Co. Ltd.		31,000		113,733
Tokyo Gas Co. Ltd.		24,000		96,985

				210,718

Wireless Telecommunication Services (2.1%)
KDDI Corp.		80		495,064
NTT DoCoMo, Inc.		358		525,167

				1,020,231

				2,578,984



MEXICO (0.7%)
Wireless Telecommunication Services (0.7%)
America Movil SAB de CV, Series L ADR		6,840		360,810



NETHERLANDS (2.5%) (a)
Diversified Telecommunication Services (2.5%)
Koninklijke KPN NV		72,090		1,232,396



NORWAY (0.9%) (a)
Diversified Telecommunication Services (0.9%)
Telenor ASA		23,380		439,074



PORTUGAL (0.5%) (a)
Electric Utility (0.5%)
Energias de Portugal SA		42,660		221,808



SINGAPORE (0.9%) (a)
Diversified Telecommunication Services (0.9%)
Singapore Telecommunications Ltd.		162,000		431,960



SPAIN (10.5%) (a)
Diversified Telecommunication Services (6.4%)
Telefonica SA		119,800		3,170,067

Electric Utilities (4.1%)
Iberdrola SA		102,720		1,368,495
Union Fenosa SA		10,810		628,137

				1,996,632

				5,166,699



UNITED KINGDOM (15.0%) (a)
Diversified Telecommunication Services (0.0%)
BT Group PLC		5,510		21,826

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Gartmore NVIT Global Utilities Fund (Continued)


Common Stocks (continued)
	Shares		Value


UNITED KINGDOM (continued)

Electric Utility (1.8%)
Scottish & Southern Energy PLC		32,390	$	902,367

Independent Power Producers & Energy Traders (0.5%)
International Power PLC		31,280		267,934

Multi-Utilities (1.8%)
Centrica PLC		85,190		523,897
United Utilities PLC		26,150		355,807

				879,704

Water Utility (1.1%)
Pennon Group PLC		42,650		539,625

Wireless Telecommunication Services (9.8%)
Vodafone Group PLC		1,634,470		4,815,080

				7,426,536



UNITED STATES (42.1%)
Diversified Telecommunication Services (11.6%)
AT&T, Inc.		125,130		4,215,630
Fairpoint Communications, Inc.		1,431		10,323
Verizon Communications, Inc.		42,520		1,505,208

				5,731,161

Electric Utilities (16.4%)
Duke Energy Corp.		14,650		254,617
Edison International		7,150		367,367
Entergy Corp.		10,570		1,273,474
Exelon Corp.		20,320		1,827,987
FirstEnergy Corp.		15,850		1,304,931
FPL Group, Inc.		19,276		1,264,120
PPL Corp.		31,520		1,647,550
Progress Energy, Inc.		4,210		176,104

				8,116,150

Independent Power Producers & Energy Traders (4.7%)
Constellation Energy Group, Inc.		9,430		774,203
NRG Energy, Inc.*		28,350		1,216,215
Reliant Energy, Inc.*		14,910		317,136

				2,307,554

Multi-Utilities (3.7%)
Alliant Energy Corp.		14,200		486,492
CenterPoint Energy, Inc.		36,390		584,059
PG&E Corp.		6,900		273,861
Sempra Energy		8,500		479,825

				1,824,237

Natural Gas Utility (2.9%)
Questar Corp.		20,100		1,427,904

Oil, Gas & Consumable Fuels (2.8%)
El Paso Corp.		48,270		1,049,390
Williams Cos., Inc. (The)		8,340		336,185

				1,385,575

				20,792,581


Total Common Stocks				48,001,190


Total Investments (Cost $46,105,587) (b) — 97.2%				48,001,190

Other assets in excess of liabilities — 2.8%				1,402,744


NET ASSETS — 100.0%			$	49,403,934


*		Denotes a non-income producing security.

(a)		Fair Valued Security.

(b)		See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.


ADR		American Depositary Receipt

RNC		Savings Shares

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	Gartmore NVIT
	Global Utilities Fund

Assets:
Investments, at value (cost $46,105,587)	$	48,001,190
Foreign currencies, at value (cost $8,032)		8,032
Interest and dividends receivable		204,452
Receivable for capital shares issued		1,912
Receivable for investments sold		1,622,182
Unrealized appreciation on spot contracts		208
Reclaims receivable		59,883
Prepaid expenses and other assets		725

Total Assets		49,898,584

Liabilities:
Cash overdraft		101,793
Payable for capital shares redeemed		301,214
Accrued expenses and other payables:
Investment advisory fees		76,400
Fund administration and transfer agent fees		6,640
Distribution fees		166
Administrative services fees		1,437
Custodian fees		2,365
Trustee fees		734
Compliance program costs (Note 3)		107
Other		3,794

Total Liabilities		494,650

Net Assets	$	49,403,934

Represented by:
Capital	$	46,465,600
Accumulated net investment income		393,295
Accumulated net realized gains from investment and foreign currency transactions		639,467
Net unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		1,905,572

Net Assets	$	49,403,934

Net Assets:
Class I Shares	$	8,338,925
Class II Shares		792,222
Class III Shares		40,272,787

Total	$	49,403,934

Shares outstanding (unlimited number of shares authorized):
Class I Shares		766,576
Class II Shares		72,527
Class III Shares		3,688,484

Total		4,527,587

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	10.88
Class II Shares	$	10.92
Class III Shares	$	10.92

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	Gartmore NVIT
	Global Utilities Fund

INVESTMENT INCOME:

Interest income	$	7,568
Dividend income		1,223,428
Foreign tax withholding		(90,662	)

Total Income		1,140,334

Expenses:
Investment advisory fees		181,564
Fund administration and transfer agent fees		21,326
Distribution fees Class II Shares		1,042
Administrative services fees Class I Shares		2,391
Administrative services fees Class II Shares		230
Administrative services fees Class III Shares		10,706
Custodian fees		6,603
Trustee fees		1,452
Compliance program costs (Note 3)		213
Other		12,156

Total expenses before earnings credit		237,683
Earnings credit (Note 6)		(99	)

Net Expenses		237,584

Net Investment Income		902,750

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		629,212
Net realized gains from foreign currency transactions		8,146

Net realized gains from investment and foreign currency transactions		637,358
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(9,260,932	)

Net realized/unrealized losses from investments and translation of assets and liabilities denominated in foreign currencies		(8,623,574	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,720,824	)

See accompanying notes to financial statements.

8 Semiannual Report 2008

Statements of Changes in Net Assets


	Gartmore NVIT Global Utilities Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	902,750		$	1,824,427
Net realized gains from investment and foreign currency transactions		637,358			11,997,328
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(9,260,932	)		(783,275	)

Change in net assets resulting from operations		(7,720,824	)		13,038,480

Distributions to Shareholders From:
Net investment income:
Class I		(90,014	)		(356,384	)
Class II		(7,388	)		(21,048	)
Class III		(436,276	)		(1,357,588	)
Net realized gains:
Class I		–			(2,232,420	)
Class II		–			(178,906	)
Class III		–			(10,466,107	)

Change in net assets from shareholder distributions		(533,678	)		(14,612,453	)

Change in net assets from capital transactions		(10,155,078	)		280,586

Change in net assets		(18,409,580	)		(1,293,387	)

Net Assets:
Beginning of period		67,813,514			69,106,901

End of period	$	49,403,934		$	67,813,514

Accumulated net investment income at end of period	$	393,295		$	24,223


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,322,413		$	19,511,371
Dividends reinvested		90,014			2,588,800
Cost of shares redeemed		(2,992,218	)		(19,634,731	)

		(1,579,791	)		2,465,440

Class II Shares
Proceeds from shares issued		385			246
Dividends reinvested		7,388			199,954
Cost of shares redeemed		(63,075	)		(285,596	)

		(55,302	)		(85,396	)

Class III Shares
Proceeds from shares issued		8,691,383			14,665,692
Dividends reinvested		436,272			11,823,681
Cost of shares redeemed (a)		(17,647,640	)		(28,588,831	)

		(8,519,985	)		(2,099,458	)

Change in net assets from capital transactions	$	(10,155,078	)	$	280,586

See accompanying notes to financial statements.

2008 Semiannual Report 9

Gartmore NVIT Global Utilities Fund


			Investment Activities								Distributions													Ratios / Supplemental Data

					Net
					Realized																														Ratio of
					and																											Ratio of Net			Expenses
					Unrealized																						Net Assets		Ratio of			Investment			(Prior to
	Net Asset Value,		Net		Gains			Total from			Net			Net								Net Asset					at End of		Expenses to			Income to			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total			Redemption		Value, End		Total			Period		Average Net			Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Gains			Distributions			Fees		of Period		Return (a)			(000s)		Assets (b)			Net Assets (b)			Net Assets (b) (c)			Turnover (d)

Class I Shares
Six Months ended June 30, 2008 (Unaudited)		12.26		0.20		(1.46	)		(1.26	)		(0.12	)		–			(0.12	)		–		10.88		(10.31%	)		8,339		0.83	%		3.24	%		0.83	%		14.87	%
Year ended December 31, 2007		12.83		0.46		2.13			2.59			(0.35	)		(2.81	)		(3.16	)		–		12.26		20.43%			11,207		0.99	%		3.14	%		0.99	%		84.66	%
Year ended December 31, 2006		10.13		0.32		3.44			3.76			(0.30	)		(0.76	)		(1.06	)		–		12.83		37.56%			8,489		1.03	%		2.87	%		(e)			83.69	%
Year ended December 31, 2005		11.26		0.22		0.48			0.70			(0.24	)		(1.59	)		(1.83	)		–		10.13		6.39%			4,602		1.12	%		1.92	%		(e)			234.81	%
Year ended December 31, 2004		9.16		0.13		2.60			2.73			(0.13	)		(0.50	)		(0.63	)		–		11.26		29.97%			4,679		1.08	%		1.78	%		(e)			358.63	%
Year ended December 31, 2003		7.42		0.06		1.71			1.77			(0.04	)		–			(0.04	)		0.01		9.16		24.05%			1,104		1.11	%		1.28	%		(e)			116.62	%

Class II Shares
Six Months ended June 30, 2008 (Unaudited)		12.31		0.18		(1.47	)		(1.29	)		(0.10	)		–			(0.10	)		–		10.92		(10.46%	)		792		1.09	%		3.13	%		1.09	%		14.87	%
Year ended December 31, 2007		12.87		0.30		2.26			2.56			(0.31	)		(2.81	)		(3.12	)		–		12.31		20.06%			952		1.25	%		2.02	%		1.25	%		84.66	%
Year ended December 31, 2006		10.16		0.32		3.42			3.74			(0.27	)		(0.76	)		(1.03	)		–		12.87		37.33%			1,053		1.28	%		2.70	%		(e)			83.69	%
Year ended December 31, 2005		11.28		0.20		0.48			0.68			(0.21	)		(1.59	)		(1.80	)		–		10.16		6.19%			902		1.37	%		1.68	%		(e)			234.81	%
Year ended December 31, 2004		9.18		0.18		2.53			2.71			(0.11	)		(0.50	)		(0.61	)		–		11.28		29.56%			1,069		1.33	%		1.58	%		(e)			358.63	%
Period ended December 31, 2003 (f)		7.08		0.03		2.09			2.12			(0.03	)		–			(0.03	)		0.01		9.18		30.16%			1,092		1.36	%		0.76	%		(e)			116.62	%

Class III Shares
Six Months ended June 30, 2008 (Unaudited)		12.30		0.21		(1.47	)		(1.26	)		(0.12	)		–			(0.12	)		–		10.92		(10.27%	)		40,273		0.83	%		3.16	%		0.83	%		14.87	%
Year ended December 31, 2007		12.87		0.35		2.24			2.59			(0.35	)		(2.81	)		(3.16	)		–		12.30		20.39%			55,655		0.99	%		2.37	%		0.99	%		84.66	%
Year ended December 31, 2006		10.16		0.30		3.47			3.77			(0.30	)		(0.76	)		(1.06	)		–		12.87		37.59%			59,565		1.01	%		2.80	%		(e)			83.69	%
Year ended December 31, 2005		11.28		0.22		0.49			0.71			(0.24	)		(1.59	)		(1.83	)		–		10.16		6.48%			33,911		1.10	%		1.96	%		(e)			234.81	%
Year ended December 31, 2004		9.18		0.14		2.60			2.74			(0.14	)		(0.50	)		(0.64	)		–		11.28		29.95%			31,478		1.05	%		1.73	%		(e)			358.63	%
Year ended December 31, 2003		7.43		0.10		1.68			1.78			(0.04	)		–			(0.04	)		0.01		9.18		24.17%			7,054		1.04	%		1.39	%		(e)			116.62	%


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

See accompanying notes to financial statements.

2008 Semiannual Report 11

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Gartmore NVIT Global Utilities Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

12 Semiannual Report 2008

involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


	Level 2 — Other	Level 3 —
Level 1 — Quoted	Significant	Significant
Prices	Observable Inputs	Unobservable Inputs	Total Investments

$21,153,391	$26,847,799	$—	$48,001,190


(b)	Repurchase Agreements

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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, which are fully collateralized by U.S. Government Agency Mortgages with the counterparty.


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

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” payments, are made or received 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.

14 Semiannual Report 2008

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


(g)	Short Sales


(h)	Security Transactions and Investment Income


(i)	Securities Lending

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 excesses are reported as distributions of paid-in-capital.


(k)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.


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

16 Semiannual Report 2008

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisers (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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”) is the subadviser to the fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

The Fund pays a performance-based fee to NFA. This performance-based fee can vary depending on the Fund’s performance relative to its benchmark, the Global Utilities Composite Index, which is comprised of 60% MSCI World Telecommunication Services Index and 40% MSCI World Utilities Index. This fee is intended to either reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, the Fund’s benchmark.


Out or Underperformance	Change in Fees

+/- 1 percentage point		+/- 0.02%


+/- 2 percentage points		+/- 0.04%


+/- 3 percentage points		+/- 0.06%


+/- 4 percentage points		+/- 0.08%


+/- 5 percentage points or more		+/- 0.10%

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

Base Fee Breakpoints and Performance Adjustments (base management fees, as well as the maximum and minimum performance-adjusted fees, not including any applicable waivers)


Net Assets	Minimum Fee			Base Fee			Maximum Fee

On assets up to $500 million		0.60	%		0.70	%		0.80	%


On assets of $500 million or more but less than $2 billion		0.55	%		0.65	%		0.75	%


On assets of $2 billion and more		0.50	%		0.60	%		0.70	%


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

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, 2008, NFS received $40,264 in Administrative Services fees from the Fund.

18 Semiannual Report 2008

Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2008, the Fund’s portion of such costs amounted to $213.

For the six months ended June 30, 2008, the Adviser or affiliates of the Adviser directly held 12% of the shares outstanding of the Fund.

4. Short-Term Trading Fees

For the six months ended June 30, 2008, Class III shares had contributions to capital due to collection of redemption fees in the amount of $29,060.

For the year ended December 31, 2007, Class III shares had contributions to capital due to collection of redemption fees in the amount of $18,611.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $8,414,107 and sales of $19,053,286.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

7. Portfolio Investment Risks

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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 Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with the Trust’s vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects the risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

10. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	46,188,069	$	3,836,625	$	(2,023,504)	$	1,813,121

20 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Other

and Length of

Principal Occupation(s)

Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Other

and Length of

Principal Occupation(s)

Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

22 Semiannual Report 2008

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

Number of

Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Other

and Length of

Principal Occupation(s)

Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Other

and Length of

Principal Occupation(s)

Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

24 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 25

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,“ copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

26 Semiannual Report 2008

The Trustees found that the Fund’s performance had been acceptable in all periods presented. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Adviser and subadviser to maintain and improve performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee (a performance-based fee structure) compared with peer group funds was higher, but within the range of the peer group funds. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

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. The Trustees found that the Fund’s total expenses compared with peer group funds were higher due to the distribution expenses for the Fund relative to the peer group, but the Fund’s total expenses were within the range of the peer group funds. Based on its review, the Board concluded that the Fund’s total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

2008 Semiannual Report 27

Gartmore NVIT Developing Markets Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

9			Statement of Assets and Liabilities

10			Statement of Operations

11			Statement of Changes in Net Assets

12			Financial Highlights

13			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-DMKT (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	Gartmore NVIT Developing Markets Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008

Beginning

Ending

Expenses Paid

Expense Ratio

Gartmore NVIT

Account Value ($)

During Period ($)

During Period (%)

Developing Markets Fund

01/01/08

06/30/08

01/01/08 – 06/30/08^(a)

Class II

Actual

1,000.00

884.30

7.07

1.51

Hypothetical

^(b)

1,000.00

1,017.35

7.57

1.51


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	Gartmore NVIT Developing Markets Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			86.8%
Equity-Linked Notes			6.9%
Preferred Stocks			6.8%
Liabilities in excess of other assets			-0.5%

			100.0%


Top Industries

Oil, Gas & Consumable Fuels			22.6%
Commercial Banks			15.1%
Metals & Mining			13.0%
Wireless Telecommunication Services			8.4%
Semiconductors & Semiconductor Equipment			6.0%
Chemicals			3.9%
Diversified Telecommunication Services			3.0%
Independent Power Producers & Energy Traders			2.8%
Electric Utility			2.6%
Automobiles			2.0%
Other			20.6%

			100.0%


Top Holdings

Petroleo Brasileiro SA ADR			5.6%
Gazprom OAO ADR			4.6%
Companhia Vale do Rio Doce, Class A			3.3%
Samsung Electronics Co. Ltd.			3.0%
China Mobile Ltd.			2.5%
CEZ AS			2.1%
Banpu NVDR			2.0%
Severstal-Avto			2.0%
CNOOC Ltd.			1.9%
China Construction Bank Corp., Class H			1.9%
Other			71.1%

			100.0%


Top Countries

Brazil			19.9%
Republic of Korea			14.0%
Russian Federation			13.9%
Taiwan			6.8%
Hong Kong			6.7%
Mexico			6.5%
India			6.0%
South Africa			4.7%
China			4.6%
Thailand			3.3%
Other			13.6%

			100.0%

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

Gartmore NVIT Developing Markets Fund


Common Stocks (86.8%)
	Shares		Value


BRAZIL (13.1%)
Commercial Banks (1.2%)
Unibanco — Uniao de Bancos Brasileiros SA GDR		32,300	$	4,099,839

Diversified Telecommunication Services (1.1%)
Brasil Telecom Participacoes SA ADR		54,425		3,993,162

Independent Power Producers & Energy Traders (1.7%)
MPX Energia SA*		10,100		5,829,589

Multiline Retail (1.8%)
Lojas Renner SA		323,100		6,391,033

Oil, Gas & Consumable Fuels (6.1%)
Petroleo Brasileiro SA		52,000		1,830,351
Petroleo Brasileiro SA ADR		278,636		19,735,788

				21,566,139

Transportation Infrastructure (1.2%)
Companhia de Concessoes Rodoviarias		222,670		4,397,545

				46,277,307



CHINA (4.6%) (a)
Commercial Banks (1.9%)
China Construction Bank Corp., Class H		8,271,000		6,674,257

Construction Materials (0.6%)
Anhui Conch Cement Co. Ltd.*		334,200		2,238,758

Insurance (0.8%)
Ping An Insurance Group Co. of China Ltd.		370,000		2,757,682

Marine (0.5%)
China Shipping Development Co. Ltd.		558,000		1,681,285

Oil, Gas & Consumable Fuels (0.8%)
PetroChina Co. Ltd.		2,229,800		2,882,638

				16,234,620



CZECH REPUBLIC (2.1%) (a)
Electric Utility (2.1%)
CEZ AS		84,790		7,537,381



EGYPT (0.9%)
Diversified Telecommunication Services (0.9%)
Telecom Egypt GDR		205,982		3,244,217



HONG KONG (6.7%) (a)
Independent Power Producers & Energy Traders (1.2%)
China Resources Power Holdings Co.		1,699,800		4,135,848

Marine (1.1%)
Pacific Basin Shipping Ltd.		2,619,000		3,747,584

Oil, Gas & Consumable Fuels (1.9%)
CNOOC Ltd.		3,936,000		6,832,767

Wireless Telecommunication Services (2.5%)
China Mobile Ltd.		664,800		8,923,793

				23,639,992



INDIA (1.2%)
Commercial Banks (0.3%)
ICICI Bank Ltd. ADR		41,286		1,187,385

Information Technology Services (0.9%)
Satyam Computer Services Ltd. ADR		123,565		3,029,814

				4,217,199



INDONESIA (0.6%)
Commercial Banks (0.5%) (a)
Bank Central Asia Tbk PT		7,163,000		1,929,910

Oil, Gas & Consumable Fuels (0.1%)
Indika Energy Tbk PT*		607,000		215,727

				2,145,637



ISRAEL (0.6%) (a)
Chemicals (0.6%)
Makhteshim-Agan Industries Ltd.		244,395		2,276,626



KAZAKHSTAN (1.5%) (a)
Oil, Gas & Consumable Fuels (1.5%)
KazMunaiGas Exploration Production GDR		170,250		5,304,511



LUXEMBOURG (1.0%)
Energy Equipment & Services (1.0%)
Tenaris SA ADR		45,800		3,412,100



MALAYSIA (1.7%)
Commercial Banks (0.9%) (a)
Bumiputra Commerce Holdings Bhd		1,240,200		3,048,413

Food Products (0.1%) (a)
IOI Corp. Bhd		203,380		464,964

Wireless Telecommunication Services (0.7%)
TM International Bhd*		1,352,100		2,546,835

				6,060,212



MEXICO (6.5%)
Commercial Banks (1.4%)
Grupo Financiero Banorte SAB de CV		1,080,950		5,083,987

Food & Staples Retailing (0.9%)
Wal-Mart de Mexico SAB de CV, Series V		838,411		3,337,546

Metals & Mining (2.3%)
Grupo Mexico SAB de CV, Series B		1,779,540		4,038,134
Industrias CH SAB de CV, Series B*		702,201		3,914,811

				7,952,945

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Gartmore NVIT Developing Markets Fund (Continued)


Common Stocks (continued)
	Shares		Value


MEXICO (continued)

Wireless Telecommunication Services (1.9%)
America Movil SAB de CV, Series L ADR		124,586	$	6,571,912

				22,946,390



MOROCCO (0.4%) (a)
Real Estate Management & Development (0.4%)
Compagnie Generale Immobiliere		4,485		1,478,016



PERU (1.2%)
Commercial Banks (1.2%)
Credicorp Ltd.		49,460		4,061,655



POLAND (1.5%)
Beverages (0.6%)
Central European Distribution Corp.*		28,580		2,119,207

Diversified Telecommunication Services (0.9%) (a)
Telekomunikacja Polska SA		329,633		3,192,920

				5,312,127



REPUBLIC OF KOREA (14.0%)
Building Products (0.6%) (a)
KCC Corp.		5,279		2,196,512

Chemicals (1.3%) (a)
LG Chem Ltd.		47,195		4,506,958

Commercial Banks (3.2%)
Industrial Bank of Korea(a)		243,710		3,716,477
Kookmin Bank ADR		97,058		5,678,863
Shinhan Financial Group Co. Ltd. (a)		44,984		2,026,426

				11,421,766

Household Durables (0.8%)(a)
LG Electronics, Inc.		26,019		2,942,719

Industrial Conglomerate (0.7%) (a)
LG Corp.		39,400		2,553,037

Insurance (1.1%) (a)
Samsung Fire & Marine Insurance Co. Ltd.		18,167		3,794,879

Machinery (1.4%) (a)
Hanjin Heavy Industries & Construction Co. Ltd.		61,930		2,656,657
Hyundai Heavy Industries		6,761		2,090,888

				4,747,545

Metals & Mining (1.9%) (a)
POSCO		12,590		6,557,288

Semiconductors & Semiconductor Equipment (3.0%) (a)
Samsung Electronics Co. Ltd.		17,933		10,715,400

				49,436,104



RUSSIAN FEDERATION (13.9%)
Automobiles (2.0%) (a)
Severstal-Avto		109,680		6,883,975

Chemicals (1.3%) (a)
Uralkali GDR		64,161		4,628,870

Commercial Banks (1.7%) (a)
Sberbank		1,935,300		6,100,075

Metals & Mining (2.0%)
Chelyabinsk Zinc Plant*(a)		40,900		327,200
Evraz Group SA GDR(a)		18,000		2,087,761
MMC Norilsk Nickel ADR		180,200		4,557,258

				6,972,219

Oil, Gas & Consumable Fuels (5.6%) (a)
Gazprom OAO ADR*		280,855		16,317,676
LUKOIL ADR		36,400		3,574,802

				19,892,478

Transportation Infrastructure (0.3%) (a)
Novorossiysk Commercial Sea Port GDR		58,024		869,199

Wireless Telecommunication Services (1.0%)
Mobile Telesystems OJSC ADR		46,020		3,525,592

				48,872,408



SOUTH AFRICA (4.7%) (a)
Industrial Conglomerate (0.8%)
Barloworld Ltd.		282,392		2,880,882

Metals & Mining (1.1%)
Impala Platinum Holdings Ltd.		96,700		3,805,114

Oil, Gas & Consumable Fuels (1.4%)
Sasol Ltd.		83,604		4,927,624

Wireless Telecommunication Services (1.4%)
MTN Group Ltd.		314,963		4,991,926

				16,605,546



TAIWAN (6.8%)
Chemicals (0.6%) (a)
Nan Ya Plastics Corp.		1,051,000		2,230,205

Computers & Peripherals (0.9%) (a)
Asustek Computer, Inc.		1,205,000		3,273,441

Construction Materials (0.6%) (a)
Taiwan Cement Corp.		1,612,273		2,174,914

Electronic Equipment & Instruments (0.9%) (a)
Hon Hai Precision Industry Co. Ltd.		600,840		2,955,076

Metals & Mining (0.8%) (a)
China Steel Corp.		1,815,000		2,798,273

Semiconductors & Semiconductor Equipment (3.0%)
Advanced Semiconductor Engineering, Inc. (a)		3,677,437		3,296,961

6 Semiannual Report 2008


Common Stocks (continued)
	Shares		Value


TAIWAN (continued)
Semiconductors & Semiconductor Equipment (continued)

Taiwan Semiconductor Manufacturing Co. Ltd. (a)		3,079,937	$	6,545,292
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		69,911		762,729

				10,604,982

Textiles, Apparel & Luxury Goods (0.0%) (a)
Formosa Taffeta Co. Ltd.		1,000		986

				24,037,877



THAILAND (3.3%)
Oil, Gas & Consumable Fuels (3.3%)
Banpu NVDR PCL		446,954		7,076,504
PTT Exploration & Production PCL NVDR (a)		785,900		4,547,178

				11,623,682



TURKEY (0.5%) (a)
Commercial Banks (0.5%)
Turkiye Vakiflar Bankasi Tao, Class D		1,322,876		1,720,936


Total Common Stocks				306,444,543


Foreign Bond (0.0%)


BRAZIL (0.0%)
Metals & Mining (0.0%) (b)(c)
Comp Vale Do Rio Doce 0.00%, 09/29/49		20,000		0


Preferred Stocks (6.8%)


BRAZIL (6.8%)
Commercial Banks (1.4%)
Banco Bradesco SA		244,584		4,978,366

Food & Staples Retailing (1.0%)
Cia Brasileira de Distribuicao Groupo Pao de Acucar ADR		86,954		3,692,067
Metals & Mining (4.4%)
Companhia Vale do Rio Doce, Class A		387,987		11,535,992
Usinas Siderurgicas de Minas Gerais SA, Class A		77,950		3,836,214

				15,372,206

				24,042,639



REPUBLIC OF KOREA (0.0%) (a)
Semiconductors & Semiconductor Equipment (0.0%)
Samsung Electronics Co. Ltd. GDR		2		427


Total Preferred Stocks				24,043,066



Equity-Linked Notes (6.9%)
	Shares		Value


EGYPT (0.5%)
Real Estate Management & Development (0.5%)
Talaat Moustafa Group 0.00%, 11/24/08		974,500	$	1,754,100



INDIA (4.8%)
Electric Utility (0.5%)
Tata Power Co. Ltd. 0.00%, 03/28/12		72,805		1,788,819

Metals & Mining (0.6%)
Tata Steel Ltd. 0.00%, 05/20/10		134,701		2,281,835

Oil, Gas & Consumable Fuels (1.9%)
Reliance Industries Ltd. 0.00%, 03/09/09		134,566		6,553,364

Pharmaceutical (0.9%)
Sun Pharmaceutical Industries Ltd. 0.00%, 01/05/09		99,261		3,232,443
Wireless Telecommunication Services (0.9%)
Bharti Airtel Ltd. 0.00%, 01/24/17		181,816		3,049,054

				16,905,515



MALAYSIA (0.7%)
Food Products (0.7%)
IOI Corp. 0.00%, 10/09/08		1,097,351		2,501,960



UNITED ARAB EMIRATES (0.9%)
Commercial Banks (0.9%)
Union National Bank 0.00%, 01/05/10		1,244,541		3,086,463


Total Equity-Linked Notes				24,248,038


Total Investments (Cost $335,301,784) (d) — 100.5%				354,735,647

Liabilities in excess of other assets — (0.5)%				(1,876,888	)


NET ASSETS — 100.0%			$	352,858,759


*		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, 2008. The maturity date represents the actual maturity date.

2008 Semiannual Report 7

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	Gartmore NVIT
	Developing Markets
	Fund

Assets:
Investments, at value (cost $335,301,784)	$	354,735,647
Foreign currencies, at value (cost $635,767)		633,352
Interest and dividends receivable		1,067,069
Receivable for capital shares issued		41,182
Receivable for investments sold		5,773,937
Reclaims receivable		6,415
Prepaid expenses and other assets		692,718

Total Assets		362,950,320

Liabilities:
Cash overdraft		5,442,629
Payable for investments purchased		192,915
Unrealized depreciation on spot foreign currency contracts		16,299
Payable for capital shares redeemed		3,234,144
Accrued expenses and other payables:
Investment advisory fees		1,056,010
Fund administration and transfer agent fees		17,510
Distribution fees		78,677
Custodian fees		27,851
Trustee fees		8,521
Compliance program costs (Note 3)		707
Other		16,298

Total Liabilities		10,091,561

Net Assets	$	352,858,759

Represented by:
Capital	$	211,454,281
Accumulated net investment income		526,724
Accumulated net realized gains from investment and foreign currency transactions		121,405,513
Net unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		19,472,241

Net Assets	$	352,858,759

Net Assets:
Class II Shares	$	352,858,759

Shares outstanding (unlimited number of shares authorized):
Class II Shares		20,691,927

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	17.05

See accompanying notes to financial statements.

2008 Semiannual Report 9

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	Gartmore NVIT
	Developing Markets
	Fund

INVESTMENT INCOME:
Interest income	$	69,795
Dividend income		4,893,230
Foreign tax withholding		(413,764	)

Total Income		4,549,261

Expenses:
Investment advisory fees		2,129,125
Fund administration and transfer agent fees		105,693
Distribution fees Class II Shares		502,079
Administrative services fees Class II Shares		172,601
Custodian fees		40,773
Trustee fees		13,720
Compliance program costs (Note 3)		137
Other		60,351

Total expenses before earnings credit		3,024,479
Earnings credit (Note 6)		(947	)

Net Expenses		3,023,532

Net Investment Income		1,525,729

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		29,115,547
Net realized gains from foreign currency transactions		7,301

Net realized gains from investment and foreign currency transactions		29,122,848
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(92,712,615	)

Net realized/unrealized losses from investments and translation of assets and liabilities denominated in foreign currencies		(63,589,767	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(62,064,038	)

See accompanying notes to financial statements.

10 Semiannual Report 2008

Statements of Changes in Net Assets


	Gartmore NVIT Developing Markets Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	1,525,729		$	2,134,649
Net realized gains from investment and foreign currency transactions		29,122,848			107,360,103
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(92,712,615	)		33,412,803

Change in net assets resulting from operations		(62,064,038	)		142,907,555

Distributions to Shareholders From:
Net investment income:
Class II		(1,078,514	)		(1,934,912	)
Net realized gains:
Class II		–			(57,603,336	)

Change in net assets from shareholder distributions		(1,078,514	)		(59,538,248	)

Change in net assets from capital transactions		(127,833,310	)		96,231,924

Change in net assets		(190,975,862	)		179,601,231

Net Assets:
Beginning of period		543,834,621			364,233,390

End of period	$	352,858,759		$	543,834,621

Accumulated net investment income at end of period	$	526,724		$	79,509


CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	72,273,782		$	291,120,374
Dividends reinvested		1,078,491			59,538,216
Cost of shares redeemed		(201,185,583	)		(254,426,666	)

Change in net assets from capital transactions	$	(127,833,310	)	$	96,231,924


SHARE TRANSACTIONS:
Class II Shares
Issued		4,081,218			16,473,128
Reinvested		63,795			3,724,679
Redeemed		(11,579,765	)		(15,299,516	)

Total change in shares		(7,434,752	)		4,898,291

See accompanying notes to financial statements.

2008 Semiannual Report 11

Gartmore NVIT Developing Markets Fund


			Investment Activities								Distributions														Ratios / Supplemental Data

					Net																												Ratio of
					Realized and																									Ratio of Net			Expenses
	Net Asset				Unrealized															Net Asset					Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			Total from			Net			Net						Value,					at End of		Expenses to			Income to			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total			End of		Total			Period		Average Net			Average Net			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Gains			Distributions			Period		Return (a)			(000s)		Assets (b)			Assets (b)			Net Assets (b)(c)			Turnover (d)

Class II Shares
Six Months ended June 30, 2008 (Unaudited)		19.34		0.08		(2.32	)		(2.24	)		(0.05	)		–			(0.05	)		17.05		(11.57	%)		352,859		1.51	%		0.76	%		1.51	%		32.86	%
Year ended December 31, 2007		15.68		0.09		6.17			6.26			(0.08	)		(2.52	)		(2.60	)		19.34		43.51	%		543,835		1.56	%		0.50	%		1.56	%		98.49	%
Year ended December 31, 2006		13.04		0.08		3.96			4.04			(0.08	)		(1.32	)		(1.40	)		15.68		34.57	%		364,233		1.65	%		0.57	%		(e)			133.28	%
Year ended December 31, 2005		11.83		0.07		3.17			3.24			(0.07	)		(1.96	)		(2.03	)		13.04		31.52	%		313,052		1.77	%		0.49	%		(e)			157.77	%
Year ended December 31, 2004		10.39		0.07		1.90			1.97			(0.06	)		(0.47	)		(0.53	)		11.83		19.78	%		194,898		1.78	%		0.69	%		(e)			167.98	%
Year ended December 31, 2003 (f)		6.51		0.06		3.83			3.89			(0.01	)		–			(0.01	)		10.39		59.70	%		165,601		1.64	%		0.75	%		1.80	%		167.45	%


(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)	Upon reorganization on June 23, 2003, the existing shares of the Fund were designated Class II shares.

See accompanying notes to financial statements.

12 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, 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”) The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


	Level 2 — Other	Level 3 —
Level 1 — Quoted	Significant	Significant
Prices	Observable Inputs	Unobservable Inputs		Total Investments

$86,858,890	$267,876,757	$	—	$354,735,647

14 Semiannual Report 2008


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

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” payments, are made or received 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.

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(f)	Written Options Contracts


(g)	Equity-Linked Notes

Equity-linked 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 markets in India, Egypt, Malaysia and United Arab Emirates 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.


(h)	Security Transactions and Investment Income

16 Semiannual Report 2008


(i)	Securities Lending


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(k)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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”) is the subadviser to the fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

18 Semiannual Report 2008

applicable to the Fund’s base fee (as such base fee may be adjusted by Base Fee Breakpoints). NFA pays/(charges) the entire performance component of the fee to the Fund’s subadviser.


Out or Underperformance	Change in Fees

+/- 1 percentage point		+/- 0.02%


+/- 2 percentage points		+/- 0.04%


+/- 3 percentage points		+/- 0.06%


+/- 4 percentage points		+/- 0.08%


+/- 5 percentage points or more		+/- 0.10%

Base Fee Breakpoints and Performance Adjustments (base management fees, as well as the maximum and minimum performance-adjusted fees, not including any applicable waivers)


Net Assets	Minimum Fee			Base Fee			Maximum Fee

On assets up to $500 million		0.95	%		1.05	%		1.15	%


On assets of $500 million or more but less than $2 billion		0.90	%		1.00	%		1.10	%


On assets of $2 billion and more		0.85	%		0.95	%		1.05	%

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 in a given quarter is approved by the Board of Trustees on an advance 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, 2008, there were no reimbursements for the Fund.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”)(a wholly-owned subsidiary of NFS), provides the Fund with various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

proportionately among all funds within the Trust in proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

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, 2008, NFS did not receive any Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Board of Trustees [The Audit Committee was a party to the TA Agreement?] and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such costs amounted to $137.

4. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $133,100,805 and sales of $246,988,516.

5. Bank Loans and Earnings Credit

20 Semiannual Report 2008

plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

6. Portfolio Investment Risks

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 of its Officers. Trust Officers receive no compensation from the Trust for serving as the Officers. In addition, in the normal course of business, the Trust enters into contracts with Trust’s vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

8. Recently Issued Accounting Pronouncements

2008 Semiannual Report 21

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Other

and Length of

Principal Occupation(s)

Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Other

and Length of

Principal Occupation(s)

Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

24 Semiannual Report 2008

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

Number of

Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Other

and Length of

Principal Occupation(s)

Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 25

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Other

and Length of

Principal Occupation(s)

Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

26 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 27

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,“ copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

28 Semiannual Report 2008

The Trustees found that the Fund’s performance had been good in all periods, and had improved following the change in portfolio manager in 2006. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Adviser and subadviser to maintain performance, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Trustees found that the Fund’s actual advisory fee (a performance-based fee structure) compared with peer group funds was approximately at the median of the peer group of funds, and the performance-based fee structure resulted in a higher advisory fee due to the Fund’s good performance. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the services that the Fund receives and the other factors considered.

2008 Semiannual Report 29

American Funds NVIT Growth Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

4			Statement of Assets and Liabilities

5			Statement of Operations

6			Statement of Changes in Net Assets

7			Financial Highlights

8			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-AM-GR (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	American Funds NVIT Growth Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
American Funds			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
NVIT Growth Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class II	Actual			1,000.00		920.90		3.20		0.67
	Hypothetical	^b		1,000.00		1,021.53		3.37		0.67


Class VII	Actual			1,000.00		921.90		2.10		0.44
	Hypothetical	^b		1,000.00		1,022.68		2.21		0.44


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	American Funds
	NVIT Growth Fund

Assets:
Investments in Master Fund (cost $233,377,264)	$	201,571,589
Receivable for capital shares issued		38,867
Receivable for investments sold		10,786
Prepaid expenses and other assets		14,710

Total Assets		201,635,952

Liabilities:
Payable for capital shares redeemed		49,653
Accrued expenses and other payables:
Fund administration and transfer agent fees		5,277
Master feeder service provider fees		16,893
Distribution fees		42,233
Custodian fees		1,031
Trustee fees		1,317
Compliance program costs (Note 3)		296
Other		3,504

Total Liabilities		120,204

Net Assets	$	201,515,748

Represented by:
Capital	$	202,049,113
Accumulated net investment income		211,767
Accumulated net realized gains from investment transactions		31,060,543
Net unrealized appreciation/(depreciation) from investments		(31,805,675	)

Net Assets	$	201,515,748

Net Assets:
Class II Shares	$	201,514,676
Class VII Shares		1,072

Total	$	201,515,748

Shares outstanding (unlimited number of shares authorized):
Class II Shares		3,032,533
Class VII Shares		16

Total		3,032,549


Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	66.45
Class VII Shares	$	66.85	(a)


(a)		The NAV reported above represents the traded NAV at June 30, 2008. 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.

4 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	American Funds
	NVIT Growth Fund

INVESTMENT INCOME:
Dividend income	$	264,410

Total Income		264,410

Expenses:
Fund administration and transfer agent fees		45,975
Master feeder service provider fees		233,441
Distribution fees Class II Shares		233,440
Distribution fees Class VII Shares		2
Administrative services fees Class II Shares		226,797
Custodian fees		2,830
Trustee fees		4,567
Compliance program costs (Note 3)		136
Other		18,160

Total expenses before earnings credit and waived expenses		765,348
Expenses waived for Master feeder service provider fees		(140,066	)
Earnings credit (Note 6)		(437	)

Net Expenses		624,845

Net Investment Loss		(360,435	)


REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		60,460
Net realized gain distributions from Master Fund		20,185,457

Net realized gains from investment transactions and distributions from Master Fund		20,245,917
Net change in unrealized appreciation/(depreciation) from investments		(35,228,434	)

Net realized/unrealized losses from investments		(14,982,517	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(15,342,952	)

See accompanying notes to financial statements.

2008 Semiannual Report 5

Statements of Changes in Net Assets


	American Funds NVIT Growth Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)	$	(360,435	)	$	856,987
Net realized gains from investment transactions		20,245,917			11,459,932
Net change in unrealized appreciation/(depreciation) from investments		(35,228,434	)		(131,798	)

Change in net assets resulting from operations		(15,342,952	)		12,185,121


Distributions to Shareholders From:
Net investment income:
Class II		–			(882,349	)
Class VII		–			(6	)
Net realized gains:
Class II		–			(38,017	)
Class VII		–			–	(a)

Change in net assets from shareholder distributions		–			(920,372	)

Change in net assets from capital transactions		35,859,492			94,928,996

Change in net assets		20,516,540			106,193,745

Net Assets:
Beginning of period		180,999,208			74,805,463

End of period	$	201,515,748		$	180,999,208

Accumulated net investment income at end of period	$	211,767		$	572,202


CAPITAL TRANSACTIONS:

Class II Shares
Proceeds from shares issued	$	42,327,002		$	126,177,851
Dividends reinvested		–			920,364
Cost of shares redeemed		(6,467,510	)		(32,169,225	)

		35,859,492			94,928,990


Class VII Shares
Dividends reinvested		–			6

		–			6

Change in net assets from capital transactions	$	35,859,492		$	94,928,996



SHARE TRANSACTIONS:
Class II Shares
Issued		620,076			1,790,121
Reinvested		–			12,594
Redeemed		(95,937	)		(448,337	)

		524,139			1,354,378


Class VII Shares
Reinvested		–			–	(b)

Total change in shares		524,139			1,354,378


(a)		Amount is less than $1.

(b)		Amount is less than 1 share.

See accompanying notes to financial statements.

6 Semiannual Report 2008

American Funds NVIT Growth Fund


			Investment Activities									Distributions														Ratios / Supplemental Data

						Net Realized																												Ratio of
						and																									Ratio of Net			Expenses
	Net Asset		Net			Unrealized			Total																	Net Assets		Ratio of			Investment			(Prior to
	Value,		Investment			Gains			from			Net			Net						Net Asset					at End of		Expenses			Income (Loss)			Reimbursements)
	Beginning		Income			(Losses) on			Investment			Investment			Realized			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		(Loss) (a)			Investments			Activities			Income			Gains			Distributions			of Period		Return (b)			(000s)		Net Assets (c)(d)			Net Assets (c)			Net Assets (c)(d)(e)			Turnover (f)

Class II Shares
Six Months ended June 30, 2008 (Unaudited)	$	72.16		(0.12	)		(5.59	)		(5.71	)		–			–			–		$	66.45		(7.91	%)		201,515		0.67	%		(0.39	%)		0.82	%		11.00	%
Year ended December 31, 2007	$	64.82		0.35			7.37			7.72			(0.36	)		(0.02	)		(0.38	)	$	72.16		11.90	%		180,998		0.65	%		0.68	%		0.80	%		40.00	%
Period ended December 31, 2006 (g)	$	62.91		0.39			1.92			2.31			(0.40	)		–			(0.40	)	$	64.82		3.68	%		74,804		0.74	%		1.90	%		0.91	%		35.00	%

Class VII Shares
Six Months ended June 30, 2008 (Unaudited)	$	72.51		(0.04	)		(5.62	)		(5.66	)		–			–			–		$	66.85		(7.81	%)		1		0.44	%		(0.13	%)		0.44	%		11.00	%
Year ended December 31, 2007	$	64.93		0.48			7.48			7.96			(0.36	)		(0.02	)		(0.38	)	$	72.51		12.22	%		1		0.37	%		0.68	%		0.39	%		40.00	%
Period ended December 31, 2006 (g)	$	62.91		0.60			1.66			2.26			(0.24	)		–			(0.24	)	$	64.93		3.63	%		1		0.87	%		1.42	%		0.95	%		35.00	%


(a)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the Master Fund.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	Expenses do not include expenses from the Master Fund.
(e)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f)	Portfolio turnover is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets.
(g)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

See accompanying notes to financial statements.

2008 Semiannual Report 7

Notes to Financial Statements

June 30, 2008

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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the American Funds NVIT Growth Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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. 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, 2008, was 0.69%.

2. Summary of Significant Accounting Policies


(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 4:00 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 trading, 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.

8 Semiannual Report 2008


	•	Level 1 — quoted prices in active markets for identical assets

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:

Level 2 —

Level 3 —

Level 1 —

Other Significant

Significant

Quoted Prices

Observable Inputs

Unobservable Inputs

Total Investments

201,571,589

–

201,571,589


(b)	Security Transactions and Investment Income


(c)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV 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.

2008 Semiannual Report 9

Notes to Financial Statements (Continued)

June 30, 2008


(d)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.


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

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 (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of Nationwide Financial Services (“NFS”)), 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, 2009.

Under the terms of a Fund Administration and Transfer Agency Agreement, NFM provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets

10 Semiannual Report 2008

according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in proportion to the average daily net assets of each fund and are paid to NFM.


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

NFM has entered into an agreement with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (“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. 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. NFD is a wholly-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, an affiliate of NFA, 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, 2008, NFS received $228,141 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFM and the Trust, the Trust has agreed to reimburse NFM for 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, 2008, the Fund’s portion of such costs amounted to $136.

4. Bank Loans and Earnings Credit

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008

four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

5. Indemnifications

6. New Accounting Pronouncements

7. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	233,387,064	$	–	$	(31,815,475)	$	(31,815,475)

12 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 13

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

14 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 15

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

16 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 17

American Funds NVIT Global Growth Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

4			Statement of Assets and Liabilities

5			Statement of Operations

6			Statement of Changes in Net Assets

7			Financial Highlights

8			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-AM-GG (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	American Funds NVIT Global Growth Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
American Funds NVIT Global Growth Fund			01/01/08		06/30/08		01/01/08 — 06/30/08^a		01/01/08 — 06/30/08^a

Class II	Actual			1,000.00		900.70		3.12		0.66
	Hypothetical	^b		1,000.00		1,021.58		3.32		0.66


Class VII	Actual			1,000.00		901.60		2.03		0.43
	Hypothetical	^b		1,000.00		1,022.73		2.16		0.43


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	American Funds
	NVIT Global
	Growth Fund

Assets:
Investments in Master Fund (cost $131,518,211)	$	116,931,064
Receivable for capital shares issued		28,136
Prepaid expenses and other assets		1,216

Total Assets		116,960,416

Liabilities:
Payable for investments purchased		23,113
Payable for capital shares redeemed		5,024
Accrued expenses and other payables:
Fund administration and transfer agent fees		3,162
Master feeder service provider fees		9,841
Distribution fees		24,603
Administrative services fees		4,667
Custodian fees		636
Trustee fees		1,128
Compliance program costs (Note 3)		180
Other		4,055

Total Liabilities		76,409

Net Assets	$	116,884,007

Represented by:
Capital	$	118,578,364
Accumulated net investment income		60,357
Accumulated net realized gains from investment transactions		12,832,433
Net unrealized appreciation/(depreciation) from investments		(14,587,147	)

Net Assets	$	116,884,007

Net Assets:
Class II Shares	$	116,882,886
Class VII Shares		1,121

Total	$	116,884,007

Shares outstanding (unlimited number of shares authorized):
Class II Shares		4,975,993
Class VII Shares		47

Total		4,976,040


Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	23.49
Class VII Shares	$	23.56	(a)


(a)		The NAV reported above represents the traded NAV at June 30, 2008. 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.

4 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	American Funds
	NVIT Global
	Growth Fund

INVESTMENT INCOME:
Dividend income	$	246,416

Total Income		246,416

Expenses:
Fund administration and transfer agent fees		28,182
Master feeder service provider fees		140,072
Distribution fees Class II Shares		140,072
Distribution fees Class VII Shares		2
Administrative services fees Class II Shares		130,368
Custodian fees		1,617
Trustee fees		3,140
Compliance program costs (Note 3)		81
Other		12,029

Total expenses before earnings credit and waived expenses		455,563
Expenses waived for Master feeder service provider fees		(84,044	)
Earnings credit (Note 6)		(257	)

Net Expenses		371,262

Net Investment Loss		(124,846	)

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		347,068
Net realized gain distributions from Master Fund		8,978,799

Net realized gains from investment transactions and distributions from Master Fund		9,325,867
Net change in unrealized appreciation/(depreciation) from investments		(21,030,417	)

Net realized/unrealized losses from investments		(11,704,550	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,829,396	)

See accompanying notes to financial statements.

2008 Semiannual Report 5

Statements of Changes in Net Assets


	American Funds
	NVIT Global Growth Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)	$	(124,846	)	$	2,154,288
Net realized gains from investment transactions		9,325,867			3,706,676
Net change in unrealized appreciation/(depreciation) from investments		(21,030,417	)		2,958,833

Change in net assets resulting from operations		(11,829,396	)		8,819,797

Net investment income:
Class II		–			(2,165,499	)
Class VII		–			(30	)

Change in net assets from shareholder distributions		–			(2,165,529	)

Change in net assets from capital transactions		19,159,079			56,907,143

Change in net assets		7,329,683			63,561,411
Net Assets:
Beginning of period		109,554,324			45,992,913

End of period	$	116,884,007		$	109,554,324

Accumulated net investment income at end of period	$	60,357		$	185,203

CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	24,753,827		$	66,471,259
Dividends reinvested		–			2,165,496
Cost of shares redeemed		(5,594,748	)		(11,729,642	)

		19,159,079			56,907,113

Class VII Shares
Dividends reinvested		–			30

		–			30

Change in net assets from capital transactions	$	19,159,079		$	56,907,143

SHARE TRANSACTIONS:
Class II Shares
Issued		1,005,789			2,621,513
Reinvested		–			83,598
Redeemed		(230,427	)		(474,416	)

		775,362			2,230,695

Class VII Shares
Reinvested		–			1

		–			1

Total change in shares		775,362			2,230,696

See accompanying notes to financial statements.

6 Semiannual Report 2008

American Funds NVIT Global Growth Fund


			Investment Activities									Distributions														Ratios / Supplemental Data

						Net Realized																												Ratio of
						and																									Ratio of Net			Expenses
	Net Asset		Net			Unrealized			Total																	Net Assets		Ratio of			Investment			(Prior to
	Value,		Investment			Gains			from			Net			Return						Net Asset					at End of		Expenses			Income (Loss)			Reimbursements)
	Beginning		Income			(Losses) on			Investment			Investment			of			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		(Loss) (a)			Investments			Activities			Income			Capital			Distributions			of Period		Return (b)			(000s)		Net Assets (c)(d)			Net Assets (c)			Net Assets (c)(d)(e)			Turnover (f)

Class II Shares
Six Months ended June 30, 2008 (Unaudited)	$	26.08		(0.03	)		(2.56	)		(2.59	)		–			–			–		$	23.49		(9.93	%)		116,883		0.66	%		(0.22	%)		0.81	%		16.00	%
Year ended December 31, 2007	$	23.35		0.61			2.73			3.34			(0.61	)		–			(0.61	)	$	26.08		14.36	%		109,553		0.67	%		2.92	%		0.82	%		38.00	%
Period ended December 31, 2006 (g)	$	21.69		0.10			1.72			1.82			–			(0.16	)		(0.16	)	$	23.35		8.52	%		45,992		0.91	%		(0.63	%)		1.16	%		31.00	%


Class VII Shares
Six Months ended June 30, 2008 (Unaudited)	$	26.13		–			(2.57	)		(2.57	)		–			–			–		$	23.56		(9.84	%)		1		0.43	%		–	%		0.45	%		16.00	%
Year ended December 31, 2007	$	23.35		0.65			2.76			3.41			(0.63	)		–			(0.63	)	$	26.13		14.62	%		1		0.47	%		2.59	%		0.57	%		38.00	%
Period ended December 31, 2006 (g)	$	21.69		0.06			1.75			1.81			–			(0.15	)		(0.15	)	$	23.35		8.48	%		1		1.11	%		0.40	%		1.21	%		31.00	%


(a)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the Master Fund.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	Expenses do not include expenses from the Master Fund.
(e)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f)	Portfolio turnover is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets.
(g)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

See accompanying notes to financial statements.

2008 Semiannual Report 7

Notes to Financial Statements

June 30, 2008

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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”, without par value). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the American Funds NVIT Global Growth Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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. 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, 2008, was 2.03%.

2. Summary of Significant Accounting Policies


(a)	Security Valuation

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 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.

8 Semiannual Report 2008


	•	Level 1 — quoted prices in active markets for identical assets

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:

Level 2 —

Level 3 —

Level 1 —

Other Significant

Significant

Quoted Prices

Observable Inputs

Unobservable Inputs

Total Investments

116,931,064

–

116,931,064


(b)	Security Transactions and Investment Income


(c)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV 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.

2008 Semiannual Report 9

Notes to Financial Statements (Continued)

June 30, 2008


(d)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.


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

3. Transactions with Affiliates

Under the terms of a Fund Administration and Transfer Agency Agreement, NFM provides the Fund with various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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

10 Semiannual Report 2008

among all funds within the Trust in proportion to the average daily net assets of each fund and are paid to NFM.


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

NFM has entered into an agreement with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (“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. 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. NFD is a wholly-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, an affiliate of NFA, 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, 2008, NFS received $137,690 in Administrative Services fees from the Fund.

4. Bank Loans and Earnings Credit

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008

former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

5. Indemnifications

6. New Accounting Pronouncements

7. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net Unrealized
Tax Cost of		Unrealized		Unrealized		Appreciation
Securities		Appreciation		Depreciation		(Depreciation)

$	131,521,877	$	–	$	(14,590,813)	$	(14,590,813)

12 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 13

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

14 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 15

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

16 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 17

American Funds NVIT Asset Allocation Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

4			Statement of Assets and Liabilities

5			Statement of Operations

6			Statement of Changes in Net Assets

7			Financial Highlights

8			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-AM-AA (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	American Funds NVIT Asset Allocation Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
American Funds NVIT Asset Allocation Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class II	Actual			1,000.00		934.90		3.18		0.66
	Hypothetical	^b		1,000.00		1,021.58		3.32		0.66


Class VII	Actual			1,000.00		935.70		2.07		0.43
	Hypothetical	^b		1,000.00		1,022.73		2.16		0.43


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	American Funds
	NVIT Asset
	Allocation Fund

Assets:
Investments in Master Fund (cost $756,505,908)	$	685,914,604
Receivable for capital shares issued		1,661,273
Prepaid expenses and other assets		78,415

Total Assets		687,654,292

Liabilities:
Payable for investments purchased		1,640,497
Payable for capital shares redeemed		20,775
Accrued expenses and other payables:
Fund administration and transfer agent fees		22,077
Master feeder service provider fees		56,349
Distribution fees		140,874
Administrative services fees		7,048
Custodian fees		3,127
Trustee fees		3,239
Compliance program costs (Note 3)		912
Other		262

Total Liabilities		1,895,160

Net Assets	$	685,759,132

Represented by:
Capital	$	719,697,448
Accumulated net investment income		2,273,896
Accumulated net realized gains from investment transactions		34,379,092
Net unrealized appreciation/(depreciation) from investments		(70,591,304	)

Net Assets	$	685,759,132

Net Assets:
Class II Shares	$	685,758,080
Class VII Shares		1,052

Total	$	685,759,132

Shares outstanding (unlimited number of shares authorized):
Class II Shares		37,911,160
Class VII Shares		58

Total		37,911,218

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	18.09
Class VII Shares	$	18.20	(a)


(a)		The NAV reported above represents the traded NAV at June 30, 2008. 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.

4 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	American Funds
	NVIT Asset
	Allocation Fund

INVESTMENT INCOME:
Dividend income	$	3,159,176

Total Income		3,159,176

Expenses:
Fund administration and transfer agent fees		144,094
Master feeder service provider fees		748,535
Distribution fees Class II Shares		748,535
Distribution fees Class VII Shares		2
Administrative services fees Class II Shares		716,924
Custodian fees		7,379
Trustee fees		14,446
Compliance program costs (Note 3)		535
Other		43,855

Total expenses before earnings credit and waived expenses		2,424,305

Expenses waived for Master feeder service provider fees		(449,125	)
Earnings credit (Note 6)		(2,037	)

Net Expenses		1,973,143

Net Investment Income		1,186,033

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		1,754
Net realized gain distributions from Master Fund		25,975,444

Net realized gains from investment transactions and distributions from Master Fund		25,977,198
Net change in unrealized appreciation/(depreciation) from investments		(65,835,775	)

Net realized/unrealized losses from investments		(39,858,577	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(38,672,544	)

See accompanying notes to financial statements.

2008 Semiannual Report 5

Statements of Changes in Net Assets


	American Funds
	NVIT Asset Allocation Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	1,186,033		$	9,200,003
Net realized gains from investment transactions		25,977,198			9,551,290
Net change in unrealized appreciation/(depreciation) from investments		(65,835,775	)		(9,347,940	)

Change in net assets resulting from operations		(38,672,544	)		9,403,353

Distributions to Shareholders From:
Net investment income:
Class II		–			(9,263,144	)
Class VII		–			(21	)
Net realized gains:
Class II		–			(170,790	)
Class VII		–			(1	)

Change in net assets from shareholder distributions		–			(9,433,956	)

Change in net assets from capital transactions		199,184,627			362,527,862

Change in net assets		160,512,083			362,497,259
Net Assets:
Beginning of period		525,247,049			162,749,790

End of period	$	685,759,132		$	525,247,049

Accumulated net investment income at end of period	$	2,273,896		$	1,087,863


CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	206,067,652		$	363,244,338
Dividends reinvested		–			9,433,887
Cost of shares redeemed		(6,883,025	)		(10,150,385	)

		199,184,627			362,527,840

Class VII Shares
Dividends reinvested		–			22

		–			22

Change in net assets from capital transactions	$	199,184,627		$	362,527,862


SHARE TRANSACTIONS:
Class II Shares
Issued		11,141,755			18,415,833
Reinvested		–			482,765
Redeemed		(371,822	)		(514,982	)

		10,769,933			18,383,616

Class VII Shares
Reinvested		–			1

		–			1

Total change in shares		10,769,933			18,383,617

See accompanying notes to financial statements.

6 Semiannual Report 2008

American Funds NVIT Asset Allocation Fund


			Investment Activities								Distributions														Ratios / Supplemental Data

					Net Realized																												Ratio of
					and																									Ratio of Net			Expenses
	Net Asset				Unrealized			Total																	Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net			Net						Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income (a)		Investments			Activities			Income			Gains			Distributions			of Period		Return (b)			(000s)		Net Assets (c)(d)			Net Assets (c)			Net Assets (c)(d)(e)			Turnover (f)

Class II Shares
Six Months ended June 30, 2008 (Unaudited)(g)		19.35		0.04		(1.30	)		(1.26	)		–			–			–			18.09		(6.51	%)		685,758		0.66	%		0.40	%		0.81	%		8.00	%
Year ended December 31, 2007		18.58		0.36		0.78			1.14			(0.36	)		(0.01	)		(0.37	)		19.35		6.14	%		525,246		0.63	%		2.88	%		0.78	%		29.00	%
Period ended December 31, 2006(h)		17.92		0.36		0.66			1.02			(0.36	)		–			(0.36	)		18.58		5.69	%		162,749		0.69	%		6.18	%		0.86	%		38.00	%

Class VII Shares
Six Months ended June 30, 2008 (Unaudited)(g)		19.45		0.05		(1.30	)		(1.25	)		–			–			–			18.20		(6.43	%)		1		0.43	%		0.51	%		0.43	%		8.00	%
Year ended December 31, 2007		18.63		0.40		0.80			1.20			(0.37	)		(0.01	)		(0.38	)		19.45		6.43	%		1		0.36	%		2.06	%		0.36	%		29.00	%
Period ended December 31, 2006(h)		17.92		0.55		0.46			1.01			(0.30	)		–			(0.30	)		18.63		5.64	%		1		0.80	%		4.51	%		0.87	%		38.00	%


(a)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the Master Fund.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	Expenses do not include expenses from the Master Fund.
(e)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f)	Portfolio turnover is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets.
(g)	Net investment income (loss) is based on average shares outstanding during the period.
(h)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

See accompanying notes to financial statements.

2008 Semiannual Report 7

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the American Funds NVIT Asset Allocation Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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. 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, 2008, was 7.44%.

2. Summary of Significant Accounting Policies


(a)	Security Valuation

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 Trading 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.

8 Semiannual Report 2008


	•	Level 1 — quoted prices in active markets for identical assets

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:

Level 2 —

Level 3 —

Level 1 —

Other Significant

Significant

Quoted Prices

Observable Inputs

Unobservable Inputs

Total Investments

685,914,604

–

685,914,604


(b)	Security Transactions and Investment Income


(c)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV 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.

2008 Semiannual Report 9

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(d)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.


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

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 (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of Nationwide Financial Services (“NFS”)), 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, 2009.

10 Semiannual Report 2008

among all funds within the Trust in proportion to the average daily net assets of each fund and are paid to NFM.


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

NFM has entered into an agreement with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“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. 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. NFD is a wholly-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, an affiliate of NFA, 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, 2008, NFS received $713,323 in Administrative Services fees from the Fund.

4. Bank Loans and Earnings Credit

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

5. Indemnifications

6. New Accounting Pronouncements

7. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net Unrealized
Tax Cost of		Unrealized		Unrealized		Appreciation
Securities		Appreciation		Depreciation		(Depreciation)

$	756,513,350	$	–	$	(70,598,746)	$	(70,598,746)

12 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 13

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

14 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 15

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

16 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 17

American Funds NVIT Growth-Income Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

4			Statement of Assets and Liabilities

5			Statement of Operations

6			Statement of Changes in Net Assets

7			Financial Highlights

8			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-AM-GI (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	American Funds NVIT Growth-Income Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
American Funds NVIT			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Growth-Income Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class II	Actual			1,000.00		887.30		3.05		0.65
	Hypothetical	^b		1,000.00		1,021.63		3.27		0.65


Class VII	Actual			1,000.00		888.30		1.88		0.40
	Hypothetical	^b		1,000.00		1,022.87		2.01		0.40


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	American Funds NVIT
	Growth-Income Fund

Assets:
Investments in Master Fund (cost $224,990,085)	$	193,389,792
Receivable for capital shares issued		1,728,305
Prepaid expenses and other assets		3,728

Total Assets		195,121,825

Liabilities:
Payable for investments purchased		1,727,412
Payable for capital shares redeemed		893
Accrued expenses and other payables:
Accounting and transfer agent fees		5,706
Master feeder service provider fees		15,600
Distribution fees		39,001
Administrative services fees		68,866
Custodian fees		533
Trustee fees		1,992
Compliance program costs (Note 3)		176

Total Liabilities		1,860,179

Net Assets	$	193,261,646

Represented by:
Capital	$	213,605,305
Accumulated net investment income		233,767
Accumulated net realized gains from investment transactions		11,022,867
Net unrealized appreciation/(depreciation) from investments		(31,600,293	)

Net Assets	$	193,261,646

Net Assets:
Class II Shares	$	193,260,771
Class VII Shares		875

Total	$	193,261,646

Shares outstanding (unlimited number of shares authorized):
Class II Shares		4,999,876
Class VII Shares		22

Total		4,999,898

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	38.65
Class VII Shares	$	38.81	(a)


(a)		The NAV reported above represents the traded NAV at June 30, 2008. 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.

4 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	American Funds NVIT
	Growth-Income Fund

INVESTMENT INCOME:
Dividend income	$	674,661

Total Income		674,661

Expenses:
Accounting and transfer agent fees		33,101
Master feeder service provider fees		173,704
Distribution fees Class II Shares		173,703
Distribution fees Class VII Shares		2
Administrative services fees Class II Shares		156,802
Custodian fees		3,424
Trustee fees		4,775
Compliance program costs (Note 3)		9
Other		12,759

Total expenses before earnings credit and waived expenses		558,279
Expenses waived for Master feeder service provider fees		(104,223	)
Earnings credit (Note 6)		(589	)

Net Expenses		453,467

Net Investment Income		221,194

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gain distributions from Master Fund		11,621,899
Net change in unrealized appreciation/(depreciation) from investments		(28,280,866	)

Net realized/unrealized losses from investments		(16,658,967	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(16,437,773	)

See accompanying notes to financial statements.

2008 Semiannual Report 5

Statements of Changes in Net Assets


	American Funds
	NVIT Growth-Income Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007(a)
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	221,194		$	997,174
Net realized gains (losses) from investment transactions		11,621,899			(591,537	)
Net change in unrealized appreciation/(depreciation) from investments		(28,280,866	)		(3,319,427	)

Change in net assets resulting from operations		(16,437,773	)		(2,913,790	)

Distributions to Shareholders From:
Net investment income:
Class II		–			(1,003,143	)
Class VII		–			(12	)

Change in net assets from shareholder distributions		–			(1,003,155	)

Change in net assets from capital transactions		122,167,471			91,448,893

Change in net assets		105,729,698			87,531,948
Net Assets:
Beginning of period		87,531,948			–

End of period	$	193,261,646		$	87,531,948

Accumulated net investment income at end of period	$	233,767		$	12,573


CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	123,262,609		$	116,328,627
Dividends reinvested		–			1,003,141
Cost of shares redeemed		(1,095,138	)		(25,883,887	)

		122,167,471			91,447,881

Class VII Shares
Proceeds from shares issued		–			1,000
Dividends reinvested		–			12

		–			1,012

Change in net assets from capital transactions	$	122,167,471		$	91,448,893


SHARE TRANSACTIONS:
Class II Shares
Issued		3,017,739			2,566,040
Reinvested		–			22,646
Redeemed		(27,103	)		(579,446	)

		2,990,636			2,009,240

Class VII Shares
Issued		–			22
Reinvested		–			–	(b)

Total change in shares		2,990,636			2,009,262


(a)		For the period from April 27, 2007 (commencement of operations) through December 31, 2007.

(b)		Amount is less than 1 share.

See accompanying notes to financial statements.

6 Semiannual Report 2008

American Funds NVIT Growth-Income Fund


			Investment Activities								Distributions											Ratios / Supplemental Data

					Net Realized																									Ratio of
					and																						Ratio of Net			Expenses
	Net Asset				Unrealized			Total														Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net						Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income (a)		Investments			Activities			Income			Distributions			of Period		Return (b)			(000s)		Net Assets (c)(d)			Net Assets (c)			Net Assets (c)(d)(e)			Turnover (f)
Class II Shares
Six Months ended June 30, 2008 (Unaudited)		43.56		0.09		(5.00	)		(4.91	)		–			–			38.65		(11.27	%)		193,261		0.65	%		0.32	%		0.80	%		15.00	%
Period ended December 31, 2007 (g)		44.86		0.62		(1.30	)		(0.68	)		(0.62	)		(0.62	)		43.56		(1.54	%)		87,531		0.68	%		4.48	%		0.83	%		24.00	%

Class VII Shares
Six Months ended June 30, 2008 (Unaudited)		43.69		0.14		(5.02	)		(4.88	)		–			–			38.81		(11.17	%)		1		0.40	%		0.39	%		0.40	%		15.00	%
Period ended December 31, 2007 (g)		44.86		0.58		(1.23	)		(0.65	)		(0.52	)		(0.52	)		43.69		(1.48	%)		1		0.69	%		1.86	%		0.69	%		24.00	%


(a)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the Master Fund.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	Expenses do not include expenses from the Master Fund.
(e)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f)	Portfolio turnover is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets.
(g)	For the period from April 27, 2007 (commencement of operations) through December 31, 2007.

See accompanying notes to financial statements.

2008 Semiannual Report 7

Notes to Financial Statements

June 30, 2008

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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the American Funds NVIT Growth-Income Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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-Income 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. 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, 2008, was 0.74%.

2. Summary of Significant Accounting Policies


(a)	Security Valuation

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 Trading 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.

8 Semiannual Report 2008


	•	Level 1 — quoted prices in active markets for identical assets

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:

Level 2 —

Level 3 —

Level 1 —

Other Significant

Significant

Quoted Prices

Observable Inputs

Unobservable Inputs

Total Investments

193,389,792

–

193,389,792


(b)	Security Transactions and Investment Income


(c)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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.

2008 Semiannual Report 9

Notes to Financial Statements (Continued)

June 30, 2008


(d)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.


(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 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 (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”)), 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, 2009.

10 Semiannual Report 2008

among all funds within the Trust in proportion to the average daily net assets of each fund and are paid to NFM.


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

NFM has entered into an agreement with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (“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. 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. NFD is a wholly-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, an affiliate of NFA, 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, 2008, NFS received $90,942 in Administrative Services fees from the Fund.

4. Bank Loans and Earnings Credit

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008

5. Indemnifications

6. New Accounting Pronouncements

7. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net Unrealized
Tax Cost of		Unrealized		Unrealized		Appreciation
Securities		Appreciation		Depreciation		(Depreciation)

$	225,659,051	$	–	$	(32,269,259)	$	(32,269,259)

12 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 13

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

14 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 15

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

16 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 17

American Funds NVIT Bond Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

4			Statement of Assets and Liabilities

5			Statement of Operations

6			Statement of Changes in Net Assets

7			Financial Highlights

8			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-AM-BD (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	American Funds NVIT Bond Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
American Funds NVIT Bond Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class II	Actual			1,000.00		992.00		3.37		0.68
	Hypothetical	^b		1,000.00		1,021.48		3.42		0.68


Class VII	Actual			1,000.00		993.80		2.23		0.45
	Hypothetical	^b		1,000.00		1,022.63		2.26		0.45


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	American Funds
	NVIT Bond Fund

Assets:
Investments in Master Fund (cost $302,133,354)	$	291,973,009
Receivable for capital shares issued		1,925,690
Prepaid expenses and other assets		5,329

Total Assets		293,904,028

Liabilities:
Payable for investments purchased		1,812,618
Payable for capital shares redeemed		113,072
Accrued expenses and other payables:
Fund administration and transfer agent fees		8,917
Master feeder service provider fees		23,086
Distribution fees		57,715
Administrative services fees		22
Custodian fees		1,093
Trustee fees		997
Compliance program costs (Note 3)		337
Other		5,893

Total Liabilities		2,023,750

Net Assets	$	291,880,278

Represented by:
Capital	$	299,588,962
Accumulated net investment income		1,764,808
Accumulated net realized gains from investment transactions		686,853
Net unrealized appreciation/(depreciation) from investments		(10,160,345	)

Net Assets	$	291,880,278

Net Assets:
Class II Shares	$	291,879,198
Class VII Shares		1,080

Total	$	291,880,278

Shares outstanding (unlimited number of shares authorized):
Class II Shares		26,216,008
Class VII Shares		97

Total		26,216,105

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	11.13
Class VII Shares	$	11.19	(a)


(a)		The NAV reported above represents the traded NAV at June 30, 2008. 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.

4 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	American Funds
	NVIT Bond Fund

INVESTMENT INCOME:

Dividend income	$	2,551,540

Total Income		2,551,540

Expenses:
Fund administration and transfer agent fees		56,177
Master feeder service provider fees		290,010
Distribution fees Class II Shares		290,009
Distribution fees Class VII Shares		2
Administrative services fees Class II Shares		278,810
Custodian fees		2,626
Trustee fees		5,498
Compliance program costs (Note 3)		253
Other		38,350

Total expenses before earnings credit and waived expenses		961,735

Expenses waived for Master feeder service provider fees		(174,008	)
Earnings credit (Note 6)		(995	)

Net Expenses		786,732

Net Investment Income		1,764,808

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(225,070	)
Net realized gain distributions from Master Fund		695,874

Net realized gains from investment transactions and distributions from Master Fund		470,804
Net change in unrealized appreciation/(depreciation) from investments		(4,326,634	)

Net realized/unrealized losses from investments		(3,855,830	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,091,022	)

See accompanying notes to financial statements.

2008 Semiannual Report 5

Statements of Changes in Net Assets


	American Funds NVIT Bond Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	1,764,808		$	8,800,142
Net realized gains from investment transactions		470,804			241,656
Net change in unrealized appreciation/(depreciation) from investments		(4,326,634	)		(6,666,039	)

Change in net assets resulting from operations		(2,091,022	)		2,375,759

Distributions to Shareholders From:
Net investment income:
Class II		–			(8,820,163	)
Class VII		–			(77	)

Change in net assets from shareholder distributions		–			(8,820,240	)

Change in net assets from capital transactions		117,015,469			149,726,748

Change in net assets		114,924,447			143,282,267
Net Assets:
Beginning of period		176,955,831			33,673,564

End of period	$	291,880,278		$	176,955,831

Accumulated net investment income at end of period	$	1,764,808		$	–


CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	146,794,497		$	154,566,615
Dividends reinvested		–			8,820,148
Cost of shares redeemed		(29,779,028	)		(13,660,092	)

		117,015,469			149,726,671

Class VII Shares
Dividends reinvested		–			77

		–			77

Change in net assets from capital transactions	$	117,015,469		$	149,726,748


SHARE TRANSACTIONS:
Class II Shares
Issued		13,088,719			13,294,198
Reinvested		–			786,240
Redeemed		(2,650,135	)		(1,176,994	)

		10,438,584			12,903,444

Class VII Shares
Reinvested		–			7

		–			7

Total change in shares		10,438,584			12,903,451

See accompanying notes to financial statements.

6 Semiannual Report 2008

American Funds NVIT Bond Fund


			Investment Activities								Distributions														Ratios / Supplemental Data

					Net Realized																												Ratio of
					and																									Ratio of Net			Expenses
	Net Asset				Unrealized			Total																	Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net									Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Return of			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income (a)		Investments			Activities			Income			capital			Distributions			of Period		Return (b)			(000s)		Net Assets (c)(d)			Net Assets (c)			Net Assets (c)(d)(e)			Turnover (f)

Class II Shares
Six Months ended June 30, 2008 (Unaudited)		11.22		0.07		(0.16	)		(0.09	)		–			–			–			11.13		(0.80	%)		291,879		0.68	%		1.52	%		0.83	%		29.00	%
Year ended December 31, 2007		11.72		0.84		(0.50	)		0.34			(0.84	)		–			(0.84	)		11.22		2.98	%		176,955		0.63	%		10.21	%		0.78	%		57.00	%
Period ended December 31, 2006(g)		11.45		0.38		0.21			0.59			(0.14	)		(0.18	)		(0.32	)		11.72		5.30	%		33,673		0.79	%		0.47	%		0.97	%		57.00	%

Class VII Shares
Six Months ended June 30, 2008 (Unaudited)		11.26		0.07		(0.14	)		(0.07	)		–			–			–			11.19		(0.62	%)		1		0.45	%		1.33	%		0.45	%		29.00	%
Year ended December 31, 2007		11.72		0.88		(0.50	)		0.38			(0.84	)		–			(0.84	)		11.26		3.33	%		1		0.34	%		7.50	%		0.34	%		57.00	%
Period ended December 31, 2006(g)		11.45		0.38		0.20			0.58			(0.14	)		(0.17	)		(0.31	)		11.72		5.21	%		1		1.13	%		4.83	%		1.38	%		57.00	%


(a)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the Master Fund.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	Expenses do not include expenses from the Master Fund.
(e)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f)	Portfolio turnover is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets.
(g)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

See accompanying notes to financial statements.

2008 Semiannual Report 7

Notes to Financial Statements

June 30, 2008

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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the American Funds NVIT Bond Fund (the “Fund”) The Trust currently operates fifty-eight (58) 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. 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, 2008, was 5.04%.

2. Summary of Significant Accounting Policies


(a)	Security Valuation

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 Trading 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.

8 Semiannual Report 2008


	•	Level 1 — quoted prices in active markets for identical assets

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:

Level 2 —

Level 3 —

Level 1 —

Other Significant

Significant

Quoted Prices

Observable Inputs

Unobservable Inputs

Total Investments

291,973,009

–

291,973,009


(b)	Security Transactions and Investment Income


(c)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV 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.

2008 Semiannual Report 9

Notes to Financial Statements (Continued)

June 30, 2008


(d)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.


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

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 (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”)), 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, 2009.

10 Semiannual Report 2008

among all funds within the Trust in proportion to the average daily net assets of each fund and are paid to NFM.


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

NFM has entered into an agreement with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (“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. 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. NFD is a wholly-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, an affiliate of NFA, 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, 2008, NFS received $267,128 in Administrative Services fees from the Fund.

4. Bank Loans and Earnings Credit

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008

5. Indemnifications

6. New Accounting Pronouncements

7. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net Unrealized
Tax Cost of		Unrealized		Unrealized		Appreciation
Securities		Appreciation		Depreciation		(Depreciation)

$	302,384,562	$	–	$	(10,411,553)	$	(10,411,553)

12 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 13

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

14 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 15

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

16 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 17

NVIT International Index Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

28			Statement of Assets and Liabilities

30			Statement of Operations

31			Statement of Changes in Net Assets

33			Financial Highlights

34			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-INTX (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT International Index Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT International			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Index Fund			01/01/08		06/30/08		01/01/08 - 06/30/08^a		01/01/08 - 06/30/08^a

Class II	Actual			1,000.00		887.20		3.52		0.75
	Hypothetical	^b		1,000.00		1,021.13		3.77		0.75


Class VI	Actual			1,000.00		887.30		3.52		0.75
	Hypothetical	^b		1,000.00		1,021.13		3.77		0.75


Class VII	Actual			1,000.00		887.70		3.05		0.65
	Hypothetical	^b		1,000.00		1,021.63		3.27		0.65


Class VIII	Actual			1,000.00		887.70		3.61		0.77
	Hypothetical	^b		1,000.00		1,021.03		3.87		0.77


Class Y	Actual			1,000.00		888.20		1.69		0.36
	Hypothetical	^b		1,000.00		1,023.07		1.81		0.36


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	NVIT International Index Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			98.7%
Repurchase Agreements			31.6%
Exchange Traded Fund			0.5%
Preferred Stocks			0.4%
Rights			0.0%
Liabilities in excess of other assets			-31.2%

			100.0%


Top Industries

Commercial Banks			13.5%
Oil, Gas & Consumable Fuels			8.5%
Metals & Mining			7.3%
Pharmaceuticals			5.7%
Insurance			4.4%
Diversified Telecommunication Services			4.0%
Electric Utilities			3.8%
Chemicals			3.6%
Automobiles			3.3%
Food Products			2.9%
Other			43.0%

			100.0%


Top Holdings*

BP PLC			1.8%
HSBC Holdings PLC			1.5%
Total SA			1.5%
Nestle SA			1.5%
Vodafone Group PLC			1.3%
Royal Dutch Shell PLC, Class A			1.2%
BHP Billiton Ltd.			1.1%
Novartis AG			1.0%
Roche Holding AG			1.0%
Toyota Motor Corp.			1.0%
Other			87.1%

			100.0%


Top Countries

United Kingdom			21.5%
Japan			21.3%
France			9.7%
Germany			9.0%
Switzerland			7.0%
Australia			6.8%
Spain			4.0%
Italy			3.7%
Netherlands			2.7%
Hong Kong			2.1%
Other			12.2%

			100.0%


*		For purposes of listing top holdings, repurchase agreements are included as part of Other.

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT International Index Fund


Common Stocks (98.7%)
	Shares or
	Principal Amount		Value


AUSTRALIA (6.8%) (a)
Air Freight & Logistics (0.0%)
Toll Holdings Ltd.		34,051	$	196,986



Airline (0.0%)
Qantas Airways Ltd.		54,480		158,718



Beverages (0.1%)
Coca-Cola Amatil Ltd.		30,803		206,950
Foster’s Group Ltd.		104,945		510,048
Lion Nathan Ltd.		16,815		137,707

				854,705



Biotechnology (0.2%)
CSL Ltd.		29,259		1,001,297



Capital Markets (0.1%)
Macquarie Group Ltd.		14,927		694,748
Perpetual Ltd.		1,038		42,542

				737,290



Chemicals (0.2%)
Incitec Pivot Ltd.		3,278		580,281
Orica Ltd.		17,209		482,886

				1,063,167



Commercial Banks (1.5%)
Australia & New Zealand Banking Group Ltd.		103,650		1,862,367
Bendigo Bank Ltd.		11,204		117,379
Commonwealth Bank of Australia		70,626		2,722,580
National Australia Bank Ltd.		87,772		2,228,070
St George Bank Ltd.		30,259		787,137
Westpac Banking Corp.		101,315		1,945,437

				9,662,970



Commercial Services & Supplies (0.1%)
Brambles Ltd.		77,025		644,522



Construction & Engineering (0.1%)
Boart Longyear Group		79,332		169,588
Leighton Holdings Ltd.		7,586		369,300

				538,888



Construction Materials (0.0%)
Boral Ltd.		32,755		177,389
James Hardie Industries NV		22,840		92,709

				270,098



Containers & Packaging (0.0%)
Amcor Ltd.		46,614		225,761



Distributor (0.0%)
Metcash Ltd.		43,379		153,852

Diversified Financial Services (0.1%)
ASX Ltd.		9,465		284,914
Babcock & Brown Ltd.		13,428		96,382

				381,296



Diversified Telecommunication Services (0.2%)
Telstra Corp. Ltd.		232,164		943,118



Energy Equipment & Services (0.1%)
WorleyParsons Ltd.		8,054		291,747



Food & Staples Retailing (0.5%)
Wesfarmers Ltd.		34,093		1,217,968
Wesfarmers Ltd. — PPS		6,900		248,724
Woolworths Ltd.		65,599		1,536,894

				3,003,586



Food Products (0.0%)
Goodman Fielder Ltd.		41,620		56,063



Health Care Equipment & Supplies (0.0%)
Cochlear Ltd.		3,128		131,342



Health Care Providers & Services (0.0%)
Sonic Healthcare Ltd.		17,261		240,971



Hotels, Restaurants & Leisure (0.1%)
Aristocrat Leisure Ltd.		18,335		112,583
Crown Ltd.		19,275		171,413
TABCORP Holdings Ltd.		29,060		273,163
Tatts Group Ltd.		63,850		144,004

				701,163



Industrial Conglomerate (0.0%)
CSR Ltd.		56,144		131,662



Information Technology Services (0.0%)
Computershare Ltd.		22,820		201,094



Insurance (0.4%)
AMP Ltd.		102,027		653,122
AXA Asia Pacific Holdings Ltd.		36,767		164,808
Insurance Australia Group Ltd.		101,982		339,736
QBE Insurance Group Ltd.		47,997		1,031,715
Suncorp-Metway Ltd.		50,650		634,531

				2,823,912



Media (0.0%)
Fairfax Media Ltd.		76,240		214,122

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT International Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


AUSTRALIA (continued)

Metals & Mining (1.9%)
Alumina Ltd.		62,319	$	282,824
BHP Billiton Ltd.		179,315		7,629,676
BlueScope Steel Ltd.		40,462		439,538
Fortescue Metals Group Ltd.*		68,201		774,627
Newcrest Mining Ltd.		24,590		682,264
OneSteel Ltd.		45,573		324,762
Oxiana Ltd.		161,416		404,134
Rio Tinto Ltd.		15,251		1,972,761
Sims Group Ltd.		8,416		336,449

				12,847,035



Multi-Utility (0.1%)
AGL Energy Ltd.		22,889		313,458



Multiline Retail (0.0%)
Harvey Norman Holdings Ltd.		31,224		92,381



Oil, Gas & Consumable Fuels (0.5%)
Caltex Australia Ltd.		7,135		89,127
Origin Energy Ltd.		47,481		734,411
Paladin Energy Ltd.*		30,584		186,683
Santos Ltd.		31,812		655,074
Woodside Petroleum Ltd.		26,029		1,681,968

				3,347,263



Real Estate Investment Trusts (REITs) (0.5%)
CFS Retail Property Trust		83,048		147,306
Dexus Property Group		127,816		169,162
Goodman Group		85,413		252,965
GPT Group		116,184		247,505
Macquarie Office Trust		77,496		57,809
Mirvac Group		58,167		165,153
Stockland		80,297		415,089
Westfield Group		94,726		1,479,760

				2,934,749



Real Estate Management & Development (0.0%)
Lend Lease Corp. Ltd.		20,262		185,598



Road & Rail (0.0%)
Asciano Group		21,454		71,344



Textiles, Apparel & Luxury Goods (0.0%)
Billabong International Ltd.		8,083		83,568



Transportation Infrastructure (0.1%)
Macquarie Airports		40,570		80,224
Macquarie Infrastructure Group		132,723		295,232
Transurban Group		58,241		236,709

				612,165

				45,115,891



AUSTRIA (0.6%) (a)
Building Products (0.0%)
Wienerberger AG		4,740		198,173



Commercial Banks (0.1%)
Erste Bank der Oesterreichischen Sparkassen AG		10,436		645,371
Raiffeisen International Bank Holding AG		2,857		362,952

				1,008,323



Construction & Engineering (0.0%)
Strabag SE		2,882		223,892



Diversified Telecommunication Services (0.1%)
Telekom Austria AG		19,122		414,311



Electric Utility (0.1%)
Verbund — Oesterreichische Elektrizitaetswirtschafts AG, Class A		3,744		334,287



Insurance (0.0%)
Vienna Insurance Group		1,500		98,832



Machinery (0.0%)
Andritz AG		2,238		140,364



Metals & Mining (0.1%)
Voestalpine AG		6,356		520,097



Oil, Gas & Consumable Fuels (0.1%)
OMV AG		8,966		700,451



Real Estate Management & Development (0.1%)
Immoeast AG*		18,308		161,891
IMMOFINANZ AG		25,731		264,903
Meinl European Land Ltd.*		17,047		191,108

				617,902

				4,256,632



BELGIUM (1.0%) (a)
Beverages (0.1%)
InBev NV		10,135		700,680



Chemicals (0.1%)
Solvay SA		3,281		427,410
Umicore		6,923		340,467

				767,877



Commercial Banks (0.2%)
Dexia SA		29,263		465,878
KBC Groep NV		8,751		967,259

				1,433,137

6 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


BELGIUM (continued)

Diversified Financial Services (0.4%)
Fortis		112,486	$	1,786,612
Groupe Bruxelles Lambert SA		4,451		527,695
KBC Ancora		1,792		156,028
Nationale A Portefeuille		1,620		120,924

				2,591,259



Diversified Telecommunication Services (0.1%)
Belgacom SA		9,371		401,995



Food & Staples Retailing (0.1%)
Colruyt SA		874		230,366
Delhaize Group		5,555		372,030

				602,396



Pharmaceutical (0.0%)
UCB SA		5,647		208,307



Wireless Telecommunication Services (0.0%)
Mobistar SA		1,824		147,216

				6,852,867



BERMUDA (0.1%) (a)
Diversified Minerals (0.1%)
Mongolia Energy Corp. Ltd.*		186,000		359,432



CAYMAN ISLANDS (0.0%) (a)
Electronic Equipment & Instruments (0.0%)
Kingboard Chemical Holdings Ltd.		28,500		131,598



Wireless Telecommunication Services (0.0%)
Hutchison Telecommunications International Ltd.*		96,000		135,947

				267,545



CHINA (0.0%) (a)
Communications Equipment (0.0%)
Foxconn International Holdings Ltd.*		101,926		98,898



DENMARK (1.0%) (a)
Beverages (0.1%)
Carlsberg AS, Class B		3,975		382,959



Building Products (0.0%)
Rockwool International AS, Class B		226		28,938



Chemicals (0.0%)
Novozymes AS, Class B		2,625		236,351

Commercial Banks (0.2%)
Danske Bank AS		25,100		722,840
Jyske Bank AS*		2,175		129,435
Sydbank AS		3,696		140,487

				992,762



Construction & Engineering (0.1%)
FLSmidth & Co. AS		2,950		322,347



Electrical Equipment (0.2%)
Vestas Wind Systems AS*		10,100		1,315,156



Food Products (0.0%)
Danisco AS		2,800		179,539



Health Care Equipment & Supplies (0.0%)
Coloplast AS, Class B		1,400		121,626
William Demant Holding*		1,100		72,251

				193,877



Insurance (0.0%)
Topdanmark AS*		950		142,965
TrygVesta AS		947		66,850

				209,815



Marine (0.2%)
A P Moller — Maersk AS, Class A		26		317,661
A P Moller — Maersk AS, Class B		60		731,914

				1,049,575



Pharmaceutical (0.2%)
Novo Nordisk AS, Class B		25,075		1,650,909



Road & Rail (0.0%)
DSV AS		10,732		256,056

				6,818,284



FINLAND (1.6%) (a)
Auto Components (0.1%)
Nokian Renkaat OYJ		5,850		277,452



Communications Equipment (0.8%)
Nokia OYJ		211,400		5,166,753



Construction & Engineering (0.0%)
YIT OYJ		7,150		178,526



Diversified Financial Services (0.0%)
Pohjola Bank PLC		3,807		65,715



Diversified Telecommunication Services (0.0%)
Elisa OYJ		8,050		167,997

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT International Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


FINLAND (continued)

Electric Utility (0.2%)
Fortum OYJ		24,200	$	1,224,783



Food & Staples Retailing (0.0%)
Kesko OYJ, Class B		3,600		115,827



Insurance (0.1%)
Sampo OYJ, Class A		23,900		600,329



Machinery (0.2%)
Cargotec Corp., Class B		2,100		72,648
Kone OYJ, Class B		8,540		298,496
Metso OYJ		7,100		321,322
Wartsila OYJ		4,700		293,453

				985,919



Media (0.0%)
Sanoma-WSOY OYJ		2,620		57,958



Metals & Mining (0.1%)
Outokumpu OYJ		6,600		229,331
Rautaruukki OYJ		4,700		213,330

				442,661



Oil, Gas & Consumable Fuels (0.0%)
Neste Oil OYJ		7,200		211,011



Paper & Forest Products (0.1%)
Stora Enso OYJ, Class R		32,500		302,764
UPM-Kymmene OYJ		28,300		461,075

				763,839



Pharmaceutical (0.0%)
Orion OYJ, Class B		2,902		57,631

				10,316,401



FRANCE (9.7%) (a)
Aerospace & Defense (0.1%)
Safran SA		10,562		203,693
Thales SA		4,988		283,700
Zodiac SA		2,432		111,250

				598,643



Airline (0.0%)
Air France-KLM		7,904		188,515



Auto Components (0.1%)
Compagnie Generale des Etablissements Michelin, Class B		7,933		567,205
Valeo SA		4,258		136,276

				703,481

Automobiles (0.2%)
Peugeot SA		8,422		454,847
Renault SA		9,878		803,862

				1,258,709



Beverages (0.1%)
Pernod-Ricard SA		9,014		919,748



Building Products (0.2%)
Compagnie de Saint-Gobain		14,951		925,840



Chemicals (0.3%)
Air Liquide		13,263		1,745,961



Commercial Banks (1.1%)
BNP Paribas		43,184		3,886,934
Credit Agricole SA		47,332		960,777
Natixis		23,867		262,701
Societe Generale		24,651		2,137,020

				7,247,432



Commercial Services & Supplies (0.0%)
Bureau Veritas SA		2,306		136,674
Societe BIC SA		689		35,966

				172,640



Communications Equipment (0.1%)
Alcatel-Lucent*		123,695		746,659



Construction & Engineering (0.2%)
Eiffage SA		1,628		111,174
Vinci SA		21,935		1,339,314

				1,450,488



Construction Materials (0.2%)
Imerys SA		1,650		119,137
Lafarge SA		8,021		1,222,988

				1,342,125



Diversified Financial Services (0.0%)
Eurazeo		1,386		147,508



Diversified Telecommunication Services (0.4%)
France Telecom SA		96,859		2,840,326



Electric Utility (0.2%)
Electricite de France		10,491		993,730



Electrical Equipment (0.4%)
Alstom		5,772		1,323,431
Legrand SA		4,620		116,245
Schneider Electric SA		11,718		1,260,485

				2,700,161

8 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


FRANCE (continued)

Energy Equipment & Services (0.1%)
Compagnie Generale de Geophysique-Veritass SA*		7,205	$	340,139
Technip SA		5,618		518,378

				858,517



Food & Staples Retailing (0.3%)
Carrefour SA		33,717		1,900,378
Casino Guichard Perrachon SA		2,439		275,409

				2,175,787



Food Products (0.3%)
Groupe Danone		23,129		1,618,282



Health Care Equipment & Supplies (0.1%)
Cie Generale d’Optique Essilor International SA		11,041		673,431



Hotels, Restaurants & Leisure (0.2%)
Accor SA		10,739		713,325
Sodexo		5,303		346,888

				1,060,213



Industrial Conglomerate (0.0%)
Wendel		1,579		159,851



Information Technology Services (0.1%)
Atos Origin SA		3,885		213,983
Cap Gemini SA		7,617		446,524

				660,507



Insurance (0.4%)
AXA SA		81,765		2,409,054
CNP Assurances		1,900		214,199
SCOR SE		9,672		220,210

				2,843,463



Machinery (0.2%)
Vallourec		2,901		1,014,473



Media (0.5%)
Eutelsat Communications		5,032		139,575
JC Decaux SA		2,664		67,522
Lagardere SCA		6,696		378,748
M6-Metropole Television		3,897		83,844
PagesJaunes Groupe		3,869		56,584
Publicis Groupe		7,386		238,283
Societe Television Francaise 1		6,847		113,972
Vivendi		61,869		2,332,637

				3,411,165



Metals & Mining (0.1%)
Eramet		276		272,762

Multi-Utility (0.7%)
Suez SA		54,555		3,697,808
Veolia Environnement		20,607		1,150,325

				4,848,133



Multiline Retail (0.1%)
PPR SA		4,244		468,463



Natural Gas Utility (0.1%)
Gaz de France SA		10,055		643,747



Office Electronics (0.0%)
Neopost SA		1,797		189,439



Oil, Gas & Consumable Fuels (1.5%)
Total SA		114,187		9,718,523



Personal Products (0.2%)
L’Oreal SA		13,004		1,410,365



Pharmaceutical (0.6%)
Sanofi-Aventis SA		54,355		3,611,496



Real Estate Investment Trusts (REITs) (0.2%)
Gecina SA		543		65,620
ICADE		794		92,532
Klepierre		3,920		196,505
Unibail-Rodamco (Euronext Paris Exchange)		151		34,834
Unibail-Rodamco (Euronext Amsterdam Exchange)		4,327		996,317

				1,385,808



Software (0.0%)
Dassault Systemes SA		3,620		219,739



Textiles, Apparel & Luxury Goods (0.3%)
Christian Dior SA		2,588		265,822
Hermes International		3,798		596,301
LVMH Moet Hennessy Louis Vuitton SA		13,027		1,358,810

				2,220,933



Transportation Infrastructure (0.0%)
Aeroports de Paris		1,277		119,148



Wireless Telecommunication Services (0.1%)
Bouygues SA		13,342		880,181

				64,446,392



GERMANY (8.6%) (a)
Air Freight & Logistics (0.2%)
Deutsche Post AG		46,247		1,202,266

2008 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT International Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


GERMANY (continued)

Airline (0.0%)
Deutsche Lufthansa AG		13,075	$	281,685



Auto Components (0.1%)
Continental AG		8,426		860,955



Automobiles (0.9%)
Bayerische Motoren Werke AG		1,981		78,405
Daimler AG		48,458		2,999,250
Porsche AG		4,805		738,440
Volkswagen AG		7,735		2,228,187

				6,044,282



Capital Markets (0.3%)
Deutsche Bank AG		26,725		2,289,155



Chemicals (1.4%)
BASF SE		51,468		3,531,541
Bayer AG		40,562		3,404,842
K+S AG		2,030		1,164,537
Linde AG		7,287		1,024,357
Wacker Chemie AG		877		183,873

				9,309,150



Commercial Banks (0.3%)
Commerzbank AG		34,184		1,017,055
Deutsche Postbank AG		4,546		398,975
Hypo Real Estate Holding AG		11,115		310,801

				1,726,831



Construction & Engineering (0.1%)
Bilfinger Berger AG		2,100		181,851
Hochtief AG		2,354		232,805

				414,656



Construction Materials (0.0%)
HeidelbergCement AG		1,108		158,563



Diversified Financial Services (0.2%)
Deutsche Boerse AG		10,655		1,204,500



Diversified Telecommunication Services (0.4%)
Deutsche Telekom AG		150,360		2,468,946



Electric Utility (1.0%)
E. ON AG		33,588		6,765,675



Electrical Equipment (0.1%)
Q-Cells AG*		3,340		337,685
Solarworld AG		4,669		221,065

				558,750



Food & Staples Retailing (0.1%)
Metro AG		6,286		401,669

Health Care Equipment & Supplies (0.0%)
Fresenius SE		1,022		88,609



Health Care Providers & Services (0.1%)
Celesio AG		4,837		174,765
Fresenius Medical Care AG & Co. KGaA		10,489		576,539

				751,304



Hotels, Restaurants & Leisure (0.0%)
Tui AG*		11,943		276,454



Household Products (0.0%)
Henkel AG & KGaA		6,025		225,520



Industrial Conglomerates (0.8%)
Rheinmetall AG		2,052		148,142
Siemens AG		46,055		5,076,235

				5,224,377



Insurance (0.9%)
Allianz SE		23,871		4,195,222
Hannover Rueckversicherung AG		3,436		169,181
Muenchener Rueckversicherungs AG		11,003		1,929,854

				6,294,257



Internet Software & Services (0.0%)
United Internet AG		7,165		140,812



Machinery (0.1%)
GEA Group AG		8,393		295,118
MAN AG		5,811		643,285

				938,403



Metals & Mining (0.3%)
Salzgitter AG		2,264		414,341
ThyssenKrupp AG		19,701		1,234,581

				1,648,922



Multi-Utility (0.5%)
RWE AG		23,663		2,976,894



Multiline Retail (0.0%)
Arcandor AG*		2,880		33,342



Personal Products (0.1%)
Beiersdorf AG		4,793		352,149



Pharmaceutical (0.1%)
Merck KGAA		3,562		504,999

10 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


GERMANY (continued)

Real Estate Management & Development (0.0%)
IVG Immobilien AG		5,341	$	105,274



Semiconductors & Semiconductor Equipment (0.1%)
Infineon Technologies AG*		41,344		354,273



Software (0.4%)
SAP AG		46,316		2,415,091



Textiles, Apparel & Luxury Goods (0.1%)
Adidas AG		11,188		704,826
Puma AG Rudolf Dassler Sport		348		116,662

				821,488



Transportation Infrastructure (0.0%)
Fraport AG		1,642		109,806
Hamburger Hafen und Logistik AG		1,236		95,316

				205,122

				57,044,373



GREECE (0.7%)
Beverages (0.0%) (a)
Coca Cola Hellenic Bottling Co. SA		8,678		236,082



Commercial Banks (0.4%) (a)
Alpha Bank AE		20,898		632,598
EFG Eurobank Ergasias SA		15,491		368,817
National Bank of Greece SA		27,146		1,221,643
Piraeus Bank SA		17,792		484,188

				2,707,246



Construction Materials (0.0%) (a)
Titan Cement Co. SA		2,137		84,856



Diversified Financial Services (0.1%) (a)
Marfin Investment Group SA		39,299		310,884



Diversified Telecommunication Services (0.1%)
Hellenic Telecommunications Organization SA		14,975		377,204



Electric Utility (0.0%) (a)
Public Power Corp. SA		5,900		204,623



Hotels, Restaurants & Leisure (0.1%) (a)
OPAP SA		12,364		432,563



Oil, Gas & Consumable Fuels (0.0%) (a)
Hellenic Petroleum SA		4,339		59,627

				4,413,085



HONG KONG (2.1%) (a)
Airline (0.0%)
Cathay Pacific Airways Ltd.		72,000		137,140



Commercial Banks (0.3%)
Bank of East Asia Ltd.		78,200		425,184
BOC Hong Kong Holdings Ltd.		204,000		540,766
CITIC International Financial Holdings Ltd.*		118,000		90,311
Hang Seng Bank Ltd.		42,000		886,821
Wing Hang Bank Ltd.		7,000		92,706
Wing Lung Bank Ltd.		4,800		94,289

				2,130,077



Distributor (0.1%)
Li & Fung Ltd.		124,800		376,591



Diversified Financial Services (0.1%)
Hong Kong Exchanges & Clearing Ltd.		55,500		813,030



Diversified Telecommunication Services (0.0%)
PCCW Ltd.		217,000		131,427



Electric Utilities (0.2%)
Cheung Kong Infrastructure Holdings Ltd.		16,000		67,797
CLP Holdings Ltd.		112,000		960,521
Hong Kong Electric Holdings		76,500		457,766

				1,486,084



Hotels, Restaurants & Leisure (0.1%)
Genting International PLC*		170,060		72,602
Shangri-La Asia Ltd.		58,000		135,902

				208,504



Industrial Conglomerates (0.2%)
Hutchison Whampoa Ltd.		117,000		1,179,902
NWS Holdings Ltd.		34,000		88,789

				1,268,691



Marine (0.0%)
Orient Overseas International Ltd.		11,000		55,097
Pacific Basin Shipping Ltd.		93,560		133,877

				188,974



Media (0.0%)
Television Broadcasts Ltd.		17,000		98,197



Multiline Retail (0.0%)
Lifestyle International Holdings Ltd.		31,899		44,928

2008 Semiannual Report 11

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT International Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


HONG KONG (continued)

Natural Gas Utility (0.1%)
Hong Kong & China Gas Co.		220,180	$	523,950



Paper & Forest Products (0.0%)
Lee & Man Paper Manufacturing Ltd.		24,000		35,808



Real Estate Investment Trust (REIT) (0.1%)
Link REIT (The)		119,500		272,295



Real Estate Management & Development (0.7%)
Cheung Kong Holdings Ltd.		76,000		1,027,782
Chinese Estates Holdings Ltd.		36,000		55,465
Hang Lung Group Ltd.		49,000		218,549
Hang Lung Properties Ltd. (b)		115,000		369,204
Henderson Land Development Co. Ltd.		60,000		375,147
Hysan Development Co. Ltd.		34,000		93,565
Kerry Properties Ltd.		36,000		189,333
New World Development Co. Ltd.		135,000		275,758
Shun Tak Holdings Ltd.		36,000		33,746
Sino Land Co.		96,000		191,059
Sun Hung Kai Properties Ltd. (b)		77,000		1,046,777
Swire Pacific Ltd., Class A		45,500		465,746
Wharf Holdings Ltd.		77,000		322,381
Wheelock & Co. Ltd.		34,000		91,358

				4,755,870



Road & Rail (0.1%)
MTR Corp.		78,500		247,320



Semiconductors & Semiconductor Equipment (0.0%)
ASM Pacific Technology Ltd.		11,500		86,921



Specialty Retail (0.1%)
Esprit Holdings Ltd.		58,200		606,027



Textiles, Apparel & Luxury Goods (0.0%)
C C Land Holdings Ltd.		38,535		23,991
Yue Yuen Industrial Holdings		40,000		95,037

				119,028



Trading Companies & Distributors (0.0%)
Noble Group Ltd.		88,200		154,416



Transportation Infrastructure (0.0%)
Hong Kong Aircraft Engineering		1,600		24,677
Hopewell Holdings		22,000		78,207

				102,884

				13,788,162



IRELAND (0.6%)
Airline (0.0%)(a)
Ryanair Holdings PLC*		5,422		23,854



Commercial Banks (0.3%)
Allied Irish Banking PLC (a)		48,378		745,480
Anglo Irish Bank Corp. PLC (a)		42,007		391,786
Bank of Ireland		55,189		477,093

				1,614,359



Commercial Services & Supplies (0.1%) (a)
Experian Group Ltd.		55,993		414,070



Construction Materials (0.1%) (a)
CRH PLC		29,698		863,051



Containers & Packaging (0.0%) (a)
Smurfit Kappa Group PLC		4,376		35,670



Food Products (0.0%) (a)
Kerry Group PLC		7,876		232,456



Insurance (0.0%) (a)
Irish Life & Permanent PLC		15,586		160,366



Pharmaceutical (0.1%) (a)
Elan Corp. PLC*		24,700		873,478

				4,217,304



ITALY (3.7%) (a)
Aerospace & Defense (0.1%)
Finmeccanica SpA		16,484		430,951



Automobiles (0.1%)
Fiat SpA		39,000		634,742



Capital Markets (0.1%)
Mediobanca SpA		27,182		460,609



Commercial Banks (1.2%)
Banca Carige SpA		25,959		91,291
Banca Monte dei Paschi di Siena SpA		109,578		308,835
Banca Popolare di Milano Scarl		22,224		207,409
Banco Popolare SC		35,255		622,768
Intesa Sanpaolo SpA		407,458		2,316,122
Intesa Sanpaolo SpA — RNC		40,507		208,706
UniCredit SpA		598,986		3,643,205
Unione di Banche Italiane SpA		33,340		778,939

				8,177,275

12 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


ITALY (continued)

Construction Materials (0.0%)
Italcementi SpA		4,328	$	71,593
Italcementi SpA		4,301		49,897

				121,490



Diversified Financial Services (0.0%)
IFIL — Investments SpA		18,108		117,011



Diversified Telecommunication Services (0.2%)
Telecom Italia SpA		535,029		1,070,011
Telecom Italia SpA RNC		318,912		514,796

				1,584,807



Electric Utilities (0.4%)
Enel SpA		230,193		2,183,504
Terna SpA		67,099		283,515

				2,467,019



Electrical Equipment (0.0%)
Prysmian SpA		6,108		154,185



Energy Equipment & Services (0.1%)
Saipem SpA		14,570		680,905



Food Products (0.0%)
Parmalat SpA		92,964		241,812



Hotels, Restaurants & Leisure (0.0%)
Autogrill SpA*		6,191		74,017
Lottomatica SpA		3,580		106,658

				180,675



Industrial Conglomerate (0.0%)
Pirelli & C SpA		153,520		105,316



Insurance (0.4%)
Alleanza Assicurazioni SpA		23,741		256,774
Assicurazioni Generali SpA		56,034		2,141,335
Fondiaria-Sai SpA		3,985		131,316
Mediolanum SpA		13,711		56,772
Unipol Gruppo Finanziario SpA		39,514		92,829

				2,679,026



Media (0.1%)
Mediaset SpA		42,916		282,237



Multi-Utility (0.0%)
A2A SpA		70,353		256,845



Natural Gas Utility (0.1%)
Snam Rete Gas SpA		43,748		298,177

Oil, Gas & Consumable Fuels (0.8%)
Eni SpA		138,306		5,137,640



Textiles, Apparel & Luxury Goods (0.0%)
Bulgari SpA		8,942		89,883
Luxottica Group SpA		7,864		183,512

				273,395



Transportation Infrastructure (0.1%)
Atlantia SpA		12,739		384,717

				24,668,834



JAPAN (21.3%)
Air Freight & Logistics (0.1%) (a)
Yamato Holdings Co. Ltd.		22,000		307,140



Airlines (0.0%)(a)
All Nippon Airways Co. Ltd.		31,000		115,957
Japan Airlines Corp.*		55,000		115,536

				231,493



Auto Components (0.4%) (a)
Aisin Seiki Co. Ltd.		10,600		348,245
Bridgestone Corp.		33,400		512,461
Denso Corp.		26,500		912,826
NGK Spark Plug Co. Ltd.		10,000		115,120
NHK Spring Co. Ltd.		9,000		71,837
NOK Corp.		6,000		95,499
Stanley Electric Co. Ltd.		8,400		203,677
Sumitomo Rubber Industries, Inc.		10,000		74,810
Tokai Rika Co. Ltd.		3,100		64,197
Toyoda Gosei Co. Ltd.		3,700		108,294
Toyota Boshoku Corp.		2,500		67,047
Toyota Industries Corp.		8,400		269,737

				2,843,750



Automobiles (1.9%) (a)
Daihatsu Motor Co. Ltd.		11,000		126,149
Fuji Heavy Industries Ltd.		33,000		161,916
Honda Motor Co. Ltd.		89,500		3,054,768
Isuzu Motors Ltd.		70,000		337,133
Mazda Motor Corp.		51,000		265,530
Mitsubishi Motors Corp.*		197,000		358,647
Nissan Motor Co. Ltd.		123,000		1,021,718
Suzuki Motor Corp.		19,400		459,546
Toyota Motor Corp.		145,500		6,869,154
Yamaha Motor Co. Ltd.		11,300		211,657

				12,866,218



Beverages (0.2%) (a)
Asahi Breweries Ltd.		21,300		398,228
Coca-Cola West Holdings Co. Ltd.		3,100		72,357

2008 Semiannual Report 13

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT International Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


JAPAN (continued)
Beverages (continued)

Ito En Ltd.		3,800	$	59,867
Kirin Holdings Co. Ltd.		43,000		672,499
Sapporo Holdings Ltd.		8,000		56,018

				1,258,969



Building Products (0.3%) (a)
Asahi Glass Co. Ltd.		55,000		665,976
Daikin Industries Ltd.		14,400		728,208
JS Group Corp.		11,900		189,497
Nippon Sheet Glass Co. Ltd.		34,000		168,537
TOTO Ltd.		15,000		105,701

				1,857,919



Capital Markets (0.4%) (a)
Daiwa Securities Group, Inc.		73,000		671,388
Jafco Co. Ltd.		2,000		68,485
Nomura Holdings, Inc.		96,000		1,421,805
SBI Holdings, Inc.		627		137,247
SBI Securities Co. Ltd.		49		38,276
Shinko Securities Co. Ltd.		18,000		53,079

				2,390,280



Chemicals (0.9%) (a)
Asahi Kasei Corp.		66,000		346,080
Daicel Chemical Industries Ltd.		16,000		90,140
Dainippon Ink & Chemicals, Inc.		32,000		92,876
Denki Kagaku Kogyo KK		28,000		103,851
Hitachi Chemical Co. Ltd.		3,600		74,307
JSR Corp.		10,000		198,761
Kaneka Corp.		10,000		68,129
Kansai Paint Co. Ltd.		7,000		48,478
Kuraray Co. Ltd.		19,500		232,703
Mitsubishi Chemical Holdings Corp.		62,500		363,989
Mitsubishi Gas Chemical Co., Inc.		22,000		158,511
Mitsubishi Rayon Co. Ltd.		31,000		97,795
Mitsui Chemicals, Inc.		36,000		177,801
Nissan Chemical Industries Ltd.		8,000		98,459
Nitto Denko Corp.		9,100		349,857
Shin-Etsu Chemical Co. Ltd.		22,300		1,384,024
Showa Denko KK		67,000		177,902
Sumitomo Chemical Co. Ltd.		86,000		541,884
Taiyo Nippon Sanso Corp.		16,000		133,518
Teijin Ltd.		50,000		171,585
Tokuyama Corp.		13,000		96,888
Toray Industries, Inc.		73,000		391,844
Tosoh Corp.		29,000		118,753
UBE Industries Ltd.		56,000		198,384

				5,716,519



Commercial Banks (2.2%) (a)
77 Bank Ltd. (The)		12,000		75,469
Aozora Bank Ltd.		39,000		89,224
Bank of Kyoto Ltd. (The)		17,000		177,719
Bank of Yokohama Ltd. (The)		69,000		477,222
Chiba Bank Ltd. (The)		42,000		294,955
Chugoku Bank Ltd. (The)		9,000		130,778
Chuo Mitsui Trust Holdings, Inc.		44,000		262,110
Fukuoka Financial Group, Inc.		43,000		194,411
Gunma Bank Ltd. (The)		23,000		153,353
Hachijuni Bank Ltd. (The)		24,000		155,737
Hiroshima Bank Ltd. (The)		18,000		80,269
Hokuhoku Financial Group, Inc.		54,000		156,661
Iyo Bank Ltd. (The)		14,000		163,944
Joyo Bank Ltd. (The)		29,000		141,250
Mitsubishi UFJ Financial Group, Inc.		552,667		4,884,854
Mizuho Financial Group, Inc.		524		2,438,430
Mizuho Trust & Banking Co. Ltd.		64,000		110,334
Nishi-Nippon City Bank Ltd. (The)		29,000		86,500
Resona Holdings, Inc.		281		431,658
Sapporo Hokuyo Holdings, Inc.		17		115,049
Shinsei Bank Ltd.		55,000		188,574
Shizuoka Bank Ltd. (The)		33,000		337,296
Sumitomo Mitsui Financial Group, Inc.		356		2,677,572
Sumitomo Trust & Banking Co. Ltd. (The)		78,000		544,994
Suruga Bank Ltd.		13,000		169,281
Yamaguchi Financial Group, Inc.		12,000		166,115

				14,703,759



Commercial Services & Supplies (0.2%) (a)
Dai Nippon Printing Co. Ltd.		33,000		485,900
Secom Co. Ltd.		11,500		560,224
Toppan Printing Co. Ltd.		29,000		319,495

				1,365,619



Computers & Peripherals (0.4%) (a)
Fujitsu Ltd.		102,000		757,541
Mitsumi Electric Co. Ltd.		4,700		104,801
NEC Corp.		106,000		556,627
Seiko Epson Corp.		7,100		195,163

14 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


JAPAN (continued)
Computers & Peripherals (continued)

Toshiba Corp.		167,000	$	1,232,223

				2,846,355



Construction & Engineering (0.1%) (a)
JGC Corp.		12,000		236,333
Kajima Corp.		47,000		164,454
Kinden Corp.		3,000		30,290
Obayashi Corp.		35,000		158,652
Shimizu Corp.		33,000		156,392
Taisei Corp.		55,000		131,212

				877,333



Construction Materials (0.0%) (a)
Taiheiyo Cement Corp.		52,000		104,493



Consumer Finance (0.2%) (a)
Acom Co. Ltd.		3,620		112,064
Aeon Credit Service Co. Ltd.		4,500		56,399
Aiful Corp.		4,450		51,486
Credit Saison Co. Ltd.		9,200		193,012
Mitsubishi UFJ Nicos Co. Ltd.*		14,000		46,322
ORIX Corp.		5,020		719,101
Promise Co. Ltd.		3,400		95,074
Takefuji Corp.		6,330		88,159

				1,361,617



Containers & Packaging (0.0%) (a)
Toyo Seikan Kaisha Ltd.		9,200		162,437



Distributor (0.0%) (a)
Canon Marketing Japan, Inc.		1,400		24,630



Diversified Consumer Services (0.0%) (a)
Benesse Corp.		4,200		170,128



Diversified Financial Services (0.0%) (a)
Mitsubishi UFJ Lease & Finance Co. Ltd.		3,270		142,105



Diversified Telecommunication Services (0.2%) (a)
Nippon Telegraph & Telephone Corp.		271		1,337,378



Electric Utilities (0.8%) (a)
Chubu Electric Power Co., Inc.		36,100		881,901
Chugoku Electric Power Co., Inc. (The)		14,100		300,915
Hokkaido Electric Power Co., Inc.		8,300		169,057
Hokuriku Electric Power Co.		9,900		235,471
Kansai Electric Power Co., Inc. (The)		42,000		984,088
Kyushu Electric Power Co., Inc.		20,900		437,389
Shikoku Electric Power Co., Inc.		10,400		286,002
Tohoku Electric Power Co., Inc.		23,500		511,938
Tokyo Electric Power Co., Inc. (The)		66,100		1,702,210

				5,508,971



Electrical Equipment (0.3%) (a)
Fuji Electric Holdings Co. Ltd.		32,000		113,159
Furukawa Electric Co. Ltd.		36,000		156,719
Matsushita Electric Works Ltd.		16,000		163,294
Mitsubishi Electric Corp.		105,000		1,135,827
Sumitomo Electric Industries Ltd.		41,100		522,025
Ushio, Inc.		6,900		113,007

				2,204,031



Electronic Equipment & Instruments (1.1%) (a)
Alps Electric Co. Ltd.		9,800		101,378
Citizen Holdings Co. Ltd.		18,400		140,391
FUJIFILM Holdings Corp.		26,600		916,380
Hirose Electric Co. Ltd.		1,500		150,739
Hitachi Ltd.		183,000		1,318,056
HOYA Corp.		22,700		525,856
Ibiden Co. Ltd.		7,500		273,159
Keyence Corp.		2,100		500,654
Kyocera Corp.		8,900		839,686
Mabuchi Motor Co. Ltd.		900		48,885
Murata Manufacturing Co. Ltd.		11,700		552,067
Nidec Corp.		6,000		399,713
Nippon Electric Glass Co. Ltd.		19,500		338,997
Omron Corp.		9,600		207,225
TDK Corp.		6,800		406,957
Yaskawa Electric Corp.		13,000		127,592
Yokogawa Electric Corp.		13,000		119,119

				6,966,854



Food & Staples Retailing (0.3%) (a)
AEON Mall Co. Ltd.		35,100		434,551
FamilyMart Co. Ltd.		3,400		139,190
Lawson, Inc.		3,900		190,035
Seven & I Holdings Co. Ltd.		44,200		1,265,762
UNY Co. Ltd.		11,000		108,452

				2,137,990



Food Products (0.2%) (a)
Ajinomoto Co., Inc.		37,000		350,585
Kikkoman Corp.		8,000		97,740

2008 Semiannual Report 15

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT International Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


JAPAN (continued)
Food Products (continued)

Meiji Dairies Corp.		16,000	$	82,110
Nippon Meat Packers, Inc.		10,000		135,523
Nisshin Seifun Group, Inc.		10,500		131,994
Nissin Food Products Co. Ltd.		3,200		107,306
Toyo Suisan Kaisha Ltd.		5,000		113,179
Yakult Honsha Co. Ltd.		5,500		154,959
Yamazaki Baking Co. Ltd.		7,000		77,047

				1,250,443



Gas Distribution (0.0%) (a)
TOHO GAS Co. Ltd.		28,000		153,563



Health Care Equipment & Supplies (0.2%) (a)
Olympus Corp.		13,000		440,779
Shimadzu Corp.		14,000		139,617
Terumo Corp.		9,300		475,919

				1,056,315



Health Care Providers & Services (0.1%) (a)
Alfresa Holdings Corp.		1,200		85,897
Mediceo Paltac Holdings Co. Ltd.		6,100		112,349
Suzuken Co. Ltd.		2,800		103,444

				301,690



Hotels, Restaurants & Leisure (0.0%) (a)
Oriental Land Co. Ltd.		2,100		125,481



Household Durables (1.1%) (a)
Casio Computer Co. Ltd.		13,200		150,217
Daito Trust Construction Co. Ltd.		4,500		218,286
Daiwa House Industry Co. Ltd.		28,000		263,622
Haseko Corp.		72,500		97,024
Makita Corp.		6,800		278,328
Matsushita Electric Industrial Co. Ltd.		99,000		2,118,283
Pioneer Corp.		9,100		73,217
Sanyo Electric Co. Ltd.*		93,000		216,250
Sekisui Chemical Co. Ltd.		19,000		129,597
Sekisui House Ltd.		26,000		243,115
Sharp Corp.		55,000		896,697
Sony Corp.		54,400		2,384,889

				7,069,525



Household Products (0.1%) (a)
Kao Corp.		29,000		761,428
Unicharm Corp.		2,300		163,630

				925,058

Independent Power Producers & Energy Traders (0.0%) (a)
Electric Power Development Co.		7,400		274,773



Industrial Conglomerate (0.0%) (a)
Hankyu Hanshin Holdings, Inc.		56,000		235,347



Information Technology Services (0.1%) (a)
CSK Holdings Corp.		3,800		74,879
Itochu Techno-Solutions Corp.		700		22,750
Nomura Research Institute Ltd.		6,400		150,078
NTT Data Corp.		70		274,086
Obic Co. Ltd.		230		38,682
Otsuka Corp.		900		62,164

				622,639



Insurance (0.6%) (a)
Aioi Insurance Co. Ltd.		26,000		138,826
Mitsui Sumitomo Insurance Group Holdings, Inc.*		19,804		684,555
Nipponkoa Insurance Co. Ltd.		37,000		321,387
Sompo Japan Insurance, Inc.		46,000		432,577
Sony Financial Holdings, Inc. (b)		37		148,980
T&D Holdings, Inc.		10,750		663,160
Tokio Marine Holdings, Inc.		38,000		1,481,263

				3,870,748



Internet & Catalog Retail (0.1%) (a)
Dena Co. Ltd.		17		100,149
Rakuten, Inc.		365		184,288

				284,437



Internet Software & Services (0.1%) (a)
Yahoo! Japan Corp.		830		319,723



Leisure Equipment & Products (0.2%) (a)
Namco Bandai Holdings, Inc.		11,500		130,418
Nikon Corp.		19,000		556,270
Sankyo Co. Ltd.		3,000		195,499
Sega Sammy Holdings, Inc.		10,500		91,928
Shimano, Inc.		3,800		191,047
Yamaha Corp.		9,900		191,467

				1,356,629



Machinery (1.0%) (a)
Amada Co. Ltd.		21,000		166,154
Fanuc Ltd.		10,400		1,017,235
Hino Motors Ltd.		15,000		93,177
Hitachi Construction Machinery Co. Ltd.		6,000		168,239

16 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


JAPAN (continued)
Machinery (continued)

IHI Corp.		74,000	$	149,916
Japan Steel Works Ltd. (The)		19,000		369,598
JTEKT Corp.		10,900		173,189
Kawasaki Heavy Industries Ltd.		84,000		224,397
Komatsu Ltd.		48,800		1,362,988
Kubota Corp.		60,000		431,274
Kurita Water Industries Ltd.		6,300		233,786
Minebea Co. Ltd.		21,000		120,112
Mitsubishi Heavy Industries Ltd.		175,000		835,967
Mitsui Engineering & Shipbuilding Co. Ltd.		40,000		126,877
NGK Insulators Ltd.		15,000		292,476
NSK Ltd.		25,000		219,082
NTN Corp.		24,000		160,055
Okuma Corp.		8,000		79,655
SMC Corp.		3,200		351,269
Sumitomo Heavy Industries Ltd.		32,000		217,068
THK Co. Ltd.		6,800		132,337

				6,924,851



Marine (0.3%) (a)
Kawasaki Kisen Kaisha Ltd.		33,000		310,166
Mitsui OSK Lines Ltd.		62,000		884,367
Nippon Yusen KK		61,000		587,623

				1,782,156



Media (0.1%) (a)
Dentsu, Inc.		109		231,338
Fuji Television Network, Inc.		17		25,663
Hakuhodo DY Holdings, Inc.		430		22,956
Jupiter Telecommunications Co. Ltd. (b)		80		62,068
Toho Co. Ltd.		4,100		83,809
Tokyo Broadcasting System, Inc.		500		9,499

				435,333



Metals & Mining (0.9%) (a)
Daido Steel Co. Ltd.		17,000		95,136
Dowa Holdings Co. Ltd.		16,000		116,897
Hitachi Metals Ltd.		9,000		147,789
JFE Holdings, Inc.		28,200		1,421,994
Kobe Steel Ltd.		146,000		418,149
Mitsubishi Materials Corp.		64,000		273,727
Mitsui Mining & Smelting Co. Ltd.		34,000		100,411
Nippon Steel Corp.		277,000		1,501,450
Nisshin Steel Co. Ltd.		30,000		102,134
OSAKA Titanium Technologies Co.		700		36,771
Sumitomo Metal Industries Ltd.		209,000		920,317
Sumitomo Metal Mining Co. Ltd.		30,000		458,954
Toho Titanium Co. Ltd.		141		2,765
Tokyo Steel Manufacturing Co. Ltd.		6,200		71,820
Yamato Kogyo Co. Ltd.		2,300		109,850

				5,778,164



Multiline Retail (0.1%)
Isetan Mitsukoshi Holdings Ltd.*		18,960		203,047
J. Front Retailing Co. Ltd. (a)		16,400		86,839
Marui Group Co. Ltd. (a)		15,000		116,797
Takashimaya Co. Ltd. (a)		17,000		154,476

				561,159



Natural Gas Utilities (0.1%) (a)
Osaka Gas Co. Ltd.		111,000		407,238
Tokyo Gas Co. Ltd.		128,000		517,255

				924,493



Office Electronics (0.6%) (a)
Brother Industries Ltd.		10,100		139,277
Canon, Inc.		56,800		2,924,246
Konica Minolta Holdings, Inc.		26,500		448,934
Ricoh Co. Ltd.		37,000		669,770

				4,182,227



Oil, Gas & Consumable Fuels (0.3%)
Cosmo Oil Co. Ltd. (a)		32,000		115,957
Idemitsu Kosan Co. Ltd. (b)		1,300		115,630
Inpex Holdings, Inc. (a)		45		568,355
Japan Petroleum Exploration Co. (a)		1,600		114,246
Nippon Mining Holdings, Inc. (a)		48,500		304,555
Nippon Oil Corp. (a)		72,000		485,156
Showa Shell Sekiyu KK (a)		10,900		119,684
TonenGeneral Sekiyu KK (a)		11,000		99,941

				1,923,524



Paper & Forest Products (0.1%) (a)
Nippon Paper Group, Inc.		52		142,280
OJI Paper Co. Ltd.		48,000		225,766

				368,046



Personal Products (0.1%) (a)
Shiseido Co. Ltd.		18,000		412,564

2008 Semiannual Report 17

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT International Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


JAPAN (continued)

Pharmaceuticals (1.0%) (a)
Astellas Pharma, Inc.		26,800	$	1,139,836
Chugai Pharmaceutical Co. Ltd.		12,500		199,900
Daiichi Sankyo Co. Ltd.		38,000		1,046,987
Dainippon Sumitomo Pharma Co. Ltd.		10,000		80,900
Eisai Co. Ltd.		13,900		491,072
HISAMITSU PHARMACEUTICAL Co., Inc.		3,800		165,494
Kyowa Hakko Kogyo Co. Ltd.		13,000		133,305
Mitsubishi Tanabe Pharma Corp.		10,000		130,734
Ono Pharmaceutical Co. Ltd.		5,400		297,861
Santen Pharmaceutical Co. Ltd.		4,300		107,933
Shionogi & Co. Ltd.		16,000		316,842
Taisho Pharmaceutical Co. Ltd.		7,000		130,242
Takeda Pharmaceutical Co. Ltd.		45,800		2,329,694

				6,570,800



Real Estate Investment Trusts (REITs) (0.1%) (a)
Japan Prime Realty Investment Corp.		16		47,345
Japan Real Estate Investment Corp.		24		253,523
Japan Retail Fund Investment Corp.		11		63,433
Nippon Building Fund, Inc.		29		342,035
Nomura Real Estate Office Fund, Inc.		16		120,518

				826,854



Real Estate Management & Development (0.5%) (a)
Aeon Mall Co. Ltd.		2,500		73,964
Leopalace21 Corp.		7,200		103,300
Mitsubishi Estate Co. Ltd.		64,000		1,465,463
Mitsui Fudosan Co. Ltd.		46,000		984,676
Nomura Real Estate Holdings, Inc.		2,100		44,378
NTT Urban Development Corp.		40		52,447
Sumitomo Realty & Development Co. Ltd.		21,000		417,814
Tokyo Tatemono Co. Ltd.		16,000		103,640
Tokyu Land Corp.		26,000		148,071

				3,393,753



Road & Rail (0.7%) (a)
Central Japan Railway Co.		85		937,042
East Japan Railway Co.		185		1,507,095
Keihin Electric Express Railway Co. Ltd.		17,000		105,386
Keio Corp.		33,000		167,028
Keisei Electric Railway Co. Ltd.		10,000		51,196
Kintetsu Corp.		75,000		235,300
Nippon Express Co. Ltd.		45,000		216,148
Odakyu Electric Railway Co. Ltd.		35,000		227,521
Tobu Railway Co. Ltd.		46,000		218,093
Tokyu Corp.		63,000		326,942
West Japan Railway Co.		93		456,533

				4,448,284



Semiconductors & Semiconductor Equipment (0.2%) (a)
Advantest Corp.		8,400		177,081
Elpida Memory, Inc.*		6,100		195,660
NEC Electronics Corp.*		900		22,493
Rohm Co. Ltd.		5,600		323,386
Shinko Electric Industries Co. Ltd.		4,000		49,506
Sumco Corp.		7,200		159,545
Tokyo Electron Ltd.		9,400		542,156

				1,469,827



Software (0.6%) (a)
Konami Corp.		5,600		195,895
Nintendo Co. Ltd.		5,400		3,062,629
Oracle Corp.		1,000		40,774
Square Enix Co. Ltd.		3,700		109,509
Trend Micro, Inc.		6,000		197,891

				3,606,698



Specialty Retail (0.1%) (a)
Fast Retailing Co. Ltd.		2,600		246,705
Hikari Tsushin, Inc.		600		19,796
Nitori Co. Ltd.		1,450		74,498
Shimamura Co. Ltd.		1,300		80,169
USS Co. Ltd.		1,050		69,387
Yamada Denki Co. Ltd.		4,770		339,902

				830,457



Steel & Iron (0.0%) (a)
Maruichi Steel Tube Ltd.		1,600		50,076



Textiles, Apparel & Luxury Goods (0.0%) (a)
Asics Corp.		9,000		98,380
Nisshinbo Industries, Inc.		8,000		95,220
Onward Holdings Co. Ltd.		8,000		84,129

				277,729

18 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


JAPAN (continued)

Tobacco (0.2%) (a)
Japan Tobacco, Inc.		245	$	1,045,037



Trading Companies & Distributors (1.1%) (a)
Hitachi High-Technologies Corp.		3,000		69,622
ITOCHU Corp.		82,000		874,388
Marubeni Corp.		90,000		750,795
Mitsubishi Corp.		73,400		2,418,925
Mitsui & Co. Ltd.		94,000		2,074,975
Sojitz Corp.		68,400		228,205
Sumitomo Corp.		61,300		805,490
Toyota Tsusho Corp.		11,800		277,001

				7,499,401



Transportation Infrastructure (0.0%) (a)
Kamigumi Co. Ltd.		15,000		113,741
Mitsubishi Logistics Corp.		7,000		76,682

				190,423



Wireless Telecommunication Services (0.4%) (a)
KDDI Corp.		159		983,939
NTT DoCoMo, Inc.		837		1,227,835
Softbank Corp.		41,200		694,851

				2,906,625

				141,640,840



LUXEMBOURG (0.8%) (a)
Diversified Telecommunication Services (0.0%)
Ses Global — FDR		913		22,808



Energy Equipment & Services (0.0%)
Acergy SA		10,800		240,747



Media (0.1%)
SES — FDR		15,807		399,264



Metals & Mining (0.6%)
ArcelorMittal		45,680		4,488,779
ArcelorMittal		400		39,331

				4,528,110



Wireless Telecommunication Services (0.1%)
Millicom International Cellular SA — SDR		3,753		386,471

				5,577,400



NETHERLANDS (2.7%) (a)
Aerospace & Defense (0.1%)
European Aeronautic Defence and Space Co. NV		18,032		339,717



Air Freight & Logistics (0.1%)
TNT NV		20,833		708,967

Beverages (0.1%)
Heineken Holding NV		5,109		233,819
Heineken NV		12,522		637,607

				871,426



Chemicals (0.2%)
Akzo Nobel NV		14,891		1,018,952
Koninklijke DSM NV		7,531		441,365

				1,460,317



Commercial Banks (0.0%)
SNS Reaal		7,505		144,993



Commercial Services & Supplies (0.0%)
Randstad Holding NV		5,525		192,265



Diversified Financial Services (0.5%)
ING Groep NV CVA		99,810		3,155,468



Diversified Telecommunication Services (0.3%)
Koninklijke KPN NV		100,650		1,720,636



Energy Equipment & Services (0.1%)
Fugro NV CVA		3,243		276,121
SBM Offshore NV		8,002		294,412

				570,533



Food & Staples Retailing (0.1%)
Koninklijke Ahold NV		65,345		875,908



Food Products (0.4%)
Unilever NV CVA		86,342		2,441,405



Household Durables (0.0%)
TomTom NV*		3,499		99,951



Industrial Conglomerate (0.3%)
Koninklijke Philips Electronics NV		57,817		1,957,814



Insurance (0.2%)
Aegon NV		74,340		977,237



Media (0.1%)
Reed Elsevier NV		34,424		576,060
Wolters Kluwer NV		16,462		383,132

				959,192



Real Estate Investment Trust (REIT) (0.0%)
Corio NV		2,479		193,070



Semiconductors & Semiconductor Equipment (0.2%)
ASML Holding NV		23,700		580,038

2008 Semiannual Report 19

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT International Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


NETHERLANDS (continued)
Semiconductors & Semiconductor Equipment (continued)

STMicroelectronics NV		37,838	$	391,421

				971,459

				17,640,358



NEW ZEALAND (0.1%) (a)
Construction Materials (0.0%)
Fletcher Building Ltd.		29,053		140,481



Diversified Telecommunication Services (0.1%)
Telecom Corp. of New Zealand Ltd.		102,655		278,862



Electric Utility (0.0%)
Contact Energy Ltd.		10,055		61,175



Hotels, Restaurants & Leisure (0.0%)
Sky City Entertainment Group Ltd.		22,967		53,543



Transportation Infrastructure (0.0%)
Auckland International Airport Ltd.		22,793		33,877

				567,938



NORWAY (1.1%) (a)
Chemicals (0.1%)
Yara International ASA		10,350		914,444



Commercial Banks (0.1%)
DnB NOR ASA		40,500		514,730



Diversified Telecommunication Services (0.1%)
Telenor ASA		46,100		865,753



Electrical Equipment (0.0%) (b)
Renewable Energy Corp. ASA*		8,261		213,374



Energy Equipment & Services (0.2%)
Aker Kvaerner ASA*		9,255		218,167
Petroleum Geo-Services ASA*		9,517		233,154
Seadrill Ltd. (b)		15,373		469,425

				920,746



Industrial Conglomerate (0.1%) (b)
Orkla ASA, Class A		45,684		585,612



Insurance (0.0%)
Storebrand ASA		20,836		154,352



Metals & Mining (0.1%)
Norsk Hydro ASA		38,981		568,633

Oil, Gas & Consumable Fuels (0.4%)
StatoilHydro ASA		69,753		2,603,533

				7,341,177



PORTUGAL (0.3%) (a)
Commercial Banks (0.1%)
Banco BPI SA		8,726		35,999
Banco Comercial Portugues SA		130,926		282,365
Banco Espirito Santo SA		11,761		182,915

				501,279



Construction Materials (0.0%)
Cimpor Cimentos de Portugal SGPS SA		10,115		67,819



Diversified Telecommunication Services (0.1%)
Portugal Telecom SGPS SA		36,949		417,874



Electric Utility (0.1%)
EDP-Energias de Portugal SA		100,870		524,466



Industrial Conglomerate (0.0%)
Sonae SGPS SA		55,006		65,891



Media (0.0%)
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		10,222		84,777



Transportation Infrastructure (0.0%)
BRISA		13,062		150,471

				1,812,577



SINGAPORE (1.2%) (a)
Aerospace & Defense (0.0%)
Singapore Technologies Engineering Ltd.		54,000		109,348



Agriculture (0.0%)
Golden Agri-Resources Ltd.		279,000		184,215



Airline (0.1%)
Singapore Airlines Ltd.		28,867		312,512



Commercial Banks (0.4%)
DBS Group Holdings Ltd.		62,000		862,826
Oversea-Chinese Banking Corp.		137,000		825,399
United Overseas Bank Ltd.		67,000		920,032

				2,608,257



Distributor (0.0%)
Jardine Cycle & Carriage Ltd.		5,000		62,681

20 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


SINGAPORE (continued)

Diversified Financial Services (0.1%)
Singapore Exchange Ltd.		48,000	$	244,920



Diversified Telecommunication Services (0.2%) (b)
Singapore Telecommunications Ltd.		417,850		1,114,164



Electronic Equipment & Instruments (0.0%)
Venture Corp. Ltd.		12,000		86,854



Food & Staples Retailing (0.0%)
Olam International Ltd.		67,600		120,616



Food Products (0.0%)
Wilmar International Ltd.		43,294		160,914



Health Care Providers & Services (0.0%)
Parkway Holdings Ltd.		53,866		91,931



Industrial Conglomerates (0.1%)
Fraser & Neave Ltd.		40,745		135,969
Keppel Corp. Ltd.		70,000		574,321
SembCorp Industries Ltd.		56,000		171,949

				882,239



Machinery (0.0%)
SembCorp Marine Ltd.		47,800		142,522



Marine (0.0%)
Cosco Corp. Singapore Ltd.		51,000		120,378
Neptune Orient Lines Ltd.		31,000		73,751

				194,129



Media (0.1%)
Singapore Press Holdings Ltd.		85,000		265,839



Real Estate Investment Trusts (REITs) (0.1%)
Ascendas Real Estate Investment Trust		60,000		97,307
CapitaCommercial Trust		59,000		82,984
CapitaMall Trust		67,000		147,816

				328,107



Real Estate Management & Development (0.1%)
Capitaland Ltd.		93,000		390,895
City Developments Ltd.		28,000		224,181
Keppel Land Ltd.		21,000		76,720
UOL Group Ltd.		13,000		32,449
Yanlord Land Group Ltd.		10,000		13,670

				737,915


Road & Rail (0.0%)
ComfortDelgro Corp. Ltd.		104,000		114,998

				7,762,161



SPAIN (4.0%)
Airline (0.0%) (a)
Iberia Lineas Aereas de Espana		30,879		73,510



Biotechnology (0.0%) (a)
Grifols SA		7,144		227,517



Commercial Banks (1.6%) (a)
Banco Bilbao Vizcaya Argentaria SA		188,890		3,598,736
Banco de Sabadell SA		50,814		428,269
Banco Popular Espanol SA		43,472		599,012
Banco Santander SA		331,517		6,047,669
Bankinter SA		11,283		127,960

				10,801,646



Construction & Engineering (0.2%) (a)
Acciona SA		1,588		375,349
ACS Actividades de Construccion y Servicios SA		10,701		535,417
Fomento de Construcciones y Contratas SA		2,612		154,520
Grupo Ferrovial SA		3,557		219,113
Sacyr Vallehermoso SA		2,788		85,103

				1,369,502



Diversified Financial Services (0.0%) (a)
Criteria Caixacorp SA		46,969		280,246



Diversified Telecommunication Services (0.9%) (a)
Telefonica SA		227,892		6,030,325



Electric Utilities (0.5%)(a)
Iberdrola SA		185,065		2,465,542
Red Electrica de Espana		6,008		389,960
Union Fenosa SA		6,758		392,687

				3,248,189



Electrical Equipment (0.1%) (a)
Gamesa Corp. Tecnologica SA		10,065		492,704



Gas Distribution (0.1%) (a)
Enagas		10,021		282,846



Independent Power Producers & Energy Traders (0.1%) (a)
Iberdrola Renovables*		46,610		359,059



Information Technology Services (0.0%) (a)
Indra Sistemas SA		5,667		146,905

2008 Semiannual Report 21

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT International Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


SPAIN (continued)

Insurance (0.0%) (a)
Mapfre SA		38,727	$	184,851



Machinery (0.0%)
Zardoya Otis SA (a)		4,663		96,501
Zardoya Otis SA		3,233		5,752

				102,253



Media (0.0%) (a)
Gestevision Telecinco SA		5,993		76,310
Promotora de Informaciones SA		5,447		58,061

				134,371



Metals & Mining (0.0%) (a)
Acerinox SA		8,107		185,999



Natural Gas Utility (0.1%) (a)
Gas Natural SDG SA		6,226		361,517



Oil, Gas & Consumable Fuels (0.2%) (a)
Repsol YPF SA		38,903		1,526,584



Specialty Retail (0.1%) (a)
Inditex SA		12,034		551,597



Transportation Infrastructure (0.1%) (a)
Abertis Infraestructuras SA		13,024		308,110
Cintra Concesiones de Infraestructuras de Transporte SA		12,440		138,777

				446,887

				26,806,508



SWEDEN (2.1%) (a)
Building Products (0.0%)
Assa Abloy AB, Class B		17,400		250,429



Commercial Banks (0.4%)
Nordea Bank AB		110,300		1,511,852
Skandinaviska Enskilda Banken AB, Class A		25,400		468,750
Svenska Handelsbanken AB, Class A		25,300		599,551
Swedbank AB, Class A		19,800		380,555

				2,960,708



Commercial Services & Supplies (0.0%)
Securitas AB		17,600		203,646



Communications Equipment (0.3%)
Telefonaktiebolaget LM Ericsson, Class B		160,600		1,670,508

Construction & Engineering (0.0%)
Skanska AB		20,800		296,748



Diversified Financial Services (0.1%)
Baloise Holding AG		2,865		300,566
Investor AB		25,000		525,022

				825,588



Diversified Telecommunication Services (0.2%)
Tele2 AB, B Shares		16,800		326,804
TeliaSonera AB		121,500		898,525

				1,225,329



Health Care Equipment & Supplies (0.0%)
Getinge AB		9,650		235,350



Household Durables (0.1%)
Electrolux AB, Class B		14,349		182,386
Husqvarna AB, Class B		13,903		120,970

				303,356



Machinery (0.5%)
Alfa Laval AB		20,925		323,379
Atlas Copco AB, Class A		36,715		537,135
Atlas Copco AB, Class B		18,317		242,316
Sandvik AB		54,939		746,659
Scania AB, Class B		16,818		229,051
SKF AB, Class B		21,306		332,159
Volvo AB, Class B		59,262		721,858

				3,132,557



Media (0.0%)
Modern Times Group AB, Class B		2,932		171,687



Metals & Mining (0.1%)
Boliden AB		16,303		131,673
SSAB Svenskt Stal AB, Class B		3,130		88,475
SSAB Svenskt Stal AB, Series A		9,978		320,106

				540,254



Oil, Gas & Consumable Fuels (0.0%)
Lundin Petroleum AB*		12,200		179,581



Paper & Forest Products (0.1%)
Holmen AB, Class B*		2,600		76,038
Svenska Cellulosa AB, Class B*		30,943		435,523

				511,561



Specialty Retail (0.2%)
Hennes & Mauritz AB, Class B		27,700		1,494,882

22 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


SWEDEN (continued)

Tobacco (0.1%)
Swedish Match AB		14,800	$	301,711

				14,303,895



SWITZERLAND (7.0%) (a)
Biotechnology (0.0%)
Actelion Ltd.*		5,417		289,033



Building Products (0.1%)
Geberit AG		2,206		323,962



Capital Markets (1.0%)
Credit Suisse Group		57,023		2,596,151
EFG International AG		2,523		68,680
Julius Baer Holding AG		11,636		780,536
UBS AG*		160,068		3,336,359

				6,781,726



Chemicals (0.3%)
Givaudan SA		365		325,445
Syngenta AG		5,680		1,840,615

				2,166,060



Commercial Services & Supplies (0.1%)
Adecco SA		6,816		337,011
SGS SA		260		370,863

				707,874



Computers & Peripherals (0.0%)
Logitech International SA*		9,574		256,014



Construction Materials (0.1%)
Holcim Ltd.		11,557		934,404



Diversified Financial Services (0.0%)
Pargesa Holding SA		1,107		122,767



Diversified Telecommunication Services (0.1%)
Swisscom AG		1,257		418,764



Electrical Equipment (0.5%)
ABB Ltd.*		119,493		3,383,179



Food Products (1.5%)
Lindt & Spruengli AG		31		85,450
Nestle SA		213,770		9,635,833

				9,721,283



Health Care Equipment & Supplies (0.1%)
Nobel Biocare Holding AG		6,716		218,418
Sonova Holding AG		2,637		217,685
Straumann Holding AG		453		108,316

				544,419

Insurance (0.6%)
Swiss Life Holding*		1,929		513,277
Swiss Reinsurance		19,216		1,274,175
Zurich Financial Services AG		7,940		2,024,042

				3,811,494



Life Sciences Tools & Services (0.1%)
Lonza Group AG		2,665		368,388



Machinery (0.1%)
Schindler Holding AG		2,239		166,353
Sulzer AG		1,531		193,472

				359,825



Marine (0.0%)
Kuehne & Nagel International AG		3,017		285,543



Pharmaceuticals (2.1%)
Novartis AG		126,197		6,946,598
Roche Holding AG		38,224		6,873,299

				13,819,897



Semiconductors & Semiconductor Equipment (0.0%)
OC Oerlikon Corp. AG*		404		111,507



Textiles, Apparel & Luxury Goods (0.3%)
Compagnie Financiere Richemont SA		28,509		1,582,516
Swatch Group AG		1,940		90,518
Swatch Group AG		1,753		436,003

				2,109,037

				46,515,176



UNITED KINGDOM (21.5%)
Aerospace & Defense (0.4%)
BAE Systems PLC (a)		190,095		1,668,322
Cobham PLC (a)		50,358		197,628
Meggitt PLC (a)		37,702		159,029
Rolls-Royce Group PLC (a)		99,240		670,658
Rolls-Royce Group PLC, B Shares		3,749,580		7,467

				2,703,104



Airline (0.0%) (a)
British Airways PLC		33,418		142,321



Auto Components (0.0%) (a)
GKN PLC		38,317		169,098



Beverages (0.6%) (a)
Diageo PLC		138,882		2,544,175

2008 Semiannual Report 23

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT International Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED KINGDOM (continued)
Beverages (continued)

SABMiller PLC		48,870	$	1,116,391

				3,660,566



Capital Markets (0.3%) (a)
3i Group PLC		21,091		344,962
ICAP PLC		28,636		306,690
Investec PLC		15,788		96,119
Man Group PLC		92,986		1,148,549
Schroders PLC		6,854		124,095

				2,020,415



Chemicals (0.1%) (a)
Johnson Matthey PLC		11,779		430,968



Commercial Banks (3.1%)
Alliance & Leicester PLC (a)		21,812		127,283
Barclays PLC (a)		361,693		2,051,808
HBOS PLC (a)		202,653		1,109,353
HSBC Holdings PLC (a)		636,212		9,794,918
Lloyds TSB Group PLC (a)		305,333		1,873,071
Royal Bank of Scotland Group PLC (a)		870,036		3,703,413
Standard Chartered PLC		76,144		2,156,096

				20,815,942



Commercial Services & Supplies (0.2%) (a)
Capita Group PLC (The)		33,401		455,585
De La Rue PLC		1		17
G4S PLC		70,151		281,736
Hays PLC		53,272		95,497
Rentokil Initial PLC		101,990		200,861
Serco Group PLC		25,160		223,239

				1,256,935



Construction & Engineering (0.1%) (a)
AMEC PLC		18,243		321,425
Balfour Beatty PLC		26,846		225,809

				547,234



Containers & Packaging (0.0%) (a)
Rexam PLC		34,593		265,713



Distributor (0.0%) (a)
Inchcape PLC		24,916		157,686



Diversified Financial Services (0.0%) (a)
London Stock Exchange Group PLC		8,460		130,609



Diversified Telecommunication Services (0.3%) (a)
BT Group PLC		425,859		1,686,915
Cable & Wireless PLC		136,147		406,897

				2,093,812



Electric Utilities (0.3%) (a)
British Energy Group PLC		56,014		787,911
Scottish & Southern Energy PLC		46,863		1,305,576

				2,093,487



Food & Staples Retailing (0.6%) (a)
J Sainsbury PLC		57,202		361,061
Tesco PLC		424,235		3,102,611
WM Morrison Supermarkets PLC		131,382		692,516

				4,156,188



Food Products (0.5%) (a)
Associated British Foods PLC		17,224		259,411
Cadbury PLC		73,385		920,390
Tate & Lyle PLC		25,567		201,443
Unilever PLC		70,184		1,993,819

				3,375,063



Health Care Equipment & Supplies (0.1%) (a)
Smith & Nephew PLC		48,610		533,257



Hotels, Restaurants & Leisure (0.3%) (a)
Carnival PLC		8,943		283,893
Compass Group PLC		101,020		759,774
Enterprise Inns PLC		19,064		153,399
Intercontinental Hotels Group PLC		14,842		197,792
Ladbrokes PLC		34,175		173,623
Mitchells & Butlers PLC		23,252		94,413
Punch Taverns PLC		10,352		64,328
Thomas Cook Group PLC		20,506		95,058
TUI Travel PLC		20,557		83,528
Whitbread PLC		9,791		238,736
William Hill PLC		20,082		127,344

				2,271,888



Household Durables (0.0%) (a)
Berkeley Group Holdings PLC*		3,149		42,512
Persimmon PLC		17,151		107,335
Taylor Wimpey PLC		62,410		76,443

				226,290



Household Products (0.2%) (a)
Reckitt Benckiser Group PLC		32,655		1,649,141



Independent Power Producers & Energy Traders (0.1%) (a)
International Power PLC		81,935		701,828

24 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED KINGDOM (continued)

Industrial Conglomerates (0.1%) (a)
Smiths Group PLC		21,255	$	457,919
Tomkins PLC		50,496		151,160

				609,079



Information Technology Services (0.0%) (a)
LogicaCMG PLC		81,821		175,182



Insurance (0.8%) (a)
Aviva PLC		141,974		1,407,375
Friends Provident PLC		128,734		260,286
Legal & General Group PLC		335,045		664,759
Old Mutual PLC		271,296		497,967
Prudential PLC		133,664		1,409,684
Royal & Sun Alliance Insurance Group PLC		178,218		443,631
Standard Life PLC		107,826		448,212

				5,131,914



Internet & Catalog Retail (0.0%) (a)
Home Retail Group PLC		49,090		212,102



Machinery (0.1%) (a)
IMI PLC		16,889		145,830
Invensys PLC*		43,857		226,580

				372,410



Media (0.5%) (a)
British Sky Broadcasting Group PLC		62,079		581,775
Daily Mail & General Trust, Class A		16,551		102,813
ITV PLC		138,305		122,449
Pearson PLC		44,173		538,229
Reed Elsevier PLC		59,950		683,081
Thomson Reuters PLC		11,188		298,343
United Business Media PLC		13,284		143,275
WPP Group PLC		61,074		583,530

				3,053,495



Metals & Mining (3.1%) (a)
Anglo American PLC		71,172		4,998,094
Antofagasta PLC		21,703		282,164
BHP Billiton PLC		119,022		4,563,947
Eurasian Natural Resources Corp.*		16,181		426,280
Kazakhmys PLC		11,256		354,857
Lonmin PLC		8,520		537,599
Rio Tinto PLC		53,673		6,462,901
Vedanta Resources PLC		7,877		340,133
Xstrata PLC		34,249		2,727,961

				20,693,936

Multi-Utility (0.6%) (a)
Centrica PLC		199,438		1,226,493
National Grid PLC		136,514		1,789,246
United Utilities PLC		48,017		653,337

				3,669,076



Multiline Retail (0.1%) (a)
Marks & Spencer Group PLC		87,879		571,367
Next PLC		11,177		214,835

				786,202



Oil, Gas & Consumable Fuels (4.7%) (a)
BG Group PLC		180,324		4,685,599
BP PLC		1,012,640		11,735,681
Cairn Energy PLC*		7,137		457,998
Royal Dutch Shell PLC, Class A		190,639		7,813,635
Royal Dutch Shell PLC, Class B		147,474		5,904,607
Tullow Oil PLC		39,087		742,677

				31,340,197



Paper & Forest Products (0.0%) (a)
Mondi PLC		16,251		95,372



Pharmaceuticals (1.6%) (a)
AstraZeneca PLC		78,623		3,342,516
GlaxoSmithKline PLC		293,474		6,486,689
Shire Ltd.		30,596		500,105

				10,329,310



Real Estate Investment Trusts (REITs) (0.3%) (a)
British Land Co. PLC		28,052		394,433
Hammerson PLC		15,999		283,346
Land Securities Group PLC		25,350		618,540
Liberty International PLC		14,061		239,948
Segro PLC		24,612		192,427

				1,728,694



Road & Rail (0.1%) (a)
Firstgroup PLC		26,730		275,615
National Express Group PLC		7,504		141,538
Stagecoach Group PLC		30,386		168,518

				585,671



Software (0.0%) (a)
Sage Group PLC		72,194		298,834



Specialty Retail (0.1%) (a)
Carphone Warehouse Group PLC		23,757		93,344
Kingfisher PLC		129,502		287,070

				380,414

2008 Semiannual Report 25

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT International Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED KINGDOM (continued)

Textiles, Apparel & Luxury Goods (0.0%) (a)
Burberry Group PLC		24,401	$	219,438



Tobacco (0.7%) (a)
British American Tobacco PLC		80,777		2,785,973
Imperial Tobacco Group PLC		54,923		2,040,067

				4,826,040



Trading Companies & Distributors (0.1%) (a)
Bunzl PLC		14,523		188,611
Wolseley PLC		36,584		272,548

				461,159



Water Utility (0.1%) (a)
Severn Trent PLC		12,943		329,318



Wireless Telecommunication Services (1.3%) (a)
Vodafone Group PLC		2,846,057		8,384,365

				143,083,753



UNITED STATES (0.1%) (a)
Health Care Equipment & Supplies (0.1%)
Synthes, Inc.		3,286		452,075


Total Common Stocks				656,167,958


Preferred Stocks (0.4%) (a)

GERMANY (0.4%)
Automobiles (0.1%)
Bayerische Moteren Werke AG		18,155		872,206



Media (0.0%)
ProSiebenSat.1 Media AG		5,038		50,123



Multi-Utility (0.0%)
RWE AG		1,694		169,915



Household Products (0.1%)
Henkel KGaA		9,875		392,687



Automobiles (0.1%)
Volkswagen AG		5,518		798,713



Health Care Equipment & Supplies (0.1%)
Fresenius SE		4,308		373,599

				2,657,243



ITALY (0.0%)
Insurance (0.0%)
Unipol Gruppo Finanziario SpA		53,642		103,061

Diversified Financial Services (0.0%)
Istituto Finanziario Industriale SpA*		1,715		33,987

				137,048


Total Preferred Stocks				2,794,291


Exchange Traded Fund (0.5%)


UNITED STATES (0.5%)
iShares MSCI EAFE Index Fund		48,975		3,363,113


Total Exchange Traded Fund				3,363,113


Rights (0.0%)


UNITED KINGDOM (0.0%)
Barclays PLC		51,458		8,178
HBOS PLC		54,827		11,739


Total Rights				19,917


Repurchase Agreements (31.6%)


Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $89,478,136, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $91,261,716	$	89,472,271		89,472,271

26 Semiannual Report 2008


Repurchase Agreements (continued)
	Shares or
	Principal Amount		Value

UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $120,813,718, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $123,221,915	$	120,805,799	$	120,805,799


Total Repurchase Agreements				210,278,070


Total Investments (Cost $919,288,108) (c) — 131.2%				872,623,349

Liabilities in excess of other assets — (31.2)%				(207,378,748	)


NET ASSETS — 100.0%			$	665,244,601


*		Denotes a non-income producing security.

(a)		Fair Valued Security.

(b)		Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2008, all such securities in total represented 0.6% of net assets.

(c)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(d)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2008. The maturity date represents the actual maturity date.


FDR		Fiduciary Depositary Receipts

PPS		Price Protected Shares

RNC		Savings Shares

SDR		Swedish Depositary Receipts

At June 30, 2008, 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 Contracts:
Australian Dollar	08/14/08		(642,950	)	$	(607,415	)	$	(612,321	)	$	(4,906	)
Swiss Franc	08/14/08		(230,000	)		(220,506	)		(225,328	)		(4,822	)
Euro	08/14/08		(1,867,000	)		(2,894,367	)		(2,932,240	)		(37,873	)
British Pound	08/14/08		(812,700	)		(1,587,125	)		(1,612,758	)		(25,633	)
Japanese Yen	08/14/08		(247,317,000	)		(2,345,146	)		(2,343,098	)		2,048
Swedish Krone	08/14/08		(866,100	)		(144,033	)		(143,495	)		538

Total Short Contracts					$	(7,798,592	)	$	(7,869,240	)	$	(70,648	)

Long Contracts:
Australian Dollar	08/14/08		686,950			639,688			654,225			14,537
Swiss Franc	08/14/08		230,000			220,082			225,328			5,246
Euro	08/14/08		3,526,700			5,446,544			5,538,902			92,358
British Pound	08/14/08		1,064,700			2,071,982			2,112,838			40,856
Japanese Yen	08/14/08		303,128,000			2,886,334			2,862,506			(23,828	)
Swedish Krone	08/14/08		866,100			144,873			143,495			(1,378	)

Total Long Contracts					$	11,409,503		$	11,537,294		$	(127,791	)

At June 30, 2008, the Fund’s open futures contracts were as follows:


				Notional Value
Number of				Covered by		Unrealized
Contracts	Long Contracts	Expiration		Contracts		(Depreciation)

5	S&P SPI 200 IDX		09/30/08	$	622,119	$	(20,249	)
73	DJ EURO STOXX 50		09/19/08		3,884,446		(141,286	)
12	FTSE 100		09/19/08		1,349,823		(29,377	)
8	TOPIX INDX		09/12/08		993,501		(55,120	)
8	OMSX30 INDX		07/31/08		114,607		(10,580	)

				$	6,964,496	$	(256,612	)

See accompanying notes to financial statements.

2008 Semiannual Report 27

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	International
	Index Fund

Assets:
Investments, at value (cost $709,010,038)	$	662,345,279
Repurchase agreements, at cost and value		210,278,070

Total Investments		872,623,349

Cash		238
Deposits with broker for futures		1,000,000
Foreign currencies, at value (cost $2,893,246)		2,928,262
Interest and dividends receivable		937,451
Receivable for capital shares issued		305,822
Receivable for investments sold		5,889,179
Unrealized appreciation on futures contracts		27,131
Unrealized appreciation on forward foreign currency contracts		198,092
Unrealized appreciation on spot foreign currency contracts		12,072
Reclaims receivable		265,227
Prepaid expenses and other assets		13,670

Total Assets		884,200,493

Liabilities:
Payable for variation margin on futures contracts		58,826
Payable for investments purchased		218,225,268
Unrealized depreciation on forward foreign currency contracts		140,949
Unrealized depreciation on spot foreign currency contracts		322,810
Payable for capital shares redeemed		46,181
Accrued expenses and other payables:
Investment advisory fees		106,385
Fund administration and transfer agent fees		33,269
Distribution fees		8,274
Administrative services fees		8,218
Custodian fees		2,147
Trustee fees		1,494
Compliance program costs (Note 3)		439
Other		1,632

Total Liabilities		218,955,892

Net Assets	$	665,244,601

Represented by:
Capital	$	709,424,174
Accumulated net investment income		3,256,946
Accumulated net realized losses from investment, futures and foreign currency transactions		(713,871	)
Net unrealized appreciation/(depreciation) from investments, futures and translation of assets and liabilities denominated in foreign currencies		(46,722,648	)

Net Assets	$	665,244,601

See accompanying notes to financial statements.

28 Semiannual Report 2008

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT
	International
	Index Fund

INVESTMENT INCOME:
Interest income	$	134,842
Dividend income		8,980,222
Foreign tax withholding		(838,194	)

Total Income		8,276,870

Expenses:
Investment advisory fees		470,859
Fund administration and transfer agent fees		124,630
Distribution fees Class II Shares		21,322
Distribution fees Class VI Shares		2,249
Distribution fees Class VII Shares		2
Distribution fees Class VIII Shares		29,256
Administrative services fees Class II Shares		11,687
Administrative services fees Class VI Shares		1,260
Custodian fees		3,850
Trustee fees		7,753
Compliance program costs (Note 3)		351
Other		23,856

Total expenses before earnings credit and reimbursed expenses		697,075
Earnings credit (Note 6)		(1,074	)
Expenses reimbursed		(100	)

Net Expenses		695,901

Net Investment Income		7,580,969

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(1,171,788	)
Net realized losses from futures transactions		(307,281	)
Net realized gains from foreign currency transactions		369,794

Net realized losses from investments, futures and foreign currency transactions		(1,109,275	)
Net change in unrealized appreciation/(depreciation) from investments, futures and translation of assets and liabilities denominated in foreign currencies		(50,768,698	)

Net realized/unrealized losses from investments, futures and translation of assets and liabilities denominated in foreign currencies		(51,877,973	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(44,297,004	)

See accompanying notes to financial statements.

30 Semiannual Report 2008

Statements of Changes in Net Assets


	NVIT International Index Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	7,580,969		$	2,221,842
Net realized gains (losses) from investment, futures and foreign currency transactions		(1,109,275	)		325,499
Net change in unrealized appreciation/(depreciation) from investments, futures and translation of assets and liabilities denominated in foreign currencies		(50,768,698	)		534,048

Change in net assets resulting from operations		(44,297,004	)		3,081,389

Distributions to Shareholders From:
Net investment income:
Class II		(153,237	)		(183,464	)
Class VI		(18,387	)		(17,168	)
Class VII		(10	)		(17	)
Class VIII		(124,421	)		(145,849	)
Class Y (b)		(4,066,215	)		(1,838,567	)
Net realized gains:
Class II		–			(34,935	)
Class VI		–			(2,261	)
Class VII		–			(3	)
Class VIII		–			(20,711	)
Class Y (b)		–			(116,262	)

Change in net assets from shareholder distributions		(4,362,270	)		(2,359,237	)

Change in net assets from capital transactions		413,124,945			250,761,167

Change in net assets		364,465,671			251,483,319

Net Assets:
Beginning of period		300,778,930			49,295,611

End of period	$	665,244,601		$	300,778,930

Accumulated net investment income at end of period	$	3,256,946		$	38,247


CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	2,215,340		$	21,109,919
Dividends reinvested		153,237			218,399
Cost of shares redeemed		(3,961,663	)		(2,236,229	)

		(1,593,086	)		19,092,089

Class VI Shares
Proceeds from shares issued		1,022,120			1,473,005
Dividends reinvested		18,387			19,429
Cost of shares redeemed (a)		(520,768	)		(140,729	)

		519,739			1,351,705

Class VII Shares
Dividends reinvested		10			20



		10			20

See accompanying notes to financial statements.

2008 Semiannual Report 31

Statements of Changes in Net Assets (Continued)


	NVIT International Index Fund

	Six Months Ended			Year Ended
	June 30, 2008			December 31, 2007
	(Unaudited)

CAPITAL TRANSACTIONS: (continued)
Class VIII Shares
Proceeds from shares issued	$	2,108,838		$	13,026,433
Dividends reinvested		124,421			166,560
Cost of shares redeemed (a)		(3,739,624	)		(2,483,557	)

		(1,506,365	)		10,709,436

Class Y Shares (b)
Proceeds from shares issued		415,626,184			217,653,254
Dividends reinvested		4,066,215			1,954,800
Cost of shares redeemed		(3,987,752	)		(137	)

		415,704,647			219,607,917

Change in net assets from capital transactions	$	413,124,945		$	250,761,167


SHARE TRANSACTIONS:
Class II Shares
Issued		207,850			1,779,676
Reinvested		14,870			18,711
Redeemed		(356,257	)		(187,370	)

		(133,537	)		1,611,017

Class VI Shares
Issued		93,969			127,700
Reinvested		1,786			1,675
Redeemed		(48,690	)		(12,055	)

		47,065			117,320

Class VII Shares
Reinvested		1			2

		1			2

Class VIII Shares
Issued		196,070			1,106,902
Reinvested		12,085			14,372
Redeemed		(351,711	)		(218,981	)

		(143,556	)		902,293

Class Y Shares (b)
Issued		39,374,421			18,477,857
Reinvested		394,013			167,999
Redeemed		(359,339	)		(11	)

		39,409,095			18,645,845

Total change in shares		39,179,068			21,276,477


(a)		Includes redemption fees — see Note 4 to Financial Statements.

(b)		Effective May 1, 2008, Class ID Shares were renamed Class Y Shares.

See accompanying notes to financial statements.

32 Semiannual Report 2008

NVIT International Index Fund


			Investment Activities								Distributions														Ratios / Supplemental Data

					Net Realized																												Ratio of
					and																									Ratio of Net			Expenses
	Net Asset				Unrealized			Total																	Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net			Net						Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Gains			Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class II Shares
Six Months ended June 30, 2008 (Unaudited) (e)	$	11.63		0.21		(1.52	)		(1.31	)		(0.10	)		–			(0.10	)	$	10.22		(11.28	%)	$	15,097		0.75	%		3.98	%		0.75	%		4.15	%
Year ended December 31, 2007	$	10.82		0.17		0.86			1.03			(0.19	)		(0.03	)		(0.22	)	$	11.63		9.40	%	$	18,733		0.76	%		1.63	%		0.78	%		36.09	%
Period ended December 31, 2006 (f)	$	10.00		0.12		0.82			0.94			(0.12	)		–			(0.12	)	$	10.82		9.57	%	$	1		0.76	%		1.83	%		1.29	%		10.94	%

Class VI Shares
Six Months ended June 30, 2008 (Unaudited) (e)	$	11.62		0.21		(1.52	)		(1.31	)		(0.10	)		–			(0.10	)	$	10.21		(11.27	%)	$	2,008		0.75	%		4.00	%		0.75	%		4.15	%
Year ended December 31, 2007	$	10.81		0.19		0.84			1.03			(0.19	)		(0.03	)		(0.22	)	$	11.62		9.50	%	$	1,739		0.80	%		1.97	%		0.88	%		36.09	%
Period ended December 31, 2006 (f)	$	10.00		0.07		0.86			0.93			(0.12	)		–			(0.12	)	$	10.81		9.42	%	$	350		0.76	%		1.25	%		1.13	%		10.94	%

Class VII Shares
Six Months ended June 30, 2008 (Unaudited) (e)	$	11.65		0.22		(1.53	)		(1.31	)		(0.10	)		–			(0.10	)	$	10.24		(11.23	%)	$	1		0.65	%		4.03	%		0.66	%		4.15	%
Year ended December 31, 2007	$	10.82		0.24		0.79			1.03			(0.17	)		(0.03	)		(0.20	)	$	11.65		9.52	%	$	1		0.75	%		2.11	%		0.88	%		36.09	%
Period ended December 31, 2006 (f)	$	10.00		0.10		0.82			0.92			(0.10	)		–			(0.10	)	$	10.82		9.26	%	$	1		0.97	%		1.57	%		1.50	%		10.94	%

Class VIII Shares
Six Months ended June 30, 2008 (Unaudited) (e)	$	11.61		0.21		(1.51	)		(1.30	)		(0.10	)		–			(0.10	)	$	10.21		(11.23	%)	$	12,497		0.77	%		3.91	%		0.77	%		4.15	%
Year ended December 31, 2007	$	10.80		0.18		0.83			1.01			(0.17	)		(0.03	)		(0.20	)	$	11.61		9.39	%	$	15,887		0.82	%		1.87	%		0.91	%		36.09	%
Period ended December 31, 2006 (f)	$	10.00		0.07		0.85			0.92			(0.12	)		–			(0.12	)	$	10.80		9.30	%	$	5,031		0.88	%		0.98	%		1.35	%		10.94	%

Class Y Shares (g)
Six Months ended June 30, 2008 (Unaudited) (e)	$	11.65		0.24		(1.54	)		(1.30	)		(0.12	)		–			(0.12	)	$	10.23		(11.18	%)	$	635,642		0.36	%		4.40	%		0.36	%		4.15	%
Year ended December 31, 2007	$	10.83		0.20		0.87			1.07			(0.22	)		(0.03	)		(0.25	)	$	11.65		9.89	%	$	264,418		0.36	%		2.15	%		0.44	%		36.09	%
Period ended December 31, 2006 (f)	$	10.00		0.14		0.83			0.97			(0.14	)		–			(0.14	)	$	10.83		9.83	%	$	43,912		0.37	%		2.21	%		0.62	%		10.94	%


(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)	Net investment income (loss) is based on average shares outstanding during the period.
(f)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(g)	Effective May 1, 2008, Class ID shares were renamed Class Y shares.

See accompanying notes to financial statements.

2008 Semiannual Report 33

Notes to Financial Statements

June 30, 2008 (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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT International Index Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

34 Semiannual Report 2008

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining “Fair Value.” For example, fair value determinations may take into account 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 an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

2008 Semiannual Report 35

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


					Level 2 — Other Significant					Level 3 — Significant
Level 1 — Quoted Prices					Observable Inputs					Unobservable Inputs				Total
Investments		Other*			Investments		Other*			Investments		Other*		Investments		Other*

$	3,363,113	$	(256,612	)	$	869,260,236	$	(198,439	)	$	–	$	–	$	872,623,349	$	(455,051	)


*		Other financial instruments are derivative instruments not reflected in the Statement of Investments, such as futures, forwards, options, and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

36 Semiannual Report 2008

required to establish those positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on any such contract it has entered into.

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” payments, are made or received 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.


(f)	Written Options Contracts


(g)	Security Transactions and Investment Income


(h)	Securities Lending

2008 Semiannual Report 37

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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 the 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, 2008, the Fund did not have securities on loan.


(i)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(j)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.

38 Semiannual Report 2008


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.


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 $191,832 for the six months ended June 30, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA 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 in a given quarter is approved by the Board of Trustees on an advance 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, 2008, the cumulative potential reimbursements for all classes of the Fund would be:


Year ended		Period ended
December 31, 2007		June 30, 2008

$	85,973	$	100

2008 Semiannual Report 39

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“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. 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. NFD is a wholly-owned subsidiary of NFSDI.

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, 2008, NFS received $13,490 in Administrative Services fees from the Fund.

40 Semiannual Report 2008

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 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, 2008, Class VI and Class VIII shares had contributions to capital due to collection of redemption fees in the amount of $1,137 and $75, respectively.

For the year ended December 31, 2007, Class VI shares had contributions to capital due to collection of redemption fees in the amount of $4,270.

5. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $436,404,249 and sales of $15,493,493.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

7. Portfolio Investment Risks

2008 Semiannual Report 41

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

8. Indemnifications

9. New Accounting Pronouncements

10. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	919,881,990	$	13,714,595	$	(60,973,146)	$	(47,258,551)

42 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 43

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

44 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 45

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

46 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 47

Supplemental Information

(Unaudited)


A.	Renewal of Advisory (and Sub-advisory) Agreements

In preparation for the December 4, 2007 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, on a Fund-by-Fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2007) 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, on a Fund-by-Fund basis, each Fund’s performance (over multiple years ended September 30, 2007) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from 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, on a Fund-by-Fund basis, performance for the months of October and November, 2007, and annual performance for the year ended November 30, 2007, (v) reports from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a Fund-by-Fund basis, 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 the Funds, 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.

48 Semiannual Report 2008

The Trustees found that, although the Fund’s performance had been disappointing, the Fund recently had been launched, the Fund’s underperformance of its benchmark had been due in part to the small amount of assets in the Fund, and assets had been moving slowly from the Nationwide International Index Fund in order to control the tracking error. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Adviser and subadviser to improve performance in the recently-launched Fund, and based on the other factors considered, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

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. The Trustees found that the Fund’s total expenses compared with peer group funds were low, and the Adviser agreed to maintain the expense cap at 37 basis points (excluding certain Fund expenses as set forth in the Fund’s prospectus). Based on its review, the Board concluded that the Fund’s total expenses were reasonable in light of the services that the Fund and its shareholders receive and the other factors considered.

2008 Semiannual Report 49

NVIT Bond Index Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

35			Statement of Assets and Liabilities

36			Statement of Operations

37			Statement of Changes in Net Assets

38			Financial Highlights

39			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-BDX (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

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

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.


Shareholder	NVIT Bond Index Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008

Beginning

Ending

Expenses Paid

Expense Ratio

Account Value ($)

During Period ($)

During Period (%)

NVIT Bond Index Fund

01/01/08

06/30/08

01/01/08 - 06/30/08^a

Class Y

Actual

1,000.00

1,010.90

1.55

0.31

Hypothetical

1,000.00

1,023.32

1.56

0.31


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	NVIT Bond Index Fund

June 30, 2008 (Unaudited)


Asset Allocation

U.S. Government Sponsored & Agency Obligations			37.4%
U.S. Government Mortgage Backed Agencies			37.3%
Corporate Bonds			18.6%
Commercial Mortgage Backed Securities			7.8%
Sovereign Bonds			3.2%
Yankee Dollars			2.2%
Asset-Backed Securities			1.8%
Repurchase Agreements			1.7%
Collateralized Mortgage Obligations			0.6%
Municipal Bonds			0.1%
Liabilities in excess of other assets			-10.7%

			100.0%


Top Industries

Banks			8.2%
Diversified Financial Services			4.3%
Other Financial			3.7%
Telecommunications			1.3%
Oil, Gas & Consumable Fuels			1.1%
Other Utilities			0.9%
Specialty Retail			0.9%
Media			0.8%
Insurance			0.8%
Auto Loans			0.8%
Other			77.2%

			100.0%


Top Holdings*

Federal Home Loan Mortgage Corp., 6.00%, 07/15/37			4.2%
Fannie Mae Pool, Pool #888233, 5.00%, 11/01/35			3.8%
U.S. Treasury Notes, 4.50%, 09/30/11			3.0%
U.S. Treasury Notes, 3.63%, 10/31/09			2.7%
Federal National Mortgage Association TBA, 5.50%, 07/15/37			2.4%
Federal Home Loan Mortgage Corp. TBA, 4.50%, 07/01/20			1.9%
U.S. Treasury Bond, 6.25%, 08/15/23			1.8%
U.S. Treasury Notes, 4.75%, 02/15/10			1.8%
U.S. Treasury Notes, 2.75%, 02/28/13			1.7%
Federal National Mortgage Association TBA, 6.00%, 07/15/37			1.7%
Other			75.0%

			100.0%


*		For purpose of listing top holdings, repurchase agreements are included as part of Other.

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Bond Index Fund


Asset-Backed Securities (1.8%)
	Shares or
	Principal Amount		Value


Auto Loans (0.8%)
Honda Auto Receivables Owner Trust, Series 2006-3, Class A3, 5.12%, 10/15/10	$	8,072,211	$	8,154,341
Nissan Auto Receivables Owner Trust, Series 2006-A, Class A3, 4.74%, 09/15/09		3,295,062		3,309,230

				11,463,571



Credit Card Loans (0.5%) (a)
Citibank Credit Card Issuance Trust, Series 2006-A4, Class A4, 5.45%, 05/10/13		7,006,000		7,173,943



Home Equity Loans (0.5%) (a)
Aegis Asset Backed Securities Trust, Series 2006-1, Class A1, 2.47%, 01/25/37		3,887,664		3,785,059
Fremont Home Loan Trust, Series 2005-E, Class 2A2, 2.56%, 01/25/36		360,314		359,862
Residential Accredit Loans, Inc., Series 2006-QA9, Class A1, 2.57%, 11/25/36		6,815,101		4,224,971

				8,369,892


Total Asset-Backed Securities				27,007,406


Collateralized Debt Obligation (0.0%) (b)


Insurance (0.0%)
North Front Pass-Through Trust, 5.81%, 12/15/24		295,000		274,439


Collateralized Mortgage Obligations (0.6%) (a)


Banks (0.6%)
Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-4, Class 22A1, 6.00%, 06/25/47		2,572,915		2,368,519
Merrill Lynch Mortgage Investors, Inc., Series 2005-A7, Class 2A1, 5.40%, 09/25/35		6,296,250		5,939,343


Total Collateralized Mortgage Obligations				8,307,862


Commercial Mortgage Backed Securities (7.8%)


Banks (3.7%)
Banc of America Commercial Mortgage, Inc.
Series 2005-4, Class A5A, 4.84%, 07/10/45		2,784,000		2,632,654
Series 2006-6, Class A4, 5.36%, 10/10/45		4,070,000		3,849,979
First Union National Bank Commercial Mortgage, Series 2000-C2, Class A2, 7.20%, 10/15/32		4,400,185		4,559,147
First Union National Bank-Bank of America Commercial Mortgage Trust, Series 2001-C1, Class A2, 6.14%, 03/15/33		3,020,831		3,075,027
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2005-FL1A, Class A2, 2.65%, 02/15/19 (a)(b)		14,375,000		13,928,190
Series 2001-CIBC, Class B, 6.45%, 03/15/33		3,746,000		3,840,409
Series 2001-CIB3, Class A3, 6.47%, 11/15/35		3,256,000		3,345,082
Series 2001-CIB3, Class C, 7.09%, 11/15/35 (a)(b)		1,858,000		1,936,716
Series 2005-LDP4, Class AM, 5.00%, 10/15/42 (a)		2,224,000		2,073,469
Series 2006-LDP7, Class A4, 6.07%, 04/15/45 (a)		3,339,000		3,279,847
Wachovia Bank Commercial Mortgage Trust
Series 2002-C1, Class C, 7.12%, 04/15/34		1,711,000		1,763,019
Series 2006-C29, Class A4, 5.31%, 11/15/48		2,950,000		2,765,433
Series 2007-C32, Class A3, 5.74%, 06/15/49 (a)		7,500,000		7,116,415

				54,165,387

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Bond Index Fund (Continued)


Commercial Mortgage Backed Securities (continued)
	Shares or
	Principal Amount		Value


Diversified Financial Services (2.7%)
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR8, Class AJ, 4.66%, 06/11/41	$	1,991,000	$	1,700,824
CS First Boston Mortgage Securities Corp.
Series 2001-CK1, Class C, 6.73%, 12/18/35		2,988,000		3,080,409
Series 2002-CKS4, Class A2, 5.18%, 11/15/36		2,950,000		2,914,552
Greenwich Capital Commercial Funding Corp.
Series 2006-GG7, Class A4, 6.11%, 07/10/38 (a)		8,680,000		8,562,566
Series 2007-GG9, Class A4, 5.44%, 03/10/39		7,380,000		6,876,632
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A5, 5.28%, 08/10/38 (a)		3,067,000		3,008,624
LB-UBS Commercial Mortgage Trust, Series 2003-C8, Class A4, 5.12%, 11/15/32		3,109,000		3,032,149
Morgan Stanley Capital I
Series 1999-WF1, Class B, 6.20%, 11/15/31		6,488,000		6,499,187
Series 1999-RM1, Class A2, 6.71%, 12/15/31		1,326,461		1,329,443
Series 2005-T19, Class A2, 4.73%, 06/12/47		3,097,000		3,073,230

				40,077,616



Electric Power (0.2%)
GE Capital Commercial Mortgage Corp., Series 2005-C1, Class A2, 4.35%, 06/10/48		3,539,000		3,509,789



Hotels, Restaurants & Leisure (0.6%) (a) (b)
TW Hotel Funding 2005 LLC, Series 2005-LUX, Class A1, 2.72%, 01/15/21		9,567,310		9,280,064



Mortgage-Backed (0.6%) (a)
Commercial Mortgage Pass Through Certificates, Series 2005-LP5, Class A4, 4.98%, 05/10/43		8,820,000		8,391,617


Total Commercial Mortgage Backed Securities				115,424,473

Corporate Bonds (18.6%)
	Shares or
	Principal Amount		Value




Aerospace & Defense (0.1%)
Boeing Co., 6.13%, 02/15/33	$	295,000	$	298,547
Lockheed Martin Corp.
7.65%, 05/01/16		177,000		201,011
Series B, 6.15%, 09/01/36		354,000		350,225

				849,783



Airlines (0.1%)
United Technologies Corp.
6.35%, 03/01/11		398,000		418,793
4.88%, 05/01/15		795,000		790,236
5.40%, 05/01/35		442,000		410,694

				1,619,723



Auto Components (0.0%)
Johnson Controls, Inc.
5.25%, 01/15/11		177,000		178,996
4.88%, 09/15/13		177,000		177,265

				356,261



Banks (3.5%)
Bank of America Corp.
6.60%, 05/15/10		118,000		121,098
4.50%, 08/01/10		206,000		205,923
4.38%, 12/01/10		590,000		587,992
5.38%, 08/15/11		383,000		388,543
4.88%, 09/15/12		289,000		283,823
4.88%, 01/15/13		649,000		631,850
4.75%, 08/01/15		619,000		579,182
5.25%, 12/01/15		737,000		708,820
6.00%, 06/15/16		295,000		286,850
5.63%, 10/14/16		2,655,000		2,543,912
5.30%, 03/15/17		200,000		183,590
Bank of Tokyo-Mitsubishi UFJ Ltd., 7.40%, 06/15/11		354,000		374,578
Bank One Corp.
7.88%, 08/01/10		59,000		62,452
5.25%, 01/30/13		147,000		144,560
8.00%, 04/29/27		290,000		313,979
BB&T Corp.
6.50%, 08/01/11		2,242,000		2,271,973
4.75%, 10/01/12		236,000		227,188
Capital One Bank USA NA
5.75%, 09/15/10		236,000		235,166
5.13%, 02/15/14		765,000		743,743
Capital One Financial Corp.
5.50%, 06/01/15		442,000		397,429
5.25%, 02/21/17		304,000		268,865
Charter One Bank NA, 6.38%, 05/15/12		700,000		713,778
Citigroup, Inc.
4.13%, 02/22/10		531,000		526,083
4.63%, 08/03/10		324,000		322,656
6.50%, 01/18/11		133,000		136,780

6 Semiannual Report 2008


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value


Banks (continued)

5.13%, 02/14/11	$	88,000	$	87,665
6.00%, 02/21/12		147,000		148,188
5.25%, 02/27/12		1,750,000		1,727,255
5.63%, 08/27/12		295,000		290,224
5.30%, 01/07/16		3,354,000		3,131,516
5.85%, 08/02/16		413,000		400,403
6.63%, 06/15/32		333,000		303,909
5.88%, 02/22/33		118,000		97,614
5.85%, 12/11/34		900,000		758,131
5.88%, 05/29/37		250,000		212,588
Comerica, Inc., 4.80%, 05/01/15		177,000		157,116
Deutsche Bank AG, 4.88%, 05/20/13		1,250,000		1,229,635
FIA Card Services NA, 4.63%, 08/03/09 (b)		1,256,000		1,253,014
Fifth Third Bank, 4.20%, 02/23/10		1,018,000		976,470
Golden West Financial Corp., 4.75%, 10/01/12		156,000		149,553
HSBC Bank USA NA
3.88%, 09/15/09		1,047,000		1,034,178
4.63%, 04/01/14		590,000		560,344
6.00%, 08/09/17		350,000		348,150
5.88%, 11/01/34		717,000		627,218
5.63%, 08/15/35		750,000		631,767
HSBC Holdings PLC, 6.50%, 05/02/36		400,000		371,907
Huntington National Bank (The), 5.50%, 02/15/16		300,000		250,422
JPMorgan Chase & Co.
4.50%, 11/15/10		1,622,000		1,618,316
4.60%, 01/17/11		590,000		588,445
5.60%, 06/01/11		2,065,000		2,093,293
6.63%, 03/15/12		643,000		663,076
4.75%, 03/01/15		254,000		239,596
5.15%, 10/01/15		501,000		482,390
5.88%, 06/13/16		442,000		431,600
6.00%, 10/01/17		1,000,000		971,443
6.00%, 01/15/18		1,250,000		1,217,678
KeyBank NA
5.70%, 08/15/12		265,000		248,399
5.80%, 07/01/14		147,000		125,810
6.95%, 02/01/28		225,000		201,770
Marshall & Ilsley Bank, 5.25%, 09/04/12		162,000		156,653
MBNA Corp., 5.00%, 05/04/10		324,000		327,910
National City Bank
4.25%, 01/29/10		150,000		139,601
6.20%, 12/15/11		300,000		262,715
National City Corp., 4.90%, 01/15/15		354,000		269,242
PNC Funding Corp., 5.25%, 11/15/15		354,000		327,920
Regions Financial Corp., 6.38%, 05/15/12		1,268,000		1,249,412
SunTrust Bank
5.20%, 01/17/17		177,000		159,110
5.45%, 12/01/17		183,000		163,929
Synovus Financial Corp., 4.88%, 02/15/13		88,000		80,277
UBS AG, 5.88%, 12/20/17		350,000		340,463
Union Planters Corp., 4.38%, 12/01/10		88,000		86,123
UnionBanCal Corp., 5.25%, 12/16/13		206,000		194,161
US BanCorp, Series P, 4.50%, 07/29/10		295,000		298,850
US Bank NA
6.38%, 08/01/11		501,000		523,289
4.95%, 10/30/14		265,000		261,265
4.80%, 04/15/15		133,000		128,252
Wachovia Corp.
5.30%, 10/15/11		2,065,000		2,019,116
4.88%, 02/15/14		183,000		167,145
5.60%, 03/15/16		708,000		657,478
5.50%, 08/01/35		487,000		368,023
6.60%, 01/15/38		900,000		784,251
Washington Mutual, Inc.
4.00%, 01/15/09		295,000		286,150
5.50%, 01/15/13		263,000		210,400
5.13%, 01/15/15		1,032,000		794,640
Wells Fargo & Co.
4.20%, 01/15/10		472,000		473,376
4.63%, 08/09/10		370,000		373,732
6.45%, 02/01/11		849,000		887,201
5.13%, 09/15/16		206,000		195,841
5.38%, 02/07/35		457,000		395,290
5.95%, 08/26/36		2,750,000		2,574,578

				52,046,289



Beverages (0.2%)
Anheuser-Busch Cos., Inc.
4.38%, 01/15/13		29,000		27,550
5.00%, 03/01/19		236,000		206,084
5.75%, 04/01/36		324,000		280,677
6.00%, 11/01/41		147,000		126,765
Bottling Group LLC, 4.63%, 11/15/12		413,000		417,617
Coca-Cola Bottling Co. Consolidated, 5.00%, 11/15/12		88,000		85,808

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Bond Index Fund (Continued)


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value


Beverages (continued)

Coca-Cola Enterprises, Inc.
8.50%, 02/01/12	$	354,000	$	397,062
6.95%, 11/15/26		147,000		159,312
6.75%, 09/15/28		351,000		373,023
Miller Brewing Co., 5.50%, 08/15/13 (b)		147,000		150,232
Pepsi Bottling Group, Inc., Series B, 7.00%, 03/01/29		206,000		227,587
PepsiAmericas, Inc., 4.88%, 01/15/15		442,000		425,435

				2,877,152



Building Products (0.0%)
Stanley Works (The), 4.90%, 11/01/12		133,000		129,754



Chemicals (0.2%)
Albemarle Corp., 5.10%, 02/01/15		118,000		111,396
Clorox Co., 4.20%, 01/15/10		313,000		310,423
Cytec Industries, Inc., 6.00%, 10/01/15		162,000		158,421
Dow Chemical Co. (The), 6.00%, 10/01/12		590,000		611,347
EI Du Pont de Nemours & Co., 5.25%, 12/15/16		885,000		889,170
Lubrizol Corp.
5.50%, 10/01/14		354,000		338,024
6.50%, 10/01/34		147,000		133,640
Praxair, Inc., 3.95%, 06/01/13		177,000		170,343
Rohm & Haas Co., 7.85%, 07/15/29		118,000		127,046
Sealed Air Corp., 6.95%, 05/15/09 (b)		152,000		154,098

				3,003,908



Consumer Goods (0.2%)
Cadbury Schweppes US Finance LLC, 5.13%, 10/01/13 (b)		177,000		169,392
Fortune Brands, Inc.
5.13%, 01/15/11		413,000		410,804
5.38%, 01/15/16		265,000		248,166
Procter & Gamble Co.
6.88%, 09/15/09		189,000		196,950
4.95%, 08/15/14		295,000		304,665
4.85%, 12/15/15		177,000		177,753
6.45%, 01/15/26		700,000		743,994
5.80%, 08/15/34		545,000		547,886

				2,799,610



Containers & Packaging (0.0%)
Newell Rubbermaid, Inc., 4.00%, 05/01/10		88,000		86,240



Diversified Financial Services (1.5%)
Bear Stearns Cos., Inc. (The)
Series B, 4.55%, 06/23/10		3,657,000		3,626,215
5.70%, 11/15/14		369,000		356,608
5.30%, 10/30/15		177,000		165,677
4.65%, 07/02/18		354,000		298,054
Goldman Sachs Group, Inc. (The) 6.60%, 01/15/12		103,000		105,913
5.25%, 04/01/13		664,000		652,136
5.25%, 10/15/13		870,000		851,608
5.13%, 01/15/15		664,000		635,581
5.35%, 01/15/16		1,077,000		1,025,359
5.75%, 10/01/16		1,000,000		969,919
5.63%, 01/15/17		2,100,000		1,945,770
6.13%, 02/15/33		1,150,000		1,030,100
6.75%, 10/01/37		500,000		457,373
Jefferies Group, Inc., 6.25%, 01/15/36		177,000		129,363
Lehman Brothers Holdings, Inc. 4.25%, 01/27/10		457,000		444,974
7.88%, 08/15/10		57,000		58,645
6.00%, 07/19/12		525,000		508,277
Series G, 4.80%, 03/13/14		737,000		661,712
5.50%, 04/04/16		1,475,000		1,332,072
5.75%, 01/03/17		800,000		705,974
6.88%, 07/17/37		250,000		215,199
Morgan Stanley
5.05%, 01/21/11		1,030,000		1,018,253
6.60%, 04/01/12		501,000		509,377
5.30%, 03/01/13		664,000		639,802
4.75%, 04/01/14		590,000		537,626
5.45%, 01/09/17		2,655,000		2,411,348
7.25%, 04/01/32		324,000		312,596

				21,605,531



Diversified Manufacturing (0.5%)
3M Co, 5.70%, 03/15/37		1,750,000		1,767,171
Exelon Corp. 4.90%, 06/15/15		413,000		380,015
5.63%, 06/15/35		836,000		720,560
Honeywell International, Inc. 6.13%, 11/01/11		147,000		155,950
5.40%, 03/15/16		705,000		715,587
International Paper Co. 4.00%, 04/01/10		501,000		485,031

8 Semiannual Report 2008


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value


Diversified Manufacturing (continued)

5.93%, 10/30/12	$	43,000	$	41,425
5.30%, 04/01/15		206,000		181,574
Kimberly-Clark Corp.
5.63%, 02/15/12		295,000		306,331
4.88%, 08/15/15		800,000		787,883
Masco Corp.
5.88%, 07/15/12		212,000		202,443
4.80%, 06/15/15		354,000		308,297
6.13%, 10/03/16		585,000		530,089
Pitney Bowes, Inc.
4.75%, 01/15/16		295,000		276,603
4.75%, 05/15/18		88,000		81,375
Westvaco Corp., 7.95%, 02/15/31		118,000		110,322
Weyerhaeuser Co.
6.75%, 03/15/12		782,000		805,398
7.38%, 03/15/32		221,000		219,204

				8,075,258



Electric Utilities (0.5%)
Alabama Power Co., 5.70%, 02/15/33		574,000		547,489
Appalachian Power Co., Series L, 5.80%, 10/01/35		206,000		175,352
Arizona Public Service Co., 5.50%, 09/01/35		215,000		162,749
Baltimore Gas & Electric Co., 5.90%, 10/01/16		1,135,000		1,096,975
Commonwealth Edison Co., Series 98, 6.15%, 03/15/12		118,000		120,540
Consolidated Edison Co. of New York, Inc.
Series 04-C, 4.70%, 06/15/09		147,000		148,536
Series 99-B, 7.15%, 12/01/09		35,000		36,585
Series 02-B, 4.88%, 02/01/13		124,000		122,540
Series 05-C, 5.38%, 12/15/15		177,000		175,891
Series 03-A, 5.88%, 04/01/33		118,000		109,202
Consumers Energy Co., Series F, 4.00%, 05/15/10		238,000		236,218
Florida Power & Light Co.
4.85%, 02/01/13		147,000		147,377
5.85%, 02/01/33		100,000		97,415
5.95%, 10/01/33		77,000		75,972
5.40%, 09/01/35		130,000		118,741
5.65%, 02/01/37		450,000		425,465
Florida Power Corp., 5.90%, 03/01/33		568,000		546,350
Georgia Power Co., Series K, 5.13%, 11/15/12		106,000		107,603
Metropolitan Edison Co., 4.88%, 04/01/14		236,000		222,821
Ohio Power Co.
Series K, 6.00%, 06/01/16		751,000		744,994
Series G, 6.60%, 02/15/33		236,000		225,421
Pacific Gas & Electric Co., 4.20%, 03/01/11		708,000		702,063
PSEG Power LLC
6.95%, 06/01/12		74,000		77,630
5.50%, 12/01/15		413,000		397,710
Public Service Electric & Gas Co., Series B, 5.13%, 09/01/12		195,000		197,088
Puget Sound Energy, Inc., 5.48%, 06/01/35		147,000		123,497
Southern Power Co., Series B, 6.25%, 07/15/12		251,000		261,528
Wisconsin Electric Power Co., 5.63%, 05/15/33		59,000		54,491

				7,458,243



Electronic Equipment & Instruments (0.2%)
Cooper Industries, Inc., 5.50%, 11/01/09		103,000		105,156
General Electric Co., 5.00%, 02/01/13		929,000		935,687
Motorola, Inc.
7.63%, 11/15/10		159,000		162,081
7.50%, 05/15/25		206,000		192,687
Northrop Grumman Systems Corp.
7.13%, 02/15/11		611,000		651,350
7.75%, 02/15/31		118,000		138,925
Raytheon Co.
5.50%, 11/15/12		88,000		90,238
6.40%, 12/15/18		206,000		216,925
7.00%, 11/01/28		133,000		141,985
Rockwell Collins, Inc., 4.75%, 12/01/13		295,000		289,461

				2,924,495



Food Processors (0.5%)
Archer-Daniels-Midland Co.
5.94%, 10/01/32		345,000		331,483
5.38%, 09/15/35		147,000		128,879
Campbell Soup Co., 4.88%, 10/01/13		236,000		236,224
ConAgra Foods, Inc.
6.75%, 09/15/11		88,000		91,633
7.00%, 10/01/28		221,000		227,513

2008 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Bond Index Fund (Continued)


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value


Food Processors (continued)

General Mills, Inc., 6.00%, 02/15/12	$	267,000	$	274,548
Hershey Co. (The), 5.45%, 09/01/16		383,000		382,221
Kellogg Co., Series B, 7.45%, 04/01/31		147,000		165,532
Kraft Foods, Inc.
4.13%, 11/12/09		590,000		589,115
5.63%, 11/01/11		468,000		472,188
6.00%, 02/11/13		1,000,000		1,010,322
6.50%, 11/01/31		189,000		174,930
7.00%, 08/11/37		2,000,000		1,980,180
Sara Lee Corp., 6.25%, 09/15/11		251,000		256,976
SYSCO Corp., 5.38%, 09/21/35		106,000		95,458
Unilever Capital Corp.
7.13%, 11/01/10		324,000		345,746
5.90%, 11/15/32		206,000		198,692
WM Wrigley Jr Co., 4.65%, 07/15/15		215,000		208,276

				7,169,916



Gas Distribution (0.2%)
Southern California Gas Co., 4.80%, 10/01/12		383,000		381,434
Texas Eastern Transmission LP, 7.30%, 12/01/10		2,275,000		2,428,685

				2,810,119



Health Care Equipment & Supplies (0.1%)
Baxter International, Inc., 4.63%, 03/15/15		77,000		73,274
Johnson & Johnson, 4.95%, 05/15/33		663,000		605,489
Medtronic, Inc., Series B, 4.38%, 09/15/10		186,000		188,921

				867,684



Health Care Providers & Services (0.0%)
Quest Diagnostics, Inc., 5.45%, 11/01/15		324,000		306,578



Home Builder (0.0%)
MDC Holdings, Inc., 5.50%, 05/15/13		147,000		141,589



Hotels, Restaurants & Leisure (0.0%)
Yum! Brands, Inc., 8.88%, 04/15/11		118,000		127,546



Independent Finance (0.2%)
Credit Suisse USA, Inc.
4.13%, 01/15/10		398,000		396,592
6.13%, 11/15/11		265,000		272,069
6.50%, 01/15/12		354,000		367,365
5.13%, 01/15/14		171,000		168,533
5.85%, 08/16/16		400,000		395,677
7.13%, 07/15/32		855,000		905,491

				2,505,727



Industrial Conglomerates (0.0%)
Goodrich Corp.
6.29%, 07/01/16		354,000		359,769
6.80%, 07/01/36		185,000		187,794

				547,563



Insurance (0.7%)
Ace INA Holdings, Inc., 5.88%, 06/15/14		560,000		561,361
Aetna, Inc., 6.00%, 06/15/16		1,100,000		1,088,184
American General Corp., 7.50%, 07/15/25		147,000		142,061
AXA Financial, Inc.
7.75%, 08/01/10		265,000		279,396
7.00%, 04/01/28		133,000		133,404
Chubb Corp., 6.00%, 05/11/37		1,065,000		968,982
Farmers Insurance Exchange, 8.63%, 05/01/24 (b)		400,000		418,361
Genworth Financial, Inc.
5.75%, 06/15/14		88,000		85,299
6.50%, 06/15/34		206,000		181,536
Hartford Financial Services Group, Inc.
4.75%, 03/01/14		118,000		109,269
6.10%, 10/01/41		59,000		51,769
Infinity Property & Casualty Corp., Series B, 5.50%, 02/18/14		118,000		114,484
Lincoln National Corp., 6.15%, 04/07/36		590,000		543,713
Marsh & McLennan Cos., Inc.
6.25%, 03/15/12		103,000		105,593
5.75%, 09/15/15		543,000		538,361
MetLife, Inc. 6.13%, 12/01/11		640,000		666,385
5.50%, 06/15/14		265,000		265,571
5.70%, 06/15/35		659,000		581,074
New York Life Insurance Co., 5.88%, 05/15/33 (b)		200,000		188,658
NLV Financial Corp., 7.50%, 08/15/33 (b)		74,000		69,839

10 Semiannual Report 2008


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value


Insurance (continued)

Progressive Corp. (The), 6.25%, 12/01/32	$	162,000	$	156,600
RLI Corp., 5.95%, 01/15/14		118,000		114,062
Travelers Cos., Inc. (The), 5.75%, 12/15/17		585,000		567,800
Travelers Property Casualty Corp., 6.38%, 03/15/33		192,000		183,379
UnitedHealth Group, Inc.
5.38%, 03/15/16		295,000		277,154
5.80%, 03/15/36		708,000		586,006
WellPoint, Inc.
5.00%, 12/15/14		1,036,000		972,128
5.25%, 01/15/16		324,000		304,527
5.95%, 12/15/34		118,000		102,026
WR Berkley Corp., 5.13%, 09/30/10		103,000		102,959

				10,459,941



Leasing (0.1%)
International Lease Finance Corp.
3.50%, 04/01/09		295,000		287,422
5.00%, 04/15/10		590,000		571,925

				859,347



Leisure Equipment & Products (0.0%)
Walt Disney Co. (The), Series B
6.38%, Series B, 03/01/12		139,000		147,884
6.20%, Series B, 06/20/14		413,000		445,141

				593,025



Machinery (0.2%)
Black & Decker Corp., 4.75%, 11/01/14		230,000		210,476
Caterpillar, Inc.
7.30%, 05/01/31		100,000		114,669
6.05%, 08/15/36		177,000		175,803
Deere & Co.
6.95%, 04/25/14		159,000		174,195
8.10%, 05/15/30		500,000		605,996
Dover Corp., 4.88%, 10/15/15		224,000		217,906
Emerson Electric Co.
4.50%, 05/01/13		1,250,000		1,237,115
6.00%, 08/15/32		83,000		82,159

				2,818,319



Media (0.8%)
CBS Corp.
5.63%, 08/15/12		590,000		582,201
7.88%, 07/30/30		80,000		77,517
5.50%, 05/15/33		118,000		92,112
Comcast Cable Communications Holdings, Inc.
8.38%, 03/15/13		236,000		259,781
9.46%, 11/15/22		118,000		142,660
Comcast Cable Communications LLC, 6.88%, 06/15/09		472,000		484,736
Comcast Cable Holdings LLC, 9.80%, 02/01/12		307,000		346,056
Comcast Corp.
5.85%, 01/15/10		864,000		877,239
5.90%, 03/15/16		413,000		403,537
6.50%, 01/15/17		1,013,000		1,019,021
7.05%, 03/15/33		295,000		299,713
5.65%, 06/15/35		586,000		497,945
6.50%, 11/15/35		100,000		95,063
6.45%, 03/15/37		342,000		318,296
COX Communications, Inc.
7.75%, 11/01/10		145,000		152,784
7.13%, 10/01/12		295,000		307,908
5.45%, 12/15/14		354,000		340,182
5.50%, 10/01/15		383,000		369,154
Historic TW, Inc., 6.88%, 06/15/18		176,000		174,706
Time Warner Cable, Inc., 6.20%, 07/01/13		750,000		762,650
Time Warner, Inc.
6.88%, 05/01/12		911,000		931,999
5.88%, 11/15/16 (b)		700,000		660,068
7.63%, 04/15/31		777,000		788,846
7.70%, 05/01/32		932,000		954,185
Viacom, Inc.
6.25%, 04/30/16		649,000		626,852
6.88%, 04/30/36		324,000		304,264

				11,869,475



Metals & Mining (0.1%)
Alcoa, Inc., 5.87%, 02/23/22		625,000		571,722
Barrick Gold Finance Co., 4.88%, 11/15/14		230,000		219,141
Newmont Mining Corp., 5.88%, 04/01/35		236,000		201,988
Vale Overseas Ltd., 6.88%, 11/21/36		944,000		876,726

				1,869,577

2008 Semiannual Report 11

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Bond Index Fund (Continued)


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value


Mortgage Banks (0.1%)
Countrywide Home Loans, Inc.
Series K, 5.63%, 07/15/09	$	560,000	$	546,104
Series L, 4.00%, 03/22/11		706,000		642,731

				1,188,835



Oil, Gas & Consumable Fuels (0.8%)
Anadarko Petroleum Corp., 6.45%, 09/15/36		531,000		524,144
Apache Corp.
6.25%, 04/15/12		230,000		241,689
7.63%, 07/01/19		59,000		67,715
Atmos Energy Corp.
4.00%, 10/15/09		413,000		408,557
5.13%, 01/15/13		133,000		129,793
4.95%, 10/15/14		265,000		249,556
Boardwalk Pipelines LP, 5.20%, 06/01/18		88,000		78,840
Canadian Natural Resources Ltd., 6.25%, 03/15/38		590,000		553,524
CenterPoint Energy Resources Corp., Series B, 7.88%, 04/01/13		354,000		378,958
Colonial Pipeline Co., 7.63%, 04/15/32 (b)		215,000		244,666
ConocoPhillips
8.75%, 05/25/10		354,000		385,241
4.75%, 10/15/12		675,000		677,809
6.65%, 07/15/18		468,000		512,849
5.90%, 10/15/32		177,000		175,179
ConocoPhillips Holding Co., 6.95%, 04/15/29		218,000		239,091
Devon Energy Corp., 7.95%, 04/15/32		350,000		415,282
Devon OEI Operating, Inc., 7.25%, 10/01/11		578,000		617,224
Enterprise Products Operating LP, Series B, 5.60%, 10/15/14		1,194,000		1,169,640
Hess Corp., 7.30%, 08/15/31		354,000		395,365
Kinder Morgan Energy Partners LP
7.50%, 11/01/10		207,000		217,595
6.75%, 03/15/11		91,000		93,801
5.80%, 03/15/35		206,000		178,727
Marathon Oil Corp., 6.80%, 03/15/32		118,000		120,081
Motiva Enterprises LLC, 5.20%, 09/15/12 (b)		74,000		74,567
Murphy Oil Corp., 6.38%, 05/01/12		59,000		60,493
Occidental Petroleum Corp., 6.75%, 01/15/12		265,000		284,618
StatoilHydro ASA, 6.80%, 01/15/28		650,000		698,948
Valero Energy Corp.
6.88%, 04/15/12		590,000		612,445
7.50%, 04/15/32		118,000		119,424
6.63%, 06/15/37		455,000		417,166
XTO Energy, Inc.
4.90%, 02/01/14		147,000		143,774
5.30%, 06/30/15		280,000		273,148
5.65%, 04/01/16		118,000		116,976
6.38%, 06/15/38		610,000		582,980

				11,459,865



Oilfield Machinery & Services (0.1%)
Halliburton Co., 5.50%, 10/15/10		472,000		488,978
Nabors Industries, Inc., 5.38%, 08/15/12		41,000		41,155
Plains All American Pipeline LP, 5.63%, 12/15/13		330,000		329,561
Weatherford International Ltd., 5.50%, 02/15/16		74,000		71,595

				931,289



Other Financial (3.1%)
AIG SunAmerica Global Financing X, 6.90%, 03/15/32 (b)		413,000		395,340
Allstate Corp. (The)
6.13%, 02/15/12		254,000		263,993
5.00%, 08/15/14		295,000		290,771
6.13%, 12/15/32		118,000		110,168
5.55%, 05/09/35		88,000		75,199
5.95%, 04/01/36		118,000		104,047
American Express Centurion Bank, 4.38%, 07/30/09		400,000		398,352
American Express Co., 4.88%, 07/15/13		1,348,000		1,298,027
American General Finance Corp., Series H, 5.38%, 10/01/12		1,003,000		933,773
American International Group, Inc.
5.05%, 10/01/15		147,000		133,193
5.60%, 10/18/16		585,000		543,374
5.85%, 01/16/18		1,700,000		1,592,650
6.25%, 05/01/36		236,000		205,930

12 Semiannual Report 2008


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value


Other Financial (continued)

Ameritech Capital Funding Corp., 6.45%, 01/15/18	$	88,000	$	89,760
Associates Corp. of North America, 6.95%, 11/01/18		339,000		351,424
BAE Systems Holdings, Inc., 4.75%, 08/15/10 (b)		236,000		238,831
Berkshire Hathaway Finance Corp., 4.85%, 01/15/15		354,000		348,679
BHP Billiton Finance USA Ltd., 5.25%, 12/15/15		785,000		759,779
Boeing Capital Corp., 6.10%, 03/01/11		50,000		52,661
BP Capital Markets America, Inc., 4.20%, 06/15/18		147,000		133,572
Bunge Ltd. Finance Corp., 5.10%, 07/15/15		88,000		80,035
Caterpillar Financial Services Corp.
4.50%, 06/15/09		206,000		207,348
5.05%, 12/01/10		590,000		606,040
5.50%, 03/15/16		295,000		295,543
CIT Group, Inc.
4.75%, 12/15/10		201,000		163,925
5.13%, 09/30/14		251,000		179,778
5.40%, 01/30/16		177,000		121,899
5.85%, 09/15/16		1,150,000		793,465
6.00%, 04/01/36		206,000		142,573
CitiFinancial, Inc., 10.00%, 05/15/09		59,000		61,622
ConocoPhillips Australia Funding Co., 5.50%, 04/15/13		324,000		333,705
Continental Airlines, Inc. Series 00-1, 7.92%, 05/01/10		350,000		336,000
Series 02-1, 6.56%, 08/15/13		233,000		213,195
CRH America, Inc., 6.00%, 09/30/16		885,000		820,761
Daimler Finance North America LLC
5.88%, 03/15/11		2,737,000		2,772,203
7.30%, 01/15/12		389,000		411,658
6.50%, 11/15/13		487,000		505,007
8.50%, 01/18/31		369,000		426,643
Devon Financing Corp. ULC, 6.88%, 09/30/11		643,000		682,454
Diageo Capital PLC, 5.50%, 09/30/16		500,000		489,271
Diageo Finance BV, 5.30%, 10/28/15		649,000		631,818
General Electric Capital Corp.
4.63%, Series A, 09/15/09		634,000		639,094
3.75%, Series A, 12/15/09		826,000		828,134
5.50%, Series A, 04/28/11		413,000		426,346
5.88%, Series A, 02/15/12		59,000		61,211
6.00%, Series A, 06/15/12		263,000		271,781
4.88%, 03/04/15		619,000		611,451
5.00%, 01/08/16		295,000		284,563
5.40%, 02/15/17		585,000		567,823
5.63%, 09/15/17		2,000,000		1,955,860
6.75%, Series A, 03/15/32		1,678,000		1,689,662
6.15%, Series A, 08/07/37		1,200,000		1,126,054
GlaxoSmithKline Capital, Inc., 5.38%, 04/15/34		201,000		174,450
HJ Heinz Finance Co.
6.00%, 03/15/12		350,000		360,160
6.75%, 03/15/32		88,000		86,358
HSBC Finance Corp.
4.75%, 04/15/10		354,000		353,253
7.00%, 05/15/12		811,000		840,034
5.25%, 04/15/15		265,000		255,972
5.00%, 06/30/15		501,000		473,557
ING Security Life Institutional Funding, 4.25%, 01/15/10 (b)		1,180,000		1,171,708
John Deere Capital Corp., Series D, 4.40%, 07/15/09		383,000		383,461
Kern River Funding Corp., 4.89%, 04/30/18 (b)		76,067		73,380
McDonnell Douglas Corp., 9.75%, 04/01/12		600,000		691,452
Mellon Funding Corp.
6.40%, 05/14/11		265,000		274,325
5.00%, 12/01/14		265,000		246,637
Monumental Global Funding II, 4.38%, 07/30/09 (b)		295,000		292,546
National Rural Utilities Cooperative Finance Corp. 4.75%, 03/01/14		324,000		313,393
5.45%, 04/10/17		850,000		829,807
Series C, 8.00%, 03/01/32		159,000		182,653
Nisource Finance Corp., 5.25%, 09/15/17		260,000		230,586
Nissan Motor Acceptance Corp., 4.63%, 03/08/10 (b)		307,000		306,837

2008 Semiannual Report 13

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Bond Index Fund (Continued)


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value


Other Financial (continued)

Pemex Project Funding Master Trust
9.13%, 10/13/10	$	138,000	$	150,420
6.63%, 06/15/35		324,000		319,659
Popular North America, Inc., 4.70%, 06/30/09		324,000		320,033
Principal Life Global Funding I, 5.25%, 01/15/13 (b)		879,000		863,872
Prudential Financial, Inc.
5.10%, 12/14/11		740,000		735,634
Series B, 5.10%, 09/20/14		295,000		287,435
6.00%, 12/01/17		800,000		791,174
Series B, 5.75%, 07/15/33		147,000		130,643
SLM Corp.
5.13%, 08/27/12		1,475,000		1,283,421
Series A, 5.38%, 05/15/14		1,091,000		958,478
Spectra Energy Capital LLC, 6.75%, 02/15/32		327,000		309,091
Telecom Italia Capital SA, 5.25%, 11/15/13		590,000		557,341
Teva Pharmaceutical Finance LLC, 6.15%, 02/01/36		142,000		135,952
Textron Financial Corp., 4.60%, 05/03/10		355,000		357,909
Toll Brothers Finance Corp., 6.88%, 11/15/12		88,000		85,245
Toyota Motor Credit Corp., 4.25%, 03/15/10		336,000		341,428
Verizon Communications, Inc.
4.90%, 09/15/15		590,000		559,808
5.85%, 09/15/35		118,000		104,003
Verizon Global Funding Corp.
6.88%, 06/15/12		295,000		312,580
7.38%, 09/01/12		522,000		563,212
4.38%, 06/01/13		369,000		354,919
7.75%, 12/01/30		1,190,000		1,278,394
Western & Southern Financial Group, Inc., 5.75%, 07/15/33 (b)		147,000		124,069
Willis North America, Inc., 5.63%, 07/15/15		177,000		159,137

				45,680,871



Other Utilities (0.9%)
Ameren Energy Generating Co., Series F, 7.95%, 06/01/32		105,000		106,878
American Electric Power Co., Inc., 5.25%, 06/01/15		192,000		184,905
Consolidated Natural Gas Co.
Series C, 6.25%, 11/01/11		451,000		465,454
Series A, 5.00%, 12/01/14		1,069,000		1,019,405
Constellation Energy Group, Inc., 6.13%, 09/01/09		313,000		317,358
Dominion Resources, Inc.
5.70%, 09/17/12		162,000		164,485
Series E, 6.30%, 03/15/33		692,000		648,201
Series B, 5.95%, 06/15/35		251,000		225,271
DTE Energy Co., 6.35%, 06/01/16		913,000		913,608
Duke Energy Ohio, Inc.
5.70%, 09/15/12		41,000		41,659
Series A, 5.40%, 06/15/33		74,000		62,704
Entergy Gulf States, Inc., 5.25%, 08/01/15		177,000		166,915
Entergy Mississippi, Inc., 5.15%, 02/01/13		289,000		282,753
FirstEnergy Corp., Series C, 7.38%, 11/15/31		663,000		720,945
Midamerican Energy Co., 5.80%, 10/15/36		550,000		511,586
Midamerican Energy Holdings Co.
5.88%, 10/01/12		634,000		652,093
6.13%, 04/01/36		845,000		811,424
New York State Electric & Gas Corp., 5.75%, 05/01/23		59,000		53,095
Oncor Electric Delivery Co.
6.38%, 05/01/12		552,000		559,191
6.38%, 01/15/15		692,000		682,814
Pacific Gas & Electric Co.
4.80%, 03/01/14		472,000		459,925
5.80%, 03/01/37		950,000		885,709
Pacificorp, 5.25%, 06/15/35		177,000		153,386
Pepco Holdings, Inc.
6.45%, 08/15/12		106,000		107,955
7.45%, 08/15/32		118,000		121,573
Progress Energy, Inc.
7.10%, 03/01/11		122,000		128,373
7.75%, 03/01/31		486,000		555,375
Public Service Co. of Colorado, Series 15, 5.50%, 04/01/14		251,000		255,324
SCANA Corp.
6.88%, 05/15/11		516,000		537,503
6.25%, 02/01/12		147,000		151,316

14 Semiannual Report 2008


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value


Other Utilities (continued)

Southern California Edison Co.
6.00%, 01/15/34	$	177,000	$	176,239
Series 05-B, 5.55%, 01/15/36		436,000		407,878
Virginia Electric and Power Co., Series A, 5.40%, 01/15/16		147,000		143,641
Westar Energy, Inc., 6.00%, 07/01/14		265,000		268,613
Xcel Energy, Inc.
5.61%, 04/01/17		248,000		241,550
6.50%, 07/01/36		427,000		427,930

				13,613,034



Pharmaceuticals (0.6%)
Abbott Laboratories, 5.88%, 05/15/16		481,000		494,881
Amgen, Inc., 4.00%, 11/18/09		280,000		280,304
Bristol-Myers Squibb Co., 5.25%, 08/15/13		1,425,000		1,452,656
Eli Lilly & Co.
6.00%, 03/15/12		295,000		312,541
5.20%, 03/15/17		1,000,000		998,453
7.13%, 06/01/25		118,000		132,897
Genentech, Inc.
4.40%, 07/15/10		165,000		167,479
5.25%, 07/15/35		88,000		79,767
Merck & Co., Inc.
4.75%, 03/01/15		354,000		349,607
6.40%, 03/01/28		74,000		77,235
5.95%, 12/01/28		162,000		158,784
Pfizer, Inc., 4.65%, 03/01/18		265,000		255,388
Pharmacia Corp., 6.60%, 12/01/28		177,000		189,391
Schering-Plough Corp., 5.30%, 12/01/13		1,400,000		1,409,274
Wyeth
5.50%, 02/01/14		678,000		683,482
5.50%, 02/15/16		634,000		637,193
6.50%, 02/01/34		206,000		213,594
6.00%, 02/15/36		250,000		242,445

				8,135,371



Pipelines (0.2%)
AGL Capital Corp., 4.45%, 04/15/13		177,000		168,467
Duke Energy Carolinas LLC, 6.25%, 01/15/12		1,650,000		1,722,191
Texas Gas Transmission LLC, 4.60%, 06/01/15		177,000		160,660
TransCanada Pipelines Ltd., 5.85%, 03/15/36		750,000		664,705

				2,716,023



Publishing (0.1%)
Gannett Co., Inc., 6.38%, 04/01/12		236,000		234,217
News America, Inc.
9.25%, 02/01/13		118,000		135,201
5.30%, 12/15/14		767,000		751,852
8.00%, 10/17/16		118,000		131,129
7.28%, 06/30/28		77,000		79,133
6.20%, 12/15/34		245,000		225,934
6.40%, 12/15/35		477,000		451,394

				2,008,860



Real Estate Investment Trusts (REITs) (0.5%)
AvalonBay Communities, Inc.
6.63%, 09/15/11		88,000		90,078
5.50%, 01/15/12		765,000		755,377
Boston Properties LP, 5.00%, 06/01/15		590,000		541,222
Brandywine Operating Partnership LP, 5.63%, 12/15/10		180,000		174,524
Camden Property Trust, 5.00%, 06/15/15		147,000		128,523
Colonial Realty LP, 6.25%, 06/15/14		455,000		424,262
Developers Diversified Realty Corp., 5.38%, 10/15/12		295,000		276,751
Duke Realty LP
5.25%, 01/15/10		177,000		175,341
4.63%, 05/15/13		765,000		694,140
ERP Operating LP
5.25%, 09/15/14		472,000		438,698
5.38%, 08/01/16		295,000		267,912
HCP, Inc.
6.45%, 06/25/12		56,000		53,673
6.00%, 01/30/17		472,000		406,202
Health Care REIT, Inc., 6.00%, 11/15/13		177,000		169,164
Hospitality Properties Trust, 6.75%, 02/15/13		745,000		707,686
HRPT Properties Trust, 5.75%, 02/15/14		177,000		166,342
iStar Financial, Inc., 5.65%, 09/15/11		254,000		217,170
Liberty Property LP, 7.25%, 03/15/11		38,000		38,715
Prologis, 5.25%, 11/15/10		472,000		471,210

2008 Semiannual Report 15

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Bond Index Fund (Continued)


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value


Real Estate Investment Trusts (REITs) (continued)

Simon Property Group LP
4.60%, 06/15/10	$	236,000	$	232,164
5.10%, 06/15/15		531,000		480,481
6.10%, 05/01/16		413,000		404,113
Vornado Realty LP, 5.60%, 02/15/11		206,000		197,662
Washington Real Estate Investment Trust, 5.25%, 01/15/14		118,000		105,415
Westfield Capital Corp. Ltd., 5.13%, 11/15/14 (b)		153,000		141,724

				7,758,549



Road & Rail (0.2%)
Burlington Northern Santa Fe Corp.
6.75%, 07/15/11		215,000		225,476
7.95%, 08/15/30		206,000		234,681
CSX Corp.
6.75%, 03/15/11		133,000		137,835
5.50%, 08/01/13		507,000		496,572
Norfolk Southern Corp.
6.75%, 02/15/11		964,000		1,010,436
5.59%, 05/17/25		84,000		75,932
7.25%, 02/15/31		620,000		672,601
TTX Co., 4.90%, 03/01/15 (b)		221,000		227,136
Union Pacific Corp.
3.63%, 06/01/10		242,000		237,563
5.38%, 06/01/33		62,000		53,158
6.25%, 05/01/34		236,000		226,456

				3,597,846



Service Companies (0.1%)
Omnicom Group, Inc., 5.90%, 04/15/16		177,000		172,945
Oracle Corp., 5.25%, 01/15/16		572,000		562,831
RR Donnelley & Sons Co.
4.95%, 04/01/14		118,000		108,129
6.13%, 01/15/17		700,000		653,459
Science Applications International Corp., 5.50%, 07/01/33		177,000		149,521
Waste Management, Inc.
7.38%, 08/01/10		147,000		153,553
6.38%, 11/15/12		206,000		211,371
7.00%, 07/15/28		162,000		163,213

				2,175,022



Specialty Retail (0.9%)
Costco Wholesale Corp., 5.50%, 03/15/17		850,000		862,838
CVS Caremark Corp.
4.00%, 09/15/09		118,000		117,360
6.25%, 06/01/27		795,000		778,562
Home Depot, Inc.
5.25%, 12/16/13		1,180,000		1,131,750
5.40%, 03/01/16		590,000		541,769
JC Penney Corp., Inc.
8.00%, 03/01/10		749,000		777,004
5.75%, 02/15/18		900,000		803,001
Kohl’s Corp., 6.30%, 03/01/11		50,000		50,624
Kroger Co. (The)
6.80%, 04/01/11		201,000		209,599
6.20%, 06/15/12		236,000		243,075
7.50%, 04/01/31		257,000		280,792
Lowe’s Cos., Inc., 6.50%, 03/15/29		236,000		228,824
Ltd. Brands, Inc., 6.13%, 12/01/12		147,000		138,465
Macys Retail Holdings, Inc.
6.63%, 04/01/11		631,000		622,547
5.75%, 07/15/14		442,000		399,087
6.90%, 04/01/29		147,000		124,224
Safeway, Inc.
6.50%, 03/01/11		236,000		244,085
5.80%, 08/15/12		206,000		210,638
5.63%, 08/15/14		177,000		176,627
Target Corp.
10.00%, 01/01/11		66,000		72,991
6.35%, 01/15/11		124,000		129,316
7.00%, 07/15/31		174,000		184,079
6.35%, 11/01/32		313,000		306,390
Wal-Mart Stores, Inc.
6.88%, 08/10/09		820,000		850,144
4.13%, 07/01/10		413,000		418,485
4.13%, 02/15/11		383,000		385,621
5.00%, 04/05/12		1,800,000		1,865,939
7.55%, 02/15/30		118,000		132,872
5.25%, 09/01/35		708,000		615,120

				12,901,828



Technology (0.2%)
Cisco Systems, Inc.
5.25%, 02/22/11		295,000		303,729
5.50%, 02/22/16		767,000		773,832
Dell, Inc., 7.10%, 04/15/28		206,000		211,957
Hewlett-Packard Co., 6.50%, 07/01/12		292,000		310,939

16 Semiannual Report 2008


Corporate Bonds (continued)
	Shares or
	Principal Amount		Value


Technology (continued)

International Business Machines Corp.
4.75%, 11/29/12	$	516,000	$	523,141
5.88%, 11/29/32		983,000		950,204

				3,073,802



Telecommunications (0.9%)
AT&T Mobility LLC, 7.13%, 12/15/31		413,000		419,696
AT&T, Inc.
4.13%, 09/15/09		737,000		737,862
5.30%, 11/15/10		383,000		391,684
6.25%, 03/15/11		475,000		491,161
5.88%, 08/15/12		425,000		437,128
4.95%, 01/15/13		1,500,000		1,494,801
5.10%, 09/15/14		1,003,000		983,212
5.63%, 06/15/16		295,000		292,145
6.15%, 09/15/34		1,161,000		1,084,806
BellSouth Corp.
4.20%, 09/15/09		354,000		354,721
6.00%, 10/15/11		838,000		863,113
5.20%, 09/15/14		501,000		493,719
6.55%, 06/15/34		177,000		170,943
6.00%, 11/15/34		851,000		779,314
Embarq Corp.
6.74%, 06/01/13		767,000		740,065
7.08%, 06/01/16		133,000		126,317
GTE Corp.
6.84%, 04/15/18		206,000		212,066
6.94%, 04/15/28		147,000		145,530
New Cingular Wireless Services, Inc.
8.13%, 05/01/12		44,000		48,193
8.75%, 03/01/31		321,000		380,892
Rogers Wireless, Inc., 7.25%, 12/15/12		875,000		926,345
Verizon Global Funding Corp., 7.25%, 12/01/10		537,000		570,106
Vodafone Group PLC, 6.15%, 02/27/37		590,000		539,565

				12,683,384



Transportation (0.0%)
General Dynamics Corp., 4.25%, 05/15/13		250,000		247,392
Southwest Airlines Co., 5.13%, 03/01/17		147,000		124,840
United Parcel Service, Inc.
8.38%, 04/01/20		118,000		145,658
8.38%, 04/01/30		177,000		218,521

				736,411


Total Corporate Bonds				275,439,643


Municipal Bonds (0.1%)


City of Dallas, Texas, 5.25%, 02/15/24		708,000		703,985
State of Illinois, 5.10%, 06/01/33		1,005,000		946,047


Total Municipal Bonds				1,650,032


Sovereign Bonds (3.2%)


CANADA (0.6%)
Province of British Columbia, Canada, 4.30%, 05/30/13		159,000		161,201
Province of Manitoba, Canada
Series EM, 7.50%, 02/22/10		295,000		314,462
5.00%, 02/15/12		1,475,000		1,536,960
Province of Nova Scotia, Canada, 5.13%, 01/26/17		885,000		906,347
Province of Ontario, Canada
4.38%, 02/15/13		428,000		432,421
4.50%, 02/03/15		667,000		665,548
4.75%, 01/19/16		295,000		297,638
Province of Quebec, Canada
5.00%, 07/17/09		3,185,000		3,241,050
4.60%, 05/26/15		354,000		352,785
Series PD, 7.50%, 09/15/29		578,000		738,445

				8,646,857



CHILE (0.0%)
Chile Government International Bond, 5.50%, 01/15/13		177,000		183,213



CHINA (0.0%)
China Government International Bond, 4.75%, 10/29/13		295,000		296,828

2008 Semiannual Report 17

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Bond Index Fund (Continued)


Sovereign Bonds (continued)
	Shares or
	Principal Amount		Value


GERMANY (0.3%)
Kreditanstalt fuer Wiederaufbau
3.25%, 03/30/09	$	531,000	$	528,445
4.13%, 10/15/14		708,000		679,978
4.38%, 07/21/15		1,445,000		1,456,927
Landwirtschaftliche Rentenbank
4.88%, 02/14/11		885,000		916,636
5.25%, 07/15/11		350,000		367,261
5.13%, 02/01/17		750,000		784,220

				4,733,467



ICELAND (0.0%) (b)
Kaupthing Bank Hf, 7.13%, 05/19/16		354,000		249,466



ITALY (0.3%)
Italian Republic
3.25%, 05/15/09		1,003,000		1,005,695
4.38%, 06/15/13		560,000		568,430
4.50%, 01/21/15		938,000		943,480
4.75%, 01/25/16		413,000		424,126
6.88%, 09/27/23		251,000		302,150
5.38%, 06/15/33		841,000		863,437

				4,107,318



LUXEMBOURG (0.8%)
European Investment Bank
3.38%, 03/16/09		944,000		945,461
5.00%, 02/08/10		8,849,000		9,133,956
4.63%, 05/15/14		895,000		920,840
5.13%, 09/13/16		350,000		367,818

				11,368,075



MEXICO (0.2%)
Banco Nacional de Comercio Exterior SNC, 3.88%, 01/21/09 (b)		59,000		58,853
Mexico Government International Bond
6.38%, 01/16/13		1,143,000		1,203,007
Series A, 6.75%, 09/27/34		2,046,000		2,170,806

				3,432,666



NORWAY (0.1%)
Eksportfinans AS
4.75%, 12/15/08		413,000		415,896
5.50%, 05/25/16		383,000		400,988

				816,884



POLAND (0.0%)
Poland Government International Bond, 5.00%, 10/19/15		224,000		223,037



REPUBLIC OF KOREA (0.2%)
Export-Import Bank of Korea
4.63%, 03/16/10		413,000		412,005
5.13%, 02/14/11		354,000		351,805
Korea Development Bank
4.75%, 07/20/09		885,000		888,387
5.75%, 09/10/13		118,000		118,481
Republic of Korea, 4.25%, 06/01/13		708,000		682,832

				2,453,510



SOUTH AFRICA (0.0%)
South Africa Government International Bond, 6.50%, 06/02/14		206,000		211,922



SPAIN (0.1%)
Telefonica Emisiones SAU, 6.42%, 06/20/16		1,770,000		1,796,679



SWEDEN (0.4%)
Svensk Exportkredit AB, Series A, 4.88%, 09/29/11		5,899,000		6,090,942



UNITED STATES (0.2%)
Inter-American Development Bank
5.00%, 04/05/11		350,000		362,802
5.13%, 09/13/16		585,000		613,798
6.80%, 10/15/25		413,000		493,738
International Bank for Reconstruction & Development, 7.63%, 01/19/23		973,000		1,252,860

				2,723,198



VENEZUELA (0.0%)
Corp. Andina de Fomento, 6.88%, 03/15/12		236,000		248,025


Total Sovereign Bonds				47,582,087

18 Semiannual Report 2008


U.S. Government Sponsored & Agency Obligations (37.4%)
	Shares or
	Principal Amount		Value

Federal Home Loan Bank System, 5.25%, 06/05/17	$	10,000,000	$	10,399,970
Federal Home Loan Mortgage Corp.
4.25%, 07/15/09		1,363,000		1,381,614
6.63%, 09/15/09		634,000		661,551
2.75%, 04/11/11		21,235,000		20,931,403
3.88%, 06/29/11		4,840,000		4,877,573
5.13%, 07/15/12		6,091,000		6,365,046
4.88%, 11/15/13		10,058,000		10,349,752
5.00%, 07/15/14		3,539,000		3,662,773
4.38%, 07/17/15		7,214,000		7,168,429
5.00%, 12/14/18		3,480,000		3,252,144
6.75%, 09/15/29		557,000		660,031
6.25%, 07/15/32		1,245,000		1,425,044
5.00%, 07/15/37		300,000		287,438
6.00%, 07/15/37		61,300,000		61,913,000
Federal National Mortgage Association
5.38%, 08/15/09		11,202,000		11,508,386
6.63%, 09/15/09		18,104,000		18,889,786
5.13%, 04/15/11		4,796,000		4,988,142
5.38%, 11/15/11		3,501,000		3,684,824
4.38%, 03/15/13		11,618,000		11,741,708
4.63%, 10/15/14		1,779,000		1,808,825
5.00%, 04/15/15		1,628,000		1,683,103
4.38%, 10/15/15		118,000		117,056
5.38%, 06/12/17		8,495,000		8,880,308
6.50%, 07/15/37		14,400,000		14,823,000
5.00%, 07/17/37		100,000		98,875
Federal National Mortgage Association TBA, 5.50%, 07/15/37		35,500,000		34,989,688
Financing Corp. (FICO), 9.80%, 11/30/17		18,000		24,848
Freddie Mac Gold Pool, Pool #C69951, 6.50%, 08/01/32		23,665		24,596
Tennessee Valley Authority, Series E, 6.25%, 12/15/17		50,000		55,543
U.S. Treasury Bond
8.50%, 02/15/20		4,238,000		5,839,167
6.25%, 08/15/23		22,676,000		26,979,134
6.88%, 08/15/25		4,713,000		6,009,075
6.38%, 08/15/27		10,342,000		12,668,950
5.38%, 02/15/31		3,107,000		3,452,169
4.50%, 02/15/36		6,055,000		6,011,955
5.00%, 05/15/37		305,000		327,780
4.38%, 02/15/38		1,000,000		974,688
U.S. Treasury Notes
3.63%, 10/31/09		39,605,000		40,270,245
4.75%, 02/15/10		25,070,000		25,965,074
4.50%, 09/30/11		41,975,000		43,870,423
4.63%, 02/29/12		15,297,000		16,090,532
4.50%, 04/30/12		4,000,000		4,193,124
4.75%, 05/31/12		6,465,000		6,836,233
4.25%, 09/30/12		7,000,000		7,288,204
2.75%, 02/28/13		26,000,000		25,382,500
4.00%, 02/15/15		3,250,000		3,340,646
4.13%, 05/15/15		5,348,000		5,526,404
4.50%, 11/15/15		6,372,000		6,710,513
4.88%, 08/15/16		5,672,000		6,081,002
4.63%, 02/15/17		7,365,000		7,753,960
4.50%, 05/15/17		5,775,000		6,015,021
8.75%, 05/15/17		6,524,000		8,789,563
4.25%, 11/15/17		19,545,000		19,964,905
3.50%, 02/15/18		10,000,000		9,625,780


Total U.S. Government Sponsored & Agency Obligations				552,621,503


U.S. Government Mortgage Backed Agencies (37.3%)

Fannie Mae Pool
Pool #745259, 4.50%, 12/01/19		19,382,270		18,748,703
Pool #822023, 5.50%, 07/01/20		38,117		38,558
Pool #826869, 5.50%, 08/01/20		844,106		853,858
Pool #835228, 5.50%, 08/01/20		15,440		15,618
Pool #825811, 5.50%, 09/01/20		17,272		17,471
Pool #832837, 5.50%, 09/01/20		736,486		744,994
Pool #839585, 5.50%, 09/01/20		87,938		88,953
Pool #811505, 5.50%, 10/01/20		48,285		48,842
Pool #829704, 5.50%, 10/01/20		59,897		60,589
Pool #838565, 5.50%, 10/01/20		782,518		791,558
Pool #838566, 5.50%, 10/01/20		29,982		30,328
Pool #840102, 5.50%, 10/01/20		702,318		710,431
Pool #841947, 5.50%, 10/01/20		34,205		34,601
Pool #843102, 5.50%, 10/01/20		21,484		21,732

2008 Semiannual Report 19

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Bond Index Fund (Continued)


U.S. Government Mortgage Backed Agencies (continued)
	Shares or
	Principal Amount		Value

Pool #839100, 5.50%, 11/01/20	$	23,982	$	24,259
Pool #840808, 5.50%, 11/01/20		25,475		25,770
Pool #847832, 5.50%, 11/01/20		38,562		39,007
Pool #847920, 5.50%, 11/01/20		801,922		811,186
Pool #830670, 5.50%, 12/01/20		32,154		32,526
Pool #866142, 5.50%, 01/01/21		76,922		77,570
Pool #837194, 5.50%, 02/01/21		32,401		32,775
Pool #867183, 5.50%, 02/01/21		89,369		90,122
Pool #788210, 5.50%, 02/01/21		710,130		716,114
Pool #811558, 5.50%, 03/01/21		850,624		860,450
Pool #870296, 5.50%, 03/01/21		21,359		21,539
Pool #878120, 5.50%, 04/01/21		35,492		35,791
Pool #878121, 5.50%, 04/01/21		56,099		56,572
Pool #811559, 5.50%, 05/01/21		649,226		654,698
Pool #879115, 5.50%, 05/01/21		111,706		112,647
Pool #883922, 5.50%, 05/01/21		712,753		718,760
Pool #885440, 5.50%, 05/01/21		18,876		19,035
Pool #845489, 5.50%, 06/01/21		18,433		18,588
Pool #880950, 5.50%, 07/01/21		754,875		761,236
Pool #870092, 5.50%, 08/01/21		21,045		21,222
Pool #896599, 5.50%, 08/01/21		48,750		49,160
Pool #896605, 5.50%, 08/01/21		33,172		33,452
Pool #903350, 5.00%, 10/01/21		60,654		60,123
Pool #894126, 5.50%, 10/01/21		19,418		19,570
Pool #902789, 5.50%, 11/01/21		690,398		696,216
Pool #901509, 5.00%, 12/01/21		67,546		66,954
Pool #906708, 5.00%, 12/01/21		714,125		707,869
Pool #905586, 5.50%, 12/01/21		739,984		746,220
Pool #840486, 5.00%, 01/01/22		87,087		86,224
Pool #906317, 5.50%, 01/01/22		43,044		43,384
Pool #906205, 5.50%, 01/01/22		24,682		24,874
Pool #928106, 5.50%, 02/01/22		1,267,052		1,277,064
Pool #912981, 5.00%, 03/01/22		136,243		134,893
Pool #914324, 5.00%, 03/01/22		33,643		33,309
Pool #899242, 5.00%, 03/01/22		32,990		32,664
Pool #923092, 5.00%, 03/01/22		630,034		623,791
Pool #914385, 5.50%, 03/01/22		24,846		25,042
Pool #913889, 5.50%, 03/01/22		617,806		623,012
Pool #912845, 5.00%, 04/01/22		85,364		84,616
Pool #914758, 5.00%, 04/01/22		610,883		604,828
Pool #915144, 5.00%, 04/01/22		890,388		881,564
Pool #917688, 5.00%, 04/01/22		101,028		100,026
Pool #913323, 5.50%, 04/01/22		26,431		26,640
Pool #913331, 5.50%, 05/01/22		79,665		80,294
Pool #899472, 5.00%, 06/01/22		111,538		110,433
Pool #899475, 5.00%, 06/01/22		687,352		680,540
Pool #917163, 5.00%, 06/01/22		131,013		129,715
Pool #941632, 5.00%, 06/01/22		107,681		106,614
Pool #748841, 5.00%, 06/01/22		58,038		57,463
Pool #918552, 5.00%, 06/01/22		886,730		877,942
Pool #918699, 5.00%, 06/01/22		655,757		649,258
Pool #939453, 5.00%, 06/01/22		883,583		874,826

20 Semiannual Report 2008


U.S. Government Mortgage Backed Agencies (continued)
	Shares or
	Principal Amount		Value

Pool #940903, 5.00%, 06/01/22	$	87,371	$	86,505
Pool #899438, 5.50%, 06/01/22		777,921		784,068
Pool #939673, 5.50%, 06/01/22		178,984		180,398
Pool #560868, 7.50%, 02/01/31		5,537		5,961
Pool #607212, 7.50%, 10/01/31		96,077		103,434
Pool #607559, 6.50%, 11/01/31		2,508		2,605
Pool #607632, 6.50%, 11/01/31		928		964
Pool #661664, 7.50%, 09/01/32		93,768		100,754
Pool #254548, 5.50%, 12/01/32		2,459,575		2,440,311
Pool #656559, 6.50%, 02/01/33		262,972		272,993
Pool #694846, 6.50%, 04/01/33		37,641		38,793
Pool #750229, 6.50%, 10/01/33		233,479		240,625
Pool #725594, 5.50%, 07/01/34		2,401,582		2,376,768
Pool #788027, 6.50%, 09/01/34		209,116		216,104
Pool #804847, 4.50%, 01/01/35		326,682		303,878
Pool #888275, 5.50%, 01/01/35		2,745,497		2,722,278
Pool #735141, 5.50%, 01/01/35		8,969,887		8,851,978
Pool #888233, 5.00%, 11/01/35		57,819,517		55,616,277
Pool #256023, 6.00%, 12/01/35		6,830,305		6,898,472
Pool #868494, 6.00%, 04/01/36		304,158		307,289
Pool #891595, 5.00%, 06/01/36		4,563,385		4,383,791
Pool #885844, 6.00%, 06/01/36		291,396		294,395
Pool #892370, 6.00%, 07/01/36		134,294		135,676
Pool #888077, 5.00%, 08/01/36		2,768,568		2,656,150
Pool #894441, 5.85%, 08/01/36(a)		9,119,290		9,352,787
Pool #901149, 6.00%, 08/01/36		1,800,735		1,819,270
Pool #887050, 6.00%, 08/01/36		788,592		796,709
Pool #894957, 6.50%, 08/01/36		692,540		713,952
Pool #888635, 5.50%, 09/01/36		2,897,990		2,873,482
Pool #901957, 5.50%, 10/01/36		87,609		86,512
Pool #898415, 6.00%, 10/01/36		203,659		205,756
Pool #908698, 6.50%, 10/01/36		1,432,410		1,476,249
Pool #922846, 6.50%, 11/01/36		589,933		608,172
Pool #907735, 6.00%, 12/01/36		265,055		267,783
Pool #909756, 6.50%, 02/01/37		2,849,639		2,937,744
Pool #888268, 6.00%, 03/01/37		647,717		654,384
Pool #917237, 6.00%, 04/01/37		927,412		936,760
Pool #923399, 6.00%, 06/01/37		890,282		899,256
Pool #940887, 6.00%, 06/01/37		955,967		965,603
Pool #941193, 6.00%, 06/01/37		989,823		999,801
Pool #939749, 6.50%, 06/01/37		1,702,997		1,755,288
Pool #941298, 6.50%, 06/01/37		690,861		712,074
Pool #937776, 6.50%, 06/01/37		1,369,671		1,411,727
Pool #939671, 6.50%, 06/01/37		647,629		667,515
Pool #919190, 6.50%, 06/01/37		644,811		664,611
Pool #899830, 6.00%, 08/01/37		1,869,868		1,888,717
Pool #256890, 6.00%, 09/01/37		924,186		926,201
Pool #946614, 6.00%, 09/01/37		2,248,450		2,271,116
Pool #256936, 6.00%, 10/01/37		1,363,870		1,366,844
Pool #967483, 6.00%, 01/01/38		1,287,827		1,300,809
Pool #889116, 6.00%, 02/01/38		10,409,975		10,514,912
Federal Home Loan Mortgage Corp. TBA
4.50%, 07/01/20		29,000,000		28,012,202

2008 Semiannual Report 21

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Bond Index Fund (Continued)


U.S. Government Mortgage Backed Agencies (continued)
	Shares or
	Principal Amount		Value

5.50%, 07/15/37	$	4,000,000	$	3,940,000
Federal National Mortgage Association TBA
7.00%, 08/01/36		14,800,000		15,447,500
6.00%, 07/15/37		24,500,000		24,714,375
Freddie Mac Gold Pool
Pool #E00282, 6.50%, 03/01/09		12,492		12,994
Pool #G10399, 6.50%, 07/01/09		2,690		2,725
Pool #E00394, 7.50%, 09/01/10		21,658		22,372
Pool #M80898, 4.50%, 02/01/11		407,824		413,134
Pool #M80904, 4.50%, 03/01/11		253,286		251,510
Pool #M80917, 4.50%, 05/01/11		62,426		63,239
Pool #M80926, 4.50%, 07/01/11		246,002		249,205
Pool #M80934, 4.50%, 08/01/11		305,432		303,291
Pool #G10940, 6.50%, 11/01/11		9,588		9,973
Pool #G11130, 6.00%, 12/01/11		84,324		86,609
Pool #M80981, 4.50%, 07/01/12		128,938		128,664
Pool #E00507, 7.50%, 09/01/12		2,485		2,591
Pool #G10749, 6.00%, 10/01/12		58,881		60,327
Pool #M81009, 4.50%, 02/01/13		159,327		158,210
Pool #E69050, 6.00%, 02/01/13		35,213		36,078
Pool #E72896, 7.00%, 10/01/13		17,772		18,611
Pool #G11612, 6.00%, 04/01/14		47,399		48,600
Pool #E00677, 6.00%, 06/01/14		90,687		93,204
Pool #E00802, 7.50%, 02/01/15		45,840		47,732
Pool #G11001, 6.50%, 03/01/15		33,219		34,582
Pool #G11003, 7.50%, 04/01/15		2,425		2,539
Pool #G11164, 7.00%, 05/01/15		7,742		8,123
Pool #E81396, 7.00%, 10/01/15		1,495		1,570
Pool #E81394, 7.50%, 10/01/15		13,699		14,365
Pool #E84097, 6.50%, 12/01/15		4,397		4,578
Pool #E82132, 7.00%, 01/01/16		4,253		4,468
Pool #E00938, 7.00%, 01/01/16		20,884		21,933
Pool #E82815, 6.00%, 03/01/16		15,602		15,986
Pool #E83231, 6.00%, 04/01/16		4,225		4,329
Pool #E83233, 6.00%, 04/01/16		11,042		11,315
Pool #G11972, 6.00%, 04/01/16		263,181		269,664
Pool #E83046, 7.00%, 04/01/16		2,655		2,789
Pool #E83355, 6.00%, 05/01/16		16,300		16,702
Pool #E83636, 6.00%, 05/01/16		29,780		30,515
Pool #E00975, 6.00%, 05/01/16		63,247		64,951
Pool #E83933, 6.50%, 05/01/16		1,150		1,198
Pool #E00985, 6.00%, 06/01/16		34,729		35,666
Pool #E84236, 6.50%, 06/01/16		7,465		7,775
Pool #E00987, 6.50%, 06/01/16		30,281		31,717
Pool #E00996, 6.50%, 07/01/16		3,812		3,993
Pool #E84912, 6.50%, 08/01/16		19,186		19,981
Pool #E85117, 6.50%, 08/01/16		10,255		10,680
Pool #E85387, 6.00%, 09/01/16		38,073		39,012
Pool #E85800, 6.50%, 10/01/16		7,784		8,107
Pool #E86183, 6.00%, 11/01/16		5,420		5,554
Pool #G11207, 7.00%, 11/01/16		19,343		20,320
Pool #E01083, 7.00%, 11/01/16		7,079		7,425
Pool #E86746, 5.50%, 12/01/16		85,243		85,817
Pool #E86533, 6.00%, 12/01/16		11,643		11,930

22 Semiannual Report 2008


U.S. Government Mortgage Backed Agencies (continued)
	Shares or
	Principal Amount		Value

Pool #E87584, 6.00%, 01/01/17	$	11,378	$	11,659
Pool #E01095, 6.00%, 01/01/17		14,122		14,502
Pool #E86995, 6.50%, 01/01/17		34,170		35,587
Pool #E87291, 6.50%, 01/01/17		41,377		43,093
Pool #E87446, 6.50%, 01/01/17		7,306		7,611
Pool #E88076, 6.00%, 02/01/17		10,937		11,207
Pool #E88055, 6.50%, 02/01/17		64,244		66,922
Pool #E88106, 6.50%, 02/01/17		40,470		42,158
Pool #E01127, 6.50%, 02/01/17		22,478		23,534
Pool #E88134, 6.00%, 03/01/17		3,395		3,479
Pool #E88474, 6.00%, 03/01/17		20,801		21,314
Pool #E88768, 6.00%, 03/01/17		54,024		55,357
Pool #E01137, 6.00%, 03/01/17		21,700		22,284
Pool #E01138, 6.50%, 03/01/17		11,473		12,010
Pool #E88729, 6.00%, 04/01/17		16,340		16,743
Pool #E89149, 6.00%, 04/01/17		25,515		26,145
Pool #E89151, 6.00%, 04/01/17		19,071		19,542
Pool #E89217, 6.00%, 04/01/17		14,039		14,386
Pool #E89222, 6.00%, 04/01/17		98,742		101,180
Pool #E89347, 6.00%, 04/01/17		4,870		4,991
Pool #E89496, 6.00%, 04/01/17		22,604		23,162
Pool #E01139, 6.00%, 04/01/17		97,278		99,893
Pool #E89203, 6.50%, 04/01/17		8,695		9,058
Pool #G11409, 6.00%, 05/01/17		129,969		133,175
Pool #E89788, 6.00%, 05/01/17		12,860		13,177
Pool #E89530, 6.00%, 05/01/17		59,799		61,275
Pool #E89746, 6.00%, 05/01/17		136,530		139,901
Pool #E89909, 6.00%, 05/01/17		21,405		21,934
Pool #E01140, 6.00%, 05/01/17		85,362		87,657
Pool #E89924, 6.50%, 05/01/17		66,044		68,797
Pool #E01156, 6.50%, 05/01/17		32,487		33,999
Pool #E90194, 6.00%, 06/01/17		16,604		17,014
Pool #E90227, 6.00%, 06/01/17		13,526		13,860
Pool #E90313, 6.00%, 06/01/17		6,922		7,093
Pool #B15071, 6.00%, 06/01/17		300,790		308,209
Pool #E01157, 6.00%, 06/01/17		60,165		61,782
Pool #E90591, 5.50%, 07/01/17		85,316		86,463
Pool #E90594, 6.00%, 07/01/17		52,640		53,940
Pool #E90667, 6.00%, 07/01/17		14,544		14,903
Pool #E90645, 6.00%, 07/01/17		85,976		88,099
Pool #E01186, 5.50%, 08/01/17		189,907		192,849
Pool #E01205, 6.50%, 08/01/17		24,543		25,683
Pool #G11295, 5.50%, 09/01/17		126,010		127,704
Pool #G11458, 6.00%, 09/01/17		43,428		44,496
Pool #E93476, 5.00%, 01/01/18		164,108		163,777
Pool #G11434, 6.50%, 01/01/18		34,063		35,476
Pool #E01311, 5.50%, 02/01/18		2,041,828		2,072,002
Pool #E98207, 5.00%, 04/01/18		55,389		55,260
Pool #G11399, 5.50%, 04/01/18		183,752		186,194
Pool #E96459, 5.00%, 05/01/18		70,346		70,182
Pool #E99869, 5.00%, 06/01/18		87,464		87,287
Pool #E97335, 5.00%, 07/01/18		1,321,501		1,318,417

2008 Semiannual Report 23

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Bond Index Fund (Continued)


U.S. Government Mortgage Backed Agencies (continued)
	Shares or
	Principal Amount		Value

Pool #E97366, 5.00%, 07/01/18	$	389,867	$	388,957
Pool #E97702, 5.00%, 07/01/18		513,846		512,647
Pool #E98258, 5.00%, 07/01/18		217,358		216,851
Pool #E99426, 5.00%, 09/01/18		153,438		153,080
Pool #E99498, 5.00%, 09/01/18		158,431		158,061
Pool #E99579, 5.00%, 09/01/18		118,000		117,725
Pool #E99673, 5.00%, 10/01/18		67,634		67,476
Pool #E99675, 5.00%, 10/01/18		725,855		724,162
Pool #E01488, 5.00%, 10/01/18		132,630		132,337
Pool #B10210, 5.50%, 10/01/18		376,441		378,974
Pool #G11480, 5.00%, 11/01/18		694,624		693,004
Pool #B10650, 5.00%, 11/01/18		212,377		211,882
Pool #B10653, 5.50%, 11/01/18		271,640		275,336
Pool #E01538, 5.00%, 12/01/18		868,398		866,457
Pool #B11548, 5.50%, 12/01/18		112,273		113,028
Pool #B13147, 5.00%, 01/01/19		543,230		541,963
Pool #B12214, 5.00%, 02/01/19		321,429		319,875
Pool #G11531, 5.50%, 02/01/19		78,860		79,933
Pool #B12908, 5.50%, 03/01/19		137,939		139,729
Pool #E01604, 5.50%, 03/01/19		153,971		155,007
Pool #B13671, 5.00%, 04/01/19		124,075		123,475
Pool #B13600, 5.50%, 04/01/19		93,466		94,679
Pool #B13430, 5.50%, 04/01/19		147,786		149,704
Pool #B14236, 5.00%, 05/01/19		375,936		374,119
Pool #B15013, 5.00%, 06/01/19		214,998		213,959
Pool #B15396, 5.50%, 06/01/19		163,185		165,303
Pool #G18002, 5.00%, 07/01/19		156,201		155,446
Pool #B15503, 5.00%, 07/01/19		224,536		223,451
Pool #B15717, 5.00%, 07/01/19		325,922		324,347
Pool #B15872, 5.00%, 07/01/19		119,727		119,148
Pool #G18007, 6.00%, 07/01/19		70,442		72,185
Pool #G18005, 5.00%, 08/01/19		423,995		421,945
Pool #G18006, 5.50%, 08/01/19		142,464		144,313
Pool #B16087, 6.00%, 08/01/19		179,197		183,631
Pool #G18009, 5.00%, 09/01/19		752,514		748,877
Pool #B16648, 5.00%, 09/01/19		161,750		160,969
Pool #B16626, 5.00%, 09/01/19		867,684		863,490
Pool #B16657, 5.00%, 09/01/19		214,040		213,006
Pool #B16826, 5.00%, 10/01/19		285,921		284,539
Pool #B16985, 5.00%, 10/01/19		123,873		123,275
Pool #G18022, 5.50%, 11/01/19		297,133		300,989
Pool #B17371, 5.00%, 12/01/19		261,843		260,577
Pool #B14288, 5.50%, 12/01/19		157,112		159,152
Pool #B14668, 5.00%, 01/01/20		535,042		531,118
Pool #B17624, 5.00%, 01/01/20		368,966		367,183
Pool #G18043, 4.00%, 03/01/20		39,008		36,940
Pool #B17982, 4.00%, 03/01/20		212,614		200,150
Pool #G18050, 4.00%, 04/01/20		205,663		193,606
Pool #B19226, 4.00%, 04/01/20		54,280		51,098
Pool #B19236, 4.00%, 04/01/20		44,762		42,389
Pool #B18170, 5.00%, 04/01/20		147,754		146,671
Pool #B18437, 5.50%, 05/01/20		139,124		140,060

24 Semiannual Report 2008


U.S. Government Mortgage Backed Agencies (continued)
	Shares or
	Principal Amount		Value

Pool #B19414, 5.00%, 06/01/20	$	368,574	$	365,871
Pool #G18062, 6.00%, 06/01/20		132,490		135,772
Pool #G11742, 5.00%, 07/01/20		929,944		925,449
Pool #J02325, 5.50%, 07/01/20		335,991		339,512
Pool #J02428, 4.00%, 08/01/20		5,383,697		5,068,077
Pool #J00718, 5.00%, 12/01/20		1,337,668		1,327,859
Pool #J00935, 5.00%, 12/01/20		123,849		122,941
Pool #G11880, 5.00%, 12/01/20		811,788		805,835
Pool #J00854, 5.00%, 01/01/21		705,757		700,581
Pool #J00871, 5.00%, 01/01/21		312,453		310,162
Pool #J01049, 5.00%, 01/01/21		3,003,967		2,981,938
Pool #J00855, 5.50%, 01/01/21		323,565		326,956
Pool #G18096, 5.50%, 01/01/21		123,245		124,074
Pool #J01189, 5.00%, 02/01/21		170,310		168,635
Pool #J05986, 5.00%, 02/01/21		143,068		142,019
Pool #J01279, 5.50%, 02/01/21		272,893		274,900
Pool #J01256, 5.00%, 03/01/21		166,883		165,242
Pool #J01414, 5.00%, 03/01/21		139,783		138,409
Pool #J01576, 5.00%, 04/01/21		835,504		827,288
Pool #J01570, 5.50%, 04/01/21		185,679		186,928
Pool #J01633, 5.50%, 04/01/21		812,603		818,579
Pool #J01757, 5.00%, 05/01/21		324,227		321,039
Pool #J01771, 5.00%, 05/01/21		211,788		209,705
Pool #J01833, 5.00%, 05/01/21		140,190		138,812
Pool #J01879, 5.00%, 05/01/21		281,854		279,082
Pool #J06015, 5.00%, 05/01/21		266,716		264,093
Pool #G18122, 5.00%, 06/01/21		236,864		234,535
Pool #G18123, 5.50%, 06/01/21		450,391		453,704
Pool #J01980, 6.00%, 06/01/21		310,071		317,761
Pool #J03074, 5.00%, 07/01/21		218,689		216,539
Pool #J03028, 5.50%, 07/01/21		211,863		213,421
Pool #G12245, 6.00%, 07/01/21		155,908		159,775
Pool #G12310, 5.50%, 08/01/21		127,673		128,612
Pool #G12348, 6.00%, 08/01/21		316,388		324,234
Pool #G12855, 5.00%, 09/01/21		8,015,306		7,956,527
Pool #G12412, 5.50%, 11/01/21		166,374		167,597
Pool #C90559, 7.00%, 05/01/22		98,116		103,582
Pool #C00351, 8.00%, 07/01/24		2,464		2,671
Pool #D60780, 8.00%, 06/01/25		5,509		5,969
Pool #D64617, 8.00%, 10/01/25		29,194		31,629
Pool #D82854, 7.00%, 10/01/27		6,134		6,500
Pool #C00566, 7.50%, 12/01/27		10,208		11,057
Pool #C00676, 6.50%, 11/01/28		57,936		60,343
Pool #C00678, 7.00%, 11/01/28		14,633		15,507
Pool #C18271, 7.00%, 11/01/28		10,028		10,627
Pool #C00836, 7.00%, 07/01/29		5,813		6,147
Pool #C30265, 6.50%, 08/01/29		9,574		9,975
Pool #A16201, 7.00%, 08/01/29		25,398		26,859
Pool #C31282, 7.00%, 09/01/29		1,302		1,376
Pool #C31285, 7.00%, 09/01/29		13,999		14,804
Pool #A18212, 7.00%, 11/01/29		247,222		261,441
Pool #C32914, 8.00%, 11/01/29		6,022		6,522

2008 Semiannual Report 25

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Bond Index Fund (Continued)


U.S. Government Mortgage Backed Agencies (continued)
	Shares or
	Principal Amount		Value

Pool #C37436, 8.00%, 01/01/30	$	8,599	$	9,313
Pool #C36306, 7.00%, 02/01/30		7,226		7,637
Pool #C36429, 7.00%, 02/01/30		6,475		6,844
Pool #C00921, 7.50%, 02/01/30		7,505		8,107
Pool #G01108, 7.00%, 04/01/30		4,968		5,253
Pool #C37703, 7.50%, 04/01/30		5,611		6,062
Pool #G01133, 6.50%, 07/01/30		38,988		40,608
Pool #C41561, 8.00%, 08/01/30		4,504		4,879
Pool #C01051, 8.00%, 09/01/30		14,365		15,561
Pool #C43550, 7.00%, 10/01/30		12,405		13,112
Pool #C44017, 7.50%, 10/01/30		1,030		1,112
Pool #C43967, 8.00%, 10/01/30		51,842		56,157
Pool #C44978, 7.00%, 11/01/30		2,237		2,364
Pool #C44535, 7.50%, 11/01/30		2,609		2,819
Pool #C44957, 8.00%, 11/01/30		9,944		10,772
Pool #C01106, 7.00%, 12/01/30		78,981		83,483
Pool #C01103, 7.50%, 12/01/30		6,673		7,060
Pool #C46932, 7.50%, 01/01/31		12,639		13,654
Pool #C01116, 7.50%, 01/01/31		6,374		6,885
Pool #C47287, 7.50%, 02/01/31		7,886		8,519
Pool #G01217, 7.00%, 03/01/31		65,635		69,376
Pool #C48851, 7.00%, 03/01/31		9,910		10,465
Pool #C48206, 7.50%, 03/01/31		15,937		17,216
Pool #C52685, 6.50%, 05/01/31		31,306		32,558
Pool #C01172, 6.50%, 05/01/31		34,824		36,216
Pool #C52136, 7.00%, 05/01/31		15,248		16,102
Pool #C53589, 6.50%, 06/01/31		84,091		87,453
Pool #C53324, 7.00%, 06/01/31		18,275		19,299
Pool #C01209, 8.00%, 06/01/31		3,010		3,261
Pool #C54897, 6.50%, 07/01/31		57,860		60,173
Pool #C54792, 7.00%, 07/01/31		76,156		80,421
Pool #C55071, 7.50%, 07/01/31		884		954
Pool #G01309, 7.00%, 08/01/31		17,450		18,428
Pool #C58215, 6.50%, 09/01/31		2,622		2,726
Pool #C58362, 6.50%, 09/01/31		23,363		24,297
Pool #C01220, 6.50%, 09/01/31		9,256		9,626
Pool #G01311, 7.00%, 09/01/31		104,187		110,126
Pool #G01315, 7.00%, 09/01/31		3,972		4,199
Pool #C01222, 7.00%, 09/01/31		12,573		13,278
Pool #C58961, 6.50%, 10/01/31		445,200		462,999
Pool #C01244, 6.50%, 10/01/31		52,802		54,913
Pool #C58647, 7.00%, 10/01/31		3,415		3,606
Pool #C58694, 7.00%, 10/01/31		23,941		25,282
Pool #C60991, 6.50%, 11/01/31		12,424		12,921
Pool #C60012, 7.00%, 11/01/31		4,920		5,196
Pool #C61298, 8.00%, 11/01/31		12,800		13,867
Pool #C01271, 6.50%, 12/01/31		16,753		17,423
Pool #C61105, 7.00%, 12/01/31		11,129		11,752
Pool #C01305, 7.50%, 12/01/31		7,336		7,918
Pool #C62218, 7.00%, 01/01/32		14,590		15,407
Pool #C63171, 7.00%, 01/01/32		37,461		39,559
Pool #G01355, 6.50%, 02/01/32		487,907		507,413

26 Semiannual Report 2008


U.S. Government Mortgage Backed Agencies (continued)
	Shares or
	Principal Amount		Value

Pool #C64121, 7.50%, 02/01/32	$	8,329	$	8,989
Pool #C64668, 6.50%, 03/01/32		18,063		18,774
Pool #C65466, 6.50%, 03/01/32		78,407		81,493
Pool #C01310, 6.50%, 03/01/32		91,538		95,140
Pool #C66191, 6.50%, 04/01/32		30,254		31,445
Pool #C66192, 6.50%, 04/01/32		15,208		15,806
Pool #C66088, 6.50%, 04/01/32		14,986		15,576
Pool #C01343, 6.50%, 04/01/32		81,436		84,641
Pool #G01391, 7.00%, 04/01/32		167,496		177,043
Pool #C66744, 7.00%, 04/01/32		3,861		4,077
Pool #C01345, 7.00%, 04/01/32		55,272		58,366
Pool #C65717, 7.50%, 04/01/32		11,245		12,114
Pool #C01370, 8.00%, 04/01/32		12,372		13,404
Pool #C67097, 6.50%, 05/01/32		6,073		6,312
Pool #C66758, 6.50%, 05/01/32		399,604		415,330
Pool #C66919, 6.50%, 05/01/32		4,305		4,475
Pool #C67313, 6.50%, 05/01/32		2,390		2,484
Pool #C01351, 6.50%, 05/01/32		53,222		55,316
Pool #C66916, 7.00%, 05/01/32		37,650		39,757
Pool #C67259, 7.00%, 05/01/32		4,253		4,491
Pool #C67235, 7.00%, 05/01/32		95,399		100,740
Pool #C01381, 8.00%, 05/01/32		60,657		65,713
Pool #C67996, 6.50%, 06/01/32		11,861		12,328
Pool #C72361, 6.50%, 06/01/32		28,810		29,962
Pool #C72497, 6.50%, 06/01/32		17,372		18,067
Pool #C01364, 6.50%, 06/01/32		53,935		56,058
Pool #C68290, 7.00%, 06/01/32		14,837		15,667
Pool #C68300, 7.00%, 06/01/32		77,546		81,887
Pool #C68307, 8.00%, 06/01/32		3,905		4,231
Pool #G01433, 6.50%, 07/01/32		27,884		28,982
Pool #C71403, 6.50%, 07/01/32		55,387		57,602
Pool #G01449, 7.00%, 07/01/32		119,215		126,011
Pool #C68988, 7.50%, 07/01/32		4,641		5,000
Pool #G01443, 6.50%, 08/01/32		187,228		194,596
Pool #G01444, 6.50%, 08/01/32		192,282		199,970
Pool #C74006, 6.50%, 08/01/32		15,783		16,404
Pool #C01385, 6.50%, 08/01/32		75,334		78,299
Pool #C69908, 7.00%, 08/01/32		69,453		73,341
Pool #C70211, 7.00%, 08/01/32		60,981		64,395
Pool #C01396, 6.50%, 09/01/32		122,982		127,822
Pool #C71089, 7.50%, 09/01/32		16,820		18,120
Pool #C01404, 6.50%, 10/01/32		307,506		319,608
Pool #C72160, 7.50%, 10/01/32		8,188		8,821
Pool #A14012, 6.50%, 11/01/32		98,622		102,503
Pool #C73984, 6.50%, 12/01/32		13,308		13,832
Pool #C77531, 6.50%, 02/01/33		103,440		107,511
Pool #G01536, 7.00%, 03/01/33		91,697		96,236
Pool #A10212, 6.50%, 06/01/33		26,352		27,356
Pool #A16419, 6.50%, 11/01/33		58,606		60,839
Pool #A17177, 6.50%, 12/01/33		37,848		39,291
Pool #A16522, 6.50%, 12/01/33		377,758		392,153
Pool #A17262, 6.50%, 12/01/33		92,322		95,840

2008 Semiannual Report 27

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Bond Index Fund (Continued)


U.S. Government Mortgage Backed Agencies (continued)
	Shares or
	Principal Amount		Value

Pool #C01806, 7.00%, 01/01/34	$	87,414	$	91,740
Pool #A21356, 6.50%, 04/01/34		224,346		232,123
Pool #C01851, 6.50%, 04/01/34		232,334		240,388
Pool #A22067, 6.50%, 05/01/34		309,742		320,480
Pool #A24301, 6.50%, 05/01/34		163,202		168,860
Pool #A24988, 6.50%, 07/01/34		153,378		158,695
Pool #G01741, 6.50%, 10/01/34		166,340		172,886
Pool #G08023, 6.50%, 11/01/34		253,944		262,748
Pool #A33137, 6.50%, 01/01/35		65,549		67,821
Pool #G08064, 6.50%, 04/01/35		169,778		175,399
Pool #A31989, 6.50%, 04/01/35		92,924		96,001
Pool #A38817, 6.50%, 05/01/35		12,593		12,994
Pool #G01947, 7.00%, 05/01/35		136,199		143,825
Pool #A46279, 5.00%, 07/01/35		717,361		689,801
Pool #A46718, 4.50%, 08/01/35		1,114,546		1,034,808
Pool #G01867, 5.00%, 08/01/35		5,610,441		5,394,899
Pool #G08072, 5.00%, 08/01/35		4,078,851		3,922,150
Pool #A46671, 5.00%, 08/01/35		250,441		240,819
Pool #A36407, 5.00%, 08/01/35		284,363		273,438
Pool #A36609, 5.00%, 08/01/35		5,081,246		4,886,035
Pool #A36646, 5.00%, 08/01/35		14,788,981		14,220,818
Pool #A36973, 5.00%, 08/01/35		390,165		375,175
Pool #A33015, 5.00%, 08/01/35		2,197,669		2,113,239
Pool #G08073, 5.50%, 08/01/35		2,350,690		2,322,408
Pool #A47036, 4.50%, 09/01/35		353,930		328,609
Pool #A47055, 4.50%, 09/01/35		4,331,930		4,022,011
Pool #A37533, 4.50%, 09/01/35		275,777		256,047
Pool #A47039, 5.00%, 09/01/35		3,553,191		3,416,684
Pool #A37534, 5.00%, 09/01/35		4,085,460		3,928,505
Pool #A37567, 5.00%, 09/01/35		346,722		333,402
Pool #A37135, 5.50%, 09/01/35		4,061,713		4,012,846
Pool #A46935, 6.50%, 09/01/35		144,431		149,212
Pool #G01890, 4.50%, 10/01/35		706,431		655,891
Pool #G02045, 4.50%, 10/01/35		254,059		235,883
Pool #A38074, 5.00%, 10/01/35		740,681		712,225
Pool #A38255, 5.50%, 10/01/35		3,492,793		3,450,771
Pool #A38531, 5.50%, 10/01/35		4,131,803		4,082,092
Pool #A38667, 5.50%, 10/01/35		3,007,338		2,971,156
Pool #G08088, 6.50%, 10/01/35		884,645		913,932
Pool #G08109, 4.50%, 11/01/35		364,064		338,017
Pool #A47750, 5.00%, 11/01/35		2,490,831		2,395,138
Pool #A47753, 5.00%, 11/01/35		3,142,607		3,021,874
Pool #A39892, 5.00%, 11/01/35		250,447		240,825
Pool #A39258, 5.00%, 11/01/35		208,146		200,150
Pool #A39490, 5.00%, 11/01/35		356,979		343,265
Pool #G08095, 5.50%, 11/01/35		707,428		698,917
Pool #A39759, 5.50%, 11/01/35		233,573		230,762
Pool #A47682, 6.50%, 11/01/35		743,315		767,923
Pool #A40141, 6.50%, 11/01/35		128,405		132,656
Pool #G01959, 5.00%, 12/01/35		3,357,197		3,228,221
Pool #A40182, 5.00%, 12/01/35		359,942		346,114
Pool #A40268, 5.00%, 12/01/35		292,411		281,177

28 Semiannual Report 2008


U.S. Government Mortgage Backed Agencies (continued)
	Shares or
	Principal Amount		Value

Pool #A41041, 5.00%, 12/01/35	$	639,473	$	614,906
Pool #A40376, 5.50%, 12/01/35		215,510		212,917
Pool #G02220, 4.50%, 01/01/36		220,049		204,306
Pool #A42298, 4.50%, 01/01/36		424,798		394,406
Pool #A41864, 5.00%, 01/01/36		297,025		285,614
Pool #G08105, 5.50%, 01/01/36		8,378,477		8,277,673
Pool #A41326, 5.50%, 01/01/36		1,162,110		1,148,129
Pool #A41354, 5.50%, 01/01/36		7,617,598		7,525,948
Pool #A42305, 5.50%, 01/01/36		1,702,360		1,679,750
Pool #A42332, 5.50%, 01/01/36		385,272		380,637
Pool #A41548, 7.00%, 01/01/36		293,822		309,168
Pool #G08111, 5.50%, 02/01/36		6,106,492		6,025,390
Pool #A43672, 6.50%, 02/01/36		66,613		68,756
Pool #A48303, 7.00%, 02/01/36		137,906		144,732
Pool #G08116, 5.50%, 03/01/36		1,205,317		1,189,309
Pool #A43452, 5.50%, 03/01/36		201,359		198,684
Pool #A43757, 5.50%, 03/01/36		2,173,349		2,144,485
Pool #A43861, 5.50%, 03/01/36		4,578,648		4,517,838
Pool #A43644, 6.50%, 03/01/36		161,586		166,784
Pool #A54580, 5.00%, 04/01/36		422,684		406,445
Pool #A44534, 5.00%, 04/01/36		236,951		227,552
Pool #A44743, 5.00%, 04/01/36		211,475		203,350
Pool #A48700, 4.50%, 05/01/36		163,702		151,939
Pool #G02186, 5.00%, 05/01/36		18,295,395		17,592,523
Pool #A48911, 5.50%, 05/01/36		675,475		666,504
Pool #A48976, 5.50%, 05/01/36		6,282,722		6,199,279
Pool #A48735, 5.50%, 05/01/36		506,988		500,254
Pool #G08130, 6.50%, 05/01/36		292,239		301,640
Pool #A49637, 5.00%, 06/01/36		999,501		959,853
Pool #G08134, 5.50%, 06/01/36		688,382		679,239
Pool #A49653, 5.50%, 06/01/36		24,921,273		24,590,287
Pool #A50139, 6.50%, 06/01/36		227,783		235,111
Pool #A49960, 7.00%, 06/01/36		47,876		50,246
Pool #A50714, 5.50%, 07/01/36		320,542		316,285
Pool #G08139, 5.50%, 07/01/36		1,447,689		1,428,462
Pool #A50832, 5.50%, 07/01/36		718,450		708,908
Pool #A50313, 5.50%, 07/01/36		578,535		570,851
Pool #G08141, 6.50%, 07/01/36		1,048,588		1,082,319
Pool #A51078, 5.50%, 08/01/36		301,179		297,179
Pool #G02267, 6.50%, 08/01/36		1,667,830		1,721,481
Pool #A51250, 6.50%, 08/01/36		797,319		822,967
Pool #A51337, 6.50%, 08/01/36		240,663		248,405
Pool #G02375, 6.50%, 09/01/36		883,531		911,953
Pool #A52253, 6.50%, 09/01/36		246,150		254,068
Pool #G02342, 5.00%, 10/01/36		1,452,889		1,395,256
Pool #A53040, 5.50%, 10/01/36		1,143,454		1,128,267
Pool #A53286, 5.50%, 10/01/36		1,099,963		1,085,354
Pool #A53632, 6.00%, 10/01/36		975,320		986,578
Pool #A53039, 6.50%, 10/01/36		444,668		458,972
Pool #A53219, 6.50%, 10/01/36		477,174		492,523
Pool #A55587, 5.50%, 12/01/36		408,738		403,310
Freddie Mac Non Gold Pool
Pool #1J1593, 5.73%, 04/01/37 (a)		9,931,425		10,106,712

2008 Semiannual Report 29

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Bond Index Fund (Continued)


U.S. Government Mortgage Backed Agencies (continued)
	Shares or
	Principal Amount		Value

Pool #1J1594, 5.87%, 04/0 1/37 (a)	$	10,928,300	$	11,084,537
Pool #1G1945, 5.72%, 05/01/37		9,494,925		9,641,502
Ginnie Mae I pool
Pool #279461, 9.00%, 11/15/19		2,797		3,063
Pool #376510, 7.00%, 05/15/24		8,876		9,474
Pool #457801, 7.00%, 08/15/28		12,754		13,600
Pool #486936, 6.50%, 02/15/29		9,819		10,201
Pool #490258, 6.50%, 02/15/29		2,251		2,339
Pool #502969, 6.00%, 03/15/29		30,365		30,984
Pool #487053, 7.00%, 03/15/29		12,318		13,129
Pool #781014, 6.00%, 04/15/29		28,016		28,620
Pool #509099, 7.00%, 06/15/29		7,359		7,844
Pool #470643, 7.00%, 07/15/29		19,427		20,707
Pool #434505, 7.50%, 08/15/29		2,316		2,492
Pool #416538, 7.00%, 10/15/29		1,825		1,946
Pool #524269, 8.00%, 11/15/29		10,783		11,809
Pool #781124, 7.00%, 12/15/29		51,292		54,681
Pool #525561, 8.00%, 01/15/30		4,170		4,568
Pool #507396, 7.50%, 09/15/30		104,834		112,760
Pool #531352, 7.50%, 09/15/30		14,005		15,064
Pool #536334, 7.50%, 10/15/30		1,232		1,325
Pool #540659, 7.00%, 01/15/31		1,188		1,265
Pool #535388, 7.50%, 01/15/31		5,344		5,746
Pool #486019, 7.50%, 01/15/31		4,662		5,013
Pool #537406, 7.50%, 02/15/31		4,199		4,514
Pool #528589, 6.50%, 03/15/31		92,889		96,477
Pool #508473, 7.50%, 04/15/31		18,134		19,497
Pool #544470, 8.00%, 04/15/31		4,502		4,932
Pool #781287, 7.00%, 05/15/31		29,499		31,429
Pool #781319, 7.00%, 07/15/31		9,432		10,044
Pool #549742, 7.00%, 07/15/31		7,277		7,746
Pool #485879, 7.00%, 08/15/31		30,191		32,139
Pool #572554, 6.50%, 09/15/31		202,381		210,198
Pool #555125, 7.00%, 09/15/31		5,246		5,585
Pool #781328, 7.00%, 09/15/31		27,789		29,608
Pool #550991, 6.50%, 10/15/31		14,320		14,873
Pool #571267, 7.00%, 10/15/31		3,846		4,094
Pool #547948, 6.50%, 11/15/31		9,955		10,339
Pool #574837, 7.50%, 11/15/31		6,654		7,155
Pool #555171, 6.50%, 12/15/31		4,856		5,044
Pool #781380, 7.50%, 12/15/31		8,579		9,093
Pool #781481, 7.50%, 01/15/32		44,850		48,245
Pool #580972, 6.50%, 02/15/32		7,943		8,247
Pool #781401, 7.50%, 02/15/32		24,310		26,144
Pool #781916, 6.50%, 03/15/32		549,140		570,143
Pool #552474, 7.00%, 03/15/32		16,344		17,396
Pool #781478, 7.50%, 03/15/32		14,637		15,745
Pool #781429, 8.00%, 03/15/32		22,075		24,184
Pool #781431, 7.00%, 04/15/32		105,463		112,265
Pool #568715, 7.00%, 05/15/32		84,352		89,781
Pool #552616, 7.00%, 06/15/32		93,212		99,212
Pool #570022, 7.00%, 07/15/32		151,973		161,755
Pool #583645, 8.00%, 07/15/32		13,237		14,504

30 Semiannual Report 2008


U.S. Government Mortgage Backed Agencies (continued)
	Shares or
	Principal Amount		Value

Pool #595077, 6.00%, 10/15/32	$	86,287	$	87,966
Pool #596657, 7.00%, 10/15/32		7,231		7,696
Pool #552903, 6.50%, 11/15/32		462,462		480,179
Pool #552952, 6.00%, 12/15/32		79,420		80,965
Pool #588192, 6.00%, 02/15/33		45,182		46,047
Pool #602102, 6.00%, 02/15/33		101,749		103,696
Pool #603520, 6.00%, 03/15/33		103,813		105,800
Pool #553144, 5.50%, 04/15/33		301,570		301,373
Pool #604243, 6.00%, 04/15/33		180,310		183,761
Pool #611526, 6.00%, 05/15/33		85,863		87,506
Pool #631924, 6.00%, 05/15/33		149,031		151,884
Pool #553320, 6.00%, 06/15/33		169,239		172,478
Pool #572733, 6.00%, 07/15/33		42,161		42,968
Pool #573916, 6.00%, 11/15/33		178,308		181,721
Pool #604788, 6.50%, 11/15/33		299,693		310,894
Pool #604875, 6.00%, 12/15/33		350,327		357,032
Pool #781688, 6.00%, 12/15/33		330,221		336,572
Pool #781690, 6.00%, 12/15/33		141,907		144,662
Pool #781699, 7.00%, 12/15/33		55,517		59,106
Pool #621856, 6.00%, 01/15/34		142,824		145,424
Pool #564799, 6.00%, 03/15/34		733,518		746,870
Pool #630038, 6.50%, 08/15/34		285,521		295,657
Pool #781804, 6.00%, 09/15/34		511,643		520,809
Pool #781847, 6.00%, 12/15/34		452,435		460,462
Pool #486921, 5.50%, 02/15/35		188,695		188,100
Pool #781902, 6.00%, 02/15/35		426,314		433,829
Pool #781905, 5.00%, 04/15/35		1,100,616		1,070,387
Pool #781933, 6.00%, 06/15/35		78,481		79,847
Pool #646799, 4.50%, 07/15/35		216,447		201,968
Pool #645035, 5.00%, 07/15/35		207,164		201,332
Pool #641734, 4.50%, 09/15/35		1,200,931		1,120,595
Pool #641779, 5.00%, 09/15/35		4,568,508		4,439,885
Pool #649454, 5.50%, 09/15/35		1,806,739		1,802,733
Pool #649510, 5.50%, 10/15/35		2,696,089		2,690,112
Pool #649513, 5.50%, 10/15/35		3,535,731		3,527,893
Pool #602461, 5.00%, 12/15/35		197,237		191,684
Pool #648439, 5.00%, 01/15/36		391,493		380,098
Pool #650712, 5.00%, 01/15/36		514,226		499,260
Pool #652207, 5.50%, 03/15/36		3,293,725		3,284,324
Pool #652539, 5.00%, 05/15/36		244,842		237,716
Pool #655519, 5.00%, 05/15/36		484,766		470,657
Pool #606308, 5.50%, 05/15/36		589,316		587,634
Pool #606314, 5.50%, 05/15/36		244,749		244,050
Pool #653598, 5.50%, 05/15/36		891,961		889,415
Pool #655457, 6.00%, 05/15/36		229,785		233,678
Pool #635306, 6.00%, 06/15/36		1,284,463		1,305,837
Pool #656666, 6.00%, 06/15/36		1,205,652		1,225,716
Pool #657912, 6.50%, 08/15/36		272,921		282,350


Total U.S. Government Mortgage Backed Agencies				550,877,979

2008 Semiannual Report 31

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Bond Index Fund (Continued)


Yankee Dollars (2.2%)
	Shares or
	Principal Amount		Value


Airline (0.0%) (b)
Qantas Airways Ltd., 6.05%, 04/15/16	$	177,000	$	160,452



Banks (0.4%)
HBOS PLC, 5.46%, 11/29/49 (b)		354,000		312,160
HSBC Holdings PLC, 7.50%, 07/15/09		563,000		575,674
National Australia Bank Ltd., Series A, 8.60%, 05/19/10		177,000		189,414
Royal Bank of Scotland Group PLC
5.00%, 11/12/13		236,000		234,694
5.05%, 01/08/15		316,000		299,614
4.70%, 07/03/18		472,000		396,344
Santander Central Hispano Issuances Ltd.
7.63%, 11/03/09		2,714,000		2,782,898
7.63%, 09/14/10		59,000		62,632
St. George Bank Ltd., 5.30%, 10/15/15 (b)		236,000		234,312
UBS AG, 5.88%, 07/15/16		1,121,000		1,095,281
Westpac Banking Corp., 4.63%, 06/01/18		147,000		126,308

				6,309,331



Building Products (0.0%)
Lafarge SA, 6.50%, 07/15/16		265,000		255,727



Chemicals (0.0%) (b)
Yara International ASA, 5.25%, 12/15/14		147,000		143,250



Diversified Manufacturing (0.0%)
AstraZeneca PLC, 5.40%, 06/01/14		295,000		302,051
Celulosa Arauco y Constitucion SA, 5.13%, 07/09/13		177,000		173,925

				475,976



Insurance (0.1%)
Montpelier Re Holdings Ltd., 6.13%, 08/15/13		74,000		72,090
XL Capital Ltd., 5.25%, 09/15/14		779,000		706,629

				778,719



Media (0.0%)
British Sky Broadcasting Group PLC, 8.20%, 07/15/09		221,000		228,097



Metals & Mining (0.1%)
Alcan, Inc.
6.45%, 03/15/11		44,000		45,529
4.50%, 05/15/13		372,000		356,435
5.00%, 06/01/15		295,000		282,588
5.75%, 06/01/35		206,000		177,407
Corp Nacional del Cobre de Chile — CODELCO, 6.38%, 11/30/12 (b)		120,000		126,178
Inco Ltd., 7.75%, 05/15/12		177,000		188,976
Placer Dome, Inc., 6.38%, 03/01/33		139,000		133,037
Potash Corp. of Saskatchewan
7.75%, 05/31/11		41,000		44,087
4.88%, 03/01/13		165,000		164,575
Teck Cominco Ltd., 6.13%, 10/01/35		147,000		129,285
Xstrata Canada Corp., 6.20%, 06/15/35		177,000		155,815

				1,803,912



Oil, Gas & Consumable Fuels (0.3%)
Canadian Natural Resources Ltd., 4.90%, 12/01/14		280,000		268,851
Enbridge, Inc., 5.60%, 04/01/17		1,500,000		1,444,875
EnCana Corp.
4.75%, 10/15/13		339,000		325,412
6.50%, 08/15/34		350,000		343,374
Nexen, Inc.
5.05%, 11/20/13		295,000		288,255
5.20%, 03/10/15		350,000		331,266
5.88%, 03/10/35		133,000		118,781
6.40%, 05/15/37		350,000		331,393
Petro-Canada, 5.95%, 05/15/35		271,000		238,112
PTT PCL, 5.88%, 08/03/35 (b)		177,000		154,823
Talisman Energy, Inc.
7.25%, 10/15/27		133,000		135,860
5.75%, 05/15/35		350,000		299,063

				4,280,065



Oilfield Machinery & Services (0.0%)
Transocean, Inc., 7.50%, 04/15/31		177,000		193,839



Other Financial (0.7%)
Anadarko Finance Co., Series B
6.75%, Series B, 05/01/11		118,000		122,657
7.50%, Series B, 05/01/31		298,000		319,438

32 Semiannual Report 2008


Yankee Dollars (continued)
	Shares or
	Principal Amount		Value


Other Financial (continued)

Apache Finance Canada Corp., 4.38%, 05/15/15	$	487,000	$	463,832
BHP Billiton Finance USA Ltd.
4.80%, 04/15/13		236,000		230,381
6.42%, 03/01/26		80,000		77,266
Brookfield Asset Management, Inc., 5.75%, 03/01/10		180,000		177,169
BSKYB Finance UK PLC, 5.63%, 10/15/15 (b)		147,000		142,274
Burlington Resources Finance Co
6.40%, 08/15/11		124,000		131,005
6.50%, 12/01/11		206,000		218,730
CIT Group Funding Co. of Canada, 5.20%, 06/01/15		177,000		121,915
Conoco Funding Co., 6.35%, 10/15/11		767,000		811,145
ConocoPhillips Canada Funding Co. I, 5.63%, 10/15/16		365,000		371,858
Deutsche Bank Financial LLC, 5.38%, 03/02/15		177,000		171,797
Deutsche Telekom International Finance BV
5.25%, 07/22/13		737,000		723,032
5.75%, 03/23/16		1,177,000		1,148,414
8.75%, 06/15/30		369,000		423,383
Diageo Capital PLC, 7.25%, 11/01/09		350,000		367,199
EnCana Holdings Finance Corp., 5.80%, 05/01/14		634,000		640,866
Hanson Australia Funding Ltd., 5.25%, 03/15/13		265,000		258,672
Inversiones CMPC SA, 4.88%, 06/18/13 (b)		177,000		171,759
Oesterreichische Kontrollbank AG
4.50%, 03/09/15		236,000		239,334
4.88%, 02/16/16		350,000		360,922
Telecom Italia Capital SA
6.20%, 07/18/11		206,000		210,063
4.95%, 09/30/14		295,000		270,000
5.25%, 10/01/15		940,000		860,247
6.00%, 09/30/34		230,000		196,837
UFJ Finance Aruba AEC, 6.75%, 07/15/13		354,000		371,892

				9,602,087



Other Utilities (0.1%)
Hydro QuebecSeries HY, 8.40%, 01/15/22		220,000		293,355
Series GF, 8.88%, 03/01/26		156,000		220,269
Scottish Power PLC, 5.81%, 03/15/25		118,000		106,616

				620,240



Publishing (0.0%)
Thomson Reuters Corp., 4.25%, 08/15/09		251,000		249,316



Road & Rail (0.1%)
Canadian National Railway Co.
4.40%, 03/15/13		1,035,000		1,007,685
6.90%, 07/15/28		242,000		253,222
6.20%, 06/01/36		236,000		228,302

				1,489,209



Service Company (0.0%) (b)
SPI Electricity & Gas Australia Holdings Pty Ltd., 6.15%, 11/15/13		189,000		190,388



Telecommunications (0.4%)
America Movil SAB de CV
5.75%, 01/15/15		295,000		291,868
6.38%, 03/01/35		177,000		168,131
British Telecommunications PLC
8.35%, 12/15/10		1,280,000		1,374,400
9.15%, 12/15/30		559,000		671,966
France Telecom SA
3,111.00%, 03/01/11		383,000		405,612
3,376.25%, 03/01/31		407,000		492,649
Koninklike KPN NV, 8.00%, 10/01/10		310,000		327,992
Telefonos de Mexico SAB de CV, 5.50%, 01/27/15		236,000		229,687
Vodafone Group PLC
7.75%, 02/15/10		383,000		400,222
5.00%, 12/16/13		664,000		644,390
7.88%, 02/15/30		206,000		226,321

				5,233,238


Total Yankee Dollars				32,013,846

2008 Semiannual Report 33

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Bond Index Fund (Continued)


Repurchase Agreements (1.7%)
	Shares or
	Principal Amount		Value

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $10,870,284, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $11,086,963	$	10,869,571	$	10,869,571
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $14,677,098, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $14,969,659		14,676,137		14,676,137


Total Repurchase Agreements				25,545,708


Total Investments (Cost $1,647,201,389) (c) — 110.7%				1,636,744,978

Liabilities in excess of other assets — (10.7)%				(158,426,436	)


NET ASSETS — 100.0%			$	1,478,318,542


(a)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2008. The maturity date represents the actual maturity date.

(b)		Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2008, all such securities in total represented 2.3% of net assets.

(c)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.


JP		Japan

REIT		Real Estate Investment Trust

TBA		To Be Announced.

TW		Taiwan

UK		United Kingdom

ULC		Unlimited Liability Company

See accompanying notes to financial statements.

34 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Bond Index Fund

Assets:
Investments, at value (cost $1,621,655,681)	$	1,611,199,270
Repurchase agreements, at cost and value		25,545,708

Total Investments		1,636,744,978

Cash		310
Interest and dividends receivable		14,436,334
Receivable for capital shares issued		156,536
Receivable for investments sold		169,220,997
Prepaid expenses and other assets		74,042

Total Assets		1,820,633,197

Liabilities:
Payable for investments purchased		341,591,617
Payable for capital shares redeemed		381,639
Accrued expenses and other payables:
Investment advisory fees		273,419
Fund administration and transfer agent fees		41,171
Custodian fees		11,940
Trustee fees		8,916
Compliance program costs (Note 3)		2,660
Other		3,293

Total Liabilities		342,314,655

Net Assets	$	1,478,318,542

Represented by:
Capital	$	1,471,465,196
Accumulated net investment income		2,373,981
Accumulated net realized gains from investment transactions		14,935,776
Net unrealized appreciation/(depreciation) from investments		(10,456,411	)

Net Assets	$	1,478,318,542

Net Assets:
Class Y Shares		1,478,318,542

Total	$	1,478,318,542

Shares outstanding (unlimited number of shares authorized):
Class Y Shares		147,417,584

Total		147,417,584

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class Y Shares	$	10.03

See accompanying notes to financial statements.

2008 Semiannual Report 35

Statements of Changes in Net Assets


	NVIT Bond Index Fund

	Six Months Ended			Period Ended
	June 30, 2008			December 31, 2007 (a)
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	36,088,249		$	53,251,556
Net realized gains from investment transactions		5,590,487			8,969,912
Net change in unrealized appreciation/(depreciation) from investments		(24,627,708	)		14,171,297

Change in net assets resulting from operations		17,051,028			76,392,765

Distributions to Shareholders From:
Net investment income:
Class Y (b)		(34,858,688	)		(51,731,759	)

Change in net assets from shareholder distributions		(34,858,688	)		(51,731,759	)

Change in net assets from capital transactions		(65,459,954	)		1,536,925,150

Change in net assets		(83,267,614	)		1,561,586,156

Net Assets:
Beginning of period		1,561,586,156			–

End of period	$	1,478,318,542		$	1,561,586,156

Accumulated net investment income at end of period	$	2,373,981		$	1,144,420

CAPITAL TRANSACTIONS:
Class Y Shares (b)
Proceeds from shares issued	$	62,951,616		$	149,489,488
Issued from in-kind transactions		–			1,416,739,253
Dividends reinvested		34,858,570			51,731,507
Cost of shares redeemed		(163,270,140	)		(81,035,098	)

Change in net assets from capital transactions	$	(65,459,954	)	$	1,536,925,150

SHARE TRANSACTIONS:
Class Y Shares (b)
Issued		6,164,448			15,043,937
Issued from in-kind transactions		–			141,673,925
Reinvested		3,460,659			5,185,019
Redeemed		(16,059,790	)		(8,050,614	)

Total change in shares		(6,434,683	)		153,852,267


(a)		For the period from April 20, 2007 (commencement of operations) through December 31, 2007.

(b)		Effective May 1, 2008, Class ID shares were renamed Class Y shares.

See accompanying notes to financial statements.

2008 Semiannual Report 37

NVIT Bond Index Fund


			Investment Activities							Distributions													Ratios / Supplemental Data

					Net Realized																								Ratio of
					and																					Ratio of Net			Expenses
	Net Asset				Unrealized			Total													Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from		Net						Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment		Investment			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments			Activities		Income			Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)

Class Y Shares (f)
Six Months ended June 30, 2008 (Unaudited)	$	10.15		0.24		(0.13	)		0.11		(0.23	)		(0.23	)	$	10.03		1.09	%	$	1,478,319		0.31	%		4.67	%		0.31	%		78.65	%
Period ended December 31, 2007 (e)	$	10.00		0.35		0.14			0.49		(0.34	)		(0.34	)	$	10.15		4.99	%	$	1,561,586		0.29	%		5.06	%		0.29	%		166.82	%


(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 December 31, 2007.
(f)	Effective May 1, 2008, Class ID shares were renamed Class Y shares.

See accompanying notes to financial statements.

38 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Bond Index Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 39

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining “Fair Value.” For example, fair value determinations may take into account 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 an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 — Other Significant		Level 3 — Significant
Level 1 — Quoted Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	–	$	1,636,744,978	$	–	$	1,636,744,978

40 Semiannual Report 2008


(b)	Repurchase Agreements


(c)	Futures Contracts

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” payments, are made or received 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.


(d)	Written Options Contracts

2008 Semiannual Report 41

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(e)	Mortgage Dollar Rolls


(f)	Security Transactions and Investment Income


(g)	Securities Lending


(h)	Distributions to Shareholders

42 Semiannual Report 2008

gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(i)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

2008 Semiannual Report 43

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


Fee Schedule	Total 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 $612,764 for the six months ended June 30, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA 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 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 in a given quarter is approved by the Board of Trustees on an advance quarterly basis. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted. During the period ended June 30, 2008, the Fund had no cumulative potential reimbursements.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


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

44 Semiannual Report 2008

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

4. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $1,244,639,802 and sales of $1,322,747,061.

For the six months ended June 30, 2008, the Fund had purchases of $1,769,098,621 and sales of $1,765,188,997 of U.S. Government securities.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

6. Indemnifications

7. New Accounting Pronouncements

2008 Semiannual Report 45

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial position, performance and cash flows. Management is currently evaluating the impact the adoption of SFAS No. 161 will have on the Fund’s financial statements and related disclosures.

8. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	1,649,046,576	$	10,923,579	$	(23,225,177)	$	(12,301,598)

9. Other

During the year ended December 31, 2007, the NVIT Bond Index Fund accepted securities eligible for investment by the Fund as consideration for Fund shares issued (“Purchase In-Kind”) to the NVIT Investor Destinations Aggressive Fund, NVIT Investor Destinations Moderately Aggressive Fund, NVIT Investor Destinations Moderate Fund, NVIT Investor Destinations Moderately Conservative Fund and NVIT Investor Destinations Conservative Fund, pursuant to no-action relief received from the Securities and Exchange Commission. Gartmore Variable Insurance Trust (no-action letter pub. avail. December 29, 2006).

46 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 47

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

48 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 49

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

50 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 51

NVIT Small Cap Index Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

29			Statement of Assets and Liabilities

30			Statement of Operations

31			Statement of Changes in Net Assets

32			Financial Highlights

33			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-SCX (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Small Cap Index Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008

Beginning

Ending

Expenses Paid

Expense Ratio

NVIT Small Cap

Account Value ($)

During Period ($)

During Period (%)

Index Fund

01/01/08

06/30/08

01/01/08 - 06/30/08^a

Class Y

Actual

1,000.00

903.70

1.37

0.29

Hypothetical

1,000.00

1,023.42

1.46

0.29


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

3 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Small Cap Index Fund


Common Stocks (95.0%)
	Shares or
	Principal Amount		Value


Aerospace & Defense (1.6%)
AAR Corp.*		11,300	$	152,889
Aerovironment, Inc.*		3,200		86,976
American Science & Engineering, Inc.		2,600		133,978
Argon ST, Inc.*		3,700		91,760
Ascent Solar Technologies, Inc.*		2,500		25,875
Ceradyne, Inc.*		7,400		253,820
Cubic Corp.		4,000		89,120
Curtiss-Wright Corp.		12,600		563,724
Ducommun, Inc.*		3,200		73,472
Dyncorp International, Inc., Class A*		6,300		95,445
Esterline Technologies Corp.*		8,300		408,858
Gencorp, Inc.*		16,100		115,276
HEICO Corp.		6,400		208,256
Herley Industries, Inc.*		4,200		55,776
Hexcel Corp.*		27,000		521,100
Ladish Co., Inc.*		4,100		84,419
LMI Aerospace, Inc.*		2,700		47,439
Moog, Inc., Class A*		12,000		446,880
Orbital Sciences Corp.*		16,600		391,096
Stanley, Inc.*		2,200		73,744
Taser International, Inc.*		17,700		88,323
Teledyne Technologies, Inc.*		10,000		487,900
TransDigm Group, Inc.*		9,300		312,387
Triumph Group, Inc.		4,800		226,080

				5,034,593



Air Freight & Logistics (0.4%)
Atlas Air Worldwide Holdings, Inc.*		3,700		183,002
Dynamex, Inc.*		2,600		69,706
Forward Air Corp.		8,200		283,720
HUB Group, Inc., Class A*		10,500		358,365
Pacer International, Inc.		9,800		210,798
Park-Ohio Holdings Corp.*		2,300		33,948

				1,139,539



Airlines (0.3%)
AirTran Holdings, Inc.*		28,600		58,344
Alaska Air Group, Inc.*		10,300		158,002
Allegiant Travel Co.*		4,100		76,219
Hawaiian Holdings, Inc.*		10,800		75,060
JetBlue Airways Corp.*		49,000		182,770
Republic Airways Holdings, Inc.*		9,000		77,940
SkyWest, Inc.		16,500		208,725
UAL Corp.		36,400		190,008
US Airways Group, Inc.*		28,200		70,500

				1,097,568



Auto Components (0.9%)
American Axle & Manufacturing Holdings, Inc.		12,200		97,478
Amerigon, Inc.*		6,000		42,660
ArvinMeritor, Inc.		21,200		264,576
ATC Technology Corp.*		6,000		139,680
Cooper Tire & Rubber Co.		16,600		130,144
Dana Holding Corp.*		27,500		147,125
Dorman Products, Inc.*		2,800		22,568
Drew Industries, Inc.*		5,900		94,105
Exide Technologies*		21,100		353,636
Fuel Systems Solutions, Inc.*		3,600		138,600
Hayes Lemmerz International, Inc.*		28,600		81,224
Lear Corp.*		18,400		260,912
Modine Manufacturing Co.		8,900		110,093
Quantum Fuel Systems Technology*		21,800		67,144
Raser Technologies, Inc.*		12,300		119,802
Sauer-Danfoss, Inc.		2,700		84,105
Spartan Motors, Inc.		8,750		65,362
Stoneridge, Inc.*		4,000		68,240
Superior Industries International, Inc.		6,300		106,344
Tenneco, Inc.*		13,600		184,008
Visteon Corp.*		37,000		97,310
Wonder Auto Technology, Inc.*		4,800		33,744

				2,708,860



Automobiles (0.0%)
Fleetwood Enterprises, Inc.*		18,200		47,684
Winnebago Industries, Inc.		7,900		80,501

				128,185



Beverages (0.1%)
Boston Beer Co., Inc., Class A*		2,500		101,700
Coca-Cola Bottling Co. Consolidated		1,200		44,376
National Beverage Corp.		1,440		10,469

				156,545



Biotechnology (3.6%)
Acadia Pharmaceuticals, Inc.*		8,300		30,627
Acorda Therapeutics, Inc.*		9,400		308,602
Affymax, Inc.*		3,300		52,503
Alexion Pharmaceuticals, Inc.*		10,800		783,000
Alkermes, Inc.*		27,000		333,720
Allos Therapeutics, Inc.*		14,700		101,577
Alnylam Pharmaceuticals, Inc.*		10,100		269,973
Amicus Therapeutics, Inc.*		1,400		14,952
Applera Corp. Celera Group*		22,300		253,328
Arena Pharmaceuticals, Inc.*		20,900		108,471
ARIAD, Inc.*		19,600		47,040
Arqule, Inc.*		11,200		36,400
Array BioPharma, Inc.*		13,200		62,040

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Biotechnology (continued)

AVANT Immunotherapeutics, Inc.*		4,600	$	66,976
Cell Genesys, Inc.*		23,800		61,880
Cepheid, Inc.*		16,100		452,732
Cougar Biotechnology, Inc.*		4,100		97,703
Cubist Pharmaceuticals, Inc.*		16,300		291,118
CV Therapeutics, Inc.*		17,200		141,556
Cytokinetics, Inc.*		7,100		26,341
Cytori Therapeutics, Inc.*		6,400		41,472
Dendreon Corp.*		26,400		117,480
Dyax Corp.*		14,700		45,570
Emergent Biosolutions, Inc.*		4,300		42,699
Enzon Pharmaceuticals, Inc.*		12,700		90,424
Genomic Health, Inc.*		3,400		65,110
Geron Corp.*		22,000		75,900
GTx, Inc.*		4,600		66,010
Halozyme Therapeutics, Inc.*		17,200		92,536
Human Genome Sciences, Inc.*		39,200		204,232
Idenix Pharmaceuticals, Inc.*		7,100		51,617
Idera Pharmaceuticals, Inc.*		5,600		81,816
ImmunoGen, Inc.*		13,800		42,228
Immunomedics, Inc.*		16,400		34,932
Incyte Corp.*		19,300		146,873
Indevus Pharmaceuticals, Inc.*		17,000		26,690
InterMune, Inc.*		9,300		122,016
Isis Pharmaceuticals, Inc.*		25,500		347,565
Lexicon Pharmaceuticals, Inc.*		21,100		33,760
Ligand Pharmaceuticals, Inc., Class B*		22,500		58,500
MannKind Corp.*		13,900		41,700
Marshall Edwards, Inc.*		3,900		10,023
Martek Biosciences Corp.*		9,500		320,245
Maxygen, Inc.*		6,500		22,035
Medarex, Inc.*		35,700		235,977
Metabolix, Inc.*		5,800		56,840
Molecular Insight Pharmaceuticals, Inc.*		5,700		31,407
Momenta Pharmaceuticals, Inc.*		6,200		76,260
Myriad Genetics, Inc.*		12,600		573,552
Nabi Biopharmaceuticals*		16,100		63,434
Nanosphere, Inc.*		3,200		25,152
Neurocrine Biosciences, Inc.*		10,900		45,671
Novavax, Inc.*		16,900		42,081
NPS Pharmaceuticals, Inc.*		14,500		64,525
Omrix Biopharmaceuticals, Inc.*		4,000		62,960
Onyx Pharmaceuticals, Inc.*		15,770		561,412
Opko Health, Inc.*		11,500		17,480
Orexigen Therapeutics, Inc.*		6,300		49,707
OSI Pharmaceuticals, Inc.*		16,300		673,516
Osiris Therapeutics, Inc.*		3,400		43,690
PDL BioPharma, Inc.		34,200		363,204
Pharmasset, Inc.*		4,700		88,736
Progenics Pharmaceuticals, Inc.*		7,500		119,025
Protalix BioTherapeutics, Inc.*		3,060		8,293
Regeneron Pharmaceuticals, Inc.*		16,800		242,592
Repligen Corp.*		9,800		46,256
Rexahn Pharmaceuticals, Inc.*		7,300		23,652
Rigel Pharmaceuticals, Inc.*		10,300		233,398
Sangamo BioSciences, Inc.*		10,900		108,455
Savient Pharmaceuticals, Inc.*		15,300		387,090
Seattle Genetics, Inc.*		16,800		142,128
Synta Pharmaceuticals Corp.*		5,500		33,550
Targacept, Inc.*		4,700		34,169
Tercica, Inc.*		5,300		46,799
Theravance, Inc.*		15,000		178,050
Third Wave Technologies, Inc.*		12,200		136,152
United Therapeutics Corp.*		6,300		615,825
XOMA Ltd.*		37,400		63,206
Zymogenetics, Inc.*		10,300		86,726

				11,302,942



Building Products (0.6%)
AAON, Inc.		3,750		72,225
American Woodmark Corp.		3,100		65,503
Ameron International Corp.		2,600		311,948
Apogee Enterprises, Inc.		8,200		132,512
Builders FirstSource, Inc.*		4,400		23,364
China Architectural Engineering, Inc.*		5,900		57,643
Gibraltar Industries, Inc.		7,900		126,163
Griffon Corp.*		8,300		72,708
Insteel Industries, Inc.		4,900		89,719
NCI Building Systems, Inc.*		5,600		205,688
Quanex Building Products Corp.		10,500		156,030
Simpson Manufacturing Co., Inc.		10,400		246,896
Trex Co., Inc.*		4,300		50,439
Universal Forest Products, Inc.		4,700		140,812

				1,751,650



Capital Markets (1.5%)
Apollo Investment Corp.		40,000		573,200
Ares Capital Corp.		28,273		284,992
BGC Partners, Inc., Class A*		2,300		17,365
BlackRock Kelso Capital Corp.		2,400		22,704
Broadpoint Securities Group, Inc.*		5,600		11,200
Calamos Asset Management, Inc., Class A		5,700		97,071
Capital Southwest Corp.		700		72,961
Cohen & Steers, Inc.		4,700		122,059
Diamond Hill Investment Group, Inc.*		600		50,100
Epoch Holding Corp.		2,900		26,419
Evercore Partners, Inc., Class A		2,500		23,750

6 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Capital Markets (continued)

FBR Capital Markets Corp.*		6,700	$	33,701
FCStone Group, Inc.*		6,350		177,356
GAMCO Investors, Inc., Class A		2,300		114,126
GFI Group, Inc.		19,300		173,893
Gladstone Capital Corp.		5,700		86,868
Gladstone Investment Corp.		7,200		46,296
Greenhill & Co., Inc.		4,900		263,914
Harris & Harris Group, Inc.*		7,400		44,400
Hercules Technology Growth Capital, Inc.		8,400		75,012
International Assets Holding Corp.*		1,100		33,066
KBW, Inc.*		7,400		152,292
Knight Capital Group, Inc., Class A*		26,600		478,268
Kohlberg Capital Corp.		4,200		42,000
LaBranche & Co., Inc.*		14,500		102,660
Ladenburg Thalmann Financial Services, Inc.*		23,200		35,032
MCG Capital Corp.		18,900		75,222
MVC Capital, Inc.		6,400		87,616
NGP Capital Resources Co.		5,200		80,132
optionsXpress Holdings, Inc.		12,300		274,782
Patriot Capital Funding, Inc.		5,900		36,875
PennantPark Investment Corp.		5,900		42,539
Penson Worldwide, Inc.*		5,200		62,140
Piper Jaffray Cos.*		4,900		143,717
Prospect Capital Corp.		6,600		86,988
Pzena Investment Management, Inc., Class A		1,700		21,692
Riskmetrics Group, Inc.*		5,500		108,020
Sanders Morris Harris Group, Inc.		3,900		26,442
Stifel Financial Corp.*		6,850		235,571
SWS Group, Inc.		7,200		119,592
Thomas Weisel Partners Group, Inc.*		5,500		30,085
TradeStation Group, Inc.*		9,600		97,440
US Global Investors, Inc., Class A		3,400		56,950
Westwood Holdings Group, Inc.		1,400		55,720

				4,802,228



Chemicals (2.1%)
A. Schulman, Inc.		7,700		177,331
American Vanguard Corp.		4,500		55,350
Arch Chemicals, Inc.		6,900		228,735
Balchem Corp.		4,600		106,398
Calgon Carbon Corp.*		11,900		183,974
Ferro Corp.		12,700		238,252
Flotek Industries, Inc.*		6,400		131,968
GenTek, Inc.*		2,100		56,469
H.B. Fuller Co.		15,000		336,600
Hercules, Inc.		31,800		538,374
ICO, Inc.*		8,600		51,772
Innophos Holdings, Inc.		3,100		99,045
Innospec, Inc.		6,600		124,212
Koppers Holdings, Inc.		6,000		251,220
Landec Corp.*		6,200		40,114
LSB Industries, Inc.*		5,200		102,960
Minerals Technologies, Inc.		5,300		337,027
N.L. Industries, Inc.		1,900		18,107
NewMarket Corp.		3,800		251,674
O.M. Group, Inc.*		8,800		288,552
Olin Corp.		21,400		560,252
Penford Corp.		3,600		53,568
PolyOne Corp.*		25,400		177,038
Quaker Chemical Corp.		3,100		82,646
Rockwood Holdings, Inc.*		11,700		407,160
Sensient Technologies Corp.		13,600		382,976
ShengdaTech, Inc.*		7,600		75,468
Solutia, Inc.*		17,000		217,940
Spartech Corp.		8,400		79,212
Stepan Co.		1,800		82,116
W.R. Grace & Co.*		20,300		476,847
Westlake Chemical Corp.		5,200		77,272
Zep, Inc.		5,850		87,048
Zoltek Cos., Inc.*		8,000		194,000

				6,571,677



Commercial Banks (4.7%)
1st Source Corp.		3,300		53,130
Amcore Financial, Inc.		6,282		35,556
Ameris Bancorp		3,800		33,060
Ames National Corp.		1,700		28,441
Arrow Financial Corp.		3,000		54,390
Bancfirst Corp.		1,800		77,040
Banco Latinoamericano de Exportaciones, SA		7,500		121,425
BancTrust Financial Group, Inc.		5,900		38,881
Bank of the Ozarks, Inc.		3,400		50,524
Banner Corp.		4,300		38,098
Boston Private Financial Holdings, Inc.		10,900		61,803
Bryn Mawr Bank Corp.		1,800		31,500
Camden National Corp.		2,500		58,200
Capital City Bank Group, Inc.		2,800		60,928
Capitol Bancorp Ltd.		4,000		35,880
Cardinal Financial Corp.		7,800		48,828
Cascade Bancorp		6,300		48,510
Cathay General Bancorp		13,900		151,093
Centerstate Banks of Florida, Inc.		2,400		26,472
Central Pacific Financial Corp.		8,200		87,412
Chemical Financial Corp.		6,700		136,680
Citizens & Northern Corp.		2,700		44,712

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Commercial Banks (continued)

Citizens Republic Bancorp, Inc.		21,400	$	60,348
City Bank		3,900		33,540
City Holding Co.		4,600		187,542
CoBiz Financial, Inc.		4,700		30,926
Colonial BancGroup, Inc. (The)		58,300		257,686
Columbia Banking System, Inc.		5,100		98,583
Community Bank System, Inc.		8,500		175,270
Community Trust Bancorp, Inc.		4,200		110,292
CVB Financial Corp.		18,100		170,864
East West Bancorp, Inc.		18,900		133,434
Enterprise Financial Services Corp.		2,400		45,240
Farmers Capital Bank Corp.		2,100		37,002
Financial Institutions, Inc.		3,600		57,816
First Bancorp North Carolina		3,000		37,920
First Bancorp, Inc.		2,200		30,030
First BanCorp. Puerto Rico		20,600		130,604
First Commonwealth Financial Corp.		20,200		188,466
First Community Bancshares, Inc.		2,400		67,680
First Financial Bancorp		11,400		104,880
First Financial Bankshares, Inc.		6,100		279,441
First Financial Corp.		3,200		97,952
First Merchants Corp.		5,000		90,750
First Midwest Bancorp, Inc.		13,600		253,640
First South Bancorp, Inc.		1,700		21,896
FirstMerit Corp.		23,300		380,023
FNB Corp.		24,970		294,147
Frontier Financial Corp.		14,100		120,132
Glacier Bancorp, Inc.		15,800		252,642
Green Bankshares, Inc.		3,400		47,668
Guaranty Bancorp*		12,600		45,360
Hancock Holding Co.		7,300		286,817
Hanmi Financial Corp.		11,000		57,310
Harleysville National Corp.		8,900		99,324
Heartland Financial USA, Inc.		2,900		52,751
Heritage Commerce Corp.		3,700		36,630
Home Bancshares, Inc.		2,700		60,696
IBERIABANK Corp.		3,800		168,986
Independent Bank Corp.		4,600		109,664
Integra Bank Corp.		5,800		45,414
International Bancshares Corp.		14,250		304,523
Investors Bancorp, Inc.*		12,443		162,506
Lakeland Bancorp, Inc.		4,495		54,749
Lakeland Financial Corp.		3,400		64,872
MainSource Financial Group, Inc.		4,300		66,650
MB Financial, Inc.		10,200		229,194
Midwest Banc Holdings, Inc.		6,300		30,681
Nara Bancorp, Inc.		6,300		67,599
National Penn Bancshares, Inc.		23,100		306,768
NBT Bancorp, Inc.		8,500		175,185
Northfield Bancorp, Inc.*		4,200		45,150
Old National Bancorp		19,300		275,218
Old Second Bancorp, Inc.		3,879		45,074
Oriental Financial Group		7,300		104,098
Pacific Capital Bancorp		12,999		179,126
Pacific Continental Corp.		3,600		39,564
PacWest Bancorp		6,900		102,672
Park National Corp.		3,100		167,090
Peapack-Gladstone Financial Corp.		2,200		48,334
Pennsylvania Commerce Bancorp, Inc.*		1,800		43,308
Peoples Bancorp, Inc.		2,500		47,450
Pinnacle Financial Partners, Inc.*		6,400		128,576
PremierWest Bancorp		6,500		37,960
PrivateBancorp, Inc.		5,300		161,014
Prosperity Bancshares, Inc.		11,400		304,722
Provident Bankshares Corp.		9,400		59,972
Renasant Corp.		5,800		85,434
Republic Bancorp, Inc., Class A		2,000		49,200
S&T Bancorp, Inc.		6,800		197,608
S.Y. Bancorp, Inc.		4,228		90,310
Sandy Spring Bancorp, Inc.		4,600		76,268
Santander BanCorp		300		3,183
SCBT Financial Corp.		2,400		68,544
Seacoast Banking Corp. of Florida		4,500		34,920
Security Bank Corp.		1		3
Shore Bancshares, Inc.		2,700		50,544
Sierra Bancorp		2,100		34,650
Signature Bank*		8,700		224,112
Simmons First National Corp., Class A		3,900		109,083
Smithtown Bancorp, Inc.		3,200		52,000
South Financial Group, Inc. (The)		20,600		80,752
Southside Bancshares, Inc.		3,342		61,626
Southwest Bancorp, Inc.		4,100		47,150
State Bancorp, Inc.		4,600		57,500
StellarOne Corp.		6,900		100,740
Sterling Bancorp		5,600		66,920
Sterling Bancshares, Inc.		20,700		188,163
Sterling Financial Corp.		14,200		58,788
Suffolk Bancorp		2,900		85,202
Sun Bancorp, Inc.*		3,455		35,068
Susquehanna Bancshares, Inc.		24,887		340,703
SVB Financial Group*		8,700		418,557
Texas Capital Bancshares, Inc.*		6,800		108,800
Tompkins Financial Corp.		1,700		63,240
TowneBank		5,700		85,842
Trico Bancshares		3,400		37,230
Trustmark Corp.		14,500		255,925
UCBH Holdings, Inc.		27,200		61,200
UMB Financial Corp.		8,700		446,049

8 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Commercial Banks (continued)

Umpqua Holdings Corp.		17,000	$	206,210
Union Bankshares Corp.		2,800		41,692
United Bankshares, Inc.		10,700		245,565
United Community Banks, Inc.		11,000		93,830
United Security Bancshares		2,400		34,896
Univest Corp. of Pennsylvania		3,000		59,580
W Holding Co., Inc.		31,600		26,860
Washington Trust Bancorp, Inc.		3,200		63,040
WesBanco, Inc.		7,900		135,485
West Bancorp, Inc.		5,800		50,460
West Coast Bancorp		4,400		38,148
Westamerica Bancorp		8,200		431,238
Western Alliance Bancorp*		4,200		32,592
Wilshire Bancorp, Inc.		5,000		42,850
Wintrust Financial Corp.		6,700		159,795
Yadkin Valley Financial Corp.		3,800		45,410

				14,716,949



Commercial Services & Supplies (4.2%)
ABM Industries, Inc.		12,700		282,575
ACCO Brands Corp.*		14,200		159,466
Administaff, Inc.		6,100		170,129
Advisory Board Co. (The)*		4,900		192,717
American Ecology Corp.		4,500		132,885
American Reprographics Co.*		10,100		168,165
AMREP Corp.		300		14,277
Angelica Corp.		2,000		42,540
Bowne & Co., Inc.		7,600		96,900
Casella Waste Systems, Inc., Class A*		6,400		78,016
CBIZ, Inc.*		12,700		100,965
CDI Corp.		3,800		96,672
Cenveo, Inc.*		14,600		142,642
China Direct, Inc.*		2,600		19,084
Clean Harbors, Inc.*		5,600		397,936
Comfort Systems U.S.A., Inc.		11,300		151,872
COMSYS IT Partners, Inc.*		4,100		37,392
Consolidated Graphics, Inc.*		2,900		142,883
Cornell Cos., Inc.*		3,000		72,330
CoStar Group, Inc.*		5,700		253,365
Courier Corp.		2,800		56,224
CRA International, Inc.*		3,100		112,065
Deluxe Corp.		14,900		265,518
Duff & Phelps Corp., Class A*		2,400		39,744
EnergySolutions, Inc.		9,300		207,855
EnerNOC, Inc.*		3,000		53,850
Ennis, Inc.		6,800		106,420
Exponent, Inc.*		4,200		131,922
First Advantage Corp., Class A*		3,300		52,305
Fuel Tech, Inc.*		5,000		88,100
G & K Services, Inc., Class A		5,600		170,576
Geo Group, Inc. (The)*		14,700		330,750
GeoEye, Inc.*		5,100		90,321
Healthcare Services Group		12,050		183,280
Heidrick & Struggles International, Inc.		4,900		135,436
Herman Miller, Inc.		16,200		403,218
Hill International, Inc.*		6,400		105,216
HNI Corp.		12,900		227,814
Hudson Highland Group, Inc.*		7,100		74,337
Huron Consulting Group, Inc.*		5,400		244,836
ICF International, Inc.*		2,200		36,564
ICT Group, Inc.*		1,600		13,120
IKON Office Solutions, Inc.		22,900		258,312
Innerworkings, Inc.*		9,400		112,424
Interface, Inc., Class A		15,100		189,203
Kelly Services, Inc., Class A		7,700		148,841
Kenexa Corp.*		6,600		124,344
Kforce, Inc.*		8,700		73,863
Kimball International, Inc., Class B		9,800		81,144
Knoll, Inc.		13,600		165,240
Korn/Ferry International*		12,900		202,917
Layne Christensen Co.*		5,400		236,466
Learning Tree International, Inc.*		2,800		47,880
LECG Corp.*		7,200		62,928
M & F Worldwide Corp.*		3,800		149,378
McGrath Rentcorp		6,700		164,753
Metalico, Inc.*		7,100		124,392
Mine Safety Appliances Co.		8,700		347,913
Mobile Mini, Inc.*		9,800		196,000
Multi-Color Corp.		2,500		52,475
Navigant Consulting, Inc.*		13,900		271,884
Odyssey Marine Exploration, Inc.*		11,700		46,332
On Assignment, Inc.*		9,800		78,596
PeopleSupport, Inc.*		6,100		51,850
PHH Corp.*		15,700		240,995
Pike Electric Corp.*		4,100		68,101
PRG-Schultz International Inc.*		4,800		45,168
Protection One, Inc.*		600		5,040
Resources Connection, Inc.		13,100		266,585
Rollins, Inc.		11,750		174,135
RSC Holdings, Inc.*		13,100		121,306
Schawk, Inc.		4,100		49,159
School Specialty, Inc.*		5,600		166,488
Spherion Corp.*		15,700		72,534
Standard Parking Corp.*		2,500		45,500
Standard Register Co. (The)		5,300		49,979
Team, Inc.*		5,400		185,328
TeleTech Holdings, Inc.*		11,100		221,556
TETRA Technology, Inc.*		16,500		373,230
TrueBlue, Inc.*		12,500		165,125
United Stationers, Inc.*		6,800		251,260

2008 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Commercial Services & Supplies (continued)

Viad Corp.		5,600	$	144,424
Volt Information Sciences, Inc.*		3,600		42,876
VSE Corp.		1,300		35,750
Waste Connections, Inc.*		18,800		600,284
Waste Services, Inc.*		5,100		35,904
Watson Wyatt Worldwide, Inc., Class A		12,000		634,680

				13,064,824



Communications Equipment (2.5%)
3Com Corp.*		112,700		238,924
Acme Packet, Inc.*		7,300		56,648
ADTRAN, Inc.		15,800		376,672
Airvana, Inc.*		6,200		33,232
Anaren, Inc.*		4,700		49,679
Arris Group, Inc.*		35,220		297,609
Aruba Networks, Inc.*		15,700		82,111
Avanex Corp.*		48,400		54,692
Avocent Corp.*		12,700		236,220
Bel Fuse, Inc., Class B		2,800		69,188
BigBand Networks, Inc.*		10,200		48,246
Black Box Corp.		5,000		135,950
Blue Coat Systems, Inc.*		9,400		132,634
Bookham, Inc.*		31,100		52,559
Cogo Group, Inc.*		7,800		71,058
Comtech Telecommunications Corp.*		7,000		343,000
Digi International, Inc.*		6,000		47,100
Dycom Industries, Inc.*		11,300		164,076
EMS Technologies, Inc.*		4,300		93,912
Extreme Networks, Inc.*		32,900		93,436
Finisar Corp.*		91,200		108,528
Foundry Networks, Inc.*		41,800		494,076
Globecomm Systems, Inc.*		6,300		52,038
Harmonic, Inc.*		27,100		257,721
Harris Stratex Networks, Inc., Class A*		6,100		57,889
Hughes Communications, Inc.*		1,800		88,362
Infinera Corp.*		25,900		228,438
InterDigital, Inc.*		12,800		311,296
Ixia*		10,900		75,755
Loral Space & Communications, Inc.*		2,600		45,812
MasTec, Inc.*		11,200		119,392
MRV Communications, Inc.*		42,200		50,218
Netgear, Inc.*		9,700		134,442
Neutral Tandem, Inc.*		4,500		78,750
Nextwave Wireless, Inc.*		14,800		59,792
Oplink Communications, Inc.*		5,900		56,640
Opnext, Inc.*		3,800		20,444
Optium Corp.*		3,900		28,392
Orbcomm, Inc.*		7,300		41,610
ParkerVision, Inc.*		7,000		69,510
PC-Tel, Inc.		6,400		61,376
Plantronics, Inc.		13,700		305,784
Polycom, Inc.*		24,800		604,128
Powerwave Technologies, Inc.*		37,200		158,100
Riverbed Technology, Inc.*		16,200		222,264
Seachange International, Inc.*		8,300		59,428
ShoreTel, Inc.*		13,300		58,786
Sonus Networks, Inc.*		58,700		200,754
Starent Networks Corp.*		8,200		103,156
Sycamore Networks, Inc.*		53,100		170,982
Symmetricom, Inc.*		13,000		49,920
Tekelec*		18,900		278,019
UTStarcom, Inc.*		32,200		176,134
ViaSat, Inc.*		7,500		151,575

				7,656,457



Computers & Peripherals (1.0%)
3PAR, Inc.*		8,300		65,072
Adaptec, Inc.*		33,000		105,600
Avid Technology, Inc.*		8,700		147,813
Compellent Technologies, Inc.*		4,400		49,896
Cray, Inc.*		9,300		43,152
Data Domain, Inc.*		9,200		214,636
Electronics for Imaging, Inc.*		15,000		219,000
Emulex Corp.*		24,000		279,600
Hutchinson Technology, Inc.*		7,200		96,768
Hypercom Corp.*		15,100		66,440
Imation Corp.		8,400		192,528
Immersion Corp.*		8,400		57,204
Intermec, Inc.*		17,300		364,684
Intevac, Inc.*		6,100		68,808
Isilon Systems, Inc.*		8,100		35,964
Netezza Corp.*		10,900		125,132
Novatel Wireless, Inc.*		9,000		100,170
Palm, Inc.		31,100		167,629
Presstek, Inc.*		8,700		43,152
Quantum Corp.*		51,400		69,390
Rackable Systems, Inc.*		8,400		112,560
Rimage Corp.*		2,700		33,453
STEC, Inc.*		8,700		89,349
Stratasys, Inc.*		5,800		107,068
Super Micro Computer, Inc.*		7,000		51,660
Synaptics, Inc.*		6,500		245,245

				3,151,973



Construction & Engineering (0.6%)
EMCOR Group, Inc.*		19,100		544,923
Furmanite Corp.*		9,900		79,002
Granite Construction, Inc.		9,200		290,076
Great Lakes Dredge & Dock Corp.		10,700		65,377
Insituform Technologies, Inc., Class A*		7,900		120,317

10 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Construction & Engineering (continued)

Integrated Electrical Services, Inc.*		2,500	$	43,000
Lydall, Inc.*		5,100		64,005
Michael Baker Corp.*		2,100		45,948
Northwest Pipe Co.*		2,600		145,080
Orion Marine Group, Inc.*		6,500		91,845
Perini Corp.*		7,800		257,790
Sterling Construction Co., Inc.*		3,500		69,510

				1,816,873



Construction Materials (0.2%)
Headwaters, Inc.*		12,300		144,771
Texas Industries, Inc.		6,660		373,826
U.S. Concrete, Inc.*		10,500		49,980
United States Lime & Minerals, Inc.*		400		15,828

				584,405



Consumer Finance (0.3%)
Advance America Cash Advance Centers, Inc.		12,500		63,500
Advanta Corp., Class B		10,350		65,101
Cardtronics, Inc.*		2,300		20,401
Cash America International, Inc.		8,200		254,200
CompuCredit Corp.*		5,600		33,600
Credit Acceptance Corp.*		1,300		33,228
Dollar Financial Corp.*		7,100		107,281
EZCORP, Inc., Class A*		11,200		142,800
First Cash Financial Services, Inc.*		5,900		88,441
First Marblehead Corp. (The)		21,100		54,227
Nelnet, Inc., Class A		4,000		44,920
World Acceptance Corp.*		4,800		161,616

				1,069,315



Consumer Goods (0.0%)
China Security & Surveillance*		7,400		99,752



Containers & Packaging (0.3%)
AEP Industries, Inc.*		1,500		26,055
Boise, Inc.*		10,100		38,885
Bway Holding Co.*		1,800		15,498
Graphic Packaging Holding Co.*		39,600		79,992
Myers Industries, Inc.		8,000		65,200
Rock-Tenn Co., Class A		10,700		320,893
Silgan Holdings, Inc.		7,100		360,254

				906,777



Distributors (0.0%)
Audiovox Corp., Class A*		3,900		38,298
Core-Mark Holding Co., Inc.*		2,700		70,740
DXP Enterprises, Inc.*		1,100		45,804

				154,842



Diversified Consumer Services (0.9%)
American Public Education, Inc.*		3,300		128,832
Capella Education Co.*		4,000		238,600
Coinstar, Inc.*		7,900		258,409
Corinthian Colleges, Inc.*		24,100		279,801
Jackson Hewitt Tax Service, Inc.		7,800		95,316
K12, Inc.*		1,300		27,859
Lincoln Educational Services Corp.*		200		2,326
Matthews International Corp., Class A		8,700		393,762
Pre-Paid Legal Services, Inc.*		2,400		97,488
Princeton Review, Inc. (The) *(a)		4,500		30,420
Regis Corp.		12,200		321,470
Sotheby’s		19,200		506,304
Steiner Leisure Ltd.*		4,400		124,740
Stewart Enterprises, Inc., Class A		24,200		174,240
thinkorswim Group, Inc.*		14,700		103,635
Universal Technical Institute, Inc.*		6,100		76,006

				2,859,208



Diversified Financial Services (0.4%)
Ampal American Israel, Class A*		3,500		15,785
Asset Acceptance Capital Corp.		4,200		51,324
Compass Diversified Holdings		7,400		84,582
Encore Capital Group, Inc.*		3,900		34,437
Financial Federal Corp.		7,200		158,112
Interactive Brokers Group, Inc., Class A*		11,400		366,282
MarketAxess Holdings, Inc.*		8,300		62,748
Medallion Financial Corp.		4,900		46,158
NewStar Financial, Inc.*		5,000		29,550
Pico Holdings, Inc.*		4,700		204,215
Portfolio Recovery Associates, Inc.*		4,300		161,250
Primus Guaranty Ltd.*		7,700		22,407
Resource America, Inc., Class A		3,900		36,348

				1,273,198



Diversified Telecommunication Services (1.0%)
Alaska Communications Systems Holdings, Inc.		12,300		146,862

2008 Semiannual Report 11

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Diversified Telecommunication Services (continued)

Atlantic Tele-Network, Inc.		2,400	$	66,024
Cbeyond, Inc.*		7,100		113,742
Cincinnati Bell, Inc.*		68,700		273,426
Cogent Communications Group, Inc.*		13,800		184,920
Consolidated Communications Holdings, Inc.		6,454		96,100
Fairpoint Communications, Inc.		25,226		181,880
General Communication, Inc., Class A*		14,300		98,241
Global Crossing Ltd.*		7,600		136,344
Globalstar, Inc.*		13,600		38,488
Hungarian Telephone & Cable Corp.*		700		12,768
iBasis, Inc.		6,800		22,304
IDT Corp., Class B		12,900		21,930
Iowa Telecommunications Services, Inc.		9,000		158,490
NTELOS Holdings Corp.		8,300		210,571
PAETEC Holding Corp.*		34,500		219,075
Premiere Global Services, Inc.*		17,300		252,234
Shenandoah Telecommunications Co.		6,100		79,422
tw telecom, Inc.*		41,600		666,848
Vonage Holdings Corp.*		14,500		24,070

				3,003,739



Electric Utilities (1.4%)
Allete, Inc.		7,300		306,600
Central Vermont Public Service Corp.		2,900		56,173
Cleco Corp.		17,000		396,610
El Paso Electric Co.*		12,700		251,460
Empire District Electric Co. (The)		9,500		176,130
IDACORP, Inc.		13,100		378,459
ITC Holdings Corp.		13,900		710,429
MGE Energy, Inc.		6,200		202,244
Otter Tail Corp.		8,400		326,172
Portland General Electric Co.		18,000		405,360
UIL Holdings Corp.		7,100		208,811
UniSource Energy Corp.		9,700		300,797
Westar Energy, Inc.		30,000		645,300

				4,364,545



Electrical Equipment (2.6%)
A.O. Smith Corp.		5,600		183,848
Acuity Brands, Inc.		11,400		548,112
Advanced Battery Technologies, Inc.*		12,700		73,279
Akeena Solar, Inc.*		6,800		38,012
American Superconductor Corp.*		11,800		423,030
AZZ, Inc.*		3,200		127,680
Baldor Electric Co.		13,000		454,740
Beacon Power Corp.*		27,900		58,032
Belden, Inc.		12,400		420,112
Brady Corp., Class A		14,113		487,322
Capstone Turbine Corp.*		42,400		177,656
China Bak Battery, Inc.*		9,700		45,687
Coleman Cable, Inc.*		2,200		22,704
Encore Wire Corp.		5,300		112,307
Ener1, Inc.*		9,700		71,974
Energy Conversion Devices, Inc.*		11,400		839,496
EnerSys*		8,000		273,840
Evergreen Solar, Inc.*		30,300		293,607
Franklin Electric Co., Inc.		6,400		248,192
FuelCell Energy, Inc.*		20,100		142,710
Fushi Copperweld, Inc.*		4,300		102,039
GrafTech International Ltd.*		29,200		783,436
Harbin Electric, Inc.*		1,600		22,736
II-VI, Inc.*		6,800		237,456
LaBarge, Inc.*		3,200		41,600
LSI Industries, Inc.		5,100		41,412
Medis Technologies Ltd.*		6,800		22,916
Microvision, Inc.*		17,700		48,675
Orion Energy Systems, Inc.*		2,500		25,000
Plug Power, Inc.*		24,800		58,280
Polypore International, Inc.*		4,000		101,320
Powell Industries, Inc.*		2,200		110,902
Power-One, Inc.*		21,100		39,879
PowerSecure International, Inc.*		5,500		39,930
Preformed Line Products Co.		800		32,248
Regal-Beloit Corp.		9,100		384,475
Superior Essex, Inc.*		5,600		249,928
Ultralife Corp.*		4,000		42,760
Valence Technology, Inc.*		13,400		59,362
Vicor Corp.		4,200		41,916
Woodward Governor Co.		16,500		588,390

				8,117,000



Electronic Equipment & Instruments (2.1%)
Agilysys, Inc.		6,700		75,978
Anixter International, Inc.*		8,400		499,716
Benchmark Electronics, Inc.*		19,500		318,630
Brightpoint, Inc.*		14,100		102,930
Checkpoint Systems, Inc.*		11,200		233,856
Cogent, Inc.*		11,600		131,892
Cognex Corp.		11,900		274,295
Coherent, Inc.*		6,900		206,241
Comverge, Inc.*		6,600		92,268
CPI International, Inc.*		1,900		23,370

12 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Electronic Equipment & Instruments (continued)

CTS Corp.		9,500	$	95,475
Daktronics, Inc.		9,500		191,615
DTS, Inc.*		5,000		156,600
Echelon Corp.*		8,400		91,560
Electro Scientific Industries, Inc.*		7,700		109,109
Elixir Gaming Technologies, Inc.*		22,600		27,120
Excel Technology, Inc.*		3,200		71,424
FARO Technologies, Inc.*		4,500		113,265
Gerber Scientific, Inc.*		6,400		72,832
ICx Technologies, Inc.*		3,400		24,650
Insight Enterprises, Inc.*		13,300		156,009
IPG Photonics Corp.*		5,300		99,693
Kemet Corp.*		23,800		77,112
L-1 Identity Solutions, Inc.*		18,400		245,088
Littelfuse, Inc.*		6,100		192,455
Maxwell Technologies, Inc.*		5,600		59,472
Measurement Specialties, Inc.*		3,900		68,601
Mercury Computer Systems, Inc.*		6,400		48,192
Methode Electronics, Inc.		10,700		111,815
MTS Systems Corp.		5,000		179,400
Multi-Fineline Electronix, Inc.*		2,400		66,408
Newport Corp.*		10,700		121,873
OSI Systems, Inc.*		4,200		89,964
Park Electrochemical Corp.		5,800		140,998
PC Connection, Inc.*		1,700		15,827
Photon Dynamics, Inc.*		5,500		82,940
Plexus Corp.*		12,100		334,928
Radisys Corp.*		6,300		57,078
Rofin-Sinar Technologies, Inc.*		8,400		253,680
Rogers Corp.*		5,200		195,468
Sanmina-SCI Corp.*		153,600		196,608
Scansource, Inc.*		7,600		203,376
Smart Modular Technologies, Inc.*		12,400		47,492
SYNNEX Corp.*		5,200		130,468
Technitrol, Inc.		10,800		183,492
TTM Technologies, Inc.*		12,100		159,841
Universal Display Corp.*		7,400		91,168
Zygo Corp.*		4,300		42,269

				6,564,541



Energy Equipment & Services (2.8%)
Allis-Chalmers Energy, Inc.*		7,700		137,060
Basic Energy Services, Inc.*		11,600		365,400
Bolt Technology Corp.*		2,700		60,939
Bristow Group, Inc.*		5,600		277,144
Bronco Drilling Co., Inc.*		7,200		132,336
Cal Dive International, Inc.*		12,262		175,224
CARBO Ceramics, Inc.		5,700		332,595
Complete Production Services, Inc.*		13,500		491,670
Dawson Geophysical Co.*		2,200		130,812
Dril-Quip, Inc.*		8,700		548,100
ENGlobal Corp.*		8,000		113,920
Geokinetics, Inc.*		1,600		28,976
Grey Wolf, Inc.*		50,600		456,918
Gulf Island Fabrication, Inc.		3,600		176,148
Gulfmark Offshore, Inc.*		5,900		343,262
Hornbeck Offshore Services, Inc.*		6,600		372,966
ION Geophysical Corp.*		23,700		413,565
Lufkin Industries, Inc.		4,100		341,448
Matrix Service Co.*		7,400		170,644
NATCO Group, Inc., Class A*		5,700		310,821
Natural Gas Services Group, Inc.*		3,600		109,728
Newpark Resources, Inc.*		25,400		199,644
OYO Geospace Corp.*		1,100		64,834
Parker Drilling Co.*		32,600		326,326
PHI, Inc. — Non Voting*		3,900		156,663
Pioneer Drilling Co.*		14,300		268,983
RPC, Inc.		8,200		137,760
Sulphco, Inc.*		11,600		26,332
Superior Well Services, Inc.*		4,900		155,379
T-3 Energy Services, Inc.*		3,600		286,092
Trico Marine Services, Inc.*		3,500		127,470
Union Drilling, Inc.*		3,900		84,552
W-H Energy Services, Inc.*		8,800		842,512
Willbros Group, Inc.*		11,100		486,291

				8,652,514



Food & Staples Retailing (0.9%)
Andersons, Inc. (The)		5,300		215,763
Arden Group, Inc., Class A		200		25,348
Casey’s General Stores, Inc.		14,700		340,599
Great Atlantic & Pacific Tea Co.*		9,840		224,549
Ingles Markets, Inc., Class A		3,600		83,988
Longs Drug Stores Corp.		8,700		366,357
Nash Finch Co.		3,700		126,799
Pantry, Inc. (The)*		6,400		68,224
PriceSmart, Inc.		3,600		71,208
Ruddick Corp.		11,800		404,858
Spartan Stores, Inc.		6,000		138,000
Susser Holdings Corp.*		2,700		26,136
United Natural Foods, Inc.*		12,400		241,552
Village Super Market, Inc., Class A		900		34,722
Weis Markets, Inc.		3,100		100,657
Winn-Dixie Stores, Inc.*		15,100		241,902

				2,710,662

2008 Semiannual Report 13

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Food Products (1.5%)
AgFeed Industries, Inc.*		6,000	$	89,820
Alico, Inc.		1,000		34,660
American Dairy, Inc.*		2,000		15,680
B&G Foods, Inc., Class A		6,400		59,776
Cal-Maine Foods, Inc.		3,600		118,764
Calavo Growers, Inc.		3,300		40,425
Chiquita Brands International, Inc.*		12,700		192,659
Darling International, Inc.*		23,400		386,568
Diamond Foods, Inc.		4,800		110,592
Farmer Bros Co.		1,200		25,380
Flowers Foods, Inc.		21,750		616,395
Fresh Del Monte Produce, Inc.*		12,100		285,197
Green Mountain Coffee Roasters, Inc.*		4,900		184,093
Griffin Land & Nurseries, Inc.		800		24,560
Hain Celestial Group, Inc.*		11,700		274,716
HQ Sustainable Maritime Industries, Inc.*		2,200		28,952
Imperial Sugar Co.		3,300		51,249
J&J Snack Foods Corp.		3,900		106,899
Lancaster Colony Corp.		5,800		175,624
Lance, Inc.		7,800		146,406
Lifeway Foods, Inc.*		1,100		13,079
Maui Land & Pineapple Co., Inc.*		900		26,505
Omega Protein Corp.*		5,600		83,720
Pilgrim’s Pride Corp.		12,000		155,880
Ralcorp Holdings, Inc.*		7,400		365,856
Reddy Ice Holdings, Inc.		5,100		69,768
Sanderson Farms, Inc.		5,900		203,668
Seaboard Corp.		84		130,284
Smart Balance, Inc.*		18,300		131,943
Synutra International, Inc.*		2,800		90,496
Tootsie Roll Industries, Inc.		6,861		172,417
TreeHouse Foods, Inc.*		8,600		208,636
Zhongpin, Inc.*		5,600		70,000

				4,690,667



Health Care Equipment & Supplies (3.3%)
Abaxis, Inc.*		6,300		152,019
ABIOMED, Inc.*		8,900		157,975
Accuray, Inc.*		10,800		78,732
Align Technology, Inc.*		17,500		183,575
Alphatec Holdings, Inc.*		6,300		25,704
American Medical Systems Holdings, Inc.*		20,600		307,970
Analogic Corp.		3,900		245,973
Angiodynamics, Inc.*		7,200		98,064
Arthrocare Corp.*		7,500		306,075
Atrion Corp.		400		38,328
Cantel Medical Corp.*		2,700		27,324
Cardiac Science Corp.*		5,100		41,820
Clinical Data, Inc.*		2,700		38,529
Conceptus, Inc.*		8,900		164,561
CONMED Corp.*		8,100		215,055
CryoLife, Inc.*		8,300		94,952
Cyberonics, Inc.*		6,700		145,390
Cynosure, Inc., Class A*		2,300		45,586
Datascope Corp.		3,900		183,300
DexCom, Inc.*		7,000		42,280
ev3, Inc.*		19,580		185,618
Exactech, Inc.*		2,300		59,133
Greatbatch, Inc.*		6,500		112,450
Haemonetics Corp.*		7,300		404,858
Hansen Medical, Inc.*		4,900		81,928
I-Flow Corp.*		5,100		51,765
ICU Medical, Inc.*		3,500		80,080
Immucor, Inc.*		19,700		509,836
Insulet Corp.*		5,500		86,515
Integra LifeSciences Holdings Corp.*		5,000		222,400
Invacare Corp.		9,400		192,136
IRIS International, Inc.*		5,500		86,075
Kensey Nash Corp.*		2,100		67,305
Masimo Corp.*		12,900		443,115
Medical Action Industries, Inc.*		3,300		34,221
Mentor Corp.		9,800		272,636
Meridian Bioscience, Inc.		11,250		302,850
Merit Medical Systems, Inc.*		7,300		107,310
Micrus Endovascular Corp.*		4,300		60,286
Natus Medical, Inc.*		8,100		169,614
Neogen Corp.*		3,900		89,271
NuVasive, Inc.*		10,100		451,066
NxStage Medical, Inc.*		5,800		22,272
OraSure Technologies, Inc.*		13,300		49,742
Orthofix International NV*		4,800		138,960
Orthovita, Inc.*		17,200		35,260
Palomar Medical Technologies, Inc.*		5,200		51,896
Quidel Corp.*		7,900		130,508
RTI Biologics, Inc.*		15,800		138,250
Sirona Dental Systems, Inc.*		4,800		124,416
Somanetics Corp.*		3,900		82,680
SonoSite, Inc.*		4,800		134,448
Spectranetics Corp.*		8,800		86,768
Stereotaxis, Inc.*		7,400		39,664
STERIS Corp.		16,700		480,292
SurModics, Inc.*		4,400		197,296
Symmetry Medical, Inc.*		10,000		162,200
Synovis Life Technologies, Inc.*		3,800		71,554
Thoratec Corp.*		15,400		267,806
TomoTherapy, Inc.*		12,300		109,839
TranS1, Inc.*		3,800		57,266
Vision-Sciences, Inc.*		4,000		15,000
Vital Signs, Inc.		2,300		130,594

14 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Health Care Equipment & Supplies (continued)

Vnus Medical Technologies, Inc.*		3,900	$	78,039
Volcano Corp.*		13,100		159,820
West Pharmaceutical Services, Inc.		9,100		393,848
Wright Medical Group, Inc.*		10,400		295,464
Zoll Medical Corp.*		6,100		205,387

				10,322,949



Health Care Providers & Services (2.9%)
Air Methods Corp.*		3,000		75,000
Alliance Imaging, Inc.*		7,200		62,424
Almost Family, Inc.*		2,000		53,200
Amedisys, Inc.*		7,600		383,192
AMERIGROUP Corp.*		15,400		320,320
AMN Healthcare Services, Inc.*		9,600		162,432
Amsurg Corp.*		9,200		224,020
Apria Healthcare Group, Inc.*		12,400		240,436
Assisted Living Concepts, Inc., Class A*		15,500		85,250
athenahealth, Inc.*		5,700		175,332
Bio-Reference Laboratories, Inc.*		3,100		69,161
BMP Sunstone Corp.*		6,500		37,050
Capital Senior Living Corp.*		5,300		39,962
CardioNet, Inc.*		1,200		31,956
Centene Corp.*		12,300		206,517
Chemed Corp.		6,700		245,287
Chindex International, Inc.*		3,500		51,345
CorVel Corp.*		2,200		74,514
Cross Country Healthcare, Inc.*		8,900		128,249
Emergency Medical Services Corp., Class A*		2,300		52,049
Emeritus Corp.*		5,400		78,948
Ensign Group, Inc. (The)		2,800		32,200
Five Star Quality Care, Inc.*		9,900		46,827
Genoptix, Inc.*		2,500		78,875
Gentiva Health Services, Inc.*		7,600		144,780
Hanger Orthopedic Group, Inc.*		6,800		112,132
HealthExtras, Inc.*		9,200		277,288
Healthsouth Corp.*		22,200		369,186
Healthspring, Inc.*		14,100		238,008
Healthways, Inc.*		10,100		298,960
HMS Holdings Corp.*		7,300		156,731
inVentiv Health, Inc.*		9,600		266,784
IPC The Hospitalist Co., Inc.*		1,000		18,820
Kindred Healthcare, Inc.*		7,600		218,576
Landauer, Inc.		2,500		140,600
LHC Group, Inc.*		4,100		95,325
Magellan Health Services, Inc.*		11,700		433,251
Medcath Corp.*		4,800		86,304
Molina Healthcare, Inc.*		4,100		99,794
MWI Veterinary Supply, Inc.*		3,100		102,641
National Healthcare Corp.		2,300		105,409
National Research Corp.		400		10,556
Nighthawk Radiology Holdings, Inc.*		6,000		42,480
Odyssey HealthCare, Inc.*		9,400		91,556
Owens & Minor, Inc.		11,600		530,004
PharMerica Corp.*		8,832		199,515
Providence Service Corp. (The)*		3,400		71,774
PSS World Medical, Inc.*		17,500		285,250
Psychiatric Solutions, Inc.*		15,600		590,304
RadNet, Inc.*		6,800		42,500
RehabCare Group, Inc.*		5,100		81,753
Res-Care, Inc.*		7,000		124,460
Skilled Healthcare Group, Inc., Class A*		4,900		65,758
Sun Healthcare Group, Inc.*		12,200		163,358
Sunrise Senior Living, Inc.*		12,700		285,496
Triple-S Management Corp., Class B*		4,100		67,035
U.S. Physical Therapy, Inc.*		3,800		62,358
Universal American Corp.*		11,500		117,530
Virtual Radiologic Corp.*		1,200		15,900

				8,966,722



Health Care Technology (0.4%)
Allscripts Healthcare Solutions, Inc.*		16,500		204,765
Computer Programs & Systems, Inc.		2,600		45,058
Eclipsys Corp.*		15,200		279,072
MedAssets, Inc.*		3,600		61,380
Omnicell, Inc.*		9,300		122,574
Phase Forward, Inc.*		11,900		213,843
TriZetto Group*		12,200		260,836
Vital Images, Inc.*		4,800		59,712

				1,247,240



Hotels, Restaurants & Leisure (2.1%)
AFC Enterprises*		7,100		56,729
Ambassadors Group, Inc.		5,800		86,536
Ameristar Casinos, Inc.		6,700		92,594
Bally Technologies, Inc.*		15,400		520,520
BJ’s Restaurants, Inc.*		4,800		46,704
Bluegreen Corp.*		3,600		21,780
Bob Evans Farms, Inc.		9,000		257,400
Buffalo Wild Wings, Inc.*		5,200		129,116
California Pizza Kitchen, Inc.*		7,100		79,449
CBRL Group, Inc.		6,300		154,413
CEC Entertainment, Inc.*		6,300		176,463
Cheesecake Factory, (The)*		18,800		299,108
Churchill Downs, Inc.		2,500		87,175

2008 Semiannual Report 15

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Hotels, Restaurants & Leisure (continued)

CKE Restaurants, Inc.		14,800	$	184,556
Denny’s Corp.*		26,900		76,396
DineEquity, Inc.		4,900		183,064
Domino’s Pizza, Inc.*		11,500		132,250
Dover Downs Gaming & Entertainment, Inc.		3,900		25,038
Dover Motorsports, Inc.		5,400		27,486
Einstein Noah Restaurant Group, Inc.*		1,000		11,070
Gaylord Entertainment Co.*		11,800		282,728
Great Wolf Resorts, Inc.*		7,600		33,212
Isle of Capri Casinos, Inc.*		4,900		23,471
Jack in the Box, Inc.*		16,640		372,902
Krispy Kreme Doughnuts, Inc.*		17,500		87,325
Landry’s Restaurants, Inc.		3,600		64,692
Life Time Fitness, Inc.*		9,700		286,635
Lodgian, Inc.*		4,300		33,669
Luby’s, Inc.*		6,800		41,480
Marcus Corp.		5,300		79,235
Monarch Casino & Resort, Inc.*		2,900		34,220
Morgans Hotel Group Co.*		8,100		83,430
O’Charleys, Inc.		6,400		64,384
P.F. Chang’s China Bistro, Inc.*		6,800		151,912
Papa John’s International, Inc.*		6,200		164,858
Peet’s Coffee & Tea, Inc.*		4,000		79,280
Pinnacle Entertainment, Inc.*		17,000		178,330
Red Robin Gourmet Burgers, Inc.*		4,800		133,152
Rick’s Cabaret International, Inc.*		2,000		33,580
Riviera Holdings Corp.*		2,400		24,360
Ruby Tuesday, Inc.		14,600		78,840
Ruth’s Hospitality Group, Inc.*		5,600		29,008
Shuffle Master, Inc.*		10,000		49,400
Six Flags, Inc.*		20,700		23,805
Sonic Corp.*		16,900		250,120
Speedway Motorsports, Inc.		3,100		63,178
Steak N Shake Co. (The)*		6,400		40,512
Texas Roadhouse, Inc., Class A*		14,500		130,065
Town Sports International Holdings, Inc.*		4,500		42,030
Triarc Cos., Inc., Class B		16,700		105,711
Vail Resorts, Inc.*		8,800		376,904
WMS Industries, Inc.*		12,350		367,660

				6,457,935



Household Durables (1.0%)
American Greetings Corp., Class A		14,200		175,228
Avatar Holdings, Inc.*		1,700		51,493
Beazer Homes U.S.A., Inc.		10,700		59,599
Blyth, Inc.		6,900		83,007
Brookfield Homes Corp.		2,600		31,928
Cavco Industries, Inc.*		2,000		65,460
Champion Enterprises, Inc.*		22,000		128,700
CSS Industries, Inc.		2,200		53,284
Ethan Allen Interiors, Inc.		7,000		172,200
Furniture Brands International, Inc.		12,100		161,656
Helen of Troy Ltd.*		8,500		137,020
Hooker Furniture Corp.		2,800		48,496
Hovnanian Enterprises, Inc., A Shares*		13,300		72,884
iRobot Corp.*		5,500		75,570
La-Z-Boy, Inc.		13,200		100,980
Libbey, Inc.		4,100		30,504
M/I Homes, Inc.		4,000		62,920
Meritage Homes Corp.*		8,700		131,979
National Presto Industries, Inc.		1,300		83,434
Palm Harbor Homes, Inc.*		2,800		15,484
Russ Berrie & Co., Inc.*		3,700		29,489
Ryland Group, Inc.		12,200		266,082
Sealy Corp.		10,700		61,418
Skyline Corp.		1,900		44,650
Standard Pacific Corp.		17,800		60,164
Tempur-Pedic International, Inc.		20,700		161,667
Tupperware Brands Corp.		17,400		595,428
Universal Electronics, Inc.*		4,000		83,600

				3,044,324



Household Products (0.1%)
Central Garden and Pet Co., Class A*		18,200		74,620
Spectrum Brands, Inc.*		11,100		28,305
WD-40 Co.		4,800		140,400

				243,325



Independent Power Producers & Energy Traders (0.1%)
Ormat Technologies, Inc.		5,000		245,900
Synthesis Energy Systems, Inc.*		6,000		54,000
U.S. Geothermal, Inc.*		16,300		47,922

				347,822



Industrial Conglomerates (0.1%)
Raven Industries, Inc.		4,500		147,510
Standex International Corp.		3,500		72,590
Tredegar Corp.		6,800		99,960
United Capital Corp.*		400		7,680

				327,740



Information Technology Services (1.7%)
Acxiom Corp.		17,000		195,330
BearingPoint, Inc.*		59,300		48,033

16 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Information Technology Services (continued)

CACI International, Inc., Class A*		8,700	$	398,199
Cass Information Systems, Inc.		1,460		46,764
China Information Security Technology, Inc.*		5,900		33,394
Ciber, Inc.*		15,200		94,392
CSG Systems International, Inc.*		9,900		109,098
CyberSource Corp.*		19,324		323,290
Euronet Worldwide, Inc.*		13,650		230,685
ExlService Holdings, Inc.*		4,300		60,329
Forrester Research, Inc.*		4,100		126,608
Gartner, Inc.*		16,900		350,168
Global Cash Access Holdings, Inc.*		11,300		77,518
Heartland Payment Systems, Inc.		6,800		160,480
iGate Corp.*		4,800		39,024
infoGROUP, Inc.		9,100		39,949
Integral Systems, Inc.		2,361		91,371
Mantech International Corp., Class A*		5,700		274,284
MAXIMUS, Inc.		5,100		177,582
MPS Group, Inc.*		26,400		280,632
NCI, Inc., Class A*		2,100		48,048
Ness Technologies, Inc.*		11,700		118,404
Online Resources Corp.*		8,000		66,800
Perot Systems Corp., Class A*		24,200		363,242
RightNow Technologies, Inc.*		7,600		103,892
Safeguard Scientifics, Inc.*		27,100		33,604
Sapient Corp.*		25,600		164,352
SI International, Inc.*		3,600		75,384
SRA International, Inc., Class A*		11,900		267,274
SYKES Enterprises, Inc.*		9,300		175,398
Syntel, Inc.		3,400		114,648
TNS, Inc.*		6,900		165,324
VeriFone Holdings, Inc.*		19,100		228,245
Virtusa Corp.*		3,000		30,390
Wright Express Corp.*		10,500		260,400

				5,372,535



Insurance (3.4%)
AMBAC Financial Group, Inc.		83,800		112,292
AmCOMP, Inc.*		4,300		41,796
American Equity Investment Life Holding Co.		15,700		127,955
American Physicians Capital, Inc.		2,500		121,100
American Safety Insurance Holdings Ltd.*		3,400		48,892
Amerisafe, Inc.*		5,300		84,482
Amtrust Financial Services, Inc.		4,800		60,480
Argo Group International Holdings Ltd.*		8,709		292,274
Aspen Insurance Holdings Ltd.		24,500		579,915
Assured Guaranty Ltd.		15,900		286,041
Baldwin & Lyons, Inc., Class B		2,000		34,960
Castlepoint Holdings Ltd.		10,200		92,718
Citizens, Inc.*		10,000		61,300
CNA Surety Corp.*		3,700		46,768
Crawford & Co., Class B*		6,800		54,332
Darwin Professional Underwriters, Inc.*		1,700		52,360
Delphi Financial Group, Inc., Class A		11,800		273,052
Donegal Group, Inc., Class A		2,700		42,849
eHealth, Inc.*		7,300		128,918
EMC Insurance Group, Inc.		1,700		40,936
Employers Holdings, Inc.		13,800		285,660
Enstar Group Ltd.*		1,500		131,250
FBL Financial Group, Inc., Class A		3,300		65,604
First Acceptance Corp.*		2,000		6,400
First Mercury Financial Corp.*		3,600		63,504
Flagstone Reinsurance Holdings Ltd.		8,200		96,678
FPIC Insurance Group, Inc.*		2,500		113,300
Greenlight Capital Re Ltd., Class A*		8,500		194,310
Hallmark Financial Services*		600		5,802
Harleysville Group, Inc.		4,100		138,703
Hilb, Rogal & Hobbs Co.		10,200		443,292
Hilltop Holdings, Inc.*		12,700		130,937
Horace Mann Educators Corp.		11,500		161,230
Independence Holding Co.		700		6,839
Infinity Property & Casualty Corp.		4,600		190,992
IPC Holdings Ltd.		15,200		403,560
Kansas City Life Insurance Co.		900		37,575
LandAmerica Financial Group, Inc.		4,400		97,636
Life Partners Holdings, Inc.		1,900		37,962
Maiden Holdings Ltd.		13,400		85,760
Max Capital Group Ltd.		16,300		347,679
Meadowbrook Insurance Group, Inc.		8,200		43,460
Montpelier Re Holdings Ltd.		25,900		382,025
National Financial Partners Corp.		11,400		225,948
National Interstate Corp.		1,700		31,246
National Western Life Insurance Co., Class A		559		122,142
Navigators Group, Inc.*		3,700		199,985

2008 Semiannual Report 17

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Insurance (continued)

NYMAGIC, Inc.		1,700	$	32,572
Odyssey Re Holdings Corp.		6,900		244,950
Phoenix Cos., Inc. (The)		33,100		251,891
Platinum Underwriters Holdings Ltd.		14,100		459,801
PMA Capital Corp., Class A*		9,000		82,890
Presidential Life Corp.		6,000		92,520
ProAssurance Corp.*		9,100		437,801
Procentury Corp.		3,600		57,024
Quanta Capital Holdings Ltd.*		18,600		49,104
RLI Corp.		5,300		262,191
Safety Insurance Group, Inc.		4,600		163,990
SCPIE Holdings, Inc.*		2,300		64,377
SeaBright Insurance Holdings, Inc.*		6,000		86,880
Selective Insurance Group		15,100		283,276
State Auto Financial Corp.		3,300		78,969
Stewart Information Services Corp.		4,800		92,832
Tower Group, Inc.		5,700		120,783
United America Indemnity Ltd., Class A*		5,700		76,209
United Fire & Casualty Co.		6,700		180,431
Validus Holdings Ltd.		18,100		384,625
Zenith National Insurance Corp.		10,400		365,664

				10,501,679



Internet & Catalog Retail (0.4%)
1-800-FLOWERS.COM, Inc., Class A*		7,000		45,150
Blue Nile, Inc.*		3,800		161,576
Drugstore.com, Inc.*		26,200		49,780
FTD Group, Inc.		4,900		65,317
Gaiam, Inc., Class A*		5,000		67,550
GSI Commerce, Inc.*		7,000		95,410
NetFlix, Inc.*		11,400		297,198
NutriSystem, Inc.		9,000		127,260
Orbitz Worldwide, Inc.*		8,700		43,587
Overstock.com, Inc.*		4,600		119,370
PC Mall, Inc.*		3,500		47,460
PetMed Express, Inc.*		7,100		86,975
Shutterfly, Inc.*		6,000		73,260
Stamps.com, Inc.*		5,000		62,400
Systemax, Inc.		3,000		52,950

				1,395,243



Internet Software & Services (2.1%)
Ariba, Inc.*		24,500		360,395
Art Technology Group, Inc.*		36,100		115,520
AsiaInfo Holdings, Inc.*		9,000		106,380
Bankrate, Inc.*		3,700		144,559
Bidz.com, Inc.*		2,100		18,291
Chordiant Software, Inc.*		8,500		42,500
CMGI, Inc.*		13,890		147,234
comScore, Inc.*		4,900		106,918
Constant Contact, Inc.*		5,600		105,560
DealerTrack Holdings, Inc.*		12,400		174,964
Dice Holdings, Inc.*		3,600		29,736
Digital River, Inc.*		10,600		408,948
DivX, Inc.*		6,600		48,444
EarthLink, Inc.*		31,600		273,340
Greenfield Online, Inc.*		7,200		107,424
HSW International, Inc.*		6,900		20,010
Infospace, Inc.		9,700		80,801
Internap Network Services Corp.*		14,300		66,924
Internet Brands, Inc., Class A*		7,000		46,410
Internet Capital Group, Inc.*		10,000		77,300
Interwoven, Inc.*		13,300		159,733
j2 Global Communications, Inc.*		12,600		289,800
Keynote Systems, Inc.*		3,900		50,232
Knot, Inc. (The)*		8,000		78,240
Limelight Networks, Inc.*		5,500		21,010
Liquidity Services, Inc.*		4,600		53,038
LoopNet, Inc.*		8,700		98,310
Marchex, Inc., Class B		6,700		82,544
MercadoLibre, Inc.*		7,100		244,879
Move, Inc.*		36,300		84,579
NIC, Inc.		10,000		68,300
Omniture, Inc.*		17,446		323,972
Perficient, Inc.*		8,800		85,008
RealNetworks, Inc.*		25,900		170,940
S1 Corp.*		14,300		108,251
SAVVIS, Inc.*		11,000		142,010
SonicWALL, Inc.*		16,700		107,715
SupportSoft, Inc.*		14,500		47,125
Switch & Data Facilities Co., Inc.*		6,100		103,639
TechTarget, Inc.*		3,600		38,016
Terremark Worldwide, Inc.*		13,800		75,348
TheStreet.com, Inc.		6,100		39,711
United Online, Inc.		20,000		200,600
ValueClick, Inc.*		26,900		407,535
Vignette Corp.*		7,300		87,600
VistaPrint Ltd.*		12,700		339,852
Vocus, Inc.*		4,700		151,199
Websense, Inc.*		13,100		220,604
Website Pros, Inc.*		8,400		69,972

				6,431,420



Leisure Equipment & Products (0.5%)
Brunswick Corp.		25,300		268,180
Callaway Golf Co.		18,700		221,221
JAKKS Pacific, Inc.*		7,700		168,245

18 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Leisure Equipment & Products (continued)

Leapfrog Enterprises, Inc.*		9,300	$	77,376
Marine Products Corp.		1,900		12,540
MarineMax, Inc.*		4,600		32,982
Nautilus, Inc.		8,500		43,180
Polaris Industries, Inc.		9,500		383,610
Pool Corp.		13,800		245,088
RC2 Corp.*		5,100		94,656
Smith & Wesson Holding Corp.*		8,700		45,327
Steinway Musical Instruments*		2,100		55,440

				1,647,845



Life Sciences Tools & Services (1.2%)
Accelrys, Inc.*		8,600		41,538
Affymetrix, Inc.*		20,100		206,829
Albany Molecular Research, Inc.*		6,600		87,582
AMAG Pharmaceuticals, Inc.*		4,840		165,044
Bio-Rad Laboratories, Inc., Class A*		5,300		428,717
Bruker Corp.*		14,600		187,610
Caliper Life Sciences*		15,300		39,627
Cambrex Corp.*		8,100		47,547
Dionex Corp.*		5,200		345,124
Enzo Biochem, Inc.*		8,200		92,004
eResearchTechnology, Inc.*		12,500		218,000
Exelixis, Inc.*		29,700		148,500
Kendle International, Inc.*		3,700		134,421
Life Sciences Research, Inc.*		2,100		59,304
Luminex Corp.*		10,700		219,885
Medivation, Inc.*		7,600		89,908
Nektar Therapeutics*		26,100		87,435
Parexel International Corp.*		16,000		420,960
PharmaNet Development Group, Inc.*		5,500		86,735
Sequenom, Inc.*		13,200		210,672
Varian, Inc.*		8,400		428,904

				3,746,346



Machinery (3.5%)
3D Systems Corp.*		4,100		38,950
Accuride Corp.*		11,000		46,750
Actuant Corp., Class A		15,800		495,330
Alamo Group, Inc.		2,000		41,180
Albany International Corp., Class A		8,300		240,700
Altra Holdings, Inc.*		7,800		131,118
American Railcar Industries, Inc.		2,600		43,628
Ampco-Pittsburgh Corp.		2,500		111,200
Applied Industrial Technologies, Inc.		12,000		290,040
Astec Industries, Inc.*		4,900		157,486
Axsys Technologies, Inc.*		2,600		135,304
Badger Meter, Inc.		4,100		207,173
Barnes Group, Inc.		13,400		309,406
Blount International, Inc.*		10,800		125,388
Briggs & Stratton Corp.		13,300		168,644
Cascade Corp.		2,600		110,032
Chart Industries, Inc.*		7,900		384,256
China Fire & Security Group, Inc.*		3,600		28,980
CIRCOR International, Inc.		4,900		240,051
Clarcor, Inc.		14,300		501,930
Colfax Corp.*		6,400		160,576
Columbus McKinnon Corp.*		5,300		127,624
Commercial Vehicle Group, Inc.*		5,200		48,620
Dynamic Materials Corp.		3,600		118,620
EnPro Industries, Inc.*		5,800		216,572
ESCO Technologies, Inc.*		7,300		342,516
Federal Signal Corp.		13,600		163,200
Flanders Corp.*		4,400		26,620
Flow International Corp.*		10,300		80,340
Force Protection, Inc.*		19,300		63,883
FreightCar America, Inc.		3,400		120,700
Gehl Co.*		2,900		42,891
Gorman-Rupp Co. (The)		3,775		150,396
Graham Corp.		1,500		111,165
Greenbrier Cos., Inc.		4,600		93,380
Hurco Cos., Inc.*		1,600		49,424
K-Tron International, Inc.*		700		90,720
Kadant, Inc.*		3,400		76,840
Kaydon Corp.		7,800		400,998
Key Technology, Inc.*		1,800		57,258
LB Foster Co., Class A*		3,100		102,920
Lindsay Corp.		3,400		288,898
Met-Pro Corp.		4,700		62,745
Middleby Corp.*		4,900		215,159
Mueller Industries, Inc.		10,500		338,100
Mueller Water Products, Inc., Class A		33,300		268,731
NACCO Industries, Inc., Class A		1,500		111,525
Nordson Corp.		9,500		692,455
Omega Flex, Inc.		700		10,640
Peerless Mfg Co.*		1,800		84,366
RBC Bearings, Inc.*		6,200		206,584
Robbins & Myers, Inc.		7,900		393,973
Sun Hydraulics Corp.		3,100		100,037
Tecumseh Products Co., Class A*		4,800		157,344
Tennant Co.		4,700		141,329
Thermadyne Holdings Corp.*		4,100		60,639
Titan International, Inc.		7,700		274,274
Titan Machinery, Inc.*		1,800		56,376
Trimas Corp.*		4,100		24,559

2008 Semiannual Report 19

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Machinery (continued)

TurboChef Technologies, Inc.*		5,400	$	25,812
Twin Disc, Inc.		2,500		52,325
Wabash National Corp.		8,700		65,772
Wabtec Corp.		13,600		661,232
Watts Water Technologies, Inc., Class A		8,300		206,670
Xerium Technologies, Inc.		5,400		21,384

				10,973,738



Marine (0.4%)
American Commercial Lines, Inc.*		10,500		114,765
Eagle Bulk Shipping, Inc.		13,500		399,195
Genco Shipping & Trading Ltd.		6,200		404,240
Horizon Lines, Inc., Class A		8,500		84,575
International Shipholding Corp.*		2,000		46,880
TBS International Ltd., Class A*		3,100		123,845
Ultrapetrol Bahamas Ltd.*		6,800		85,748

				1,259,248



Media (1.4%)
AH Belo Corp., Class A		3,840		21,888
Arbitron, Inc.		7,700		365,750
Belo Corp., A Shares		26,200		191,522
Charter Communications, Inc., Class A*		115,400		121,170
Cinemark Holdings, Inc.		7,200		94,032
Citadel Broadcasting Co.*		50,770		61,939
CKX, Inc.		14,500		126,875
Cox Radio, Inc., Class A*		7,400		87,320
Crown Media Holdings, Inc., Class A*		3,300		15,642
Cumulus Media, Inc., Class A*		8,600		33,884
DG FastChannel, Inc.*		4,000		69,000
Dolan Media Co.*		6,500		118,300
Entercom Communications Corp., Class A		8,800		61,776
Entravision Communications Corp., Class A*		17,200		69,144
Fisher Communications, Inc.*		1,800		61,992
GateHouse Media, Inc.		6,500		15,990
Global Sources Ltd.*		4,820		73,168
Global Traffic Network, Inc.*		3,900		34,866
Gray Television, Inc.		11,800		33,866
Harte-Hanks, Inc.		11,000		125,950
Idearc, Inc.		43,500		102,225
Interactive Data Corp.		10,200		256,326
Journal Communications, Inc., Class A		11,600		55,912
Knology, Inc.*		7,800		85,722
Lee Enterprises, Inc.		12,700		50,673
Lin TV Corp., Class A*		7,600		45,296
Live Nation, Inc.*		21,400		226,412
Martha Stewart Living Omnimedia, Class A*		7,500		55,500
Marvel Entertainment, Inc.*		13,700		440,318
Mcclatchy Co., Class A		16,900		114,582
Media General, Inc., Class A		6,200		74,090
Mediacom Communications Corp., Class A*		13,200		70,488
National CineMedia, Inc.		11,200		119,392
Outdoor Channel Holdings, Inc.*		5,400		37,692
Playboy Enterprises, Inc., Class B*		6,100		30,134
Primedia, Inc.		7,883		36,735
R.H. Donnelley Corp.*		21,000		63,000
RCN Corp.*		11,100		119,658
Scholastic Corp.*		6,900		197,754
Sinclair Broadcast Group, Inc., Class A		15,700		119,320
Valassis Communications, Inc.*		13,600		170,272
Westwood One, Inc.*		19,900		24,676
World Wrestling Entertainment, Inc., Class A		6,100		94,367

				4,374,618



Metals & Mining (1.5%)
Allied Nevada Gold Corp.*		12,200		71,858
AM Castle & Co.		4,600		131,606
AMCOL International Corp.		7,200		204,912
Apex Silver Mines Ltd.*		16,700		81,997
Brush Engineered Materials, Inc.*		5,600		136,752
China Precision Steel, Inc.*		5,800		25,462
Coeur d’Alene Mines Corp.*		157,500		456,750
Compass Minerals International, Inc.		9,100		733,096
Esmark, Inc.*		4,300		82,216
General Moly, Inc.*		17,300		136,151
General Steel Holdings, Inc.*		2,300		36,110
Haynes International, Inc.*		3,500		201,425
Hecla Mining Co.*		36,700		339,842
Horsehead Holding Corp.*		10,300		125,248
Kaiser Aluminum Corp.		4,600		246,238
NN, Inc.		4,900		68,306
Olympic Steel, Inc.		2,600		197,392
Royal Gold, Inc.		8,500		266,560
RTI International Metals, Inc.*		6,600		235,092
Stillwater Mining Co.*		11,200		132,496
Sutor Technology Group Ltd.*		2,800		19,796
Universal Stainless & Alloy Products, Inc.*		1,900		70,376
USEC, Inc.*		32,300		196,384

20 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Metals & Mining (continued)

Worthington Industries, Inc.		18,500	$	379,250

				4,575,315



Multi-Utility (0.6%)
Aquila, Inc.*		105,500		397,735
Avista Corp.		15,400		330,484
Black Hills Corp.		11,000		352,660
CH Energy Group, Inc.		4,500		160,065
NorthWestern Corp.		11,300		287,246
PNM Resources, Inc.		22,300		266,708

				1,794,898



Multiline Retail (0.1%)
99 Cents Only Stores*		13,300		87,780
Dillard’s, Inc., Class A		16,500		190,905
Fred’s, Inc., Class A		11,100		124,764
Retail Ventures, Inc.*		8,100		37,260
Tuesday Morning Corp.*		8,600		35,346

				476,055



Natural Gas Utilities (1.1%)
Chesapeake Utilities Corp.		2,300		59,156
EnergySouth, Inc.		1,700		83,402
Laclede Group, Inc. (The)		6,400		258,368
New Jersey Resources Corp.		11,850		386,902
Nicor, Inc.		13,000		553,670
Northwest Natural Gas Co.		7,500		346,950
Piedmont Natural Gas Co.		20,600		538,896
South Jersey Industries, Inc.		8,300		310,088
Southwest Gas Corp.		12,100		359,733
WGL Holdings, Inc.		14,200		493,308

				3,390,473



Oil, Gas & Consumable Fuels (6.1%)
Abraxas Petroleum Corp.*		12,800		69,248
Alon USA Energy, Inc.		3,100		37,076
American Oil & Gas, Inc.*		11,500		45,080
APCO Argentina, Inc.		1,200		34,740
Approach Resources, Inc.*		2,100		56,259
Arena Resources, Inc.*		9,900		522,918
Arlington Tankers Ltd.		3,400		78,948
Atlas America, Inc.		9,800		441,490
ATP Oil & Gas Corp.*		7,800		307,866
Aventine Renewable Energy Holdings, Inc.*		8,300		36,520
Berry Petroleum Co., Class A		12,000		706,560
Bill Barrett Corp.*		10,300		611,923
BMB Munai, Inc.*		11,500		68,310
Bois d’Arc Energy, Inc.*		5,400		131,274
BPZ Resources, Inc.*		17,000		499,800
Brigham Exploration Co.*		13,400		212,122
Callon Petroleum Co.*		5,900		161,424
Cano Petroleum, Inc.*		10,600		84,164
Carrizo Oil & Gas, Inc.*		7,700		524,293
Cheniere Energy, Inc.*		14,800		64,676
Clayton Williams Energy, Inc.*		1,600		175,920
Clean Energy Fuels Corp.*		6,700		76,983
Comstock Resources, Inc.*		12,800		1,080,704
Concho Resources, Inc.*		14,000		522,200
Contango Oil & Gas Co.*		3,700		343,804
Crosstex Energy, Inc.		11,300		391,658
CVR Energy, Inc.*		6,300		121,275
Delek US Holdings, Inc.		2,700		24,867
Delta Petroleum Corp.*		17,800		454,256
Double Eagle Petroleum Co.*		2,700		49,221
Double Hull Tankers, Inc.		11,800		118,354
Endeavour International Corp.*		34,500		74,865
Energy Partners Ltd.*		9,382		139,980
Energy XXI (Bermuda) Ltd.*		20,500		141,860
Evergreen Energy, Inc.*		21,200		36,888
EXCO Resources, Inc.*		21,000		775,110
FX Energy, Inc.*		11,300		59,551
Gasco Energy, Inc.*		27,800		115,370
General Maritime Corp.		7,700		200,046
GeoGlobal Resources, Inc.*		7,000		14,910
GeoMet, Inc.*		3,800		36,024
GeoResources, Inc.*		1,800		33,156
GMX Resources, Inc.*		4,200		311,220
Golar LNG Ltd.		10,000		154,900
Goodrich Petroleum Corp.*		5,800		480,936
Gran Tierra Energy, Inc.*		27,700		220,769
GreenHunter Energy, Inc.*		1,000		13,660
Gulfport Energy Corp.*		7,700		126,819
Harvest Natural Resources, Inc.*		10,000		110,600
Houston American Energy Corp.*		4,500		50,490
International Coal Group, Inc.*		35,700		465,885
James River Coal Co.*		7,300		428,437
Knightsbridge Tankers Ltd.		4,700		151,387
McMoRan Exploration Co.*		14,200		390,784
Meridian Resource Corp.*		21,900		64,605
Mitcham Industries, Inc.*		3,100		52,948
National Coal Corp.*		7,800		69,186
Nordic American Tanker Shipping Ltd.		9,900		384,318
Northern Oil & Gas, Inc.*		5,900		78,352
Oilsands Quest, Inc.*		46,100		299,650
Pacific Ethanol, Inc.*		10,300		18,643
Panhandle Oil & Gas, Inc.		2,000		67,720
Parallel Petroleum Corp.*		12,000		241,560
Penn Virginia Corp.		11,700		882,414
Petroleum Development Corp.*		4,200		279,258
Petroquest Energy, Inc.*		12,300		330,870
PrimeEnergy Corp.*		200		11,096

2008 Semiannual Report 21

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Oil, Gas & Consumable Fuels (continued)

Quest Resource Corp.*		6,100	$	69,601
RAM Energy Resources, Inc.*		11,400		71,820
Rentech, Inc.*		45,800		87,020
Rex Energy Corp.*		4,900		129,360
Rosetta Resources, Inc.*		14,400		410,400
Ship Finance International Ltd.		11,800		348,454
Stone Energy Corp.*		8,000		527,280
Swift Energy Co.*		8,600		568,116
Teekay Tankers Ltd., Class A		3,800		88,198
Toreador Resources Corp.*		4,800		40,944
Tri-Valley Corp.*		7,000		52,010
TXCO Resources, Inc.*		9,300		109,368
Uranium Resources, Inc.*		13,100		48,339
Vaalco Energy, Inc.*		16,700		141,449
Venoco, Inc.*		5,600		129,976
VeraSun Energy Corp.*		30,302		125,147
Warren Resources, Inc.*		16,900		248,092
Western Refining, Inc.		8,800		104,192
Westmoreland Coal Co.*		2,900		61,219
World Fuel Services Corp.		7,600		166,744

				18,895,929



Paper & Forest Products (0.4%)
AbitibiBowater, Inc.		15,552		145,100
Buckeye Technologies, Inc.*		9,900		83,754
Deltic Timber Corp.		3,000		160,530
Kapstone Paper and Packaging Corp.*		6,000		40,020
Louisiana-Pacific Corp.		29,800		253,002
Mercer International, Inc.*		8,500		63,580
Neenah Paper, Inc.		4,100		68,511
P.H. Glatfelter Co.		11,800		159,418
Schweitzer-Mauduit International, Inc.		4,400		74,140
Verso Paper Corp.*		4,700		39,762
Wausau Paper Corp.		12,500		96,375

				1,184,192



Personal Products (0.3%)
American Oriental Bioengineering, Inc.*		18,000		177,660
Chattem, Inc.*		5,000		325,250
China Sky One Medical, Inc.*		2,000		22,260
Elizabeth Arden, Inc.*		6,900		104,742
Inter Parfums, Inc.		3,600		54,000
Mannatech, Inc.		5,000		27,200
Nu Skin Enterprises, Inc., Class A		14,000		208,880
Prestige Brands Holdings, Inc.*		9,200		98,072
Schiff Nutrition International, Inc.*		3,600		20,160
USANA Health Sciences, Inc.*		2,400		64,488

				1,102,712



Pharmaceuticals (1.3%)
Acura Pharmaceuticals, Inc.*		1,900		15,105
Adolor Corp.*		14,000		76,720
Akorn, Inc.*		15,300		50,643
Alexza Pharmaceuticals, Inc.*		5,700		22,458
Alpharma, Inc., Class A*		12,800		288,384
Ardea Biosciences, Inc.*		2,800		35,896
Auxilium Pharmaceuticals, Inc.*		11,500		386,630
Bentley Pharmaceuticals, Inc.*		4,800		77,520
Biodel, Inc.*		2,800		36,400
BioForm Medical, Inc.*		5,400		21,816
BioMimetic Therapeutics, Inc.*		3,200		38,144
Cadence Pharmaceuticals, Inc.*		5,700		34,713
Caraco Pharmaceutical Laboratories Ltd.*		2,200		29,040
Columbia Laboratories, Inc.*		14,700		48,510
Cypress Bioscience, Inc.*		10,600		76,214
Depomed, Inc.*		15,000		48,150
Discovery Laboratories, Inc.*		27,100		44,715
Durect Corp.*		20,900		76,703
Inspire Pharmaceuticals, Inc.*		13,100		56,068
Javelin Pharmaceuticals, Inc.*		11,000		25,520
Jazz Pharmaceuticals, Inc.*		1,900		14,079
KV Pharmaceutical Co., Class A*		9,500		183,635
MAP Pharmaceuticals, Inc.*		1,300		13,429
Medicines Co. (The)*		15,000		297,300
Medicis Pharmaceutical Corp., Class A		16,200		336,636
MiddleBrook Pharmaceuticals, Inc.*		11,600		39,208
Noven Pharmaceuticals, Inc.*		7,000		74,830
Obagi Medical Products, Inc.*		5,500		47,025
Optimer Pharmaceuticals, Inc.*		7,500		60,825
Pain Therapeutics, Inc.*		10,000		79,000
Par Pharmaceutical Cos., Inc.*		9,800		159,054
Pozen, Inc.*		7,000		76,160
Questcor Pharmaceuticals, Inc.*		14,500		67,280
Salix Pharmaceuticals Ltd.*		13,500		94,905
Sciele Pharma, Inc.		9,900		191,565
Sucampo Pharmaceuticals, Inc., Class A*		3,100		33,263
Valeant Pharmaceuticals International*		20,000		342,200
Viropharma, Inc.*		19,800		218,988
Vivus, Inc.*		16,100		107,548
XenoPort, Inc.*		7,000		273,210

				4,199,489



Real Estate Investment Trusts (REITs) (5.5%)
Acadia Realty Trust		9,500		219,925
Agree Realty Corp.		2,200		48,510
Alexander’s, Inc.*		500		155,300

22 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Real Estate Investment Trusts (continued)

American Campus Communities, Inc.		11,580	$	322,387
American Capital Agency Corp.		3,100		51,584
Anthracite Capital, Inc.		16,000		112,640
Anworth Mortgage Asset Corp.		23,300		151,683
Arbor Realty Trust, Inc.		3,300		29,601
Ashford Hospitality Trust, Inc.		35,050		161,931
Associated Estates Realty Corp.		4,100		43,911
BioMed Realty Trust, Inc.		20,300		497,959
Capital Trust, Inc., Class A		4,700		90,287
CapLease, Inc.		10,900		81,641
Capstead Mortgage Corp.		15,600		169,260
Care Investment Trust, Inc.		4,500		42,435
Cedar Shopping Centers, Inc.		12,200		142,984
Chimera Investment Corp.		9,400		84,694
Cogdell Spencer, Inc.		3,500		56,875
Colonial Properties Trust		13,800		276,276
Corporate Office Properties Trust		10,900		374,197
Cousins Properties, Inc.		13,000		300,300
DCT Industrial Trust, Inc.		48,200		399,096
DiamondRock Hospitality Co.		27,500		299,475
DuPont Fabros Technology, Inc.		3,500		65,240
EastGroup Properties, Inc.		7,000		300,300
Education Realty Trust, Inc.		8,000		93,200
Entertainment Properties Trust		8,600		425,184
Equity Lifestyle Properties, Inc.		5,800		255,200
Equity One, Inc.		9,100		187,005
Extra Space Storage, Inc.		21,700		333,312
FelCor Lodging Trust, Inc.		18,500		194,250
First Industrial Realty Trust, Inc.		12,500		343,375
First Potomac Realty Trust		6,900		105,156
Franklin Street Properties Corp.		15,400		194,656
Friedman Billings Ramsey Group, Inc., Class A		36,400		54,600
Getty Realty Corp.		4,800		69,168
Glimcher Realty Trust		10,700		119,626
Gramercy Capital Corp.		11,770		136,414
Hatteras Financial Corp.		3,500		80,465
Healthcare Realty Trust, Inc.		14,200		337,534
Hersha Hospitality Trust		9,500		71,725
Highwoods Properties, Inc.		16,100		505,862
Home Properties, Inc.		9,000		432,540
Inland Real Estate Corp.		15,300		220,626
Investors Real Estate Trust		16,200		154,548
JER Investors Trust, Inc.		6,400		40,320
Kite Realty Group Trust		5,600		70,000
LaSalle Hotel Properties		11,300		283,969
Lexington Realty Trust		14,000		190,820
LTC Properties, Inc.		6,500		166,140
Maguire Properties, Inc.		10,800		131,436
Medical Properties Trust, Inc.		19,500		197,340
MFA Mortgage Investments, Inc.		43,900		286,228
Mid-America Apartment Communities, Inc.		7,400		377,696
Mission West Properties, Inc.		4,200		46,032
Monmouth Real Estate Investment Corp., Class A		6,900		44,160
National Health Investors, Inc.		5,700		162,507
National Retail Properties, Inc.		21,100		440,990
Newcastle Investment Corp.		15,700		110,057
NorthStar Realty Finance Corp.		16,800		139,776
Omega Healthcare Investors, Inc.		19,600		326,340
One Liberty Properties, Inc.		2,800		45,668
Parkway Properties, Inc.		4,400		148,412
Pennsylvania Real Estate Investment Trust		10,300		238,342
Post Properties, Inc.		12,400		368,900
Potlatch Corp.		11,100		500,832
PS Business Parks, Inc.		4,000		206,400
RAIT Financial Trust		17,500		129,850
Ramco-Gershenson Properties Trust		5,200		106,808
Realty Income Corp.		28,700		653,212
Redwood Trust, Inc.		9,200		209,668
Resource Capital Corp.		6,000		43,260
Saul Centers, Inc.		2,900		136,271
Senior Housing Properties Trust		27,300		533,169
Sovran Self Storage, Inc.		6,100		253,516
Strategic Hotels & Resorts, Inc.		19,500		182,715
Sun Communities, Inc.		4,600		83,858
Sunstone Hotel Investors, Inc.		17,100		283,860
Tanger Factory Outlet Centers		9,200		330,556
U-Store-It Trust		14,700		175,665
Universal Health Realty Income Trust		3,300		99,000
Urstadt Biddle Properties, Inc., Class A		4,700		68,902
Washington Real Estate Investment Trust		13,900		417,695
Winthrop Realty Trust		11,300		40,680

				17,063,987



Real Estate Management & Development (0.2%)
Consolidated-Tomoka Land Co.		1,500		63,090

2008 Semiannual Report 23

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Real Estate Management & Development (continued)

Forestar Real Estate Group, Inc.*		9,900	$	188,595
FX Real Estate and Entertainment, Inc.*		1,760		3,344
Grubb & Ellis Co.		9,100		35,035
Meruelo Maddux Properties, Inc.*		11,700		25,506
Stratus Properties, Inc.*		1,200		20,868
Tejon Ranch Co.*		3,000		108,180
Thomas Properties Group, Inc.		6,700		65,928

				510,546



Road & Rail (0.7%)
AMERCO*		2,500		119,200
Arkansas Best Corp.		6,600		241,824
Celadon Group, Inc.*		6,700		66,933
Dollar Thrifty Automotive Group*		6,100		57,645
Genesee & Wyoming, Inc., Class A*		8,200		278,964
Heartland Express, Inc.		15,800		235,578
Knight Transportation, Inc.		16,000		292,800
Marten Transport Ltd.*		4,241		67,729
Old Dominion Freight Line, Inc.*		7,800		234,156
Patriot Transportation Holding, Inc.*		300		24,000
Saia, Inc.*		3,800		41,496
Universal Truckload Services, Inc.*		1,100		24,222
Werner Enterprises, Inc.		12,700		235,966
YRC Worldwide, Inc.*		16,500		245,355

				2,165,868



Semiconductors & Semiconductor Equipment (3.4%)
Actel Corp.*		7,200		121,320
Advanced Analogic Technologies, Inc.*		13,900		57,407
Advanced Energy Industries, Inc.*		9,700		132,890
Amkor Technology, Inc.*		30,500		317,505
Anadigics, Inc.*		17,700		174,345
Applied Micro Circuits Corp.*		18,500		158,360
Asyst Technologies, Inc.*		14,100		50,337
Atheros Communications, Inc.*		16,800		504,000
ATMI, Inc.*		9,400		262,448
AuthenTec, Inc.*		7,600		79,192
Axcelis Technologies, Inc.*		26,700		130,296
Brooks Automation, Inc.*		18,000		148,860
Cabot Microelectronics Corp.*		6,500		215,475
Cavium Networks, Inc.*		8,400		176,400
Ceva, Inc.*		6,300		50,211
Cirrus Logic, Inc.*		19,000		105,640
Cohu, Inc.		6,500		95,420
Cymer, Inc.*		8,800		236,544
Diodes, Inc.*		8,150		225,266
DSP Group, Inc.*		7,600		53,200
Eagle Test Systems, Inc.*		3,600		40,320
EMCORE Corp.*		21,400		133,964
Entegris, Inc.*		30,500		199,775
Entropic Communications, Inc.*		500		2,375
Exar Corp.*		11,700		88,218
FEI Co.*		10,600		241,468
FormFactor, Inc.*		14,100		259,863
Hittite Microwave Corp.*		5,400		192,348
IXYS Corp.*		6,300		75,222
Kopin Corp.*		18,800		53,956
Kulicke & Soffa Industries, Inc.*		15,100		110,079
Lattice Semiconductor Corp.*		31,900		99,847
LTX Corp.*		17,700		38,940
Mattson Technology, Inc.*		14,000		66,640
Micrel, Inc.		14,700		134,505
Microsemi Corp.*		22,100		556,478
Microtune, Inc.*		15,100		52,246
MIPS Technologies, Inc.*		12,200		45,750
MKS Instruments, Inc.*		14,000		306,600
Monolithic Power Systems, Inc.*		7,600		164,312
Netlogic Microsystems, Inc.*		5,000		166,000
NVE Corp.*		1,500		47,490
OmniVision Technologies, Inc.*		14,400		174,096
Pericom Semiconductor Corp.*		7,100		105,364
Photronics, Inc.*		11,400		80,256
PLX Technology, Inc.*		7,900		60,277
PMC — Sierra, Inc.*		61,500		470,475
Power Integrations, Inc.*		8,500		268,685
RF Micro Devices, Inc.*		74,404		215,772
Rubicon Technology, Inc.*		4,000		81,280
Rudolph Technologies, Inc.*		7,800		60,060
Semitool, Inc.*		5,000		37,550
Semtech Corp.*		16,600		233,562
Sigma Designs, Inc.*		7,600		105,564
Silicon Image, Inc.*		22,300		161,675
Silicon Storage Technology, Inc.*		23,700		65,649
SiRF Technology Holdings, Inc.*		16,700		72,144
Skyworks Solutions, Inc.*		46,700		460,929
Spansion, Inc., Class A*		38,100		85,725
Standard Microsystems Corp.*		6,400		173,760
Supertex, Inc.*		3,100		72,354
Techwell, Inc.*		3,500		43,120
Tessera Technologies, Inc.*		14,000		229,180
Transmeta Corp.*		3,800		52,478
Trident Microsystems, Inc.*		17,300		63,145

24 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Semiconductors & Semiconductor Equipment (continued)

TriQuint Semiconductor, Inc.*		41,400	$	250,884
Ultra Clean Holdings, Inc.*		5,400		42,984
Ultratech, Inc.*		6,600		102,432
Veeco Instruments, Inc.*		9,000		144,720
Volterra Semiconductor Corp.*		7,500		129,450
Zoran Corp.*		15,100		176,670

				10,591,752



Software (4.0%)
ACI Worldwide, Inc.*		9,700		170,623
Actuate Corp.*		16,900		66,079
Advent Software, Inc.*		4,800		173,184
American Software, Inc., Class A		7,300		41,172
Ansoft Corp.*		4,200		152,880
ArcSight, Inc.*		800		7,040
Blackbaud, Inc.		12,500		267,500
Blackboard, Inc.*		8,800		336,424
Bottomline Technologies, Inc.*		6,100		59,353
Callidus Software, Inc.*		9,500		47,500
Commvault Systems, Inc.*		12,400		206,336
Concur Technologies, Inc.*		12,200		405,406
Deltek, Inc.*		2,400		18,192
Demandtec, Inc.*		6,100		45,811
Double-Take Software, Inc.*		5,300		72,822
Ebix, Inc.*		500		38,860
Entrust, Inc.*		18,900		55,566
Epicor Software Corp.*		16,800		116,088
EPIQ Systems, Inc.*		10,500		149,100
Fair Isaac Corp.		13,700		284,549
FalconStor Software, Inc.*		11,400		80,712
Guidance Software, Inc.*		3,100		29,605
i2 Technologies, Inc.*		4,400		54,692
Informatica Corp.*		24,800		372,992
Interactive Intelligence, Inc.*		3,700		43,068
InterVoice, Inc.*		10,800		61,560
Jack Henry & Associates, Inc.		21,200		458,768
JDA Software Group, Inc.*		7,300		132,130
Lawson Software, Inc.*		35,200		255,904
Macrovision Solutions Corp.*		23,640		353,654
Magma Design Automation, Inc.*		11,900		72,233
Manhattan Associates, Inc.*		7,000		166,110
Mentor Graphics Corp.*		25,500		402,900
MICROS Systems, Inc.*		23,000		701,270
MicroStrategy, Inc., Class A*		2,600		168,350
Midway Games, Inc.*		8,300		18,260
Monotype Imaging Holdings, Inc.*		4,700		57,246
MSC.Software Corp.*		12,400		136,152
Net 1 UEPS Technologies, Inc.*		12,600		306,180
Netscout Systems, Inc.*		8,100		86,508
NetSuite, Inc.*		1,500		30,705
OpenTV Corp., Class A*		19,300		25,283
Opnet Technologies, Inc.*		4,400		39,600
Parametric Technology Corp.*		32,400		540,108
Pegasystems, Inc.		3,100		41,726
Phoenix Technologies Ltd.*		8,300		91,300
Progress Software Corp.*		11,700		299,169
PROS Holdings, Inc.*		4,100		46,043
QAD, Inc.		2,100		14,217
Quality Systems, Inc.		5,000		146,400
Quest Software, Inc.*		20,200		299,162
Radiant Systems, Inc.*		7,300		78,329
Renaissance Learning, Inc.		1,500		16,815
Secure Computing Corp.*		15,000		62,100
Smith Micro Software, Inc.*		8,300		47,310
Solera Holdings, Inc.*		14,500		401,070
Sonic Solutions, Inc.*		6,300		37,548
Sourcefire, Inc.*		6,300		48,699
SPSS, Inc.*		5,000		181,850
SuccessFactors, Inc.*		6,900		75,555
Sybase, Inc.*		22,400		659,008
Symyx Technologies*		9,500		66,310
Synchronoss Technologies, Inc.*		6,700		60,501
Take-Two Interactive Software, Inc.*		21,600		552,312
Taleo Corp., Class A*		6,600		129,294
TeleCommunication Systems, Inc., Class A*		10,600		49,078
THQ, Inc.*		19,100		386,966
TIBCO Software, Inc.*		53,700		410,805
Tivo, Inc.*		28,800		177,696
Tyler Technologies, Inc.*		10,800		146,556
Ultimate Software Group, Inc.*		7,000		249,410
Unica Corp.*		2,800		22,512
Vasco Data Security International, Inc.*		7,600		80,028
Wind River Systems, Inc.*		20,800		226,512

				12,412,756



Specialty Retail (2.7%)
Aaron Rents, Inc.		12,300		274,659
Aeropostale, Inc.*		18,950		593,703
America’s Car-Mart, Inc.*		3,200		57,344
Asbury Automotive Group, Inc.		9,500		122,075
Bebe Stores, Inc.		10,500		100,905
Big 5 Sporting Goods Corp.		6,400		48,448
Blockbuster, Inc., Class A*		52,400		131,000
Borders Group, Inc.		17,100		102,600
Brown Shoe Co., Inc.		12,000		162,600
Buckle, Inc. (The)		4,300		196,639
Build-A-Bear Workshop, Inc.*		4,500		32,715
Cabela’s, Inc., Class A*		10,300		113,403

2008 Semiannual Report 25

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Specialty Retail (continued)

Cache, Inc.*		3,300	$	35,310
Casual Male Retail Group, Inc.*		9,500		28,975
Cato Corp. (The), Class A		8,000		113,920
Charlotte Russe Holding, Inc.*		6,300		111,888
Charming Shoppes, Inc.*		32,000		146,880
Chico’s FAS, Inc.*		50,700		272,259
Childrens Place Retail Stores, Inc. (The)*		6,700		241,870
Christopher & Banks Corp.		10,000		68,000
Circuit City Stores, Inc.		49,200		142,188
Citi Trends, Inc.*		4,000		90,640
Coldwater Creek, Inc.*		17,000		89,760
Collective Brands, Inc.*		17,200		200,036
Conn’s, Inc.*		2,800		44,996
CSK Auto Corp.*		11,900		124,712
Dress Barn, Inc.*		12,700		169,926
DSW, Inc., Class A*		3,800		44,764
Finish Line, Class A*		13,537		117,772
Genesco, Inc.		6,700		206,829
Group 1 Automotive, Inc.		6,400		127,168
Gymboree Corp.*		8,200		328,574
Haverty Furniture Cos., Inc.		5,500		55,220
hhgregg, Inc.*		2,500		25,000
Hibbett Sports, Inc.*		8,000		168,800
HOT Topic, Inc.*		12,400		67,084
J Crew Group, Inc.*		11,900		392,819
Jo-Ann Stores, Inc.*		7,100		163,513
JOS. A. Bank Clothiers, Inc.*		5,100		136,425
Lumber Liquidators, Inc.*		3,000		39,000
Men’s Wearhouse, Inc.		14,900		242,721
Midas, Inc.*		4,000		54,000
Monro Muffler, Inc.		4,650		72,029
New York & Co., Inc.*		5,600		51,128
Pacific Sunwear of California*		19,200		163,776
Pep Boys — Manny, Moe & Jack		11,900		103,768
Pier 1 Imports, Inc.*		25,200		86,688
Rent-A-Center, Inc.*		19,200		394,944
REX Stores Corp.*		3,000		34,650
Sally Beauty Holdings, Inc.*		24,800		160,208
Shoe Carnival, Inc.*		2,500		29,475
Sonic Automotive, Inc., Class A		7,400		95,386
Stage Stores, Inc.		10,800		126,036
Stein Mart, Inc.		6,900		31,119
Syms Corp.		1,700		23,120
Talbots, Inc.		6,100		70,699
Tractor Supply Co.*		9,700		281,688
Tween Brands, Inc.*		7,000		115,220
Ulta Salon, Cosmetics & Fragrance, Inc.*		5,500		61,820
Wet Seal, Inc. (The), Class A*		27,100		129,267
Zale Corp.*		10,200		192,678
Zumiez, Inc.*		5,800		96,164

				8,307,003



Staffing (0.0%)
Gevity HR, Inc.		6,900		37,122



Technology (0.0%)
Digimarc Corp.*		5,500		77,880
Hackett Group, Inc. (The)*		12,500		71,750

				149,630



Telecommunications (0.0%)
Applied Signal Technology, Inc.		4,000		54,640



Textiles, Apparel & Luxury Goods (1.6%)
American Apparel, Inc.*		10,300		68,495
Carter’s, Inc.*		15,200		210,064
Cherokee, Inc.		2,200		44,330
Columbia Sportswear Co.		3,800		139,650
CROCS, Inc.*		24,100		193,041
Deckers Outdoor Corp.*		3,700		515,040
FGX International Holdings Ltd.*		3,400		27,336
Fossil, Inc.*		12,700		369,189
Fuqi International, Inc.*		3,300		28,908
G-III Apparel Group Ltd.*		3,700		45,658
Iconix Brand Group, Inc.*		16,700		201,736
K-Swiss, Inc., Class A		6,500		95,550
Kenneth Cole Productions, Inc., Class A		2,500		31,750
Lululemon Athletica, Inc.*		5,300		154,018
Maidenform Brands, Inc.*		6,300		85,050
Movado Group, Inc.		4,500		89,100
Oxford Industries, Inc.		3,900		74,685
Perry Ellis International, Inc.*		3,200		67,904
Quiksilver, Inc.*		36,200		355,484
Skechers USA, Inc., Class A*		9,600		189,696
Steven Madden Ltd.*		5,400		99,252
Timberland Co., Class A*		13,300		217,455
True Religion Apparel, Inc.*		5,000		133,250
Under Armour, Inc., Class A*		9,200		235,888
Unifi, Inc.*		14,900		37,548
UniFirst Corp.		3,900		174,174
Volcom, Inc.*		5,300		126,829
Warnaco Group, Inc. (The)*		12,800		564,096
Weyco Group, Inc.		1,500		39,795
Wolverine World Wide, Inc.		14,100		376,047

				4,991,018



Thrifts & Mortgage Finance (1.2%)
Abington Bancorp, Inc.		7,700		70,224
Anchor Bancorp Wisconsin, Inc.		5,400		37,854

26 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Thrifts & Mortgage Finance (continued)

Bank Mutual Corp.		14,200	$	142,568
BankFinancial Corp.		6,300		81,963
Beneficial Mutual Bancorp, Inc.*		8,400		92,988
Berkshire Hills Bancorp, Inc.		2,900		68,585
Brookline Bancorp, Inc.		16,500		157,575
Brooklyn Federal Bancorp, Inc.		1,600		19,280
Clayton Holdings, Inc.*		2,800		16,716
Clifton Savings Bancorp, Inc.		1,600		15,584
Corus Bankshares, Inc.		10,700		44,512
Danvers Bancorp, Inc.*		5,600		61,600
Dime Community Bancshares		7,100		117,221
Doral Financial Corp.*		1,300		17,602
Downey Financial Corp.		5,900		16,343
Encore Bancshares, Inc.*		1,600		25,040
ESSA Bancorp, Inc.		5,400		67,608
Federal Agricultural Mortgage Corp., Class C		2,900		71,862
First Busey Corp.		6,900		91,218
First Financial Holdings, Inc.		3,400		58,412
First Financial Northwest, Inc.		7,200		71,496
First Niagara Financial Group, Inc.		31,600		406,376
First Place Financial Corp.		4,800		45,120
FirstFed Financial Corp.*		3,900		31,356
Flagstar Bancorp, Inc.		11,500		34,615
Flushing Financial Corp.		5,900		111,805
Fox Chase Bancorp, Inc.*		2,400		24,624
Guaranty Financial Group, Inc.*		11,500		61,755
Home Federal Bancorp, Inc.		2,600		25,636
IndyMac Bancorp, Inc.		32,700		20,274
Kearny Financial Corp.		4,700		51,700
MASSBANK Corp.		1,300		51,454
Meridian Interstate Bancorp, Inc.*		2,600		25,272
NASB Financial, Inc.		500		8,890
NewAlliance Bancshares, Inc.		30,700		383,136
Northwest Bancorp, Inc.		4,300		93,826
OceanFirst Financial Corp.		2,900		52,345
Ocwen Financial Corp.*		8,000		37,200
Oritani Financial Corp.*		2,900		46,400
PMI Group, Inc. (The)		24,600		47,970
Provident Financial Services, Inc.		16,900		236,769
Provident New York Bancorp		11,300		124,978
Radian Group, Inc.		25,300		36,685
Rockville Financial, Inc.		1,600		20,096
Roma Financial Corp.		2,500		32,750
TrustCo Bank Corp. — NY		20,900		155,078
United Community Financial Corp.		5,400		20,250
United Financial Bancorp, Inc.		5,700		63,669
ViewPoint Financial Group		3,100		45,632
Wauwatosa Holdings, Inc.*		1,600		16,992
Westfield Financial, Inc.		9,900		89,595
WSFS Financial Corp.		1,800		80,280

				3,828,779



Tobacco (0.2%)
Alliance One International, Inc.*		27,400		140,014
Star Scientific, Inc.*		21,700		26,040
Universal Corp.		7,800		352,716
Vector Group Ltd.		8,890		143,396

				662,166



Trading Companies & Distributors (0.5%)
Aceto Corp.		7,700		58,828
Aircastle Ltd.		13,800		116,058
Beacon Roofing Supply, Inc.*		12,500		132,625
Electro Rent Corp.		6,100		76,494
H&E Equipment Services, Inc.*		4,600		55,292
Houston Wire & Cable Co.		5,300		105,470
Interline Brands, Inc.*		9,600		152,928
Kaman Corp.		7,400		168,424
Lawson Products		1,200		29,736
Rush Enterprises, Inc., Class A*		9,550		114,695
TAL International Group, Inc.		3,800		86,412
Textainer Group Holdings Ltd.		2,500		48,825
Watsco, Inc.		6,500		271,700

				1,417,487



Transportation Infrastructure (0.0%)
CAI International, Inc.*		1,900		33,060



Water Utilities (0.2%)
American States Water Co.		4,900		171,206
Cadiz, Inc.*		3,400		54,808
California Water Service Group		5,500		180,235
Connecticut Water Service, Inc.		2,700		60,480
Consolidated Water Co. Ltd.		4,000		79,200
Middlesex Water Co.		4,200		69,678
SJW Corp.		3,900		102,960
Southwest Water Co.		6,900		69,138

				787,705



Wireless Telecommunication Services (0.3%)
Centennial Communications Corp.*		18,600		130,014
FiberTower Corp.*		27,800		38,920
ICO Global Communications Holdings Ltd.*		26,600		86,716
iPCS, Inc.*		4,900		145,187
Rural Cellular Corp., Class A*		3,700		164,687
Syniverse Holdings, Inc.*		14,669		237,638

2008 Semiannual Report 27

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Wireless Telecommunication Services (continued)

TerreStar Corp.*		15,700	$	62,486
USA Mobility, Inc.		6,600		49,830
Virgin Mobile USA, Inc., Class A*		8,600		23,650

				939,128


Total Common Stocks				296,384,467


Exchange Traded Fund (0.0%)
Closed-End Fund (0.0%)
Kayne Anderson Energy Development Co.		2,800		64,261

Total Exchange Traded Fund				64,261


Repurchase Agreements (4.2%)

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $5,492,150, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $5,601,625	$	5,491,790		5,491,790
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $7,415,521, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $7,563,336	$	7,415,034	$	7,415,034

Total Repurchase Agreements				12,906,824


Total Investments (Cost $372,619,203) (b) — 99.2%				309,355,552
Other assets in excess of liabilities — 0.8%				2,574,973


NET ASSETS — 100.0%			$	311,930,525


*		Denotes a non-income producing security.

(a)		Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2008, all such securities in total represented less than 0.05% of net assets.

(b)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

At June 30, 2008, the Fund’s open futures contracts were as follows:

Notional Value

Number of

Long

Covered by

Unrealized

Contracts

Expiration

Contracts

(Depreciation)

225

Russell Mini 2000 Futures

09/19/08

15,563,250

(974,471

)

See accompanying notes to financial statements.

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Small Cap
	Index Fund

Assets:
Investments, at value (cost $359,712,379)	$	296,448,728
Repurchase agreements, at cost and value		12,906,824

Total Investments		309,355,552

Cash		111,631
Interest and dividends receivable		350,938
Receivable for capital shares issued		3,618
Receivable for investments sold		49,507,680
Prepaid expenses and other assets		14,979

Total Assets		359,344,398

Liabilities:
Payable for variation margin on futures contracts		162,924
Payable for investments purchased		47,066,937
Payable for capital shares redeemed		63,275
Accrued expenses and other payables:
Investment advisory fees		67,945
Fund administration and transfer agent fees		43,992
Custodian fees		1,718
Trustee fees		2,218
Compliance program costs (Note 3)		525
Other		4,339

Total Liabilities		47,413,873

Net Assets	$	311,930,525

Represented by:
Capital	$	371,213,021
Accumulated net investment income		379,117
Accumulated net realized gains from investment and futures transactions		4,576,509
Net unrealized appreciation/(depreciation) from investments and futures		(64,238,122	)

Net Assets	$	311,930,525

Net Assets:

Class Y Shares	$	311,930,525

Shares outstanding (unlimited number of shares authorized):

Class Y Shares		37,295,573

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class Y Shares	$	8.36

See accompanying notes to financial statements.

2008 Semiannual Report 29

Statement of Operations

For the Six Months Ended June 30, 2008 (Unaudited)



	NVIT
	Small Cap
	Index Fund

INVESTMENT INCOME:
Interest income	$	215,332
Dividend income		2,184,783
Foreign tax withholding		(109	)

Total Income		2,400,006

Expenses:
Investment advisory fees		319,522
Fund administration and transfer agent fees		131,784
Custodian fees		17,752
Trustee fees		8,304
Compliance program costs (Note 3)		281
Other		31,938

Total expenses before earnings credit and reimbursed expenses		509,581
Earnings credit (Note 6)		(4,974	)
Expenses reimbursed		(37,695	)

Net Expenses		466,912

Net Investment Income		1,933,094

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		5,832,451
Net realized losses from futures transactions		(1,486,994	)

Net realized gains from investment and futures transactions		4,345,457
Net change in unrealized appreciation/(depreciation) from investments and futures		(39,322,446	)

Net realized/unrealized losses from investments and futures		(34,976,989	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(33,043,895	)

See accompanying notes to financial statements.

30 Semiannual Report 2008

Statements of Changes in Net Assets


	NVIT Small Cap Index Fund

	Six Months Ended			Period Ended
	June 30, 2008			December 31, 2007 (a)
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	1,933,094		$	3,683,122
Net realized gains from investment and futures transactions		4,345,457			419,154
Net change in unrealized appreciation/(depreciation) from investments and futures		(39,322,446	)		(24,915,676	)

Change in net assets resulting from operations		(33,043,895	)		(20,813,400	)


Distributions to Shareholders From:
Net investment income:
Class Y (b)		(1,721,813	)		(3,703,388	)

Change in net assets from shareholder distributions		(1,721,813	)		(3,703,388	)

Change in net assets from capital transactions		3,426,828			367,786,193

Change in net assets		(31,338,880	)		343,269,405

Net Assets:
Beginning of period		343,269,405			–

End of period	$	311,930,525		$	343,269,405

Accumulated net investment income at end of period	$	379,117		$	167,836


CAPITAL TRANSACTIONS:
Class Y Shares (b)
Proceeds from shares issued	$	24,059,577		$	52,716,461
Issued from in-kind transactions		–			320,652,408
Dividends reinvested		1,721,789			3,703,343
Cost of shares redeemed		(22,354,538	)		(9,286,019	)

Change in net assets from capital transactions	$	3,426,828		$	367,786,193


SHARE TRANSACTIONS:
Class Y Shares (b)
Issued		2,798,925			5,416,086
Issued from in-kind transactions		–			32,065,241
Reinvested		199,796			376,438
Redeemed		(2,620,338	)		(940,575	)

Total change in shares		378,383			36,917,190


(a)		For the period from April 13, 2007 (commencement of operations) through December 31, 2007.

(b)		Effective May 1, 2008, Class ID shares were renamed Class Y shares.

See accompanying notes to financial statements.

2008 Semiannual Report 31

NVIT Small Cap Index Fund


			Investment Activities								Distributions													Ratios / Supplemental Data

					Net Realized																									Ratio of
					and																						Ratio of Net			Expenses
	Net Asset				Unrealized			Total														Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from			Net						Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class Y Shares (f)
Six Months ended June 30, 2008 (Unaudited)	$	9.30		0.06		(0.95	)		(0.89	)		(0.05	)		(0.05	)	$	8.36		(9.63	%)	$	311,931		0.29	%		1.21	%		0.32	%		20.98	%
Period ended December 31, 2007 (e)	$	10.00		0.11		(0.70	)		(0.59	)		(0.11	)		(0.11	)	$	9.30		(5.97	%)	$	343,269		0.27	%		1.55	%		0.28	%		21.78	%

(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 December 31, 2007.
(f) Effective May 1, 2008, Class ID shares were renamed Class Y shares.

See accompanying notes to financial statements.

2008 Semiannual Report 32

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Small Cap Index Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 33

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining “Fair Value.” For example, fair value determinations may take into account 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 Tune (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

34 Semiannual Report 2008

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


Level 1 — Quoted Price				Level 2 — Other Significant Observable Inputs				Level 3 — Significant Unobservable Inputs				Total

Investments		Other*		Investments		Other*		Investments		Other*		Investments		Other*

$	296,448,728	$	(974,471)	$	12,906,824	$	–	$	–	$	–	$	309,355,552	$	(974,471)


	*	Other financial instruments are derivative instruments not reflected in the Statement of Investments, such as futures, forwards, options, and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.


(b)	Repurchase Agreements


(c)	Futures Contracts

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” payments, are made or received 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.

2008 Semiannual Report 35

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(d)	Written Options Contracts


(e)	Security Transactions and Investment Income


(f)	Securities Lending


(g)	Distributions to Shareholders

36 Semiannual Report 2008


(h)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

2008 Semiannual Report 37

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


Fee Schedule	Total 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 $111,834 for the six months ended June 30, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA 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 in a given quarter is approved by the Board of Trustees on an advance 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, 2008, the cumulative potential reimbursements for all classes of the Fund would be:


Period ended	Six months ended
December 31, 2007	June 30, 2008

$–	$	37,695

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


		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 NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, and the NVIT Investor Destinations Conservative Fund (collectively, the “Investor

38 Semiannual Report 2008


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

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, 2008, NFS did not receive Administrative Services Fees from the Fund.

4. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $86,741,440 and sales of $63,896,048.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

2008 Semiannual Report 39

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

6. Indemnifications

7. New Accounting Pronouncements

8. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	374,085,328	$	17,829,141	$	(82,558,917)	$	(64,729,776)

9. Other

During the year ended December 31, 2007, the NVIT Small Cap Index Fund accepted securities eligible for investment by the Fund as consideration for Fund shares issued (“Purchase In-Kind”) to the NVIT Investor Destinations Aggressive Fund, NVIT Investor Destinations Moderately Aggressive Fund, NVIT Investor Destinations Moderate Fund, NVIT Investor Destinations Moderately Conservative Fund and NVIT Investor Destinations Conservative Fund, pursuant to no-action relief received from the Securities and Exchange Commission. Gartmore Variable Insurance Trust (no-action letter pub. avail. December 29, 2006).

40 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 41

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

42 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 43

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

44 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 45

NVIT Enhanced Income Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

9			Statement of Assets and Liabilities

10			Statement of Operations

11			Statement of Changes in Net Assets

12			Financial Highlights

13			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-ENHI (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Enhanced Income Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008

Beginning

Ending

Expenses Paid

Expense Ratio

Account Value ($)

During Period ($)

During Period (%)

NVIT Enhanced Income Fund

01/01/08

06/30/08

01/01/08 - 06/30/08^a

01/01/08 - 6/30/08^a

Class Y

Actual

1,000.00

1,021.20

2.21

0.44

Hypothetical

1,000.00

1,022.68

2.21

0.44


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	NVIT Enhanced Income Fund

June 30, 2008 (Unaudited)


Asset Allocation

Asset-Backed Securities			41.8%
Corporate Bonds			24.7%
Commercial Mortgage Backed Securities			11.4%
Repurchase Agreements			9.0%
U.S. Government Sponsored & Agency Obligations			8.6%
Collateralized Mortgage Obligations			5.5%
U.S. Government Sponsored Mortgage-Backed Obligations			0.6%
Liabilities in excess of other assets			-1.6%

			100.0%


Top Industries

Auto Loans			16.5%
Credit Card Loans			10.0%
Utility Loans			8.5%
Other Financial			7.1%
Equipment Loans			5.5%
Banks			4.4%
Diversified Financial Services			4.2%
Home Equity Loans			1.3%
Machinery			1.2%
Specialty Retail			1.2%
Other			40.1%

			100.0%


Top Holdings*

U.S. Treasury Notes, 2.88%, 06/30/10			2.3%
Volkswagen Auto Loan Enhanced Trust, Series 2005-1, Class A4, 4.86%, 04/20/12			1.6%
American Express Credit Account Master Trust, Series 2004-3, Class A, 4.35%, 12/15/11			1.5%
Capital One Multi-Asset Execution Trust, Series 2003-A4, Class A4, 3.65%, 07/15/11			1.3%
U.S. Treasury Notes, 4.63%, 09/30/08			1.3%
U.S. Treasury Notes, 4.88%, 08/31/08			1.3%
Commercial Mortgage Asset Trust, Series 1999-1, Class G, 6.64%, 01/17/32			1.3%
Federal National Mortgage Association, 4.63%, 12/15/09			1.3%
Bank One Issuance Trust, Series 2003-A7, Class A7, 3.35%, 03/15/11			1.3%
Series 2004-96, Class EW, 4.50%, 06/25/24			1.3%
Other			85.5%

			100.0%


*		For purpose of listing top holdings, repurchase agreements are included as part of Other.

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Enhanced Income Fund


Asset-Backed Securities (41.8%)
	Principal
	Amount		Value


Auto Loans (16.5%)
Banc of America Securities Auto Trust, Series 2006-G1, Class A3, 5.18%, 06/18/10	$	2,358,042	$	2,378,723
Capital Auto Receivables Asset Trust Series 2004-2, Class A4, 3.75%, 07/15/09		1,601,792		1,601,951
Series 2006-2, Class A3A, 4.98%, 05/15/11		2,297,416		2,323,156
Chase Manhattan Auto Owner Trust, Series 2005-B, Class A4, 4.88%, 06/15/12		1,500,000		1,511,187
Daimler Chrysler Auto Trust Series 2006-D, Class A3, 4.98%, 02/08/11		2,178,032		2,199,225
Series 2007-A, Class A2A, 5.01%, 03/08/11		940,939		949,404
Ford Credit Auto Owner Trust Series 2005-B, Class A4, 4.38%, 01/15/10		920,912		921,996
Series 2006-A, Class A3, 5.05%, 03/15/10		1,209,453		1,216,637
Series 2007-B, Class A2A, 5.26%, 06/15/10		1,424,386		1,436,298
Honda Auto Receivables Owner Trust Series 2007-2, Class A2, 5.41%, 11/23/09		1,129,610		1,136,339
Series 2005-4, Class A4, 4.60%, 11/22/10		1,632,000		1,641,209
Series 2005-3, Class A4, 4.03%, 12/20/10		2,128,851		2,134,476
Household Automotive Trust Series, Series 2005-3, Class A3, 4.80%, 10/18/10		1,304,374		1,309,088
Nissan Auto Receivables Owner Trust, Series 2006-A, Class A3, 4.74%, 09/15/09		807,930		811,404
USAA Auto Owner Trust Series 2008-1, Class A2, 4.27%, 10/15/10		2,000,000		2,010,746
Series 2008-2, Class A2, 3.91%, 01/18/11		2,000,000		2,007,746
Volkswagen Auto Loan Enhanced Trust, Series 2005-1, Class A4, 4.86%, 04/20/12		3,335,000		3,365,165
Wachovia Auto Owner Trust, Series 2006-A, Class A3, 5.35%, 02/22/11		1,091,279		1,101,196
WFS Financial Owner Trust Series 2004-3, Class A4, 3.86%, 02/17/12		1,529,337		1,529,793
Series 2005-2, Class A4, 4.39%, 11/19/12		2,640,099		2,650,629
World Omni Auto Receivables Trust, Series 2007-B, Class A2A, 5.46%, 02/16/10		1,239,773		1,246,779

				35,483,147



Credit Card Loans (10.0%)
American Express Credit Account Master Trust, Series 2004-3, Class A, 4.35%, 12/15/11		3,120,000		3,145,350
Bank One Issuance Trust Series 2003-A7, Class A7, 3.35%, 03/15/11		2,759,000		2,759,625
Series 2004-A1, Class A1, 3.45%, 10/17/11		2,500,000		2,502,869
Series 2004-A6, Class A6, 3.94%, 04/16/12(a)		1,564,000		1,571,543
Capital One Multi-Asset Execution Trust, Series 2003-A4, Class A4, 3.65%, 07/15/11		2,830,001		2,833,985
Citibank Credit Card Issuance Trust, Series 2006-A2, Class A2, 4.85%, 02/10/11		2,440,000		2,462,927
Citibank Credit Card Master Trust I, Series 1999-2, Class A, 5.88%, 03/10/11		2,500,000		2,543,265
MBNA Credit Card Master Note Trust, Series 2006-A1, Class A1, 4.90%, 07/15/11		2,500,000		2,525,264
MBNA Master Credit Card Trust II, Series 1999-J, Class A, 7.00%, 02/15/12		1,000,000		1,040,520

				21,385,348



Equipment Loans (5.5%)
Caterpillar Financial Asset Trust Series 2007-A, Class A2A, 5.40%, 04/26/10		1,089,479		1,096,141
Series 2006-A, Class A3, 5.57%, 05/25/10		1,071,006		1,080,468
CIT Equipment Collateral Series 2006-VT1, Class A3, 5.13%, 02/20/09		870,284		874,526
Series 2006-VT1, Class A4, 5.16%, 03/20/09		2,500,000		2,516,317
GE Equipment Midticket LLC, Series 2007-1 , Class A2A, 4.58%, 05/14/10		2,500,000		2,513,351
John Deere Owner Trust, Series 2008-A Class A2, 3.63%, 03/15/11		2,500,000		2,500,646
MBNA Practice Solutions Owner Trust, Series 2005-2, Class A3, 4.34%, 06/15/11 (b)		1,297,188		1,300,881

				11,882,330



Home Equity Loans (1.3%)
Chase Funding Mortgage Loan Asset-Backed Certificates
Series 2003-6, Class 1A3, 3.34%, 05/25/26		249,257		248,508
Series 2003-3, Class 1A4, 3.30%, 11/25/29		361,942		360,216

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Enhanced Income Fund (Continued)


Asset-Backed Securities (continued)
	Principal
	Amount		Value


Home Equity Loans (continued)

Citicorp Residential Mortgage Securities, Inc., Series 2006-1, Class A1, 5.96%, 07/25/36	$	478,556	$	478,078
Countrywide Asset-Backed Certificates, Series 2005-7, Class AF2, 4.37%, 11/25/35		570,871		569,437
FHLMC Structured Pass Through Securities, Series T-50, Class A7, 5.05%, 10/27/31 (a)		1,103,000		1,063,353

				2,719,592



Utility Loans (8.5%)
AEP Texas Central Transition Funding LLC, Series 2006-A, Class A1, 4.98%, 01/01/12		2,550,258		2,576,615
CenterPoint Energy Transition Bond Co. LLC, Series 2001-1, Class A3, 5.16%, 09/15/11		2,051,731		2,074,252
CPL Transition Funding LLC, Series 2002-1, Class A3, 5.56%, 01/15/12		2,500,000		2,550,995
Energy Transition Trust, Series 1999-A, Class A7, 6.13%, 03/01/09		1,208,328		1,214,421
FPL Recovery Funding LLC, Series 2007-A, Class A1, 5.05%, 02/01/13		2,329,647		2,359,723
Oncor Electric Delivery Transition Bond Co., Series 2003-1, Class A2, 4.03%, 02/15/12		1,847,941		1,854,513
PG&E Energy Recovery Funding LLC
Series 2005-1, Class A2, 3.87%, 06/25/11		1,146,931		1,150,402
Series 2005-2, Class A1, 4.85%, 06/25/11		1,352,161		1,362,461
PP&L Transition Bond Co LLC, Series 1999-1, Class A8, 7.15%, 06/25/09		798,779		809,992
Public Service New Hampshire Funding LLC, Series 2001-1, Class A2, 5.73%, 11/01/10		636,124		639,461
TXU Electric Delivery Transition Bond Co. LLC, Series 2004-1, Class A1, 3.52%, 11/15/11		1,665,385		1,668,133

				18,260,968


Total Asset-Backed Securities				89,731,385

Corporate Bonds (24.7%)
	Principal
	Amount		Value


Aerospace & Defense (0.8%)
United Technologies Corp., 4.38%, 05/01/10	$	1,650,000	$	1,683,584



Banks (4.4%)
Bank One Corp., 6.00%, 02/17/09		2,500,000		2,514,732
M&I Marshall & Ilsley Bank, 4.50%, 08/25/08		2,000,000		1,996,330
US Bancorp, 5.30%, 04/28/09		2,500,000		2,514,990
Wachovia Corp., 3.50%, 08/15/08		2,500,000		2,496,668

				9,522,720



Beverages (1.2%) (b)
Pepsi Bottling Holdings, Inc., 5.63%, 02/17/09		2,500,000		2,526,213



Diversified Financial Services (4.2%)
Bear Stearns Cos, Inc. (The), 2.88%, 07/02/08		2,500,000		2,500,000
Lehman Brothers Holdings, Inc., 3.50%, 08/07/08		2,500,000		2,495,792
Morgan Stanley, 3.88%, 01/15/09		2,500,000		2,490,315
Wells Fargo Capital XIII, 2.88%, 09/15/09 (a)		1,470,000		1,465,123

				8,951,230



Health Care Equipment & Supplies (1.2%)
Johnson & Johnson, 6.63%, 09/01/09		2,500,000		2,586,910



Insurance (1.2%)
Genworth Financial, Inc., 5.23%, 05/16/09		2,500,000		2,512,185



Machinery (1.2%)
Caterpillar, Inc., 7.25%, 09/15/09		2,500,000		2,601,692



Manufacturing (1.0%)
IBM Corp., 4.25%, 09/15/09		2,227,000		2,247,279



Other Financial (7.1%)
AIG SunAmerica Global Financing VII, 5.85%, 08/01/08(b)		2,225,000		2,227,278
Associates Corp. of North America, 6.25%, 11/01/08		2,500,000		2,520,427
Berkshire Hathaway Finance Corp., 4.13%, 01/15/10		2,000,000		2,019,744
General Electric Capital Corp., 3.60%, 10/15/08		2,500,000		2,497,955
John Deere Capital Corp., Series D, 4.40%, 07/15/09		2,000,000		2,002,406

6 Semiannual Report 2008


Corporate Bonds (continued)
	Principal
	Amount		Value


Other Financial (continued)

Monumental Global Funding II, 3.90%, 06/15/09 (b)	$	2,500,000	$	2,468,043
Toyota Motor Credit Corp., 4.25%, 03/15/10		1,500,000		1,524,233

				15,260,086



Specialty Retail (1.2%)
Wal-Mart Stores, Inc., 6.88%, 08/10/09		2,500,000		2,591,902



Telecommunications (1.2%)
BellSouth Corp., 4.20%, 09/15/09		2,540,000		2,545,177


Total Corporate Bonds				53,028,978


Commercial Mortgage Backed Securities (11.4%)

Asset Securitization Corp., Series 1996-D3, Class A1C, 7.40%, 10/13/26		268,154		272,951
Bear Stearns Commercial Mortgage Securities Series 2001-TOP2, Class A1, 6.08%, 02/15/35		247,091		249,890
Series 2004-T14, Class A2, 4.17%, 01/12/41(a)		2,271,627		2,265,723
Citigroup Commercial Mortgage Trust, Series 2004-C2, Class A1, 3.79%, 10/15/41		831,540		828,976
Commercial Mortgage Asset Trust, Series 1999-1, Class G, 6.64%, 01/17/32		2,734,189		2,763,634
Commercial Mortgage Pass Through Certificates, Series 1999-1, Class A2, 6.46%, 05/15/32		469,371		468,700
CS First Boston Mortgage Securities Corp., Series 2003-C4, Class A2, 3.91%, 08/15/36		1,054,425		1,052,737
First Union National Bank Commercial Mortgage, Series 2001-C4, Class A1, 5.67%, 12/12/33		1,129,935		1,138,486
GMAC Commercial Mortgage Securities, Inc., Series 2003-C3, Class A2, 4.22%, 04/10/40		2,500,000		2,489,276
Greenwich Capital Commercial Funding Corp., Series 2004-GG1 , Class A3, 4.34%, 06/10/36		1,882,681		1,879,869
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2004-PNC1, Class A1, 2.80%, 06/12/41		717,086		713,867
LB-UBS Commercial Mortgage Trust
Series 2001-C7, Class A2, 5.53%, 12/15/25		499,705		500,095
Series 2002-C1, Class A2, 5.97%, 03/15/26		884,542		886,631
Series 2002-C2, Class A2, 4.90%, 06/15/26(a)		262,248		262,813
Series 2003-C5, Class A2, 3.48%, 07/15/27		1,027,162		1,025,079
Morgan Stanley Capital I Series 2004-IQ8, Class A3, 4.50%, 11/15/11		2,500,000		2,485,626
Series 2005-HQ5, Class A2, 4.81%, 01/14/42		2,510,000		2,506,496
Nomura Asset Securities Corp., Series 1998-D6, Class A1B, 6.59%, 03/15/30		263,298		264,526
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class A2, 4.38%, 10/15/41		2,529,058		2,512,061


Total Commercial Mortgage Backed Securities				24,567,436


Collateralized Mortgage Obligations (5.5%)

Fannie Mae REMICS Series 2004-34, Class PL, 3.50%, 05/25/14		535,632		534,566
Series 2003-57, Class NB, 3.00%, 06/25/18		460,644		440,804
Series 2003-7, Class NB, 3.25%, 08/25/18		373,400		367,085
Series 2004-96, Class EW, 4.50%, 06/25/24		2,707,558		2,718,380
Series 2003-75, Class AN, 3.50%, 03/25/33		353,385		329,176
Freddie Mac REMICS Series 2611, Class KC, 3.50%, 01/15/17		505,103		500,100
Series 2664, Class GA, 4.50%, 01/15/18		555,447		557,108
Series 2613, Class PA, 3.25%, 05/15/18		608,189		584,724
Series 2630, Class JA, 3.00%, 06/15/18		506,144		498,347
Series 2928, Class NA, 5.00%, 11/15/19		55,389		55,332
Government National Mortgage Association Series 2003-49, Class A, 2.21%, 10/16/17		2,695,589		2,663,300
Series 2004-103, Class A, 3.88%, 12/16/19		2,283,788		2,274,805

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Enhanced Income Fund (Continued)


Collateralized Mortgage Obligations (continued)
	Principal
	Amount		Value

Residential Funding Mortgage Securities I, Series 2003-S11, Class A1, 2.50%, 06/25/18	$	450,868	$	433,591


Total Collateralized Mortgage Obligations				11,957,318


U.S. Government Sponsored & Agency Obligations (8.6%)

Federal Home Loan Bank System, 5.13%, 07/30/08		2,500,000		2,505,025
Federal Home Loan Mortgage Corp., 4.88%, 02/09/10		2,500,000		2,572,223
Federal National Mortgage Association, 4.63%, 12/15/09		2,700,000		2,763,382
U.S. Treasury Notes
4.88%, 08/31/08		2,759,000		2,772,365
4.63%, 09/30/08		2,759,000		2,778,614
2.88%, 06/30/10		5,000,000		5,024,610


Total U.S. Government Sponsored & Agency Obligations				18,416,219


U.S. Government Sponsored Mortgage-Backed Obligations (0.6%)

Fannie Mae
Pool #190255, 6.50%, 02/01/09		6,921		6,975
Pool #254256, 5.50%, 04/01/09		17,948		18,245
Pool # 253845, 6.00%, 06/01/16		106,087		109,150
Pool #254089, 6.00%, 12/01/16		165,370		170,145
Pool #545415, 6.00%, 01/01/17		143,189		147,323
Pool #254195, 5.50%, 02/01/17		348,976		354,971
Pool #625178, 5.50%, 02/01/17		312,456		317,823
Freddie Mac Gold
Pool #E00678, 6.50%, 06/01/14		63,496		66,498
Pool #E00991, 6.00%, 07/01/16		84,808		87,095


Total U.S. Government Sponsored Mortgage-Backed Obligations				1,278,225

Repurchase Agreements (9.0%)
	Principal
	Amount		Value



Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $8,216,386, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $8,380,165	$	8,215,848	$	8,215,848
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $11,093,796, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $11,314,930		11,093,068		11,093,068


Total Repurchase Agreements				19,308,916


Total Investments (Cost $217,650,350) (c) — 101.6%				218,288,477

Liabilities in excess of other assets — (1.6)%				(3,463,605	)


NET ASSETS — 100.0%			$	214,824,872


(a)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2008. The maturity date represents the actual maturity date.

(b)		Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2008, all such securities in total represented 4.0% of net assets.

(c)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.


FHLMC		Federal Home Loan Mortgage Corporation

See accompanying notes to financial statements.

8 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Enhanced
	Income Fund

Assets:
Investments, at value (cost $198,341,434)	$	198,979,561
Repurchase agreements, at cost and value		19,308,916

Total Investments		218,288,477

Interest and dividends receivable		1,604,438
Receivable for capital shares issued		29,425
Prepaid expenses and other assets		9,275

Total Assets		219,931,615

Liabilities:
Payable for investments purchased		5,022,266
Accrued expenses and other payables:
Investment advisory fees		59,861
Fund administration and transfer agent fees		9,308
Custodian fees		120
Trustee fees		1,732
Compliance program costs (Note 3)		332
Other		13,124

Total Liabilities		5,106,743

Net Assets	$	214,824,872

Represented by:
Capital	$	213,569,383
Accumulated net investment income		369,840
Accumulated net realized gains from investments		247,522
Net unrealized appreciation from investments		638,127

Net Assets	$	214,824,872

Net Assets:

Class Y Shares	$	214,824,872

Shares outstanding (unlimited number of shares authorized):

Class Y Shares		21,348,808

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class Y Shares	$	10.06

See accompanying notes to financial statements.

2008 Semiannual Report 9

Statements of Changes in Net Assets


	NVIT Enhanced Income Fund

	Six Months Ended			Period Ended
	June 30, 2008			December 31, 2007 (a)
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	4,204,402		$	6,521,877
Net realized gains from investment transactions		52,898			35,533
Net change in unrealized appreciation/(depreciation) from investments		86,641			551,486

Change in net assets resulting from operations		4,343,941			7,108,896


Distributions to Shareholders From:
Net investment income:
Class Y (b)		(3,834,562	)		(6,362,786	)

Change in net assets from shareholder distributions		(3,834,562	)		(6,362,786	)

Change in net assets from capital transactions		15,571,115			197,998,268

Change in net assets		16,080,494			198,744,378

Net Assets:
Beginning of period		198,744,378			–

End of period	$	214,824,872		$	198,744,378

Accumulated net investment income at end of period	$	369,840		$	–


CAPITAL TRANSACTIONS:
Class Y Shares (b)
Proceeds from shares issued	$	39,599,495		$	1,000
Issued from in-kind transactions		–			197,732,681
Dividends reinvested		3,834,550			6,362,758
Cost of shares redeemed		(27,862,930	)		(6,098,171	)

Change in net assets from capital transactions	$	15,571,115		$	197,998,268


SHARE TRANSACTIONS:
Class Y Shares (b)
Issued		3,927,190			100
Issued from in-kind transactions		–			19,773,268
Reinvested		381,022			634,643
Redeemed		(2,763,385	)		(604,030	)

Total change in shares		1,544,827			19,803,981


(a)		For the period from April 20, 2007 (commencement of operations) through December 31, 2007.

(b)		Effective May 1, 2008, Class ID shares were renamed Class Y shares.

See accompanying notes to financial statements.

2008 Semiannual Report 11

NVIT Enhanced Income Fund


			Investment Activities						Distributions													Ratios / Supplemental Data

																												Ratio of
					Net Realized																				Ratio of Net			Expenses
	Net Asset				and		Total													Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Unrealized		from		Net						Net Asset					at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		Gains on		Investment		Investment			Total			Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Income		Investments		Activities		Income			Distributions			of Period		Return (a)			(000s)		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)

Class Y Shares (f)
Six Months ended June 30, 2008 (Unaudited)	$	10.04		0.21		–		0.21		(0.19	)		(0.19	)	$	10.06		2.12	%	$	214,825		0.44	%		4.23	%		0.44	%		32.48	%
Period ended December 31, 2007 (e)	$	10.00		0.34		0.03		0.37		(0.33	)		(0.33	)	$	10.04		3.69	%	$	198,744		0.43	%		4.79	%		0.43	%		55.71	%


(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 December 31, 2007.
(f)	Effective May 1, 2008, Class ID shares were renamed Class Y shares.

See accompanying notes to financial statements.

12 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Enhanced Income Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining “Fair Value.” For example, fair value determinations may take into account 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 an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 — Other Significant		Level 3 — Significant
Level 1 — Quoted Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	–	$	218,288,477	$	–	$	218,288,477

14 Semiannual Report 2008


(b)	Repurchase Agreements


(c)	Futures Contracts

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” payments, are made or received 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.


(d)	Written Options Contracts

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(e)	Mortgage Dollar Rolls


(f)	Security Transactions and Investment Income


(g)	Securities Lending


(h)	Distributions to Shareholders

16 Semiannual Report 2008


(i)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2004 to 2007 remain subject to examination by the Internal Revenue Service.


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser of the Fund. Morley Capital Management, Inc., (“Morley” or the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


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 $99,510, for the six months ended June 30, 2008.

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 GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.45% until at least May 1, 2009.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA 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 in a given quarter is approved by the Board of Trustees on an advance 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, 2008, the cumulative potential reimbursements for all classes of the Fund would be:


Period ended	Six months ended
December 31, 2007	June 30, 2008

$–	$	870

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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

18 Semiannual Report 2008

proportionately among all funds within the Trust in proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

4. Investment Transactions

For the six months ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $78,012,887 and sales of $60,105,406.

For the six months ended June 30, 2008, the Fund had purchases of $13,176,419 of U.S. Government securities.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2008.

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Indemnifications

7. New Accounting Pronouncements

8. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	217,650,350	$	911,446	$	(273,319)	$	638,127

9. Other

During the year ended December 31, 2007, the NVIT Enhanced Income Fund accepted securities eligible for investment by the Fund as consideration for Fund shares issued (“Purchase In-Kind”) to the NVIT Investor Destinations Aggressive Fund, NVIT Investor Destinations Moderately Aggressive Fund, NVIT Investor Destinations Moderate Fund, NVIT Investor Destinations Moderately Conservative Fund and NVIT Investor Destinations Conservative Fund, pursuant to no-action relief received from the Securities and Exchange Commission. Gartmore Variable Insurance Trust (no-action letter pub. avail. December 29, 2006).

20 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

22 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

24 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 25

NVIT Cardinal^sm Aggressive Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

6			Statement of Assets and Liabilities

7			Statement of Operations

8			Statement of Changes in Net Assets

10			Financial Highlights

11			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-CD-AG (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

The NVIT Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

shares of these Funds outside of an insurance product. Performance information found herein reflects only the performance of these Funds, and does not indicate the performance your sub-account may experience under your variable insurance contract. Performance returns assume the reinvestment of all distributions.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Cardinal Aggressive Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense
NVIT Cardinal			Account Value ($)		Account Value ($)		During Period ($)		Ratio During Period (%)
Aggressive Fund			03/28/08		06/30/08		03/28/08 - 06/30/08^(a)(b)*		03/28/08 - 06/30/08^(a)(b)*

Class I	Actual			1,000.00		1,003.30		0.68		0.26
	Hypothetical	^(c)		1,000.00		1,023.51		1.31		0.26


Class II	Actual			1,000.00		1,003.30		0.91		0.36
	Hypothetical	^(c)		1,000.00		1,023.06		1.76		0.36


*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 95/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
^(b)		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
^(c)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Cardinal Aggressive Fund


Mutual Funds (99.9%) (a)
	Shares		Value


Equity Funds (94.9%)
NVIT Multi-Manager International Growth Fund, Class Y		62,124	$	603,848
NVIT Multi-Manager International Value Fund, Class Y		39,409		604,536
NVIT Multi-Manager Large Cap Growth Fund, Class Y		78,393		804,307
NVIT Multi-Manager Large Cap Value Fund, Class Y		83,598		806,724
NVIT Multi-Manager Mid Cap Growth Fund, Class Y		28,870		300,248
NVIT Multi-Manager Mid Cap Value Fund, Class Y		30,287		301,052
NVIT Multi-Manager Small Cap Growth Fund, Class Y		10,989		159,780
NVIT Multi-Manager Small Cap Value Fund, Class Y		17,750		159,039
NVIT Multi-Manager Small Company Fund, Class Y		3,990		79,792

				3,819,326



Fixed Income Funds (5.0%)
Lehman Brothers NVIT Core Plus Bond Fund, Class Y		10,218		100,542
NVIT Core Bond Fund, Class Y		10,218		100,446

				200,988


Total Investments (Cost $4,183,996) (b) — 99.9%				4,020,314

Other assets in excess of liabilities — 0.1%				5,519


NET ASSETS — 100.0%			$	4,025,833


(a)		Investment in affiliate.

(b)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2008 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT Cardinal
	Aggressive Fund

Assets:
Investments in affiliates, at value (cost $4,183,996)	$	4,020,314
Receivable for capital shares issued		225,599
Receivable from adviser		387
Prepaid expenses and other assets		5,797

Total Assets		4,252,097

Liabilities:
Payable for investments purchased		225,273
Payable for capital shares redeemed		326
Accrued expenses and other payables:
Accounting and transfer agent fees		98
Administrative services fees		166
Custodian fees		130
Trustee fees		8
Compliance program costs (Note 3)		5
Other		258

Total Liabilities		226,264

Net Assets	$	4,025,833

Represented by:
Capital	$	4,186,690
Accumulated net investment loss		(190	)
Accumulated net realized gains from investment transactions		3,015
Net unrealized appreciation/(depreciation) from investments		(163,682	)

Net Assets	$	4,025,833

Net Assets:
Class I Shares	$	1,586,401
Class II Shares		2,439,432

Total	$	4,025,833

Shares outstanding (unlimited number of shares authorized):
Class I Shares		158,460
Class II Shares		243,734

Total		402,194

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	10.01
Class II Shares	$	10.01

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	NVIT Cardinal
	Aggressive Fund

INVESTMENT INCOME:
Interest income	$	408
Dividend income from affiliates		9,854

Total Income		10,262

Expenses:
Investment advisory fees		1,131
Accounting and transfer agent fees		382
Distribution fees Class II Shares		553
Administrative services fees Class I Shares		118
Administrative services fees Class II Shares		48
Custodian fees		639
Trustee fees		16
Compliance program costs (Note 3)		5
Legal fees		530
Printing fees		429
Other		77

Total expenses before reimbursements and waived expenses		3,928

Distribution fees voluntarily waived-Class II		(354	)
Expenses Reimbursed		(1,879	)

Net Expenses		1,695

Net Investment Income		8,567

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains from investment transactions with affiliates		3,015
Net change in unrealized appreciation/ (depreciation) from investments		(163,682	)

Net realized/unrealized losses from investments		(160,667	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(152,100	)


(a)		For the period from March 28, 2008 (commencement of operations) through June 30, 2008

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Changes in Net Assets


	NVIT Cardinal
	Aggressive Fund

	Period Ended
	June 30, 2008
	(Unaudited) (a)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	8,567
Net realized gains from investment transactions		3,015
Net change in unrealized appreciation/(depreciation) from investments		(163,682	)

Change in net assets resulting from operations		(152,100	)

Distributions to Shareholders From:
Net investment income:
Class I		(3,700	)
Class II		(5,057	)

Change in net assets from shareholder distributions		(8,757	)

Change in net assets from capital transactions		4,186,690

Change in net assets		4,025,833
Net Assets:
Beginning of period		–

End of period	$	4,025,833

Accumulated net investment loss at end of period	$	(190	)


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,620,414
Dividends reinvested		3,700
Cost of shares redeemed		(1,344	)

		1,622,770

Class II Shares
Proceeds from shares issued		2,588,145
Dividends reinvested		5,057
Cost of shares redeemed		(29,282	)

		2,563,920

Change in net assets from capital transactions	$	4,186,690


SHARE TRANSACTIONS:
Class I Shares
Issued		158,228
Reinvested		361
Redeemed		(129	)

		158,460

See accompanying notes to financial statements.

8 Semiannual Report 2008

NVIT Cardinal Aggressive Fund

Investment Activities

Distributions

Ratios / Supplemental Data

Ratio of

Net Realized

Ratio of Net

Expenses

Net Asset

and

Total

Ratio of

Investment

(Prior to

Value,

Net

Unrealized

from

Net

Net Asset

Net Assets

Expenses

Income

Reimbursements)

Beginning

Investment

Gains on

Investment

Total

Value, End

Total

at End of

to Average

to Average Net

Portfolio

of Period

Income

Investments

Activities

Income

Distributions

of Period

Return (a)

Period (000s)

Net Assets (b)

Assets (b) (c)

Turnover (d)

Class I Shares

Period ended June 30, 2008
(Unaudited)(e)

10.00

0.02

0.01

0.03

(0.02

)

(0.02

)

10.01

0.33%

1,586

0.26%

1.00

0.61

2.82%

Class II Shares

Period ended June 30, 2008
(Unaudited)(e)

10.00

0.02

0.01

0.03

(0.02

)

(0.02

)

10.01

0.33%

2,439

0.36%

2.30

0.83

2.82%


(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 March 28, 2008 (commencement of operations through June 30, 2008.

See accompanying notes to financial statements.

10 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008 the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Cardinal Aggressive Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation


	• Level 1 —	quoted prices in active markets for identical assets.

	• Level 2 —	other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	• Level 3 —	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 —		Level 3 —
Level 1 —		Other Significant		Significant
Quoted Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	4,020,314	$	—	$	—	$	4,020,314

The following policies, (b) through (h), represent the accounting policies applicable to the Underlying Funds.


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(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

12 Semiannual Report 2008

and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.


(e)	Futures Contracts

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” payments, are made or received 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.


(f)	Written Options Contracts


(g)	Mortgage Dollar Rolls

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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


(i)	Security Transactions and Investment Income


(j)	Securities Lending


(k)	Distributions to Shareholders

14 Semiannual Report 2008

income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(l)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.


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

3. Transactions with Affiliates

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.20% based on the Fund’s average daily net assets.

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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 in a given quarter is approved by the Board of Trustees on an advance 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, 2008, the cumulative potential reimbursement for all classes of the Fund would be:


Period ended
June 30, 2008
$	1,879

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

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 period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA, and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such costs amounted to $5.

16 Semiannual Report 2008

For the period ended June 30, 2008, the Adviser or affiliates of the Adviser directly held 25% of the shares outstanding of the Fund.

4. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $4,242,503 and sales of $61,522.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the period ended June 30, 2008.

6. Portfolio Investment Risks from Underlying Funds

7. Indemnifications

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

8. New Accounting Pronouncements

9. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	4,184,076	$	—	$	(163,762)	$	(163,762)

18 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 19

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

20 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

22 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 23

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Board of Trustees (the “Board”) met on December 3, 2007 (the “Meeting”), to consider, among other things, the creation of new series, including the NVIT Cardinal(SM) Aggressive Fund, the NVIT Cardinal(SM) Moderately Aggressive Fund, the NVIT Cardinal(SM) Capital Appreciation Fund, the NVIT Cardinal(SM) Moderate Fund, the NVIT Cardinal(SM) Balanced Fund, the NVIT Cardinal(SM) Moderately Conservative Fund, and the NVIT Cardinal(SM) Conservative Fund (the “Cardinal Funds”), and to consider the proposed adviser, advisory services and advisory fees for such Cardinal Funds. At the Meeting, the Board considered whether to approve an investment advisory agreement between Nationwide Fund Advisors (“NFA”) and Nationwide Variable Insurance (the “Trust”) on behalf of the Cardinal Funds.

The Independent Trustees received assistance and advice from, and met separately with, independent counsel regarding their legal duties and responsibilities in considering the Cardinal Funds’ proposed investment advisory agreement. The Board considered all information it deemed relevant, including, but not limited to, the following information with respect to the Cardinal Funds:

1. the Cardinal Funds’ proposed advisory fee and anticipated ancillary benefits to NFA;

2. the Cardinal Funds’ proposed advisory fee in comparison to the advisory fees of the Cardinal Funds’ proposed competitive peer groups;

3. the Cardinal Funds’ proposed Lipper/Morningstar categories and benchmarks; and

4. the Cardinal Funds’ proposed total expenses in comparison to those of the Cardinal Funds’ peer groups.

Because the Cardinal Funds are new, the Board could not consider comparative information regarding fund performance or the level of profitability (or lack thereof) that NFA would receive for investment management services provided to the Cardinal Funds. Following its review and discussions, a majority of the Board, including a majority of the Independent Trustees (as such term is defined in Section 2(a)(19) of the 1940 Act), determined it was appropriate to approve the Cardinal Funds’ advisory agreement for an initial period to run through May 1, 2009 for the following reasons:

Board Approval:

The Board considered NFA’s recommendation to create the Cardinal Funds to provide a combination of capital appreciation and income consistent with its stated level of risk. The Board considered that each of the Cardinal Funds would provide a stand alone, long-term strategic asset allocation program based on consultation with, and review by, Ibbotson Associates. Inc. (“Ibbotson”). Ibbotson is a registered investment adviser and a wholly-owned subsidiary of Morningstar, Inc. that would be engaged by NFA on a consultant basis. The Board also considered that each Cardinal Fund would be invested in a broadly diversified portfolio of underlying investments consisting exclusively of Nationwide-branded funds (the “Underlying Funds”), but that the majority of these Underlying Funds will be managed by two or more unaffiliated subadvisers employing distinct investment strategies that, collectively, are intended to optimize the risk-return characteristics of the Underlying Fund in its given style.

Next, the Board considered the proposed fee arrangement for the Cardinal Funds. NFA stated its belief that the unified fees paid by the Cardinal Funds are for services that are in addition to — not duplicative of — the services provided to the Underlying Funds. These services include the asset allocation and monitoring functions provided by NFA. The Board then reviewed the expense structure of the Cardinal Funds and comparative fund expense data of similarly-managed competitor funds. NFA stated its belief that the Cardinal Funds were generally competitively priced compared to peer fund groups. The Board then discussed with NFA and its affiliates the proposed marketing and distribution plans for the Cardinal Funds.

The Board, including a majority of the Independent Trustees, having considered all of the information it deemed relevant and being satisfied with NFA’s and its affiliates’ responses to the Board’s questions determined to approve the investment advisory agreement for the Cardinal Funds through May 1, 2009 and to undertake the Board’s review and any consideration of reapproval of the Cardinal Funds’ advisory agreement at its December 2008-January 2009 Annual 15(c) Contract Review Meeting.

24 Semiannual Report 2008

NVIT Cardinal^sm Moderately Aggressive Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

6			Statement of Assets and Liabilities

7			Statement of Operations

8			Statement of Changes in Net Assets

10			Financial Highlights

11			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-CD-MAG (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

The NVIT Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Cardinal Moderately Aggressive Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


NVIT Cardinal			Beginning		Ending		Expenses Paid		Expense Ratio
Moderately Aggressive			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Fund			03/28/08		06/30/08		03/28/08 - 06/30/08^(a)(b)*		03/28/08 - 06/30/08^(a)(b)*

Class I	Actual			1,000.00		1,002.60		0.60		0.23
	Hypothetical	^(c)		1,000.00		1,023.66		1.16		0.23


Class II	Actual			1,000.00		1,003.60		0.86		0.33
	Hypothetical	^(c)		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 95/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
^(b)		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
^(c)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Cardinal Moderately Aggressive Fund


Mutual Funds (100.0%) (a)
	Shares		Value


Equity Funds (80.0%)
NVIT Multi-Manager International Growth Fund, Class Y		403,619	$	3,923,173
NVIT Multi-Manager International Value Fund, Class Y		256,043		3,927,707
NVIT Multi-Manager Large Cap Growth Fund, Class Y		534,770		5,486,736
NVIT Multi-Manager Large Cap Value Fund, Class Y		570,308		5,503,477
NVIT Multi-Manager Mid Cap Growth Fund, Class Y		225,061		2,340,636
NVIT Multi-Manager Mid Cap Value Fund, Class Y		236,117		2,346,999
NVIT Multi-Manager Small Cap Growth Fund, Class Y		42,832		622,776
NVIT Multi-Manager Small Cap Value Fund, Class Y		69,179		619,843
NVIT Multi-Manager Small Company Fund, Class Y		15,550		311,000

				25,082,347



Fixed Income Funds (20.0%)
Lehman Brothers NVIT Core Plus Bond Fund, Class Y		238,979		2,351,552
NVIT Core Bond Fund, Class Y		238,989		2,349,262
NVIT Short-Term Bond Fund, Class Y		157,246		1,566,174

				6,266,988


Total Investments (Cost $32,647,002) (b) — 100.0%				31,349,335

Liabilities in excess of other assets — 0.0%				(1,250	)


NET ASSETS — 100.0%			$	31,348,085


(a)		Investment in affiliate.

(b)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See Accompanying Notes to Financial Statements.

2008 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Cardinal Moderately
	Aggressive Fund

Assets:
Investments in affiliates, at value (cost $32,647,002)	$	31,349,335
Receivable for capital shares issued		1,305,045
Prepaid expenses and other assets		4,028

Total Assets		32,658,408

Liabilities:
Payable for investments purchased		1,304,756
Payable for capital shares redeemed		290
Accrued expenses and other payables:
Investment advisory fees		2,787
Accounting and transfer agent fees		87
Distribution fees		998
Administrative services fees		359
Custodian fees		130
Trustee fees		11
Compliance program costs (Note 3)		5
Other		900

Total Liabilities		1,310,323

Net Assets	$	31,348,085

Represented by:
Capital	$	32,647,158
Accumulated net investment loss		(1,480	)
Accumulated net realized gains from investment transactions		74
Net unrealized appreciation/(depreciation) from investments		(1,297,667	)

Net Assets	$	31,348,085

Net Assets:
Class I Shares	$	1,813,082
Class II Shares		29,535,003

Total	$	31,348,085

Shares outstanding (unlimited number of shares authorized):
Class I Shares		181,281
Class II Shares		2,951,902

Total		3,133,183

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	10.00
Class II Shares	$	10.01

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	NVIT
	Cardinal Moderately
	Aggressive Fund

INVESTMENT INCOME:
Interest income	$	219
Dividend income from affiliates		76,157

Total Income		76,376

Expenses:
Investment advisory fees		4,677
Accounting and transfer agent fees		382
Distribution fees Class II Shares		5,086
Administrative services fees Class I Shares		103
Administrative services fees Class II Shares		256
Custodian fees		1,290
Trustee fees		19
Compliance program costs (Note 3)		5
Other		1,042

Total expenses before reimbursements and waived expenses		12,860

Distribution fees voluntarily waived — Class II		(3,255	)
Expenses reimbursed		(2,243	)

Net Expenses		7,362

Net Investment Income		69,014

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains from investment transactions with affiliates		74
Net change in unrealized appreciation/(depreciation) from investments		(1,297,667	)

Net realized/unrealized losses from investments		(1,297,593	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,228,579	)


(a)		For the period from March 28, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Changes in Net Assets


	NVIT
	Cardinal Moderately
	Aggressive Fund

	Period Ended
	June 30, 2008
	(Unaudited) (a)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	69,014
Net realized gains from investment transactions		74
Net change in unrealized appreciation/(depreciation) from investments		(1,297,667	)

Change in net assets resulting from operations		(1,228,579	)

Distributions to Shareholders From:
Net investment income:
Class I		(4,095	)
Class II		(66,399	)

Change in net assets from shareholder distributions		(70,494	)

Change in net assets from capital transactions		32,647,158

Change in net assets		31,348,085
Net Assets:
Beginning of period		–

End of period	$	31,348,085

Accumulated net investment loss at end of period	$	(1,480	)


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,848,054
Dividends reinvested		4,095
Cost of shares redeemed		(12,883	)

		1,839,266

Class II Shares
Proceeds from shares issued		30,761,337
Dividends reinvested		66,399
Cost of shares redeemed		(19,844	)

		30,807,892

Change in net assets from capital transactions	$	32,647,158


SHARE TRANSACTIONS:
Class I Shares
Issued		182,122
Reinvested		402
Redeemed		(1,243	)

		181,281

See accompanying notes to financial statements.

8 Semiannual Report 2008

NVIT Cardinal Moderately Aggressive Fund


			Investment Activities						Distributions										Ratios / Supplemental Data

																					Ratio of		Ratio of Net
					Net Realized and														Net Assets		Expenses		Investment Income			Ratio of
	Net Asset Value,				Unrealized Gains on		Total								Net Asset Value, End				at End of		to Average		to Average			Expenses
	Beginning of Period		Net Investment Income		Investments		from Investment Activities		Net Investment Income			Total Distributions			of Period		Total Return (a)		Period (000s)		Net Assets (b)		Net Assets (b)			(Prior to Reimbursements) to Average Net Assets (b) (c)			Portfolio Turnover (d)
Class I Shares
Period ended June 30, 2008 (Unaudited)(e)		10.00		0.03		–		0.03		(0.03	)		(0.03	)		10.00		0.26%		1,813		0.23%		1.15	%		0.53	%		0.21%

Class II Shares
Period ended June 30, 2008 (Unaudited)(e)		10.00		0.03		0.01		0.04		(0.03	)		(0.03	)		10.01		0.36%		29,535		0.33%		3.22	%		0.55	%		0.21%


(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 respective Portfolio in which the Fund invests all of its investable assets.
(e)	For the period from March 28, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 10

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Cardinal Moderately Aggressive Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation


	• Level 1 —	quoted prices in active markets for identical assets.

	• Level 2 —	other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	• Level 3 —	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 —		Level 3 —
Level 1 —		Other Significant		Significant
Quoted Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	31,349,335	$	—	$	—	$	31,349,335

The following policies, (b) through (h), represent the accounting policies applicable to the Underlying Funds.


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(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.

12 Semiannual Report 2008


(e)	Futures Contracts

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” payments, are made or received 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.


(f)	Written Options Contracts


(g)	Mortgage Dollar Rolls

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008

consideration for entering into these transactions and is included in interest income on the Statement of Operations.


(h)	Short Sales


(i)	Security Transactions and Investment Income


(j)	Securities Lending


(k)	Distributions to Shareholders

14 Semiannual Report 2008

effect upon the NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(l)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.


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

3. Transactions with Affiliates

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.20% based on the Fund’s average daily net assets.

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 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 in a given quarter is approved by the Board of Trustees on an advance 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, 2008, the cumulative potential reimbursement for all classes of the Fund would be:


Period ended
June 30, 2008
$	2,243

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (“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. (“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%. NFD is a wholly-owned subsidiary of NFS Distributors, Inc.

The Trust and NFD have entered into a written contract waiving 0.16% of these fees for Class II shares until at least May 1, 2009.

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 period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such costs amounted to $5.

16 Semiannual Report 2008

For the period ended June 30, 2008, the Adviser or affiliates of the Adviser directly held 3% of the shares outstanding of the Fund.

4. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $32,670,896 and sales of $23,968.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the period ended June 30, 2008.

6. Portfolio Investment Risks from Underlying Funds

7. Indemnifications

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008

8. New Accounting Pronouncements

9. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	32,647,160	$	—	$	(1,297,825)	$	(1,297,825)

18 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 19

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

20 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

22 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 23

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

1. the Cardinal Funds’ proposed advisory fee and anticipated ancillary benefits to NFA;

2. the Cardinal Funds’ proposed advisory fee in comparison to the advisory fees of the Cardinal Funds’ proposed competitive peer groups;

3. the Cardinal Funds’ proposed Lipper/Morningstar categories and benchmarks; and

4. the Cardinal Funds’ proposed total expenses in comparison to those of the Cardinal Funds’ peer groups.

Board Approval:

24 Semiannual Report 2008

NVIT Cardinal^sm Capital Appreciation Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

6			Statement of Assets and Liabilities

7			Statement of Operations

8			Statement of Changes in Net Assets

10			Financial Highlights

11			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-CD-CAP (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

The NVIT Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Cardinal Capital Appreciation Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT Cardinal Capital			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Appreciation Fund			03/28/08		06/30/08		03/28/08 - 06/30/08^(a)(b)*		03/28/08 - 06/30/08^(a)(b)*

Class I	Actual			1,000.00		1,003.60		0.60		0.23
	Hypothetical	^(c)		1,000.00		1,023.66		1.16		0.23


Class II	Actual			1,000.00		1,003.60		0.86		0.33
	Hypothetical	^(c)		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 95/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
^(b)		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
^(c)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Cardinal Capital Appreciation Fund


Mutual Funds (100.0%) (a)
	Shares		Value


Equity Funds (70.0%)
NVIT Multi-Manager International Growth Fund, Class Y		375,561	$	3,650,449
NVIT Multi-Manager International Value Fund, Class Y		238,244		3,654,662
NVIT Multi-Manager Large Cap Growth Fund, Class Y		568,680		5,834,657
NVIT Multi-Manager Large Cap Value Fund, Class Y		606,470		5,852,437
NVIT Multi-Manager Mid Cap Growth Fund, Class Y		226,869		2,359,433
NVIT Multi-Manager Mid Cap Value Fund, Class Y		238,012		2,365,840
NVIT Multi-Manager Small Cap Growth Fund, Class Y		49,819		724,361
NVIT Multi-Manager Small Cap Value Fund, Class Y		80,464		720,954
NVIT Multi-Manager Small Company Fund, Class Y		18,086		361,730

				25,524,523



Fixed Income Funds (27.0%)
Lehman Brothers NVIT Core Plus Bond Fund, Class Y		370,610		3,646,806
NVIT Core Bond Fund, Class Y		370,626		3,643,258
NVIT Short-Term Bond Fund, Class Y		256,052		2,550,281

				9,840,345



Money Market Fund (3.0%)
NVIT Money Market Fund, Class Y		1,092,977		1,092,977


Total Investments (Cost $37,792,061) (b) — 100.0%				36,457,845

Liabilities in excess of other assets — 0.0%				(303	)


NET ASSETS — 100.0%			$	36,457,542


(a)		Investment in affiliate.

(b)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2008 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Cardinal Capital
	Appreciation Fund

Assets:
Investments in affiliates, at value (cost $37,792,061)	$	36,457,845
Interest and dividends receivable		1,102
Receivable for capital shares issued		1,560,717
Prepaid expenses and other assets		4,033

Total Assets		38,023,697

Liabilities:
Payable for investments purchased		1,560,371
Payable for capital shares redeemed		346
Accrued expenses and other payables:
Investment advisory fees		3,486
Accounting and transfer agent fees		92
Distribution fees		1,057
Administrative services fees		395
Custodian fees		124
Trustee fees		12
Compliance program costs (Note 3)		5
Other		267

Total Liabilities		1,566,155

Net Assets	$	36,457,542

Represented by:
Capital	$	37,793,039
Accumulated net investment loss		(1,405	)
Accumulated net realized gains from investment transactions		124
Net unrealized appreciation/(depreciation) from investments		(1,334,216	)

Net Assets	$	36,457,542

Net Assets:
Class I Shares	$	1,512,333
Class II Shares		34,945,209

Total	$	36,457,542

Shares outstanding (unlimited number of shares authorized):
Class I Shares		151,156
Class II Shares		3,491,086

Total		3,642,242

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	10.01
Class II Shares	$	10.01

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	NVIT
	Cardinal Capital
	Appreciation Fund

INVESTMENT INCOME:
Interest income	$	221
Dividend income from affiliates		90,393

Total Income		90,614

Expenses:
Investment advisory fees		5,176
Accounting and transfer agent fees		382
Distribution fees Class II Shares		5,726
Administrative services fees Class I Shares		103
Administrative services fees Class II Shares		292
Custodian fees		639
Trustee fees		20
Compliance program costs (Note 3)		6
Other		1,044

Total expenses before reimbursements and waived expenses		13,388

Distribution fees voluntarily waived — Class II		(3,665	)
Expenses reimbursed		(1,550	)

Net Expenses		8,173

Net Investment Income		82,441

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains on investment transactions with affiliates		124
Net change in unrealized appreciation/(depreciation) from investments		(1,334,216	)

Net realized/unrealized losses from investments		(1,334,092	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,251,651	)


(a)		For the period ended March 28, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Changes in Net Assets


	NVIT
	Cardinal Capital
	Appreciation Fund

	Period Ended
	June 30, 2008
	(Unaudited) (a)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	82,441
Net realized gains from investment transactions		124
Net change in unrealized appreciation/(depreciation) from investments		(1,334,216	)

Change in net assets resulting from operations		(1,251,651	)

Distributions to Shareholders From:
Net investment income:
Class I		(3,543	)
Class II		(80,303	)

Change in net assets from shareholder distributions		(83,846	)

Change in net assets from capital transactions		37,793,039

Change in net assets		36,457,542
Net Assets:
Beginning of period		–

End of period	$	36,457,542

Accumulated net investment loss at end of period	$	(1,405	)


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,555,261
Dividends reinvested		3,543
Cost of shares redeemed		(29,176	)

		1,529,628

Class II Shares
Proceeds from shares issued		36,184,253
Dividends reinvested		80,300
Cost of shares redeemed		(1,142	)

		36,263,411

Change in net assets from capital transactions	$	37,793,039


SHARE TRANSACTIONS:
Class I Shares
Issued		153,629
Reinvested		348
Redeemed		(2,821	)

		151,156

See accompanying notes to financial statements.

8 Semiannual Report 2008

NVIT Cardinal Capital Appreciation Fund


			Investment Activities						Distributions										Ratios / Supplemental Data

																					Ratio of		Ratio of Net
					Net Realized and														Net Assets		Expenses		Investment Income			Ratio of
	Net Asset Value,				Unrealized Gains on		Total								Net Asset Value, End				at End of		to Average		to Average			Expenses
	Beginning of Period		Net Investment Income		Investments		from Investment Activities		Net Investment Income			Total Distributions			of Period		Total Return (a)		Period (000s)		Net Assets (b)		Net Assets (b)			(Prior to Reimbursements) to Average Net Assets (b) (c)			Portfolio Turnover (d)
Class I Shares
Period ended June 30, 2008 (Unaudited)(e)		10.00		0.03		0.01		0.04		(0.03	)		(0.03	)		10.01		0.36%		1,512		0.23%		1.14	%		0.46	%		0.16%

Class II Shares
Period ended June 30, 2008 (Unaudited)(e)		10.00		0.03		0.01		0.04		(0.03	)		(0.03	)		10.01		0.36%		34,945		0.33%		3.45	%		0.52	%		0.16%


(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 March 28, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

10 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Cardinal Capital Appreciation Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation


	• Level 1 —	quoted prices in active markets for identical assets.

	• Level 2 —	other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	• Level 3 —	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 —		Level 3 —
Level 1 —		Other Significant		Significant
Quoted Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	36,457,845	$	—	$	—	$	36,457,845

The following policies, (b) through (h), represent the accounting policies applicable to the Underlying Funds.


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(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.

12 Semiannual Report 2008


(e)	Futures Contracts

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” payments, are made or received 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.


(f)	Written Options Contracts


(g)	Mortgage Dollar Rolls

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

consideration for entering into these transactions and is included in interest income on the Statement of Operations.


(h)	Short Sales


(i)	Security Transactions and Investment Income


(j)	Securities Lending


(k)	Distributions to Shareholders

14 Semiannual Report 2008


(l)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.


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

3. Transactions with Affiliates

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.20% based on the Fund’s average daily net assets.

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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 in a given quarter is approved by the Board of Trustees on an advance 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, 2008, the cumulative potential reimbursement for all classes of the Fund would be:


Period ended
June 30, 2008
$	1,550

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“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 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%.

The Trust and NFD have entered into a written contract waiving 0.16% of these fees for Class II shares until at least May 1, 2009.

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 period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such costs amounted to $6.

16 Semiannual Report 2008

For the period ended June 30, 2008, the Adviser or affiliates of the Adviser directly held 3% of the shares outstanding of the Fund.

4. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $37,813,027 and sales of $21,090.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the period ended June 30, 2008.

6. Portfolio Investment Risks from Underlying Funds

7. Indemnifications

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

8. New Accounting Pronouncements

9. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	37,792,143	$	—	$	(1,334,298)	$	(1,334,298)

18 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 19

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

20 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

22 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 23

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

1. the Cardinal Funds’ proposed advisory fee and anticipated ancillary benefits to NFA;

2. the Cardinal Funds’ proposed advisory fee in comparison to the advisory fees of the Cardinal Funds’ proposed competitive peer groups;

3. the Cardinal Funds’ proposed Lipper/Morningstar categories and benchmarks; and

4. the Cardinal Funds’ proposed total expenses in comparison to those of the Cardinal Funds’ peer groups.

Board Approval:

24 Semiannual Report 2008

NVIT Cardinal^sm Moderate Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

6			Statement of Assets and Liabilities

7			Statement of Operations

8			Statement of Changes in Net Assets

9			Financial Highlights

10			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-CD-MOD (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

The NVIT Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Cardinal Moderate Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT Cardinal			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Moderate Fund			03/28/08		06/30/08		03/28/08 - 06/30/08^(a)(b)*		03/28/08 - 06/30/08^(a)(b)*

Class I	Actual			1,000.00		1,002.60		0.60		0.23
	Hypothetical	^(c)		1,000.00		1,023.66		1.16		0.23


Class II	Actual			1,000.00		1,001.60		0.86		0.33
	Hypothetical	^(c)		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 95/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(b)		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

^(c)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Cardinal Moderate Fund


Mutual Funds (100.0%) (a)
	Shares		Value


Equity Funds (60.0%) (a)
NVIT Multi-Manager International Growth Fund, Class Y		280,230		$2,723,834
NVIT Multi-Manager International Value Fund, Class Y		177,758		2,726,804
NVIT Multi-Manager Large Cap Growth Fund, Class Y		530,441		5,442,325
NVIT Multi-Manager Large Cap Value Fund, Class Y		565,596		5,457,996
NVIT Multi-Manager Mid Cap Growth Fund, Class Y		173,676		1,806,229
NVIT Multi-Manager Mid Cap Value Fund, Class Y		182,179		1,810,862
NVIT Multi-Manager Small Cap Growth Fund, Class Y		49,585		720,970
NVIT Multi-Manager Small Cap Value Fund, Class Y		80,108		717,767
NVIT Multi-Manager Small Company Fund, Class Y		18,003		360,061

				21,766,848



Fixed Income Funds (35.0%)
Lehman Brothers NVIT Core Plus Bond Fund, Class Y		460,919		4,535,442
NVIT Core Bond Fund, Class Y		460,964		4,531,273
NVIT Short-Term Bond Fund, Class Y		363,958		3,625,019

				12,691,734



Money Market Fund (5.0%)
NVIT Money Market Fund, Class Y		1,812,509		1,812,509


Total Investments (Cost $37,452,406) (b) — 100.0%				36,271,091

Liabilities in excess of other assets — 0.0%				(274	)


NET ASSETS — 100.0%				$36,270,817


(a)		Investment in affiliate.

(b)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2008 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT Cardinal
	Moderate Fund

Assets:
Investments in affiliates, at value (cost $37,452,406)	$	36,271,091
Interest and dividends receivable		1,909
Receivable for capital shares issued		3,466,099
Prepaid expenses and other assets		4,032

Total Assets		39,743,131

Liabilities:
Payable for investments purchased		3,465,958
Payable for capital shares redeemed		142
Accrued expenses and other payables:
Investment advisory fees		3,225
Accounting and transfer agent fees		91
Distribution fees		1,038
Administrative services fees		446
Custodian fees		130
Trustee fees		13
Compliance program costs (Note 3)		5
Other		1,266

Total Liabilities		3,472,314

Net Assets	$	36,270,817

Represented by:
Capital	$	37,453,267
Accumulated net investment loss		(1,122	)
Accumulated net realized losses from investment transactions		(13	)
Net unrealized appreciation/(depreciation) from investments		(1,181,315	)

Net Assets	$	36,270,817

Net Assets:
Class I Shares	$	1,326,401
Class II Shares		34,944,416

Total	$	36,270,817

Shares outstanding (unlimited number of shares authorized):
Class I Shares		132,661
Class II Shares		3,497,026

Total		3,629,687

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	10.00
Class II Shares	$	9.99

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	NVIT Cardinal
	Moderate Fund

INVESTMENT INCOME:
Interest income	$	339
Dividend income from affiliates		89,879

Total Income		90,218

Expenses:
Investment advisory fees		5,461
Accounting and transfer agent fees		382
Distribution fees Class II Shares		6,068
Administrative services fees Class I Shares		107
Administrative services fees Class II Shares		339
Custodian fees		1,655
Trustee fees		21
Compliance program costs (Note 3)		6
Other		1,042

Total expenses before reimbursements and waived expenses		15,081

Distribution fees voluntarily waived — Class II		(3,883	)
Expenses reimbursed		(2,543	)

Net Expenses		8,655

Net Investment Income		81,563

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized losses from investment transactions with affiliates		(13	)
Net change in unrealized appreciation/(depreciation) from investments		(1,181,315	)

Net realized/unrealized losses from investments		(1,181,328	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,099,765	)


(a)		For the period from March 28, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Changes in Net Assets


	NVIT Cardinal
	Moderate Fund

	Period Ended
	June 30, 2008
	(Unaudited) (a)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	81,563
Net realized losses from investment transactions		(13	)
Net change in unrealized appreciation/(depreciation) from investments		(1,181,315	)

Change in net assets resulting from operations		(1,099,765	)

Distributions to Shareholders From:
Net investment income:
Class I		(3,519	)
Class II		(79,166	)

Change in net assets from shareholder distributions		(82,685	)

Change in net assets from capital transactions		37,453,267

Change in net assets		36,270,817
Net Assets:
Beginning of period		–

End of period	$	36,270,817

Accumulated net investment loss at end of period	$	(1,122	)


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,353,668
Dividends reinvested		3,519
Cost of shares redeemed		(16,886	)

		1,340,301

Class II Shares
Proceeds from shares issued		36,082,406
Dividends reinvested		79,163
Cost of shares redeemed		(48,603	)

		36,112,966

Change in net assets from capital transactions	$	37,453,267


SHARE TRANSACTIONS:
Class I Shares
Issued		133,957
Reinvested		347
Redeemed		(1,643	)

		132,661

Class II Shares
Issued		3,494,050
Reinvested		7,815
Redeemed		(4,839	)

		3,497,026

Total change in shares		3,629,687


(a)		For the period from March 28, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

8 Semiannual Report 2008

NVIT Cardinal Moderate Fund


			Investment Activities							Distributions										Ratios / Supplemental Data

																											Ratio of
																											Expenses
																								Ratio of Net			(Prior to
					Net Realized and Unrealized Gains			Total												Net Assets		Ratio of Expenses		Investment Income			Reimbursements)
	Net Asset Value,				(Losses) on			from Investment		Net Investment						Net Asset Value, End				at End of		to Average		to Average			to Average
	Beginning of Period		Net Investment Income		Investments			Activities		Income			Total Distributions			of Period		Total Return (a)		Period (000s)		Net Assets (b)		Net Assets (b)			Net Assets (b) (c)			Portfolio Turnover (d)
Class I Shares
Period ended June 30, 2008 (Unaudited)(e)		10.00		0.03		–			0.03		(0.03	)		(0.03	)		10.00		0.26%		1,326		0.23%		1.17	%		0.52	%		0.04%

Class II Shares
Period ended June 30, 2008 (Unaudited)(e)		10.00		0.03		(0.01	)		0.02		(0.03	)		(0.03	)		9.99		0.16%		34,944		0.33%		3.21	%		0.56	%		0.04%


(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 March 28, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 9

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Cardinal Moderate Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation


	• Level 1 —	quoted prices in active markets for identical assets.

	• Level 2 —	other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	• Level 3 —	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

10 Semiannual Report 2008

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 —		Level 3 —
Level 1 —		Other Significant		Significant
Quoted Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	36,271,091	$	—	$	—	$	36,271,091

The following policies, (b) through (h), represent the accounting policies applicable to the Underlying Funds.


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(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

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.


(e)	Futures Contracts

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” payments, are made or received 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.


(f)	Written Options Contracts


(g)	Mortgage Dollar Rolls

12 Semiannual Report 2008

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


(i)	Security Transactions and Investment Income


(j)	Securities Lending


(k)	Distributions to Shareholders

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(l)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.


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

3. Transactions with Affiliates

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.20% based on the Fund’s average daily net assets.

14 Semiannual Report 2008

routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.25% for all classes until at least May 1, 2009.

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 in a given quarter is approved by the Board of Trustees on an advance 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, 2008, the cumulative potential reimbursement for all classes of the Fund would be:


Period ended
June 30, 2008
$	2,543

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“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. 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%. NFD is a wholly-owned subsidiary of NFSDI.

The Trust and NFD have entered into a written contract waiving 0.16% of these fees for Class II shares until at least May 1, 2009.

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 period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such costs amounted to $6.

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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.

For the period ended June 30, 2008, the Adviser or affiliates of the Adviser directly held 3% of the shares outstanding of the Fund.

4. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $37,457,821 and sales of $5,402.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the period ended June 30, 2008.

6. Portfolio Investment Risks from Underlying Funds

7. Indemnifications

16 Semiannual Report 2008

contracts with the Trust’s vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

8. New Accounting Pronouncements

9. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	37,452,419	$	—	$	(1,181,328)	$	(1,181,328)

2008 Semiannual Report 17

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

18 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 19

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

20 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

22 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

1. the Cardinal Funds’ proposed advisory fee and anticipated ancillary benefits to NFA;

2. the Cardinal Funds’ proposed advisory fee in comparison to the advisory fees of the Cardinal Funds’ proposed competitive peer groups;

3. the Cardinal Funds’ proposed Lipper/Morningstar categories and benchmarks; and

4. the Cardinal Funds’ proposed total expenses in comparison to those of the Cardinal Funds’ peer groups.

Board Approval:

2008 Semiannual Report 23

NVIT Cardinal^sm Balanced Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

6			Statement of Assets and Liabilities

7			Statement of Operations

8			Statement of Changes in Net Assets

9			Financial Highlights

10			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-CD-BAL (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

The NVIT Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Cardinal Balanced Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT Cardinal			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Balanced Fund			03/28/08		06/30/08		03/28/08 - 06/30/08 ^(a)(b)*		03/28/08 - 06/30/08 ^(a)(b)*

Class I	Actual			1,000.00		1,002.70		0.60		0.23
	Hypothetical	^(c)		1,000.00		1,023.66		1.16		0.23


Class II	Actual			1,000.00		1,001.70		0.86		0.33
	Hypothetical	^(c)		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 95/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
^(b)		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
^(c)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Cardinal Balanced Fund


Mutual Funds (100.0%) (a)
	Shares		Value


Equity Funds (50.0%)
NVIT Multi-Manager International Growth Fund, Class Y		198,780	$	1,932,145
NVIT Multi-Manager International Value Fund, Class Y		126,101		1,934,382
NVIT Multi-Manager Large Cap Growth Fund, Class Y		391,921		4,021,112
NVIT Multi-Manager Large Cap Value Fund, Class Y		417,969		4,033,405
NVIT Multi-Manager Mid Cap Growth Fund, Class Y		153,945		1,601,028
NVIT Multi-Manager Mid Cap Value Fund, Class Y		161,508		1,605,389
NVIT Multi-Manager Small Cap Growth Fund, Class Y		21,973		319,490
NVIT Multi-Manager Small Cap Value Fund, Class Y		35,489		317,982
NVIT Multi-Manager Small Company Fund, Class Y		15,955		319,091

				16,084,024



Fixed Income Funds (44.0%)
Lehman Brothers NVIT Core Plus Bond Fund, Class Y		490,399		4,825,528
NVIT Core Bond Fund, Class Y		490,419		4,820,819
NVIT Short-Term Bond Fund, Class Y		451,750		4,499,431

				14,145,778



Money Market Fund (6.0%)
NVIT Money Market Fund, Class Y		1,928,327		1,928,327


Total Investments (Cost $33,045,137) (b) — 100.0%				32,158,129

Other assets in excess of liabilities — 0.0%				887


NET ASSETS — 100.0%			$	32,159,016


(a)		Investment in affiliate.

(b)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2008 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT Cardinal
	Balanced Fund

Assets:
Investments in affiliates, at value (cost $33,045,137)	$	32,158,129
Interest and dividends receivable		1,992
Receivable for capital shares issued		1,357,647
Prepaid expenses and other assets		4,050

Total Assets		33,521,818

Liabilities:
Payable for investments purchased		1,279,003
Payable for capital shares redeemed		78,644
Accrued expenses and other payables:
Investment advisory fees		3,081
Accounting and transfer agent fees		96
Distribution fees		1,019
Administrative services fees		355
Custodian fees		32
Trustee fees		12
Compliance program costs (Note 3)		5
Other		555

Total Liabilities		1,362,802

Net Assets	$	32,159,016

Represented by:
Capital	$	33,046,832
Accumulated net investment loss		(958	)
Accumulated net realized gains from investment transactions		150
Net unrealized appreciation/(depreciation) from investments		(887,008	)

Net Assets	$	32,159,016

Net Assets:
Class I Shares	$	1,017,067
Class II Shares		31,141,949

Total	$	32,159,016

Shares outstanding (unlimited number of shares authorized):
Class I Shares		101,746
Class II Shares		3,117,247

Total		3,218,993

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	10.00
Class II Shares	$	9.99

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	NVIT Cardinal
	Balanced Fund

INVESTMENT INCOME:
Interest income	$	9
Dividend income from affiliates		84,497

Total Income		84,506

Expenses:
Investment advisory fees		4,676
Accounting and transfer agent fees		382
Distribution fees Class II Shares		5,177
Administrative services fees Class I Shares		97
Administrative services fees Class II Shares		257
Custodian fees		639
Trustee fees		19
Compliance program costs (Note 3)		5
Other		1,042

Total expenses before reimbursements and waived expenses		12,294

Distribution fees voluntarily waived — Class II		(3,313	)
Expenses reimbursed		(1,589	)

Net Expenses		7,392

Net Investment Income		77,114

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains from investment transactions with affiliates		150
Net change in unrealized appreciation/ (depreciation) from investments		(887,008	)

Net realized/unrealized losses from investments		(886,858	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(809,744	)


(a)		For the period from March 28, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Changes in Net Assets


	NVIT
	Cardinal Balanced Fund

	Period Ended
	June 30, 2008
	(Unaudited) (a)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	77,114
Net realized gains from investment transactions		150
Net change in unrealized appreciation/(depreciation) from investments		(887,008	)

Change in net assets resulting from operations		(809,744	)

Distributions to Shareholders From:
Net investment income:
Class I		(2,949	)
Class II		(75,123	)

Change in net assets from shareholder distributions		(78,072	)

Change in net assets from capital transactions		33,046,832

Change in net assets		32,159,016
Net Assets:
Beginning of period		–

End of period	$	32,159,016

Accumulated net investment loss at end of period	$	(958	)


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,096,232
Dividends reinvested		2,949
Cost of shares redeemed		(79,295	)

		1,019,886

Class II Shares
Proceeds from shares issued		31,954,185
Dividends reinvested		75,123
Cost of shares redeemed		(2,362	)

		32,026,946

Change in net assets from capital transactions	$	33,046,832


SHARE TRANSACTIONS:
Class I Shares
Issued		109,374
Reinvested		292
Redeemed		(7,920	)

		101,746

Class II Shares
Issued		3,110,044
Reinvested		7,438
Redeemed		(235	)

		3,117,247

Total change in shares		3,218,993


(a)		For the period from March 28, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

8 Semiannual Report 2008

NVIT Cardinal Balanced Fund


			Investment Activities							Distributions										Ratios / Supplemental Data

					Net Realized and																	Ratio of		Ratio of Net
					Unrealized Gains															Net Assets		Expenses		Investment Income			Ratio of
	Net Asset Value,				(Losses) on			Total								Net Asset Value, End				at End of		to Average		to Average			Expenses
	Beginning of Period		Net Investment Income		Investments			from Investment Activities		Net Investment Income			Total Distributions			of Period		Total Return (a)		Period (000s)		Net Assets (b)		Net Assets (b)			(Prior to Reimbursements) to Average Net Assets (b) (c)			Portfolio Turnover (d)
Class I Shares
Period ended June 30, 2008 (Unaudited)(e)		10.00		0.03		–			0.03		(0.03	)		(0.03	)		10.00		0.27%		1,017		0.23%		1.15	%		0.48	%		0.04%

Class II Shares
Period ended June 30, 2008 (Unaudited)(e)		10.00		0.03		(0.01	)		0.02		(0.03	)		(0.03	)		9.99		0.17%		31,142		0.33%		3.57	%		0.53	%		0.04%


(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 March 28, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 9

Notes to Financial Statements

June 30, 2008

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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Cardinal Balanced Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation


	• Level 1 —	quoted prices in active markets for identical assets.

	• Level 2 —	other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	• Level 3 —	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

10 Semiannual Report 2008

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 —		Level 3 —
Level 1 —		Other Significant		Significant
Quoted Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	32,158,129	$	—	$	—	$	32,158,129

The following policies, (b) through (h), represent the accounting policies applicable to the Underlying Funds.


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(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.

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008


(e)	Futures Contracts

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” payments, are made or received 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.


(f)	Written Options Contracts


(g)	Mortgage Dollar Rolls

12 Semiannual Report 2008

consideration for entering into these transactions and is included in interest income on the Statement of Operations.


(h)	Short Sales


(i)	Security Transactions and Investment Income


(j)	Securities Lending


(k)	Distributions to Shareholders

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008


(l)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.


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

3. Transactions with Affiliates

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.20% based on the Fund’s average daily net assets.

14 Semiannual Report 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 in a given quarter is approved by the Board of Trustees on an advance 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, 2008, the cumulative potential reimbursement for all classes of the Fund would be:


Period ended
June 30, 2008
$	1,589

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“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. 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%. NFD is a wholly-owned subsidiary of NFSDI.

The Trust and NFD have entered into a written contract waiving 0.16% of these fees for Class II shares until at least May 1, 2009.

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 period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such costs amounted to $5.

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008

For the period ended June 30, 2008, the Adviser or affiliates of the Adviser directly held 3% of the shares outstanding of the Fund.

4. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $33,049,384 and sales of $4,397.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the period ended June 30, 2008.

6. Portfolio Investment Risks from Underlying Funds

7. Indemnifications

16 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

18 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 19

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

20 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

22 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

1. the Cardinal Funds’ proposed advisory fee and anticipated ancillary benefits to NFA;

2. the Cardinal Funds’ proposed advisory fee in comparison to the advisory fees of the Cardinal Funds’ proposed competitive peer groups;

3. the Cardinal Funds’ proposed Lipper/Morningstar categories and benchmarks; and

4. the Cardinal Funds’ proposed total expenses in comparison to those of the Cardinal Funds’ peer groups.

Board Approval:

2008 Semiannual Report 23

NVIT Cardinal^sm Moderately Conservative Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

6			Statement of Assets and Liabilities

7			Statement of Operations

8			Statement of Changes in Net Assets

10			Financial Highlights

11			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-CD-MCON (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

The NVIT Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Cardinal Moderately Conservative Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


NVIT Cardinal			Beginning		Ending		Expenses Paid		Expense Ratio
Moderately			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Conservative Fund			03/28/08		06/30/08		03/28/08 - 06/30/08^(a)(b)*		03/28/08 - 06/30/08^(a)(b)*

Class I	Actual			1,000.00		1,003.30		0.60		0.23
	Hypothetical	^(c)		1,000.00		1,023.66		1.16		0.23


Class II	Actual			1,000.00		1,003.30		0.86		0.33
	Hypothetical	^(c)		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 95/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
^(b)		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
^(c)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Cardinal Moderately Conservative Fund


Mutual Funds (100.0%) (a)
	Shares		Value


EQUITY FUNDS (40.0%)
NVIT Multi-Manager International Growth Fund, Class Y		57,009	$	554,125
NVIT Multi-Manager International Value Fund, Class Y		36,164		554,753
NVIT Multi-Manager Large Cap Growth Fund, Class Y		107,906		1,107,121
NVIT Multi-Manager Large Cap Value Fund, Class Y		115,071		1,110,433
NVIT Multi-Manager Mid Cap Growth Fund, Class Y		52,987		551,062
NVIT Multi-Manager Mid Cap Value Fund, Class Y		55,586		552,531

				4,430,025



FIXED INCOME FUNDS (52.0%)
Lehman Brothers NVIT Core Plus Bond Fund, Class Y		196,904		1,937,537
NVIT Core Bond Fund, Class Y		196,916		1,935,687
NVIT Short-Term Bond Fund, Class Y		188,794		1,880,381

				5,753,605



MONEY MARKET FUND (8.0%)
NVIT Money Market Fund, Class Y		884,885		884,885


Total Investments (Cost $11,283,773) (b) — 100.0%				11,068,515

Other assets in excess of liabilities — 0.0%				3,743


NET ASSETS — 100.0%			$	11,072,258


(a)		Investment in affiliate.

(b)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2008 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT Cardinal
	Moderately
	Conservative
	Fund

Assets:
Investments in affiliates, at value (cost $11,283,773)	$	11,068,515
Interest and dividends receivable		873
Receivable for capital shares issued		666,478
Prepaid expenses and other assets		4,036

Total Assets		11,739,902

Liabilities:
Payable for investments purchased		666,478
Accrued expenses and other payables:
Investment advisory fees		278
Accounting and transfer agent fees		89
Distribution fees		257
Administrative services fees		186
Custodian fees		130
Trustee fees		9
Compliance program costs (Note 4)		5
Other		212

Total Liabilities		667,644

Net Assets	$	11,072,258

Represented by:
Capital	$	11,284,962
Accumulated net investment loss		(232	)
Accumulated net realized gains from investment transactions		2,786
Net unrealized appreciation/(depreciation) from investments		(215,258	)

Net Assets	$	11,072,258

Net Assets:
Class I Shares	$	1,080,655
Class II Shares		9,991,603

Total	$	11,072,258

Shares outstanding (unlimited number of shares authorized):
Class I Shares		107,993
Class II Shares		998,351

Total		1,106,344

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	10.01
Class II Shares	$	10.01

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	NVIT Cardinal
	Moderately
	Conservative
	Fund

INVESTMENT INCOME:
Interest income	$	250
Dividend income from affiliates		25,457

Total Income		25,707

Expenses:
Investment advisory fees		1,784
Accounting and transfer agent fees		382
Distribution fees Class II Shares		1,564
Administrative services fees Class I Shares		98
Administrative services fees Class II Shares		89
Custodian fees		592
Trustee fees		17
Compliance program costs (Note 3)		5
Legal fees		530
Printing fees		429
Other		76

Total expenses before reimbursements and waived expenses		5,566
Distribution fees voluntarily waived — Class II		(1,001	)
Expenses reimbursed		(1,898	)

Net Expenses		2,667

Net Investment Income		23,040

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains from investment transactions with affiliates		2,786
Net change in unrealized appreciation/ (depreciation) from investments		(215,258	)

Net realized/unrealized losses from investments		(212,472	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(189,432	)


(a)		From the period from March 28, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Changes in Net Assets


	NVIT Cardinal
	Moderately
	Conservative
	Fund

	Period Ended
	June 30, 2008
	(Unaudited) (a)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	23,040
Net realized gains from investment transactions		2,786
Net change in unrealized appreciation/(depreciation) from investments		(215,258	)

Change in net assets resulting from operations		(189,432	)

Distributions to Shareholders From:
Net investment income:
Class I		(2,497	)
Class II		(20,775	)

Change in net assets from shareholder distributions		(23,272	)

Change in net assets from capital transactions		11,284,962

Change in net assets		11,072,258
Net Assets:
Beginning of period		–

End of period	$	11,072,258

Accumulated net investment loss at end of period	$	(232	)


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,079,183
Dividends reinvested		2,497
Cost of shares redeemed		(603	)

		1,081,077

Class II Shares
Proceeds from shares issued		11,136,294
Dividends reinvested		20,775
Cost of shares redeemed		(953,184	)

		10,203,885

Change in net assets from capital transactions	$	11,284,962

See accompanying notes to financial statements.

8 Semiannual Report 2008

NVIT Cardinal Moderately Conservative Fund

Investment Activities

Distributions

Ratios / Supplemental Data

Ratio of

Net Realized

Ratio of

Expenses

Net Asset

and

Net Asset

Ratio of

Net Investment

(Prior to

Value,

Net

Unrealized

Total from

Value,

Net Assets

Expenses

Income to

Reimbursements

Beginning of

Investment

Gain on

Investment

Net Investment

Total

End of

Total

at End of

to Average

Average

to Average Net

Period

Income

Investments

Activities

Income

Distributions

Period

Return (a)

Period (000s)

Net Assets (b)

Assets (b) (c)

Portfolio Turnover (d)

Class I Shares

Period ended June 30, 2008 (Unaudited) (e)

10.00

0.03

–

0.03

(0.02

)

(0.02

)

10.01

0.33%

1,081

0.23%

1.21

0.55

18.40%

Class II Shares

Period ended June 30, 2008 (Unaudited) (e)

10.00

0.02

0.01

0.03

(0.02

)

(0.02

)

10.01

0.33%

9,992

0.33%

3.16

0.65

18.40%

(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 March 28, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

10 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Cardinal Moderately Conservative Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation


	• Level 1 —	quoted prices in active markets for identical assets.

	• Level 2 —	other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	• Level 3 —	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 —		Level 3 —
Level 1 —		Other Significant		Significant
Quoted Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	11,068,515	$	—	$	—	$	11,068,515

The following policies, (b) through (h), represent the accounting policies applicable to the Underlying Funds.


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(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.

12 Semiannual Report 2008


(e)	Futures Contracts

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” payments, are made or received 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.


(f)	Written Options Contracts


(g)	Mortgage Dollar Rolls

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

consideration for entering into these transactions and is included in interest income on the Statement of Operations.


(h)	Short Sales


(i)	Security Transactions and Investment Income


(j)	Securities Lending


(k)	Distributions to Shareholders

14 Semiannual Report 2008


(l)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.


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

3. Transactions with Affiliates

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.20% based on the Fund’s average daily net assets.

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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 in a given quarter is approved by the Board of Trustees on an advance 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, 2008, the cumulative potential reimbursement for all classes of the Fund would be:


Period ended
June 30, 2008
$	1,898

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (“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. 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%. NFD is a wholly-owned subsidiary of NFSDI.

The Trust and NFD have entered into a written contract waiving 0.16% of these fees for Class II shares until at least May 1, 2009.

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 period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such costs amounted to $5.

16 Semiannual Report 2008

For the period ended June 30, 2008, the Adviser or affiliates of the Adviser directly held 9% of the shares outstanding of the Fund.

4. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $12,107,106 and sales of $826,119.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the period ended June 30, 2008.

6. Portfolio Investment Risks from Underlying Funds

7. Indemnifications

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

8. New Accounting Pronouncements

9. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	11,291,043	$	—	$	(222,528)	$	(222,528)

18 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 19

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

20 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

22 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 23

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

1. the Cardinal Funds’ proposed advisory fee and anticipated ancillary benefits to NFA;

2. the Cardinal Funds’ proposed advisory fee in comparison to the advisory fees of the Cardinal Funds’ proposed competitive peer groups;

3. the Cardinal Funds’ proposed Lipper/Morningstar categories and benchmarks; and

4. the Cardinal Funds’ proposed total expenses in comparison to those of the Cardinal Funds’ peer groups.

Board Approval:

24 Semiannual Report 2008

NVIT Cardinal^sm Conservative Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

6			Statement of Assets and Liabilities

7			Statement of Operations

8			Statement of Changes in Net Assets

9			Financial Highlights

10			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-CD-CON (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

The NVIT Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Cardinal Conservative Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT Cardinal			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Conservative Fund			03/28/08		06/30/08		03/28/08 - 06/30/08^(a)(b)*		03/28/08 - 06/30/08^(a)(b)*

Class I	Actual			1,000.00		1,000.10		0.67		0.26
	Hypothetical	^(c)		1,000.00		1,023.51		1.31		0.26


Class II	Actual			1,000.00		1,000.10		0.93		0.36
	Hypothetical	^(c)		1,000.00		1,023.01		1.81		0.36


*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 95/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.
^(b)		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
^(c)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Cardinal Conservative Fund


Mutual Funds (100.0%) (a)
	Shares		Value


Equity Funds (20.0%)
NVIT Multi-Manager International Growth Fund, Class Y		21,291	$	206,951
NVIT Multi-Manager International Value Fund, Class Y		13,506		207,182
NVIT Multi-Manager Large Cap Growth Fund, Class Y		40,301		413,487
NVIT Multi-Manager Large Cap Value Fund, Class Y		42,975		414,707
NVIT Multi-Manager Mid Cap Growth Fund, Class Y		19,791		205,824
NVIT Multi-Manager Mid Cap Value Fund, Class Y		20,761		206,365

				1,654,516



Fixed Income Funds (70.0%)
Lehman Brothers NVIT Core Plus Bond Fund, Class Y		168,091		1,654,013
NVIT Core Bond Fund, Class Y		168,103		1,652,455
NVIT Short-Term Bond Fund, Class Y		248,864		2,478,683

				5,785,151



Money Market Fund (10.0%)
NVIT Money Market Fund, Class Y		826,228		826,228


Total Investments (Cost $8,368,156) (b) — 100.0%				8,265,895

Other assets in excess of liabilities — 0.0%				4,077


NET ASSETS — 100.0%			$	8,269,972


(a)		Investment in affiliate.

(b)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2008 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT Cardinal
	Conservative Fund

Assets:
Investments in affiliates, at value (cost $8,368,156)	$	8,265,895
Interest and dividends receivable		874
Receivable for capital shares issued		627,612
Prepaid expenses and other assets		4,047

Total Assets		8,898,428

Liabilities:
Payable for investments purchased		608,908
Payable for capital shares redeemed		18,704
Accrued expenses and other payables:
Investment advisory fees		236
Accounting and transfer agent fees		89
Distribution fees		177
Administrative services fees		176
Custodian fees		129
Trustee fees		9
Compliance program costs (Note 3)		5
Other		23

Total Liabilities		628,456

Net Assets	$	8,269,972

Represented by:
Capital	$	8,368,587
Accumulated net investment loss		(167	)
Accumulated net realized gains from investment transactions		3,813
Net unrealized appreciation/(depreciation) from investments		(102,261	)

Net Assets	$	8,269,972

Net Assets:
Class I Shares	$	1,023,515
Class II Shares		7,246,457

Total	$	8,269,972

Shares outstanding (unlimited number of shares authorized):
Class I Shares		102,674
Class II Shares		726,623

Total		829,297

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	9.97
Class II Shares	$	9.97

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	NVIT Cardinal
	Conservative Fund

INVESTMENT INCOME:
Interest income	$	340
Dividend income from affiliates		25,077

Total Income		25,417

Expenses:
Investment advisory fees		1,519
Accounting and transfer agent fees		382
Distribution fees Class II Shares		1,232
Administrative services fees Class I Shares		98
Administrative services fees Class II Shares		79
Custodian fees		400
Trustee fees		16
Compliance program costs (Note 3)		5
Legal fees		529
Printing fees		429
Other		75

Total expenses before reimbursements and waived expenses		4,764

Distribution fees voluntarily waived — Class II		(788	)
Expenses reimbursed		(1,512	)

Net Expenses		2,464

Net Investment Income		22,953

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains from investment transactions with affiliates		3,813
Net change in unrealized appreciation/ (depreciation) from investments		(102,261	)

Net realized/unrealized losses from investments		(98,448	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(75,495	)


(a)		For the period from March 28, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Changes in Net Assets


	NVIT Cardinal
	Conservative Fund

	Period Ended
	June 30, 2008
\
	(Unaudited) (a)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	22,953
Net realized gains from investment transactions		3,813
Net change in unrealized appreciation/(depreciation) from investments		(102,261	)

Change in net assets resulting from operations		(75,495	)

Distributions to Shareholders From:
Net investment income:
Class I		(3,182	)
Class II		(19,938	)

Change in net assets from shareholder distributions		(23,120	)

Change in net assets from capital transactions		8,368,587

Change in net assets		8,269,972
Net Assets:
Beginning of period		–

End of period	$	8,269,972

Accumulated net investment loss at end of period	$	(167	)


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,067,067
Dividends reinvested		3,182
Cost of shares redeemed		(42,550	)

		1,027,699

Class II Shares
Proceeds from shares issued		7,973,636
Dividends reinvested		19,938
Cost of shares redeemed		(652,686	)

		7,340,888

Change in net assets from capital transactions	$	8,368,587


SHARE TRANSACTIONS:
Class I Shares
Issued		106,589
Reinvested		319
Redeemed		(4,234	)

		102,674

Class II Shares
Issued		789,467
Reinvested		1,994
Redeemed		(64,838	)

		726,623

Total change in shares		829,297


(a)		For the period from March 28, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

8 Semiannual Report 2008

NVIT Cardinal Conservative Fund


			Investment Activities							Distributions												Ratios / Supplemental Data

					Net Realized																							Ratio of
					and																				Ratio of Net			Expenses
	Net Asset				Unrealized			Total												Net Assets		Ratio of			Investment			(Prior to
	Value,		Net		Gains			from		Net						Net Asset				at End of		Expenses			Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment		Investment			Total			Value, End		Total		Period		to Average			to Average			to Average Net			Portfolio
	of Period		Income		Investments			Activities		Income			Distributions			of Period		Return (a)		(000s)		Net Assets (b)			Net Assets (b)			Assets (b) (c)			Turnover (d)
Class I Shares
Period ended June 30, 2008 (Unaudited)(e)		10.00		0.04		(0.04	)		0.00		(0.03	)		(0.03	)	$	9.97		0.01%	$	1,024		0.26	%		1.39	%		0.54	%		18.38	%

Class II Shares
Period ended June 30, 2008 (Unaudited)(e)		10.00		0.03		(0.03	)		0.00		(0.03	)		(0.03	)	$	9.97		0.01%	$	7,246		0.36	%		3.89	%		0.67	%		18.38	%


(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 March 28, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 9

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Cardinal Conservative Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation


	• Level 1 —	quoted prices in active markets for identical assets.

	• Level 2 —	other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	• Level 3 —	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

10 Semiannual Report 2008

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 —		Level 3 —
Level 1 —		Other Significant		Significant
Quoted Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	8,265,895	$	—	$	—	$	8,265,895

The following policies, (b) through (h), represent the accounting policies applicable to the Underlying Funds.


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(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.

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(e)	Futures Contracts

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” payments, are made or received 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.


(f)	Written Options Contracts


(g)	Mortgage Dollar Rolls

12 Semiannual Report 2008

consideration for entering into these transactions and is included in interest income on the Statement of Operations.


(h)	Short Sales


(i)	Security Transactions and Investment Income


(j)	Securities Lending


(k)	Distributions to Shareholders

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(l)	Federal Income Taxes

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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.


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

3. Transactions with Affiliates

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.20% based on the Fund’s average daily net assets.

14 Semiannual Report 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 in a given quarter is approved by the Board of Trustees on an advance 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, 2008, the cumulative potential reimbursement for all classes of the Fund would be:


Period ended
June 30, 2008
$	1,512

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors; LLC (“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. 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%. NFD is a wholly-owned subsidiary of NFSDI.

The Trust and NFD have entered into a written contract waiving 0.16% of these fees for Class II shares until at least May 1, 2009.

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 period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such costs amounted to $5.

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

For the period ended June 30, 2008, the Adviser or affiliates of the Adviser directly held 12% of the shares outstanding of the Fund.

4. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $9,032,322 and sales of $667,980.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other Lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings outstanding under this line of credit for the period ended June 30, 2008.

6. Portfolio Investment Risks from Underlying Funds

7. Indemnifications

16 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

18 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 19

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

20 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

22 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

1. the Cardinal Funds’ proposed advisory fee and anticipated ancillary benefits to NFA;

2. the Cardinal Funds’ proposed advisory fee in comparison to the advisory fees of the Cardinal Funds’ proposed competitive peer groups;

3. the Cardinal Funds’ proposed Lipper/Morningstar categories and benchmarks; and

4. the Cardinal Funds’ proposed total expenses in comparison to those of the Cardinal Funds’ peer groups.

Board Approval:

2008 Semiannual Report 23

NVIT Multi-Manager International Growth Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

11			Statement of Assets and Liabilities

13			Statement of Operations

14			Statement of Changes in Net Assets

16			Financial Highlights

17			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-MM-IG (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

The NVIT Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Multi-Manager International Growth Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT Multi-Manager			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
International Growth Fund			03/25/08		06/30/08		03/25/08 - 06/30/08^a*		03/25/08 - 06/30/08^a*

Class I	Actual			1,000.00		972.00		2.88		1.09
	Hypothetical	^b		1,000.00		1,019.38		5.49		1.09


Class II	Actual			1,000.00		971.00		3.46		1.31
	Hypothetical	^b		1,000.00		1,018.29		6.59		1.31


Class III	Actual			1,000.00		972.00		2.72		1.03
	Hypothetical	^b		1,000.00		1,019.68		5.19		1.03


Class VI	Actual			1,000.00		971.00		3.35		1.27
	Hypothetical	^b		1,000.00		1,018.48		6.39		1.27


Class Y	Actual			1,000.00		972.00		2.53		0.96
	Hypothetical	^b		1,000.00		1,020.03		4.83		0.96


^*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 98/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.


^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	NVIT Multi-Manager International Growth Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			81.2%
Mutual Funds			11.5%
Repurchase Agreements			4.2%
Preferred Stocks			2.3%
Exchange Traded Funds			0.5%
Other assets in excess of liabilities			0.3%

			100.0%


Top Industries

Pharmaceuticals			8.3%
Oil, Gas & Consumable Fuels			6.3%
Commercial Banks			4.5%
Automobiles			4.2%
Metals & Mining			3.4%
Machinery			3.4%
Wireless Telecommunication Services			3.3%
Industrial Conglomerate			2.8%
Electronic Equipment & Instruments			2.7%
Energy Equipment & Services			2.7%
Other			58.4%

			100.0%


Top Holdings*

Fidelity Institutional Prime			11.5%
Roche Holding AG			1.9%
Bayer AG			1.7%
Syngenta AG			1.7%
Imperial Tobacco Group PLC			1.7%
Porsche AG			1.5%
Infosys Technologies Ltd. ADR			1.5%
Teva Pharmaceutical Industries Ltd. ADR			1.4%
Nestle SA			1.4%
Telefonica SA			1.3%
Other			74.4%

			100.0%


Top Countries

United Kingdom			12.5%
United States			12.0%
Germany			10.2%
Japan			8.3%
Switzerland			7.4%
Canada			4.9%
Hong Kong			4.2%
France			4.1%
Australia			2.8%
Netherlands			2.6%
Other			31.0%

			100.0%


*		For purpose of listing top holdings, repurchase agreements are included as part of Other

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Multi-Manager International Growth Fund


Common Stocks (81.2%)
	Shares or
	Principal Amount		Value


AUSTRALIA (2.8%) (a)
Biotechnology (0.3%)
CSL Ltd.		1,800	$	61,599

Chemicals (0.2%)
Incitec Pivot Ltd.		200		35,405

Construction & Engineering (0.1%)
Boart Longyear Group		13,200		28,217

Health Care Equipment & Supplies (0.5%)
Cochlear Ltd.		2,131		89,479

Health Care Providers & Services (0.1%)
Sonic Healthcare Ltd.		800		11,168

Metals & Mining (1.6%)
BHP Billiton Ltd.		5,920		251,890
OneSteel Ltd.		4,800		34,206
OZ Minerals Ltd.		10,000		25,037

				311,133

				537,001



AUSTRIA (0.1%) (a)
Machinery (0.1%)
Andritz AG		400		25,087



BELGIUM (1.6%) (a)
Beverages (1.0%)
InBev NV		2,771		191,572

Commercial Banks (0.5%)
KBC Groep NV		906		100,142

Electrical Equipment (0.1%)
Bekaert SA		100		15,363

				307,077



BERMUDA (0.7%)
Energy Equipment & Services (0.3%) (a) (b) (c)
Seadrill Ltd.		1,700		51,911

Media (0.1%)
Central European Media Enterprises Ltd.*		200		18,106

Metals & Mining (0.3%) (a)
Aquarius Platinum Ltd.		3,400		54,170

				124,187



BRAZIL (1.1%)
Diversified Telecommunication Services (0.2%)
Global Village Telecom Holding SA*		2,000		48,609

Oil, Gas & Consumable Fuels (0.9%)
OGX Petroleo e Gas Participacoes SA*		9		7,115
Petroleo Brasileiro SA ADR		2,744		159,015

				166,130

				214,739



CANADA (4.9%)
Chemicals (0.3%)
Agrium, Inc.		600		64,524

Diversified Financial Services (0.1%)
TMX Group, Inc.		500		20,650

Energy Equipment & Services (0.3%)
Precision Drilling Trust		2,300		62,046

Insurance (0.4%)
Manulife Financial Co18rp.		2,174		76,050

Internet Software & Services (0.2%)
Open Text Corp.*		1,200		38,520

Metals & Mining (0.6%)
Agnico-Eagle Mines Ltd.		600		45,020
Fording Canadian Coal Trust		700		66,927
Timminco Ltd.*		400		10,740

				122,687

Oil, Gas & Consumable Fuels (2.3%)
Canadian Natural Resources Ltd.		1,700		168,166
Oilexco, Inc.		1,200		22,908
Petrobank Energy & Resources Ltd.*		600		31,312
Suncor Energy, Inc.		3,600		209,064

				431,450

Road & Rail (0.6%)
Canadian National Railway Co.		2,200		105,705

Textiles, Apparel & Luxury Goods (0.1%)
Gildan Activewear, Inc.		700		17,998

				939,630



CHINA (0.1%) (a)
Electric Power (0.1%)
China High Speed Transmission Equipment Group Co. Ltd.		10,000		20,524



DENMARK (1.5%) (a)
Construction & Engineering (0.5%)
FLSmidth & Co. AS		800		87,416

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager International Growth Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


DENMARK (continued)

Pharmaceutical (1.0%)
Novo Nordisk AS, Class B		2,850	$	187,641

				275,057



FINLAND (0.8%) (a)
Auto Components (0.4%)
Nokian Renkaat OYJ		1,600		75,884

Communications Equipment (0.4%)
Nokia OYJ		3,153		77,062

				152,946



FRANCE (4.1%) (a)
Commercial Banks (1.1%)
BNP Paribas		2,369		213,230

Electrical Equipment (0.3%)
Nexans SA		400		49,018

Information Technology Services (0.7%)
Cap Gemini SA		2,146		125,803

Insurance (0.7%)
AXA SA		4,793		141,217

Oil, Gas & Consumable Fuels (1.3%)
Total SA		2,937		249,970

				779,238



GERMANY (7.9%) (a)
Auto Components (0.6%)
Continental AG		897		91,654
ElringKlinger AG		200		18,924

				110,578

Automobiles (0.8%)
Daimler AG		2,361		146,131

Chemicals (0.3%)
K+S AG		100		57,366

Diversified Financial Services (0.4%)
Deutsche Boerse AG		629		71,106

Electrical Equipment (0.3%)
SGL Carbon AG*		700		48,804
Solarworld AG		300		14,204

				63,008

Industrial Conglomerate (0.9%)
Siemens AG		1,549		170,732

Internet Software & Services (0.3%)
United Internet AG		3,400		66,819

Machinery (0.2%)
Vossloh AG		300		39,049

Pharmaceuticals (3.0%)
Bayer AG		3,861		324,099
Merck KGAA		1,677		237,755

				561,854

Textiles, Apparel & Luxury Goods (0.9%)
Puma AG Rudolf Dassler Sport		512		171,641

Trading Companies & Distributors (0.2%)
Kloeckner & Co. AG		800		45,611

				1,503,895



GREECE (1.0%) (a)
Commercial Banks (0.2%)
Piraeus Bank SA		1,500		40,821

Hotels, Restaurants & Leisure (0.8%)
Intralot SA-Integrated Lottery Systems & Services		2,000		34,356
OPAP SA		3,051		106,741

				141,097

				181,918



HONG KONG (4.2%) (a)
Distributor (0.5%)
Li & Fung Ltd.		30,000		90,527

Electronic Equipment & Instruments (0.2%)
Kingboard Chemical Holdings Ltd.		8,500		39,249

Industrial Conglomerate (0.9%)
Hutchison Whampoa Ltd.		18,000		181,523

Marine (0.1%)
Pacific Basin Shipping Ltd.		20,000		28,619

Real Estate Investment Trust (REIT) (0.2%)
Link REIT (The)		15,000		34,179

Specialty Retail (1.0%)
Esprit Holdings Ltd.		18,000		187,431

Trading Companies & Distributors (0.4%)
Noble Group Ltd.		43,200		75,632

Wireless Telecommunication Services (0.9%)
China Mobile Ltd.		12,517		168,019

				805,179



INDIA (1.5%)
Information Technology Services (1.5%)
Infosys Technologies Ltd. ADR		6,454		280,491



INDONESIA (1.2%) (a)
Automobiles (0.3%)
PT Astra International Tbk		28,000		58,640

6 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


INDONESIA (continued)

Diversified Telecommunication Services (0.8%)
Telekomunikasi Indonesia Tbk PT		183,500	$	146,631

Food Products (0.1%)
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT*		11,500		13,160

				218,431



IRELAND (1.0%)
Commercial Banks (0.1%) (a)
Anglo Irish Bank Corp. PLC		680		6,342

Construction Materials (0.5%)
CRH PLC (Euro Comp Exchange) (a)		3,337		96,976
CRH PLC (London Exchange)		63		1,807

				98,783

Life Sciences Tools & Services (0.4%)
ICON PLC ADR*		1,000		75,520

				180,645



ISRAEL (1.4%)
Pharmaceutical (1.4%)
Teva Pharmaceutical Industries Ltd. ADR		5,911		270,724



ITALY (2.4%) (a)
Aerospace & Defense (0.6%)
Finmeccanica SpA		4,800		125,489

Electrical Equipment (0.3%)
Prysmian SpA		2,300		58,059

Machinery (0.1%)
Danieli & Co. SpA		400		14,860

Oil, Gas & Consumable Fuels (1.4%)
ENI SpA		5,922		219,984
ERG SpA		1,900		45,315

				265,299

				463,707



JAPAN (8.3%) (a)
Auto Components (0.7%)
Denso Corp.		4,100		141,230

Automobiles (1.6%)
Suzuki Motor Corp.		5,900		139,759
Toyota Motor Corp.		3,300		155,795

				295,554

Chemicals (0.3%)
Kuraray Co. Ltd.		3,000		35,800
UBE Industries Ltd.		5,000		17,713

				53,513

Construction & Engineering (0.2%)
JGC Corp.		2,000		39,389

Electrical Equipment (0.1%)
Toyo Tanso Co. Ltd.		400		25,708

Electronic Equipment & Instruments (1.4%)
Hosiden Corp.		1,200		25,596
Keyence Corp.		600		143,044
Nidec Corp.		1,600		106,590

				275,230

Leisure Equipment & Products (0.2%)
Shimano, Inc.		900		45,248

Machinery (2.7%)
Fanuc Ltd.		2,100		205,403
Japan Steel Works Ltd. (The)		4,000		77,810
Komatsu Ltd.		7,000		195,511
Kurita Water Industries Ltd.		700		25,976

				504,700

Marine (0.2%)
Kawasaki Kisen Kaisha Ltd.		3,000		28,197

Metals & Mining (0.2%)
Tokyo Steel Manufacturing Co. Ltd.		4,000		46,335

Real Estate Management & Development (0.3%)
Aeon Mall Co. Ltd.		1,100		32,544
Tokyo Tatemono Co. Ltd.		3,000		19,433

				51,977

Software (0.3%)
Capcom Co. Ltd.		1,200		35,081
Konami Corp.		800		27,985

				63,066

Specialty Retail (0.1%)
Nitori Co. Ltd.		300		15,413

				1,585,560



LUXEMBOURG (0.4%)
Wireless Telecommunication Services (0.4%)
Millicom International Cellular SA		700		72,450



MALAYSIA (0.1%) (a)
Energy Equipment & Services (0.1%)
KNM Group Bhd		8,550		16,652

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager International Growth Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


MEXICO (2.3%)
Household Durables (0.8%)
Desarrolladora Homex SAB de CV ADR*		1,574	$	92,205
Urbi Desarrollos Urbanos SA de CV*		14,500		50,129

				142,334

Media (0.3%)
Grupo Televisa SA ADR		2,697		63,703

Wireless Telecommunication Services (1.2%)
America Movil SAB de CV, Series L ADR		4,351		229,515

				435,552



NETHERLANDS (2.6%)
Air Freight & Logistics (1.1%) (a)
TNT NV		6,132		208,678

Beverages (0.8%) (a)
Heineken Holding NV		3,105		142,104

Energy Equipment & Services (0.6%)
Core Laboratories NV*		200		28,470
Fugro NV CVA (a)		800		68,115
SBM Offshore NV (a)		600		22,075

				118,660

Life Sciences Tools & Services (0.0%) (a)
Qiagen NV*		300		6,026

Semiconductors & Semiconductor Equipment (0.1%)
ASML Holding NV		400		9,760

				485,228



NORWAY (1.1%) (a)
Energy Equipment & Services (1.0%)
Petroleum Geo-Services ASA*		5,929		145,252
Sevan Marine ASA*		3,000		37,347

				182,599

Pharmaceutical (0.1%)
Pronova BioPharma AS*		5,100		17,397

				199,996



REPUBLIC OF KOREA (1.1%) (a)
Commercial Banks (0.7%)
Hana Financial Group, Inc.		3,130		120,459

Machinery (0.2%)
STX Engine Co. Ltd.		600		23,412
Taewoong Co. Ltd.		200		19,295

				42,707

Metals & Mining (0.2%)
Hyundai Steel Co.		500		37,595

				200,761



SINGAPORE (1.9%) (a)
Commercial Banks (0.9%)
United Overseas Bank Ltd.		13,000		178,514

Industrial Conglomerate (1.0%)
Keppel Corp. Ltd.		23,000		188,705

				367,219



SOUTH AFRICA (0.4%) (a)
Commercial Banks (0.4%)
Standard Bank Group Ltd.		8,040		78,135



SPAIN (2.2%) (a)
Commercial Banks (0.4%)
Banco Santander SA		3,807		69,449

Construction & Engineering (0.3%)
Tecnicas Reunidas SA		800		66,855

Diversified Telecommunication Services (1.3%)
Telefonica SA		9,529		252,150

Gas Distribution (0.2%)
Enagas		1,300		36,693

				425,147



SWEDEN (0.2%) (a)
Metals & Mining (0.2%)
SSAB Svenskt Stal AB, Series A		1,200		38,497



SWITZERLAND (7.4%) (a)
Biotechnology (0.2%)
Basilea Pharmaceutica*		200		32,489

Chemicals (1.7%)
Syngenta AG		984		318,867

Food Products (1.4%)
Nestle SA		5,987		269,868

Health Care Equipment & Supplies (0.7%)
Sonova Holding AG		1,505		124,238

Life Sciences Tools & Services (0.4%)
Lonza Group AG		600		82,939

Machinery (0.1%)
Sulzer AG		200		25,274

Pharmaceutical (2.0%)
Roche Holding AG		2,051		368,804

Software (0.1%)
Temenos Group AG*		700		21,545

8 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


SWITZERLAND (continued)

Textiles, Apparel & Luxury Goods (0.8%)
Compagnie Financiere Richemont SA		2,841	$	157,702

				1,401,726



TAIWAN (1.9%) (a)
Computers & Peripherals (0.2%)
Quanta Computer, Inc.		25,000		38,625

Diversified Financial Services (0.2%)
Yuanta Financial Holding Co. Ltd.*		45,000		31,459

Electronic Equipment & Instruments (0.9%)
Hon Hai Precision Industry Co. Ltd.		36,000		177,057

Metals & Mining (0.1%)
Feng Hsin Iron & Steel Co.		8,000		20,743

Semiconductors & Semiconductor Equipment (0.5%)
Taiwan Semiconductor Manufacturing Co. Ltd.		47,000		99,882

				367,766



THAILAND (0.1%)
Commercial Banks (0.0%) (a)
Bank of Ayudhya PCL NVDR*		4,400		2,902

Oil, Gas & Consumable Fuels (0.1%)
Banpu NVDR PCL		100		1,583
Banpu PCL (a)		1,400		22,689

				24,272

				27,174



TURKEY (0.3%) (a)
Commercial Banks (0.3%)
Akbank TAS		17,065		59,258



UNITED ARAB EMIRATES (0.1%) (a)
Energy Equipment & Services (0.1%)
Lamprell PLC		2,000		22,751



UNITED KINGDOM (12.5%) (a)
Aerospace & Defense (0.2%)
VT Group PLC		2,700		33,919

Chemicals (0.1%)
Johnson Matthey PLC		300		10,976

Commercial Services & Supplies (1.3%)
Aggreko PLC		3,600		52,392
Capita Group PLC (The)		9,170		125,076
Homeserve PLC		500		16,781
Serco Group PLC		6,800		60,335

				254,584

Electronic Equipment & Instruments (0.2%)
Rotork PLC		1,800		39,136

Energy Equipment & Services (0.3%)
Subsea 7, Inc.*		1,000		25,302
Wellstream Holdings PLC*		1,500		38,766

				64,068

Food & Staples Retailing (1.0%)
Tesco PLC		27,168		198,691

Hotels, Restaurants & Leisure (0.7%)
Compass Group PLC		18,674		140,448

Household Products (1.0%)
Reckitt Benckiser Group PLC		3,616		182,615

Independent Power Producers & Energy Traders (0.9%)
International Power PLC		19,443		166,542

Insurance (0.5%)
Aviva PLC		9,101		90,217

Media (2.2%)
Informa PLC		14,537		119,100
Reed Elsevier PLC		9,595		109,327
WPP Group PLC		19,882		189,962

				418,389

Metals & Mining (0.2%)
Ferrexpo PLC		4,800		37,557

Oil, Gas & Consumable Fuels (0.3%)
Dana Petroleum PLC*		600		22,630
Imperial Energy Corp. PLC*		1,600		29,548

				52,178

Pharmaceutical (0.8%)
Shire Ltd.		9,634		157,472

Software (0.3%)
Aveva Group PLC		1,900		58,023

Tobacco (1.7%)
Imperial Tobacco Group PLC		8,583		318,808

Wireless Telecommunication Services (0.8%)
Vodafone Group PLC		49,237		145,050

				2,368,673


Total Common Stocks				15,433,021

2008 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager International Growth Fund (Continued)


Preferred Stocks (2.3%) (a)
	Shares or
	Principal Amount		Value


GERMANY (2.3%)
Automobiles (1.5%)
Porsche AG		1,878	$	288,614

Household Products (0.8%)
Henkel KGaA		3,710		147,531


Total Preferred Stocks				436,145


Mutual Funds (11.5%)

UNITED STATES (11.5%)
Fidelity Institutional Prime		2,190,852		2,190,852


Total Mutual Funds				2,190,852


Exchange Traded Funds (0.5%)

UNITED STATES (0.5%)
India Fund, Inc.		2,196		77,694
iShares MSCI Japan Index Fund		1,200		14,976
iShares MSCI Taiwan Index Fund		700		9,891


Total Exchange Traded Funds				102,561


Repurchase Agreements (4.2%)

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $337,999, collateralized by U.S. Government Agency Mortgages ranging 5.00% - 6.00%, maturing 9/20/26-03/15/38; total market value of $344,736	$	337,977		337,977
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $456,367, collateralized by U.S. Government Agency Mortgages ranging 3.99% - 6.88%, maturing 10/01/26-07/01/38; total market value of $465,464	$	456,337	$	456,337


Total Repurchase Agreements				794,314


Total Investments (Cost $19,700,368) (e) — 99.7%				18,956,893

Other assets in excess of liabilities — 0.3%				61,199


NET ASSETS — 100.0%			$	19,018,092


*		Denotes a non-income producing security.

(a)		Fair Valued Security.

(b)		Illiquid security.

(c)		Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2008, all such securities in total represented 0.7% of net assets.

(d)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2008. The maturity date represents the actual maturity date.

(e)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.


ADR		American Depositary Receipt

MX		Mexico

NVDR		Non Voting Depositary Receipt

PCL		Public Company Limited

See accompanying notes to financial statements.

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Multi-Manager
	International
	Growth Fund

Assets:
Investments, at value (cost $18,906,046)	$	18,162,579
Repurchase agreements, at cost and value		794,314

Total Investments		18,956,893

Cash		15,905
Foreign currencies, at value (cost $46,513)		46,932
Dividends receivable		16,593
Receivable for capital shares issued		769,871
Receivable for investments sold		69,033
Unrealized appreciation on spot foreign currency contracts		181
Reclaims receivable		4,450
Prepaid expenses and other assets		4,898

Total Assets		19,884,756

Liabilities:
Payable for investments purchased		858,921
Unrealized depreciation on spot foreign currency contracts		89
Payable for capital shares redeemed		9
Accrued expenses and other payables:
Investment advisory fees		6,819
Fund administration and transfer agent fees		226
Distribution fees		26
Administrative services fees		36
Custodian fees		157
Trustee fees		34
Compliance program costs (Note 3)		2
Other		345

Total Liabilities		866,664

Net Assets	$	19,018,092

Represented by:
Capital	$	19,861,259
Accumulated net investment income		71,343
Accumulated net realized losses from investment and foreign currency transactions		(171,788	)
Net unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(742,722	)

Net Assets	$	19,018,092

Net Assets:
Class I Shares	$	9,726
Class II Shares		9,720
Class III Shares		339,290
Class VI Shares		226,312
Class Y Shares		18,433,044

Total	$	19,018,092

See accompanying notes to financial statements.

2008 Semiannual Report 11

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	NVIT
	Multi-Manager
	International
	Growth Fund

INVESTMENT INCOME:
Interest income	$	6,500
Dividend income		93,518
Foreign tax withholding		(5,096	)

Total Income		94,922

Expenses:
Investment advisory fees		20,810
Fund administration and transfer agent fees		6,723
Distribution fees Class II Shares		7
Distribution fees Class VI Shares		34
Administrative services fees Class I Shares		3
Administrative services fees Class II Shares		3
Administrative services fees Class III Shares		22
Administrative services fees Class VI Shares		8
Custodian fees		908
Trustee fees		79
Compliance program costs (Note 3)		15
Printing fees		5,519
Other		1,269

Total expenses before earnings credit and reimbursed expenses		35,400
Earnings credit (Note 6)		(260	)
Expenses reimbursed		(11,561	)

Net Expenses		23,579

Net Investment Income		71,343

REALIZED/UNREALIZED LOSSES FROM INVESTMENTS:
Net realized losses from investment transactions		(27,814	)
Net realized losses on foreign currency transactions		(143,974	)

Net realized losses from investment and foreign currency transactions		(171,788	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(742,722	)

Net realized/unrealized losses from investments and translation of assets and liabilities denominated in foreign currencies		(914,510	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(843,167	)


(a)		For the period from March 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 13

Statement of Changes in Net Assets


	NVIT Multi-Manager
	International
	Growth Fund

	Period Ended
	June 30, 2008
	(Unaudited) (a)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	71,343
Net realized losses from investment and foreign currency transactions		(171,788	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(742,722	)

Change in net assets resulting from operations		(843,167	)

Change in net assets from capital transactions		19,861,259

Change in net assets		19,018,092

Net Assets:
Beginning of period		–

End of period	$	19,018,092

Accumulated net investment income at end of period	$	71,343


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	10,000

		10,000

Class II Shares
Proceeds from shares issued		10,000

		10,000

Class III Shares
Proceeds from shares issued		358,315
Cost of shares redeemed (b)		(730	)

		357,585

Class VI Shares
Proceeds from shares issued		233,676
Cost of shares redeemed		(116	)

		233,560

Class Y Shares
Proceeds from shares issued		19,313,691
Cost of shares redeemed		(63,577	)

		19,250,114

Change in net assets from capital transactions	$	19,861,259


SHARE TRANSACTIONS:
Class I Shares
Issued		1,000

		1,000

Class II Shares
Issued		1,000

		1,000

See accompanying notes to financial statements.

14 Semiannual Report 2008


		NVIT Multi-Manager International Growth Fund


			Investment Activities								Distributions					Ratios / Supplemental Data

					Net Realized																		Ratio of
					and																Ratio of Net		Expenses
	Net Asset				Unrealized											Net Assets		Ratio of			Investment		(Prior to
	Value,		Net		Gains			Total from			Net Asset					at End of		Expenses			Income		Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Value, End		Total			Period		to Average			to Average		to Average			Portfolio
	of Period		Income		Investments			Activities			of Period		Return (a)			(000s) (b)		Net Assets (b)			Net Assets (b)		Net Assets (b)(c)			Turnover (d)
Class I Shares
Period ended June 30, 2008 (Unaudited) (e)		10.00		0.09		(0.37	)		(0.28	)		9.72		(2.80%	)		10		1.09	%		3.19%		1.66	%		13.38	%

Class II Shares
Period ended June 30, 2008 (Unaudited) (e)		10.00		0.08		(0.37	)		(0.29	)		9.71		(2.90%	)		10		1.31	%		2.95%		1.88	%		13.38	%

Class III Shares
Period ended June 30, 2008 (Unaudited) (e)		10.00		0.02		(0.30	)		(0.28	)		9.72		(2.80%	)		339		1.03	%		2.59%		1.40	%		13.38	%

Class VI Shares
Period ended June 30, 2008 (Unaudited) (e)		10.00		0.01		(0.30	)		(0.29	)		9.71		(2.90%	)		226		1.27	%		2.14%		1.63	%		13.38	%

Class Y Shares
Period ended June 30, 2008 (Unaudited) (e)		10.00		0.04		(0.32	)		(0.28	)		9.72		(2.80%	)		18,433		0.96	%		2.93%		1.44	%		13.38	%


(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 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

16 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Multi-Manager International Growth Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 —		Level 3 —
Level 1 —		Other Significant		Significant
Quoted Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	2,331,410	$	16,625,483	$	–	$	18,956,893

18 Semiannual Report 2008


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

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

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(f)	Written Options Contracts


(g)	Swap Contracts

The Fund may engage in swap contracts in order to obtain a desired return at a lower cost than if the Fund had invested directly in the asset that yielded the desired return. Unrealized gains are reported as an asset and unrealized losses are reported as a liability on the Statement of Assets and Liabilities. The change in unrealized gains or losses on swap contracts is reported as unrealized gains or losses in the Statement of Operations. A realized gain or loss is recorded upon termination of swap contracts. Swap contracts are stated at fair value. Notional principal amounts are used to express the extent of involvement in these contracts, but the amounts potentially subject to credit risk are much smaller. As of June 30, 2008, the Fund did not have any swap contracts outstanding.


(h)	Security Transactions and Investment Income


(i)	Securities Lending

20 Semiannual Report 2008

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 the 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, 2008, the Fund had no securities on loan.


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(k)	Federal Income Taxes

2008 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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 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

- Invesco AIM Capital Management, Inc.


- American Century Global Investment Management, Inc.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.85% based on the Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreements, NFA paid the subadvisers $11,017 for the period ended June 30, 2008.

Effective May 1, 2008, 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 GAAP and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.96% for all share classes until at least May 1, 2009.

As of June 30, 2008, the cumulative potential reimbursements for the Fund would be:

$11,561

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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

22 Semiannual Report 2008

proportionately among all funds within the Trust in proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (“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. 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%. NFD is a wholly-owned subsidiary of NFSDI.

For the period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such costs amounted to $15.

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 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-

2008 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

For the period ended June 30, 2008, Class III shares had contributions to capital due to collection of redemption fees in the amount of $7,199.

5. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $17,835,508 and sales of $1,158,912.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the period ended June 30, 2008.

7. Portfolio Investment Risks

8. Indemnifications

24 Semiannual Report 2008

liability 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. New Accounting Pronouncements

10. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	19,716,117	$	242,442	$	(1,001,666)	$	(759,224)

2008 Semiannual Report 25

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

26 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 27

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

28 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 29

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

30 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Board of Trustees (the “Board”) met on November 9, 2007 (the “Meeting”), to consider, among other things, the creation of new series, including the NVIT Multi-Manager Mid Cap Growth Fund (the “MCG Fund”), the NVIT Multi-Manager Large Cap Growth Fund (the “LCG Fund”), and the NVIT Multi-Manager International Growth Fund (the “International Fund”) (collectively, the “Multi-Manager Funds”), and to consider the proposed adviser, advisory services and advisory fees for the Multi. At the Meeting, the Board considered whether to approve an investment advisory agreement between Nationwide Fund Advisors (“NFA”) and Nationwide Variable Insurance (the “Trust”) on behalf of the Multi-Manager Funds.

The Independent Trustees received assistance and advice from, and met separately with, independent counsel regarding their legal duties and responsibilities in considering the Multi-Manager Funds’ proposed investment advisory agreement. The Board considered all information it deemed relevant, including, but not limited to, the following information with respect to the Multi-Manager Funds:

1. the Multi-Manager Funds’ proposed advisory fee and anticipated ancillary benefits to NFA;

2. the Multi-Manager Funds’ proposed advisory fee in comparison to the advisory fees of the Multi-Manager Funds’ proposed competitive peer groups;

3. the Multi-Manager Funds’ proposed Lipper/Morningstar categories and benchmarks; and

4. the Multi-Manager Funds’ proposed total expenses in comparison to those of the Multi-Manager Funds’ peer groups.

Because the Multi-Manager Funds are new, the Board could not consider comparative information regarding fund performance, or the level of profitability (or lack thereof) that NFA would receive for investment management services provided to the Multi-Manager Funds. Following its review and discussions, a majority of the Board, including a majority of the Independent Trustees (as such term is defined in Section 2(a)(19) of the 1940 Act), determined it was appropriate to approve the Multi-Manager Funds’ advisory agreements for an initial period to run through May 1, 2009 for the following reasons:

Board Approval:

The International Fund. The Board considered NFA’s recommendation to create the International Fund to seek long-term capital growth and that, under normal conditions, and the International Fund would invest at least 80% of the value of its net assets in equity securities issued by companies that are located in, or that derive a significant portion of their earnings or revenues from, a number of countries around the world other than the U.S. The Board noted that the International Fund would consist of two sleeves managed by different subadvisers, and that NFA would select the subadvisers and monitor their performance on an ongoing basis. The Board considered the recommendation of Invesco Aim Capital Management, Inc. (formerly, AIM Capital Management, Inc.) and American Century Global Investment Management, Inc., each a registered investment adviser, as the subadvisers to the International Fund, including their capabilities, personnel, and performance history, and noted that the subadvisers would be paid by NFA out of its fees, and not by the International Fund. The Board considered the fees and expenses, including the proposed expense cap, for the International Fund. The Board then discussed with NFA and its affiliates the proposed marketing and distribution plans for the International Fund.

The Board considered the information and discussion with respect to the services proposed to be provided to the Multi-Manager Funds by NFA, including any anticipated ancillary benefits to be received by NFA including fee income, if any, for performing other services, soft dollars, and affiliated brokerage commissions. The Board, including a majority of the Independent Trustees, having considered all of the information it deemed relevant and being satisfied with NFA’s and its affiliates’ responses to the Board’s questions determined to approve the investment advisory agreement for the Multi-Manager Funds through May 1, 2009 and to undertake the Board’s review and any consideration of reapproval of the Multi-Manager Funds’ advisory agreement at its December 2008-January 2009 Annual 15(c) Contract Review Meeting.

2008 Semiannual Report 31

NVIT Multi-Manager Large Cap Growth Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

10			Statement of Assets and Liabilities

12			Statement of Operations

13			Statement of Changes in Net Assets

14			Financial Highlights

15			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-MM-LCG (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

The NVIT Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Multi-Manager Large Cap Growth Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT Multi-Manager Large			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Cap Growth Fund			03/25/08		06/30/08		03/25/08 - 06/30/08^a*		03/25/08 - 06/30/08^a*

Class I	Actual			1,000.00		1,025.00		2.30		0.85
	Hypothetical	^b		1,000.00		1,020.57		4.28		0.85


Class II	Actual			1,000.00		1,026.00		2.98		1.10
	Hypothetical	^b		1,000.00		1,019.33		5.54		1.10


Class Y	Actual			1,000.00		1,026.00		2.09		0.77
	Hypothetical	^b		1,000.00		1,020.97		3.88		0.77


^*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 98/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Multi-Manager Large Cap Growth Fund


Common Stocks (91.2%)
	Shares or
	Principal Amount		Value


Aerospace & Defense (3.9%)
Boeing Co.		3,100	$	203,732
General Dynamics Corp.		5,562		468,320
Honeywell International, Inc.		900		45,252
Lockheed Martin Corp.		3,090		304,859
Northrop Grumman Corp.		700		46,830
Precision Castparts Corp.		1,280		123,354
Raytheon Co.		3,763		211,782
United Technologies Corp.		2,820		173,994

				1,578,123



Air Freight & Logistics (0.1%)
United Parcel Service, Inc., Class B		600		36,882



Beverages (1.9%)
Anheuser-Busch Cos., Inc.		449		27,892
Coca-Cola Co. (The)		5,895		306,422
Dr. Pepper Snapple Group, Inc.*		1,510		31,680
Fomento Economico Mexicano SAB de CV ADR — MX		2,140		97,392
PepsiCo, Inc.		4,943		314,325

				777,711



Biotechnology (3.6%)
Amgen, Inc.*		1,573		74,183
Biogen Idec, Inc.*		2,542		142,072
Genentech, Inc.*		3,870		293,733
Genzyme Corp.*		2,565		184,731
Gilead Sciences, Inc.*		14,306		757,503

				1,452,222



Capital Markets (1.9%)
Bank of New York Mellon Corp. (The)		200		7,566
BlackRock, Inc.		168		29,736
Eaton Vance Corp.		1,077		42,822
Federated Investors, Inc., Class B		900		30,978
Invesco Ltd.		1,805		43,284
Northern Trust Corp.		2,035		139,540
SEI Investments Co.		1,002		23,567
State Street Corp.		6,890		440,891

				758,384



Chemicals (1.4%)
Chemtura Corp.		6,900		40,296
FMC Corp.		100		7,744
Minerals Technologies, Inc.		631		40,125
Monsanto Co.		3,025		382,481
Mosaic Co. (The)*		767		110,985

				581,631



Commercial Services & Supplies (0.1%)
Manpower, Inc.		222		12,929
MPS Group, Inc.*		2,827		30,051

				42,980



Communications Equipment (4.3%)
Cisco Systems, Inc.*		30,242		703,429
EchoStar Corp., A Shares*		808		25,226
Harris Corp.		447		22,569
Juniper Networks, Inc.*		4,772		105,843
Nokia OYJ ADR — FI		8,150		199,675
QUALCOMM, Inc.		9,595		425,730
Research In Motion Ltd.*		2,210		258,349

				1,740,821



Computers & Peripherals (6.5%)
Apple, Inc.*		6,668		1,116,490
Dell, Inc.*		4,963		108,591
EMC Corp.*		11,840		173,930
Hewlett-Packard Co.		8,459		373,972
International Business Machines Corp.		5,640		668,509
NetApp, Inc.*		1,380		29,891
Seagate Technology		4,732		90,523
Sun Microsystems, Inc.*		1,649		17,941
Teradata Corp.*		900		20,826
Western Digital Corp.*		900		31,077

				2,631,750



Construction & Engineering (0.2%)
Fluor Corp.		189		35,169
KBR, Inc.		829		28,941

				64,110



Consumer Finance (0.7%)
Capital One Financial Corp.		400		15,204
MasterCard, Inc., Class A		1,076		285,700

				300,904



Containers & Packaging (0.0%)
AptarGroup, Inc.		351		14,724



Distributor (0.0%)
Genuine Parts Co.		139		5,516



Diversified Consumer Services (0.1%)
DeVry, Inc.		358		19,196



Diversified Financial Services (0.7%)
Bank of America Corp.		5,549		132,455
JPMorgan Chase & Co.		4,040		138,612

				271,067

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Large Cap Growth Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Diversified Telecommunication Services (0.2%)
AT&T, Inc.		2,143	$	72,197
Fairpoint Communications, Inc.		13		94
Verizon Communications, Inc.		700		24,780

				97,071



Electric Utilities (1.6%)
Exelon Corp.		2,665		239,743
FirstEnergy Corp.		1,800		148,194
FPL Group, Inc.		3,350		219,693
PPL Corp.		1,000		52,270

				659,900



Electrical Equipment (2.3%)
ABB Ltd. ADR — CH*		13,015		368,585
Emerson Electric Co.		2,573		127,235
First Solar, Inc.*		1,600		436,512

				932,332



Electronic Equipment & Instruments (0.1%)
Avnet, Inc.*		600		16,368
Ingram Micro, Inc., Class A*		2,075		36,831

				53,199



Energy Equipment & Services (7.0%)
Baker Hughes, Inc.		905		79,043
Cameron International Corp.*		1,082		59,889
Diamond Offshore Drilling, Inc.		330		45,916
Exterran Holdings, Inc.*		617		44,109
FMC Technologies, Inc.*		1,450		111,548
Halliburton Co.		3,983		211,378
National Oilwell Varco, Inc.*		800		70,976
Oceaneering International, Inc.*		400		30,820
Oil States International, Inc.*		24		1,523
Schlumberger Ltd.		6,375		684,866
SEACOR Holdings, Inc.*		300		26,853
Superior Energy Services, Inc.*		409		22,552
Tenaris SA ADR — LU		3,630		270,435
Transocean, Inc.*		4,460		679,659
Unit Corp.*		345		28,625
Weatherford International Ltd.*		9,320		462,179

				2,830,371



Food & Staples Retailing (5.5%)
BJ’s Wholesale Club, Inc.*		2,342		90,635
Costco Wholesale Corp.		3,578		250,961
CVS Caremark Corp.		20,202		799,393
Kroger Co. (The)		11,547		333,362
Ruddick Corp.		1,200		41,172
Safeway, Inc.		937		26,751
Wal-Mart Stores, Inc.		12,009		674,906

				2,217,180



Food Products (0.7%)
Archer-Daniels-Midland Co.		1,873		63,214
Bunge Ltd.		2,023		217,857

				281,071



Health Care Equipment & Supplies (2.9%)
Baxter International, Inc.		5,285		337,923
Beckman Coulter, Inc.		400		27,012
Becton, Dickinson & Co.		3,115		253,249
Boston Scientific Corp.*		3,616		44,440
C.R. Bard, Inc.		481		42,304
Covidien Ltd.		2,885		138,163
Dentsply International, Inc.		600		22,080
Gen-Probe, Inc.*		441		20,939
IDEXX Laboratories, Inc.*		400		19,496
Medtronic, Inc.		4,556		235,773
St. Jude Medical, Inc.*		467		19,091

				1,160,470



Health Care Providers & Services (0.8%)
Express Scripts, Inc.*		1,881		117,976
McKesson Corp.		1,065		59,544
Medco Health Solutions, Inc.*		1,800		84,960
UnitedHealth Group, Inc.		1,536		40,320

				302,800



Hotels, Restaurants & Leisure (1.0%)
Carnival Corp.		300		9,888
Chipotle Mexican Grill, Inc., Class A*		251		20,738
McDonald’s Corp.		6,961		391,347

				421,973



Household Products (1.2%)
Colgate-Palmolive Co.		2,973		205,434
Procter & Gamble Co.		4,786		291,037

				496,471



Independent Power Producers & Energy Traders (0.1%)
NRG Energy, Inc.*		1,151		49,378



Industrial Conglomerates (1.7%)
McDermott International, Inc.*		6,114		378,395
Textron, Inc.		5,230		250,674
Tyco International Ltd.		1,442		57,738

				686,807



Information Technology Services (1.2%)
Accenture Ltd., Class A		1,552		63,197
Broadridge Financial Solutions, Inc.		1,036		21,808
Cognizant Technology Solutions Corp., Class A*		9,970		324,125
Hewitt Associates, Inc., Class A*		900		34,497

6 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Information Technology Services (continued)

SRA International, Inc., Class A*		840	$	18,866
Western Union Co. (The)		994		24,572

				487,065



Insurance (0.7%)
Axis Capital Holdings Ltd.		500		14,905
MetLife, Inc.		4,750		250,657

				265,562



Internet & Catalog Retail (0.8%)
Amazon.Com, Inc.*		4,600		337,318



Internet Software & Services (3.1%)
eBay, Inc.*		1,567		42,826
Equinix, Inc.*		2,440		217,697
Google, Inc., Class A*		1,647		867,014
Sohu.com, Inc.*		426		30,007
VeriSign, Inc.*		1,200		45,360
Yahoo!, Inc.*		2,316		47,849

				1,250,753



Life Sciences Tools & Services (1.4%)
Invitrogen Corp.*		1,011		39,692
Thermo Fisher Scientific, Inc.*		9,340		520,518

				560,210



Machinery (3.1%)
Bucyrus International, Inc., Class A		356		25,995
Caterpillar, Inc.		1,023		75,518
Cummins, Inc.		6,385		418,345
Danaher Corp.		2,570		198,661
Deere & Co.		1,965		141,736
Eaton Corp.		1,860		158,044
Flowserve Corp.		600		82,020
Graco, Inc.		38		1,447
Harsco Corp.		264		14,364
Illinois Tool Works, Inc.		151		7,174
Ingersoll-Rand Co. Ltd., Class A		1,300		48,659
Joy Global, Inc.		900		68,247

				1,240,210



Marine (0.1%)
Kirby Corp.*		589		28,272



Media (2.2%)
CBS Corp., Class B		3,890		75,816
Comcast Corp., Special Class A		1,600		30,016
DIRECTV Group, Inc. (The)*		12,515		324,264
DISH Network Corp., Class A*		930		27,230
Gannett Co., Inc.		600		13,002
News Corp., Class A		10,410		156,567
Omnicom Group, Inc.		2,165		97,165
Time Warner, Inc.		8,629		127,709
Walt Disney Co. (The)		894		27,893

				879,662



Metals & Mining (0.8%)
Carpenter Technology Corp.		679		29,638
Reliance Steel & Aluminum Co.		839		64,679
Schnitzer Steel Industries, Inc., Class A		342		39,193
Southern Copper Co.		400		42,652
United States Steel Corp.		760		140,433
Worthington Industries, Inc.		1,000		20,500

				337,095



Multi-Utilities (0.1%)
Dominion Resources, Inc.		4		190
OGE Energy Corp.		812		25,748

				25,938



Multiline Retail (0.1%)
Big Lots, Inc.*		591		18,463
Dollar Tree, Inc.*		672		21,968
Sears Holdings Corp.*		158		11,638

				52,069



Oil, Gas & Consumable Fuels (6.5%)
Alpha Natural Resources, Inc.*		262		27,324
Apache Corp.		300		41,700
Bill Barrett Corp.*		576		34,220
Cabot Oil & Gas Corp.		899		60,889
Canadian Natural Resources Ltd.		3,240		324,810
Chesapeake Energy Corp.		6,170		406,973
Continental Resources, Inc.*		1,056		73,202
Denbury Resources, Inc.*		790		28,835
Devon Energy Corp.		469		56,355
Encore Acquisition Co.*		258		19,399
EOG Resources, Inc.		144		18,893
Exxon Mobil Corp.		1,265		111,484
Noble Energy, Inc.		400		40,224
Occidental Petroleum Corp.		3,916		351,892
Petroleo Brasileiro SA ADR — BR		3,155		223,469
Pioneer Natural Resources Co.		75		5,871
Range Resources Corp.		1,945		127,475
Ultra Petroleum Corp.*		273		26,809
Valero Energy Corp.		1,564		64,406
W&T Offshore, Inc.		1,300		76,063
Williams Cos., Inc.		9,320		375,689
XTO Energy, Inc.		1,640		112,356

				2,608,338



Personal Products (0.1%)
Herbalife Ltd.		1,300		50,375

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Large Cap Growth Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Pharmaceuticals (3.2%)
Abbott Laboratories		6,185	$	327,619
Eli Lilly & Co.		1,521		70,209
Johnson & Johnson		4,619		297,186
Merck & Co., Inc.		4,179		157,507
Pfizer, Inc.		8,548		149,334
Teva Pharmaceutical Industries Ltd. ADR — IL		5,950		272,510

				1,274,365



Real Estate Investment Trusts (REITs) (0.4%)
AvalonBay Communities, Inc.		247		22,022
Equity Residential		681		26,062
Federal Realty Investment Trust		520		35,880
Kilroy Realty Corp.		369		17,354
ProLogis		1,200		65,220

				166,538



Real Estate Management & Development (0.1%)
Jones Lang LaSalle, Inc.		800		48,152



Road & Rail (0.6%)
Burlington Northern Santa Fe Corp.		374		37,359
J.B. Hunt Transport Services, Inc.		3,641		121,172
Landstar System, Inc.		1,204		66,485
Werner Enterprises, Inc.		1,900		35,302

				260,318



Semiconductors & Semiconductor Equipment (4.9%)
Applied Materials, Inc.		27,372		522,532
Intel Corp.		26,739		574,354
KLA-Tencor Corp.		90		3,664
Lam Research Corp.*		787		28,450
MEMC Electronic Materials, Inc.*		7,130		438,780
Microchip Technology, Inc.		668		20,401
NVIDIA Corp.*		584		10,932
Texas Instruments, Inc.		13,551		381,596

				1,980,709



Software (5.6%)
Activision Blizzard, Inc.*		2,306		78,565
Adobe Systems, Inc.*		15,680		617,635
Advent Software, Inc.*		1,300		46,904
Amdocs Ltd.*		5,385		158,427
Autodesk, Inc.*		901		30,463
Citrix Systems, Inc.*		2,605		76,613
Electronic Arts, Inc.*		2,595		115,296
Microsoft Corp.		23,892		657,269
Oracle Corp.*		18,671		392,091
Salesforce.com, Inc.*		391		26,678
Symantec Corp.*		1,095		21,188
Synopsys, Inc *		1,300		31,083

				2,252,212



Specialty Retail (1.3%)
Aeropostale, Inc.*		1,896		59,402
Best Buy Co., Inc.		1,600		63,360
GameStop Corp., Class A*		3,211		129,724
Ross Stores, Inc.		800		28,416
Staples, Inc.		8,535		202,706
TJX Cos., Inc.		1,701		53,531

				537,139



Textiles, Apparel & Luxury Goods (0.6%)
Nike, Inc., Class B		3,983		237,427



Tobacco (0.8%)
Altria Group, Inc.		9,306		191,331
Lorillard, Inc.*		412		28,494
Philip Morris International, Inc.		1,700		83,963
Reynolds American, Inc.		103		4,807

				308,595



Wireless Telecommunication Services (3.0%)
American Tower Corp., Class A*		15,745		665,226
NII Holdings, Inc.*		11,330		538,062

				1,203,288


Total Common Stocks				36,856,654


Repurchase Agreements (7.3%)


Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $1,253,576, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $1,278,564	$	1,253,494		1,253,494
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $1,692,583, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $1,726,321		1,692,472		1,692,472


Total Repurchase Agreements				2,945,966

8 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Multi-Manager
	Large Cap
	Growth Fund

Assets:
Investments, at value (cost $37,451,214)	$	36,856,654
Repurchase agreements, at cost and value		2,945,966

Total Investments		39,802,620

Cash		20,917
Interest and dividends receivable		27,088
Receivable for capital shares issued		1,306,788
Receivable for investments sold		336,971
Prepaid expenses and other assets		6,342

Total Assets		41,500,726

Liabilities:
Payable for investments purchased		1,064,355
Unrealized depreciation on futures contracts		447
Payable for capital shares redeemed		7
Accrued expenses and other payables:
Investment advisory fees		18,291
Fund administration and transfer agent fees		219
Distribution fees		24
Administrative services fees		13
Custodian fees		131
Trustee fees		111
Compliance program costs (Note 3)		8
Other		5,382

Total Liabilities		1,088,988

Net Assets	$	40,411,738

Represented by:
Capital	$	40,841,286
Accumulated net investment income		27,830
Accumulated net realized gains from investment and futures transactions		137,629
Net unrealized appreciation/(depreciation) from investments and futures		(595,007	)

Net Assets	$	40,411,738

Net Assets:
Class I Shares	$	112,144
Class II Shares		125,476
Class Y Shares		40,174,118

Total	$	40,411,738

Shares outstanding (unlimited number of shares authorized):
Class I Shares		10,938
Class II Shares		12,235
Class Y Shares		3,917,012

Total		3,940,185

See accompanying notes to financial statements.

10 Semiannual Report 2008

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	NVIT
	Multi-Manager
	Large Cap
	Growth Fund

INVESTMENT INCOME:
Interest income	$	12,802
Dividend income		65,136

Total Income		77,938

Expenses:
Investment advisory fees		42,153
Fund administration and transfer agent fees		3,444
Distribution fees Class II Shares		35
Administrative services fees Class I Shares		4
Administrative services fees Class II Shares		9
Custodian fees		2,988
Trustee fees		251
Compliance program costs (Note 3)		50
Printing fees		5,528
Other		1,578

Total expenses before earnings credit and reimbursed expenses		56,040
Earnings credit (Note 6)		(1,494	)
Expenses reimbursed		(4,438	)

Net Expenses		50,108

Net Investment Income		27,830

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		173,965
Net realized losses from futures transactions		(36,336	)

Net realized gains from investment and futures transactions		137,629
Net change in unrealized appreciation/(depreciation) from investments and futures		(595,007	)

Net realized/unrealized losses on investments and futures		(457,378	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(429,548	)


(a)		For the period from March 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

12 Semiannual Report 2008

Statement of Changes in Net Assets


	NVIT Multi-Manager
	Large Cap Growth Fund

	Period Ended
	June 30, 2008
	(Unaudited)(a)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	27,830
Net realized gains from investment and futures transactions		137,629
Net change in unrealized appreciation/(depreciation) from investments and futures		(595,007	)

Change in net assets resulting from operations		(429,548	)

Change in net assets from capital transactions		40,841,286

Change in net assets		40,411,738

Net Assets:
Beginning of period		–

End of period	$	40,411,738

Accumulated net investment income at end of period	$	27,830


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	137,816
Cost of shares redeemed		(22,489	)

		115,327

Class II Shares
Proceeds from shares issued		193,767
Cost of shares redeemed		(63,470	)

		130,297

Class Y Shares
Proceeds from shares issued		40,732,849
Cost of shares redeemed		(137,187	)

		40,595,662

Change in net assets from capital transactions	$	40,841,286


SHARE TRANSACTIONS:
Class I Shares
Issued		13,121
Redeemed		(2,183	)

		10,938

Class II Shares
Issued		18,106
Redeemed		(5,871	)

		12,235

Class Y Shares
Issued		3,930,140
Redeemed		(13,128	)

		3,917,012

Total change in shares		3,940,185


(a)		For the period from March 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 13

NVIT Multi-Manager Large Cap Growth Fund


			Investment Activities								Distributions									Ratios / Supplemental Data

																						Ratio of
							Net Realized													Ratio of Net		Expenses
	Net Asset						and		Total						Net Assets		Ratio of			Investment		(Prior to
	Value,		Net				Unrealized		from		Net Asset				at End of		Expenses			Income		Reimbursements)
	Beginning		Investment				Gains on		Investment		Value, End		Total		Period		to Average			to Average		to Average		Portfolio
	of Period		Income				Investments		Activities		of Period		Return (a)		(000s)(b)		Net Assets (b)			Net Assets (b)		Net Assets (b) (c)		Turnover (d)
Class I Shares
Period ended June 30, 2008 (Unaudited)(e)		10.00		–	(f	)		0.25		0.25		10.25		2.50%		112		0.85	%		0.32%		0.87%		23.43	%

Class II Shares
Period ended June 30, 2008 (Unaudited)(e)		10.00		–	(f	)		0.26		0.26		10.26		2.60%		125		1.10	%		0.13%		1.13%		23.43	%

Class Y Shares
Period ended June 30, 2008 (Unaudited)(e)		10.00		0.01				0.25		0.26		10.26		2.60%		40,174		0.77	%		0.43%		0.84%		23.43	%


(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 25, 2008 (commencement of operations) through June 30, 2008.
(f)	The amount is less than $0.005 per share.

See accompanying notes to financial statements.

14 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Multi-Manager Large Cap Growth Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

16 Semiannual Report 2008

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


				Level 2 —
Level 1 —				Other Significant				Level 3 — Significant
Quoted Prices				Observable Inputs				Unobservable Inputs				Total

Investments		Other*		Investments		Other*		Investments		Other*		Investments		Other*

$	36,856,654	$	(447)	$	2,945,966	$	–	$	–	$	–	$	39,802,620	$	(447)


	*	Other financial instruments are derivative instruments not reflected in the Statement of Investments, such as futures, forwards, options, and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (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” payments, are made or received each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.


(f)	Written Options Contracts


(g)	Swap Contracts


(h)	Security Transactions and Investment Income

18 Semiannual Report 2008

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


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(k)	Federal Income Taxes

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

positions taken in a tax return and amounts recognized in the financial statements will generally result 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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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.


Subadvisers

- Wells Capital Management, Inc.


- Goldman Sachs Asset Management, L.P.


- Neuberger Berman Management Inc.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.65% based on the Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreements, NFA paid the subadvisers $22,698 for the period ended June 30, 2008.

Effective May 1, 2008, 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 GAAP and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.75% for all share classes until at least May 1, 2009.

20 Semiannual Report 2008

As of June 30, 2008, the cumulative potential reimbursements for the Fund would be:


						Amount for the
						Period Ended
						June 30, 2008

						$	4,438

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (“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%.

For the period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

2008 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the period ended June 30, 2008, the Fund’s portion of such costs amounted to $50.

4. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $42,907,876 and sales of $5,626,626.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the period ended June 30, 2008.

6. Portfolio Investment Risks

7. Indemnifications

22 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

24 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 25

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

26 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 27

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

28 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Independent Trustees received assistance and advice from, and met separately with, independent counsel regarding their legal duties and responsibilities in considering the Multi-Manager Funds’ proposed investment advisory agreement. The Board considered all information it deemed relevant, including, but not limited to, the following information with respect to the Multi-Manager Funds:

1. the Multi-Manager Funds’ proposed advisory fee and anticipated ancillary benefits to NFA;

2. the Multi-Manager Funds’ proposed advisory fee in comparison to the advisory fees of the Multi-Manager Funds’ proposed competitive peer groups;

3. the Multi-Manager Funds’ proposed Lipper/Morningstar categories and benchmarks; and

4. the Multi-Manager Funds’ proposed total expenses in comparison to those of the Multi-Manager Funds’ peer groups.

Board Approval:

The LCG Fund. The Board considered NFA’s recommendation to create the LCG Fund to seek long-term capital growth and that, under normal conditions, the LCG Fund would invest at least 80% of the value of its net assets in equity securities issued by large-cap companies, utilizing a growth style of investing. The Board noted that the LCG Fund would consist of three sleeves managed by different subadvisers, and that NFA would select the subadvisers and monitor their performance on an ongoing basis. The Board considered the recommendation of Neuberger Berman, Goldman Sachs, and Wells Fargo, each a registered investment adviser, as the subadvisers to the LCG Fund, including their capabilities, personnel, and performance history, and noted that the subadvisers would be paid by NFA out of its fees, and not by the LCG Fund. The Board considered the fees and expenses, including the expense cap, proposed for the LCG Fund. The Board then discussed with NFA and its affiliates the proposed marketing and distribution plans for the LCG Fund.

2008 Semiannual Report 29

NVIT Multi-Manager Large Cap Value Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

10			Statement of Assets and Liabilities

12			Statement of Operations

13			Statement of Changes in Net Assets

15			Financial Highlights

16			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-MM-LCV (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

The NVIT Funds are available only as sub-account investment options in certain variable insurance products. Accordingly, investors are unable to invest in

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Multi-Manager Large Cap Value Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT Multi-Manager			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Large Cap Value Fund			03/25/08		06/30/08		03/25/08 - 06/30/08^a*		03/25/08 - 06/30/08^a*

Class I	Actual			1,000.00		965.80		2.26		0.86
	Hypothetical	^b		1,000.00		1,020.52		4.33		0.86


Class II	Actual			1,000.00		966.00		2.79		1.06
	Hypothetical	^b		1,000.00		1,019.53		5.34		1.06


Class Y	Actual			1,000.00		967.10		2.03		0.77
	Hypothetical	^b		1,000.00		1,020.97		3.88		0.77


^*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 98/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	NVIT Multi-Manager Large Cap Value Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			87.4%
Repurchase Agreements			11.2%
U.S. Treasury Note			0.3%
Preferred Stock			0.2%
Other assets in excess of liabilities			0.9%

			100.0%


Top Industries

Oil, Gas & Consumable Fuels			16.7%
Insurance			6.0%
Pharmaceutical			5.7%
Media			4.7%
Electric Utilities			4.5%
Capital markets			3.8%
Diversified Financial Services			3.7%
Food Products			2.7%
Health Care Providers & Services			2.4%
Commercial Banks			2.3%
Other			47.5%

			100.0%


Top Holdings*

Exxon Mobil Corp.			2.5%
Comcast Corp., Class A			2.2%
Devon Energy Corp.			2.2%
Unilever NV			2.0%
Wyeth			1.9%
JPMorgan Chase & Co.			1.8%
Sprint Nextel Corp.			1.8%
Occidental Petroleum Corp.			1.7%
Hess Corp.			1.7%
ACE Ltd.			1.6%
Other			80.6%

			100.0%


Top Countries

United States			77.1%
Switzerland			2.3%
Bermuda			2.0%
Netherlands			2.0%
Canada			1.2%
United Kingdom			0.9%
France			0.8%
Cayman Islands			0.4%
Japan			0.3%
Singapore			0.3%
Other			12.7%

			100.0%


*		For purpose of listing top holdings, repurchase agreements are included as part of Other

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Multi-Manager Large Cap Value Fund


Common Stocks (87.4%)
	Shares or
	Principal Amount		Value


BERMUDA (2.0%)
Electronic Equipment & Instruments (0.1%)
Tyco Electronics Ltd.		700	$	25,074

Insurance (1.9%)
Allied World Assurance Co. Holdings Ltd.		1,500		59,430
Axis Capital Holdings Ltd.		4,000		119,240
Everest Re Group Ltd.		5,469		435,934
PartnerRe Ltd.		2,187		151,187

				765,791

				790,865



BRAZIL (0.1%)
Food Products (0.1%)
Perdigao SA ADR		1,000		54,500



CANADA (1.2%)
Oil, Gas & Consumable Fuels (1.2%)
Cameco Corp.		3,300		141,471
Petro-Canada		2,400		133,800
Talisman Energy, Inc.		8,600		190,318

				465,589



CAYMAN ISLANDS (0.4%)
Computers & Peripherals (0.4%)
Seagate Technology		8,237		157,574



FRANCE (0.8%)
Oil, Gas & Consumable Fuels (0.7%)
Total SA ADR		3,250		277,127

Pharmaceutical (0.1%) (a)
Sanofi-Aventis SA		896		59,533

				336,660



JAPAN (0.3%) (a)
Tobacco (0.3%)
Japan Tobacco, Inc.		33		140,760



NETHERLANDS (2.0%)
Food Products (2.0%)
Unilever NV		27,819		790,060



SINGAPORE (0.3%)
Electronic Equipment & Instruments (0.3%)
Flextronics International Ltd.*		12,900		121,260



SWITZERLAND (2.3%)
Capital Markets (0.4%)
UBS AG*		6,726		138,959

Chemicals (0.3%)
Syngenta AG ADR — CH		2,000		129,400
Insurance (1.6%)
ACE Ltd.		11,600		639,044

				907,403



UNITED KINGDOM (0.9%) (a)
Commercial Banks (0.6%)
Royal Bank of Scotland Group PLC		52,323		222,719

Containers & Packaging (0.3%)
Rexam PLC		18,407		141,387

				364,106



UNITED STATES (77.1%)
Aerospace & Defense (1.4%)
Alliant Techsystems, Inc.*		1,200		122,016
Northrop Grumman Corp.		1,600		107,040
United Technologies Corp.		5,276		325,529

				554,585

Air Freight & Logistics (0.6%)
FedEx Corp.		300		23,637
United Parcel Service, Inc., Class B		3,400		208,998

				232,635

Airline (0.3%)
Southwest Airlines Co.		9,100		118,664

Auto Components (0.5%)
Autoliv, Inc.		2,100		97,902
Goodyear Tire & Rubber Co. (The)*		300		5,349
Johnson Controls, Inc.		4,076		116,900

				220,151

Automobiles (0.3%)
Ford Motor Co.*		28,509		137,128

Beverages (0.4%)
Pepsi Bottling Group, Inc.		5,600		156,352

Biotechnology (1.1%)
Amgen, Inc.*		6,770		319,273
Genentech, Inc.*		1,881		142,768

				462,041

Building Products (0.1%)
Owens Corning, Inc.*		900		20,475

Capital Markets (3.4%)
Bank of New York Mellon Corp. (The)		4,100		155,103
Invesco Ltd.		12,288		294,666

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Large Cap Value Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED STATES (continued)
Capital Markets (continued)

Lehman Brothers Holdings, Inc.		3,700	$	73,297
Merrill Lynch & Co., Inc.		5,957		188,897
Morgan Stanley		3,824		137,932
State Street Corp.		3,860		247,001
TD Ameritrade Holding Corp.*		13,921		251,831

				1,348,727

Chemicals (1.2%)
Air Products & Chemicals, Inc.		664		65,643
Ashland, Inc.		900		43,380
Celanese Corp., Series A		2,900		132,414
Cytec Industries, Inc.		100		5,456
Dow Chemical Co. (The)		4,300		150,113
Eastman Chemical Co.		500		34,430
Rohm & Haas Co.		1,100		51,084

				482,520

Commercial Banks (1.7%)
BB&T Corp.		5,400		122,958
Huntington Bancshares, Inc.		10,400		60,008
M&T Bank Corp.		1,489		105,034
National City Corp.		8,049		38,394
Regions Financial Corp.		6,900		75,279
U.S. Bancorp		6,800		189,652
Wachovia Corp.		3,414		53,019
Wells Fargo & Co.		1,600		38,000

				682,344

Commercial Services & Supplies (0.5%)
Waste Management, Inc.		5,213		196,582

Communications Equipment (1.5%)
Cisco Systems, Inc.*		9,600		223,296
Corning, Inc.		6,250		144,063
JDS Uniphase Corp.*		4,800		54,528
QUALCOMM, Inc.		3,700		164,169

				586,056

Computers & Peripherals (1.8%)
Hewlett-Packard Co.		10,425		460,889
International Business Machines Corp.		1,489		176,491
Lexmark International, Inc., Class A*		2,100		70,203
Western Digital Corp.*		100		3,453

				711,036

Consumer Finance (1.8%)
Capital One Financial Corp.		4,200		159,642
Discover Financial Services		3,100		40,827
SLM Corp.*		16,853		326,106
Visa, Inc., Class A*		2,194		178,394

				704,969

Containers & Packaging (0.2%)
Owens-Illinois, Inc.*		1,500		62,535

Diversified Financial Services (3.7%)
Bank of America Corp.		18,182		434,005
CIT Group, Inc.		6,500		44,265
Citigroup, Inc.		17,078		286,227
JPMorgan Chase & Co.		21,187		726,926

				1,491,423

Diversified Telecommunication Services (1.7%)
AT&T, Inc.		11,163		376,081
Embarq Corp.		600		28,362
Verizon Communications, Inc.		7,400		261,960

				666,403

Electric Utilities (4.5%)
American Electric Power Co., Inc.		4,200		168,966
Edison International		3,400		174,692
Entergy Corp.		5,244		631,797
FirstEnergy Corp.		5,166		425,317
Northeast Utilities		6,200		158,286
Progress Energy, Inc.		5,100		213,333
Southern Co.		500		17,460

				1,789,851

Electronic Equipment & Instruments (0.5%)
Arrow Electronics, Inc.*		5,700		175,104
Avnet, Inc.*		900		24,552

				199,656

Energy Equipment & Services (2.0%)
Baker Hughes, Inc.		2,650		231,451
National Oilwell Varco, Inc.*		1,489		132,104
Weatherford International Ltd.*		8,780		435,400

				798,955

Food & Staples Retailing (1.6%)
SUPERVALU, Inc.		7,211		222,748
Wal-Mart Stores, Inc.		7,631		428,862

				651,610

Food Products (0.6%)
Bunge Ltd.		1,300		139,997
Dean Foods Co.*		1,800		35,316
Tyson Foods, Inc., Class A		5,700		85,158

				260,471

Health Care Equipment & Supplies (1.7%)
Baxter International, Inc.		7,533		481,660
Covidien Ltd.		4,300		205,927

				687,587

6 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED STATES (continued)

Health Care Providers & Services (2.4%)
Aetna, Inc.		5,700	$	231,021
Health Management Associates, Inc., A Shares*		14,300		93,093
Laboratory Corp. of America Holdings*		3,076		214,182
LifePoint Hospitals, Inc.*		1,600		45,280
UnitedHealth Group, Inc.		3,200		84,000
WellPoint, Inc.*		6,359		303,070

				970,646

Hotels, Restaurants & Leisure (0.1%)
McDonald’s Corp.		400		22,488

Household Durables (0.7%)
D.R. Horton, Inc.		5,800		62,930
Lennar Corp., Class A		300		3,702
Newell Rubbermaid, Inc.		10,151		170,435
Snap-on, Inc.		200		10,402
Whirlpool Corp.		500		30,865

				278,334

Household Products (0.3%)
Procter & Gamble Co.		1,900		115,539

Industrial Conglomerate (1.3%)
General Electric Co.		19,521		521,016

Information Technology Services (0.2%)
Computer Sciences Corp.*		1,900		88,996

Insurance (2.5%)
American International Group, Inc.		8,638		228,561
First American Corp.		900		23,760
Hartford Financial Services Group, Inc.		3,126		201,846
MBIA, Inc.		3,500		15,365
MetLife, Inc.		2,300		121,371
Prudential Financial, Inc.		2,939		175,576
Reinsurance Group of America, Inc.		900		39,168
Travelers Cos., Inc.		3,788		164,399
Unum Group		700		14,315

				984,361

Life Sciences Tools & Services (0.0%)
Invitrogen Corp.*		300		11,778

Machinery (1.3%)
AGCO Corp.*		1,500		78,615
Caterpillar, Inc.		1,668		123,132
Deere & Co.		3,000		216,390
Parker Hannifin Corp.		1,200		85,584

				503,721

Marine (0.1%)
Alexander & Baldwin, Inc.		500		22,775

Media (4.7%)
CBS Corp., Class B		5,500		107,195
Comcast Corp., Class A		46,658		885,102
Time Warner, Inc.		31,865		471,602
Virgin Media, Inc.		22,400		304,864
Walt Disney Co. (The)		3,300		102,960

				1,871,723

Metals & Mining (2.1%)
Alcoa, Inc.		2,300		81,926
Freeport-McMoRan Copper & Gold, Inc.		600		70,314
Nucor Corp.		2,877		214,826
Reliance Steel & Aluminum Co.		200		15,418
United States Steel Corp.		2,430		449,015

				831,499

Multi-Utilities (0.4%)
Alliant Energy Corp.		300		10,278
Ameren Corp.		600		25,338
PG&E Corp.		3,410		135,343
Sempra Energy		100		5,645

				176,604

Multiline Retail (0.6%)
J.C. Penney Co., Inc.		2,116		76,790
Macy’s, Inc.		3,600		69,912
Sears Holdings Corp.*		1,100		81,026

				227,728

Natural Gas Utility (0.1%)
Oneok, Inc.		500		24,415

Oil, Gas & Consumable Fuels (14.8%)
Apache Corp.		1,200		166,800
Chevron Corp.		3,900		386,607
Cimarex Energy Co.		300		20,901
ConocoPhillips		3,100		292,609
Devon Energy Corp.		7,251		871,280
El Paso Corp.		100		2,174
EOG Resources, Inc.		4,116		540,019
Exxon Mobil Corp.		11,511		1,014,464
Hess Corp.		5,456		688,493
Newfield Exploration Co.*		4,450		290,363
Noble Energy, Inc.		2,600		261,456
Occidental Petroleum Corp.		7,763		697,583
Range Resources Corp.		5,254		344,347
Sunoco, Inc.		100		4,069
Valero Energy Corp.		2,600		107,068
Williams Cos., Inc.		6,451		260,040

				5,948,273

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Large Cap Value Fund (Continued)


	Shares or
	Principal Amount		Value


UNITED STATES (continued)

Paper & Forest Products (0.0%)
Domtar Corp.*		2,800	$	15,260

Personal Products (0.1%)
Avon Products, Inc.		1,500		54,030

Pharmaceuticals (5.6%)
Abbott Laboratories		5,017		265,750
Eli Lilly & Co.		4,300		198,488
Johnson & Johnson		6,257		402,575
Merck & Co., Inc.		2,200		82,918
Pfizer, Inc.		15,900		277,773
Schering-Plough Corp.		13,000		255,970
Wyeth		16,210		777,432

				2,260,906

Real Estate Investment Trusts (REITs) (1.0%)
Annaly Capital Management, Inc.		15,808		245,182
Apartment Investment & Management Co., Class A		200		6,812
AvalonBay Communities, Inc.		200		17,832
Boston Properties, Inc.		300		27,066
Equity Residential		700		26,789
HCP, Inc.		200		6,362
Hospitality Properties Trust		400		9,784
Host Hotels & Resorts, Inc.		900		12,285
Kimco Realty Corp.		300		10,356
ProLogis		100		5,435
Public Storage		200		16,158
Simon Property Group, Inc.		100		8,989
Vornado Realty Trust		200		17,600

				410,650

Road & Rail (0.3%)
CSX Corp.		400		25,124
Ryder System, Inc.		1,500		103,320

				128,444

Semiconductors & Semiconductor Equipment (0.4%)
Applied Materials, Inc.		7,900		150,811

Software (0.4%)
Microsoft Corp.		6,300		173,313
Symantec Corp.*		400		7,740

				181,053

Specialty Retail (0.5%)
American Eagle Outfitters, Inc.		2,600		35,438
Home Depot, Inc.		7,400		173,308

				208,746

Thrifts & Mortgage Finance (1.2%)
Federal National Mortgage Association		11,000		214,610
Freddie Mac		5,400		88,560
Sovereign Bancorp, Inc.		15,400		113,344
Washington Mutual, Inc.		13,300		65,569

				482,083

Tobacco (1.0%)
Altria Group, Inc.		1,500		30,840
Philip Morris International, Inc.		7,878		389,094

				419,934

Trading Companies & Distributors (0.1%)
United Rentals, Inc.*		2,900		56,869

Wireless Telecommunication Services (1.8%)
Sprint Nextel Corp.		74,901		711,560

				30,902,998


Total Common Stocks				35,031,775


Preferred Stock (0.2%)


UNITED STATES (0.2%)
Commercial Banks (0.2%)
National City Corp.*		1		95,400


Total Preferred Stock				95,400


U.S. Treasury Note (0.3%) (b)

U.S. Treasury Bill 0.00%, 07/17/08		105,000		104,934


Total U.S. Treasury Note				104,934

8 Semiannual Report 2008


Repurchase Agreements (11.2%)
	Shares or
	Principal Amount		Value

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $1,903,114, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $1,941,049	$	1,902,989	$	1,902,989
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $2,569,591, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $2,620,811		2,569,423		2,569,423


Total Repurchase Agreements				4,472,412



Total Investments (Cost $41,714,863) (c) — 99.1%			$	39,704,521

Other assets in excess of liabilities — 0.9%				379,783


NET ASSETS — 100.0%			$	40,084,304


*		Denotes a non-income producing security.

(a)		Fair Valued Security.

(b)		The rate reflected in the Statement of Investments is the discount rate at the time of purchase.

(c)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.


ADR		American Depositary Receipt

CH		Switzerland

SG		Singapore

See accompanying notes to financial statements.

At June 30, 2008, 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 Pound	07/31/08		(55,000	)		(107,566	)		(109,260	)		(1,694	)

Total Short Contracts					$	(107,566	)	$	(109,260	)	$	(1,694	)

At June 30, 2008, the Fund’s open futures contracts were as follows:

Notional Value

Number of

Covered by

Unrealized

Contracts

Long Contracts

Expiration

Contracts

(Depreciation)

S&P Emini Futures

09/19/08

1,281,100

(41,944

)

2008 Semiannual Report 9

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Multi-Manager
	Large Cap
	Value Fund

Assets:
Investments, at value (cost $37,242,451)	$	35,232,109
Repurchase agreements, at cost and value		4,472,412

Total Investments		39,704,521

Cash		18,637
Foreign currencies, at value (cost $2,256)		2,259
Interest and dividends receivable		49,806
Receivable for capital shares issued		1,370,526
Receivable for investments sold		125,916
Unrealized appreciation on futures contracts		1,634
Unrealized appreciation on spot foreign currency contracts		40
Reclaims receivable		237
Prepaid expenses and other assets		10,565

Total Assets		41,284,141

Liabilities:
Payable for investments purchased		1,183,264
Unrealized depreciation on forward foreign currency contracts		1,694
Payable for capital shares redeemed		2
Accrued expenses and other payables:
Investment advisory fees		12,634
Fund administration and transfer agent fees		722
Distribution fees		85
Administrative services fees		20
Custodian fees		162
Trustee fees		110
Compliance program costs (Note 4)		8
Other		1,136

Total Liabilities		1,199,837

Net Assets	$	40,084,304

Represented by:
Capital	$	42,019,862
Accumulated net investment income		27,534
Accumulated net realized gains from investment, futures and foreign currency transactions		90,884
Net unrealized appreciation/(depreciation) from investments, futures and translation of assets and liabilities denominated in foreign currencies		(2,053,976	)

Net Assets	$	40,084,304

Net Assets:
Class I Shares	$	51,967
Class II Shares		729,733
Class Y Shares		39,302,604

Total	$	40,084,304

See accompanying notes to financial statements.

10 Semiannual Report 2008

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	NVIT
	Multi-Manager
	Large Cap
	Value Fund

INVESTMENT INCOME:
Interest income	$	12,614
Dividend income		142,025
Foreign tax withholding		(421	)

Total Income		154,218

Expenses:
Investment advisory fees		41,387
Fund administration and transfer agent fees		3,423
Distribution fees Class II Shares		108
Administrative services fees Class I Shares		3
Administrative services fees Class II Shares		17
Custodian fees		2,998
Trustee fees		249
Compliance program costs (Note 3)		50
Printing fees		5,634
Other		1,736

Total expenses before earnings credit and reimbursed expenses		55,605
Earnings credit (Note 6)		(1,499	)
Expenses reimbursed		(4,992	)

Net Expenses		49,144

Net Investment Income		105,104

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		126,027
Net realized losses from futures transactions		(34,753	)
Net realized losses on foreign currency transactions		(390	)

Net realized gains from investment, futures and foreign currency transactions		90,884
Net change in unrealized appreciation/(depreciation) from investments, futures and translation of assets and liabilities denominated in foreign currencies		(2,053,976	)

Net realized/unrealized losses on investments, futures and translation of assets and liabilities denominated in foreign currencies		(1,963,092	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,857,988	)


(a)		For the period from March 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

12 Semiannual Report 2008

Statement of Changes in Net Assets


	NVIT Multi-Manager
	Large Cap Value Fund

	Period Ended
	June 30, 2008
	(Unaudited) (a)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	105,104
Net realized gains from investment, futures and foreign currency transactions		90,884
Net change in unrealized appreciation/(depreciation) from investments, futures and translation of assets and liabilities denominated in foreign currencies		(2,053,976	)

Change in net assets resulting from operations		(1,857,988	)


Distributions to Shareholders From:
Net investment income:
Class I		(21	)
Class II		(1,179	)
Class Y		(76,370	)

Change in net assets from shareholder distributions		(77,570	)

Change in net assets from capital transactions		42,019,862

Change in net assets		40,084,304

Net Assets:
Beginning Period		–

End of period	$	40,084,304

Accumulated net investment income at end of period	$	27,534


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	52,897
Dividends reinvested		21
Cost of shares redeemed		(175	)

		52,743

Class II Shares
Proceeds from shares issued		968,846
Dividends reinvested		1,179
Cost of shares redeemed		(203,144	)

		766,881

Class Y Shares
Proceeds from shares issued		41,247,663
Dividends reinvested		76,370
Cost of shares redeemed		(123,795	)

		41,200,238

Change in net assets from capital transactions	$	42,019,862

See accompanying notes to financial statements.

2008 Semiannual Report 13

NVIT Multi-Manager Large Cap Value Fund


			Investment Activities								Distributions											Ratios / Supplemental Data

					Net Realized																								Ratio of
					and																					Ratio of Net			Expenses
	Net Asset				Unrealized																	Net Assets		Ratio of		Investment			(Prior to
	Value,		Net		Gains			Total from			Net						Net Asset					at End of		Expenses		Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Total			Value, End		Total			Period		to Average		to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Distributions			of Period		Return (a)			(000s) (b)		Net Assets (b)		Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Period Ended June 30, 2008 (Unaudited) (e)		10.00		0.03		(0.37	)		(0.34	)		(0.02	)		(0.02	)		9.64		(3.42%	)		52		0.86%		1.65	%		0.96	%		27.63%

Class II Shares
Period Ended June 30, 2008 (Unaudited) (e)		10.00		0.01		(0.35	)		(0.34	)		(0.02	)		(0.02	)		9.64		(3.40%	)		730		1.06%		1.75	%		1.11	%		27.63%

Class Y Shares
Period Ended June 30, 2008 (Unaudited) (e)		10.00		0.03		(0.36	)		(0.33	)		(0.02	)		(0.02	)		9.65		(3.29%	)		39,303		0.77%		1.65	%		0.85	%		27.63%


(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 March 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 15

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Multi-Manager Large Cap Value Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

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.

16 Semiannual Report 2008


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


				Level 2 —
Level 1 —				Other Significant				Level 3 — Significant
Quoted Prices				Observable Inputs				Unobservable Inputs				Total

Investments		Other*		Investments		Other*		Investments		Other*		Investments		Other*

$	34,467,377	$	(41,944)	$	5,237,144	$	(1,694)	$	–	$	–	$	39,704,521	$	(43,638)


	*	Other financial instruments are derivative instruments not reflected in the Statement of Investments, such as futures, forwards, options, and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

18 Semiannual Report 2008

caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish those positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on any such contract it has entered into.

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


(f)	Written Options Contracts


(g)	Swap Contracts

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(h)	Security Transactions and Investment Income


(i)	Securities Lending


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(k)	Federal Income Taxes

20 Semiannual Report 2008

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 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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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

- Goldman Sachs Asset Management, L.P.


- Deutsche Investment Management Americas Inc.


- Wellington Management Company, LLP

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 GAAP and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.77% for all share classes until at least May 1, 2009.

2008 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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, 2008, the cumulative potential reimbursements for the Fund would be:

$4,992

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

For the period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

22 Semiannual Report 2008

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such costs amounted to $50.

4. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $43,392,888 and sales of 6,381,387.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the period ended June 30, 2008.

6. Portfolio Investment Risks

7. Indemnifications

2008 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

8. New Accounting Pronouncements

9. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	41,818,504	$	841,102	$	(2,955,085)	$	(2,113,983)

24 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 25

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

26 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 27

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

28 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 29

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Board of Trustees (the “Board”) met on January 9, 2008 (the “Meeting”), to consider, among other things, the creation of new series, including the NVIT Multi-Manager Large Cap Value Fund, and to consider the proposed adviser, advisory services and advisory fees for such Fund. At the Meeting, the Board considered whether to approve an investment advisory agreement between Nationwide Fund Advisors (“NFA”) and Nationwide Variable Insurance (the “Trust”) on behalf of the NVIT Multi-Manager Large Cap Value Fund (the “LCV Fund”).

The Independent Trustees received assistance and advice from, and met separately with, independent counsel regarding their legal duties and responsibilities in considering the LCV Fund’s proposed investment advisory agreement. The Board considered all information it deemed relevant, including, but not limited to, the following information with respect to the LCV Fund:

1. the LCV Fund’s proposed advisory fee and anticipated ancillary benefits to NFA;

2. the LCV Fund’s proposed advisory fee in comparison to the advisory fees of the LCV Fund’s proposed competitive peer groups;

3. the LCV Fund’s proposed Lipper/Morningstar categories and benchmarks; and

4. the LCV Fund’s proposed total expenses in comparison to those of the LCV Fund’s peer groups.

Because the LCV Fund is new, the Board could not consider comparative information regarding fund performance, or the level of profitability (or lack thereof) that NFA would receive for investment management services provided to the LCV Fund. Following its review and discussions, a majority of the Board, including a majority of the Independent Trustees (as such term is defined in Section 2(a)(19) of the 1940 Act), determined it was appropriate to approve the LCV Fund’s advisory agreement for an initial period to run through May 1, 2009 for the following reasons:

Board Approval:

The Board considered NFA’s recommendation to create the LCV Fund to seek long term capital appreciation, and that under normal conditions, the LCV Fund would invest at least 80% of the value of its net assets in equity securities issued by large-cap U.S. companies, utilizing a value style of investing. The Board noted that the LCV Fund would consist of three sleeves managed by different subadvisers, and that NFA would select the subadvisers and monitor their performance on an ongoing basis. The Board considered the recommendation of Goldman Sachs Asset Management, L.P., Wellington Management Company, LLP, and Deutsche Investment Management Americas Inc., each a registered investment adviser, as the subadvisers to the LCV Fund, including their capabilities, personnel, and performance history, and noted that the subadvisers would be paid by NFA out of its fees, and not by the LCV Fund. The Board considered the fees and expenses proposed, and noted the expense cap proposed by NFA. The Board then discussed with NFA and its affiliates the proposed marketing and distribution plans for the LCV Fund. The Board considered the information and discussion with respect to the services proposed to be provided to the LCV Fund by NFA, including any anticipated ancillary benefits to be received by NFA including fee income, if any, for performing other services, soft dollars, and affiliated brokerage commissions.

The Board, including a majority of the Independent Trustees, having considered all of the information it deemed relevant and being satisfied with NFA’s and its affiliates’ responses to the Board’s questions determined to approve the investment advisory agreement for the LCV Fund through May 1, 2009 and to undertake the Board’s review and any consideration of reapproval of the LCV Fund’s advisory agreement at its December 2008-January 2009 Annual 15(c) Contract Review Meeting.

30 Semiannual Report 2008

NVIT Multi-Manager Mid Cap Growth Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

10			Statement of Assets and Liabilities

12			Statement of Operations

13			Statement of Changes in Net Assets

14			Financial Highlights

15			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-MM-MCG (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Multi-Manager Mid Cap Growth Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT Multi-Manager Mid			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Cap Growth Fund			03/25/08		06/30/08		03/25/08 - 06/30/08^a*		03/25/08 - 06/30/08^a*

Class I	Actual			1,000.00		1,040.00		2.32		0.85
	Hypothetical	^b		1,000.00		1,020.57		4.28		0.85


Class II	Actual			1,000.00		1,039.00		3.00		1.10
	Hypothetical	^b		1,000.00		1,019.33		5.54		1.10


Class Y	Actual			1,000.00		1,040.00		2.27		0.83
	Hypothetical	^b		1,000.00		1,020.67		4.18		0.83


*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 98/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	NVIT Multi-Manager Mid Cap Growth Fund

June 30, 2008 (Unaudited)


Asset Allocation

Common Stocks			86.1%
Repurchase Agreements			6.3%
Exchange Traded Funds			3.6%
Mutual Fund			3.2%
Other assets in excess of liabilities			0.8%

			100.0%


Top Industries

Oil, Gas & Consumable Fuels			8.3%
Energy, Equipment & Services			6.0%
Semiconductors, & Semiconductor Equipment			4.7%
Chemicals			4.4%
Software			4.3%
Wireless Telecommunications Services			4.3%
Specialty Retail			3.9%
Commercial Services & Supplies			3.8%
Machinery			3.2%
Construction & Engineering			2.9%
Other			54.2%

			100.0%


Top Holdings*

SBA Communications Corp., Class A			1.9%
MasterCard, Inc., Class A			1.8%
Activision Blizzard, Inc.			1.7%
NII Holdings, Inc.			1.6%
Flowserve Corp.			1.5%
Monsanto Co.			1.1%
Express Scripts, Inc.			1.1%
Weatherford International Ltd.			1.1%
Central European Distribution Corp.			1.0%
Syngenta AG			1.0%
Other			86.2%

			100.0%


Top Countries

United States			90.3%
Bermuda			2.7%
Canada			2.0%
Poland			1.0%
Switzerland			1.0%
Russian Federation			0.6%
Netherlands			0.5%
Denmark			0.4%
Brazil			0.3%
Peru			0.3%
Other			0.9%

			100.0%


*		For purpose of listing top holdings, repurchase agreements are included as part of Other

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Multi-Manager Mid Cap Growth Fund


Common Stocks (86.1%)
	Shares or
	Principal Amount		Value


ARGENTINA (0.2%)
Internet Software & Services (0.2%)
MercadoLibre, Inc.*		968	$	33,386



AUSTRALIA (0.2%) (a)
Biotechnology (0.2%)
CSL Ltd.		1,053		36,036



BERMUDA (2.7%)
Capital Markets (0.6%)
Lazard Ltd., Class A		2,400		81,960

Construction & Engineering (0.8%)
Foster Wheeler Ltd.*		1,640		119,966

Energy Equipment & Services (0.7%)
Nabors Industries Ltd.*		2,200		108,306

Hotels, Restaurants & Leisure (0.2%)
Orient-Express Hotels Ltd., A Shares		800		34,752

Semiconductors & Semiconductor Equipment (0.4%)
Marvell Technology Group Ltd.*		3,290		58,101

				403,085



BRAZIL (0.3%)
Household Durables (0.1%)
Gafisa SA ADR		652		22,409

Metals & Mining (0.2%)
Cia Siderurgica Nacional SA ADR		658		29,222

				51,631



CANADA (2.0%)
Food & Staples Retailing (0.7%)
Shoppers Drug Mart Corp.		2,000		109,793

Food Products (0.4%)
Viterra, Inc.*		4,500		61,801

Oil, Gas & Consumable Fuels (0.9%)
Ultra Petroleum Corp.*		1,284		126,089

				297,683



CHINA (0.2%)
Electrical Equipment (0.2%)
JA Solar Holdings Co. Ltd. ADR*		1,382		23,287



DENMARK (0.4%) (a)
Electrical Equipment (0.4%)
Vestas Wind Systems AS*		440		57,294



HONG KONG (0.1%)
Hotels, Restaurants & Leisure (0.1%)
Melco Crown Entertainment Ltd. ADR*		2,200		20,504



JAPAN (0.2%)
Software (0.2%)
Nintendo Co. Ltd. ADR*		409		28,889



NETHERLANDS (0.5%)
Energy Equipment & Services (0.5%)
Core Laboratories NV*		500		71,175



PERU (0.3%)
Commercial Banks (0.3%)
Credicorp Ltd.		493		40,485



POLAND (1.0%)
Beverages (1.0%)
Central European Distribution Corp.*		2,121		157,272



RUSSIAN FEDERATION (0.6%)
Food Products (0.3%)
Wimm-Bill-Dann Foods OJSC ADR*		450		47,349

Metals & Mining (0.3%)
Mechel ADR		905		44,834

				92,183



SWITZERLAND (1.0%) (a)
Chemicals (1.0%)
Syngenta AG		477		154,573



UNITED STATES (76.4%)
Aerospace & Defense (1.8%)
CAE, Inc.		7,000		79,030
Precision Castparts Corp.		1,265		121,908
Rockwell Collins, Inc.		1,300		62,348

				263,286

Air Freight & Logistics (0.9%)
CH Robinson Worldwide, Inc.		1,300		71,292
Expeditors International of Washington, Inc.		1,600		68,800

				140,092

Auto Components (0.2%)
ArvinMeritor, Inc.		2,651		33,085

Biotechnology (2.2%)
Alexion Pharmaceuticals, Inc.*		1,024		74,240
BioMarin Pharmaceutical, Inc.*		4,042		117,137
Myriad Genetics, Inc.*		1,650		75,108
United Therapeutics Corp.*		700		68,425

				334,910

Capital Markets (1.5%)
Affiliated Managers Group, Inc.*		650		58,539
BlackRock, Inc.		150		26,550

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Mid Cap Growth Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED STATES (continued)
Capital Markets (continued)

FCStone Group, Inc.*		2,248	$	62,787
Northern Trust Corp.		1,150		78,855

				226,731

Chemicals (3.4%)
Airgas, Inc.		1,800		105,102
Ecolab, Inc.		2,200		94,578
Intrepid Potash, Inc.*		1,294		85,119
Monsanto Co.		1,331		168,292
Mosaic Co. (The) *		404		58,459

				511,550

Commercial Services & Supplies (3.9%)
Clean Harbors, Inc.*		550		39,083
Copart, Inc.*		1,050		44,961
Corrections Corp. of America *		3,500		96,145
CoStar Group, Inc.*		1,050		46,673
Covanta Holding Corp.*		1,800		48,042
FTI Consulting, Inc.*		1,322		90,504
IHS, Inc., Class A*		1,600		111,360
Stericycle, Inc.*		2,000		103,400

				580,168

Communications Equipment (0.9%)
Harris Corp.		1,800		90,882
Juniper Networks, Inc.*		2,200		48,796

				139,678

Computers & Peripherals (0.2%)
Apple, Inc.*		201		33,655

Construction & Engineering (2.1%)
Fluor Corp.		600		111,648
Quanta Services, Inc.*		3,987		132,647
Shaw Group, Inc. (The) *		1,254		77,485

				321,780

Consumer Finance (2.5%)
MasterCard, Inc., Class A		1,009		267,910
Visa, Inc., Class A*		1,300		105,703

				373,613

Containers & Packaging (0.8%)
Owens-Illinois, Inc.*		2,964		123,569

Distributor (0.3%)
LKQ Corp.*		2,800		50,596

Diversified Consumer Services (2.3%)
Corinthian Colleges, Inc.*		426		4,946
DeVry, Inc.		2,822		151,316
ITT Educational Services, Inc.*		537		44,372
Strayer Education, Inc.		716		149,694

				350,328

Diversified Financial Services (0.5%)
IntercontinentalExchange, Inc.*		600		68,400

Electrical Equipment (1.5%)
American Superconductor Corp.*		935		33,520
Ametek, Inc.		2,200		103,884
Energy Conversion Devices, Inc.*		390		28,719
First Solar, Inc.*		228		62,203

				228,326

Electronic Equipment & Instruments (2.0%)
Dolby Laboratories, Inc., Class A*		2,300		92,690
FLIR Systems, Inc.*		1,050		42,599
Itron, Inc.*		650		63,927
Molex, Inc.		1,042		25,435
Trimble Navigation Ltd.*		2,200		78,540

				303,191

Energy Equipment & Services (4.8%)
Atwood Oceanics, Inc.*		261		32,453
CARBO Ceramics, Inc.		800		46,680
Dresser-Rand Group, Inc.*		1,054		41,211
Helmerich & Payne, Inc.		759		54,663
ION Geophysical Corp.*		2,800		48,860
National Oilwell Varco, Inc.*		1,600		141,952
Patterson-UTI Energy, Inc.		2,683		96,695
Smith International, Inc.		1,300		108,082
Weatherford International Ltd.*		3,235		160,424

				731,020

Food Products (0.1%)
Viterra, Inc.*		1,000		13,750

Health Care Equipment & Supplies (2.6%)
C.R. Bard, Inc.		700		61,565
Gen-Probe, Inc.*		1,600		75,968
Hologic, Inc.*		3,800		82,840
IDEXX Laboratories, Inc.*		700		34,118
Intuitive Surgical, Inc.*		150		40,410
Wright Medical Group, Inc.*		3,600		102,276

				397,177

Health Care Providers & Services (2.1%)
Express Scripts, Inc.*		2,657		166,647
Medco Health Solutions, Inc.*		2,235		105,492
VCA Antech, Inc.*		1,800		50,004

				322,143

Hotels, Restaurants & Leisure (1.3%)
Panera Bread Co., Class A*		863		39,922
Scientific Games Corp., Class A*		1,600		47,392
WMS Industries, Inc.*		3,500		104,195

				191,509

6 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED STATES (continued)

Household Durables (0.1%)
Tupperware Brands Corp.		343	$	11,738

Industrial Conglomerate (0.4%)
McDermott International, Inc.*		1,023		63,314

Information Technology Services (2.0%)
Alliance Data Systems Corp.*		1,700		96,135
Cognizant Technology Solutions Corp., Class A*		3,600		117,036
Iron Mountain, Inc.*		2,500		66,375
Total System Services, Inc.		1,200		26,664

				306,210

Insurance (0.5%)
Aflac, Inc.		1,268		79,630

Internet & Catalog Retail (0.2%)
priceline.com, Inc.*		199		22,977

Internet Software & Services (0.9%)
Equinix, Inc.*		150		13,383
Omniture, Inc.*		1,600		29,712
VeriSign, Inc.*		758		28,652
VistaPrint Ltd.*		2,500		66,900

				138,647

Life Sciences Tools & Services (2.3%)
Charles River Laboratories International, Inc.*		650		41,548
Illumina, Inc.*		750		65,332
Invitrogen Corp.*		375		14,723
Parexel International Corp.*		1,097		28,862
Pharmaceutical Product Development, Inc.		1,800		77,220
Thermo Fisher Scientific, Inc.*		1,985		110,624

				338,309

Machinery (3.2%)
AGCO Corp.*		1,125		58,961
Bucyrus International, Inc., Class A		1,340		97,847
Danaher Corp.		1,300		100,490
Flowserve Corp.		1,696		231,843

				489,141

Metals & Mining (0.8%)
Cleveland-Cliffs, Inc.		804		95,829
United States Steel Corp.		157		29,010

				124,839

Multiline Retail (0.7%)
Big Lots, Inc.*		1,777		55,514
Dollar Tree, Inc.*		1,696		55,442

				110,956

Oil, Gas & Consumable Fuels (7.4%)
Alpha Natural Resources, Inc.*		923		96,260
Concho Resources, Inc.*		2,500		93,250
CONSOL Energy, Inc.		784		88,098
Continental Resources, Inc.*		1,516		105,089
Denbury Resources, Inc.*		2,500		91,250
Foundation Coal Holdings, Inc.		367		32,509
Penn Virginia Corp.		287		21,645
PetroHawk Energy Corp.*		3,196		148,007
Quicksilver Resources, Inc.*		804		31,067
Range Resources Corp.		2,300		150,742
SandRidge Energy, Inc.*		223		14,401
Southwestern Energy Co.*		2,513		119,644
Whiting Petroleum Corp.*		136		14,427
XTO Energy, Inc.		1,600		109,616

				1,116,005

Pharmaceutical (0.6%)
Perrigo Co.		3,000		95,310

Road & Rail (1.2%)
CSX Corp.		860		54,017
J.B. Hunt Transport Services, Inc.		1,500		49,920
Kansas City Southern *		895		39,371
Union Pacific Corp.		394		29,747

				173,055

Semiconductors & Semiconductor Equipment (4.3%)
Altera Corp.		2,653		54,917
Applied Materials, Inc.		1,503		28,692
Broadcom Corp., Class A*		2,008		54,798
Cavium Networks, Inc.*		1,500		31,500
Linear Technology Corp.		711		23,157
MEMC Electronic Materials, Inc.*		1,657		101,972
Microchip Technology, Inc.		1,700		51,918
Microsemi Corp.*		5,099		128,393
PMC — Sierra, Inc.*		6,888		52,693
Teradyne, Inc.*		1,348		14,923
Varian Semiconductor Equipment Associates, Inc.*		1,300		45,266
Xilinx, Inc.		2,173		54,868

				643,097

Software (4.1%)
Activision Blizzard, Inc.*		7,471		254,537
Ansys, Inc.*		2,400		113,088
Autodesk, Inc.*		1,300		43,953
Blackboard, Inc.*		500		19,115
Citrix Systems, Inc.*		1,300		38,233
McAfee, Inc.*		844		28,721
Salesforce.com, Inc.*		1,780		121,450

				619,097

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Mid Cap Growth Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


UNITED STATES (continued)

Specialty Retail (3.9%)
Abercrombie & Fitch Co., Class A		700	$	43,876
AnnTaylor Stores Corp.*		1,022		24,487
Childrens Place Retail Stores, Inc. (The)*		1,323		47,760
GameStop Corp., Class A*		2,551		103,060
Guess?, Inc.		2,141		80,181
Ross Stores, Inc.		4,038		143,430
Urban Outfitters, Inc.*		4,835		150,804

				593,598

Textiles, Apparel & Luxury Goods (0.7%)
Coach, Inc.*		785		22,671
Deckers Outdoor Corp.*		214		29,789
Hanesbrands, Inc.*		826		22,417
Phillips-Van Heusen Corp.		884		32,372

				107,249

Thrifts & Mortgage Finance (0.2%)
Hudson City Bancorp, Inc.		1,721		28,706

Tobacco (0.3%)
Lorillard, Inc.*		600		41,496

Trading Companies & Distributors (0.4%)
Fastenal Co.		1,500		64,740

Wireless Telecommunication Services (4.3%)
American Tower Corp., Class A*		2,300		97,175
MetroPCS Communications, Inc.*		1,370		24,263
NII Holdings, Inc.*		4,933		234,268
SBA Communications Corp., Class A*		8,110		292,041

				647,747

				11,554,418


Total Common Stocks				13,021,901

Repurchase Agreements (6.3%)
	Shares or
	Principal Amount		Value

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $403,078, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $411,112	$	403,051	$	403,051
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $544,237, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $555,086		544,202		544,202


Total Repurchase Agreements				947,253


Exchange Traded Funds (3.6%)

UNITED STATES (3.6%)
iShares Russell Midcap Growth Index Fund		2,000		211,760
iShares S&P MidCap 400 Growth Index Fund		2,000		177,020
Midcap SPDR Trust, Series 1		1,081		161,178


Total Exchange Traded Funds				549,958


Mutual Fund (3.2%) (b)

Money Market Fund (3.2%)
AIM Liquid Assets Portfolio		483,117		483,117


Total Mutual Fund				483,117


Total Investments (Cost $14,960,934) (c)— 99.2%				15,002,229

Other assets in excess of liabilities — 0.8%				116,791


NET ASSETS — 100.0%			$	15,119,020


*		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, 2008. The maturity date represents the actual maturity date.

8 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT Multi-Manager
	Mid Cap Growth Fund

Assets:
Investments, at value (cost $14,013,681)	$	14,054,976
Repurchase agreements, at cost and value		947,253

Total Investments		15,002,229

Interest and dividends receivable		6,235
Receivable for capital shares issued		521,614
Receivable for investments sold		116,481
Unrealized appreciation on spot foreign currency contracts		39
Reclaims receivable		130
Prepaid expenses and other assets		2,022

Total Assets		15,648,750

Liabilities:
Cash overdraft		99,811
Foreign currencies payable to custodian, at value (cost $422)		422
Payable for investments purchased		422,725
Unrealized depreciation on forward foreign currency contracts		776
Payable for capital shares redeemed		3
Accrued expenses and other payables:
Investment advisory fees		5,410
Fund administration and transfer agent fees		298
Distribution fees		67
Administrative services fees		12
Custodian fees		17
Trustee fees		26
Compliance program costs (Note 3)		2
Other		161

Total Liabilities		529,730

Net Assets	$	15,119,020

Represented by:
Capital	$	15,225,960
Accumulated net investment loss		(1,045	)
Accumulated net realized losses from investment and foreign currency transactions		(146,440	)
Net unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		40,545

Net Assets	$	15,119,020

Net Assets:
Class I Shares	$	505,774
Class II Shares		441,740
Class Y Shares		14,171,506

Total	$	15,119,020

See accompanying notes to financial statements.

10 Semiannual Report 2008

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	NVIT
	Multi-Manager
	Mid Cap Growth Fund

INVESTMENT INCOME:
Interest income	$	6,990
Dividend income		9,807
Foreign tax withholding		(96	)

Total Income		16,701

Expenses:
Investment advisory fees		15,973
Fund administration and transfer agent fees		1,900
Distribution fees Class II Shares		88
Administrative services fees Class I Shares		4
Administrative services fees Class II Shares		8
Custodian fees		449
Trustee fees		67
Compliance program costs (Note 3)		25
Legal fees		1,615
Printing fees		5,396
Other		97

Total expenses before earnings credit and reimbursed expenses		25,622
Earnings credit (Note 6)		(174	)
Expenses reimbursed		(7,702	)

Net Expenses		17,746

Net Investment Loss		(1,045	)

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(144,217	)
Net realized losses on foreign currency transactions		(2,223	)

Net realized losses from investment and foreign currency transactions		(146,440	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		40,545

Net realized/unrealized losses from investments and translation of assets and liabilities denominated in foreign currencies		(105,895	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(106,940	)


(a)		For the period from March 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

12 Semiannual Report 2008

Statement of Changes in Net Assets


	NVIT
	Multi-Manager
	Mid Cap Growth Fund

	Period Ended
	June 30, 2008
\
	(Unaudited)(a)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment loss	$	(1,045	)
Net realized losses from investment and foreign currency transactions		(146,440	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		40,545

Change in net assets resulting from operations		(106,940	)

Change in net assets from capital transactions		15,225,960

Change in net assets		15,119,020
Net Assets:
Beginning of period		—
End of period	$	15,119,020

Accumulated net investment loss at end of period	$	(1,045	)


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	915,854
Cost of shares redeemed		(389,072	)

		526,782

Class II Shares
Proceeds from shares issued		488,094
Cost of shares redeemed		(29,610	)

		458,484

Class Y Shares
Proceeds from shares issued		14,312,594
Cost of shares redeemed		(71,900	)

		14,240,694

Change in net assets from capital transactions	$	15,225,960


SHARE TRANSACTIONS:
Class I Shares
Issued		85,298
Redeemed		(36,673	)

		48,625

Class II Shares
Issued		45,286
Redeemed		(2,778	)

		42,508

Class Y Shares
Issued		1,369,328
Redeemed		(6,797	)

		1,362,531

Total change in shares		1,453,664


(a)		For the period from March 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 13

NVIT Multi-Manager Mid Cap Growth Fund


			Investment Activities				Distributions					Ratios / Supplemental Data

																				Ratio of
			Net Realized														Ratio of Net			Expenses
	Net Asset		and		Total							Net Assets		Ratio of			Investment			(Prior to
	Value,		Unrealized		from		Net Asset					at End of		Expenses			Income (Loss)			Reimbursements)
	Beginning		Gains on		Investment		Value, End		Total			Period		to Average			to Average			to Average			Portfolio
	of Period		Investments		Activities		of Period		Return (a)			(000s) (b)		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Period ended June 30, 2008 (Unaudited) (e)		10.00		0.40		0.40		10.40		4.00	%		506		0.85	%		(0.21	%)		1.08	%		47.96	%

Class II Shares
Period ended June 30, 2008 (Unaudited) (e)		10.00		0.39		0.39		10.39		3.90	%		442		1.10	%		(0.20	%)		1.34	%		47.96	%

Class Y Shares
Period ended June 30, 2008 (Unaudited) (e)		10.00		0.40		0.40		10.40		4.00	%		14,172		0.83	%		(0.04	%)		1.19	%		47.96	%


(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 March 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

14 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Multi-Manager Mid Cap Growth Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

16 Semiannual Report 2008

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


				Level 2 — Other Significant				Level 3 — Significant
Level 1 — Quoted Prices				Observable Inputs				Unobservable Inputs				Total

Investments		Other*		Investments		Other*		Investments		Other*		Investments		Other*

$	13,778,185	$	—	$	1,224,044	$	(776)	$	—	$	—	$	15,002,229	$	(776)


*		Other financial instruments are derivative instruments not reflected in the Statement of Investments, such as futures, forwards, options, and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

required to establish those positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on any such contract it has entered into.

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


(f)	Written Options Contracts


(g)	Swap Contracts


(h)	Security Transactions and Investment Income

18 Semiannual Report 2008


(i)	Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33?% 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 the 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, 2008, the Fund had no securities on loan.


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(k)	Federal Income Taxes

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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 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

- Neuberger Berman Management Inc.


- American Century Investment Management, Inc.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.75% based on the Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreements, NFA paid the subadvisers $9,584 for the period ended June 30, 2008.

Effective May 1, 2008, 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 GAAP and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.83% for all share classes until at least May 1, 2009.

20 Semiannual Report 2008

As of June 30, 2008, the cumulative potential reimbursements for the Fund, would be:


						Amount for the
						Period Ended
						June 30, 2008

						$	7,702

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

For the period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

2008 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the period ended June 30, 2008, the Fund’s portion of such costs amounted to $25.

4. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $17,509,411 and sales of $3,848,547.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the period ended June 30, 2008.

6. Portfolio Investment Risks

7. Indemnifications

22 Semiannual Report 2008

8. New Accounting Pronouncements

9. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	15,028,964	$	542,235	$	(568,970)	$	(26,735)

10. Subsequent Event

Effective July 1, 2008, the Trust and the Adviser have entered into a written contract limiting operating expenses to 0.82% for all share classes until at least July 1, 2009. This limit excludes certain Fund expenses, including any taxes, interest, brokerage fees, Rule 12b-1 fees, short-sale dividend expenses, administrative service 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. The Trust is authorized to reimburse the Adviser for management fees previously waived and/or for expenses previously paid by the Adviser, provided however, that any reimbursements must be paid at a date not more than three years after the fiscal year in which the Adviser waived the fees or reimbursed the expenses and the reimbursements do not cause the Fund to exceed the expense limitation in the agreement.

2008 Semiannual Report 23

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

24 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 25

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

26 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 27

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

28 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Board of Trustees (the “Board”) met on November 9, 2007 (the “Meeting”), to consider, among other things, the creation of new series, including the NVIT Multi-Manager Mid Cap Growth Fund (the “MCG Fund”) the NVIT Multi-Manager Large Cap Growth Fund (the “LCG Fund”), and the NVIT Multi-Manager International Growth Fund (the “International Fund”) (collectively, the “Multi-Manager Funds”), and to consider the proposed adviser, advisory services and advisory fees for the Multi. At the Meeting, the Board considered whether to approve an investment advisory agreement between Nationwide Fund Advisors (“NFA”) and Nationwide Variable Insurance (the “Trust”) on behalf of the Multi-Manager Funds.

The Independent Trustees received assistance and advice from, and met separately with, independent counsel regarding their legal duties and responsibilities in considering the Multi-Manager Funds’ proposed investment advisory agreement. The Board considered all information it deemed relevant, including, but not limited to, the following information with respect to the Multi-Manager Funds:

1. the Multi-Manager Funds’ proposed advisory fee and anticipated ancillary benefits to NFA;

2. the Multi-Manager Funds’ proposed advisory fee in comparison to the advisory fees of the Multi-Manager Funds’ proposed competitive peer groups;

3. the Multi-Manager Funds’ proposed Lipper/Morningstar categories and benchmarks; and

4. the Multi-Manager Funds’ proposed total expenses in comparison to those of the Multi-Manager Funds’ peer groups.

Board Approval:

The MCG Fund. The Board considered NFA’s recommendation to create the MCG Fund to seek long-term capital growth and that, under normal conditions, the MCG Fund would invest at least 80% of the value of its net assets in equity securities issued by mid-cap companies, utilizing a growth style of investing. The Board considered that the MCG Fund would consist of two sleeves managed by different subadvisers, and that NFA would select the subadvisers and monitor their performance on an ongoing basis. The Board considered the recommendation of American Century Investment Management, Inc. and Neuberger Berman Management Inc., each a registered investment adviser, as the subadvisers to the MCG Fund, including their capabilities, personnel, and performance history, and noted that the subadvisers would be paid by NFA out of its fees, and not by the MCG Fund. The Board considered the fees and expenses, including the expense cap, proposed for the MCG Fund. The Board then discussed with NFA and its affiliates the proposed marketing and distribution plans for the MCG Fund.

2008 Semiannual Report 29

NVIT Multi-Manager Mid Cap Value Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

11			Statement of Assets and Liabilities

13			Statement of Operations

14			Statement of Changes in Net Assets

16			Financial Highlights

17			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-MM-MCV (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Multi-Manager Mid Cap Value Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT Multi-Manager			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Mid Cap Value Fund			03/25/08		06/30/08		03/25/08 - 06/30/80^a*		03/25/08 - 06/30/08^a*

Class I	Actual			1,000.00		995.60		2.48		0.93
	Hypothetical	^b		1,000.00		1,020.18		4.68		0.93


Class II	Actual			1,000.00		994.70		3.04		1.14
	Hypothetical	^b		1,000.00		1,019.13		5.74		1.14


Class Y	Actual			1,000.00		995.90		2.27		0.85
	Hypothetical	^b		1,000.00		1,020.57		4.28		0.85


*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 98/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^b		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Multi-Manager Mid Cap Value Fund


Common Stocks (89.5%)
	Shares or
	Principal Amount		Value


Aerospace & Defense (1.1%)
Alliant Techsystems, Inc.*		1,000	$	101,680
Goodrich Corp.		909		43,141
Northrop Grumman Corp.		338		22,612
Spirit Aerosystems Holdings, Inc., Class A*		756		14,500

				181,933



Airlines (0.4%)
AMR Corp.*		1,330		6,810
Continental Airlines, Inc., Class B*		674		6,814
Delta Air Lines, Inc.*		1,217		6,937
Northwest Airlines Corp.*		1,044		6,953
Southwest Airlines Co.		2,546		33,200
UAL Corp.		256		1,336
US Airways Group, Inc.*		1,258		3,145

				65,195



Auto Components (0.8%)
ArvinMeritor, Inc.		1,949		24,324
Autoliv, Inc.		1,114		51,935
Goodyear Tire & Rubber Co. (The)*		747		13,319
Johnson Controls, Inc.		284		8,145
Magna International, Inc., Class A		168		9,952
WABCO Holdings, Inc.		579		26,900

				134,575



Automobiles (1.3%)
Bayerische Motoren Werke AG (a)		979		47,033
Ford Motor Co.*		19,682		94,670
General Motors Corp.		1,403		16,135
Winnebago Industries, Inc.		4,441		45,254

				203,092



Beverages (1.5%)
Anheuser-Busch Cos., Inc.		856		53,175
Coca-Cola Enterprises, Inc.		4,052		70,100
Molson Coors Brewing Co., Class B		1,700		92,361
Pepsi Bottling Group, Inc.		1,206		33,671

				249,307



Building Products (0.2%)
Masco Corp.		1,383		21,755
USG Corp.*		479		14,164

				35,919



Capital Markets (1.5%)
AllianceBernstein Holding LP		1,138		62,226
Ameriprise Financial, Inc.		942		38,311
Invesco Ltd.		565		13,548
Legg Mason, Inc.		875		38,124
Northern Trust Corp.		1,200		82,284

				234,493



Chemicals (3.3%)
Agrium, Inc.		700		75,278
Celanese Corp., Series A		2,200		100,452
Eastman Chemical Co.		1,331		91,653
Ecolab, Inc.		789		33,919
International Flavors & Fragrances, Inc.		1,611		62,926
Lubrizol Corp.		1,330		61,619
Minerals Technologies, Inc.		340		21,620
PPG Industries, Inc.		894		51,289
Rohm & Haas Co.		857		39,799

				538,555



Commercial Banks (1.8%)
Associated Banc-Corp		2,933		56,577
Commerce Bancshares, Inc.		1,380		54,731
Marshall & Ilsley Corp.		5,426		83,181
SunTrust Banks, Inc.		1,134		41,073
United Bankshares, Inc.		903		20,724
Zions Bancorp		853		26,861

				283,147



Commercial Services & Supplies (3.9%)
Avery Dennison Corp.		1,587		69,717
Brink’s Co. (The)		1,000		65,420
Covanta Holding Corp.*		2,900		77,401
Deluxe Corp.		617		10,995
Dun & Bradstreet Corp.		176		15,425
Emulex Corp.*		4,357		50,759
HNI Corp.		3,515		62,075
Pitney Bowes, Inc.		1,861		63,460
Republic Services, Inc.		3,829		113,721
Ritchie Bros Auctioneers, Inc.		1,699		46,094
Waste Management, Inc.		1,413		53,284

				628,351



Communications Equipment (0.9%)
EchoStar Corp., A Shares*		2,600		81,172
Harris Corp.		900		45,441
Tellabs, Inc.*		3,690		17,158

				143,771



Computers & Peripherals (0.8%)
Diebold, Inc.		1,625		57,817
QLogic Corp.*		1,088		15,874
Western Digital Corp.*		1,700		58,701

				132,392

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Mid Cap Value Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Construction & Engineering (1.1%)
Chicago Bridge & Iron Co. NV		980	$	39,024
Fluor Corp.		205		38,146
Foster Wheeler Ltd.*		973		71,175
Insituform Technologies, Inc., Class A*		224		3,412
Jacobs Engineering Group, Inc.*		142		11,459
KBR, Inc.		359		12,533

				175,749



Containers & Packaging (2.5%)
Bemis Co., Inc.		7,970		178,688
Crown Holdings, Inc.*		3,000		77,970
Owens-Illinois, Inc.*		1,800		75,042
Pactiv Corp.*		3,566		75,706

				407,406



Distributor (0.5%)
Genuine Parts Co.		2,165		85,907



Diversified Financial Services (0.3%)
Moody’s Corp.		1,400		48,216



Diversified Telecommunication Services (0.7%)
CenturyTel, Inc.		656		23,347
Embarq Corp.		1,000		47,270
Qwest Communications International, Inc.		5,987		23,529
Windstream Corp.		2,041		25,186

				119,332



Electric Utilities (3.3%)
Empire District Electric Co. (The)		2,717		50,373
IDACORP, Inc.		2,616		75,576
Pinnacle West Capital Corp.		318		9,785
Portland General Electric Co.		6,272		141,245
PPL Corp.		2,500		130,675
Sierra Pacific Resources		3,587		45,591
Westar Energy, Inc.		4,066		87,460

				540,705



Electrical Equipment (1.1%)
A.O. Smith Corp.		686		22,521
Cooper Industries Ltd., Class A		1,386		54,747
Hubbell, Inc., Class B		1,868		74,477
Rockwell Automation, Inc.		537		23,483

				175,228



Electronic Equipment & Instruments (1.8%)
Agilent Technologies, Inc.*		1,334		47,410
Celestica, Inc.*		5,007		42,209
Flextronics International Ltd.*		4,289		40,317
Littelfuse, Inc.*		648		20,444
Molex, Inc.		2,329		56,851
Tyco Electronics Ltd.		1,481		53,050
Vishay Intertechnology, Inc.*		3,674		32,588

				292,869



Energy Equipment & Services (3.1%)
BJ Services Co.		2,847		90,933
Cameron International Corp.*		1,117		61,826
ENSCO International, Inc.		222		17,924
Helix Energy Solutions Group, Inc.*		1,900		79,116
Nabors Industries Ltd.*		477		23,483
National Oilwell Varco, Inc.*		270		23,954
Noble Corp.		1,100		71,456
Smith International, Inc.		399		33,173
Transocean, Inc.*		279		42,517
Weatherford International Ltd.*		1,314		65,161

				509,543



Food & Staples Retailing (0.4%)
Kroger Co. (The)		2,500		72,175



Food Products (3.7%)
Campbell Soup Co.		2,165		72,441
ConAgra Foods, Inc.		5,747		110,802
General Mills, Inc.		253		15,375
H.J. Heinz Co.		2,572		123,070
Hershey Co. (The)		1,232		40,385
Kellogg Co.		1,328		63,770
Kraft Foods, Inc., Class A		3,922		111,581
Maple Leaf Foods, Inc.		3,795		40,690
Ralcorp Holdings, Inc.*		326		16,117
Reddy Ice Holdings, Inc.		748		10,233

				604,464



Health Care Equipment & Supplies (1.9%)
Beckman Coulter, Inc.		1,689		114,058
Boston Scientific Corp.*		1,363		16,751
Hospira, Inc.*		2,696		108,137
Symmetry Medical, Inc.*		1,776		28,807
Zimmer Holdings, Inc.*		527		35,862

				303,615



Health Care Providers & Services (1.6%)
CIGNA Corp.		1,300		46,007
Laboratory Corp. of America Holdings *		400		27,852
LifePoint Hospitals, Inc.*		1,186		33,564
McKesson Corp.		290		16,214
Quest Diagnostics, Inc.		800		38,776
Universal Health Services, Inc., Class B		1,627		102,859

				265,272

6 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Health Care Technology (0.2%)
IMS Health, Inc.		1,524	$	35,509



Hotels, Restaurants & Leisure (1.6%)
International Speedway Corp., Class A		2,645		103,234
Royal Caribbean Cruises Ltd.		2,433		54,670
Speedway Motorsports, Inc.		4,668		95,134

				253,038



Household Durables (1.0%)
Centex Corp.		241		3,222
D.R. Horton, Inc.		379		4,112
KB Home		235		3,979
Mohawk Industries, Inc.*		314		20,127
Pulte Homes, Inc.		333		3,207
Stanley Works (The)		1,252		56,127
Whirlpool Corp.		1,082		66,792

				157,566



Household Products (2.0%)
Clorox Co.		1,268		66,190
Kimberly-Clark Corp.		4,240		253,467

				319,657



Independent Power Producers & Energy Traders (0.1%)
Mirant Corp.*		326		12,763



Industrial Conglomerates (1.0%)
McDermott International, Inc.*		717		44,375
Textron, Inc.		1,451		69,547
Walter Industries, Inc.		400		43,508

				157,430



Information Technology Services (1.9%)
Automatic Data Processing, Inc.		405		16,970
Computer Sciences Corp.*		820		38,409
Electronic Data Systems Corp.		1,933		47,629
Global Payments, Inc.		950		44,270
Hewitt Associates, Inc., Class A*		2,725		104,449
Total System Services, Inc.		2,600		57,772

				309,499



Insurance (7.7%)
ACE Ltd.		682		37,571
Allstate Corp. (The)		1,239		56,486
AON Corp.		1,983		91,099
Arch Capital Group Ltd.*		1,000		66,320
Arthur J. Gallagher & Co.		2,376		57,262
Assurant, Inc.		1,994		131,524
Axis Capital Holdings Ltd.		1,258		37,501
Chubb Corp.		919		45,040
Everest Re Group Ltd.		1,140		90,870
Genworth Financial, Inc., Class A		1,583		28,193
Hartford Financial Services Group, Inc.		689		44,489
HCC Insurance Holdings, Inc.		558		11,796
Horace Mann Educators Corp.		2,274		31,882
Lincoln National Corp.		857		38,839
Loews Corp.		343		16,087
Marsh & McLennan Cos., Inc.		4,777		126,829
PartnerRe Ltd.		2,218		153,330
Principal Financial Group, Inc.		797		33,450
RenaissanceRe Holdings Ltd.		1,000		44,670
W.R. Berkley Corp.		1,400		33,824
Willis Group Holdings Ltd.		741		23,245
XL Capital Ltd., Class A		2,368		48,686

				1,248,993



Leisure Equipment & Products (0.4%)
Hasbro, Inc.		678		24,218
Polaris Industries, Inc.		556		22,451
RC2 Corp.*		609		11,303

				57,972



Life Sciences Tools & Services (0.5%)
PerkinElmer, Inc.		2,900		80,765



Machinery (3.5%)
AGCO Corp.*		557		29,192
Altra Holdings, Inc.*		2,772		46,597
Cummins, Inc.		1,072		70,237
Dover Corp.		706		34,149
Eaton Corp.		1,285		109,187
Ingersoll-Rand Co. Ltd., Class A		1,797		67,262
Kaydon Corp.		349		17,942
Manitowoc Co., Inc. (The)		1,268		41,248
Navistar International Corp.*		275		18,101
Pall Corp.		1,900		75,392
Parker Hannifin Corp.		143		10,199
Terex Corp.*		678		34,829
Timken Co.		335		11,035

				565,370



Media (0.8%)
Interpublic Group of Cos., Inc.*		2,715		23,349
McGraw-Hill Cos., Inc. (The)		1,450		58,174
National CineMedia, Inc.		1,584		16,885
Regal Entertainment Group, Class A		1,945		29,720

				128,128

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Multi-Manager Mid Cap Value Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Metals & Mining (0.7%)
Freeport-McMoRan Copper & Gold, Inc.		439	$	51,446
Newmont Mining Corp.		323		16,848
Nucor Corp.		487		36,364

				104,658



Multi-Utilities (4.1%)
Ameren Corp.		1,394		58,869
CenterPoint Energy, Inc.		5,300		85,065
Consolidated Edison, Inc.		1,155		45,149
DTE Energy Co.		285		12,095
Energy East Corp.		654		16,167
NiSource, Inc.		632		11,325
OGE Energy Corp.		1,800		57,078
Puget Energy, Inc.		1,105		26,509
Sempra Energy		1,947		109,908
TECO Energy, Inc.		5,900		126,791
Wisconsin Energy Corp.		1,414		63,941
Xcel Energy, Inc.		2,325		46,663

				659,560



Multiline Retail (1.1%)
Family Dollar Stores, Inc.		3,521		70,209
J.C. Penney Co., Inc.		279		10,125
Kohl’s Corp.*		1,073		42,963
Macy’s, Inc.		1,985		38,548
Nordstrom, Inc.		337		10,211

				172,056



Natural Gas Utilities (3.0%)
AGL Resources, Inc.		1,043		36,067
Equitable Resources, Inc.		1,234		85,220
Oneok, Inc.		2,900		141,607
Questar Corp.		1,933		137,320
Southwest Gas Corp.		1,756		52,206
WGL Holdings, Inc.		994		34,532

				486,952



Oil, Gas & Consumable Fuels (6.2%)
Apache Corp.		404		56,156
Chesapeake Energy Corp.		473		31,199
CONSOL Energy, Inc.		500		56,185
El Paso Corp.		5,946		129,266
Enbridge, Inc.		1,482		63,993
Forest Oil Corp.*		600		44,700
Frontier Oil Corp.		156		3,730
Hess Corp.		220		27,762
Murphy Oil Corp.		800		78,440
Newfield Exploration Co.*		2,337		152,489
Overseas Shipholding Group, Inc.		800		63,616
PetroHawk Energy Corp.*		1,100		50,941
Pioneer Natural Resources Co.		2,061		161,335
Southwestern Energy Co.*		1,114		53,038
Sunoco, Inc.		419		17,049
Tesoro Corp.		354		6,999
Ultra Petroleum Corp.*		82		8,052

				1,004,950



Paper & Forest Products (0.9%)
MeadWestvaco Corp.		3,618		86,253
Weyerhaeuser Co.		1,046		53,493

				139,746



Pharmaceuticals (1.0%)
Barr Pharmaceuticals, Inc.*		825		37,191
Bristol-Myers Squibb Co.		1,434		29,440
King Pharmaceuticals, Inc.*		1,348		14,114
Mylan, Inc.*		4,030		48,642
Watson Pharmaceuticals, Inc.*		1,279		34,750

				164,137



Real Estate Investment Trusts (REITs) (2.8%)
Boston Properties, Inc.		1,067		96,265
Equity Residential		899		34,405
Host Hotels & Resorts, Inc.		1,158		15,807
Nationwide Health Properties, Inc.		2,200		69,278
Plum Creek Timber Co., Inc.		1,900		81,149
Public Storage		274		22,136
Rayonier, Inc.		2,162		91,799
Realty Income Corp.		445		10,128
Simon Property Group, Inc.		352		31,641

				452,608



Real Estate Management & Development (0.1%)
St. Joe Co. (The)		447		15,341



Road & Rail (1.7%)
Canadian Pacific Railway Ltd.		600		39,684
CSX Corp.		2,409		151,309
Heartland Express, Inc.		1,971		29,388
Kansas City Southern *		1,396		61,410

				281,791



Semiconductors & Semiconductor Equipment (1.7%)
Intersil Corp., Class A		1,332		32,394
KLA-Tencor Corp.		1,029		41,891
LSI Corp.*		7,468		45,853
Maxim Integrated Products, Inc.		1,851		39,149
Microchip Technology, Inc.		1,243		37,961
Micron Technology, Inc.*		4,695		28,170
National Semiconductor Corp.		1,988		40,834
Teradyne, Inc.*		1,515		16,771

				283,023

8 Semiannual Report 2008


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Software (2.0%)
BMC Software, Inc.*		4,437	$	159,732
McAfee, Inc.*		1,170		39,815
Sybase, Inc.*		3,300		97,086
Synopsys, Inc.*		1,434		34,287

				330,920



Specialty Retail (1.4%)
Bed Bath & Beyond, Inc.*		849		23,857
Lowe’s Cos., Inc.		2,168		44,986
Ross Stores, Inc.		1,900		67,488
Sherwin-Williams Co. (The)		733		33,667
TJX Cos., Inc.		1,800		56,646

				226,644



Textiles, Apparel & Luxury Goods (0.4%)
Liz Claiborne, Inc.		836		11,830
V.F. Corp.		635		45,199

				57,029



Thrifts & Mortgage Finance (1.3%)
New York Community Bancorp, Inc.		4,200		74,928
People’s United Financial, Inc.		6,575		102,570
Washington Federal, Inc.		2,175		39,367

				216,865



Tobacco (0.6%)
Lorillard, Inc.*		1,398		96,686



Trading Companies & Distributors (0.2%)
Interline Brands, Inc.*		1,489		23,720
W.W. Grainger, Inc.		196		16,033

				39,753



Water Utility (0.1%)
American Water Works Co., Inc.*		1,002		22,224

Total Common Stocks				14,512,844


Mutual Fund (1.9%) (b)

AIM Liquid Assets Portfolio		314,619		314,619

Total Mutual Fund				314,619


Exchange Traded Fund (0.9%)

iShares S&P MidCap 400 Index Fund		1,860		151,590

Total Exchange Traded Fund				151,590

Repurchase Agreements (9.4%)
	Shares or
	Principal Amount		Value


Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $649,060, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $661,998	$	649,017	$	649,017
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $876,363, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $893,832		876,306		876,306


Total Repurchase Agreements				1,525,323


Total Investments (Cost $17,163,160) (c) — 101.7%				16,504,376

Liabilities in excess of other assets — (1.7)%				(279,831	)


NET ASSETS — 100.0%			$	16,224,545


*		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, 2008. The maturity date represents the actual maturity date.

(c)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.


LP		Limited Partnership

See accompanying notes to financial statements.

2008 Semiannual Report 9

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT Multi-Manager
	Mid Cap Value Fund

Assets:
Investments, at value (cost $15,637,837)	$	14,979,053
Repurchase agreements, at cost and value		1,525,323

Total Investments		16,504,376

Foreign currencies, at value (cost $551)		556
Interest and dividends receivable		20,223
Receivable for capital shares issued		526,516
Receivable for investments sold		236,699
Unrealized appreciation on forward foreign currency contracts		287
Reclaims receivable		40
Prepaid expenses and other assets		1,759

Total Assets		17,290,456

Liabilities:
Cash overdraft		64,502
Payable for investments purchased		993,113
Unrealized depreciation on forward foreign currency contracts		15
Unrealized depreciation on spot foreign currency contracts		12
Payable for capital shares redeemed		3
Accrued expenses and other payables:
Investment advisory fees		7,099
Fund administration and transfer agent fees		291
Distribution fees		37
Administrative services fees		4
Custodian fees		31
Trustee fees		46
Compliance program costs (Note 3)		3
Other		755

Total Liabilities		1,065,911

Net Assets	$	16,224,545

Represented by:
Capital	$	16,786,232
Accumulated net investment income		5,290
Accumulated net realized gains from investment and foreign currency transactions		91,532
Net unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(658,509	)

Net Assets	$	16,224,545

Net Assets:
Class I Shares	$	9,954
Class II Shares		243,311
Class Y Shares		15,971,280

Total	$	16,224,545

Shares outstanding (unlimited number of shares authorized):
Class I Shares		1,002
Class II Shares		24,496
Class Y Shares		1,607,055

Total		1,632,553

See accompanying notes to financial statements.

2008 Semiannual Report 11

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	NVIT Multi-Manager
	Mid Cap Value Fund

INVESTMENT INCOME:
Interest income	$	4,168
Dividend income		51,235
Foreign tax withholding		(100	)

Total Income		55,303

Expenses:
Investment advisory fees		19,719
Fund administration and transfer agent fees		2,057
Distribution fees Class II Shares		50
Administrative services fees Class I Shares		3
Administrative services fees Class II Shares		1
Custodian fees		891
Trustee fees		104
Compliance program costs (Note 3)		21
Printing fees		5,520
Other		1,181

Total expenses before earnings credit and reimbursed expenses		29,547
Earnings credit (Note 6)		(260	)
Expenses reimbursed		(6,818	)

Net Expenses		22,469

Net Investment Income		32,834

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		91,688
Net realized losses on foreign currency transactions		(156	)

Net realized gains from investment and foreign currency transactions		91,532
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(658,509	)

Net realized/unrealized losses on investments and translation of assets and liabilities denominated in foreign currencies		(566,977	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(534,143	)


(a)		For the period from March 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 13

Statement of Changes in Net Assets


	NVIT
	Multi-Manager
	Mid Cap Value Fund

	Period Ended
	June 30, 2008
	(Unaudited) (a)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	32,834
Net realized gains from investment and foreign currency transactions		91,532
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(658,509	)

Change in net assets resulting from operations		(534,143	)


Distributions to Shareholders From:
Net investment income:
Class I		(16	)
Class II		(316	)
Class Y		(27,212	)

Change in net assets from shareholder distributions		(27,544	)

Change in net assets from capital transactions		16,786,232

Change in net assets		16,224,545

Net Assets:
Beginning		–

End of period	$	16,224,545

Accumulated net investment income at end of period	$	5,290


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	10,000
Dividends reinvested		16

		10,016

Class II Shares
Proceeds from shares issued		262,252
Dividends reinvested		316
Cost of shares redeemed		(5,384	)

		257,184

Class Y Shares
Proceeds from shares issued		16,552,825
Dividends reinvested		27,210
Cost of shares redeemed		(61,003	)

		16,519,032

Change in net assets from capital transactions	$	16,786,232

See accompanying notes to financial statements.

14 Semiannual Report 2008

NVIT Multi-Manager Mid Cap Value Fund


			Investment Activities								Distributions											Ratios / Supplemental Data

					Net Realized																								Ratio of
					and																					Ratio of Net			Expenses
	Net Asset				Unrealized			Total														Net Assets		Ratio of		Investment			(Prior to
	Value,		Net		Gains			from			Net						Net Asset					at End		Expenses		Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Total			Value, End		Total			of Period		to Average		to Average			to Average Net			Portfolio
	of Period		Income		Investments			Activities			Income			Distributions			of Period		Return (a)			(000s) (b)		Net Assets (b)		Net Assets (b)			Assets (b)(c)			Turnover (d)
Class I Shares
Period ended June 30, 2008 (Unaudited) (e)		10.00		0.04		(0.08	)		(0.04	)		(0.02	)		(0.02	)		9.94		(0.44%	)		10		0.93%		1.12	%		1.24	%		18.73	%
Class II Shares
Period ended June 30, 2008 (Unaudited) (e)		10.00		0.02		(0.07	)		(0.05	)		(0.02	)		(0.02	)		9.93		(0.53%	)		243		1.14%		1.12	%		1.30	%		18.73	%
Class Y Shares
Period ended June 30, 2008 (Unaudited) (e)		10.00		0.02		(0.06	)		(0.04	)		(0.02	)		(0.02	)		9.94		(0.41%	)		15,971		0.85%		1.25	%		1.11	%		18.73	%


(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 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

16 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Multi-Manager Mid Cap Value Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining “Fair Value.” For example, fair value determinations may take into account 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 an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

18 Semiannual Report 2008

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


				Level 2 — Other Significant				Level 3 — Significant
Level 1 — Quoted Prices				Observable Inputs				Unobservable Inputs				Total

Investments		Other*		Investments		Other*		Investments		Other*		Investments		Other*

$	14,898,569	$	—	$	1,605,807	$	(272)	$	—	$	—	$	16,504,376	$	(272)


*		Other financial instruments are derivative instruments not reflected in the Statement of Investments, such as futures, forwards, options, and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

required to establish those positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on any such contract it has entered into.

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


(f)	Written Options Contracts


(g)	Swap Contracts


(h)	Security Transactions and Investment Income

20 Semiannual Report 2008


(i)	Securities Lending


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(k)	Federal Income Taxes

2008 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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 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

- Riversource Investments, LLC


- Thompson, Siegel & Walmsley LLC


- American Century Investment Management, Inc.

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 GAAP and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.81% for all share classes until at least May 1, 2009.

22 Semiannual Report 2008

As of June 30, 2008, the cumulative potential reimbursements for the Fund, would be:


						Amount for the
						Period Ended
						June 30, 2008

						$	6,818

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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 proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

For the period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

2008 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the period ended June 30, 2008, the Fund’s portion of such costs amounted to $21.

4. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $17,058,678 and sales of $1,827,148.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the period ended June 30, 2008.

6. Portfolio Investment Risks

7. Indemnifications

24 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

26 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 27

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

28 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 29

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

30 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Board of Trustees (the “Board”) met on December 3, 2007 (the “Meeting”), to consider, among other things, the creation of new series, including the NVIT Multi-Manager Mid Cap Value Fund (the “MCV Fund”), and to consider the proposed adviser, advisory services and advisory fees for such Fund. At the Meeting, the Board considered whether to approve an investment advisory agreement between Nationwide Fund Advisors (“NFA”) and Nationwide Variable Insurance (the “Trust”) on behalf of the MCV Fund.

The Independent Trustees received assistance and advice from, and met separately with, independent counsel regarding their legal duties and responsibilities in considering the MCV Fund’s proposed investment advisory agreement. The Board considered all information it deemed relevant, including, but not limited to, the following information with respect to the MCV Fund:

1. the MCV Fund’s proposed advisory fee and anticipated ancillary benefits to NFA;

2. the MCV Fund’s proposed advisory fee in comparison to the advisory fees of the MCV Fund’s proposed competitive peer groups;

3. the MCV Fund’s proposed Lipper/Morningstar categories and benchmarks; and

4. the MCV Fund’s proposed total expenses in comparison to those of the MCV Fund’s peer groups.

Because the MCV Fund is new, the Board could not consider comparative information regarding fund performance, or the level of profitability (or lack thereof) that NFA would receive for investment management services provided to the MCV Fund. Following its review and discussions, a majority of the Board, including a majority of the Independent Trustees (as such term is defined in Section 2(a)(19) of the 1940 Act), determined it was appropriate to approve the MCV Fund’s advisory agreement for an initial period to run through May 1, 2009 for the following reasons:

Board Approval:

The Board considered NFA’s recommendation to create the MCV Fund to seek long term capital appreciation, and that under normal conditions, the MCV Fund would invest at least 80% of the value of its net assets in equity securities issued by mid-cap companies, utilizing a value style of investing. The Board noted that the MCV Fund would consist of three sleeves managed by different subadvisers, and that NFA would select the subadvisers and monitor their performance on an ongoing basis. The Board considered the recommendation of RiverSource Investments, LLC, American Century Investment Management, Inc., and Thompson, Siegel & Walmsley LLC, each a registered investment adviser, as the subadvisers to the MCV Fund, including their capabilities, personnel, and performance history, and noted that the subadvisers would be paid by NFA out of its fees, and not by the MCV Fund. The Board considered the fees and expenses proposed, and noted the expense cap proposed by NFA. The Board then discussed with NFA and its affiliates the proposed marketing and distribution plans for the MCV Fund. The Board considered the information and discussion with respect to the services proposed to be provided to the MCV Fund by NFA, including any anticipated ancillary benefits to be received by NFA including fee income, if any, for performing other services, soft dollars, and affiliated brokerage commissions.

The Board, including a majority of the Independent Trustees, having considered all of the information it deemed relevant and being satisfied with NFA’s and its affiliates’ responses to the Board’s questions determined to approve the investment advisory agreement for the MCV Fund through May 1, 2009 and to undertake the Board’s review and any consideration of reapproval of the MCV Fund’s advisory agreement at its December 2008-January 2009 Annual 15(c) Contract Review Meeting.

2008 Semiannual Report 31

NVIT Short Term Bond Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

7			Statement of Assets and Liabilities

8			Statement of Operations

9			Statement of Changes in Net Assets

11			Financial Highlights

12			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-STB (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Short Term Bond Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
NVIT Short Term Bond Fund			03/25/08		06/30/08		03/25/08 – 06/30/08^(a)*		03/25/08 – 06/30/08^(a)*

Class I	Actual			1,000.00		999.50		1.74		0.65
	Hypothetical	^(b)		1,000.00		1,021.57		3.27		0.65


Class II	Actual			1,000.00		999.60		2.41		0.90
	Hypothetical	^(b)		1,000.00		1,020.32		4.53		0.90


Class Y	Actual			1,000.00		999.80		1.34		0.50
	Hypothetical	^(b)		1,000.00		1,022.31		2.52		0.50


*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 98/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(b)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	NVIT Short Term Bond Fund

June 30, 2008 (Unaudited)


Asset Allocation

U.S. Government Sponsored & Agency Obligations			34.2%
Corporate Bonds			26.1%
Repurchase Agreements			20.6%
Commercial Mortgage Backed Securities			13.5%
Asset-Backed Securities			2.6%
Other assets in excess of liabilities			3.0%

			100.0%


Top Industries

Diversified Financial Services			15.8%
Electric Utilities			6.9%
Telecommunications			3.7%
Media			3.6%
Oil, Gas & Consumable Fuels			2.3%
Health Care Equipment & Supplies			1.9%
Credit Card Loans			1.5%
Metals & Mining			1.4%
Other Financial			1.2%
Food Processor			1.2%
Other			60.5%

			100.0%


Top Holdings*

U.S. Treasury Notes 3.13%, 09/15/08			14.3%
U.S. Treasury Notes 2.13%, 04/30/10			7.9%
Federal Home Loan Bank System, 4.75%, 04/24/09			5.8%
U.S. Treasury Notes 3.50%, 05/31/13			2.9%
Federal Home Loan Mortgage Corp., 2.38%, 05/28/10			2.2%
Comcast Cable Communications Holdings, Inc., 8.38%, 03/15/13			1.9%
Covidien International Finance SA, 5.45%, 10/15/12			1.8%
Time Warner Cable, Inc., 6.20%, 07/01/13			1.7%
FPL Group Capital, Inc., 5.35%, 06/15/13			1.7%
LB-UBS Commercial Mortgage Trust Series 2005-C2, Class A3, 4.91%, 04/15/30			1.7%
Other			58.1%

			100.0%


*		For purpose of listing top holdings, repurchase agreements are included as part of Other.

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Short Term Bond Fund


Asset-Backed Securities (2.6%)
	Principal
	Amount		Value


Auto Loan (1.1%) (a)
Superior Wholesale Inventory Financing Trust, Series 2007-AE1, Class A, 2.57%, 01/15/12	$	500,000	$	477,166



Credit Card Loans (1.5%)
Advanta Business Card Master Trust, Series 2007-A2, Class A2, 5.00%, 03/20/13		255,000		258,248
National City Credit Card Master Trust, Series 2008-2, Class A, 4.65%, 11/15/11		375,000		374,906

				633,154


Total Asset-Backed Securities				1,110,320


Commercial Mortgage Backed Securities (13.5%)

Diversified Financial Services (13.5%)
Banc of America Commercial Mortgage, Inc., Series 2004-4, Class A3, 4.13%, 07/10/42		515,000		512,092
Bear Stearns Commercial Mortgage Securities, Inc., Series 2004-T16, Class A4, 4.32%, 02/13/46		600,000		584,278
Commercial Mortgage Pass-Through Certificates, Series 2001-J1A, Class C, 6.83%, 02/14/34 (a)(b)		375,000		387,747
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2001-CIBC, Class A3, 6.26%, 03/15/33		353,598		360,770
LB-UBS Commercial Mortgage Trust Series 2004-C4, Class A3, 5.14%, 06/15/29 (a)		600,000		596,197
Series 2004-C6, Class A4, 4.58%, 08/15/29		350,000		342,394
Series 2005-C2, Class A3, 4.91%, 04/15/30		750,000		742,591
Series 2007-C6, Class A2, 5.85%, 07/15/40		750,000		742,019
Morgan Stanley Capital I Series 2006-HQ9, Class A3, 5.71%, 07/12/44		750,000		739,065
Series 2005-T19, Class A2, 4.73%, 06/12/47		415,000		411,815
Morgan Stanley Dean Witter Capital I, Series 2001-TOP5, Class A4, 6.39%, 10/15/35		500,000		511,984


Total Commercial Mortgage Backed Securities				5,930,952

Corporate Bonds (26.1%)
	Principal
	Amount		Value


Diversified Financial Services (2.3%)
General Electric Capital Corp., 4.88%, 10/21/10	$	500,000	$	507,861
Textron Financial Corp., 5.13%, 11/01/10		500,000		506,860

				1,014,721



Electric Utilities (5.2%)
FPL Group Capital, Inc., 5.35%, 06/15/13		750,000		760,183
Northern States Power, 4.75%, 08/01/10		500,000		506,693
Pacific Gas & Electric Co., 4.20%, 03/01/11		500,000		495,807
Pacificorp, 7.00%, 07/15/09		500,000		514,411

				2,277,094



Food Processor (1.2%)
General Mills, Inc., 5.65%, 09/10/12		500,000		509,831



Health Care Equipment & Supplies (1.9%) (b)
Covidien International Finance SA, 5.45%, 10/15/12		800,000		811,015



Insurance (1.1%)
Principal Life Income Funding Trusts, 5.30%, 12/14/12		500,000		500,280



Media (3.6%)
Comcast Cable Communications Holdings, Inc., 8.38%, 03/15/13		750,000		825,575
Time Warner Cable, Inc., 6.20%, 07/01/13		750,000		762,650

				1,588,225



Metals & Mining (1.4%)
WMC Finance USA Ltd., 5.13%, 05/15/13		600,000		600,448



Oil, Gas & Consumable Fuels (2.3%)
Energy Transfer Partners LP, 6.00%, 07/01/13		500,000		504,494
Kinder Morgan Energy Partners LP, 6.75%, 03/15/11		500,000		515,388

				1,019,882



Oilfield Machinery & Services (1.1%)
Weatherford International Ltd., 5.15%, 03/15/13		500,000		497,088

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Short Term Bond Fund (Continued)


Corporate Bonds (continued)
	Principal
	Amount		Value

Other Financial (1.2%)
HSBC Finance Corp., 6.38%, 10/15/11	$	500,000	$	511,373



Pharmaceutical (1.1%)
Amgen, Inc., 4.00%, 11/18/09		500,000		500,542



Telecommunications (3.7%)
Bellsouth Capital Funding Corp., 7.75%, 02/15/10		500,000		525,587
Telecom Italia Capital SA, 5.25%, 11/15/13		600,000		566,788
Verizon Global Funding Corp., 7.25%, 12/01/10		500,000		530,825

				1,623,200


Total Corporate Bonds				11,453,699


U.S. Government Sponsored & Agency Obligations (34.2%)

Federal Home Loan Bank System, 4.75%, 04/24/09		2,500,000		2,537,935
Federal Home Loan Mortgage Corp., 2.38%, 05/28/10		1,000,000		985,421
U.S. Treasury Notes
3.13%, 09/15/08		6,235,000		6,251,560
2.00%, 02/28/10		250,000		248,184
2.13%, 04/30/10		3,500,000		3,474,569
3.13%, 04/30/13		250,000		247,910
3.50%, 05/31/13		1,250,000		1,259,277


Total U.S. Government Sponsored & Agency Obligations				15,004,856

Repurchase Agreements (20.6%)
	Principal
	Amount		Value


Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $3,846,341, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $3,923,011	$	3,846,089	$	3,846,089
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $5,193,345, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $5,296,864		5,193,004		5,193,004


Total Repurchase Agreements				9,039,093


Total Investments (Cost $42,654,009) (c) — 97.0%				42,538,920

Other assets in excess of liabilities — 3.0%				1,327,489


NET ASSETS — 100.0%			$	43,866,409


(a)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2008. The maturity date represents the actual maturity date.

(b)		Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2008, all such securities in total represented 2.7% of net assets.

(c)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Short Term
	Bond Fund

Assets:
Investments, at value (cost $33,614,916)	$	33,499,827
Repurchase agreements, at cost and value		9,039,093

Total Investments		42,538,920

Interest receivable		284,862
Receivable for capital shares issued		1,056,764

Total Assets		43,880,546

Liabilities:
Payable for capital shares redeemed		135
Accrued expenses and other payables:
Investment advisory fees		6,599
Fund administration and transfer agent fees		3,220
Distribution fees		328
Administrative services fees		254
Custodian fees		2,299
Trustee fees		160
Compliance program costs (Note 3)		60
Other		1,082

Total Liabilities		14,137

Net Assets	$	43,866,409

Represented by:
Capital	$	43,976,720
Accumulated net investment income		38,007
Accumulated net realized losses from investment transactions		(33,229	)
Net unrealized appreciation/(depreciation) from investments		(115,089	)

Net Assets	$	43,866,409

Net Assets:
Class I Shares	$	10,001
Class II Shares		2,256,276
Class Y Shares		41,600,132

Total	$	43,866,409

Shares outstanding (unlimited number of shares authorized):
Class I Shares		1,004
Class II Shares		226,548
Class Y Shares		4,174,288

Total		4,401,840

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	9.96
Class II Shares	$	9.96
Class Y Shares	$	9.97

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	NVIT
	Short Term
	Bond Fund

INVESTMENT INCOME:
Interest income	$	234,687

Total Income		234,687

Expenses:
Investment advisory fees		28,466
Fund administration and transfer agent fees		7,287
Distribution fees Class II Shares		417
Administrative services fees Class I Shares		4
Administrative services fees Class II Shares		250
Custodian fees		4,598
Trustee fees		359
Compliance program costs (Note 3)		71
Printing fees		4,785
Other		1,720

Total expenses before earnings credit and reimbursed expenses		47,957
Earnings credit (Note 5)		(2,299	)
Expenses reimbursed		(4,322	)

Net Expenses		41,336

Net Investment Income		193,351

REALIZED/UNREALIZED LOSSES FROM INVESTMENTS:
Net realized losses from investment transactions		(33,229	)
Net change in unrealized appreciation/(depreciation) from investments		(115,089	)

Net realized/unrealized losses from investments		(148,318	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	45,033


(a)		For the period from March 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

8 Semiannual Report 2008

Statement of Changes in Net Assets


	NVIT Short Term
	Bond Fund

	Period Ended
	June 30, 2008 (a)
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	193,351
Net realized losses from investment transactions		(33,229	)
Net change in unrealized appreciation/(depreciation) from investments		(115,089	)

Change in net assets resulting from operations		45,033


Distributions to Shareholders From:
Net investment income:
Class I		(35	)
Class II		(7,107	)
Class Y		(148,202	)

Change in net assets from shareholder distributions		(155,344	)

Change in net assets from capital transactions		43,976,720

Change in net assets		43,866,409

Net Assets:
Beginning of period		–

End of period	$	43,866,409

Accumulated net investment income at end of period	$	38,007


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	10,000
Dividends reinvested		35

		10,035

Class II Shares
Proceeds from shares issued		2,623,663
Dividends reinvested		7,107
Cost of shares redeemed		(372,748	)

		2,258,022

Class Y Shares
Proceeds from shares issued		41,926,792
Dividends reinvested		148,198
Cost of shares redeemed		(366,327	)

		41,708,663

Change in net assets from capital transactions	$	43,976,720

See accompanying notes to financial statements.

2008 Semiannual Report 9

NVIT Short Term Bond Fund


			Investment Activities								Distributions											Ratios / Supplemental Data

					Net Realized																								Ratio of
					and																			Ratio of		Ratio of Net			Expenses
	Net Asset				Unrealized			Total														Net Assets		Expenses		Investment			(Prior to
	Value,		Net		Gains			from			Net						Net Asset					at End of		to Average		Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Total			Value, End		Total			Period		Net		to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Distributions			of Period		Return (a)			(000s)		Assets (b)		Net Assets (b)			Net Assets (b)(c)			Turnover (d)

Class I Shares
Period ended June 30, 2008 (Unaudited) (e)(f)		10.00		0.06		(0.07	)		(0.01	)		(0.03	)		(0.03	)		9.96		(0.05%	)		10		0.65%		2.19	%		0.71	%		14.99%

Class II Shares
Period ended June 30, 2008 (Unaudited) (e)(f)		10.00		0.06		(0.06	)		–			(0.04	)		(0.04	)		9.96		(0.04%	)		2,256		0.90%		2.33	%		0.91	%		14.99%

Class Y Shares
Period ended June 30, 2008 (Unaudited) (e)(f)		10.00		0.07		(0.06	)		0.01			(0.04	)		(0.04	)		9.97		(0.02%	)		41,600		0.50%		2.37	%		0.55	%		14.99%


(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 25, 2008 (commencement of operations) through June 30, 2008.
(f)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

2008 Semiannual Report 11

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Short Term Bond Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

12 Semiannual Report 2008


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 — Other		Level 3 —
Level 1 —		Significant		Significant		Total
Quoted Prices		Observable Inputs		Unobservable Inputs		Investments

$	42,538,920	$	—	$	—	$	42,538,920

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

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

14 Semiannual Report 2008


(f)	Written Options Contracts


(g)	Swap Contracts


(h)	Mortgage Dollar Rolls

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(i)	Security Transactions and Investment Income


(j)	Securities Lending


(k)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(l)	Federal Income Taxes

16 Semiannual Report 2008

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 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). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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. Nationwide Asset Management LLC (the “subadviser”) is the subadviser to the Fund. 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 of 0.35% based on the Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $8,133 for the period ended June 30, 2008.

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

As of June 30, 2008, the cumulative potential reimbursements for the Fund would be:


		Amount
		Period Ended
		June 30, 2008

		$	4,322


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

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.

For the period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

18 Semiannual Report 2008

Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the period ended June 30, 2008, the Fund’s portion of such cost amounted to $71.

For the period ended June 30, 2008, the Adviser or affiliates the Adviser directly held 57% of the shares outstanding of the Fund.

4. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $40,271,841 and sales of $3,966,705.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the period ended June 30, 2008.

6. Portfolio Investment Risks

7. Indemnifications

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

liability 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. New Accounting Pronouncements

9. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	42,663,933	$	44,223	$	(169,236)	$	(125,013)

20 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

22 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

24 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 25

Supplemental Information (Unaudited)

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Board of Trustees (the “Board”) met on December 3, 2007 (the “Meeting”), to consider, among other things, the creation of new series, including the NVIT Short Term Bond Fund, the Neuberger Berman NVIT Socially Responsible Fund, the Neuberger Berman NVIT Multi Cap Opportunities Fund, and the Van Kampen NVIT Real Estate Fund (the “New Funds”), and to consider the proposed adviser, advisory services and advisory fees for New Fund. At the Meeting, the Board considered whether to approve an investment advisory agreement between Nationwide Fund Advisors (“NFA”) and Nationwide Variable Insurance (the “Trust”) on behalf of the New Funds.

The Independent Trustees received assistance and advice from, and met separately with, independent counsel regarding their legal duties and responsibilities in considering the New Funds’ proposed investment advisory agreement. The Board considered all information it deemed relevant, including, but not limited to, the following information with respect to the New Funds:

1. the New Funds’ proposed advisory fee and anticipated ancilliary benefits to NFA;

2. the New Funds’ proposed advisory fee in comparison to the advisory fees of the New Funds’ proposed competitive peer groups;

3. the New Funds’ proposed Lipper/Morningstar categories and benchmarks; and

4. the New Funds’ proposed total expenses in comparison to those of the New Fund’s peer groups.

Because the New Funds are new, the Board could not consider comparative information regarding fund performance, or the level of profitability (or lack thereof) that NFA would receive for investment management services provided to the New Funds. Following its review and discussions, a majority of the Board, including a majority of the Independent Trustees (as such term is defined in Section 2(a)(19) of the 1940 Act), determined it was appropriate to approve the New Funds’ advisory agreement for an initial period to run through May 1, 2009 for the following reasons:

Board Approval:

NVIT Short Term Bond Fund. The Board considered that the NVIT Short Term Bond Fund would seek to provide a high level of current income while preserving capital and minimizing fluctuations in share value, and that under normal circumstances, the Fund will invest primarily in U.S. government securities, U.S. government agency securities and corporate bonds that are investment grade. The Board noted that the NVIT Short Term Bond Fund would be managed by a single subadviser, and that NFA would select the subadviser and monitor its performance on an ongoing basis. The Board considered that Nationwide Asset Management, LLC (“NWAM”), a registered investment adviser and affiliate of NFA, was recommended by NFA to provide subadvisory services to the NVIT Short Term Bond Fund, and the Board further considered the capabilities, personnel, and performance history of NWAM, noting that the subadviser would be paid by NFA out of its fees, and not by the NVIT Short Term Bond Fund. The Board considered the fees and expenses proposed, and noted the expense cap proposed by NFA. The Board then discussed with NFA and its affiliates the proposed marketing and distribution plans for the NVIT Short Term Bond Fund.

The Board considered the information and discussion with respect to the services proposed to be provided to the New Funds by NFA, including any anticipated ancillary benefits to be received by NFA including fee income, if any, for performing other services, soft dollars, and affiliated brokerage commissions. The Board discussed with NFA and its affiliates the proposed marketing and distribution plans for the New Funds. The Board, including a majority of the Independent Trustees, having considered all of the information it deemed relevant and being satisfied with NFA’s and its affiliates’ responses to the Board’s questions determined to approve the investment advisory agreement for the New Funds through May 1, 2009 and to undertake the Board’s review and any consideration of reapproval of the New Funds’ advisory agreement at its December 2008-January 2009 Annual 15(c) Contract Review Meeting.

26 Semiannual Report 2008

NVIT Core Bond Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

8			Statement of Assets and Liabilities

9			Statement of Operations

10			Statement of Changes in Net Assets

12			Financial Highlights

13			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-CB (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	NVIT Core Bond Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
NVIT Core Bond Fund			03/25/08		06/30/08		03/25/08 – 06/30/08^(a)*		03/25/08 – 06/30/08^(a)*

Class I	Actual			1,000.00		989.10		1.57		0.59
	Hypothetical	^(b)		1,000.00		1,021.87		2.97		0.59


Class II	Actual			1,000.00		987.40		2.21		0.83
	Hypothetical	^(b)		1,000.00		1,020.67		4.18		0.83


Class Y	Actual			1,000.00		988.50		1.46		0.55
	Hypothetical	^(b)		1,000.00		1,022.07		2.77		0.55


*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 98/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(b)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	NVIT Core Bond Fund

June 30, 2008 (Unaudited)


Asset Allocation

U.S. Government Sponsored & Agency Obligations			39.7%
Corporate Bonds			31.2%
Commercial Mortgage Backed Securities			18.0%
Repurchase Agreements			8.5%
Asset-Backed Securities			1.9%
Other assets in excess of liabilities			0.7%

			100.0%


Top Industries

Diversified Financial Services			20.2%
Electric Utilities			4.5%
Media			3.5%
Telecommunications			3.4%
Banks			3.1%
Oil, Gas & Consumable Fuels			2.4%
Metals & Mining			1.4%
Other Financial			1.1%
Health Care Equipment & Supplies			1.1%
Insurance			1.1%
Other			58.2%

			100.0%


Top Holdings*

U.S. Treasury Notes 3.88%, 05/15/18			10.4%
U.S. Treasury Notes 2.75%, 02/28/13			8.1%
Federal Home Loan Mortgage Corp., 5.75%, 01/15/12			5.9%
Federal National Mortgage Association, 3.25%, 04/09/13			5.4%
U.S. Treasury Notes 3.50%, 05/31/13			3.4%
U.S. Treasury Notes 2.13%, 04/30/10			3.3%
U.S. Treasury Notes 2.00%, 02/28/10			2.6%
Comcast Cable Communications Holdings, Inc., 8.38%, 03/15/13			1.8%
FPL Group Capital, Inc., 5.35%, 06/15/13			1.7%
Florida Power Corp., 5.65%, 06/15/18			1.7%
Time Warner Cable, Inc., 7.30%, 07/01/38			1.7%
Other			54.0%

			100.0%


*		For purpose of listing top holdings, repurchase agreements are included as part of Other.

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

NVIT Core Bond Fund


Asset-Backed Securities (1.9%)
	Principal
	Amount		Value


Auto Loan (1.1%) (a)
Superior Wholesale Inventory Financing Trust, Series 2007-AE1, Class A, 2.57%, 01/15/12	$	500,000	$	477,166



Credit Card Loans (0.8%)
National City Credit Card Master Trust, Series 2008-2, Class A, 4.65%, 11/15/11		375,000		374,906


Total Asset-Backed Securities				852,072


Commercial Mortgage Backed Securities (18.0%)
Diversified Financial Services (18.0%)
Banc of America Commercial Mortgage, Inc.
Series 2004-4, Class A3, 4.13%, 07/10/42		515,000		512,092
Series 2005-2, Class AM, 4.91%, 07/10/43 (a)		700,000		652,072
Bear Stearns Commercial Mortgage Securities
Series 2006-T22, Class AM, 5.63%, 04/12/38 (a)		500,000		461,611
Series 2004-T16, Class A4, 4.32%, 02/13/46		600,000		584,278
Commercial Mortgage Pass-Through Certificates, Series 2001-J1A, Class C, 6.83%, 02/14/34 (a)(b)		375,000		387,747
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class AM, 5.48%, 03/10/39		750,000		669,650
GS Mortgage Securities Corp. II, 5.80%, 08/10/45 (a)		600,000		573,724
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2001-CIBC, Class A3, 6.26%, 03/15/33		353,598		360,770
Series 2008-C2, Class A4, 6.07%, 02/12/51		500,000		483,281
LB-UBS Commercial Mortgage Trust
Series 2004-C4, Class A3, 5.14%, 06/15/29 (a)		600,000		596,197
Series 2004-C6, Class A4, 4.58%, 08/15/29		350,000		342,394
Series 2007-C6, Class A2, 5.85%, 07/15/40		750,000		742,019
Series 2008-C1, Class A2, 6.15%, 04/15/41 (a)		500,000		487 ,551
Morgan Stanley Capital I, Series 2006-HQ9, Class A3, 5.71%, 07/12/44		750,000		739,065
Morgan Stanley Dean Witter Capital I, Series 2001-TOP5, Class A4, 6.39%, 10/15/35		500,000		511,984


Total Commercial Mortgage Backed Securities				8,104,435


Corporate Bonds (31.2%)
Banks (3.1%) (a)
Bank of America Corp., 8.00%, 12/29/49		750,000		702,652
JPMorgan Chase & Co., 7.90%, 04/29/49		750,000		703,230

				1,405,882



Beverages (0.8%) (b)
Dr Pepper Snapple Group, Inc., 7.45%, 05/01/38		350,000		367,291



Diversified Financial Services (2.2%)
John Deere Capital Corp., 4.50%, 04/03/13		500,000		493,756
Textron Financial Corp., 5.13%, 11/01/10		500,000		506,860

				1,000,616



Electric Utilities (4.5%)
Florida Power Corp., 5.65%, 06/15/18		750,000		756,905
FPL Group Capital, Inc., 5.35%, 06/15/13		750,000		760,183
Public Service Co. of Colorado, 4.88%, 03/01/13		500,000		501,808

				2,018,896



Electronic Equipment & Instruments (1.1%)
General Electric Co., 5.25%, 12/06/17		500,000		480,666



Food Products (1.1%)
General Mills, Inc., 5.20%, 03/17/15		500,000		488,143



Health Care Equipment & Supplies (1.1%) (b)
Covidien International Finance SA, 6.55%, 10/15/37		500,000		504,305

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Core Bond Fund (Continued)


Corporate Bonds (continued)
	Principal
	Amount		Value


Insurance (1.1%)
Principal Life Income Funding Trusts, 5.30%, 12/14/12	$	500,000	$	500,280



Media (3.5%)
Comcast Cable Communications Holdings, Inc., 8.38%, 03/15/13		750,000		825,575
Time Warner Cable, Inc., 7.30%, 07/01/38		750,000		745,388

				1,570,963



Metals & Mining (1.4%)
WMC Finance USA Ltd., 5.13%, 05/15/13		600,000		600,448



Oil, Gas & Consumable Fuels (2.4%)
Energy Transfer Partners LP, 6.00%, 07/01/13		500,000		504,493
Kinder Morgan Energy Partners LP, 5.95%, 02/15/18		600,000		584,552

				1,089,045



Oilfield Machinery & Services (1.1%)
Weatherford International Ltd., 5.15%, 03/15/13		500,000		497,088



Other Financial (1.1%)
HSBC Finance Corp., 6.38%, 10/15/11		500,000		511,373



Pharmaceutical (1.1%)
Amgen, Inc., 5.85%, 06/01/17		500,000		492,483



Pipelines (1.1%) (b)
Northwest Pipeline Corp., 6.05%, 06/15/18		500,000		493,691



Specialty Retail (1.1%) (b)
CVS Pass-Through Trust, 6.94%, 01/10/30		496,116		476,827



Telecommunications (3.4%)
AT&T, Inc., 4.95%, 01/15/13		500,000		498,267
Telecom Italia Capital SA, 5.25%, 11/15/13		600,000		566,788
Verizon Communications, Inc., 5.50%, 02/15/18		500,000		475,656

				1,540,711


Total Corporate Bonds				14,038,708

U.S. Government Sponsored & Agency Obligations (39.7%)
	Principal
	Amount		Value

Federal Home Loan Mortgage Corp., 5.75%, 01/15/12	$	2,500,000	$	2,653,570
Federal National Mortgage Association, 3.25%, 04/09/13		2,500,000		2,405,675
U.S. Treasury Bond, 5.00%, 05/15/37		250,000		268,672
U.S. Treasury Notes
2.00%, 02/28/10		1,175,000		1,166,462
2.13%, 04/30/10		1,500,000		1,489,101
2.75%, 02/28/13		3,750,000		3,660,938
3.50%, 05/31/13		1,500,000		1,511,133
3.88%, 05/15/18		4,700,000		4,660,713

Total U.S. Government Sponsored & Agency Obligations				17,816,264


Repurchase Agreements (8.5%)

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $1,632,098, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $1,664,630		1,631,990		1,631,990
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $2,203,664, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $2,247,590		2,203,520		2,203,520


Total Repurchase Agreements				3,835,510


Total Investments (Cost $45,141,154) (c) — 99.3%				44,646,989

Other assets in excess of liabilities — 0.7%				292,809


NET ASSETS — 100.0%			$	44,939,798


(a)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30,

6 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	NVIT
	Core Bond Fund

Assets:
Investments, at value (cost $41,305,644)	$	40,811,479
Repurchase agreements, at cost and value		3,835,510

Total Investments		44,646,989

Interest receivable		376,181
Receivable for capital shares issued		1,161,346
Prepaid expenses and other assets		8,345

Total Assets		46,192,861

Liabilities:
Payable for investments purchased		1,235,602
Payable for capital shares redeemed		172
Accrued expenses and other payables:
Investment advisory fees		3,738
Fund administration and transfer agent fees		3,194
Distribution fees		39
Administrative services fees		15
Custodian fees		2,330
Trustee fees		160
Compliance program costs (Note 3)		60
Other		7,753

Total Liabilities		1,253,063

Net Assets	$	44,939,798

Represented by:
Capital	$	45,467,823
Accumulated net investment income		58,552
Accumulated net realized losses from investment transactions		(92,412	)
Net unrealized appreciation/(depreciation) from investments		(494,165	)

Net Assets	$	44,939,798

Net Assets:
Class I Shares	$	876,477
Class II Shares		317,214
Class Y Shares		43,746,107

Total	$	44,939,798

Shares outstanding (unlimited number of shares authorized):
Class I Shares		89,037
Class II Shares		32,287
Class Y Shares		4,448,129

Total		4,569,453

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	9.84
Class II Shares	$	9.82
Class Y Shares	$	9.83

See accompanying notes to financial statements.

8 Semiannual Report 2008

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	NVIT
	Core Bond Fund

INVESTMENT INCOME:
Interest income	$	327,573

Total Income		327,573

Expenses:
Investment advisory fees		32,560
Fund administration and transfer agent fees		7,289
Distribution fees Class II Shares		47
Administrative services fees Class I Shares		9
Administrative services fees Class II Shares		6
Custodian fees		4,660
Trustee fees		359
Compliance program costs (Note 3)		71
Printing fees		9,061
Other		1,879

Total expenses before earnings credit and reimbursed expenses		55,941
Earnings credit (Note 5)		(2,330	)
Expenses reimbursed		(8,787	)

Net Expenses		44,824

Net Investment Income		282,749

REALIZED/UNREALIZED LOSSES FROM INVESTMENTS:
Net realized losses from investment transactions		(92,412	)
Net change in unrealized appreciation/(depreciation) from investments		(494,165	)

Net realized/unrealized losses from investments		(586,577	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(303,828	)


(a)		For the period from March 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 9

NVIT Core Bond Fund


			Investment Activities								Distributions											Ratios / Supplemental Data

					Net Realized																								Ratio of
					and																			Ratio of		Ratio of Net			Expenses
	Net Asset				Unrealized			Total														Net Assets		Expenses		Investment			(Prior to
	Value,		Net		Gains			from			Net						Net Asset					at End of		to Average		Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Total			Value, End		Total			Period		Net		to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Distributions			of Period		Return (a)			(000s)		Assets (b)		Net Assets (b)			Net Assets (b)(c)			Turnover (d)

Class I Shares
Period ended June 30, 2008 (Unaudited) (e)(f)		10.00		0.10		(0.21	)		(0.11	)		(0.05	)		(0.05	)		9.84		(1.09%	)		876		0.59%		3.66	%		0.67	%		31.56%

Class II Shares
Period ended June 30, 2008 (Unaudited) (e)(f)		10.00		0.09		(0.22	)		(0.13	)		(0.05	)		(0.05	)		9.82		(1.26%	)		317		0.83%		3.43	%		0.90	%		31.56%

Class Y Shares
Period ended June 30, 2008 (Unaudited) (e)(f)		10.00		0.09		(0.21	)		(0.12	)		(0.05	)		(0.05	)		9.83		(1.15%	)		43,746		0.55%		3.46	%		0.66	%		31.56%


(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 25, 2008 (commencement of operations) through June 30, 2008.
(f)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

12 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Core Bond Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining “Fair Value.” For example, fair value determinations may take into account 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 an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 — Other		Level 3 —
Level 1 —		Significant		Significant		Total
Quoted Prices		Observable Inputs		Unobservable Inputs		Investments

$	—	$	44,646,989	$	—	$	44,646,989

14 Semiannual Report 2008


(b)	Repurchase Agreements


(c)	Futures Contracts

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” payments, are made or received each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the 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 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 contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.


(d)	Written Options Contracts

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(e)	Swap Contracts


(f)	Mortgage Dollar Rolls


(g)	Security Transactions and Investment Income


(h)	Securities Lending

16 Semiannual Report 2008

Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. The Fund did not have any securities on loan as of June 30, 2008.


(i)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns), such amounts 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(j)	Federal Income Taxes


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

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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. Nationwide Asset 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 of 0.40% based on the Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $12,210 for the period ended June 30, 2008.

As of June 30, 2008, the cumulative potential reimbursements for the Fund would be:


		Amount
		Period Ended
		June 30, 2008

		$	8,787


		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 NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately

18 Semiannual Report 2008


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC (“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.

For the period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA and and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such cost amounted to $71.

For the period ended June 30, 2008, the Adviser or affiliates of the Adviser directly held 55% of the shares outstanding of the fund.

4. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $50,768,711 and sales of $9,347,313.

For the period ended June 30, 2008, the Fund had purchases of $25,937,228 and sales of $7,840,109 of U.S. Government securities.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the period ended June 30, 2008.

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

6. Portfolio Investment Risks

7. Indemnifications

8. New Accounting Pronouncements

9. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	45,179,773	$	103,109	$	(635,893)	$	(532,784)

20 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

22 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

24 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 25

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Board of Trustees (the “Board”) met on November 9, 2007 (the “Meeting”), to consider, among other things, the creation of new series, including the NVIT Core Bond Fund and the Lehman Brothers NVIT Core Plus Bond Fund (the “Bond Funds”), and to consider the proposed adviser, advisory services and advisory fees for such Fund. At the Meeting, the Board considered whether to approve an investment advisory agreement between Nationwide Fund Advisors (“NFA”) and Nationwide Variable Insurance (the “Trust”) on behalf of the Bond Funds.

The Independent Trustees received assistance and advice from, and met separately with, independent counsel regarding their legal duties and responsibilities in considering the Bond Funds’ proposed investment advisory agreement. The Board considered all information it deemed relevant, including, but not limited to, the following information with respect to the Bond Funds:

1. the Bond Funds’ proposed advisory fee and anticipated ancilliary benefits to NFA;

2. the Bond Funds’ proposed advisory fee in comparison to the advisory fees of the Bond Funds’ proposed competitive peer groups;

3. the Bond Funds’ proposed Lipper/Morningstar categories and benchmarks; and

4. the Bond Funds’ proposed total expenses in comparison to those of the Bond Fund’s peer groups.

Because the Bond Funds are new, the Board could not consider comparative information regarding fund performance, or the level of profitability (or lack thereof) that NFA would receive for investment management services provided to the Bond Funds. Following its review and discussions, a majority of the Board, including a majority of the Independent Trustees (as such term is defined in Section 2(a)(19) of the 1940 Act), determined it was appropriate to approve the Bond Funds’ advisory agreement for an initial period to run through May 1, 2009 for the following reasons:

Board Approval:

NVIT Core Bond Fund. The Board considered that the NVIT Core Bond Fund would seek to provide a high level of current income while preserving capital, and that under normal circumstances, the NVIT Core Bond Fund would invest at least 80% of the value of its net assets in fixed income securities that are investment grade, including corporate bonds and U.S. government agency securities. The Board noted that the NVIT Core Bond Fund would be managed by a single subadviser, and that NFA would select the subadviser and monitor its performance on an ongoing basis. The Board considered that Nationwide Asset Management, LLC (“NWAM”), a registered investment adviser and affiliate of NFA, was recommended by NFA to provide subadvisory services to the NVIT Core Bond Fund, and the Board further considered the capabilities, personnel, and performance history of NWAM, noting that the subadviser would be paid by NFA out of its fees, and not by the NVIT Core Bond Fund. The Board considered the fees and expenses proposed, and noted the expense cap proposed by NFA.

The Board then discussed with NFA and its affiliates the proposed marketing and distribution plans for the NVIT Core Bond Fund.

The Board considered the information and discussion with respect to the services proposed to be provided to the Bond Funds by NFA, including any anticipated ancillary benefits to be received by NFA including fee income, if any, for performing other services, soft dollars, and affiliated brokerage commissions. The Board, including a majority of the Independent Trustees, having considered all of the information it deemed relevant and being satisfied with NFA’s and its affiliates’ responses to the Board’s questions determined to approve the investment advisory agreement for the Bond Funds through May 1, 2009 and to undertake the Board’s review and any consideration of reapproval of the Bond Funds’ advisory agreement at its December 2008-January 2009 Annual 15(c) Contract Review Meeting.

Van Kampen NVIT Real Estate Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

6			Statement of Assets and Liabilities

7			Statement of Operations

8			Statement of Changes in Net Assets

10			Financial Highlights

11			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-RE (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	Van Kampen NVIT Real Estate Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


			Beginning		Ending		Expenses Paid		Expense Ratio
Van Kampen NVIT			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Real Estate Fund			03/25/08		06/30/08		03/25/08 – 06/30/08^(a)*		03/25/08 – 06/30/08^(a)*

Class I	Actual			1,000.00		900.70		2.44		0.96
	Hypothetical	^(b)		1,000.00		1,020.03		4.83		0.96


Class II	Actual			1,000.00		899.70		2.92		1.15
	Hypothetical	^(b)		1,000.00		1,019.08		5.79		1.15


*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 98/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(b)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

Van Kampen NVIT Real Estate Fund


Common Stocks (93.4%)
	Shares or
	Principal Amount		Value


Health Care Providers & Services (1.5%)
Assisted Living Concepts, Inc., Class A*		2,980	$	16,390
Brookdale Senior Living, Inc.		2,175		44,283

				60,673



Hotels, Restaurants & Leisure (5.3%)
Gaylord Entertainment Co.*		180		4,313
Starwood Hotels & Resorts Worldwide, Inc.		5,132		205,639

				209,952



Real Estate Investment Trusts (REITs) (80.1%)
Acadia Realty Trust		1,215		28,127
AMB Property Corp.		1,775		89,425
AvalonBay Communities, Inc.		2,610		232,708
Boston Properties, Inc.		2,190		197,582
Brandywine Realty Trust		325		5,122
BRE Properties, Inc.		1,475		63,838
Camden Property Trust		2,242		99,231
Care Investment Trust, Inc.		114		1,075
Developers Diversified Realty Corp.		40		1,388
DiamondRock Hospitality Co.		1,895		20,637
Douglas Emmett, Inc.		1,191		26,166
Duke Realty Corp.		2,568		57,652
Equity Lifestyle Properties, Inc.		1,435		63,140
Equity Residential		6,734		257,710
Essex Property Trust, Inc.		240		25,560
Federal Realty Investment Trust		1,248		86,112
General Growth Properties, Inc.		1,891		66,242
Healthcare Realty Trust, Inc.		2,565		60,970
Hersha Hospitality Trust		2,455		18,535
Highwoods Properties, Inc.		431		13,542
Host Hotels & Resorts, Inc.		13,033		177,900
Kilroy Realty Corp.		654		30,758
Liberty Property Trust		2,620		86,853
Macerich Co. (The)		1,791		111,275
Mack-Cali Realty Corp.		2,679		91,541
Maguire Properties, Inc.		14		170
National Health Investors, Inc.		68		1,939
Parkway Properties, Inc.		273		9,208
Plum Creek Timber Co., Inc.		2,495		106,561
Post Properties, Inc.		2,372		70,567
ProLogis		2,048		111,309
PS Business Parks, Inc.		771		39,784
Public Storage		981		79,255
Regency Centers Corp.		2,662		157,377
Senior Housing Properties Trust		3,851		75,210
Simon Property Group, Inc.		3,611		324,593
SL Green Realty Corp.		186		15,386
Sovran Self Storage, Inc.		796		33,082
Strategic Hotels & Resorts, Inc.		3,430		32,139
Sunstone Hotel Investors, Inc.		850		14,110
Taubman Centers, Inc.		731		35,563
Vornado Realty Trust		1,652		145,376

				3,164,718



Real Estate Management & Development (6.5%)
Brookfield Properties Corp.		9,465		168,383
Forest City Enterprises, Inc., Class A		2,732		88,025

				256,408


Total Common Stocks				3,691,751


Repurchase Agreements (6.0%)

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $102,023, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $104,057	$	102,016		102,016
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $137,752, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $140,498		137,743		137,743


Total Repurchase Agreements				239,759


Total Investments (Cost $4,423,440) (a) — 99.4%				3,931,510

Other assets in excess of liabilities — 0.6%				29,691


NET ASSETS — 100.0%			$	3,961,201


*		Denotes a non-income producing security.

(a)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

2008 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	Van Kampen NVIT
	Real Estate Fund

Assets:
Investments, at value (cost $4,183,681)	$	3,691,751
Repurchase agreements, at cost and value		239,759

Total Investments		3,931,510

Cash		1,212
Dividends receivable		18,472
Receivable from adviser		4,771
Receivable for capital shares issued		29,591
Receivable for investments sold		5,161

Total Assets		3,990,717

Liabilities:
Payable for investments purchased		26,337
Payable for capital shares redeemed		125
Accrued expenses and other payables:
Fund administration and transfer agent fees		440
Distribution fees		101
Administrative services fees		990
Custodian fees		355
Trustee fees		18
Compliance program costs (Note 3)		5
Other		1,145

Total Liabilities		29,516

Net Assets	$	3,961,201

Represented by:
Capital	$	4,430,665
Accumulated net investment income		20,100
Accumulated net realized gains from investment transactions		2,366
Net unrealized appreciation/(depreciation) from investments		(491,930	)

Net Assets	$	3,961,201

Net Assets:
Class I Shares	$	3,337,981
Class II Shares		623,220

Total	$	3,961,201

Shares outstanding (unlimited number of shares authorized):
Class I Shares		371,409
Class II Shares		69,498

Total		440,907

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	8.99
Class II Shares	$	8.97

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	Van Kampen NVIT
	Real Estate Fund

INVESTMENT INCOME:
Interest income	$	1,249
Dividend income		44,282

Total Income		45,531

Expenses:
Investment advisory fees		6,569
Fund administration and transfer agent fees		1,442
Distribution fees Class II Shares		139
Administrative services fees Class I Shares		959
Administrative services fees Class II Shares		31
Custodian fees		487
Trustee fees		41
Compliance program costs (Note 3)		6
Legal fees		960
Printing fees		5,517
Other		54

Total expenses before reimbursed expenses		16,205
Expenses reimbursed		(7,110	)

Net Expenses		9,095

Net Investment Income		36,436

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		2,366
Net change in unrealized appreciation/(depreciation) from investments		(491,930	)

Net realized/unrealized losses from investments		(489,564	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(453,128	)


(a)		For the period from March 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Changes in Net Assets


	Van Kampen NVIT
	Real Estate Fund

	Period Ended
	June 30, 2008 (a)
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	36,436
Net realized gains from investment transactions		2,366
Net change in unrealized appreciation/(depreciation) from investments		(491,930	)

Change in net assets resulting from operations		(453,128	)


Distributions to Shareholders From:
Net investment income:
Class I		(14,213	)
Class II		(2,123	)

Change in net assets from shareholder distributions		(16,336	)

Change in net assets from capital transactions		4,430,665

Change in net assets		3,961,201

Net Assets:
Beginning of period		–

End of period	$	3,961,201

Accumulated net investment income at end of period	$	20,160


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	3,876,699
Dividends reinvested		14,213
Cost of shares redeemed		(152,294	)

		3,738,618

Class II Shares
Proceeds from shares issued		725,132
Dividends reinvested		2,123
Cost of shares redeemed		(35,208	)

		692,047

Change in net assets from capital transactions	$	4,430,665

See accompanying notes to financial statements.

8 Semiannual Report 2008

Van Kampen NVIT Real Estate Fund


			Investment Activities								Distributions											Ratios / Supplemental Data

					Net Realized																								Ratio of
					and																			Ratio of		Ratio of Net			Expenses
	Net Asset				Unrealized			Total														Net Assets		Expenses		Investment			(Prior to
	Value,		Net		Gains			from			Net						Net Asset					at End of		to Average		Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Total			Value, End		Total			Period		Net		to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Distributions			of Period		Return (a)			(000s)		Assets (b)		Net Assets (b)			Net Assets (b)(c)			Turnover (d)

Class I Shares
Period ended June 30, 2008 (Unaudited) (e)(f)		10.00		0.10		(1.07	)		(0.97	)		(0.04	)		(0.04	)		8.99		(9.93%	)		3,338		0.96%		3.83	%		1.72	%		2.75%

Class II Shares
Period ended June 30, 2008 (Unaudited) (e)(f)		10.00		0.11		(1.10	)		(0.99	)		(0.04	)		(0.04	)		8.97		(10.03%	)		623		1.15%		4.67	%		1.84	%		2.75%


(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 25, 2008 (commencement of operations) through June 30, 2008.
(f)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

10 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Van Kampen NVIT Real Estate Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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 and those differences could be material.


(a)	Security Valuation

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining “Fair Value.” For example, fair value determinations may take into account 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 an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 — Other		Level 3 —
Level 1 —		Significant		Significant		Total
Quoted Prices		Observable Inputs		Unobservable Inputs		Investments

$	3,691,751	$	239,759	$	—	$	3,931,510

12 Semiannual Report 2008


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

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

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(f)	Written Options Contracts


(g)	Swap Contracts


(h)	Security Transactions and Investment Income


(i)	Securities Lending

14 Semiannual Report 2008


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(k)	Federal Income Taxes

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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 (the “subadviser”) is the subadviser to the Fund. 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 of 0.70% based on the Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $4,223 for the period ended June 30, 2008.

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 GAAP and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.85% for all share classes until at least May 1, 2009.

As of June 30, 2008, the cumulative potential reimbursements for the Fund would be:


		Amount
		Period Ended
		June 30, 2008

		$	7,110

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (“NFM”) a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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

16 Semiannual Report 2008

proportionately among all funds within the Trust in proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

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.

For the period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

For the period ended June 30, 2008, the Adviser or affiliates of the Adviser directly held 68% of the shares outstanding of the Fund.

4. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $4,271,130 and sales of $89,816.

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the period ended June 30, 2008.

6. Portfolio Investment Risks

Risks Associated with Real Estate Investment Trusts (“REIT”) and Real Estate Investments. Investments in REIT and real estate carry certain risks associated with direct ownership of real estate and with the real estate industry in general. These risks include possible declines in the value of real estate, possible lack of availability of mortgage funds, unexpected vacancies of properties, and the relative lack of liquidity associated with investments in real estate.

7. Indemnifications

18 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

20 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

22 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

24 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Independent Trustees received assistance and advice from, and met separately with, independent counsel regarding their legal duties and responsibilities in considering the New Funds’ proposed investment advisory agreement. The Board considered all information it deemed relevant, including, but not limited to, the following information with respect to the New Funds:

1. the New Funds’ proposed advisory fee and anticipated ancilliary benefits to NFA;

2. the New Funds’ proposed advisory fee in comparison to the advisory fees of the New Funds’ proposed competitive peer groups;

3. the New Funds’ proposed Lipper/Morningstar categories and benchmarks; and

4. the New Funds’ proposed total expenses in comparison to those of the New Fund’s peer groups.

Board Approval:

Van Kampen NVIT Real Estate Fund. The Board considered that the Van Kampen NVIT Real Estate Fund (the “Real Estate Fund”) would seek current income and long-term capital appreciation, and that under normal circumstances, the Fund would invest at least 80% of assets in equity securities of companies in the U.S. real estate industry, including both equity real estate investment trusts and real estate operating companies. The Board noted that the Real Estate Fund would be managed by a single subadviser, and that NFA would select the subadvisers and monitor their performance on an ongoing basis. The Board considered that NFA had chosen Van Kampen Asset Management (“Van Kampen”), a registered investment adviser, to manage the Real Estate Fund, and reviewed information with respect to Van Kampen’s capabilities, personnel, and performance history, and noted that Van Kampen would be paid by NFA out of its fees, and not by the Real Estate Fund. The Board considered the fees and expenses proposed, and noted the expense cap proposed by NFA. The Board then discussed with NFA and its affiliates the proposed marketing and distribution plans for the Real Estate Fund.

Lehman Brothers NVIT Core Plus Bond Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

9			Statement of Assets and Liabilities

10			Statement of Operations

11			Statement of Changes in Net Assets

13			Financial Highlights

14			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-CPB (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	Lehman Brothers NVIT Core Plus Bond Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


Lehman Brothers			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT Core Plus Bond			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Fund			03/25/08		06/30/08		03/25/08 – 06/30/08^(a)*		03/25/08 – 06/30/08^(a)*

Class I	Actual			1,000.00		988.00		1.76		0.66
	Hypothetical	^(b)		1,000.00		1,021.52		3.32		0.66


Class II	Actual			1,000.00		988.00		2.48		0.93
	Hypothetical	^(b)		1,000.00		1,020.18		4.68		0.93


Class Y	Actual			1,000.00		988.10		1.60		0.60
	Hypothetical	^(b)		1,000.00		1,021.82		3.02		0.60


^*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 98/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(b)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3


Portfolio Summary	Lehman Brothers NVIT Core Plus Bond Fund

June 30, 2008 (Unaudited)


Asset Allocation

U.S. Government Mortgage Backed Agencies			47.3%
U.S. Government Sponsored & Agency Obligations			26.5%
Corporate Bonds			21.1%
Commercial Mortgage Backed Securities			10.4%
Repurchase Agreements			4.2%
Asset-Backed Securities			1.0%
Yankee Dollars			0.5%
Interest Only Bonds			0.4%
Liabilities in excess of other assets			-11.4%

			100.0%


Top Industries

Banks			11.0%
Diversified Financial Services			10.1%
Other Financial			3.8%
Media			1.6%
Oil, Gas & Consumable Fuels			1.5%
Telecommunications			0.7%
Electric Utilities			0.7%
Auto Loans			0.4%
Student Loans			0.4%
Energy Company			0.4%
Other			69.4%

			100.0%


Top Holdings*

Freddie Mac Discount Note, 2.42%, 07/03/08			9.8%
Federal National Mortgage Association TBA, 5.50%, 07/15/37			6.5%
Freddie Mac Gold Pool #A77937, 5.50%, 06/01/38			5.6%
Federal National Mortgage Association Pool #899528, 5.50%, 05/01/37			4.8%
U.S. Treasury Notes 2.63%, 05/31/10			4.2%
U.S. Treasury Notes 4.25%, 08/15/13			4.1%
Federal Home Loan Bank System 3.63%, 05/29/13			3.8%
Federal National Mortgage Association Pool #933409, 5.00%, 03/01/38			3.2%
Freddie Mac Gold Pool #J07940, 5.00%, 05/01/23			3.2%
Federal National Mortgage Association TBA 5.00%, 07/15/37			3.1%
Other			51.7%

			100.0%


*		For purpose of listing top holdings, repurchase agreements are included as part of Other.

4 Semiannual Report 2008

Statement of Investments

June 30, 2008 (Unaudited)

Lehman Brothers NVIT Core Plus Bond Fund


Asset-Backed Securities (1.0%) (a)
	Principal
	Amount		Value


Auto Loans (0.4%)
AmeriCredit Automobile Receivables Trust, 4.20%, 01/12/12	$	100,000	$	99,744
Capital Auto Receivables Asset Trust, 3.39%, 03/15/11		10,000		10,036

				109,780



Credit Card Receivables (0.2%)
Citibank Credit Card Issuance Trust, 2.78%, 11/22/10		40,000		39,957



Student Loans (0.4%)
SLM Student Loan Trust, 3.36%, 10/27/14		100,000		99,861


Total Asset-Backed Securities				249,598


Commercial Mortgage Backed Securities (10.4%)

Banks (7.4%)
JP Morgan Chase Commercial Mortgage Securities Corp.
4.96%, 08/15/42		295,000		286,385
4.87%, 10/15/42		465,000		456,910
6.07%, 04/15/45 (a)		180,000		176,811
5.82%, 02/12/49 (a)		225,000		221,692
6.00%, 06/15/49 (a)		200,000		191,307
5.79%, 02/12/51		200,000		189,749
5.88%, 02/15/51 (a)		200,000		190,958
Wachovia Bank Commercial Mortgage Trust, 5.51%, 04/15/47		100,000		93,213

				1,807,025



Diversified Financial Services (3.0%) (a)
Commercial Mortgage Loan Trust, 6.22%, 09/10/17		100,000		97,080
CS First Boston Mortgage Securities Corp., 5.12%, 08/15/38		200,000		195,918
GS Mortgage Securities Corp. II, 5.80%, 08/10/45		200,000		191,242
Merrill Lynch/Countrywide Commercial Mortgage Trust, 6.16%, 08/12/49		250,000		241,483

				725,723


Total Commercial Mortgage Backed Securities				2,532,748

Corporate Bonds (21.1%)
	Principal
	Amount		Value


Airlines (0.3%)
Northwest Airlines, Inc., 7.03%, 11/01/19	$	25,000	$	21,000
Southwest Airlines Co. 2007-1 Pass Through Trust, 6.15%, 08/01/22		24,567		23,274
UAL Pass Through Trust Series 2007-1, 6.64%, 07/02/22		24,320		20,079

				64,353



Automotive Manufacturer (0.1%)
Daimler Finance North America LLC, 4.88%, 06/15/10		25,000		25,150



Banks (3.2%)
Bank of America Corp.
5.75%, 12/01/17		25,000		23,478
5.65%, 05/01/18		200,000		186,717
Citigroup, Inc.
5.50%, 04/11/13		75,000		73,198
5.00%, 09/15/14		220,000		203,756
6.88%, 03/05/38		25,000		24,125
Deutsche Bank AG, 4.88%, 05/20/13		135,000		132,801
JPMorgan Chase & Co.
6.00%, 01/15/18		50,000		48,707
6.40%, 05/15/38		100,000		92,754

				785,536



Diversified Financial Services (7.1%)
Bear Sterns Cos., Inc., 7.25%, 02/01/18		95,000		99,139
CDX North America High Yield (b)
8.75%, 12/29/12		495,000		457,256
8.88%, 06/29/13		500,000		461,875
Goldman Sachs Group, Inc. (The), 6.75%, 10/01/37		245,000		224,113
Merrill Lynch & Co., Inc.
5.45%, 02/05/13		155,000		146,196
6.88%, 04/25/18		150,000		142,759
6.11%, 01/29/37		100,000		79,421
Morgan Stanley, 6.63%, 04/01/18		140,000		132,653

				1,743,412



Electric Power (0.2%)
Dominion Resources, Inc., 7.00%, 06/15/38		50,000		50,418



Electric Utilities (0.7%)
Commonwealth Edison Co., 5.80%, 03/15/18		40,000		39,047

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Lehman Brothers NVIT Core Plus Bond Fund (Continued)


Corporate Bonds (continued)
	Principal
	Amount		Value


Electric Utilities (continued)

FirstEnergy Corp., 6.45%, 11/15/11	$	125,000	$	128,262

				167,309



Energy Company (0.4%)
XTO Energy, Inc., 6.75%, 08/01/37		95,000		96,331



Food Processor (0.3%)
Kraft Foods, Inc., 6.13%, 02/01/18		75,000		72,906



Leasing (0.2%)
International Lease Finance Corp., 5.63%, 09/15/10		40,000		38,984



Machinery (0.3%)
Cameron International Corp., 6.38%, 07/15/18		65,000		65,402



Manufacturing (0.2%)
Exelon Generation Co. LLC, 6.20%, 10/01/17		25,000		24,350
International Paper Co., 8.70%, 06/15/38		20,000		20,146
Xerox Corp., 5.50%, 05/15/12		15,000		14,826

				59,322



Media (1.6%)
Comcast Corp., 6.30%, 11/15/17		130,000		128,830
Time Warner Cable, Inc.
5.40%, 07/02/12		150,000		148,485
6.75%, 07/01/18		110,000		110,729

				388,044



Metals & Mining (0.1%) (b)
ArcelorMittal, 6.13%, 06/01/18		20,000		19,545



Oil, Gas & Consumable Fuels (1.5%)
DCP Midstream LLC, 6.75%, 09/15/37 (b)		10,000		9,472
Enbridge Energy Partners LP, 7.50%, 04/15/38 (b)		15,000		15,674
EnCana Corp., 6.63%, 08/15/37		100,000		99,760
Enterprise Products Operating LP, 6.30%, 09/15/17		50,000		49,650
Kinder Morgan Energy Partners LP, 5.95%, 02/15/18		100,000		97,425
Suncor Energy, Inc., 6.50%, 06/15/38		70,000		67,908
TEPPCO Partners LP, 7.55%, 04/15/38		35,000		36,486

				376,375



Oilfield Machinery & Services (0.0%)
Weatherford International Ltd., 6.00%, 03/15/18		5,000		4,935



Other Financial (3.7%)
American Express Credit Corp., 5.88%, 05/02/13		115,000		114,330
Continental Airlines, Inc., 5.98%, 04/19/22		75,000		62,062
Delta Air Lines, Inc., 7.57%, 11/18/10		140,000		132,300
ERAC USA Finance Co., 7.00%, 10/15/37 (b)		100,000		83,178
General Electric Capital Corp.
5.63%, 05/01/18		160,000		154,729
5.88%, 01/14/38		50,000		45,313
GlaxoSmithKline Capital, Inc., 6.38%, 05/15/38		110,000		109,190
HSBC Finance Corp., 4.13%, 11/16/09		30,000		29,801
NGPL PipeCo LLC, 6.51%, 12/15/12 (b)		85,000		86,297
Rio Tinto Finance USA Ltd., 7.13%, 07/15/28		65,000		65,775
UnitedHealth Group, Inc., 6.88%, 02/15/38		25,000		23,658

				906,633



Pipelines (0.2%)
ONEOK Partners LP, 6.85%, 10/15/37		50,000		48,864



Technology (0.2%)
Oracle Corp., 6.50%, 04/15/38		50,000		50,124



Telecommunications (0.7%)
New Cingular Wireless Services, Inc., 7.88%, 03/01/11		165,000		175,668



Wireline Communications (0.1%)
Qwest Corp., 8.88%, 03/15/12		30,000		30,600


Total Corporate Bonds				5,169,911

6 Semiannual Report 2008


Interest Only Bonds (0.4%) (a)
	Principal
	Amount		Value

Freddie Mac, Pool # 1K1238, 5.77%, 07/01/36	$	98,414	$	100,588


Total Interest Only Bonds				100,588


U.S. Government Mortgage Backed Agencies (47.3%)

Federal Home Loan Mortgage Corp. TBA, 5.00%, 07/15/22		570,000		562,875
Federal National Mortgage Association
Pool # 745826, 6.00%, 07/01/36		184,623		186,523
Pool # 745259, 5.50%, 11/01/36		198,396		195,912
Pool # 888222, 6.00%, 02/01/37		380,036		383,947
Pool # 899528, 5.50%, 05/01/37		1,200,600		1,184,939
Pool # 933409, 5.00%, 03/01/38		816,810		783,643
Pool # 962874, 5.00%, 05/01/38		150,014		143,900
Pool # 929515, 5.00%, 05/01/38		174,983		167,851
Federal National Mortgage Association TBA
5.00%, 07/15/37		790,000		757,166
6.00%, 07/15/37		645,000		650,644
Freddie Mac Discount Note, 2.42%, 07/03/08 (c)		2,400,000		2,399,719
Freddie Mac Gold
Pool # G13072, 5.00%, 04/01/23		123,578		122,221
Pool # J07940, 5.00%, 05/01/23		780,419		771,769
Pool # J07942, 5.00%, 06/01/23		96,440		95,371
Pool # G04220, 5.50%, 03/01/38		343,642		338,909
Pool # A77937, 5.50%, 06/01/38		1,380,105		1,361,099
Government National Mortgage Association
Pool # 618988, 6.00%, 06/15/34		200,000		203,641
Pool # 658029, 6.00%, 07/15/36		60,001		61,017
Pool # 600658, 5.50%, 05/15/37		199,780		199,150
Pool # 675407, 5.50%, 07/15/37		150,000		149,527
Pool # 782185, 6.00%, 09/15/37		50,000		50,827
Pool # 670824, 6.00%, 12/15/37		115,001		116,915
Pool # 674084, 5.00%, 05/15/38		299,643		290,833
Pool # 686342, 6.00%, 05/15/38		100,001		101,665
Pool # 690847, 5.50%, 06/15/38		150,000		149,527
Government National Mortgage Association TBA, 5.50%, 07/15/35		150,000		149,250


Total U.S. Government Mortgage Backed Agencies				11,578,840


U.S. Government Sponsored & Agency Obligations (26.5%)

Federal Home Loan Bank System
2.29%, 07/11/08 (c)		500,000		499,702
2.42%, 09/03/08 (c)		375,000		373,440
3.63%, 05/29/13		960,000		938,190
5.50%, 07/15/36		100,000		103,790
Federal National Mortgage Association TBA, 5.50%, 07/15/37		1,600,000		1,577,000
U.S. Treasury Bond
8.13%, 08/15/19		455,000		607,709
6.00%, 02/15/26		250,000		292,793
U.S. Treasury Inflation Protected Security, 1.88%, 07/15/13		52,000		64,300
U.S. Treasury Notes
2.63%, 05/31/10		1,020,000		1,020,637
4.25%, 08/15/13		950,000		991,117


Total U.S. Government Sponsored & Agency Obligations				6,468,678


Yankee Dollars (0.5%)

Bank (0.4%) (b)
HBOS PLC, 6.75%, 05/21/18		100,000		95,637

2008 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Lehman Brothers NVIT Core Plus Bond Fund (Continued)


Yankee Dollars (continued)
	Principal
	Amount		Value


Other Financial (0.1%)
Telcom Italia Capital SA, 7.20%, 07/18/36	$	25,000	$	24,173


Total Yankee Dollars				119,810


Repurchase Agreements (4.2%)

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $441,510, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $450,311		441,481		441,481
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $596,129, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $608,011		596,090		596,090


Total Repurchase Agreements				1,037,571


Total Investments (Cost $27,482,324) (d) — 111.4%				27,257,744

Liabilities in excess of other assets — (11.4)%				(2,799,233	)


NET ASSETS — 100.0%			$	24,458,511


(a)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2008. The maturity date represents the actual maturity date.

(b)		Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2008, all such securities in total represented 5.0% of net assets.

(c)		The rate reflected in the Statement of Investments is the discount rate at the time of purchase.

(d)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.


TBA		To Be Announced.

See accompanying notes to financial statements.

8 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	Lehman Brothers
	NVIT Core
	Plus Bond Fund

Assets:
Investments, at value (cost $26,444,753)	$	26,220,173
Repurchase agreements, at cost and value		1,037,571

Total Investments		27,257,744

Cash		681
Interest receivable		160,014
Receivable for capital shares issued		1,123,893

Total Assets		28,542,332

Liabilities:
Payable for investments purchased		4,075,627
Payable for capital shares redeemed		1
Accrued expenses and other payables:
Investment advisory fees		5,674
Fund administration and transfer agent fees		1,243
Distribution fees		62
Administrative services fees		14
Custodian fees		544
Trustee fees		36
Compliance program costs (Note 3)		13
Other		607

Total Liabilities		4,083,821

Net Assets	$	24,458,511

Represented by:
Capital	$	24,673,459
Accumulated net investment income		28,273
Accumulated net realized losses from investment transactions		(18,641	)
Net unrealized appreciation/(depreciation) from investments		(224,580	)

Net Assets	$	24,458,511

Net Assets:
Class I Shares	$	10,066
Class II Shares		466,448
Class Y Shares		23,981,997

Total	$	24,458,511

Shares outstanding (unlimited number of shares authorized):
Class I Shares		1,023
Class II Shares		47,398
Class Y Shares		2,436,214

Total		2,484,635

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	9.84
Class II Shares	$	9.84
Class Y Shares	$	9.84

See accompanying notes to financial statements.

2008 Semiannual Report 9

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	Lehman Brothers
	NVIT Core
	Plus Bond Fund

INVESTMENT INCOME:
Interest income	$	132,948

Total Income		132,948

Expenses:
Investment advisory fees		12,645
Fund administration and transfer agent fees		5,051
Distribution fees Class II Shares		76
Administrative services fees Class I Shares		3
Administrative services fees Class II Shares		11
Custodian fees		1,088
Trustee fees		81
Compliance program costs (Note 3)		15
Printing fees		5,571
Other		1,118

Total expenses before earnings credit and reimbursed expenses		25,659
Earnings credit (Note 5)		(544	)
Expenses reimbursed		(8,090	)

Net Expenses		17,025

Net Investment Income		115,923

REALIZED/UNREALIZED LOSSES FROM INVESTMENTS:
Net realized losses from investment transactions		(18,641	)
Net change in unrealized appreciation/(depreciation) from investments		(224,580	)

Net realized/unrealized losses from investments		(243,221	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(127,298	)


(a)		For the period from March 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

10 Semiannual Report 2008

Statement of Changes in Net Assets


	Lehman Brothers
	NVIT Core
	Plus Bond Fund

	Period Ended
	June 30, 2008 (a)
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	115,923
Net realized losses from investment transactions		(18,641	)
Net change in unrealized appreciation/(depreciation) from investments		(224,580	)

Change in net assets resulting from operations		(127,298	)


Distributions to Shareholders From:
Net investment income:
Class I		(72	)
Class II		(1,585	)
Class Y		(85,993	)

Change in net assets from shareholder distributions		(87,650	)

Change in net assets from capital transactions		24,673,459

Change in net assets		24,458,511

Net Assets:
Beginning of period		–

End of period	$	24,458,511

Accumulated net investment income at end of period	$	28,273


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	18,439
Dividends reinvested		72
Cost of shares redeemed		(8,088	)

		10,423

Class II Shares
Proceeds from shares issued		469,572
Dividends reinvested		1,585
Cost of shares redeemed		(3,165	)

		467,992

Class Y Shares
Proceeds from shares issued		24,393,455
Dividends reinvested		85,993
Cost of shares redeemed		(284,404	)

		24,195,044

Change in net assets from capital transactions	$	24,673,459

See accompanying notes to financial statements.

2008 Semiannual Report 11

Lehman Brothers NVIT Core Plus Bond Fund


			Investment Activities								Distributions											Ratios / Supplemental Data

					Net Realized																								Ratio of
					and																			Ratio of		Ratio of Net			Expenses
	Net Asset				Unrealized			Total														Net Assets		Expenses		Investment			(Prior to
	Value,		Net		Gains			from			Net						Net Asset					at End of		to Average		Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Total			Value, End		Total			Period		Net		to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Distributions			of Period		Return (a)			(000s)		Assets (b)		Net Assets (b)			Net Assets (b)(c)			Turnover (d)

Class I Shares
Period ended June 30, 2008 (Unaudited) (e)(f)		10.00		0.10		(0.22	)		(0.12	)		(0.04	)		(0.04	)		9.84		(1.20%	)		10		0.66%		3.93	%		1.05	%		93.88%

Class II Shares
Period ended June 30, 2008 (Unaudited) (e)(f)		10.00		0.11		(0.23	)		(0.12	)		(0.04	)		(0.04	)		9.84		(1.20%	)		466		0.93%		4.06	%		1.04	%		93.88%

Class Y Shares
Period ended June 30, 2008 (Unaudited) (e)(f)		10.00		0.11		(0.23	)		(0.12	)		(0.04	)		(0.04	)		9.84		(1.19%	)		23,982		0.60%		4.12	%		0.89	%		93.88%


(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 25, 2008 (commencement of operations) through June 30, 2008.
(f)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

2008 Semiannual Report 13

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, 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 Lehman Brothers NVIT Core Plus Bond Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

14 Semiannual Report 2008

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining “Fair Value.” For example, fair value may take into account 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 an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 — Other		Level 3 —
Level 1 —		Significant		Significant		Total
Quoted Prices		Observable Inputs		Unobservable Inputs		Investments

$	—	$	27,257,744	$	—	$	27,257,744

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Swap Contracts


(f)	Mortgage Dollar Rolls

16 Semiannual Report 2008

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


(h)	Securities Lending


(i)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(j)	Federal Income Taxes

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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. Lehman Brothers Asset Management LLC (the “subadviser”) is the subadviser to the Fund. 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 of 0.45% based on the Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $5,620 for the period ended June 30, 2008.

18 Semiannual Report 2008

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, 2008, the cumulative potential reimbursements for the Fund would be:


		Amount
		Period Ended
		June 30, 2008

		$	8,090


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

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.

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

For the period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, by and among NFA and the Trust, the Trust has agreed to reimburse NFA for 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, 2008, the Fund’s portion of such cost amounted to $15.

For the period ended June 30, 2008, the Adviser or affiliates of the Adviser directly held 20% of the Fund.

4. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $29,126,971 and sales of $10,235,181.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the period ended June 30, 2008.

6. Portfolio Investment Risks

7. Indemnifications

20 Semiannual Report 2008

into Indemnification Agreements with the Trustees and certain Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with the Trust’s vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

8. New Accounting Pronouncements

9. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	27,502,476	$	51,876	$	(296,608)	$	(244,732)

2008 Semiannual Report 21

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

22 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

24 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 25

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

26 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Independent Trustees received assistance and advice from, and met separately with, independent counsel regarding their legal duties and responsibilities in considering the Bond Funds’ proposed investment advisory agreement. The Board considered all information it deemed relevant, including, but not limited to, the following information with respect to the Bond Funds:

1. the Bond Funds’ proposed advisory fee and anticipated ancilliary benefits to NFA;

2. the Bond Funds’ proposed advisory fee in comparison to the advisory fees of the Bond Funds’ proposed competitive peer groups;

3. the Bond Funds’ proposed Lipper/Morningstar categories and benchmarks; and

4. the Bond Funds’ proposed total expenses in comparison to those of the Bond Fund’s peer groups.

Board Approval:

Lehman Brothers NVIT Core Plus Bond Fund. The Board considered that the Lehman Brothers NVIT Core Plus Bond Fund (the “Core Plus Bond Fund”) would seek long-term total return, consistent with reasonable risk, and that under normal circumstances, the Core Plus Bond Fund would invest primarily in domestic investment-grade debt securities, and, in addition, would invest in high-yielding, lower quality corporate bonds and foreign securities, including those traded in emerging markets. The Board noted that the Core Plus Bond Fund would be managed by a single subadviser, and that NFA would select the subadviser and monitor its performance on an ongoing basis. The Board considered that Lehman Brothers Asset Management, a registered investment adviser, was recommended by NFA to provide subadvisory services to the Core Plus Bond Fund, and the Board further considered the capabilities, personnel, and performance history of NWAM, noting that the subadviser would be paid by NFA out of its fees, and not by the Core Plus Bond Fund. The Board considered the fees and expenses proposed, and noted the expense cap proposed by NFA. The Board then discussed with NFA and its affiliates the proposed marketing and distribution plans for the Core Plus Bond Fund.

Neuberger Berman NVIT Multi Cap
Opportunities Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

7			Statement of Assets and Liabilities

8			Statement of Operations

9			Statement of Changes in Net Assets

10			Financial Highlights

11			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-MCO (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	Neuberger Berman NVIT Multi Cap Opportunities Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


Neuberger Berman			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT Multi Cap			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Opportunities Fund			03/25/08		06/30/08		03/25/08 – 06/30/08^(a)*		03/25/08 – 06/30/08^(a)*

Class I	Actual			1,000.00		1,052.00		2.36		0.86
	Hypothetical	^(b)		1,000.00		1,020.52		4.33		0.86


Class II	Actual			1,000.00		1,052.00		2.75		1.00
	Hypothetical	^(b)		1,000.00		1,019.83		5.03		1.00


*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 98/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(b)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

Neuberger Berman NVIT Multi Cap Opportunities Fund


Common Stocks (88.7%)
	Shares or
	Principal Amount		Value


Aerospace & Defense (1.4%)
L-3 Communications Holdings, Inc.		300	$	27,261



Automobiles (0.8%)
Harley-Davidson, Inc.		400		14,504



Beverages (2.4%)
Constellation Brands, Inc., A Shares*		1,325		26,314
Dr. Pepper Snapple Group, Inc.*		975		20,456

				46,770



Capital Markets (5.6%)
Goldman Sachs Group, Inc. (The)		130		22,737
Invesco Ltd.		1,200		28,776
Legg Mason, Inc.		425		18,517
Merrill Lynch & Co., Inc.		600		19,026
Morgan Stanley		500		18,035

				107,091



Construction & Engineering (2.8%)
Chicago Bridge & Iron Co. NV		900		35,838
KBR, Inc.		500		17,455

				53,293



Consumer Finance (1.4%)
American Express Co.		700		26,369



Diversified Financial Services (2.7%)
Citigroup, Inc.		1,250		20,950
Moody’s Corp.		900		30,996

				51,946



Electric Utility (1.9%)
FirstEnergy Corp.		450		37,048



Energy Equipment & Services (5.6%)
Halliburton Co.		700		37,149
National Oilwell Varco, Inc.*		500		44,360
Noble Corp.		400		25,984

				107,493



Food Products (1.0%)
ConAgra Foods, Inc.		1,000		19,280



Health Care Providers & Services (2.3%)
Aetna, Inc.		600		24,318
WellPoint, Inc.*		400		19,064

				43,382



Household Durables (1.3%)
NVR, Inc.*		50		25,004



Household Products (0.9%)
Energizer Holdings, Inc.*		250		18,273



Independent Power Producers & Energy Traders (3.4%)
Constellation Energy Group, Inc.		400		32,840
NRG Energy, Inc.*		750		32,175

				65,015



Industrial Conglomerates (3.2%)
General Electric Co.		500		13,345
McDermott International, Inc.*		600		37,134
Walter Industries, Inc.		100		10,877

				61,356



Information Technology Services (3.0%)
Affiliated Computer Services, Inc., Class A*		600		32,094
Fidelity National Information Services, Inc.		700		25,837

				57,931



Insurance (3.6%)
Assurant, Inc.		500		32,980
Berkshire Hathaway, Inc., Class B*		9		36,108

				69,088



Machinery (1.9%)
Terex Corp.*		725		37,243



Marine (1.3%)
DryShips, Inc.		310		24,856



Media (1.4%)
McGraw-Hill Cos., Inc. (The)		700		28,084



Metals & Mining (8.7%)
Freeport-McMoRan Copper & Gold, Inc.		500		58,595
Sterlite Industries India Ltd. ADR — IN*		800		12,720
Teck Cominco Ltd., Class B		600		28,770
United States Steel Corp.		210		38,804
Xstrata PLC		350		27,878

				166,767



Multiline Retail (2.5%)
J.C. Penney Co., Inc.		700		25,403
Macy’s, Inc.		1,200		23,304

				48,707



Oil, Gas & Consumable Fuels (16.6%)
Canadian Natural Resources Ltd.		500		50,125
Denbury Resources, Inc.*		850		31,025
EOG Resources, Inc.		175		22,960
Exxon Mobil Corp.		100		8,813

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Neuberger Berman NVIT Multi Cap Opportunities Fund (Continued)


Common Stocks (continued)
	Shares or
	Principal Amount		Value


Oil, Gas & Consumable Fuels (continued)

Frontline Ltd.		200	$	14,064
Peabody Energy Corp.		250		22,012
Petroleo Brasileiro SA ADR — BR		800		56,664
Ship Finance International Ltd.		400		11,812
Southwestern Energy Co.*		600		28,566
Suncor Energy, Inc.		550		31,966
Talisman Energy, Inc.		800		17,704
XTO Energy, Inc.		325		22,266

				317,977



Personal Products (1.8%)
NBTY, Inc.*		1,050		33,663



Pharmaceutical (1.7%)
Shire Ltd. ADR — GB		650		31,934



Real Estate Investment Trust (REIT) (0.8%)
Annaly Capital Management, Inc.		1,000		15,510



Semiconductors & Semiconductor Equipment (1.8%)
International Rectifier Corp.*		800		15,360
Texas Instruments, Inc.		650		18,304

				33,664



Software (3.6%)
Check Point Software Technologies *		500		11,835
Microsoft Corp.		900		24,759
Oracle Corp.*		900		18,900
Symantec Corp.*		700		13,545

				69,039



Specialty Retail (1.4%)
Best Buy Co., Inc.		500		19,800
TJX Cos., Inc.		200		6,294

				26,094



Thrifts & Mortgage Finance (0.5%)
Federal National Mortgage Association		500		9,755



Wireless Telecommunication Services (1.3%)
China Mobile Ltd. ADR — HK		380		25,441


Total Common Stocks				1,699,838

Repurchase Agreements (11.9%)
	Shares or
	Principal Amount		Value


Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $96,715, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $98,643	$	96,709	$	96,709
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $130,585, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $133,188		130,576		130,576


Total Repurchase Agreements				227,285


Total Investments (Cost $1,895,977) (a) — 100.6%				1,927,123

Liabilities in excess of other assets — (0.6)%				(10,898	)


NET ASSETS — 100.0%			$	1,916,225


*		Denotes a non-income producing security.

(a)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.


ADR		American Depositary Receipt

BR		Brazil

GB		United Kingdom

HK		Hong Kong

IN		India

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	Neuberger Berman
	NVIT Multi Cap
	Opportunities Fund

Assets:
Investments, at value (cost $1,668,692)	$	1,699,838
Repurchase agreements, at cost and value		227,285

Total Investments		1,927,123

Cash		97
Dividends receivable		1,715
Receivable from adviser		2,349
Receivable for capital shares issued		16,392
Reclaims receivable		29
Prepaid expenses and other assets		3,092

Total Assets		1,950,797

Liabilities:
Foreign currencies payable to custodian, at value (Cost $3,611)		3,575
Payable for investments purchased		29,496
Payable for capital shares redeemed		57
Accrued expenses and other payables:
Fund administration and transfer agent fees		50
Distribution fees		96
Administrative services fees		323
Custodian fees		706
Trustee fees		20
Compliance program costs (Note 3)		7
Other		242

Total Liabilities		34,572

Net Assets	$	1,916,225

Represented by:
Capital	$	1,904,907
Accumulated net investment income		2,285
Accumulated net realized losses from investment transactions and foreign currency transactions		(22,149	)
Net unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		31,182

Net Assets	$	1,916,225

Net Assets:
Class I Shares	$	1,236,416
Class II Shares		679,809

Total	$	1,916,225

Shares outstanding (unlimited number of shares authorized):
Class I Shares		117,263
Class II Shares		64,593

Total		181,856

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	10.54
Class II Shares	$	10.52

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	Neuberger Berman
	NVIT Multi Cap
	Opportunities Fund

INVESTMENT INCOME:
Interest income	$	612
Dividend income		4,757
Foreign tax withholding		(1	)

Total Income		5,368

Expenses:
Investment advisory fees		2,104
Fund administration and transfer agent fees		701
Distribution fees Class II Shares		129
Administrative services fees Class I Shares		323
Custodian fees		1,072
Trustee fees		28
Compliance program costs (Note 3)		7
Legal fees		637
Printing fees		1,586
Other		43

Total expenses before earnings credit and reimbursed expenses		6,630
Earnings credit (Note 5)		(366	)
Expenses reimbursed		(3,181	)

Net Expenses		3,083

Net Investment Income		2,285

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(2,295	)
Net realized losses from foreign currency transactions		(19,854	)

Net realized losses from investment and foreign currency transactions		(22,149	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		31,182

Net realized/unrealized gains from investments and translation of assets and liabilities denominated in foreign currencies		9,033

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,318


(a)		For the period from March 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

8 Semiannual Report 2008

Statement of Changes in Net Assets


	Neuberger Berman
	NVIT Multi Cap
	Opportunities Fund

	Period Ended
	June 30, 2008 (a)
\
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment loss	$	2,285
Net realized losses from investment and foreign currency transactions		(22,149	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		31,182

Change in net assets resulting from operations		11,318

Change in net assets from capital transactions		1,904,907

Change in net assets		1,916,225

Net Assets:
Beginning of period		–

End of period	$	1,916,225

Accumulated net investment income at end of period	$	2,285


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,190,642
Cost of shares redeemed		(213	)

		1,190,429

Class II Shares
Proceeds from shares issued		714,774
Cost of shares redeemed		(296	)

		714,478

Change in net assets from capital transactions	$	1,904,907


SHARE TRANSACTIONS:
Class I Shares
Issued		117,283
Redeemed		(20	)

		117,263

Class II Shares
Issued		64,620
Redeemed		(27	)

		64,593

Total change in shares		181,856


(a)		For the period from March 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

2008 Semiannual Report 9

Neuberger Berman NVIT Multi Cap Opportunities Fund


			Investment Activities										Ratios / Supplemental Data

																					Ratio of
																					Expenses
					Net Realized								Net Assets								(Prior to
					and		Total						at End of					Ratio of Net Investment			Reimbursements)
	Net Asset Value,		Net Investment Income		Unrealized Gains on		from Investment						Period		Ratio of Expenses to			Income (Loss) to Average			to Average			Portfolio
	Beginning of Period		(Loss)		Investments		Activities		Net Asset Value, End of Period		Total Return (a)		(000s)		Average Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)

Class I Shares
Period ended June 30, 2008 (Unaudited) (e)(f)		10.00		0.02		0.52		0.54		10.54		5.20%		1,236		0.86	%		(0.68%	)		1.76	%		3.80	%

Class II Shares
Period ended June 30, 2008 (Unaudited) (e)(f)		10.00		0.01		0.51		0.52		10.52		5.20%		680		1.00	%		(0.47%	)		1.88	%		3.80	%


(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 25, 2008 (commencement of operations) through June 30, 2008.
(f)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

10 Semiannual Report 2008

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Neuberger Berman NVIT Multi Cap Opportunities Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

2008 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining “Fair Value.” For example, fair value determinations may take into account 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 an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 — Other		Level 3 —
Level 1 —		Significant		Significant		Total
Quoted Prices		Observable Inputs		Unobservable Inputs		Investments

$	1,657,897	$	269,226	$	—	$	1,927,123

12 Semiannual Report 2008


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

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

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.


(f)	Written Options Contracts


(g)	Swap Contracts


(h)	Security Transactions and Investment Income


(i)	Securities Lending

14 Semiannual Report 2008

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 the 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, 2008, the fund did not have any securities on loan.


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns) 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 NAV 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

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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. Neuberger Berman Management Inc. (the “subadviser”) is the subadviser to the Fund. 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 of 0.60% based on the Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $1,227 for the period ended June 30, 2008.

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 GAAP and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.75% for all share classes until at least May 1, 2009.

As of June 30, 2008, the cumulative potential reimbursements for the Fund would be:


		Amount
		Period Ended
		June 30, 2008

		$	3,181

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (“NFM”) a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. 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

16 Semiannual Report 2008

proportionately among all funds within the Trust in proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

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.

For the period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

For the period ended June 30, 2008, the Adviser or affiliates of the Adviser directly held 55% of the shares outstanding of the Fund.

4. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $1,719,401 and sales of $48,414.

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JP Morgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the period ended June 30, 2008.

6. Portfolio Investment Risks

7. Indemnifications

8. New Accounting Pronouncements

18 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

20 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

22 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

24 Semiannual Report 2008

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Independent Trustees received assistance and advice from, and met separately with, independent counsel regarding their legal duties and responsibilities in considering the New Funds’ proposed investment advisory agreement. The Board considered all information it deemed relevant, including, but not limited to, the following information with respect to the New Funds:

1. the New Funds’ proposed advisory fee and anticipated ancilliary benefits to NFA;

2. the New Funds’ proposed advisory fee in comparison to the advisory fees of the New Funds’ proposed competitive peer groups;

3. the New Funds’ proposed Lipper/Morningstar categories and benchmarks; and

4. the New Funds’ proposed total expenses in comparison to those of the New Fund’s peer groups.

Board Approval:

Neuberger Berman NVIT Multi-Cap Opportunities Fund. The Board considered that the Neuberger Berman NVIT Multi-Cap Opportunities Fund (the “Multi-Cap Fund”) would seek long-term capital growth, and that under normal circumstances, the Multi-Cap Fund would invest in equity securities of issuers considered to be mid to large-cap companies at the time of investment. The Board noted that the Multi-Cap Fund would be managed by a single subadviser, and that NFA would select the subadvisers and monitor their performance on an ongoing basis. The Board considered that NFA had chosen Neuberger Berman Management Inc. (“Neuberger”), a registered investment adviser, to manage the Multi-Cap Fund, and reviewed information with respect to Neuberger’s capabilities, personnel, and performance history, and noted that Neuberger would be paid by NFA out of its fees, and not by the Multi-Cap Fund. The Board considered the fees and expenses proposed, and noted the expense cap proposed by NFA. The Board then discussed with NFA and its affiliates the proposed marketing and distribution plans for the Multi-Cap Fund.

Neuberger Berman NVIT Socially Responsible Fund

SemiannualReport

June 30, 2008 (Unaudited)


			Contents

1			Message to Shareholders

5			Statement of Investments

7			Statement of Assets and Liabilities

8			Statement of Operations

9			Statement of Changes in Net Assets

11			Financial Highlights

12			Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

SAR-SR (8/08)

Message to Shareholders

June 30, 2008

Dear Shareholders:

It’s my pleasure to write my first shareholder letter as the new President of the Nationwide Funds Group.

Market review

Looking ahead

If you haven’t spoken with your financial professional in a while, now might be the perfect opportunity to examine the risk in your portfolio and review your long-term objectives and goals.

Regards,

Michael S. Spangler
President
Nationwide Variable Insurance Trust

Data provided by Zephyr Style ADVISOR^®.

Definitions of the investment-related terms presented in this report may be found on the Funds’ website, nationwidefunds.com/glossary.jsp.

PERFORMANCE DATA REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market index performance is provided by a third-party source deemed to be reliable. Indexes are unmanaged

2008 Semiannual Report 1

Message to Shareholders (Continued)

June 30, 2008

and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

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

There is no assurance that the investment objective of any Fund will be achieved.

Commentary is provided by Nationwide Funds Group (NFG). Views expressed within are those of NFG as of the date noted, are subject to change at any time, and may not come to pass.

2 Semiannual Report 2008


Shareholder	Neuberger Berman NVIT Socially Responsible Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2008


Neuberger Berman			Beginning		Ending		Expenses Paid		Expense Ratio
NVIT Socially			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Responsible Fund			03/25/08		06/30/08		03/25/08 – 06/30/08^(a)*		03/25/08 – 06/30/08^(a)*

Class I	Actual			1,000.00		965.90		2.16		0.82
	Hypothetical	^(b)		1,000.00		1,020.72		4.13		0.82


Class II	Actual			1,000.00		965.00		2.74		1.04
	Hypothetical	^(b)		1,000.00		1,019.63		5.24		1.04


*		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 98/366 (to reflect the actual period) and 182/366 (to reflect the hypothetical one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(a)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines.

^(b)		Represents the hypothetical 5% return before expenses.

2008 Semiannual Report 3

Statement of Investments

June 30, 2008 (Unaudited)

Neuberger Berman NVIT Socially Responsible Fund


Common Stocks (95.0%)
	Shares or
	Principal Amount		Value


Auto Components (1.7%)
BorgWarner, Inc.		520	$	23,078



Automobiles (1.8%)
Toyota Motor Corp. ADR — JP		250		23,500



Biotechnology (3.8%)
Genzyme Corp.*		635		45,732
Medarex, Inc.*		680		4,495

				50,227



Capital Markets (7.5%)
Bank of New York Mellon Corp. (The)		1,120		42,369
Charles Schwab Corp. (The)		1,505		30,913
Merrill Lynch & Co., Inc.		415		13,160
State Street Corp.		220		14,078

				100,520



Commercial Services & Supplies (2.7%)
Manpower, Inc.		615		35,818



Consumer Finance (2.7%)
American Express Co.		950		35,786



Electronic Equipment & Instruments (7.7%)
Anixter International, Inc.*		965		57,408
National Instruments Corp.		1,610		45,676

				103,084



Energy Equipment & Services (3.1%)
Smith International, Inc.		505		41,986



Health Care Providers & Services (3.4%)
UnitedHealth Group, Inc.		1,705		44,756



Industrial Conglomerate (2.7%)
3M Co.		520		36,187



Information Technology Services (1.6%)
Euronet Worldwide, Inc.*		1,240		20,956



Insurance (6.3%)
Progressive Corp. (The)		2,280		42,682
Willis Group Holdings Ltd.		1,330		41,722

				84,404



Life Sciences Tools & Services (0.9%)
Millipore Corp.*		180		12,215



Machinery (4.5%)
Danaher Corp.		785		60,680



Media (11.9%)
Comcast Corp., Special Class A		2,935		55,061
EW Scripps Co., Class A		1,500		62,310
Liberty Global, Inc., Class A*		1,110		34,887
Washington Post Co. (The), Class B		10		5,869

				158,127



Multi-Utilities (4.6%)
National Grid PLC (a)		585		7,667
National Grid PLC ADR — GB		810		53,436

				61,103



Oil, Gas & Consumable Fuels (9.4%)
BG Group PLC ADR — GB		310		40,378
BP PLC ADR — GB		405		28,176
Cimarex Energy Co.		205		14,282
Newfield Exploration Co.*		660		43,065

				125,901



Pharmaceuticals (1.8%)
Novo Nordisk AS ADR — DK		70		4,620
Novo Nordisk AS, Class B (a)		285		18,764

				23,384



Real Estate Investment Trusts (REITs) (4.7%)
General Growth Properties, Inc.		815		28,549
Weingarten Realty Investors		1,115		33,807

				62,356



Road & Rail (2.6%)
Canadian National Railway Co.		735		35,339



Semiconductors & Semiconductor Equipment (7.0%)
Altera Corp.		2,800		57,960
Texas Instruments, Inc.		1,250		35,200

				93,160



Software (2.6%)
Intuit, Inc.*		1,255		34,600


Total Common Stocks				1,267,167

2008 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Neuberger Berman NVIT Socially Responsible Fund (Continued)


Repurchase Agreements (4.1%)
	Shares or
	Principal Amount		Value


Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $23,098, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $23,558	$	23,096	$	23,096
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $31,187, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $31,809		31,185		31,185

Total Repurchase Agreements				54,281


Total Investments (Cost $1,388,346) (b) — 99.1%				1,321,448


Other assets in excess of liabilities — 0.9%				12,310


NET ASSETS — 100.0%			$	1,333,758


*		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 Depositary Receipt

DK		Denmark

GB		United Kingdom

JP		Japan

See accompanying notes to financial statements.

6 Semiannual Report 2008

Statement of Assets and Liabilities

June 30, 2008 (Unaudited)



	Neuberger Berman
	NVIT Socially
	Responsible Fund

Assets:
Investments, at value (cost $1,334,065)	$	1,267,167
Repurchase agreements, at cost and value		54,281

Total Investments		1,321,448

Cash		159
Dividends receivable		2,324
Receivable for capital shares issued		10,944
Receivable from adviser		626
Prepaid expenses and other assets		2,962

Total Assets		1,338,463

Liabilities:
Payable for investments purchased		3,537
Accrued expenses and other payables:
Fund administration and transfer agent fees		45
Distribution fees		58
Administrative services fees		106
Custodian fees		706
Trustee fees		20
Compliance program costs (Note 3)		7
Other		226

Total Liabilities		4,705

Net Assets	$	1,333,758

Represented by:
Capital	$	1,397,475
Accumulated net investment income		676
Accumulated net realized gains from investment transactions and foreign currency transactions		2,500
Net unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(66,893	)

Net Assets	$	1,333,758

Net Assets:
Class I Shares	$	962,183
Class II Shares		371,575

Total	$	1,333,758

Shares outstanding (unlimited number of shares authorized):
Class I Shares		99,845
Class II Shares		38,594

Total		138,439

Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	9.64
Class II Shares	$	9.63

See accompanying notes to financial statements.

2008 Semiannual Report 7

Statement of Operations

For the Period Ended June 30, 2008 (Unaudited) (a)



	Neuberger Berman
	NVIT Socially
	Responsible Fund

INVESTMENT INCOME:
Interest income	$	255
Dividend income		5,560

Total Income		5,815

Expenses:
Investment advisory fees		1,971
Fund administration and transfer agent fees		689
Distribution fees Class II Shares		78
Administrative services fees Class I Shares		102
Administrative services fees Class II Shares		5
Custodian fees		920
Trustee fees		27
Compliance program costs (Note 3)		7
Legal fees		636
Printing fees		1,586
Other		45

Total expenses before earnings credit and reimbursed/waived expenses		6,066
Earnings credit (Note 5)		(214	)
Distribution fees voluntarily waived – Class II		(3	)
Expenses Reimbursed		(3,302	)

Net Expenses		2,547

Net Investment Income		3,268

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		3,041
Net realized losses from foreign currency transactions		(541	)

Net realized gains from investment transactions and foreign currency transactions		2,500
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(66,893	)

Net realized/unrealized losses from investments and translation of assets and liabilities denominated in foreign currencies		(64,393	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(61,125	)


(a)		For the period from March 25, 2008 (commencement of operations) through June 30, 2008.

See accompanying notes to financial statements.

8 Semiannual Report 2008

Statement of Changes in Net Assets


	Neuberger Berman
	NVIT Socially
	Responsible Fund

	Period Ended
	June 30, 2008 (a)
\
	(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income	$	3,268
Net realized gains from investment and foreign currency transactions		2,500
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		(66,893	)

Change in net assets resulting from operations		(61,125	)


Distributions to Shareholders From:
Net investment income:
Class I		(1,913	)
Class II		(679	)

Change in net assets from shareholder distributions		(2,592	)

Change in net assets from capital transactions		1,397,475

Change in net assets		1,333,758

Net Assets:
Beginning of period		–

End of period	$	1,333,758

Accumulated net investment income at end of period	$	676


CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	996,874
Dividends reinvested		1,913
Cost of shares redeemed		(21	)

		998,766

Class II Shares
Proceeds from shares issued		399,045
Dividends reinvested		679
Cost of shares redeemed		(1,015	)

		398,709

Change in net assets from capital transactions	$	1,397,475

See accompanying notes to financial statements.

2008 Semiannual Report 9

Neuberger Berman NVIT Socially Responsible Fund


			Investment Activities								Distributions											Ratios / Supplemental Data

					Net Realized																								Ratio of
					and																			Ratio of		Ratio of Net			Expenses
	Net Asset				Unrealized			Total														Net Assets		Expenses		Investment			(Prior to
	Value,		Net		Gains			from			Net						Net Asset					at End of		to Average		Income			Reimbursements)
	Beginning		Investment		(Losses) on			Investment			Investment			Total			Value, End		Total			Period		Net		to Average			to Average			Portfolio
	of Period		Income		Investments			Activities			Income			Distributions			of Period		Return (a)			(000s)		Assets (b)		Net Assets (b)			Net Assets (b)(c)			Turnover (d)

Class I Shares
Period ended June 30, 2008 (Unaudited) (e)(f)		10.00		0.03		(0.37	)		(0.34	)		(0.02	)		(0.02	)		9.64		(3.41%	)		962		0.82%		1.06	%		1.89	%		6.63%

Class II Shares
Period ended June 30, 2008 (Unaudited) (e)(f)		10.00		0.03		(0.38	)		(0.35	)		(0.02	)		(0.02	)		9.63		(3.50%	)		372		1.04%		1.26	%		2.24	%		6.63%


(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 March 25, 2008 (commencement of operations) through June 30, 2008.
(f)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

2008 Semiannual Report 11

Notes to Financial Statements

June 30, 2008 (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, was 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, 2008, the Trust had authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Neuberger Berman NVIT Socially Responsible Fund (the “Fund”). The Trust currently operates fifty-eight (58) 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


(a)	Security Valuation

12 Semiannual Report 2008


	•	Level 1 — quoted prices in active markets for identical assets.

	•	Level 2 — other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc).

	•	Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2008:


		Level 2 — Other		Level 3 —
Level 1 —		Significant		Significant
Quoted Prices		Observable Inputs		Unobservable Inputs		Total Investments

$	1,200,358	$	121,090	$	—	$	1,321,448

2008 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)


(b)	Repurchase Agreements


(c)	Foreign Currency Transactions


(d)	Forward Foreign Currency Contracts


(e)	Futures Contracts

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

14 Semiannual Report 2008


(f)	Written Options Contracts


(g)	Swap Contracts


(h)	Security Transactions and Investment Income


(i)	Securities Lending

2008 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

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 the 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 any securities on loan as of June 30, 2008.


(j)	Distributions to Shareholders

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. Permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, and paydowns), such amounts 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 NAV of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these excesses are reported as distributions of paid-in-capital.


(k)	Federal Income Taxes

16 Semiannual Report 2008


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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA” or the “Adviser”) 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, Inc. (“NFS”), whose parent company is Nationwide Corporation. 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. Neuberger Berman Management, Inc. (the “subadviser”) is the subadviser to the Fund. 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 of fee of 0.65% based on the Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $1,061 for the period ended June 30, 2008.

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 GAAP and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.78% for all share classes until at least May 1, 2009.

As of June 30, 2008, the cumulative potential reimbursements for the Fund would be:


				Amount
				Period Ended
				June 30, 2008

				$	3,302

2008 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

proportionately among all funds within the Trust in proportion to the average daily net assets of each fund and are paid to NFM.


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

NFA and NFM have entered into agreements with Citi Fund Services, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services to the Fund.

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.

For the period ended June 30, 2008, NFS did not receive any Administrative Services fees from the Fund.

For the period ended June 30, 2008, the Adviser or affiliates of the Adviser directly held 72% of the shares outstanding of the Fund.

4. Investment Transactions

For the period ended June 30, 2008, (excluding short-term securities) the Fund had purchases of $437,178 and sales of $74,687.

18 Semiannual Report 2008

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., 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 24, 2008, with a commitment fee of 0.07% per year on $100,000,000. The Board of Trustees has approved a one-month extension beyond June 24, 2008, the date of expiration for the Trust’s former line of credit, as well as a one-year renewal to begin at the expiration of such extension. There are four (4) other lenders participating in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit for the period ended June 30, 2008.

6. Portfolio Investment Risks

Social Policy Risk. The Fund’s social policy may cause it to underperform similar mutual funds that do not have a social policy. This can occur because

• undervalued stocks that do not meet the social criteria could outperform those that do;

• economic or political changes could make certain companies less attractive for investment; or

• the social policy could cause the Fund to sell or avoid stocks that subsequently perform well.

7. Indemnifications

2008 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2008 (Unaudited)

8. New Accounting Pronouncements

9. Federal Tax Information

As of June 30, 2008, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:


						Net Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

$	1,388,712	$	29,195	$	(96,459)	$	(67,264)

10. Subsequent Event

Effective August 1, 2008, the Trust and NFD have entered into a contract waiving 0.16% of the Distribution and/or Service (12b-1) Fee for Class II shares until at least August 1, 2009.

20 Semiannual Report 2008

Management Information

June 30, 2008 (Unaudited)

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

The address for each Trustee and Officer is c/o Nationwide Funds Group, 1200 River Road, Suite 1000, Conshohocken, PA 19428.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Charles E. Allen
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).

None

Paula H.J. Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore³1940

Trustee
since
1990

Dr. DeVore is President of Otterbein College.

None

Phyllis Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

2008 Semiannual Report 21

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past Five (5) Years

by Trustee

Held by Trustee²

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and Chairman since February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 through 2000.

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 serving as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. NFA, the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, are wholly-owned subsidiaries of NFS. Mr. DeVore has announced his intention to retire as President of Otterbein College at the end of the 2008-2009 school year.

22 Semiannual Report 2008

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Arden L. Shisler
1941

Trustee
since
February 2000

Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company²

Michael S. Spangler
1966

President and Chief Executive Officer⁴since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice President and Chief Operating Officer⁵since
June 2008

N/A

2008 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

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

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Other

and Length of

Principal Occupation(s)

Complex Overseen

Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years

by Trustee

Held by Trustee³

Joseph Finelli
1957

Treasurer
since
September 2007

N/A

Dorothy Sanders
1955

Chief Compliance Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments².

N/A

Doff Meyer
1950

Vice President and Chief Marketing Officer
since
January 2008

N/A

Michael Butler

1959

Vice President and Chief Distribution Officer
since
January 2008

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		This position is held with an affiliated person or principal underwriter of the Trust.

24 Semiannual Report 2008

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


³		Directorships held in (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the 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.
⁴		Mr. Spangler became President and Chief Executive Officer of the Trust effective June 30, 2008. Prior to that, Mr. Grugeon served as the Trust’s acting President and Chief Executive Officer. Prior to February 2008, Mr. John H. Grady was the President and Chief Executive Officer.
⁵		From February 2008 through June 2008, Mr. Grugeon also served as acting President and Chief Executive Officer of Nationwide Mutual Funds, Nationwide Variable Insurance Trust and Nationwide Funds Group.

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 800-848-6331.

2008 Semiannual Report 25

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

The Independent Trustees received assistance and advice from, and met separately with, independent counsel regarding their legal duties and responsibilities in considering the New Funds’ proposed investment advisory agreement. The Board considered all information it deemed relevant, including, but not limited to, the following information with respect to the New Funds:

1. the New Funds’ proposed advisory fee and anticipated ancilliary benefits to NFA;

2. the New Funds’ proposed advisory fee in comparison to the advisory fees of the New Funds’ proposed competitive peer groups;

3. the New Funds’ proposed Lipper/Morningstar categories and benchmarks; and

4. the New Funds’ proposed total expenses in comparison to those of the New Fund’s peer groups.

Board Approval:

Neuberger Berman NVIT Socially Responsible Fund. The Board considered that the Neuberger Berman NVIT Socially Responsible Fund (the “Socially Responsible Fund”) would seek long-term growth of capital by investing primarily in securities of companies that meet the Fund’s financial criteria and social policy, and that in pursuit of its objective, the Fund would invest mainly in equity securities of mid- to large capitalization companies. The Board noted that the Socially Responsible Fund would be managed by a single subadviser, and that NFA would select the subadvisers and monitor their performance on an ongoing basis. The Board considered that NFA had chosen Neuberger Berman Management Inc. (“Neuberger”), a registered investment adviser, to manage the Socially Responsible Fund, and reviewed information with respect to Neuberger’s capabilities, personnel, and performance history, and noted that Neuberger would be paid by NFA out of its fees, and not by the Socially Responsible Fund. The Board considered the fees and expenses proposed, and noted the expense cap proposed by NFA. The Board then discussed with NFA and its affiliates the proposed marketing and distribution plans for the Socially Responsible Fund.

26 Semiannual Report 2008

Item 2. Code of Ethics.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

Not applicable — The information required by this item is required only in an annual report on 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, it must explain why it does not
have an audit committee financial expert.

Not applicable — The information required by this item is required only in an annual report on 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 nonaudit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily

portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved
pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

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.

	(a)		If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

	(b)		If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable. The registrant is not a listed issuer as defined in Rule 10A-3 under the Exchange Act.

Item 6. Investments.

(a)

File Schedule I — Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in § 210.1212 of the Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Instruction of paragraph (a)

Schedule I — Investments In Securities of unaffiliated issuers filed under this Item must be audited, except that in the case of a report on this Form N-CSR as of the end of a fiscal half-year Schedule I — Investments in securities of unaffiliated issuers need not be audited.

(b)

If the registrant has divested itself of securities in accordance with Section 13(c) of the Investment Company Act of 1940 following the filing of its last report on Form N-CSR and before filing of the current report, disclosed the following information for each such divested security:

	(1)		Name of the issuer;

	(2)		Exchange ticker symbol;

	(3)		Committee on Uniform Securities Identification Procedures (“CUSIP’) number;

	(4)		Total number of shares or, for debt securities, principal amount divested;

	(5)		Date(s) that the securities were divested; and

	(6)		If the registrant holds any securities of the issuer on the date of filing, the exchange ticker symbol; CUSIP number; and the total number of shares or, for debt securities, principal amount held on the date of filing. This Item 6(b) shall terminate one year after the date on which the provisions of Section 4 of the Sudan Accountability and Divestment Act of 2007 terminate pursuant of Section 12 of the Act.

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 there under) 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 Companies.

If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the information specified in paragraphs (a) and (b) of this Item with respect to portfolio managers.

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.

{NOTE — THIS IS REQUIRED BEGINNING WITH THE FIRST REPORTING PERIOD ENDING AFTER JANUARY 1, 2004. For purposes of this Item, adoption of procedures by which shareholders may recommend nominees to the registrant’s board of directors, where the registrant’s most recent proxy disclosure (in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101)), or this Item, indicated that the registrant did not have in place such procedures, will constitute a material change.}

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 Rule 30a-2(a) are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by rule 30a-2(b) under the Act as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant incorporates it by reference.

Certifications pursuant to Rule 30a-2(b) are furnished herewith.

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.

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.


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


Date of reporting period:	January 1, 2008 through June 30, 2008


Securities Purchased With Collateral For Securities
On Loan (continued)
	Shares or
	Principal Amount	Value


Total Securities Purchased With Collateral For Securities On Loan		$	14,781,519


Total Investments (Cost $1,732,463,754) (b) — 100.5%			1,622,581,454

Liabilities in excess of other assets — (0.5)%			(7,632,020	)


NET ASSETS — 100.0%		$	1,614,949,434



	NVIT
	Money Market Fund

INVESTMENT INCOME:
Interest income	$	38,497,447
Dividend income		1,064

Total Income		38,498,511

Expenses:
Investment advisory fees		4,689,430
Fund administration and transfer agent fees		582,442
Administrative services fees Class I Shares		744,357
Administrative services fees Class IV Shares		53,513
Administrative services fees Class V Shares		77,677
Custodian fees		38,320
Trustee fees		58,172
Compliance program costs (Note 3)		612
Other		212,390

Total expenses before earnings credit and reimbursed expenses		6,456,913
Earnings credit (Note 6)		(4,472	)
Expenses reimbursed		(39,313	)

Net Expenses		6,413,128

Net Investment Income		32,085,383

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(1,599,279	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	30,486,104



	NVIT Money Market
	Fund II

INVESTMENT INCOME:
Interest income	$	3,861,687

Total Income		3,861,687

Expenses:
Investment advisory fees		713,356
Fund administration and transfer agent fees		83,351
Distribution fees		356,678
Administrative services fees		212,356
Other		38,377

Net Expenses		1,404,118

Net Investment Income		2,457,569

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(22	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,457,547


Asset Allocation

Corporate Bonds			97.7%
Common Stocks			0.1%
Other assets in excess of liabilities			2.2%

			100.0%


Top Industries

Healthcare			8.9%
Media — Non-Cable			8.8%
Industrial — Other			6.1%
Food & Beverage			5.8%
Technology			5.7%
Gaming			5.7%
Energy			5.0%
Utility — Natural Gas			5.0%
Utility — Electric			4.8%
Consumer Goods			4.4%
Other			39.8%

			100.0%


Top Holdings

General Motors Acceptance Corp., 6.88%, 09/15/11			1.2%
Intelsat Bermuda Ltd., 11.25%, 06/15/16			1.0%
Tennessee Gas Pipeline Co., 8.38%, 06/15/32			1.0%
Qwest Corp., 8.88%, 03/15/12			0.9%
HCA, Inc., 9.25%, 11/15/16			0.9%
HCA, Inc., 9.63%, 11/15/16			0.9%
Chesapeake Energy Corp., 6.88%, 01/15/16			0.8%
ASG Consolidated LLC, , 11/01/11			0.8%
Dynegy Holdings, Inc., 7.75%, 06/01/19			0.8%
MGM Mirage, 7.50%, 06/01/16			0.8%
Other			90.9%

			100.0%


		registration, under the Securities Act of 1933, or (b) is subject to a contractual restriction on public sales

(e)		Illiquid security.

(f)		Security in default.

(g)		Fair Valued Security.

(h)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

(i)		Issuer has filed for bankruptcy protection


Asset Allocation

Common Stocks			92.1%
Mutual Funds			3.1%
U.S. Treasury Note			0.2%
Other assets in excess of liabilities			4.6%

			100.0%


Top Countries

United States			39.2%
United Kingdom			17.6%
Japan			15.0%
Switzerland			8.8%
Germany			7.1%
Israel			3.3%
Hong Kong			2.4%
Brazil			2.0%
Canada			2.0%
Other			2.6%

			100.0%


Asset Allocation

Common Stocks			98.8%
Other Investments*			3.7%
Liabilities in excess of other assets**			-2.5%

			100.0%


Top Industries

Pharmaceuticals			40.3%
Health Care Equipment & Supplies			17.5%
Biotechnology			16.9%
Health Care Providers & Services			13.3%
Life Sciences Tools & Services			7.5%
Food & Staples Retailing			1.2%
Commercial Services & Supplies			1.0%
Chemicals			0.8%
Health Care Technology			0.3%
Other			1.2%

			100.0%


Asset Allocation

Common Stocks			98.4%
Repurchase Agreements			4.5%
Liabilities in excess of other assets			-2.9%

			100.0%


Top Holdings*

Akamai Technologies, Inc.			7.2%
Occidental Petroleum Corp.			6.5%
Safeway, Inc.			6.2%
Pfizer, Inc.			6.0%
Procter & Gamble Co. (The)			5.7%
Owens-Illinois, Inc.			5.4%
Cameron International Corp.			5.2%
Marathon Oil Corp.			4.8%
Regal Entertainment Group, Class A			4.5%
Assurant, Inc.			4.4%
Other			44.1%

			100.0%


Repurchase Agreements (0.5%)
	Shares or
	Principal Amount		Value

Lehman Brothers, Inc., 2.36%, dated 06/30/08, due 07/01/08, repurchase price $247,727, collateralized by U.S. Government Agency Mortgages ranging 5.00%-6.00%, maturing 9/20/26-03/15/38; total market value of $252,665	$	247,710	$	247,710
UBS Warburg LLC, 2.36%, dated 06/30/08, due 07/01/08, repurchase price $334,482, collateralized by U.S. Government Agency Mortgages ranging 3.99%-6.88%, maturing 10/01/26-07/01/38; total market value of $341,149		334,460		334,460


Total Repurchase Agreements				582,170


Total Investments (Cost $97,972,118) (b) — 99.4%				111,431,443

Other assets in excess of liabilities — 0.6%				677,455


NET ASSETS — 100.0%			$	112,108,898


Top Industries

Equity Funds			95.0%
Fixed Income Fund			5.0%

			100.0%


Asset Allocation

Mutual Funds			97.2%
Fixed Contract			2.8%

			100.0%


Top Holdings

NVIT S&P 500 Index Fund, Class Y			35.1%
NVIT Bond Index Fund, Class Y			15.0%
NVIT Mid Cap Index Fund, Class Y			14.9%
Nationwide International Index Fund, Institutional Class			12.9%
NVIT International Index Fund, Class Y			12.2%
NVIT Small Cap Index Fund, Class Y			4.9%
Nationwide Fixed Contract, 4.00%			2.8%
NVIT Enhanced Income Fund, Class Y			1.3%
NVIT Money Market Fund, Class Y			0.9%

			100.0%


Top Industries

Equity Funds			60.0%
Fixed Income Funds			28.0%
Fixed Contract			9.8%
Money Market Fund			2.2%

			100.0%


Top Holdings

NVIT S&P 500 Index Fund, Class Y			30.0%
NVIT Bond Index Fund, Class Y			25.0%
NVIT Mid Cap Index Fund, Class Y			10.0%
Nationwide Fixed Contract, 4.00%			9.8%
Nationwide International Index Fund, Institutional Class			7.7%
NVIT International Index Fund, Class Y			7.4%
NVIT Small Cap Index Fund, Class Y			4.9%
NVIT Enhanced Income Fund, Class Y			3.0%
NVIT Money Market Fund, Class Y			2.2%

			100.0%


Asset Allocation

Mutual Funds			88.5%
Fixed Contract			11.5%

			100.0%


Top Industries

Fixed Income Funds			42.4%
Equity Funds			40.0%
Fixed Contract			11.5%
Money Market Fund			6.1%

			100.0%


Top Holdings

NVIT Bond Index Fund, Class Y			35.0%
NVIT S&P 500 Index Fund, Class Y			20.0%
Nationwide Fixed Contract, 4.00%			11.5%
NVIT Mid Cap Index Fund, Class Y			9.9%
NVIT Enhanced Income Fund, Class Y			7.4%
NVIT International Index Fund, Class Y			6.6%
NVIT Money Market Fund, Class Y			6.1%
Nationwide International Index Fund, Institutional Class			3.5%

			100.0%


Asset Allocation

Mutual Funds			86.5%
Fixed Contract			13.6%
Liabilities in excess of other assets			-0.1%

			100.0%


Top Industries

Fixed Income Funds			53.2%
Equity Funds			20.0%
Fixed Contract			13.6%
Money Market Fund			13.3%
Other			-0.1%

			100.0%


Securities Purchased with Collateral for
Securities on Loan (2.6%)
	Shares or
	Principal Amount		Value


Repurchase Agreement (2.6%)
Barclays Capital, 2.50%, dated 06/30/08, due 07/01/08, repurchase price $1,430,549, collateralized by U.S. Government Agency Mortgages ranging 2.64% — 15.43%, maturing 12/15/13 — 05/25/38; total market value of $1,459,059	$	1,430,450	$	1,430,450


Total Securities Purchased With Collateral For Securities On Loan				1,430,450


Total Investments (Cost $58,388,736) (a) — 105.5%				59,265,036

Liabilities in excess of other assets — (5.5)%				(3,072,689	)


NET ASSETS — 100.0%			$	56,192,347


Top Industries

Electric Utilities			31.5%
Diversified Telecommunication Services			28.1%
Wireless Telecommunication Services			12.8%
Multi-Utilities			11.6%
Independent Power Producers & Energy Traders			5.2%
Natural Gas Utilities			3.5%
Oil, Gas & Consumable Fuels			2.8%
Water Utilities			1.1%
Other			3.4%

			100.0%


Top Countries

United States			42.1%
United Kingdom			15.0%
Spain			10.5%
Germany			10.2%
France			6.4%
Japan			5.2%
Netherlands			2.5%
Norway			0.9%
Singapore			0.9%
Mexico			0.7%
Other			5.6%

			100.0%


(c)		Illiquid security

(d)		See notes to financial statements for tax unrealized appreciation (depreciation) of securities.