N-Q/A 1 w71872nvqza.htm N-Q/A nvqza
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-03213
NATIONWIDE VARIABLE INSURANCE TRUST
(Exact name of registrant as specified in charter)
1200 RIVER ROAD, SUITE 1000, CONSHOHOCKEN PA 19428
   (Address of principal executive offices)                   (Zip code)
ERIC E. MILLER, ESQ.
1200 River Road
Suite 1000
Conshohocken PA 19428
(Name and address of agent for service)
Registrant’s telephone number, including area code: (484) 530-1300
Date of fiscal year end: 12/31/2008
Date of reporting period: 9/30/2008
     Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
     A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
 
 

 

 

<EXPLANATORY NOTE>
The Registrant is filing this amendment to its Form N-Q prepared as of September 30, 2008, originally filed with the Securities and Exchange Commission on December 1, 2008 (Accession Number 0000893220-08-003121) to amend Item 1, “Schedule of Investments”. The purpose of the amendment is solely to include tables with information about futures, options and foreign currency positions of the Registrant, as well as to include securities lending information, as of September 30, 2008 because this information was inadvertently excluded in the Form N-Q filing. Other than the aforementioned additional information, this Form N-Q/A does not reflect events occurring after the filing of the original Form N-Q, or modify or update the disclosures therein.

 

TABLE OF CONTENTS

Item 1. Schedule of Investments
Item 2. Controls and Procedures
Item 3. Exhibits
SIGNATURES
Item 1. Schedule of Investments.
     File the schedules as of the close of the reporting period as set forth in §§ 210.12-12 - 12-14 of Regulation S-X [17 CFR §§ 210.12-12 — 12-14]. The schedules need not be audited.
Statement of Investments
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (98.8%)
                
Aerospace & Defense (1.8%)
                
AAR Corp. *
     10,600     $ 175,854  
Aerovironment, Inc. *
     2,800       89,460  
American Science & Engineering, Inc.
     2,500       149,325  
Argon ST, Inc. *
     3,700       86,913  
Ascent Solar Technologies, Inc. *
     2,000       12,160  
Axsys Technologies, Inc. *
     2,400       141,456  
Ceradyne, Inc. *
     7,200       263,952  
Cubic Corp.
     4,000       98,360  
Curtiss-Wright Corp.
     12,200       554,490  
Ducommun, Inc. *
     2,900       69,252  
Dyncorp International, Inc., Class A *
     6,300       105,588  
Esterline Technologies Corp. *
     8,000       316,720  
Gencorp, Inc. *
     16,100       108,514  
HEICO Corp.
     6,100       200,202  
Herley Industries, Inc. *
     4,200       71,820  
Hexcel Corp. *
     26,200       358,678  
Ladish Co., Inc. *
     3,700       74,925  
LMI Aerospace, Inc. *
     2,700       54,297  
Moog, Inc., Class A *
     12,000       514,560  
Orbital Sciences Corp. *
     16,000       383,520  
Stanley, Inc. *
     2,200       81,202  
Taser International, Inc. *
     17,100       122,265  
Teledyne Technologies, Inc. *
     9,700       554,452  
TransDigm Group, Inc. *
     9,100       311,493  
Triumph Group, Inc.
     4,500       205,695  
 
              
 
             5,105,153  
 
              
Air Freight & Logistics (0.4%)
                
Atlas Air Worldwide Holdings, Inc. *
     3,600       145,116  
Dynamex, Inc. *
     2,500       71,150  
Forward Air Corp.
     7,900       215,117  
HUB Group, Inc., Class A *
     10,100       380,265  
Pacer International, Inc.
     9,500       156,465  
Park-Ohio Holdings Corp. *
     2,300       41,147  
 
              
 
             1,009,260  
 
              
Airlines (0.5%)
                
AirTran Holdings, Inc. *
     29,700       72,171  
Alaska Air Group, Inc. *
     9,800       199,822  
Allegiant Travel Co. *
     3,700       130,684  
Hawaiian Holdings, Inc. *
     10,800       100,224  
JetBlue Airways Corp. *
     47,000       232,650  
Republic Airways Holdings, Inc. *
     9,000       91,710  
SkyWest, Inc.
     15,900       254,082  
UAL Corp.
     34,300       301,497  
US Airways Group, Inc. *
     30,800       185,724  
 
              
 
             1,568,564  
 
              
Auto Components (0.8%)
                
American Axle & Manufacturing Holdings, Inc.
     12,200       65,392  
Amerigon, Inc. *
     6,000       39,480  
ArvinMeritor, Inc.
     20,100       262,104  
ATC Technology Corp. *
     6,000       142,440  
Cooper Tire & Rubber Co.
     16,100       138,460  
Dana Holding Corp. *
     27,500       133,100  
Dorman Products, Inc. *
     2,800       35,084  
Drew Industries, Inc. *
     5,400       92,394  
Exide Technologies *
     21,100       155,718  
Fuel Systems Solutions, Inc. *
     3,300       113,685  
Hayes Lemmerz International, Inc. *
     28,600       78,078  
Lear Corp. *
     18,300       192,150  
Modine Manufacturing Co.
     8,900       128,872  
Quantum Fuel Systems Technology *
     21,800       28,122  
Raser Technologies, Inc. *
     12,300       104,550  
Spartan Motors, Inc.
     8,750       27,825  
Stoneridge, Inc. *
     4,000       45,000  
Superior Industries International, Inc.
     6,300       120,708  
Tenneco, Inc. *
     13,500       143,505  
Visteon Corp. *
     37,000       85,840  
Wonder Auto Technology, Inc. *
     4,800       30,768  
 
              
 
             2,163,275  
 
              
Automobiles (0.0%)
                
Fleetwood Enterprises, Inc. *
     18,200       18,746  
Winnebago Industries, Inc.
     7,900       102,068  
 
              
 
             120,814  
 
              
Beverages (0.1%)
                
Boston Beer Co., Inc., Class A *
     2,300       109,227  
Coca-Cola Bottling Co. Consolidated
     1,100       48,026  
National Beverage Corp. *
     1,440       12,773  
 
              
 
             170,026  
 
              
Biotechnology (4.1%)
                
Acadia Pharmaceuticals, Inc. *
     8,300       22,244  
Acorda Therapeutics, Inc. *
     10,000       238,500  
Affymax, Inc. *
     3,300       65,505  
Alexion Pharmaceuticals, Inc. *
     21,000       825,300  
Alkermes, Inc. *
     26,100       347,130  
Allos Therapeutics, Inc. *
     14,700       108,927  
Alnylam Pharmaceuticals, Inc. *
     9,700       280,815  
Amicus Therapeutics, Inc. *
     1,400       21,168  
Arena Pharmaceuticals, Inc. *
     20,200       101,000  
ARIAD, Inc. *
     18,900       46,683  
Arqule, Inc. *
     11,200       36,064  
Array BioPharma, Inc. *
     13,200       101,376  
AVANT Immunotherapeutics, Inc. *
     4,100       47,683  
Celera Corp. *
     21,800       336,810  
Cell Genesys, Inc. *
     23,800       14,042  
Cepheid, Inc. *
     15,500       214,365  
Cougar Biotechnology, Inc. *
     4,100       136,899  
Cubist Pharmaceuticals, Inc. *
     15,400       342,342  
CV Therapeutics, Inc. *
     16,600       179,280  
Cytokinetics, Inc. *
     8,000       37,920  
Cytori Therapeutics, Inc. *
     5,400       28,512  
Dendreon Corp. *
     25,400       145,034  
Dyax Corp. *
     14,700       64,680  
Emergent Biosolutions, Inc. *
     3,700       48,433  
Enzon Pharmaceuticals, Inc. *
     12,200       90,036  
Genomic Health, Inc. *
     3,400       77,010  
Geron Corp. *
     22,000       86,900  
GTx, Inc. *
     4,700       89,394  
Halozyme Therapeutics, Inc. *
     17,200       126,248  
Human Genome Sciences, Inc. *
     37,000       234,950  
Idenix Pharmaceuticals, Inc. *
     7,100       51,333  
Idera Pharmaceuticals, Inc. *
     5,600       78,792  
ImmunoGen, Inc. *
     13,800       67,758  
Immunomedics, Inc. *
     16,400       29,192  
Incyte Corp. *
     20,400       156,060  
Indevus Pharmaceuticals, Inc. *
     18,400       61,640  
InterMune, Inc. *
     8,600       147,146  
Isis Pharmaceuticals, Inc. *
     24,600       415,494  
Lexicon Pharmaceuticals, Inc. *
     21,100       37,558  
Ligand Pharmaceuticals, Inc., Class B *
     22,500       66,375  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Biotechnology (continued)
                
MannKind Corp. *
     13,900     $ 53,654  
Marshall Edwards, Inc. *
     3,900       8,385  
Martek Biosciences Corp. *
     9,000       282,780  
Maxygen, Inc. *
     6,500       27,495  
Medarex, Inc. *
     34,900       225,803  
Metabolix, Inc. *
     5,200       56,576  
Molecular Insight Pharmaceuticals, Inc. *
     5,700       43,776  
Momenta Pharmaceuticals, Inc. *
     6,300       82,593  
Myriad Genetics, Inc. *
     12,200       791,536  
Nabi Biopharmaceuticals *
     16,100       75,026  
Nanosphere, Inc. *
     3,200       27,296  
Neurocrine Biosciences, Inc. *
     10,500       49,245  
Novavax, Inc. *
     15,700       45,530  
NPS Pharmaceuticals, Inc. *
     12,900       92,106  
Omrix Biopharmaceuticals, Inc. *
     3,900       69,966  
Onyx Pharmaceuticals, Inc. *
     15,170       548,850  
Opko Health, Inc. *
     11,500       20,125  
Orexigen Therapeutics, Inc. *
     6,300       67,977  
OSI Pharmaceuticals, Inc. *
     15,600       768,924  
Osiris Therapeutics, Inc. *
     3,700       71,373  
PDL BioPharma, Inc. *
     32,600       303,506  
Pharmasset, Inc. *
     4,600       91,770  
Progenics Pharmaceuticals, Inc. *
     7,300       97,163  
Protalix BioTherapeutics, Inc. *
     3,060       6,824  
Regeneron Pharmaceuticals, Inc. *
     16,900       368,927  
Repligen Corp. *
     9,800       46,158  
Rexahn Pharmaceuticals, Inc. *
     7,300       9,417  
Rigel Pharmaceuticals, Inc. *
     10,000       233,500  
Sangamo BioSciences, Inc. *
     10,000       77,000  
Savient Pharmaceuticals, Inc. *
     14,800       220,668  
Seattle Genetics, Inc. *
     16,800       179,760  
Synta Pharmaceuticals Corp. *
     5,500       41,910  
Targacept, Inc. *
     4,700       27,307  
Tercica, Inc. *
     5,300       47,382  
Theravance, Inc. *
     14,800       184,408  
United Therapeutics Corp. *
     6,100       641,537  
XOMA Ltd. *
     36,100       75,810  
Zymogenetics, Inc. *
     10,300       68,598  
 
              
 
             11,737,259  
 
              
Building Products (0.6%)
                
AAON, Inc.
     3,750       68,213  
American Woodmark Corp.
     3,100       69,595  
Ameron International Corp.
     2,500       179,125  
Apogee Enterprises, Inc.
     7,900       118,737  
Builders FirstSource, Inc. *
     4,400       26,356  
China Architectural Engineering, Inc. *
     5,900       41,831  
Gibraltar Industries, Inc.
     7,300       136,583  
Griffon Corp. *
     11,865       107,022  
Insteel Industries, Inc.
     4,800       65,232  
NCI Building Systems, Inc. *
     5,400       171,450  
Quanex Building Products Corp.
     10,500       160,020  
Simpson Manufacturing Co., Inc.
     10,200       276,318  
Trex Co., Inc. *
     4,100       74,251  
Universal Forest Products, Inc.
     4,500       157,095  
 
              
 
             1,651,828  
 
              
Capital Markets (1.8%)
                
Apollo Investment Corp.
     38,800       661,540  
Ares Capital Corp.
     26,573       277,156  
BGC Partners, Inc., Class A
     7,900       33,891  
BlackRock Kelso Capital Corp.
     2,581       29,759  
Broadpoint Securities Group, Inc. *
     5,600       16,240  
Calamos Asset Management, Inc., Class A
     5,700       102,144  
Capital Southwest Corp.
     800       113,640  
Cohen & Steers, Inc.
     4,700       133,151  
Diamond Hill Investment Group, Inc.
     600       53,952  
Epoch Holding Corp.
     2,900       30,595  
Evercore Partners, Inc., Class A
     2,500       44,950  
FBR Capital Markets Corp. *
     6,700       43,416  
FCStone Group, Inc. *
     6,350       114,237  
GAMCO Investors, Inc., Class A
     2,100       124,530  
GFI Group, Inc.
     19,300       90,903  
Gladstone Capital Corp.
     5,700       86,868  
Gladstone Investment Corp.
     7,200       49,536  
Greenhill & Co., Inc.
     4,700       346,625  
Harris & Harris Group, Inc. *
     7,400       47,212  
Hercules Technology Growth Capital, Inc.
     8,400       81,480  
International Assets Holding Corp. *
     1,100       26,521  
KBW, Inc. *
     7,400       243,756  
Knight Capital Group, Inc., Class A *
     25,700       381,902  
Kohlberg Capital Corp.
     4,200       36,078  
LaBranche & Co., Inc. *
     14,500       65,250  
Ladenburg Thalmann Financial Services, Inc. *
     24,500       44,100  
MCG Capital Corp.
     19,200       50,304  
MVC Capital, Inc.
     6,400       97,600  
NGP Capital Resources Co.
     5,200       75,764  
optionsXpress Holdings, Inc.
     11,600       225,272  
Patriot Capital Funding, Inc.
     5,900       37,583  
PennantPark Investment Corp.
     5,900       43,719  
Penson Worldwide, Inc. *
     5,200       72,124  
Piper Jaffray Cos. *
     5,000       216,250  
Prospect Capital Corp.
     6,600       84,546  
Pzena Investment Management, Inc., Class A
     1,400       13,272  
Riskmetrics Group, Inc. *
     5,500       107,635  
Sanders Morris Harris Group, Inc.
     4,400       38,060  
Stifel Financial Corp. *
     6,450       321,855  
SWS Group, Inc.
     7,100       143,136  
Thomas Weisel Partners Group, Inc. *
     5,500       46,365  
TradeStation Group, Inc. *
     8,800       82,280  
US Global Investors, Inc., Class A
     3,400       34,170  
Westwood Holdings Group, Inc.
     1,400       66,360  
 
              
 
             5,035,727  
 
              
Chemicals (2.1%)
                
A. Schulman, Inc.
     7,700       152,306  
American Vanguard Corp.
     4,600       69,368  
Arch Chemicals, Inc.
     6,800       240,040  
Balchem Corp.
     4,600       122,682  
Calgon Carbon Corp. *
     11,200       228,032  
Ferro Corp.
     11,900       239,190  
Flotek Industries, Inc. *
     6,200       68,200  
GenTek, Inc. *
     2,100       53,991  
H.B. Fuller Co.
     13,200       275,484  
Hercules, Inc.
     31,700       627,343  
ICO, Inc. *
     8,600       48,246  
Innophos Holdings, Inc.
     2,900       70,702  
Innospec, Inc.
     6,600       79,596  
Koppers Holdings, Inc.
     5,700       213,237  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Chemicals (continued)
                
Landec Corp. *
     6,200     $ 50,778  
LSB Industries, Inc. *
     4,700       65,095  
Minerals Technologies, Inc.
     5,100       302,736  
N.L. Industries, Inc.
     1,900       19,513  
NewMarket Corp.
     3,700       194,472  
O.M. Group, Inc. *
     8,300       186,750  
Olin Corp.
     20,400       395,760  
Penford Corp.
     3,100       54,839  
PolyOne Corp. *
     25,400       163,830  
Quaker Chemical Corp.
     2,800       79,688  
Rockwood Holdings, Inc. *
     11,400       292,524  
Sensient Technologies Corp.
     13,100       368,503  
ShengdaTech, Inc. *
     7,600       53,200  
Solutia, Inc. *
     25,800       361,200  
Spartech Corp.
     8,300       82,170  
Stepan Co.
     1,700       92,769  
W.R. Grace & Co. *
     19,700       297,864  
Westlake Chemical Corp.
     5,200       109,356  
Zep, Inc.
     5,850       103,194  
Zoltek Cos., Inc. *
     7,500       128,325  
 
              
 
             5,890,983  
 
              
Commercial Banks (6.9%)
                
1st Source Corp.
     3,600       84,600  
Amcore Financial, Inc.
     5,484       50,727  
Ameris Bancorp
     3,800       56,430  
Ames National Corp.
     1,700       44,115  
Arrow Financial Corp.
     3,000       88,230  
Bancfirst Corp.
     1,800       86,994  
Banco Latinoamericano de Exportaciones SA
     7,500       108,150  
BancTrust Financial Group, Inc.
     5,600       73,472  
Bank of the Ozarks, Inc.
     3,000       81,000  
Banner Corp.
     3,000       36,030  
Boston Private Financial Holdings, Inc.
     14,200       124,108  
Bryn Mawr Bank Corp.
     1,800       39,564  
Camden National Corp.
     2,500       87,375  
Capital City Bank Group, Inc.
     2,800       87,780  
Capitol Bancorp Ltd.
     4,000       77,960  
Cardinal Financial Corp.
     7,800       63,024  
Cascade Bancorp
     6,300       56,007  
Cathay General Bancorp
     13,500       321,300  
Centerstate Banks of Florida, Inc.
     2,400       42,888  
Central Pacific Financial Corp.
     7,800       131,118  
Chemical Financial Corp.
     6,500       202,410  
Citizens & Northern Corp.
     2,700       58,185  
Citizens Republic Bancorp, Inc.
     24,200       74,536  
City Bank
     3,700       57,720  
City Holding Co.
     4,400       185,900  
CoBiz Financial, Inc.
     4,700       56,447  
Colonial BancGroup, Inc. (The)
     55,100       433,086  
Columbia Banking System, Inc.
     4,900       86,877  
Community Bank System, Inc.
     8,200       206,230  
Community Trust Bancorp, Inc.
     4,200       144,480  
CVB Financial Corp.
     18,100       251,590  
East West Bancorp, Inc.
     17,300       237,010  
Enterprise Financial Services Corp.
     2,500       56,400  
Farmers Capital Bank Corp.
     2,100       56,742  
Financial Institutions, Inc.
     3,000       60,030  
First Bancorp North Carolina
     3,300       56,430  
First Bancorp Puerto Rico
     19,400       214,564  
First Bancorp, Inc.
     2,200       43,120  
First Busey Corp.
     6,900       126,477  
First Commonwealth Financial Corp.
     20,000       269,400  
First Community Bancshares, Inc.
     2,400       90,048  
First Financial Bancorp
     11,200       163,520  
First Financial Bankshares, Inc.
     5,700       295,716  
First Financial Corp.
     3,200       150,336  
First Merchants Corp.
     5,000       114,000  
First Midwest Bancorp, Inc.
     13,300       322,392  
First South Bancorp, Inc.
     1,700       29,359  
FirstMerit Corp.
     22,100       464,100  
FNB Corp.
     23,470       375,051  
Frontier Financial Corp.
     12,800       171,904  
Glacier Bancorp, Inc.
     14,700       364,119  
Green Bankshares, Inc.
     3,400       79,934  
Guaranty Bancorp *
     13,100       79,910  
Hancock Holding Co.
     7,000       357,000  
Hanmi Financial Corp.
     10,200       51,510  
Harleysville National Corp.
     8,900       151,122  
Heartland Financial USA, Inc.
     3,100       77,686  
Heritage Commerce Corp.
     3,600       54,792  
Home Bancshares, Inc.
     3,124       80,818  
IBERIABANK Corp.
     3,800       200,830  
Independent Bank Corp.
     4,400       137,148  
Integra Bank Corp.
     5,800       46,284  
International Bancshares Corp.
     13,950       376,650  
Investors Bancorp, Inc. *
     12,443       187,267  
Lakeland Bancorp, Inc.
     4,595       53,716  
Lakeland Financial Corp.
     3,400       74,664  
MainSource Financial Group, Inc.
     4,500       88,200  
MB Financial, Inc.
     9,900       327,393  
Midwest Banc Holdings, Inc.
     6,300       25,200  
Nara Bancorp, Inc.
     6,200       69,440  
National Penn Bancshares, Inc.
     21,700       316,820  
NBT Bancorp, Inc.
     8,500       254,320  
Northfield Bancorp, Inc. *
     4,400       53,284  
Old National Bancorp
     18,100       362,362  
Old Second Bancorp, Inc.
     3,779       69,987  
Oriental Financial Group
     6,600       117,876  
Pacific Capital Bancorp
     12,599       256,390  
Pacific Continental Corp.
     3,600       52,704  
PacWest Bancorp
     6,700       191,553  
Park National Corp.
     3,100       241,800  
Peapack-Gladstone Financial Corp.
     2,200       73,700  
Pennsylvania Commerce Bancorp, Inc. *
     1,800       53,658  
Peoples Bancorp, Inc.
     2,500       54,425  
Pinnacle Financial Partners, Inc. *
     6,400       197,120  
PremierWest Bancorp
     6,400       51,648  
PrivateBancorp, Inc.
     5,600       233,296  
Prosperity Bancshares, Inc.
     10,700       363,693  
Provident Bankshares Corp.
     9,100       88,361  
Renasant Corp.
     5,800       125,918  
Republic Bancorp, Inc., Class A
     2,200       66,704  
S&T Bancorp, Inc.
     6,500       239,395  
S.Y. Bancorp, Inc.
     4,228       129,461  
Sandy Spring Bancorp, Inc.
     4,500       99,450  
Santander BanCorp
     400       4,320  
SCBT Financial Corp.
     2,400       90,240  
Seacoast Banking Corp. of Florida
     4,500       48,285  
Shore Bancshares, Inc.
     2,700       69,390  
Sierra Bancorp
     2,100       43,806  
Signature Bank *
     8,100       282,528  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Commercial Banks (continued)
                
Simmons First National Corp., Class A
     3,900     $ 138,840  
Smithtown Bancorp, Inc.
     3,200       72,000  
South Financial Group, Inc. (The)
     20,600       150,998  
Southside Bancshares, Inc.
     3,342       84,218  
Southwest Bancorp, Inc.
     4,100       72,447  
State Bancorp, Inc.
     4,600       68,540  
StellarOne Corp.
     6,900       142,623  
Sterling Bancorp
     4,900       70,854  
Sterling Bancshares, Inc.
     20,000       209,000  
Sterling Financial Corp.
     13,500       195,750  
Suffolk Bancorp
     2,900       114,289  
Sun Bancorp, Inc. *
     3,455       46,815  
Susquehanna Bancshares, Inc.
     23,487       458,466  
SVB Financial Group *
     8,100       469,152  
Texas Capital Bancshares, Inc. *
     6,800       141,168  
Tompkins Financial Corp.
     1,700       85,850  
TowneBank
     5,700       125,400  
Trico Bancshares
     3,400       73,202  
Trustmark Corp.
     13,500       279,990  
UCBH Holdings, Inc.
     29,300       187,813  
UMB Financial Corp.
     8,500       446,420  
Umpqua Holdings Corp.
     16,400       241,244  
Union Bankshares Corp.
     3,200       76,800  
United Bankshares, Inc.
     10,300       360,500  
United Community Banks, Inc.
     11,085       146,983  
United Security Bancshares
     2,400       39,264  
Univest Corp. of Pennsylvania
     3,200       118,400  
W Holding Co., Inc.
     31,600       17,064  
Washington Trust Bancorp, Inc.
     3,200       85,120  
WesBanco, Inc.
     7,700       204,974  
West Bancorp, Inc.
     5,600       72,968  
West Coast Bancorp
     4,300       63,038  
Westamerica Bancorp
     7,900       454,487  
Western Alliance Bancorp *
     4,600       71,116  
Wilshire Bancorp, Inc.
     5,000       60,850  
Wintrust Financial Corp.
     6,100       179,035  
Yadkin Valley Financial Corp.
     3,800       64,448  
 
              
 
             19,801,235  
 
              
Commercial Services & Supplies (4.5%)
                
ABM Industries, Inc.
     11,900       259,896  
ACCO Brands Corp. *
     14,200       107,068  
Administaff, Inc.
     5,900       160,598  
Advisory Board Co. (The) *
     4,700       141,752  
American Ecology Corp.
     4,400       121,748  
American Reprographics Co. *
     10,100       174,225  
AMREP Corp. *
     300       12,723  
Bowne & Co., Inc.
     7,600       87,780  
Casella Waste Systems, Inc., Class A *
     6,400       75,136  
CBIZ, Inc. *
     12,700       107,442  
CDI Corp.
     3,600       80,388  
Cenveo, Inc. *
     14,300       109,967  
China Direct, Inc. *
     1,900       8,018  
Clean Harbors, Inc. *
     5,400       364,770  
Comfort Systems U.S.A., Inc.
     11,000       146,960  
COMSYS IT Partners, Inc. *
     4,100       39,852  
Consolidated Graphics, Inc. *
     2,900       87,957  
Cornell Cos., Inc. *
     3,000       81,540  
CoStar Group, Inc. *
     5,300       240,567  
Courier Corp.
     2,800       57,008  
CRA International, Inc. *
     3,000       82,440  
Deluxe Corp.
     14,100       202,899  
Duff & Phelps Corp., Class A *
     2,500       52,575  
EnergySolutions, Inc.
     9,100       91,000  
EnerNOC, Inc. *
     3,000       31,020  
Ennis, Inc.
     6,800       105,128  
Exponent, Inc. *
     4,000       132,360  
First Advantage Corp., Class A *
     3,300       46,365  
Fuel Tech, Inc. *
     5,000       90,450  
G & K Services, Inc., Class A
     5,600       185,080  
Geo Group, Inc. (The) *
     13,900       280,919  
GeoEye, Inc. *
     4,600       101,798  
Healthcare Services Group
     11,750       214,908  
Heidrick & Struggles International, Inc.
     4,700       141,705  
Herman Miller, Inc.
     15,300       374,391  
Hill International, Inc. *
     6,400       88,640  
HNI Corp.
     12,100       306,614  
Hudson Highland Group, Inc. *
     7,100       49,345  
Huron Consulting Group, Inc. *
     5,700       324,786  
ICF International, Inc. *
     1,800       35,550  
ICT Group, Inc. *
     1,600       12,880  
IKON Office Solutions, Inc.
     22,700       386,127  
Innerworkings, Inc. *
     9,400       104,246  
Interface, Inc., Class A
     15,100       171,687  
Kelly Services, Inc., Class A
     7,300       139,065  
Kforce, Inc. *
     8,700       88,827  
Kimball International, Inc., Class B
     9,800       105,840  
Knoll, Inc.
     13,200       199,584  
Korn/Ferry International *
     12,700       226,314  
Layne Christensen Co. *
     5,200       184,236  
Learning Tree International, Inc. *
     2,800       34,860  
LECG Corp. *
     7,000       56,490  
M & F Worldwide Corp. *
     3,400       136,000  
McGrath Rentcorp
     6,700       193,094  
Metalico, Inc. *
     6,600       38,940  
Mine Safety Appliances Co.
     8,500       324,020  
Mobile Mini, Inc. *
     9,500       183,635  
MPS Group, Inc. *
     25,800       260,064  
Multi-Color Corp.
     2,500       59,725  
Navigant Consulting, Inc. *
     13,200       262,548  
Odyssey Marine Exploration, Inc. *
     11,700       53,118  
On Assignment, Inc. *
     9,700       76,436  
PeopleSupport, Inc. *
     6,000       70,140  
PHH Corp. *
     15,700       208,653  
Pike Electric Corp. *
     4,100       60,393  
PRG-Schultz International, Inc. *
     4,100       36,736  
Protection One, Inc. *
     600       5,286  
Resources Connection, Inc. *
     12,400       279,372  
Rollins, Inc.
     11,750       223,015  
RSC Holdings, Inc. *
     13,100       148,816  
Schawk, Inc.
     4,100       61,992  
School Specialty, Inc. *
     5,100       159,069  
Spherion Corp. *
     15,700       76,459  
Standard Parking Corp. *
     2,500       55,550  
Standard Register Co. (The)
     5,000       49,250  
SYKES Enterprises, Inc. *
     9,000       197,640  
Team, Inc. *
     5,000       180,600  
TeleTech Holdings, Inc. *
     11,100       138,084  
TETRA Tech, Inc. *
     16,100       387,366  
TrueBlue, Inc. *
     12,100       195,536  
United Stationers, Inc. *
     6,200       296,546  
Viad Corp.
     5,600       161,224  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Commercial Services & Supplies (continued)
                
Volt Information Sciences, Inc. *
     3,500     $ 31,430  
VSE Corp.
     1,100       37,103  
Waste Connections, Inc. *
     18,100       620,830  
Waste Services, Inc. *
     5,500       40,755  
Watson Wyatt Worldwide, Inc., Class A
     11,700       581,841  
 
              
 
             13,004,790  
 
              
Communications Equipment (2.6%)
                
3Com Corp. *
     110,000       256,300  
Acme Packet, Inc. *
     7,300       41,829  
ADTRAN, Inc.
     15,100       294,299  
Airvana, Inc. *
     6,200       36,518  
Anaren, Inc. *
     4,000       40,600  
Arris Group, Inc. *
     33,520       259,110  
Aruba Networks, Inc. *
     15,700       80,541  
Avanex Corp. *
     3,226       15,098  
Avocent Corp. *
     12,200       249,612  
Bel Fuse, Inc., Class B
     2,800       79,716  
BigBand Networks, Inc. *
     9,000       33,210  
Black Box Corp.
     4,800       165,744  
Blue Coat Systems, Inc. *
     9,000       127,710  
Bookham, Inc. *
     27,400       30,962  
Cogo Group, Inc. *
     7,000       36,890  
Comtech Telecommunications Corp. *
     6,600       324,984  
DG FastChannel, Inc. *
     4,000       87,680  
Digi International, Inc. *
     6,400       65,280  
EMS Technologies, Inc. *
     4,300       95,933  
Emulex Corp. *
     23,000       245,410  
Extreme Networks, Inc. *
     24,000       80,880  
Finisar Corp. *
     107,621       108,697  
Foundry Networks, Inc. *
     40,400       735,684  
Globecomm Systems, Inc. *
     5,500       48,070  
Harmonic, Inc. *
     25,700       217,165  
Harris Stratex Networks, Inc., Class A *
     6,300       49,203  
Hughes Communications, Inc. *
     1,800       66,060  
Infinera Corp. *
     25,900       247,604  
InterDigital, Inc. *
     12,400       298,220  
Ixia *
     10,900       80,333  
Loral Space & Communications, Inc. *
     2,700       39,879  
MRV Communications, Inc. *
     42,200       49,374  
Netgear, Inc. *
     9,700       145,500  
Neutral Tandem, Inc. *
     4,500       83,430  
Nextwave Wireless, Inc. *
     14,800       8,880  
Oplink Communications, Inc. *
     5,900       71,213  
Opnext, Inc. *
     3,800       17,442  
Orbcomm, Inc. *
     7,300       35,989  
ParkerVision, Inc. *
     7,000       70,000  
PC-Tel, Inc.
     5,200       48,464  
Plantronics, Inc.
     13,400       301,768  
Polycom, Inc. *
     23,900       552,807  
Powerwave Technologies, Inc. *
     35,900       142,164  
Riverbed Technology, Inc. *
     15,200       190,304  
Seachange International, Inc. *
     8,300       80,178  
ShoreTel, Inc. *
     13,300       76,342  
Sonus Networks, Inc. *
     58,700       169,056  
Starent Networks Corp. *
     8,200       106,108  
Sycamore Networks, Inc. *
     53,100       171,513  
Symmetricom, Inc. *
     13,000       64,610  
Tekelec *
     17,800       249,022  
UTStarcom, Inc. *
     32,200       108,514  
ViaSat, Inc. *
     7,400       174,492  
 
              
 
             7,456,391  
 
              
Computers & Peripherals (0.9%)
                
3PAR, Inc. *
     8,300       53,535  
Adaptec, Inc. *
     33,000       108,240  
Avid Technology, Inc. *
     8,200       197,292  
Compellent Technologies, Inc. *
     4,400       54,560  
Cray, Inc. *
     9,300       48,174  
Data Domain, Inc. *
     9,000       200,430  
Electronics for Imaging, Inc. *
     14,500       201,985  
Hutchinson Technology, Inc. *
     6,400       74,112  
Hypercom Corp. *
     15,100       60,400  
Immersion Corp. *
     8,300       48,306  
Intermec, Inc. *
     16,800       329,952  
Intevac, Inc. *
     5,900       62,776  
Isilon Systems, Inc. *
     8,100       35,721  
Netezza Corp. *
     10,800       114,588  
Novatel Wireless, Inc. *
     8,700       52,722  
Palm, Inc. *
     29,300       174,921  
Presstek, Inc. *
     8,700       49,068  
Quantum Corp. *
     52,100       56,268  
Rackable Systems, Inc. *
     8,100       79,461  
Rimage Corp. *
     2,700       37,692  
STEC, Inc. *
     8,400       64,680  
Stratasys, Inc. *
     5,600       97,832  
Super Micro Computer, Inc. *
     6,000       54,060  
Synaptics, Inc. *
     9,300       281,046  
 
              
 
             2,537,821  
 
              
Construction & Engineering (0.7%)
                
Dycom Industries, Inc. *
     11,300       147,126  
EMCOR Group, Inc. *
     18,500       486,920  
Furmanite Corp. *
     9,900       103,059  
Granite Construction, Inc.
     9,000       322,380  
Great Lakes Dredge & Dock Corp.
     10,700       67,517  
Insituform Technologies, Inc., Class A *
     7,900       118,184  
Integrated Electrical Services, Inc. *
     2,500       43,900  
MasTec, Inc. *
     11,300       150,177  
Michael Baker Corp. *
     2,000       69,600  
Northwest Pipe Co. *
     2,500       109,050  
Orion Marine Group, Inc. *
     6,500       68,185  
Perini Corp. *
     13,400       345,586  
Sterling Construction Co., Inc. *
     3,100       50,220  
 
              
 
             2,081,904  
 
              
Construction Materials (0.2%)
                
Headwaters, Inc.
     11,500       153,525  
Texas Industries, Inc.
     6,360       259,870  
U.S. Concrete, Inc. *
     10,500       46,935  
United States Lime & Minerals, Inc. *
     400       15,404  
 
              
 
             475,734  
 
              
Consumer Finance (0.4%)
                
Advance America Cash Advance Centers, Inc.
     12,500       37,375  
Advanta Corp., Class B
     10,350       85,181  
Cardtronics, Inc. *
     2,300       18,078  
Cash America International, Inc.
     7,900       284,716  
CompuCredit Corp. *
     5,600       21,952  
Credit Acceptance Corp. *
     1,300       22,100  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Consumer Finance (continued)
                
Dollar Financial Corp. *
     6,600     $ 101,574  
EZCORP, Inc., Class A *
     10,500       197,400  
First Cash Financial Services, Inc. *
     5,900       88,500  
First Marblehead Corp. (The)
     21,100       52,539  
Nelnet, Inc., Class A
     4,200       59,640  
World Acceptance Corp. *
     4,400       158,400  
 
              
 
             1,127,455  
 
              
Containers & Packaging (0.4%)
                
AEP Industries, Inc. *
     1,500       30,000  
Boise, Inc. *
     10,100       15,756  
BWAY Holding Co. *
     1,800       21,114  
Graphic Packaging Holding Co. *
     39,600       99,000  
Myers Industries, Inc.
     8,000       100,880  
Rock-Tenn Co., Class A
     10,400       415,792  
Silgan Holdings, Inc.
     6,900       352,521  
 
              
 
             1,035,063  
 
              
Distributors (0.0%)
                
Audiovox Corp., Class A *
     3,900       36,543  
Core-Mark Holding Co., Inc. *
     2,700       67,473  
 
              
 
             104,016  
 
              
Diversified Consumer Services (1.0%)
                
American Public Education, Inc. *
     3,000       144,840  
Capella Education Co. *
     3,900       167,154  
Coinstar, Inc. *
     7,600       243,200  
Corinthian Colleges, Inc. *
     23,300       349,500  
Jackson Hewitt Tax Service, Inc.
     7,800       119,652  
K12, Inc. *
     1,400       37,100  
Lincoln Educational Services Corp. *
     400       5,292  
Matthews International Corp., Class A
     8,500       431,290  
Pre-Paid Legal Services, Inc. *
     2,400       99,024  
Princeton Review, Inc. *
     4,500       36,000  
Regis Corp.
     11,700       321,750  
Sotheby’s
     18,400       369,104  
Steiner Leisure Ltd. *
     4,400       151,272  
Stewart Enterprises, Inc., Class A
     22,800       179,208  
thinkorswim Group, Inc. *
     14,700       122,451  
Universal Technical Institute, Inc. *
     5,900       100,654  
 
              
 
             2,877,491  
 
              
Diversified Financial Services (0.4%)
                
Ampal American Israel, Class A *
     3,800       11,742  
Asset Acceptance Capital Corp. *
     4,200       44,268  
Compass Diversified Holdings
     7,400       103,156  
Encore Capital Group, Inc. *
     3,900       53,430  
Fifth Street Finance Corp.
     1,700       17,085  
Financial Federal Corp.
     7,000       160,440  
Interactive Brokers Group, Inc., Class A *
     11,100       246,087  
Life Partners Holdings, Inc.
     1,600       57,552  
MarketAxess Holdings, Inc. *
     8,300       66,981  
Medallion Financial Corp.
     4,100       42,927  
NewStar Financial, Inc. *
     5,600       45,304  
Pico Holdings, Inc. *
     4,600       165,186  
Portfolio Recovery Associates, Inc. *
     4,100       199,383  
Primus Guaranty Ltd. *
     7,700       20,174  
Resource America, Inc., Class A
     3,600       34,200  
 
              
 
             1,267,915  
 
              
Diversified Telecommunication Services (0.9%)
                
Alaska Communications Systems, Inc.
     11,800       144,314  
Atlantic Tele-Network, Inc.
     2,400       67,200  
Cbeyond, Inc. *
     6,500       93,535  
Cincinnati Bell, Inc. *
     66,200       204,558  
Cogent Communications Group, Inc. *
     13,800       106,536  
Consolidated Communications Holdings, Inc.
     6,354       95,818  
FairPoint Communications, Inc.
     24,326       210,906  
General Communication, Inc., Class A *
     13,500       125,010  
Global Crossing Ltd. *
     7,600       115,216  
Globalstar, Inc. *
     13,600       23,120  
Hungarian Telephone & Cable Corp. *
     900       17,910  
iBasis, Inc. *
     6,800       23,732  
IDT Corp., Class B *
     12,900       9,545  
Iowa Telecommunications Services, Inc.
     8,700       162,516  
NTELOS Holdings Corp.
     8,200       220,498  
PAETEC Holding Corp. *
     34,500       74,175  
Premiere Global Services, Inc. *
     17,300       243,238  
Shenandoah Telecommunications Co.
     6,100       134,627  
tw telecom, Inc. *
     40,200       417,678  
Vonage Holdings Corp. *
     14,500       14,645  
 
              
 
             2,504,777  
 
              
Electric Utilities (1.4%)
                
Allete, Inc.
     6,900       307,050  
Central Vermont Public Service Corp.
     2,900       67,976  
Cleco Corp.
     16,400       414,100  
El Paso Electric Co. *
     12,700       266,700  
Empire District Electric Co. (The)
     9,300       198,555  
IDACORP, Inc.
     12,100       351,989  
ITC Holdings Corp.
     13,500       698,895  
MGE Energy, Inc.
     6,200       220,410  
Portland General Electric Co.
     17,100       404,586  
UIL Holdings Corp.
     6,900       236,877  
UniSource Energy Corp.
     9,400       274,386  
Westar Energy, Inc.
     28,600       658,944  
 
              
 
             4,100,468  
 
              
Electrical Equipment (2.3%)
                
A.O. Smith Corp.
     5,400       211,626  
Acuity Brands, Inc.
     11,100       463,536  
Advanced Battery Technologies, Inc. *
     12,000       38,760  
Akeena Solar, Inc. *
     5,700       21,603  
American Superconductor Corp. *
     11,500       271,055  
AZZ, Inc. *
     3,200       132,384  
Baldor Electric Co.
     12,600       363,006  
Beacon Power Corp. *
     24,100       34,945  
Belden, Inc.
     11,900       378,301  
Brady Corp., Class A
     13,713       483,795  
Capstone Turbine Corp. *
     39,700       51,213  
China BAK Battery, Inc. *
     8,900       32,040  
Coleman Cable, Inc. *
     2,200       22,066  
Encore Wire Corp.
     5,000       90,550  
Ener1, Inc. *
     9,700       75,757  
Energy Conversion Devices, Inc. *
     12,300       716,475  
EnerSys *
     7,500       147,825  
Evergreen Solar, Inc. *
     39,200       216,384  
Franklin Electric Co., Inc.
     6,200       276,210  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Electrical Equipment (continued)
                
FuelCell Energy, Inc. *
     18,700     $ 112,761  
Fushi Copperweld, Inc. *
     3,900       37,791  
GrafTech International Ltd. *
     32,600       492,586  
GT Solar International, Inc. *
     7,200       78,120  
Harbin Electric, Inc. *
     1,600       18,960  
II-VI, Inc. *
     6,700       259,022  
LaBarge, Inc. *
     3,200       48,192  
LSI Industries, Inc.
     5,100       42,177  
Medis Technologies Ltd. *
     6,800       12,240  
Microvision, Inc. *
     17,700       34,338  
Orion Energy Systems, Inc. *
     2,500       14,025  
Plug Power, Inc. *
     24,800       24,552  
Polypore International, Inc. *
     4,000       86,040  
Powell Industries, Inc. *
     2,200       89,782  
Power-One, Inc. *
     21,100       30,595  
PowerSecure International, Inc. *
     5,500       33,330  
Preformed Line Products Co.
     800       46,672  
Regal-Beloit Corp.
     8,800       374,176  
Ultralife Corp. *
     4,000       31,000  
Valence Technology, Inc. *
     13,400       46,230  
Vicor Corp.
     4,200       37,296  
Woodward Governor Co.
     16,000       564,320  
 
              
 
             6,541,736  
 
              
Electronic Equipment & Instruments (2.2%)
                
Agilysys, Inc.
     6,700       67,603  
Anixter International, Inc. *
     8,200       487,982  
Benchmark Electronics, Inc. *
     19,300       271,744  
Brightpoint, Inc. *
     14,100       101,520  
Checkpoint Systems, Inc. *
     10,800       203,256  
China Security & Surveillance Technology, Inc. *
     7,400       102,712  
Cogent, Inc. *
     11,600       118,552  
Cognex Corp.
     11,400       229,824  
Coherent, Inc. *
     6,600       234,630  
Comverge, Inc. *
     6,000       27,600  
CPI International, Inc. *
     2,000       28,960  
CTS Corp.
     9,500       121,410  
Daktronics, Inc.
     9,000       149,940  
DTS, Inc. *
     4,900       136,367  
Echelon Corp. *
     8,400       82,992  
Electro Rent Corp.
     6,100       81,923  
Electro Scientific Industries, Inc. *
     7,700       109,494  
Elixir Gaming Technologies, Inc. *
     22,600       7,458  
FARO Technologies, Inc. *
     4,500       91,665  
Gerber Scientific, Inc. *
     6,400       58,496  
ICx Technologies, Inc. *
     3,400       26,214  
Insight Enterprises, Inc. *
     13,300       178,353  
IPG Photonics Corp. *
     5,300       103,403  
Kemet Corp. *
     23,800       33,320  
L-1 Identity Solutions, Inc. *
     18,400       281,152  
Littelfuse, Inc. *
     5,900       175,407  
Maxwell Technologies, Inc. *
     5,000       66,700  
Measurement Specialties, Inc. *
     3,900       68,016  
Mercury Computer Systems, Inc. *
     6,200       55,180  
Methode Electronics, Inc.
     10,700       95,658  
MTS Systems Corp.
     4,800       202,080  
Multi-Fineline Electronix, Inc. *
     2,400       35,496  
Newport Corp. *
     9,800       105,644  
OSI Systems, Inc. *
     4,200       98,742  
Park Electrochemical Corp.
     5,800       140,592  
PC Connection, Inc. *
     1,700       11,373  
PC Mall, Inc. *
     3,500       23,905  
Photon Dynamics, Inc. *
     5,500       84,425  
Plexus Corp. *
     10,900       225,630  
RadiSys Corp. *
     6,100       52,460  
Rofin-Sinar Technologies, Inc. *
     8,100       247,941  
Rogers Corp. *
     5,200       192,296  
Sanmina-SCI Corp. *
     151,000       211,400  
ScanSource, Inc. *
     7,200       207,288  
Smart Modular Technologies, Inc. *
     12,400       37,200  
SYNNEX Corp. *
     4,800       107,232  
Technitrol, Inc.
     10,800       159,732  
TTM Technologies, Inc. *
     11,700       116,064  
Universal Display Corp. *
     7,400       81,104  
Zygo Corp. *
     4,300       54,094  
 
              
 
             6,192,229  
 
              
Energy Equipment & Services (1.9%)
                
Allis-Chalmers Energy, Inc. *
     7,700       97,405  
Basic Energy Services, Inc. *
     11,300       240,690  
Bolt Technology Corp. *
     2,400       34,728  
Bristow Group, Inc. *
     6,500       219,960  
Bronco Drilling Co., Inc. *
     7,200       73,584  
Cal Dive International, Inc. *
     12,062       127,857  
CARBO Ceramics, Inc.
     5,600       289,016  
Complete Production Services, Inc.
     13,100       263,703  
Dawson Geophysical Co. *
     2,100       98,049  
Dril-Quip, Inc. *
     8,400       364,476  
ENGlobal Corp. *
     7,400       98,198  
Geokinetics, Inc. *
     1,600       30,400  
Grey Wolf, Inc. *
     50,600       393,668  
Gulf Island Fabrication, Inc.
     3,300       113,751  
Gulfmark Offshore, Inc. *
     6,000       269,280  
Hornbeck Offshore Services, Inc. *
     6,300       243,306  
ION Geophysical Corp. *
     23,100       327,789  
Lufkin Industries, Inc.
     4,000       317,400  
Matrix Service Co. *
     7,400       141,340  
NATCO Group, Inc., Class A *
     5,500       220,990  
Natural Gas Services Group, Inc. *
     3,300       57,651  
Newpark Resources, Inc. *
     25,400       185,420  
OYO Geospace Corp. *
     1,100       43,208  
Parker Drilling Co. *
     30,800       247,016  
PHI, Inc. — Non Voting *
     3,900       144,027  
Pioneer Drilling Co. *
     13,600       180,880  
RPC, Inc.
     7,900       111,074  
SulphCo, Inc. *
     11,600       23,316  
Superior Well Services, Inc. *
     4,500       113,895  
T-3 Energy Services, Inc. *
     3,400       126,208  
Trico Marine Services, Inc. *
     3,100       52,948  
Union Drilling, Inc. *
     3,800       40,242  
Willbros Group, Inc. *
     10,600       280,900  
 
              
 
             5,572,375  
 
              
Food & Staples Retailing (1.0%)
                
Andersons, Inc. (The)
     4,900       172,578  
Arden Group, Inc., Class A
     200       29,124  
Casey’s General Stores, Inc.
     13,800       416,346  
Great Atlantic & Pacific Tea Co. *
     9,640       104,305  
Ingles Markets, Inc., Class A
     3,600       82,188  
Longs Drug Stores Corp.
     8,600       650,504  
Nash Finch Co.
     3,500       150,920  
Pantry, Inc. (The) *
     6,100       129,259  
PriceSmart, Inc.
     3,600       60,264  
Ruddick Corp.
     11,500       373,175  
Spartan Stores, Inc.
     6,000       149,280  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Food & Staples Retailing (continued)
                
Susser Holdings Corp. *
     2,700     $ 40,662  
United Natural Foods, Inc. *
     11,700       292,383  
Village Super Market, Inc., Class A
     900       42,903  
Weis Markets, Inc.
     3,100       111,631  
Winn-Dixie Stores, Inc. *
     14,800       205,720  
 
              
 
             3,011,242  
 
              
Food Products (1.7%)
                
AgFeed Industries, Inc. *
     6,000       47,400  
Alico, Inc.
     1,000       47,430  
American Dairy, Inc. *
     2,000       20,260  
B&G Foods, Inc., Class A
     6,400       45,760  
Cal-Maine Foods, Inc.
     3,400       93,296  
Calavo Growers, Inc.
     3,300       41,118  
Chiquita Brands International, Inc. *
     11,800       186,558  
Darling International, Inc. *
     22,300       247,753  
Diamond Foods, Inc.
     4,400       123,332  
Farmer Bros Co.
     1,300       32,331  
Flowers Foods, Inc.
     21,150       620,964  
Fresh Del Monte Produce, Inc. *
     11,500       255,300  
Green Mountain Coffee Roasters, Inc. *
     4,700       184,898  
Griffin Land & Nurseries, Inc.
     800       29,664  
Hain Celestial Group, Inc. *
     11,100       305,583  
HQ Sustainable Maritime Industries, Inc. *
     2,200       11,132  
Imperial Sugar Co.
     3,300       44,682  
J&J Snack Foods Corp.
     3,900       132,249  
Lancaster Colony Corp.
     5,500       207,130  
Lance, Inc.
     7,400       167,906  
Lifeway Foods, Inc. *
     1,100       12,870  
Omega Protein Corp. *
     5,000       58,800  
Pilgrim’s Pride Corp.
     12,000       29,880  
Ralcorp Holdings, Inc. *
     15,300       1,031,373  
Reddy Ice Holdings, Inc.
     4,900       17,885  
Sanderson Farms, Inc.
     5,500       202,070  
Smart Balance, Inc. *
     17,100       112,176  
Synutra International, Inc. *
     2,800       56,364  
Tootsie Roll Industries, Inc.
     6,461       186,788  
TreeHouse Foods, Inc. *
     8,500       252,450  
Zhongpin, Inc. *
     5,600       59,528  
 
              
 
             4,864,930  
 
              
Health Care Equipment & Supplies (3.7%)
                
Abaxis, Inc. *
     5,900       116,230  
ABIOMED, Inc. *
     8,900       157,975  
Accuray, Inc. *
     9,900       79,893  
Align Technology, Inc. *
     17,500       189,525  
Alphatec Holdings, Inc. *
     6,300       28,980  
American Medical Systems Holdings, Inc. *
     19,900       353,424  
Analogic Corp.
     3,700       184,112  
AngioDynamics, Inc. *
     7,100       112,180  
ArthroCare Corp. *
     7,300       202,356  
Atrion Corp.
     400       41,212  
Cantel Medical Corp. *
     2,700       25,974  
Cardiac Science Corp. *
     5,100       52,836  
Conceptus, Inc. *
     8,200       135,956  
CONMED Corp. *
     7,800       249,600  
CryoLife, Inc. *
     7,600       99,712  
Cyberonics, Inc. *
     6,500       110,500  
Cynosure, Inc., Class A *
     2,300       41,262  
Datascope Corp.
     3,800       196,194  
DexCom, Inc. *
     7,000       43,330  
ev3, Inc. *
     19,580       196,583  
Exactech, Inc. *
     2,100       46,704  
Greatbatch, Inc. *
     6,200       152,148  
Haemonetics Corp. *
     7,000       432,040  
Hansen Medical, Inc. *
     4,700       63,168  
I-Flow Corp. *
     5,100       47,481  
ICU Medical, Inc. *
     3,000       91,230  
Immucor, Inc. *
     19,100       610,436  
Insulet Corp. *
     5,000       69,600  
Integra LifeSciences Holdings Corp. *
     4,900       215,747  
Invacare Corp.
     8,800       212,432  
IRIS International, Inc. *
     5,400       96,660  
Kensey Nash Corp. *
     1,600       50,336  
Masimo Corp. *
     12,600       468,720  
Medical Action Industries, Inc. *
     3,200       42,016  
Mentor Corp.
     9,200       219,512  
Meridian Bioscience, Inc.
     10,950       317,988  
Merit Medical Systems, Inc. *
     7,300       137,021  
Micrus Endovascular Corp. *
     4,200       58,590  
Natus Medical, Inc. *
     7,500       169,950  
Neogen Corp. *
     3,900       109,902  
NuVasive, Inc. *
     9,700       478,501  
NxStage Medical, Inc. *
     5,800       24,476  
OraSure Technologies, Inc. *
     13,300       65,436  
Orthofix International NV *
     4,700       87,561  
Orthovita, Inc. *
     17,200       44,720  
Palomar Medical Technologies, Inc. *
     5,000       67,300  
Quidel Corp. *
     7,700       126,357  
RTI Biologics, Inc. *
     15,700       146,795  
Sirona Dental Systems, Inc. *
     4,800       111,744  
Somanetics Corp. *
     3,300       72,171  
SonoSite, Inc. *
     4,600       144,440  
Spectranetics Corp. *
     8,600       39,818  
Stereotaxis, Inc. *
     7,400       44,770  
STERIS Corp.
     16,000       601,280  
SurModics, Inc. *
     4,200       132,258  
Symmetry Medical, Inc. *
     9,700       180,032  
Synovis Life Technologies, Inc. *
     3,400       63,988  
Thoratec Corp. *
     14,900       391,125  
TomoTherapy, Inc. *
     10,800       49,464  
TranS1, Inc. *
     3,800       37,582  
Vision-Sciences, Inc. *
     4,000       15,960  
Vital Signs, Inc.
     2,300       169,970  
VNUS Medical Technologies, Inc. *
     3,600       75,348  
Volcano Corp. *
     12,900       223,041  
West Pharmaceutical Services, Inc.
     8,800       429,616  
Wright Medical Group, Inc. *
     10,100       307,444  
Zoll Medical Corp. *
     5,700       186,504  
 
              
 
             10,547,216  
 
              
Health Care Providers & Services (3.2%)
                
Air Methods Corp. *
     2,900       82,099  
Alliance Imaging, Inc. *
     7,000       71,890  
Almost Family, Inc. *
     1,600       63,280  
Amedisys, Inc. *
     7,200       350,424  
AMERIGROUP Corp. *
     14,600       368,650  
AMN Healthcare Services, Inc. *
     9,200       161,644  
Amsurg Corp. *
     8,600       219,042  
Apria Healthcare Group, Inc. *
     12,400       226,176  
Assisted Living Concepts, Inc., Class A *
     15,500       98,735  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Health Care Providers & Services (continued)
                
athenahealth, Inc. *
     5,600     $ 186,312  
Bio-Reference Labs, Inc. *
     3,100       89,590  
BMP Sunstone Corp. *
     6,500       45,110  
Capital Senior Living Corp. *
     5,300       40,280  
CardioNet, Inc. *
     1,200       29,952  
Centene Corp. *
     11,900       244,069  
Chemed Corp.
     6,500       266,890  
Chindex International, Inc. *
     3,000       32,580  
CorVel Corp. *
     2,200       62,942  
Cross Country Healthcare, Inc. *
     8,900       144,981  
Emergency Medical Services Corp., Class A *
     2,300       68,724  
Emeritus Corp. *
     5,400       134,460  
Ensign Group, Inc. (The)
     2,800       47,852  
Five Star Quality Care, Inc. *
     9,900       37,125  
Genoptix, Inc. *
     2,300       75,141  
Gentiva Health Services, Inc. *
     6,900       185,886  
Hanger Orthopedic Group, Inc. *
     6,300       109,935  
HealthExtras, Inc. *
     9,000       235,080  
HealthSouth Corp. *
     24,000       442,320  
HealthSpring, Inc. *
     13,500       285,660  
Healthways, Inc. *
     9,600       154,848  
HMS Holdings Corp. *
     6,800       162,928  
inVentiv Health, Inc. *
     9,000       158,940  
IPC The Hospitalist Co., Inc. *
     1,300       33,410  
Kindred Healthcare, Inc. *
     7,600       209,532  
Landauer, Inc.
     2,500       181,875  
LHC Group, Inc. *
     4,000       113,920  
Magellan Health Services, Inc. *
     11,100       455,766  
MedCath Corp. *
     4,300       77,056  
Molina Healthcare, Inc. *
     4,000       124,000  
MWI Veterinary Supply, Inc. *
     2,800       110,012  
National HealthCare Corp.
     2,300       108,376  
National Research Corp.
     400       12,264  
NightHawk Radiology Holdings, Inc. *
     6,000       43,320  
Odyssey HealthCare, Inc. *
     8,900       90,335  
Owens & Minor, Inc.
     11,200       543,200  
PharMerica Corp. *
     8,332       187,387  
Providence Service Corp. (The) *
     3,300       32,340  
PSS World Medical, Inc. *
     16,900       329,550  
Psychiatric Solutions, Inc. *
     15,100       573,045  
RadNet, Inc. *
     6,800       27,268  
RehabCare Group, Inc. *
     4,900       88,690  
Res-Care, Inc. *
     6,800       123,352  
Skilled Healthcare Group, Inc., Class A *
     4,800       76,272  
Sun Healthcare Group, Inc. *
     11,700       171,522  
Sunrise Senior Living, Inc. *
     12,300       169,617  
Triple-S Management Corp., Class B *
     4,100       66,789  
U.S. Physical Therapy, Inc. *
     3,200       55,552  
Universal American Corp. *
     11,500       140,185  
Virtual Radiologic Corp. *
     1,200       9,792  
 
              
 
             9,037,972  
 
              
Health Care Technology (0.4%)
                
Allscripts Healthcare Solutions, Inc.
     15,600       194,064  
Computer Programs & Systems, Inc.
     2,500       72,375  
Eclipsys Corp. *
     14,800       310,060  
MedAssets, Inc. *
     4,500       77,400  
Omnicell, Inc. *
     8,500       111,775  
Phase Forward, Inc. *
     11,700       244,647  
Vital Images, Inc. *
     4,300       64,500  
 
              
 
             1,074,821  
 
              
Hotels, Restaurants & Leisure (2.3%)
                
AFC Enterprises *
     6,900       50,094  
Ambassadors Group, Inc.
     5,800       92,278  
Ameristar Casinos, Inc.
     6,700       95,073  
Bally Technologies, Inc. *
     14,900       451,172  
BJ’s Restaurants, Inc. *
     4,800       57,312  
Bluegreen Corp. *
     3,600       24,876  
Bob Evans Farms, Inc.
     8,500       231,965  
Buffalo Wild Wings, Inc. *
     4,700       189,128  
California Pizza Kitchen, Inc. *
     5,700       73,359  
CBRL Group, Inc.
     5,700       149,910  
CEC Entertainment, Inc. *
     5,500       182,600  
Cheesecake Factory (The) *
     17,900       261,698  
Churchill Downs, Inc.
     2,500       122,450  
CKE Restaurants, Inc.
     14,300       151,580  
Denny’s Corp. *
     26,900       69,402  
DineEquity, Inc.
     4,800       80,928  
Domino’s Pizza, Inc. *
     10,700       129,898  
Dover Downs Gaming & Entertainment, Inc.
     3,900       30,342  
Dover Motorsports, Inc.
     5,400       29,430  
Einstein Noah Restaurant Group, Inc. *
     1,000       10,080  
Gaylord Entertainment Co. *
     11,200       328,944  
Great Wolf Resorts, Inc. *
     7,600       27,816  
Isle of Capri Casinos, Inc. *
     4,300       38,786  
Jack in the Box, Inc. *
     16,040       338,444  
Krispy Kreme Doughnuts, Inc. *
     17,500       57,750  
Landry’s Restaurants, Inc.
     3,600       55,980  
Life Time Fitness, Inc. *
     9,500       297,065  
Lodgian, Inc. *
     4,300       33,540  
Luby’s, Inc. *
     6,800       54,672  
Marcus Corp.
     5,300       85,224  
Monarch Casino & Resort, Inc. *
     2,900       33,031  
Morgans Hotel Group Co. *
     7,400       80,734  
O’Charleys, Inc.
     5,500       48,125  
P.F. Chang’s China Bistro, Inc. *
     6,200       145,948  
Papa John’s International, Inc. *
     6,000       162,960  
Peet’s Coffee & Tea, Inc. *
     3,800       106,096  
Pinnacle Entertainment, Inc. *
     17,000       128,520  
Red Robin Gourmet Burgers, Inc. *
     4,300       115,240  
Rick’s Cabaret International, Inc. *
     1,800       17,676  
Riviera Holdings Corp. *
     2,400       17,640  
Ruby Tuesday, Inc.
     14,100       81,639  
Ruth’s Hospitality Group, Inc. *
     4,700       18,471  
Shuffle Master, Inc. *
     13,000       66,170  
Six Flags, Inc. *
     20,700       14,283  
Sonic Corp. *
     16,400       238,948  
Speedway Motorsports, Inc.
     3,200       62,336  
Steak N Shake Co. (The) *
     6,700       58,156  
Texas Roadhouse, Inc., Class A *
     14,300       128,557  
Town Sports International Holdings, Inc. *
     4,500       27,450  
Vail Resorts, Inc. *
     8,500       297,075  
Wendy’s/Arby’s Group, Inc., Class A
     110,549       581,488  
WMS Industries, Inc. *
     11,950       365,311  
 
              
 
             6,597,650  
 
              
Household Durables (1.2%)
                
American Greetings Corp., Class A
     13,300       203,357  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Household Durables (continued)
                
Avatar Holdings, Inc. *
     1,700     $ 56,100  
Beazer Homes U.S.A, Inc. *
     10,700       63,986  
Blyth, Inc.
     6,700       75,978  
Brookfield Homes Corp.
     2,600       37,336  
Cavco Industries, Inc. *
     1,800       65,070  
Champion Enterprises, Inc. *
     21,200       117,660  
CSS Industries, Inc.
     2,200       56,628  
Ethan Allen Interiors, Inc.
     6,400       179,328  
Furniture Brands International, Inc.
     11,300       118,876  
Helen of Troy Ltd. *
     8,200       186,714  
Hooker Furniture Corp.
     2,500       44,375  
Hovnanian Enterprises, Inc., Class A *
     12,700       101,473  
iRobot Corp. *
     5,500       81,510  
La-Z-Boy, Inc.
     13,200       123,024  
Libbey, Inc.
     4,100       34,891  
M/I Homes, Inc.
     3,800       86,564  
Meritage Homes Corp. *
     8,400       207,480  
National Presto Industries, Inc.
     1,300       96,850  
Palm Harbor Homes, Inc. *
     2,800       27,748  
Russ Berrie & Co., Inc. *
     3,700       28,379  
Ryland Group, Inc.
     11,500       304,980  
Sealy Corp.
     11,000       71,060  
Skyline Corp.
     1,700       44,931  
Standard Pacific Corp. *
     33,900       166,449  
Tempur-Pedic International, Inc.
     20,400       239,904  
Tupperware Brands Corp.
     16,900       466,947  
Universal Electronics, Inc. *
     3,900       97,422  
 
              
 
             3,385,020  
 
              
Household Products (0.1%)
                
Central Garden & Pet Co., Class A *
     18,200       108,290  
Spectrum Brands, Inc. *
     11,100       15,429  
WD-40 Co.
     4,800       172,464  
 
              
 
             296,183  
 
              
Independent Power Producers & Energy Traders (0.1%)
                
Ormat Technologies, Inc.
     4,900       178,017  
Synthesis Energy Systems, Inc. *
     6,000       29,100  
U.S. Geothermal, Inc. *
     16,300       29,014  
 
              
 
             236,131  
 
              
Industrial Conglomerates (0.3%)
                
Otter Tail Corp.
     9,200       282,716  
Raven Industries, Inc.
     4,400       173,140  
Seaboard Corp.
     84       105,588  
Standex International Corp.
     3,400       94,350  
Tredegar Corp.
     6,800       120,972  
United Capital Corp. *
     400       10,596  
 
              
 
             787,362  
 
              
Information Technology Services (1.8%)
                
Acxiom Corp.
     17,000       213,180  
BearingPoint, Inc. *
     59,300       30,836  
CACI International, Inc., Class A *
     8,200       410,820  
Cass Information Systems, Inc.
     1,560       55,926  
China Information Security Technology, Inc. *
     5,900       27,730  
CIBER, Inc. *
     15,200       106,248  
CSG Systems International, Inc. *
     9,300       163,029  
CyberSource Corp. *
     18,824       303,255  
Euronet Worldwide, Inc. *
     13,050       218,326  
ExlService Holdings, Inc. *
     4,300       37,754  
Forrester Research, Inc. *
     4,100       120,212  
Gartner, Inc. *
     16,200       367,416  
Gevity HR, Inc.
     6,400       46,592  
Global Cash Access Holdings, Inc. *
     11,300       57,178  
Hackett Group, Inc. *
     12,500       68,000  
Heartland Payment Systems, Inc.
     6,700       171,252  
iGate Corp. *
     5,200       45,084  
infoGROUP, Inc.
     9,100       60,151  
Integral Systems, Inc. *
     4,122       85,614  
Mantech International Corp., Class A *
     5,600       332,024  
MAXIMUS, Inc.
     5,100       187,884  
NCI, Inc., Class A *
     1,800       51,264  
Ness Technologies, Inc. *
     11,700       134,199  
Online Resources Corp. *
     8,000       62,160  
Perot Systems Corp., Class A *
     23,600       409,460  
RightNow Technologies, Inc. *
     7,600       95,532  
Safeguard Scientifics, Inc. *
     27,400       34,250  
Sapient Corp. *
     24,000       178,320  
SI International, Inc. *
     3,600       108,180  
SRA International, Inc., Class A *
     11,600       262,508  
Syntel, Inc.
     3,400       83,300  
TNS, Inc. *
     6,700       129,779  
VeriFone Holdings, Inc. *
     18,700       309,298  
Virtusa Corp. *
     3,000       19,530  
Wright Express Corp. *
     10,500       310,380  
 
              
 
             5,296,671  
 
              
Insurance (3.9%)
                
AMBAC Financial Group, Inc.
     78,200       182,206  
AmCOMP, Inc. *
     3,500       40,600  
American Equity Investment Life Holding Co.
     15,700       117,750  
American Physicians Capital, Inc.
     2,300       97,359  
American Safety Insurance Holdings Ltd. *
     3,400       51,374  
Amerisafe, Inc. *
     5,100       92,820  
Amtrust Financial Services, Inc.
     4,800       65,232  
Argo Group International Holdings Ltd. *
     8,709       320,927  
Aspen Insurance Holdings Ltd.
     23,600       649,000  
Assured Guaranty Ltd.
     15,200       247,152  
Baldwin & Lyons, Inc., Class B
     2,000       47,940  
CastlePoint Holdings Ltd.
     10,200       113,526  
Citizens, Inc. *
     10,000       82,200  
CNA Surety Corp. *
     3,900       65,130  
Crawford & Co., Class B *
     6,600       103,290  
Darwin Professional Underwriters, Inc. *
     1,700       52,887  
Delphi Financial Group, Inc., Class A
     11,300       316,852  
Donegal Group, Inc., Class A
     2,700       48,951  
eHealth, Inc. *
     7,300       116,800  
EMC Insurance Group, Inc.
     1,700       50,116  
Employers Holdings, Inc.
     13,500       234,630  
Enstar Group Ltd. *
     1,500       146,040  
FBL Financial Group, Inc., Class A
     3,300       92,037  
First Acceptance Corp. *
     2,400       8,160  
First Mercury Financial Corp. *
     3,600       51,300  
Flagstone Reinsurance Holdings Ltd.
     8,200       84,214  
FPIC Insurance Group, Inc. *
     2,300       118,197  
Greenlight Capital Re Ltd., Class A *
     8,500       195,415  
Hallmark Financial Services *
     600       5,454  
Harleysville Group, Inc.
     4,000       151,200  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Insurance (continued)
                
Hilb, Rogal & Hobbs Co.
     8,700     $ 406,638  
Hilltop Holdings, Inc. *
     12,700       131,064  
Horace Mann Educators Corp.
     11,500       148,005  
Independence Holding Co.
     1,000       11,550  
Infinity Property & Casualty Corp.
     4,200       173,040  
IPC Holdings Ltd.
     13,700       413,877  
Kansas City Life Insurance Co.
     1,000       46,000  
LandAmerica Financial Group, Inc.
     3,800       92,150  
Maiden Holdings Ltd.
     13,400       58,290  
Max Capital Group Ltd.
     15,400       357,742  
Meadowbrook Insurance Group, Inc.
     14,142       99,842  
Montpelier Re Holdings Ltd.
     25,500       421,005  
National Financial Partners Corp.
     11,400       171,000  
National Interstate Corp.
     1,700       40,851  
National Western Life Insurance Co., Class A
     569       137,738  
Navigators Group, Inc. *
     3,600       208,800  
NYMAGIC, Inc.
     1,200       30,300  
Odyssey Re Holdings Corp.
     6,600       289,080  
Phoenix Cos., Inc. (The)
     32,700       302,148  
Platinum Underwriters Holdings Ltd.
     13,300       471,884  
PMA Capital Corp., Class A *
     9,000       79,380  
Presidential Life Corp.
     6,000       94,740  
ProAssurance Corp. *
     8,800       492,800  
Quanta Capital Holdings Ltd. *
     18,600       51,336  
RLI Corp.
     5,100       316,659  
Safety Insurance Group, Inc.
     4,400       166,892  
SeaBright Insurance Holdings, Inc. *
     6,000       78,000  
Selective Insurance Group
     15,100       346,092  
State Auto Financial Corp.
     3,400       98,838  
Stewart Information Services Corp.
     4,700       139,825  
Tower Group, Inc.
     5,700       134,292  
United America Indemnity Ltd., Class A *
     5,700       81,111  
United Fire & Casualty Co.
     6,700       191,553  
Validus Holdings Ltd.
     18,100       420,825  
Zenith National Insurance Corp.
     10,200       373,728  
 
              
 
             11,025,834  
 
              
Internet & Catalog Retail (0.4%)
                
1-800-FLOWERS.COM, Inc., Class A *
     7,000       42,140  
Blue Nile, Inc. *
     3,600       154,332  
Drugstore.com, Inc. *
     26,200       61,570  
Gaiam, Inc., Class A *
     4,900       51,940  
Netflix, Inc. *
     11,000       339,680  
NutriSystem, Inc. *
     8,300       147,076  
Orbitz Worldwide, Inc. *
     8,800       51,656  
Overstock.com, Inc. *
     4,600       91,126  
PetMed Express, Inc. *
     6,500       102,050  
Shutterfly, Inc. *
     5,400       51,894  
Stamps.com, Inc. *
     4,000       46,680  
 
              
 
             1,140,144  
 
              
Internet Software & Services (2.1%)
                
Ariba, Inc. *
     23,300       329,229  
Art Technology Group, Inc. *
     35,400       124,608  
AsiaInfo Holdings, Inc. *
     9,000       82,620  
Bankrate, Inc. *
     3,500       136,185  
Bidz.com, Inc. *
     1,600       13,856  
Chordiant Software, Inc. *
     8,200       42,066  
comScore, Inc. *
     4,900       86,387  
Constant Contact, Inc. *
     5,500       93,885  
DealerTrack Holdings, Inc. *
     11,600       195,344  
Dice Holdings, Inc. *
     3,600       25,560  
Digital River, Inc. *
     10,100       327,240  
DivX, Inc. *
     6,600       42,702  
EarthLink, Inc. *
     30,000       255,000  
Greenfield Online, Inc. *
     7,200       125,280  
GSI Commerce, Inc. *
     6,400       99,072  
HSW International, Inc. *
     6,900       17,940  
Infospace, Inc.
     9,700       105,245  
Internap Network Services Corp. *
     14,300       49,764  
Internet Brands, Inc., Class A *
     7,000       48,790  
Internet Capital Group, Inc. *
     10,000       81,100  
Interwoven, Inc. *
     12,400       175,088  
j2 Global Communications, Inc. *
     12,100       282,535  
Keynote Systems, Inc. *
     3,900       51,675  
Knot, Inc. (The) *
     8,000       66,800  
Limelight Networks, Inc. *
     5,500       13,750  
Liquidity Services, Inc. *
     4,600       49,910  
LoopNet, Inc. *
     8,000       78,640  
Marchex, Inc., Class B
     6,500       66,885  
MercadoLibre, Inc. *
     7,000       142,450  
ModusLink Global Solutions, Inc. *
     13,890       133,483  
Move, Inc. *
     36,300       76,956  
NIC, Inc.
     10,000       69,000  
Omniture, Inc. *
     17,046       312,964  
Perficient, Inc. *
     8,800       58,432  
Rackspace Hosting, Inc. *
     3,600       35,172  
RealNetworks, Inc. *
     25,900       131,572  
S1 Corp. *
     14,300       87,516  
SAVVIS, Inc. *
     10,300       138,432  
SonicWALL, Inc. *
     16,200       84,888  
SupportSoft, Inc. *
     14,500       43,500  
Switch & Data Facilities Co., Inc. *
     6,100       75,945  
TechTarget, Inc. *
     3,600       25,200  
Terremark Worldwide, Inc. *
     13,800       94,806  
TheStreet.com, Inc.
     6,100       36,539  
United Online, Inc.
     21,102       198,570  
ValueClick, Inc. *
     23,600       241,428  
Vignette Corp. *
     6,700       71,958  
VistaPrint Ltd. *
     12,100       397,364  
Vocus, Inc. *
     4,400       149,424  
Websense, Inc. *
     12,300       274,905  
Website Pros, Inc. *
     7,500       40,500  
 
              
 
             5,988,160  
 
              
Leisure Equipment & Products (0.6%)
                
Brunswick Corp.
     23,800       304,402  
Callaway Golf Co.
     18,100       254,667  
JAKKS Pacific, Inc. *
     7,500       186,825  
Leapfrog Enterprises, Inc. *
     9,000       95,040  
Marine Products Corp.
     1,900       15,770  
Nautilus, Inc. *
     6,200       28,334  
Polaris Industries, Inc.
     9,000       409,410  
Pool Corp.
     13,100       305,623  
RC2 Corp. *
     5,100       102,000  
Smith & Wesson Holding Corp. *
     8,800       32,912  
Steinway Musical Instruments *
     1,900       53,808  
 
              
 
             1,788,791  
 
              
Life Sciences Tools & Services (1.4%)
                
Accelrys, Inc. *
     8,600       47,214  
Affymetrix, Inc. *
     18,300       141,642  
Albany Molecular Research, Inc. *
     6,400       115,776  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Life Sciences Tools & Services (continued)
                
AMAG Pharmaceuticals, Inc. *
     4,640     $ 179,707  
Bio-Rad Laboratories, Inc., Class A *
     5,200       515,424  
Bruker Corp. *
     13,800       183,954  
Caliper Life Sciences *
     15,300       42,840  
Cambrex Corp. *
     7,900       48,585  
Clinical Data, Inc. *
     2,700       43,416  
Dionex Corp. *
     5,000       317,750  
Enzo Biochem, Inc. *
     8,300       91,217  
eResearchTechnology, Inc. *
     11,800       140,538  
Exelixis, Inc. *
     28,700       174,496  
Kendle International, Inc. *
     3,500       156,485  
Life Sciences Research, Inc. *
     2,200       77,000  
Luminex Corp. *
     11,100       277,611  
Medivation, Inc. *
     7,000       185,220  
Nektar Therapeutics *
     25,200       90,468  
PAREXEL International Corp. *
     15,500       444,230  
PharmaNet Development Group, Inc. *
     5,300       38,266  
Sequenom, Inc. *
     15,500       412,610  
Varian, Inc. *
     8,100       347,490  
 
              
 
             4,071,939  
 
              
Machinery (3.5%)
                
3D Systems Corp. *
     4,200       59,850  
Accuride Corp. *
     11,000       17,600  
Actuant Corp., Class A *
     15,300       386,172  
Alamo Group, Inc.
     2,000       34,100  
Albany International Corp., Class A
     8,100       221,373  
Altra Holdings, Inc. *
     7,200       106,272  
American Railcar Industries, Inc.
     2,600       41,704  
Ampco-Pittsburgh Corp.
     2,500       64,750  
Applied Industrial Technologies, Inc.
     11,500       309,695  
Astec Industries, Inc. *
     4,900       151,067  
Badger Meter, Inc.
     4,000       187,800  
Barnes Group, Inc.
     13,100       264,882  
Blount International, Inc. *
     10,800       120,204  
Briggs & Stratton Corp.
     13,300       215,194  
Cascade Corp.
     2,600       113,906  
Chart Industries, Inc. *
     7,700       219,912  
China Fire & Security Group, Inc. *
     3,600       37,836  
CIRCOR International, Inc.
     4,500       195,435  
Clarcor, Inc.
     13,800       523,710  
Colfax Corp. *
     6,400       106,944  
Columbus McKinnon Corp. *
     5,300       124,921  
Commercial Vehicle Group, Inc. *
     5,200       36,972  
Dynamic Materials Corp.
     3,400       78,914  
Energy Recovery, Inc. *
     3,000       28,770  
EnPro Industries, Inc. *
     5,500       204,380  
ESCO Technologies, Inc. *
     7,100       342,007  
Federal Signal Corp.
     13,100       179,470  
Flanders Corp. *
     4,400       27,720  
Flow International Corp. *
     10,300       52,324  
Force Protection, Inc. *
     19,300       51,724  
FreightCar America, Inc.
     3,200       93,664  
Gehl Co. *
     2,900       85,347  
Gorman-Rupp Co. (The)
     3,775       142,393  
Graham Corp.
     1,300       70,330  
Greenbrier Cos., Inc.
     4,600       89,746  
Hurco Cos., Inc. *
     1,600       47,312  
Imation Corp.
     7,700       173,943  
K-Tron International, Inc. *
     700       90,181  
Kadant, Inc. *
     3,400       77,418  
Kaydon Corp.
     7,600       342,456  
Key Technology, Inc. *
     1,800       42,660  
LB Foster Co., Class A *
     3,000       91,260  
Lindsay Corp.
     3,200       232,800  
Lydall, Inc. *
     4,500       43,335  
Met-Pro Corp.
     4,700       68,573  
Middleby Corp. *
     4,800       260,688  
Mueller Industries, Inc.
     10,500       241,605  
Mueller Water Products, Inc., Class A
     31,400       281,972  
NACCO Industries, Inc., Class A
     1,600       151,232  
NN, Inc.
     4,100       52,685  
Nordson Corp.
     9,200       451,812  
Omega Flex, Inc.
     700       15,785  
PMFG, Inc. *
     3,600       52,164  
RBC Bearings, Inc. *
     6,200       208,878  
Robbins & Myers, Inc.
     7,700       238,161  
Sauer-Danfoss, Inc.
     2,700       66,663  
Sun Hydraulics Corp.
     3,100       80,724  
Tecumseh Products Co., Class A *
     4,500       112,680  
Tennant Co.
     4,500       154,170  
Thermadyne Holdings Corp. *
     4,100       68,347  
Titan International, Inc.
     9,325       198,809  
Titan Machinery, Inc. *
     1,800       37,458  
Trimas Corp. *
     4,100       26,896  
TurboChef Technologies, Inc. *
     5,400       33,210  
Twin Disc, Inc.
     2,500       34,400  
Wabash National Corp.
     8,700       82,215  
Wabtec Corp.
     13,200       676,236  
Watts Water Technologies, Inc., Class A
     7,700       210,595  
Xerium Technologies, Inc.
     5,400       34,776  
 
              
 
             9,969,187  
 
              
Marine (0.2%)
                
American Commercial Lines, Inc. *
     9,800       104,272  
Eagle Bulk Shipping, Inc.
     12,800       178,432  
Genco Shipping & Trading Ltd.
     6,600       219,384  
Horizon Lines, Inc., Class A
     8,500       83,895  
International Shipholding Corp. *
     2,000       43,800  
TBS International Ltd., Class A *
     2,900       39,034  
Ultrapetrol Bahamas Ltd. *
     6,800       53,380  
 
              
 
             722,197  
 
              
Media (1.3%)
                
AH Belo Corp., Class A
     3,840       19,814  
Arbitron, Inc.
     7,400       330,706  
Belo Corp., Class A
     26,200       156,152  
Charter Communications, Inc., Class A *
     115,400       84,242  
Cinemark Holdings, Inc.
     7,400       100,640  
Citadel Broadcasting Co. *
     50,770       39,601  
CKX, Inc.
     14,500       89,320  
Cox Radio, Inc., Class A *
     6,000       63,360  
Crown Media Holdings, Inc., Class A *
     3,300       16,599  
Cumulus Media, Inc., Class A *
     8,600       36,636  
Dolan Media Co. *
     6,500       65,585  
Entercom Communications Corp., Class A
     5,400       27,108  
Entravision Communications Corp., Class A *
     17,200       46,268  
Fisher Communications, Inc.
     1,800       70,920  
GateHouse Media, Inc.
     6,500       3,185  
Global Sources Ltd. *
     4,820       48,537  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Media (continued)
                
Global Traffic Network, Inc. *
     3,900     $ 36,153  
Gray Television, Inc.
     11,800       20,296  
Harte-Hanks, Inc.
     11,000       114,070  
Idearc, Inc.
     34,900       43,625  
Interactive Data Corp.
     10,100       254,722  
Journal Communications, Inc., Class A
     11,500       56,120  
Knology, Inc. *
     7,800       62,946  
Lee Enterprises, Inc.
     12,300       43,050  
Lin TV Corp., Class A *
     7,600       39,216  
Live Nation, Inc. *
     20,700       336,789  
Martha Stewart Living Omnimedia, Class A *
     5,900       50,209  
Marvel Entertainment, Inc. *
     13,400       457,476  
McClatchy Co., Class A
     15,500       68,200  
Media General, Inc., Class A
     6,200       77,066  
Mediacom Communications Corp., Class A *
     12,200       72,224  
National CineMedia, Inc.
     11,200       123,760  
Outdoor Channel Holdings, Inc. *
     5,400       47,520  
Playboy Enterprises, Inc., Class B *
     6,100       24,034  
Primedia, Inc.
     7,883       19,156  
R.H. Donnelley Corp. *
     19,800       39,402  
RCN Corp. *
     11,100       136,086  
RHI Entertainment, Inc. *
     2,900       43,210  
Scholastic Corp.
     6,600       169,488  
Sinclair Broadcast Group, Inc., Class A
     14,300       72,072  
Valassis Communications, Inc. *
     12,400       107,384  
Westwood One, Inc. *
     19,900       10,945  
World Wrestling Entertainment, Inc., Class A
     5,600       86,576  
 
              
 
             3,810,468  
 
              
Metals & Mining (1.0%)
                
Allied Nevada Gold Corp. *
     12,200       69,784  
AM Castle & Co.
     4,600       79,488  
AMCOL International Corp.
     7,200       225,072  
Apex Silver Mines Ltd. *
     16,000       27,520  
Brush Engineered Materials, Inc. *
     5,600       103,992  
China Precision Steel, Inc. *
     4,700       15,651  
Coeur d’Alene Mines Corp. *
     150,300       229,959  
Compass Minerals International, Inc.
     8,800       461,032  
General Moly, Inc. *
     17,300       75,255  
General Steel Holdings, Inc. *
     2,300       16,422  
Haynes International, Inc. *
     3,400       159,222  
Hecla Mining Co. *
     34,800       162,864  
Horsehead Holding Corp. *
     9,500       56,050  
Kaiser Aluminum Corp.
     4,200       180,390  
Olympic Steel, Inc.
     2,500       73,725  
Royal Gold, Inc.
     8,000       287,680  
RTI International Metals, Inc. *
     6,200       121,272  
Stillwater Mining Co. *
     10,800       62,748  
Sutor Technology Group Ltd. *
     2,800       9,212  
Universal Stainless & Alloy *
     1,900       48,545  
Worthington Industries, Inc.
     17,600       262,944  
 
              
 
             2,728,827  
 
              
Multi-Utility (0.5%)
                
Avista Corp.
     14,500       314,795  
Black Hills Corp.
     10,500       326,235  
CH Energy Group, Inc.
     4,300       187,351  
NorthWestern Corp.
     10,600       266,378  
PNM Resources, Inc.
     22,300       228,352  
 
              
 
             1,323,111  
 
              
Multiline Retail (0.2%)
                
99 Cents Only Stores *
     12,100       132,737  
Dillard’s, Inc., Class A
     15,600       184,080  
Fred’s, Inc., Class A
     10,900       154,998  
Retail Ventures, Inc. *
     8,100       31,590  
Tuesday Morning Corp. *
     8,300       34,279  
 
              
 
             537,684  
 
              
Natural Gas Utility (1.2%)
                
Chesapeake Utilities Corp.
     1,900       63,099  
EnergySouth, Inc.
     1,800       110,574  
Laclede Group, Inc. (The)
     6,000       290,940  
New Jersey Resources Corp.
     11,450       410,941  
Nicor, Inc.
     12,300       545,505  
Northwest Natural Gas Co.
     7,200       374,400  
Piedmont Natural Gas Co.
     20,000       639,200  
South Jersey Industries, Inc.
     8,100       289,170  
Southwest Gas Corp.
     11,800       357,068  
WGL Holdings, Inc.
     13,500       438,075  
 
              
 
             3,518,972  
 
              
Oil, Gas & Consumable Fuels (4.3%)
                
Abraxas Petroleum Corp. *
     12,800       33,408  
Alon USA Energy, Inc.
     3,000       40,440  
American Oil & Gas, Inc. *
     11,500       30,015  
APCO Argentina, Inc.
     1,200       33,972  
Approach Resources, Inc. *
     2,100       30,366  
Arena Resources, Inc. *
     10,300       400,155  
Arlington Tankers Ltd.
     3,400       52,292  
Atlas America, Inc.
     9,400       320,634  
ATP Oil & Gas Corp. *
     7,600       135,356  
Aventine Renewable Energy Holdings, Inc. *
     8,300       26,228  
Berry Petroleum Co., Class A
     11,700       453,141  
Bill Barrett Corp. *
     10,000       321,100  
BMB Munai, Inc. *
     11,500       47,725  
BPZ Resources, Inc. *
     16,400       282,080  
Brigham Exploration Co. *
     12,600       138,474  
Callon Petroleum Co. *
     5,700       102,771  
Cano Petroleum, Inc. *
     11,000       25,410  
Carrizo Oil & Gas, Inc. *
     7,500       272,025  
Cheniere Energy, Inc. *
     13,200       29,700  
Clayton Williams Energy, Inc. *
     1,500       105,795  
Clean Energy Fuels Corp. *
     6,000       84,900  
Comstock Resources, Inc. *
     12,400       620,620  
Concho Resources, Inc. *
     15,100       416,911  
Contango Oil & Gas Co. *
     3,600       194,328  
Crosstex Energy, Inc.
     11,000       274,670  
CVR Energy, Inc. *
     6,300       53,676  
Delek US Holdings, Inc.
     2,700       25,029  
Delta Petroleum Corp. *
     17,000       230,860  
DHT Maritime, Inc.
     10,700       71,904  
Double Eagle Petroleum Co. *
     2,700       38,556  
Endeavour International Corp. *
     34,500       45,540  
Energy Partners Ltd. *
     8,682       75,273  
Energy XXI (Bermuda) Ltd.
     31,700       96,368  
Evergreen Energy, Inc. *
     21,200       19,928  
EXCO Resources, Inc. *
     40,800       665,856  
FX Energy, Inc. *
     11,300       84,072  
Gasco Energy, Inc. *
     27,800       50,596  
General Maritime Corp.
     7,700       149,996  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Oil, Gas & Consumable Fuels (continued)
                
GeoGlobal Resources, Inc. *
     8,300     $ 20,916  
GeoMet, Inc. *
     3,800       20,672  
GeoResources, Inc. *
     1,800       20,628  
GMX Resources, Inc. *
     4,600       219,880  
Golar LNG Ltd.
     9,700       128,816  
Goodrich Petroleum Corp. *
     6,200       270,258  
Gran Tierra Energy, Inc. *
     27,700       102,767  
GreenHunter Energy, Inc. *
     1,000       14,250  
Gulfport Energy Corp. *
     7,700       77,385  
Harvest Natural Resources, Inc. *
     9,600       97,152  
Houston American Energy Corp.
     4,500       28,440  
International Coal Group, Inc. *
     34,700       216,528  
James River Coal Co. *
     6,900       151,731  
Knightsbridge Tankers Ltd.
     4,700       124,409  
McMoRan Exploration Co. *
     16,000       378,240  
Meridian Resource Corp. *
     21,900       40,296  
Mitcham Industries, Inc. *
     2,700       27,243  
National Coal Corp. *
     7,500       39,225  
Nordic American Tanker Shipping
     9,400       301,364  
Northern Oil & Gas, Inc. *
     5,800       47,154  
Oilsands Quest, Inc. *
     46,100       137,839  
Pacific Ethanol, Inc. *
     10,300       14,317  
Panhandle Oil & Gas, Inc.
     2,000       57,260  
Parallel Petroleum Corp. *
     11,300       106,446  
Penn Virginia Corp.
     11,400       609,216  
Petroleum Development Corp. *
     4,100       181,917  
PetroQuest Energy, Inc. *
     11,800       181,130  
PrimeEnergy Corp. *
     200       14,800  
Quest Resource Corp. *
     6,700       17,822  
RAM Energy Resources, Inc. *
     11,400       32,946  
Rentech, Inc. *
     45,800       60,914  
Rex Energy Corp. *
     4,600       72,496  
Rosetta Resources, Inc. *
     14,000       257,040  
Ship Finance International Ltd.
     11,500       247,940  
Stone Energy Corp. *
     8,691       367,890  
Swift Energy Co. *
     8,300       321,127  
Teekay Tankers Ltd., Class A
     3,700       62,641  
Toreador Resources Corp. *
     4,800       43,152  
Tri-Valley Corp. *
     7,000       44,380  
TXCO Resources, Inc. *
     9,300       93,372  
Uranium Resources, Inc. *
     13,100       22,139  
USEC, Inc. *
     32,100       173,661  
VAALCO Energy, Inc. *
     16,100       110,124  
Venoco, Inc. *
     5,600       72,800  
VeraSun Energy Corp. *
     28,002       87,646  
Warren Resources, Inc. *
     16,900       168,662  
Western Refining, Inc.
     8,200       82,902  
Westmoreland Coal Co. *
     2,900       45,820  
World Fuel Services Corp.
     7,700       177,331  
 
              
 
             12,273,254  
 
              
Paper & Forest Products (0.4%)
                
AbitibiBowater, Inc. *
     15,552       60,186  
Buckeye Technologies, Inc. *
     10,000       81,900  
Deltic Timber Corp.
     3,000       191,250  
Glatfelter
     11,800       159,772  
KapStone Paper and Packaging Corp. *
     4,900       31,115  
Louisiana-Pacific Corp.
     28,200       262,260  
Mercer International, Inc. *
     8,500       31,110  
Neenah Paper, Inc.
     4,000       79,200  
Schweitzer-Mauduit International, Inc.
     4,400       83,556  
Verso Paper Corp.
     4,700       12,408  
Wausau Paper Corp.
     12,500       126,625  
 
              
 
             1,119,382  
 
              
Personal Products (0.4%)
                
American Oriental Bioengineering, Inc. *
     16,900       109,681  
Chattem, Inc. *
     4,600       359,628  
China Sky One Medical, Inc. *
     2,000       24,300  
Elizabeth Arden, Inc. *
     6,700       131,521  
Inter Parfums, Inc.
     3,600       48,816  
Mannatech, Inc.
     5,000       20,000  
Nu Skin Enterprises, Inc., Class A
     13,500       218,970  
Prestige Brands Holdings, Inc. *
     9,200       81,696  
Schiff Nutrition International, Inc. *
     3,600       24,588  
USANA Health Sciences, Inc. *
     2,400       98,376  
 
              
 
             1,117,576  
 
              
Pharmaceuticals (1.5%)
                
Acura Pharmaceuticals, Inc. *
     1,900       13,357  
Adolor Corp. *
     12,600       43,470  
Akorn, Inc. *
     15,300       78,489  
Alexza Pharmaceuticals, Inc. *
     5,700       28,158  
Alpharma, Inc., Class A *
     11,600       427,924  
Ardea Biosciences, Inc. *
     2,800       38,724  
Auxilium Pharmaceuticals, Inc. *
     11,200       362,880  
Biodel, Inc. *
     2,800       9,380  
BioForm Medical, Inc. *
     5,400       21,168  
BioMimetic Therapeutics, Inc. *
     3,200       35,392  
Cadence Pharmaceuticals, Inc. *
     5,700       50,616  
Caraco Pharmaceutical Laboratories Ltd. *
     2,400       30,024  
Columbia Laboratories, Inc. *
     14,700       38,514  
Cypress Bioscience, Inc. *
     10,200       74,970  
Depomed, Inc. *
     13,100       47,815  
Discovery Laboratories, Inc. *
     26,300       49,181  
Durect Corp. *
     21,200       118,720  
Inspire Pharmaceuticals, Inc. *
     13,100       46,767  
Javelin Pharmaceuticals, Inc. *
     11,000       28,600  
Jazz Pharmaceuticals, Inc. *
     1,900       9,386  
KV Pharmaceutical Co., Class A *
     9,000       204,390  
MAP Pharmaceuticals, Inc. *
     1,300       13,156  
Medicines Co. (The) *
     14,200       329,724  
Medicis Pharmaceutical Corp., Class A
     15,400       229,614  
MiddleBrook Pharmaceuticals, Inc. *
     11,600       17,400  
Noven Pharmaceuticals, Inc. *
     6,800       79,424  
Obagi Medical Products, Inc. *
     4,800       47,904  
Optimer Pharmaceuticals, Inc. *
     7,500       59,625  
Pain Therapeutics, Inc. *
     9,400       91,838  
Par Pharmaceutical Cos., Inc. *
     8,900       109,381  
Pozen, Inc. *
     7,000       73,570  
Questcor Pharmaceuticals, Inc. *
     14,500       106,575  
Salix Pharmaceuticals Ltd. *
     13,000       83,330  
Sciele Pharma, Inc.
     9,400       289,426  
Sucampo Pharmaceuticals, Inc., Class A *
     3,100       26,443  
Valeant Pharmaceuticals International *
     19,000       388,930  
ViroPharma, Inc. *
     19,100       250,592  
Vivus, Inc. *
     18,200       144,508  
XenoPort, Inc. *
     6,900       334,581  
 
              
 
             4,433,946  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Real Estate Investment Trusts (6.2%)
                
Acadia Realty Trust
     8,800     $ 222,464  
Agree Realty Corp.
     2,100       60,060  
Alexander’s, Inc.
     500       200,000  
American Campus Communities, Inc.
     11,580       392,330  
American Capital Agency Corp.
     2,700       46,764  
Anthracite Capital, Inc.
     16,100       86,296  
Anworth Mortgage Asset Corp.
     22,500       133,200  
Arbor Realty Trust, Inc.
     3,300       33,000  
Ashford Hospitality Trust, Inc.
     35,050       141,953  
Associated Estates Realty Corp.
     4,000       52,120  
BioMed Realty Trust, Inc.
     19,600       518,420  
Capital Trust, Inc., Class A
     4,500       69,750  
CapLease, Inc.
     10,900       86,437  
Capstead Mortgage Corp.
     15,400       168,630  
Care Investment Trust, Inc.
     4,500       51,660  
Cedar Shopping Centers, Inc.
     11,600       153,352  
Chimera Investment Corp.
     9,400       58,374  
Cogdell Spencer, Inc.
     3,300       52,932  
Colonial Properties Trust
     13,000       242,970  
Corporate Office Properties Trust
     10,600       427,710  
Cousins Properties, Inc.
     11,900       300,594  
DCT Industrial Trust, Inc.
     46,900       351,281  
DiamondRock Hospitality Co.
     25,900       235,690  
DuPont Fabros Technology, Inc.
     3,500       53,375  
EastGroup Properties, Inc.
     6,800       330,072  
Education Realty Trust, Inc.
     7,800       86,424  
Entertainment Properties Trust
     8,400       459,648  
Equity Lifestyle Properties, Inc.
     5,600       296,968  
Equity One, Inc.
     8,800       180,312  
Extra Space Storage, Inc.
     21,700       333,312  
FelCor Lodging Trust, Inc.
     18,500       132,460  
First Industrial Realty Trust, Inc.
     12,100       347,028  
First Potomac Realty Trust
     6,900       118,611  
Franklin Street Properties Corp.
     15,400       200,200  
Friedman Billings Ramsey Group, Inc., Class A *
     36,400       61,880  
Getty Realty Corp.
     4,800       106,752  
Glimcher Realty Trust
     10,300       107,532  
Gramercy Capital Corp.
     11,770       30,484  
Hatteras Financial Corp.
     3,100       71,920  
Healthcare Realty Trust, Inc.
     15,500       451,825  
Hersha Hospitality Trust
     11,700       87,048  
Highwoods Properties, Inc.
     16,900       600,964  
Home Properties, Inc.
     8,600       498,370  
Inland Real Estate Corp.
     15,300       240,057  
Investors Real Estate Trust
     16,200       181,278  
JER Investors Trust, Inc.
     6,200       30,380  
Kite Realty Group Trust
     5,600       61,600  
LaSalle Hotel Properties
     11,000       256,520  
Lexington Realty Trust
     14,000       241,080  
LTC Properties, Inc.
     6,300       184,716  
Maguire Properties, Inc.
     11,000       65,560  
Medical Properties Trust, Inc.
     19,500       221,325  
MFA Mortgage Investments, Inc.
     53,400       347,100  
Mid-America Apartment Communities, Inc.
     7,200       353,808  
Mission West Properties, Inc.
     4,200       40,908  
Monmouth Real Estate Investment Corp., Class A
     6,900       53,751  
National Health Investors, Inc.
     5,700       194,826  
National Retail Properties, Inc.
     20,100       481,395  
Newcastle Investment Corp.
     15,700       99,695  
NorthStar Realty Finance Corp.
     15,200       117,800  
Omega Healthcare Investors, Inc.
     21,500       422,690  
One Liberty Properties, Inc.
     2,200       38,874  
Parkway Properties, Inc.
     4,200       159,012  
Pennsylvania Real Estate Investment Trust
     9,800       184,730  
Post Properties, Inc.
     12,000       335,640  
Potlatch Corp.
     10,800       501,012  
PS Business Parks, Inc.
     4,000       230,400  
RAIT Financial Trust
     16,900       92,781  
Ramco-Gershenson Properties Trust
     4,900       109,858  
Realty Income Corp.
     27,700       709,120  
Redwood Trust, Inc.
     9,000       195,570  
Resource Capital Corp.
     6,000       36,360  
Saul Centers, Inc.
     2,900       146,566  
Senior Housing Properties Trust
     31,300       745,879  
Sovran Self Storage, Inc.
     6,100       274,073  
Strategic Hotels & Resorts, Inc.
     19,700       148,735  
Sun Communities, Inc.
     4,500       89,145  
Sunstone Hotel Investors, Inc.
     14,000       189,000  
Tanger Factory Outlet Centers
     8,400       367,836  
U-Store-It Trust
     14,700       180,369  
Universal Health Realty Income Trust
     3,300       128,370  
Urstadt Biddle Properties, Inc., Class A
     4,900       91,875  
Washington Real Estate Investment Trust
     13,500       494,505  
Winthrop Realty Trust
     12,700       49,530  
 
              
 
             17,734,901  
 
              
Real Estate Management & Development (0.2%)
                
Consolidated-Tomoka Land Co.
     1,500       64,785  
Forestar Real Estate Group, Inc. *
     9,900       146,025  
FX Real Estate and Entertainment, Inc. *
     1,760       1,830  
Grubb & Ellis Co.
     9,100       24,570  
Maui Land & Pineapple Co., Inc. *
     900       24,741  
Meruelo Maddux Properties, Inc. *
     11,700       14,274  
Stratus Properties, Inc. *
     1,400       38,528  
Tejon Ranch Co. *
     3,000       111,450  
Thomas Properties Group, Inc.
     6,700       67,670  
 
              
 
             493,873  
 
              
Road & Rail (0.7%)
                
AMERCO *
     2,500       104,825  
Arkansas Best Corp.
     6,100       205,509  
Celadon Group, Inc. *
     6,000       68,820  
Dollar Thrifty Automotive Group *
     3,900       7,527  
Genesee & Wyoming, Inc., Class A *
     8,300       311,416  
Heartland Express, Inc.
     15,300       237,456  
Knight Transportation, Inc.
     15,600       264,732  
Marten Transport Ltd. *
     4,141       80,791  
Old Dominion Freight Line, Inc. *
     7,500       212,550  
Patriot Transportation Holding, Inc. *
     300       23,700  
Saia, Inc. *
     3,700       49,136  
Universal Truckload Services, Inc. *
     1,200       29,232  
Werner Enterprises, Inc.
     11,300       245,323  
YRC Worldwide, Inc. *
     15,600       186,576  
 
              
 
             2,027,593  
 
              
Semiconductors & Semiconductor Equipment (3.0%)
                
Actel Corp. *
     6,900       86,112  
Advanced Analogic Technologies, Inc. *
     12,500       58,125  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Semiconductors & Semiconductor Equipment (continued)
                
Advanced Energy Industries, Inc. *
     8,900     $ 121,752  
Amkor Technology, Inc. *
     29,800       189,826  
Anadigics, Inc. *
     17,000       47,770  
Applied Micro Circuits Corp. *
     17,700       105,846  
Asyst Technologies, Inc. *
     14,100       33,840  
Atheros Communications, Inc. *
     16,200       381,996  
ATMI, Inc. *
     8,800       158,224  
AuthenTec, Inc. *
     7,600       16,340  
Axcelis Technologies, Inc. *
     26,700       45,390  
Brooks Automation, Inc. *
     17,300       144,628  
Cabot Microelectronics Corp. *
     6,200       198,896  
Cavium Networks, Inc. *
     8,300       116,864  
Ceva, Inc. *
     6,300       52,290  
Cirrus Logic, Inc. *
     17,700       96,465  
Cohu, Inc.
     6,300       99,666  
Cymer, Inc. *
     8,300       210,239  
Diodes, Inc. *
     7,950       146,677  
DSP Group, Inc. *
     7,600       58,140  
Eagle Test Systems, Inc. *
     3,600       55,116  
EMCORE Corp. *
     20,000       98,800  
Entegris, Inc. *
     30,500       147,620  
Entropic Communications, Inc. *
     500       705  
Exar Corp. *
     10,200       78,132  
FEI Co. *
     10,000       238,100  
FormFactor, Inc. *
     13,300       231,686  
Hittite Microwave Corp. *
     5,300       178,080  
IXYS Corp.
     6,300       57,267  
Kopin Corp. *
     18,800       58,656  
Kulicke & Soffa Industries, Inc. *
     14,600       65,846  
Lattice Semiconductor Corp. *
     31,300       64,478  
LTX-Credence Corp. *
     36,500       63,510  
Mattson Technology, Inc. *
     13,500       63,855  
Micrel, Inc.
     13,600       123,352  
Microsemi Corp. *
     21,500       547,820  
Microtune, Inc. *
     15,100       40,468  
MIPS Technologies, Inc. *
     12,100       42,471  
MKS Instruments, Inc. *
     13,600       270,776  
Monolithic Power Systems, Inc. *
     7,100       123,327  
NetLogic Microsystems, Inc. *
     4,500       136,080  
NVE Corp. *
     1,300       36,803  
OmniVision Technologies, Inc. *
     13,400       152,894  
Pericom Semiconductor Corp. *
     6,000       63,000  
Photronics, Inc. *
     11,400       21,432  
PLX Technology, Inc. *
     7,900       40,448  
PMC — Sierra, Inc. *
     59,700       442,974  
Power Integrations, Inc. *
     8,300       200,030  
RF Micro Devices, Inc. *
     71,704       209,376  
Rubicon Technology, Inc. *
     3,600       25,992  
Rudolph Technologies, Inc. *
     7,800       65,364  
Semitool, Inc. *
     5,200       42,536  
Semtech Corp. *
     16,600       231,736  
Sigma Designs, Inc. *
     7,200       102,384  
Silicon Image, Inc. *
     20,000       106,800  
Silicon Storage Technology, Inc. *
     23,700       77,262  
SiRF Technology Holdings, Inc. *
     16,700       24,883  
Skyworks Solutions, Inc. *
     44,500       372,020  
Spansion, Inc., Class A *
     38,100       59,055  
Standard Microsystems Corp. *
     6,100       152,378  
Supertex, Inc. *
     3,000       84,480  
Techwell, Inc. *
     3,500       33,005  
Tessera Technologies, Inc. *
     13,200       215,688  
Transmeta Corp. *
     3,300       53,493  
Trident Microsystems, Inc. *
     16,600       39,840  
TriQuint Semiconductor, Inc. *
     39,100       187,289  
Ultra Clean Holdings, Inc. *
     5,400       27,216  
Ultratech, Inc. *
     6,400       77,440  
Veeco Instruments, Inc. *
     9,000       133,290  
Volterra Semiconductor Corp. *
     6,900       87,837  
Zoran Corp. *
     14,100       115,056  
 
              
 
             8,537,232  
 
              
Software (3.9%)
                
ACI Worldwide, Inc. *
     9,400       164,688  
Actuate Corp. *
     16,900       59,150  
Advent Software, Inc. *
     4,600       162,058  
American Software, Inc., Class A
     7,300       39,785  
ArcSight, Inc. *
     1,100       8,393  
Blackbaud, Inc.
     12,200       225,090  
Blackboard, Inc. *
     8,400       338,436  
Bottomline Technologies, Inc. *
     6,100       63,440  
Callidus Software, Inc. *
     9,500       37,620  
Commvault Systems, Inc. *
     12,100       145,805  
Concur Technologies, Inc. *
     11,800       451,468  
Deltek, Inc. *
     2,400       14,592  
DemandTec, Inc. *
     6,100       54,961  
Double-Take Software, Inc. *
     4,700       46,765  
Ebix, Inc. *
     500       46,980  
Entrust, Inc. *
     18,900       40,635  
Epicor Software Corp. *
     15,400       121,506  
EPIQ Systems, Inc. *
     9,700       131,920  
Fair Isaac Corp.
     13,300       306,698  
FalconStor Software, Inc. *
     11,400       61,104  
Guidance Software, Inc. *
     3,100       14,539  
i2 Technologies, Inc. *
     4,400       59,356  
Informatica Corp. *
     24,200       314,358  
Interactive Intelligence, Inc. *
     3,700       33,374  
Jack Henry & Associates, Inc.
     20,400       414,732  
JDA Software Group, Inc. *
     7,000       106,470  
Kenexa Corp. *
     6,200       97,898  
Lawson Software, Inc. *
     32,200       225,400  
Macrovision Solutions Corp. *
     22,540       346,665  
Magma Design Automation, Inc. *
     11,900       47,838  
Manhattan Associates, Inc. *
     6,300       140,742  
Mentor Graphics Corp. *
     24,800       281,480  
MICROS Systems, Inc. *
     22,200       591,852  
MicroStrategy, Inc., Class A *
     2,500       148,825  
Midway Games, Inc. *
     6,000       14,220  
Monotype Imaging Holdings, Inc. *
     4,700       52,311  
MSC.Software Corp. *
     12,400       132,680  
Net 1 UEPS Technologies, Inc. *
     12,600       281,358  
NetScout Systems, Inc. *
     8,100       86,184  
NetSuite, Inc. *
     1,500       27,030  
OpenTV Corp., Class A *
     19,300       27,213  
OPNET Technologies, Inc. *
     4,400       53,592  
Parametric Technology Corp. *
     31,400       577,760  
Pegasystems, Inc.
     3,200       41,312  
Phoenix Technologies Ltd. *
     7,500       59,925  
Progress Software Corp. *
     11,300       293,687  
PROS Holdings, Inc. *
     3,500       32,865  
QAD, Inc.
     2,100       14,532  
Quality Systems, Inc.
     4,800       202,848  
Quest Software, Inc. *
     19,800       251,262  
Radiant Systems, Inc. *
     7,300       63,437  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Software (continued)
                
Renaissance Learning, Inc.
     1,800     $ 23,382  
Secure Computing Corp. *
     15,000       82,200  
Smith Micro Software, Inc. *
     8,300       58,930  
Solera Holdings, Inc. *
     14,100       404,952  
Sonic Solutions, Inc. *
     6,300       27,720  
Sourcefire, Inc. *
     6,300       45,927  
SPSS, Inc. *
     4,900       143,864  
SuccessFactors, Inc. *
     6,900       75,210  
Sybase, Inc. *
     21,600       661,392  
Symyx Technologies, Inc. *
     9,500       94,145  
Synchronoss Technologies, Inc. *
     6,700       63,047  
Take-Two Interactive Software, Inc.
     21,600       354,240  
Taleo Corp., Class A *
     6,900       137,241  
TeleCommunication Systems, Inc., Class A *
     9,200       63,572  
THQ, Inc. *
     18,200       219,128  
TIBCO Software, Inc. *
     50,900       372,588  
TiVo, Inc. *
     27,800       203,496  
Tyler Technologies, Inc. *
     10,400       157,768  
Ultimate Software Group, Inc. *
     6,700       180,900  
Unica Corp. *
     2,800       21,952  
Vasco Data Security International, Inc. *
     7,600       78,736  
Wind River Systems, Inc. *
     19,700       197,000  
 
              
 
             11,224,229  
 
              
Specialty Retail (2.9%)
                
Aaron Rents, Inc.
     12,300       332,961  
Aeropostale, Inc. *
     18,250       586,007  
America’s Car-Mart, Inc. *
     2,300       42,757  
Asbury Automotive Group, Inc.
     8,700       100,224  
Bebe Stores, Inc.
     10,500       102,585  
Big 5 Sporting Goods Corp.
     6,000       61,920  
Blockbuster, Inc., Class A *
     48,200       99,292  
Borders Group, Inc.
     16,500       108,240  
Brown Shoe Co., Inc.
     11,600       190,008  
Buckle, Inc. (The)
     4,200       233,268  
Build-A-Bear Workshop, Inc. *
     3,400       24,752  
Cabela’s, Inc. *
     10,300       124,424  
Cache, Inc. *
     3,300       22,671  
Casual Male Retail Group, Inc. *
     9,500       37,335  
Cato Corp. (The), Class A
     7,600       133,380  
Charlotte Russe Holding, Inc. *
     5,700       58,425  
Charming Shoppes, Inc. *
     30,900       151,101  
Chico’s FAS, Inc. *
     48,200       263,654  
Children’s Place Retail Stores, Inc. (The) *
     6,300       210,105  
Christopher & Banks Corp.
     10,000       76,700  
Circuit City Stores, Inc.
     49,200       36,900  
Citi Trends, Inc. *
     3,900       63,531  
Coldwater Creek, Inc. *
     15,500       89,745  
Collective Brands, Inc. *
     17,200       314,932  
Conn’s, Inc. *
     2,700       50,517  
Dress Barn, Inc. *
     12,300       188,067  
DSW, Inc., Class A *
     3,700       50,690  
Finish Line (The), Class A
     11,637       116,254  
Genesco, Inc.
     5,200       174,096  
Group 1 Automotive, Inc.
     6,000       130,380  
Gymboree Corp. *
     7,700       273,350  
Haverty Furniture Cos., Inc.
     3,800       43,472  
hhgregg, Inc. *
     2,500       24,375  
Hibbett Sports, Inc. *
     7,500       150,150  
HOT Topic, Inc. *
     11,900       78,659  
J Crew Group, Inc. *
     11,600       331,412  
Jo-Ann Stores, Inc. *
     6,900       144,762  
JOS. A. Bank Clothiers, Inc. *
     4,700       157,920  
Lumber Liquidators, Inc. *
     2,600       32,656  
MarineMax, Inc. *
     4,500       32,535  
Men’s Wearhouse, Inc.
     14,100       299,484  
Midas, Inc. *
     3,800       52,288  
Monro Muffler, Inc.
     4,450       102,617  
New York & Co., Inc. *
     5,600       53,424  
Pacific Sunwear of California, Inc. *
     17,900       120,467  
Pep Boys — Manny, Moe & Jack
     11,500       71,070  
Pier 1 Imports, Inc. *
     24,300       100,359  
Rent-A-Center, Inc. *
     18,200       405,496  
REX Stores Corp. *
     3,000       34,650  
Sally Beauty Holdings, Inc. *
     25,300       217,580  
Shoe Carnival, Inc. *
     2,400       39,312  
Sonic Automotive, Inc., Class A
     6,400       54,144  
Stage Stores, Inc.
     10,600       144,796  
Stein Mart, Inc.
     6,900       26,979  
Syms Corp. *
     1,700       22,967  
Systemax, Inc.
     3,000       42,180  
Talbots, Inc.
     6,200       81,220  
Tractor Supply Co. *
     9,100       382,655  
Tween Brands, Inc. *
     6,000       58,740  
Ulta Salon, Cosmetics & Fragrance, Inc. *
     5,500       73,040  
Wet Seal, Inc. (The), Class A *
     25,100       91,113  
Zale Corp. *
     8,700       217,500  
Zumiez, Inc. *
     5,400       88,992  
 
              
 
             8,225,285  
 
              
Telecommunications (0.0%)
                
Applied Signal Technology, Inc.
     3,400       59,092  
 
              
Textiles, Apparel & Luxury Goods (1.6%)
                
American Apparel, Inc. *
     10,300       84,460  
Carter’s, Inc. *
     15,200       299,896  
Cherokee, Inc.
     2,100       46,158  
Columbia Sportswear Co.
     3,400       142,664  
CROCS, Inc. *
     22,700       81,266  
Deckers Outdoor Corp. *
     3,600       374,688  
FGX International Holdings Ltd. *
     3,400       37,638  
Fossil, Inc. *
     12,400       350,052  
Fuqi International, Inc. *
     3,300       26,895  
G-III Apparel Group Ltd. *
     3,600       67,356  
Iconix Brand Group, Inc. *
     15,700       205,356  
K-Swiss, Inc., Class A
     6,600       114,840  
Kenneth Cole Productions, Inc., Class A
     2,500       36,750  
Lululemon Athletica, Inc. *
     4,900       112,847  
Maidenform Brands, Inc. *
     6,100       88,511  
Movado Group, Inc.
     4,500       100,575  
Oxford Industries, Inc.
     3,900       100,737  
Perry Ellis International, Inc. *
     3,200       47,712  
Quiksilver, Inc. *
     34,800       199,752  
Skechers USA, Inc., Class A *
     9,000       151,470  
Steven Madden Ltd. *
     4,800       118,944  
Timberland Co., Class A *
     13,100       227,547  
True Religion Apparel, Inc. *
     4,700       121,495  
Under Armour, Inc., Class A *
     9,000       285,840  
Unifi, Inc. *
     12,300       59,532  
UniFirst Corp.
     3,900       168,051  
Volcom, Inc. *
     5,000       86,400  
Warnaco Group, Inc. (The) *
     12,400       561,596  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Textiles, Apparel & Luxury Goods (continued)
                
Weyco Group, Inc.
     1,600     $ 53,552  
Wolverine World Wide, Inc.
     13,600       359,856  
 
              
 
             4,712,436  
 
              
Thrifts & Mortgage Finance (1.5%)
                
Abington Bancorp, Inc.
     7,700       77,924  
Anchor Bancorp Wisconsin, Inc.
     5,000       36,750  
Bank Mutual Corp.
     14,200       161,170  
BankFinancial Corp.
     6,300       92,484  
Beneficial Mutual Bancorp, Inc. *
     8,400       106,260  
Berkshire Hills Bancorp, Inc.
     2,900       92,800  
Brookline Bancorp, Inc.
     15,900       203,361  
Brooklyn Federal Bancorp, Inc.
     1,600       23,664  
Clifton Savings Bancorp, Inc.
     1,600       19,184  
Corus Bankshares, Inc.
     10,700       43,335  
Danvers Bancorp, Inc.
     5,600       71,400  
Dime Community Bancshares
     7,100       108,062  
Doral Financial Corp. *
     1,300       14,196  
Downey Financial Corp.
     5,900       10,620  
Encore Bancshares, Inc. *
     1,600       28,800  
ESSA Bancorp, Inc.
     4,600       63,940  
Federal Agricultural Mortgage Corp., Class C
     2,900       11,890  
First Financial Holdings, Inc.
     3,400       89,012  
First Financial Northwest, Inc.
     7,200       74,304  
First Niagara Financial Group, Inc.
     30,000       472,500  
First Place Financial Corp.
     4,800       61,680  
FirstFed Financial Corp. *
     3,700       29,008  
Flagstar Bancorp, Inc.
     12,400       36,952  
Flushing Financial Corp.
     5,900       103,250  
Fox Chase Bancorp, Inc. *
     2,400       28,080  
Guaranty Financial Group, Inc. *
     10,200       40,290  
Home Federal Bancorp, Inc.
     2,600       33,150  
Kearny Financial Corp.
     4,700       57,528  
Meridian Interstate Bancorp, Inc. *
     2,600       26,546  
NASB Financial, Inc.
     600       19,494  
NewAlliance Bancshares, Inc.
     29,700       446,391  
Northwest Bancorp, Inc.
     4,300       118,422  
OceanFirst Financial Corp.
     2,900       52,548  
Ocwen Financial Corp. *
     8,600       69,230  
Oritani Financial Corp. *
     2,900       48,865  
PMI Group, Inc. (The)
     22,200       65,490  
Provident Financial Services, Inc.
     16,300       269,113  
Provident New York Bancorp
     11,300       149,386  
Radian Group, Inc.
     20,000       100,800  
Rockville Financial, Inc.
     1,600       25,200  
Roma Financial Corp.
     2,500       36,875  
TrustCo Bank Corp. NY
     20,700       242,397  
United Community Financial Corp.
     5,500       27,500  
United Financial Bancorp, Inc.
     4,900       72,765  
ViewPoint Financial Group
     3,100       54,250  
Waterstone Financial, Inc. *
     1,600       15,632  
Westfield Financial, Inc.
     9,900       101,970  
WSFS Financial Corp.
     1,800       108,000  
 
              
 
             4,242,468  
 
              
Tobacco (0.2%)
                
Alliance One International, Inc. *
     25,700       97,660  
Star Scientific, Inc. *
     18,000       64,080  
Universal Corp.
     6,900       338,721  
Vector Group Ltd.
     9,035       159,549  
 
              
 
             660,010  
 
              
Trading Companies & Distributors (0.5%)
                
Aceto Corp.
     7,700       73,843  
Aircastle Ltd.
     13,700       135,767  
Beacon Roofing Supply, Inc. *
     12,100       189,002  
DXP Enterprises, Inc. *
     1,000       53,310  
H&E Equipment Services, Inc. *
     4,600       44,436  
Houston Wire & Cable Co.
     4,900       84,133  
Interline Brands, Inc. *
     9,600       155,616  
Kaman Corp.
     7,300       207,904  
Lawson Products
     1,200       33,180  
Rush Enterprises, Inc., Class A *
     9,550       122,240  
TAL International Group, Inc.
     3,800       79,116  
Textainer Group Holdings Ltd.
     2,500       37,975  
Watsco, Inc.
     6,400       321,792  
 
              
 
             1,538,314  
 
              
Transportation Infrastructure (0.0%)
                
CAI International, Inc. *
     1,900       21,014  
 
              
Water Utility (0.3%)
                
American States Water Co.
     4,700       180,950  
Cadiz, Inc. *
     3,400       64,838  
California Water Service Group
     5,400       207,900  
Connecticut Water Service, Inc.
     2,500       72,375  
Consolidated Water Co. Ltd.
     4,000       68,080  
Middlesex Water Co.
     4,200       73,374  
SJW Corp.
     3,900       116,883  
Southwest Water Co.
     6,700       85,425  
 
              
 
             869,825  
 
              
Wireless Telecommunication Services (0.2%)
                
Centennial Communications Corp. *
     18,600       116,064  
FiberTower Corp. *
     27,800       38,364  
ICO Global Communications Holdings Ltd. *
     26,700       29,103  
iPCS, Inc. *
     4,700       104,669  
Syniverse Holdings, Inc. *
     13,969       232,025  
TerreStar Corp. *
     15,700       15,700  
USA Mobility, Inc.
     6,400       70,400  
Virgin Mobile USA, Inc., Class A *
     8,600       25,284  
 
              
 
             631,609  
 
              
Total Common Stocks
             282,816,840  
 
              
Exchange Traded Fund (0.0%)
                
Closed-End Fund (0.0%)
                
Kayne Anderson Energy Development Co.
     2,800       47,404  
 
              
                 
    Principal        
    Amount     Value  
Warrants (0.0%)
                
Electric Utility (0.0%)
                
GreenHunter Energy, Inc.
     100       0  
 
              
Total Investments
(Cost $348,079,825) (a) — 98.8%
             282,864,244  
Other assets in excess of liabilities — 1.2%
             3,337,814  
 
              
NET ASSETS — 100.0%
           $ 286,202,058  
 
              
 
*   Denotes a non-income producing security.
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Small Cap Index Fund
 
(a)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
At September 30, 2008, the Fund’s open futures contracts were as follows:
                                 
                    Market Value     Unrealized
Number                   Covered by     Appreciation/
of Contracts     Long Contracts     Expiration     Contracts     (Depreciation)
50
     Russell 2000 Mini Index     12/19/08     $ 3,392,000     $ (160,578 )
                         
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT International Index Fund
                 
    Shares     Value  
Common Stocks (92.3%)
                
AUSTRALIA (5.9%)
                
Air Freight & Logistics (0.0%)(a)
                
Toll Holdings Ltd.
     42,949     $ 243,212  
 
              
Airline (0.0%)(a)
                
Qantas Airways Ltd.
     65,359       166,573  
 
              
Beverages (0.1%)(a)
                
Coca-Cola Amatil Ltd.
     38,785       258,877  
Foster’s Group Ltd.
     132,728       592,815  
Lion Nathan Ltd.
     16,815       125,852  
 
              
 
             977,544  
 
              
Biotechnology (0.2%)(a)
                
CSL Ltd.
     40,967       1,240,701  
 
              
Capital Markets (0.1%)(a)
                
Macquarie Group Ltd.
     18,948       583,252  
Perpetual Ltd.
     1,489       57,191  
 
              
 
             640,443  
 
              
Chemicals (0.1%)
                
Incitec Pivot Ltd.*
     83,423       334,135  
Orica Ltd.(a)
     24,568       414,781  
 
              
 
             748,916  
 
              
Commercial Banks (1.5%)(a)
                
Australia & New Zealand Banking Group Ltd.
     131,275       2,027,460  
Bendigo & Adelaide Bank Ltd.
     15,218       145,229  
Commonwealth Bank of Australia
     90,478       3,187,772  
National Australia Bank Ltd.
     111,406       2,247,739  
St George Bank Ltd.
     37,997       896,547  
Westpac Banking Corp.
     128,237       2,272,233  
 
              
 
             10,776,980  
 
              
Commercial Services & Supplies (0.1%)(a)
                
Brambles Ltd.
     95,570       596,137  
 
              
Construction & Engineering (0.1%)(a)
                
Boart Longyear Group
     87,319       78,738  
Leighton Holdings Ltd.
     10,313       317,327  
 
              
 
             396,065  
 
              
Construction Materials (0.0%)(a)
                
Boral Ltd.
     41,297       204,992  
 
              
Containers & Packaging (0.1%)(a)
                
Amcor Ltd.
     58,797       258,474  
 
              
Distributors (0.0%)(a)
                
Metcash Ltd.
     43,379       138,817  
 
              
Diversified Financial Services (0.1%)(a)
                
ASX Ltd.
     11,973       295,053  
Babcock & Brown Ltd.
     21,282       34,811  
 
              
 
             329,864  
 
              
Diversified Telecommunication Services (0.1%)(a)
                
Telstra Corp. Ltd.
     292,215       980,061  
 
              
Energy Equipment & Services (0.0%)(a)
                
WorleyParsons Ltd.
     10,228       252,904  
 
              
Food & Staples Retailing (0.4%)(a)
                
Wesfarmers Ltd.
     44,231       1,028,299  
Wesfarmers Ltd. — PPS
     8,463       194,747  
Woolworths Ltd.
     83,205       1,832,264  
 
              
 
             3,055,310  
 
              
Food Products (0.0%)(a)
                
Goodman Fielder Ltd.
     53,505       60,677  
 
              
Health Care Equipment & Supplies (0.0%)(a)
                
Cochlear Ltd.
     3,911       187,350  
 
              
Health Care Providers & Services (0.0%)(a)
                
Sonic Healthcare Ltd.
     19,728       209,789  
 
              
Hotels, Restaurants & Leisure (0.1%)(a)
                
Aristocrat Leisure Ltd.
     22,983       120,384  
Crown Ltd.
     24,370       169,205  
TABCORP Holdings Ltd.
     37,045       243,297  
Tatts Group Ltd.
     80,642       155,446  
 
              
 
             688,332  
 
              
Industrial Conglomerate (0.0%)(a)
                
CSR Ltd.
     70,442       141,100  
 
              
Information Technology Services (0.0%)(a)
                
Computershare Ltd.
     33,067       249,899  
 
              
Insurance (0.5%)(a)
                
AMP Ltd.
     129,120       733,970  
AXA Asia Pacific Holdings Ltd.
     49,378       203,112  
Insurance Australia Group Ltd.
     130,436       432,817  
QBE Insurance Group Ltd.
     60,813       1,311,084  
Suncorp-Metway Ltd.
     66,036       501,769  
 
              
 
             3,182,752  
 
              
Media (0.0%)(a)
                
Fairfax Media Ltd.
     96,561       206,832  
 
              
Metals & Mining (1.3%)(a)
                
Alumina Ltd.
     95,218       240,001  
BHP Billiton Ltd.
     226,903       5,868,277  
BlueScope Steel Ltd.
     52,615       309,995  
Fortescue Metals Group Ltd.*
     86,976       330,810  
Newcrest Mining Ltd.
     31,117       646,344  
OneSteel Ltd.
     58,257       215,431  
OZ Minerals Ltd.
     205,567       260,759  
Rio Tinto Ltd.
     19,548       1,316,772  
Sims Group Ltd.
     10,738       260,085  
 
              
 
             9,448,474  
 
              
Multi-Utility (0.1%)(a)
                
AGL Energy Ltd.
     26,274       289,674  
 
              
Multiline Retail (0.0%)(a)
                
Harvey Norman Holdings Ltd.
     38,884       97,909  
 
              
Oil, Gas & Consumable Fuels (0.4%)(a)
                
Caltex Australia Ltd.
     9,779       96,698  
Origin Energy Ltd.
     60,342       780,253  
Paladin Energy Ltd.*
     35,973       111,142  
Santos Ltd.
     40,966       626,637  
Woodside Petroleum Ltd.
     32,992       1,330,839  
 
              
 
             2,945,569  
 
              
Real Estate Investment Trusts (0.5%)(a)
                
CFS Retail Property Trust
     104,205       189,012  
Dexus Property Group
     206,185       242,458  
Goodman Group
     108,662       219,202  
GPT Group
     154,418       225,651  
Macquarie Office Trust
     137,918       88,090  
Mirvac Group
     74,519       151,846  
Stockland
     101,529       455,650  
Westfield Group
     119,936       1,642,359  
 
              
 
             3,214,268  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT International Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
AUSTRALIA (continued)
                
Real Estate Management & Development (0.0%)(a)
                
Lend Lease Corp. Ltd.
     20,262     $ 149,411  
 
              
Road & Rail (0.0%)(a)
                
Asciano Group
     26,570       69,442  
 
              
Textiles, Apparel & Luxury Goods (0.0%)(a)
                
Billabong International Ltd.
     12,056       134,577  
 
              
Transportation Infrastructure (0.1%)(a)
                
Macquarie Airports
     49,402       108,576  
Macquarie Infrastructure Group
     167,660       317,814  
Transurban Group
     80,493       368,779  
 
              
 
             795,169  
 
              
 
             43,078,217  
 
              
AUSTRIA (0.4%)(a)
                
Building Products (0.0%)
                
Wienerberger AG
     6,080       165,051  
 
              
Commercial Banks (0.1%)
                
Erste Group Bank AG
     13,272       660,646  
Raiffeisen International Bank Holding AG
     3,825       276,225  
 
              
 
             936,871  
 
              
Construction & Engineering (0.0%)
                
Strabag SE
     2,882       128,234  
 
              
Diversified Telecommunication Services (0.1%)
                
Telekom Austria AG
     24,315       427,756  
 
              
Electric Utility (0.1%)
                
Verbund — Oesterreichische Elektrizitaetswirtschafts AG, Class A
     5,303       326,310  
 
              
Insurance (0.0%)
                
Vienna Insurance Group
     1,812       90,446  
 
              
Machinery (0.0%)
                
Andritz AG
     2,882       124,385  
 
              
Metals & Mining (0.0%)
                
Voestalpine AG
     8,210       256,512  
 
              
Oil, Gas & Consumable Fuels (0.1%)
                
OMV AG
     11,586       488,281  
 
              
Real Estate Management & Development (0.0%)
                
Immoeast AG*
     18,308       46,238  
Immofinanz Immobilien Anlagen AG
     33,796       119,539  
 
              
 
             165,777  
 
              
 
             3,109,623  
 
              
BELGIUM (0.8%)(a)
                
Beverages (0.1%)
                
InBev NV
     12,049       716,749  
 
              
Chemicals (0.1%)
                
Solvay SA
     4,165       511,179  
Umicore
     8,875       274,039  
 
              
 
             785,218  
 
              
Commercial Banks (0.2%)
                
Dexia SA
     36,533       399,008  
KBC Groep NV
     10,955       952,856  
 
              
 
             1,351,864  
 
              
Diversified Financial Services (0.2%)
                
Fortis
     153,879       950,525  
Groupe Bruxelles Lambert SA
     5,098       439,937  
KBC Ancora
     2,295       151,213  
Nationale A Portefeuille
     2,077       137,435  
 
              
 
             1,679,110  
 
              
Diversified Telecommunication Services (0.1%)
                
Belgacom SA
     11,906       448,511  
 
              
Food & Staples Retailing (0.1%)
                
Colruyt SA
     1,188       298,148  
Delhaize Group
     7,077       411,004  
 
              
 
             709,152  
 
              
Pharmaceuticals (0.0%)
                
UCB SA
     7,157       254,245  
 
              
Wireless Telecommunication Services (0.0%)
                
Mobistar SA
     2,262       159,186  
 
              
 
             6,104,035  
 
              
BERMUDA (0.1%)(a)
                
Energy Equipment & Services (0.1%)
                
Seadrill Ltd.
     19,593       406,114  
 
              
Oil, Gas & Consumable Fuels (0.0%)
                
Frontline Ltd.
     3,724       175,950  
 
              
 
             582,064  
 
              
CHINA (0.0%)(a)
                
Communications Equipment (0.0%)
                
Foxconn International Holdings Ltd.*
     101,926       45,595  
 
              
DENMARK (0.9%)(a)
                
Beverages (0.1%)
                
Carlsberg AS, Class B
     5,025       383,188  
 
              
Building Products (0.0%)
                
Rockwool International AS, Class B
     226       19,333  
 
              
Chemicals (0.1%)
                
Novozymes AS, Class B
     3,275       291,897  
 
              
Commercial Banks (0.2%)
                
Danske Bank AS
     31,700       763,387  
Jyske Bank AS*
     2,925       147,301  
Sydbank AS
     4,704       141,128  
 
              
 
             1,051,816  
 
              
Construction & Engineering (0.0%)
                
FLSmidth & Co. AS
     3,800       192,990  
 
              
Electrical Equipment (0.2%)
                
Vestas Wind Systems AS*
     12,850       1,121,801  
 
              
Food Products (0.0%)
                
Danisco AS
     3,550       199,558  
 
              
Health Care Equipment & Supplies (0.0%)
                
Coloplast AS, Class B
     1,800       133,603  
William Demant Holding*
     1,100       49,483  
 
              
 
             183,086  
 
              
Insurance (0.0%)
                
Topdanmark AS*
     1,175       168,406  
TrygVesta AS
     1,249       80,321  
 
              
 
             248,727  
 
              
Marine (0.1%)
                
A P Moller — Maersk AS, Class A
     33       284,707  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT International Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
DENMARK(a) (continued)
                
Marine (continued)
                
A P Moller — Maersk AS, Class B
     77     $ 669,919  
 
              
 
             954,626  
 
              
Pharmaceuticals (0.2%)
                
Novo Nordisk AS, Class B
     31,900       1,654,050  
 
              
Road & Rail (0.0%)
                
DSV AS
     13,753       218,990  
 
              
 
             6,520,062  
 
              
FINLAND (1.3%)(a)
                
Auto Components (0.0%)
                
Nokian Renkaat OYJ
     7,550       181,649  
 
              
Communications Equipment (0.7%)
                
Nokia OYJ
     256,851       4,789,955  
 
              
Construction & Engineering (0.0%)
                
YIT OYJ
     9,305       97,152  
 
              
Diversified Financial Services (0.0%)
                
Pohjola Bank PLC
     6,186       90,138  
 
              
Diversified Telecommunication Services (0.0%)
                
Elisa OYJ
     10,150       199,140  
 
              
Electric Utility (0.2%)
                
Fortum OYJ
     31,000       1,040,188  
 
              
Food & Staples Retailing (0.0%)
                
Kesko OYJ, Class B
     4,800       122,790  
 
              
Insurance (0.1%)
                
Sampo OYJ, Class A
     29,900       680,182  
 
              
Machinery (0.1%)
                
Cargotec Corp., Class B
     2,100       42,893  
Kone OYJ, Class B
     10,860       295,515  
Metso OYJ
     9,100       223,158  
Wartsila OYJ
     6,000       252,735  
 
              
 
             814,301  
 
              
Media (0.0%)
                
Sanoma OYJ
     5,610       106,072  
 
              
Metals & Mining (0.1%)
                
Outokumpu OYJ
     8,400       133,811  
Rautaruukki OYJ
     6,100       121,892  
 
              
 
             255,703  
 
              
Oil, Gas & Consumable Fuels (0.0%)
                
Neste Oil OYJ
     9,150       190,798  
 
              
Paper & Forest Products (0.1%)
                
Stora Enso OYJ, Class R
     41,000       400,558  
UPM-Kymmene OYJ
     36,500       569,404  
 
              
 
             969,962  
 
              
Pharmaceuticals (0.0%)
                
Orion OYJ, Class B
     3,821       64,727  
 
              
 
             9,602,757  
 
              
FRANCE (9.5%)
                
Aerospace & Defense (0.1%)(a)
                
Safran SA
     13,379       234,107  
Thales SA
     6,334       319,598  
Zodiac SA
     3,061       145,961  
 
              
 
             699,666  
 
              
Airline (0.0%)(a)
                
Air France-KLM
     9,709       222,260  
 
              
Auto Components (0.1%)(a)
                
Compagnie Generale des Etablissements Michelin, Class B
     10,086       653,201  
Valeo SA
     5,393       163,178  
 
              
 
             816,379  
 
              
Automobiles (0.2%)(a)
                
Peugeot SA
     10,742       404,230  
Renault SA
     12,604       803,130  
 
              
 
             1,207,360  
 
              
Beverages (0.1%)(a)
                
Pernod-Ricard SA
     11,472       1,010,435  
 
              
Building Products (0.1%)(a)
                
Compagnie de Saint-Gobain
     19,281       997,234  
 
              
Chemicals (0.3%)(a)
                
Air Liquide
     16,713       1,836,233  
 
              
Commercial Banks (1.3%)(a)
                
BNP Paribas
     55,038       5,253,036  
Credit Agricole SA
     60,285       1,160,920  
Natixis
     70,061       234,581  
Societe Generale
     31,432       2,823,122  
 
              
 
             9,471,659  
 
              
Commercial Services & Supplies (0.1%)
                
Bureau Veritas SA(a)
     2,306       117,961  
Societe BIC SA(a)
     1,085       56,361  
Suez Environnement SA*
     18,905       465,414  
 
              
 
             639,736  
 
              
Communications Equipment (0.1%)(a)
                
Alcatel-Lucent*
     161,840       623,594  
 
              
Construction & Engineering (0.3%)(a)
                
Bouygues SA
     17,040       771,809  
Eiffage SA
     2,081       111,488  
Vinci SA
     28,046       1,321,228  
 
              
 
             2,204,525  
 
              
Construction Materials (0.2%)(a)
                
Imerys SA
     2,097       120,466  
Lafarge SA
     10,219       1,075,786  
 
              
 
             1,196,252  
 
              
Diversified Financial Services (0.0%)(a)
                
Eurazeo
     1,386       117,179  
 
              
Diversified Telecommunication Services (0.5%)(a)
                
France Telecom SA
     123,709       3,469,492  
 
              
Electric Utility (0.1%)(a)
                
EDF
     13,315       962,715  
 
              
Electrical Equipment (0.4%)(a)
                
Alstom SA
     14,427       1,094,988  
Legrand SA
     6,699       151,065  
Schneider Electric SA
     14,952       1,283,813  
 
              
 
             2,529,866  
 
              
Energy Equipment & Services (0.1%)(a)
                
Compagnie Generale de Geophysique-Veritass SA*
     9,193       291,644  
Technip SA
     7,180       403,395  
 
              
 
             695,039  
 
              
Food & Staples Retailing (0.3%)(a)
                
Carrefour SA
     43,039       2,029,295  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT International Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
FRANCE (continued)
                
Food & Staples Retailing(a) (continued)
                
Casino Guichard Perrachon SA
     3,117     $ 278,088  
 
              
 
             2,307,383  
 
              
Food Products (0.3%)(a)
                
Groupe Danone
     29,536       2,094,744  
 
              
Health Care Equipment & Supplies (0.1%)(a)
                
Cie Generale d’Optique Essilor International SA
     14,050       701,632  
 
              
Hotels, Restaurants & Leisure (0.2%)(a)
                
Accor SA
     13,662       729,535  
Sodexo
     6,741       397,757  
 
              
 
             1,127,292  
 
              
Industrial Conglomerate (0.0%)(a)
                
Wendel
     2,013       160,531  
 
              
Information Technology Services (0.1%)(a)
                
Atos Origin SA
     4,956       218,076  
Cap Gemini SA
     9,706       458,454  
 
              
 
             676,530  
 
              
Insurance (0.5%)(a)
                
AXA SA
     104,552       3,421,953  
CNP Assurances
     2,443       275,898  
SCOR SE
     12,286       238,864  
 
              
 
             3,936,715  
 
              
Machinery (0.1%)(a)
                
Vallourec
     3,693       796,754  
 
              
Media (0.5%)(a)
                
Eutelsat Communications
     5,467       145,403  
JC Decaux SA
     4,997       109,409  
Lagardere SCA
     8,527       384,311  
M6-Metropole Television
     4,841       106,415  
PagesJaunes Groupe
     9,366       130,680  
Publicis Groupe
     9,012       283,810  
Societe Television Francaise 1
     8,553       151,501  
Vivendi
     78,909       2,473,499  
 
              
 
             3,785,028  
 
              
Metals & Mining (0.0%)(a)
                
Eramet
     276       105,721  
 
              
Multi-Utility (0.7%)(a)
                
GDF SUEZ
     73,801       3,839,044  
Veolia Environnement
     26,300       1,081,857  
 
              
 
             4,920,901  
 
              
Multiline Retail (0.1%)(a)
                
PPR
     5,403       483,380  
 
              
Office Electronics (0.0%)(a)
                
Neopost SA
     2,276       214,586  
 
              
Oil, Gas & Consumable Fuels (1.2%)(a)
                
Total SA
     146,037       8,870,467  
 
              
Personal Products (0.2%)(a)
                
L’Oreal SA
     16,583       1,626,951  
 
              
Pharmaceuticals (0.6%)(a)
                
Sanofi-Aventis SA
     71,165       4,678,111  
 
              
Real Estate Investment Trusts (0.2%)(a)
                
Gecina SA
     714       76,945  
ICADE
     969       78,452  
Klepierre
     5,121       200,404  
Unibail-Rodamco — Chi — X Europe Exchange
     5,544       1,121,558  
Unibail-Rodamco — London International Exchange
     151       30,543  
 
              
 
             1,507,902  
 
              
Software (0.0%)(a)
                
Dassault Systemes SA
     4,596       246,229  
 
              
Textiles, Apparel & Luxury Goods (0.4%)(a)
                
Christian Dior SA
     3,263       247,438  
Hermes International
     4,822       784,403  
LVMH Moet Hennessy Louis Vuitton SA
     16,608       1,457,868  
 
              
 
             2,489,709  
 
              
Transportation Infrastructure (0.0%)(a)
                
Aeroports de Paris
     1,605       132,501  
 
              
 
             69,562,691  
 
              
GERMANY (8.0%)
                
Air Freight & Logistics (0.2%)(a)
                
Deutsche Post AG
     58,855       1,234,451  
 
              
Airline (0.0%)(a)
                
Deutsche Lufthansa AG
     16,232       319,562  
 
              
Auto Components (0.1%)(a)
                
Continental AG
     8,426       695,054  
 
              
Automobiles (1.1%)(a)
                
Bayerische Motoren Werke AG
     23,101       899,549  
Daimler AG
     58,677       2,962,442  
Volkswagen AG
     9,849       3,866,931  
 
              
 
             7,728,922  
 
              
Capital Markets (0.4%)(a)
                
Deutsche Bank AG
     36,707       2,665,021  
 
              
Chemicals (0.7%)(a)
                
BASF SE
     64,021       3,089,837  
K+S AG
     10,354       737,136  
Linde AG
     9,346       1,000,785  
Wacker Chemie AG
     1,125       162,512  
 
              
 
             4,990,270  
 
              
Commercial Banks (0.1%)(a)
                
Commerzbank AG
     47,850       737,177  
Deutsche Postbank AG
     5,829       227,146  
Hypo Real Estate Holding AG
     11,429       65,139  
 
              
 
             1,029,462  
 
              
Construction & Engineering (0.0%)(a)
                
Bilfinger Berger AG
     2,687       141,119  
Hochtief AG
     3,036       145,914  
 
              
 
             287,033  
 
              
Construction Materials (0.0%)(a)
                
HeidelbergCement AG
     1,340       141,337  
 
              
Diversified Financial Services (0.2%)(a)
                
Deutsche Boerse AG
     13,238       1,225,844  
 
              
Diversified Telecommunication Services (0.4%)(a)
                
Deutsche Telekom AG
     191,645       2,911,491  
 
              
Electric Utility (0.9%)(a)
                
E. ON AG
     128,529       6,527,000  
 
              
Electrical Equipment (0.1%)(a)
                
Q-Cells AG*
     4,247       360,996  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT International Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
GERMANY (continued)
                
Electrical Equipment(a) (continued)
                
Solarworld AG
     5,916     $ 257,949  
 
              
 
             618,945  
 
              
Food & Staples Retailing (0.1%)(a)
                
Metro AG
     7,995       400,975  
 
              
Health Care Equipment & Supplies (0.0%)(a)
                
Fresenius SE
     1,376       100,974  
 
              
Health Care Providers & Services (0.1%)(a)
                
Celesio AG
     6,059       264,134  
Fresenius Medical Care AG & Co. KGaA
     13,338       689,044  
 
              
 
             953,178  
 
              
Hotels, Restaurants & Leisure (0.0%)(a)
                
TUI AG
     15,272       251,043  
 
              
Household Products (0.0%)(a)
                
Henkel AG & Co. KGaA
     7,674       235,111  
 
              
Industrial Conglomerates (0.8%)(a)
                
Rheinmetall AG
     2,622       142,810  
Siemens AG
     58,801       5,529,869  
 
              
 
             5,672,679  
 
              
Insurance (0.9%)(a)
                
Allianz SE
     30,588       4,213,865  
Hannover Rueckversicherung AG
     4,392       158,090  
Muenchener Rueckversicherungs AG
     13,984       2,115,864  
 
              
 
             6,487,819  
 
              
Internet Software & Services (0.0%)(a)
                
United Internet AG
     9,271       100,989  
 
              
Machinery (0.1%)(a)
                
GEA Group AG
     10,770       212,856  
MAN AG
     7,422       504,801  
 
              
 
             717,657  
 
              
Metals & Mining (0.2%)(a)
                
Salzgitter AG
     2,898       298,569  
ThyssenKrupp AG
     25,148       767,139  
 
              
 
             1,065,708  
 
              
Multi-Utility (0.4%)(a)
                
RWE AG
     30,168       2,894,875  
 
              
Multiline Retail (0.0%)
                
Arcandor AG*
     2,880       9,527  
 
              
Personal Products (0.1%)(a)
                
Beiersdorf AG
     6,238       395,897  
 
              
Pharmaceuticals (0.6%)(a)
                
Bayer AG
     51,698       3,794,442  
Merck KGAA
     4,541       484,197  
 
              
 
             4,278,639  
 
              
Real Estate Management & Development (0.0%)(a)
                
IVG Immobilien AG
     6,959       68,027  
 
              
Semiconductors & Semiconductor Equipment (0.0%)(a)
                
Infineon Technologies AG*
     52,683       295,437  
 
              
Software (0.4%)(a)
                
SAP AG
     59,020       3,140,387  
 
              
Textiles, Apparel & Luxury Goods (0.1%)(a)
                
Adidas AG
     14,229       761,412  
Puma AG Rudolf Dassler Sport
     397       109,324  
 
              
 
             870,736  
 
              
Transportation Infrastructure (0.0%)(a)
                
Fraport AG
     2,673       158,451  
Hamburger Hafen und Logistik AG
     1,236       73,650  
 
              
 
             232,101  
 
              
 
             58,546,151  
 
              
GREECE (0.6%)(a)
                
Beverages (0.0%)
                
Coca Cola Hellenic Bottling Co. SA
     9,718       212,076  
 
              
Capital Markets (0.0%)
                
Marfin Investment Group SA
     42,170       302,475  
 
              
Commercial Banks (0.4%)
                
Alpha Bank AE
     26,648       580,075  
EFG Eurobank Ergasias SA
     20,465       372,985  
National Bank of Greece SA
     34,508       1,398,222  
Piraeus Bank SA
     21,969       457,372  
 
              
 
             2,808,654  
 
              
Construction Materials (0.0%)
                
Titan Cement Co. SA
     3,991       131,788  
 
              
Diversified Telecommunication Services (0.1%)
                
Hellenic Telecommunications Organization SA
     19,081       342,931  
 
              
Electric Utility (0.0%)
                
Public Power Corp. SA
     7,219       111,353  
 
              
Hotels, Restaurants & Leisure (0.1%)
                
OPAP SA
     15,086       462,985  
 
              
Oil, Gas & Consumable Fuels (0.0%)
                
Hellenic Petroleum SA
     5,011       53,390  
 
              
 
             4,425,652  
 
              
HONG KONG (2.0%)(a)
                
Airline (0.0%)
                
Cathay Pacific Airways Ltd.
     87,000       148,401  
 
              
Commercial Banks (0.3%)
                
Bank of East Asia Ltd.
     101,000       317,940  
BOC Hong Kong Holdings Ltd.
     261,000       466,623  
CITIC International Financial Holdings Ltd.*
     150,000       99,291  
Hang Seng Bank Ltd.
     53,400       1,009,513  
Wing Hang Bank Ltd.
     7,000       53,783  
Wing Lung Bank
     6,100       121,948  
 
              
 
             2,069,098  
 
              
Distributors (0.1%)
                
Li & Fung Ltd.
     158,800       388,604  
 
              
Diversified Financial Services (0.1%)
                
Hong Kong Exchanges and Clearing Ltd.
     71,000       874,494  
 
              
Diversified Telecommunication Services (0.0%)
                
PCCW Ltd.
     279,000       116,258  
 
              
Electric Utilities (0.3%)
                
Cheung Kong Infrastructure Holdings Ltd.
     25,000       116,345  
CLP Holdings Ltd.
     142,500       1,149,548  
HongKong Electric Holdings
     97,500       612,414  
 
              
 
             1,878,307  
 
              
Electronic Equipment & Instruments (0.0%)
                
Kingboard Chemical Holdings Ltd.
     36,000       122,925  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT International Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
HONG KONG(a) (continued)
                
Hotels, Restaurants & Leisure (0.0%)
                
Genting International PLC*
     170,060     $ 54,562  
Shangri-La Asia Ltd.
     66,000       94,559  
 
              
 
             149,121  
 
              
Industrial Conglomerates (0.2%)
                
Hutchison Whampoa Ltd.
     149,000       1,144,438  
NWS Holdings Ltd.
     40,000       71,777  
 
              
 
             1,216,215  
 
              
Marine (0.0%)
                
Orient Overseas International Ltd.
     11,000       28,180  
Pacific Basin Shipping Ltd.
     121,547       101,058  
Shun Tak Holdings Ltd.
     92,000       31,679  
 
              
 
             160,917  
 
              
Media (0.0%)
                
Television Broadcasts Ltd.
     17,000       72,193  
 
              
Multiline Retail (0.0%)
                
Lifestyle International Holdings Ltd.
     31,899       36,233  
 
              
Natural Gas Utility (0.1%)
                
Hong Kong & China Gas Co. Ltd.
     280,180       639,592  
 
              
Oil, Gas & Consumable Fuels (0.0%)
                
Mongolia Energy Corp. Ltd.*
     242,380       130,522  
 
              
Paper & Forest Products (0.0%)
                
Lee & Man Paper Manufacturing Ltd.
     24,000       13,153  
 
              
Real Estate Investment Trusts (0.1%)
                
Link REIT (The)
     152,000       315,983  
 
              
Real Estate Management & Development (0.6%)
                
Cheung Kong Holdings Ltd.
     97,000       1,098,903  
Chinese Estates Holdings Ltd.
     68,000       84,266  
Hang Lung Group Ltd.
     49,000       155,219  
Hang Lung Properties Ltd.
     147,000       346,054  
Henderson Land Development Co. Ltd.
     76,000       338,801  
Hopewell Holdings
     37,511       136,232  
Hysan Development Co. Ltd.
     43,000       111,936  
Kerry Properties Ltd.
     46,500       150,714  
New World Development Ltd.
     174,130       193,942  
Sino Land Co.
     124,000       138,884  
Sun Hung Kai Properties Ltd.
     98,000       1,009,901  
Swire Pacific Ltd., Class A
     58,000       509,845  
Wharf Holdings Ltd.
     98,000       279,988  
Wheelock & Co. Ltd.
     42,000       76,183  
 
              
 
             4,630,868  
 
              
Road & Rail (0.1%)
                
MTR Corp.
     100,000       295,284  
 
              
Semiconductors & Semiconductor Equipment (0.0%)
                
ASM Pacific Technology Ltd.
     13,500       78,032  
 
              
Specialty Retail (0.1%)
                
Esprit Holdings Ltd.
     74,500       461,808  
 
              
Textiles, Apparel & Luxury Goods (0.0%)
                
C C Land Holdings Ltd.
     38,535       8,419  
Yue Yuen Industrial Holdings Ltd.
     49,500       135,222  
 
              
 
             143,641  
 
              
Trading Companies & Distributors (0.0%)
                
Noble Group Ltd.
     113,200       107,752  
 
              
Transportation Infrastructure (0.0%)
                
Hong Kong Aircraft Engineerg Co. Ltd.
     1,600       18,400  
 
              
Wireless Telecommunication Services (0.0%)
                
Hutchison Telecommunications International Ltd.*
     124,000       138,481  
 
              
 
             14,206,282  
 
              
IRELAND (0.4%)
                
Airline (0.0%)(a)
                
Ryanair Holdings PLC*
     5,422       17,295  
 
              
Commercial Banks (0.2%)
                
Allied Irish Banking PLC(a)
     61,839       508,275  
Anglo Irish Bank Corp. PLC(a)
     53,957       294,085  
Governor & Co. of the Bank of Ireland (The)
     70,628       401,812  
 
              
 
             1,204,172  
 
              
Commercial Services & Supplies (0.1%)(a)
                
Experian PLC
     70,953       470,166  
 
              
Construction Materials (0.1%)(a)
                
CRH PLC
     36,635       775,166  
 
              
Food Products (0.0%)(a)
                
Kerry Group PLC, Class A
     9,970       292,038  
 
              
Insurance (0.0%)(a)
                
Irish Life & Permanent PLC
     19,463       136,327  
 
              
Pharmaceuticals (0.0%)(a)
                
Elan Corp. PLC*
     29,935       316,811  
 
              
 
             3,211,975  
 
              
ITALY (3.4%)(a)
                
Aerospace & Defense (0.1%)
                
Finmeccanica SpA
     20,945       453,972  
 
              
Auto Components (0.0%)
                
Pirelli & C SpA
     195,169       115,139  
 
              
Automobiles (0.1%)
                
Fiat SpA
     49,577       666,117  
 
              
Capital Markets (0.1%)
                
Mediobanca SpA
     34,603       469,595  
 
              
Commercial Banks (1.2%)
                
Banca Carige SpA
     37,699       124,520  
Banca Monte dei Paschi di Siena SpA
     174,159       433,391  
Banca Popolare di Milano Scarl
     28,248       240,039  
Banco Popolare SC
     44,803       695,890  
Intesa Sanpaolo SpA
     519,285       2,855,440  
Intesa Sanpaolo SpA — RSP
     52,780       251,764  
UniCredit SpA
     763,993       2,856,424  
Unione di Banche Italiane SCPA
     42,372       928,100  
 
              
 
             8,385,568  
 
              
Construction Materials (0.0%)
                
Italcementi SpA
     5,527       68,452  
Italcementi SpA — RSP
     4,301       40,530  
 
              
 
             108,982  
 
              
Diversified Financial Services (0.0%)
                
IFIL — Investments SpA
     23,159       105,005  
 
              
Diversified Telecommunication Services (0.2%)
                
Telecom Italia SpA
     682,504       1,015,608  
Telecom Italia SpA — RSP
     380,019       430,708  
 
              
 
             1,446,316  
 
              
Electric Utilities (0.4%)
                
Enel SpA
     293,445       2,449,236  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT International Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
ITALY(a) (continued)
                
Electric Utilities (continued)
                
Terna Rete Elettrica Nazionale SpA
     85,339     $ 313,703  
 
              
 
             2,762,939  
 
              
Electrical Equipment (0.0%)
                
Prysmian SpA
     7,812       153,646  
 
              
Energy Equipment & Services (0.1%)
                
Saipem SpA
     18,549       554,926  
 
              
Food Products (0.0%)
                
Parmalat SpA
     118,350       279,318  
 
              
Hotels, Restaurants & Leisure (0.0%)
                
Autogrill SpA
     7,769       88,198  
Lottomatica SpA
     4,530       118,603  
 
              
 
             206,801  
 
              
Insurance (0.4%)
                
Alleanza Assicurazioni SpA
     30,169       277,276  
Assicurazioni Generali SpA
     71,412       2,370,333  
Fondiaria-Sai SpA
     5,110       120,598  
Mediolanum SpA
     16,952       77,644  
Unipol Gruppo Finanziario SpA
     39,514       84,779  
 
              
 
             2,930,630  
 
              
Media (0.1%)
                
Mediaset SpA
     54,408       345,492  
 
              
Multi-Utility (0.0%)
                
A2A SpA
     89,941       229,465  
 
              
Natural Gas Utility (0.1%)
                
Snam Rete Gas SpA
     55,567       335,763  
 
              
Oil, Gas & Consumable Fuels (0.6%)
                
ENI SpA
     176,296       4,672,243  
 
              
Textiles, Apparel & Luxury Goods (0.0%)
                
Bulgari SpA
     11,305       101,181  
Luxottica Group SpA
     9,948       228,855  
 
              
 
             330,036  
 
              
Transportation Infrastructure (0.0%)
                
Atlantia SpA
     15,828       326,061  
 
              
 
             24,878,014  
 
              
JAPAN (20.7%)
                
Air Freight & Logistics (0.0%)(a)
                
Yamato Holdings Co. Ltd.
     27,000       302,447  
 
              
Airlines (0.0%)(a)
                
All Nippon Airways Co. Ltd.
     46,000       163,891  
Japan Airlines Corp.*
     65,000       133,861  
 
              
 
             297,752  
 
              
Auto Components (0.4%)(a)
                
Aisin Seiki Co. Ltd.
     13,500       330,663  
Bridgestone Corp.
     42,200       799,023  
Denso Corp.
     33,700       826,705  
NGK Spark Plug Co. Ltd.
     13,000       126,575  
NHK Spring Co. Ltd.
     9,000       49,922  
NOK Corp.
     6,000       67,273  
Stanley Electric Co. Ltd.
     10,800       158,457  
Sumitomo Rubber Industries, Inc.
     12,600       112,269  
Tokai Rika Co. Ltd.
     4,100       52,083  
Toyoda Gosei Co. Ltd.
     4,800       81,566  
Toyota Boshoku Corp.
     5,000       55,283  
Toyota Industries Corp.
     10,700       270,069  
 
              
 
             2,929,888  
 
              
Automobiles (2.0%)(a)
                
Daihatsu Motor Co. Ltd.
     14,000       153,186  
Fuji Heavy Industries Ltd.
     42,000       212,775  
Honda Motor Co. Ltd.
     113,500       3,443,254  
Isuzu Motors Ltd.
     90,000       250,148  
Mazda Motor Corp.
     65,000       264,751  
Mitsubishi Motors Corp.*
     250,000       421,334  
Nissan Motor Co. Ltd.
     156,300       1,057,016  
Suzuki Motor Corp.
     24,600       455,882  
Toyota Motor Corp.
     188,200       8,047,158  
Yamaha Motor Co. Ltd.
     14,300       195,338  
 
              
 
             14,500,842  
 
              
Beverages (0.2%)(a)
                
Asahi Breweries Ltd.
     27,000       473,283  
Coca-Cola West Holdings Co. Ltd.
     3,100       70,061  
Ito En Ltd.
     4,900       63,613  
Kirin Holdings Co. Ltd.
     55,000       722,749  
Sapporo Holdings Ltd.
     14,000       103,977  
 
              
 
             1,433,683  
 
              
Building Products (0.2%)(a)
                
Asahi Glass Co. Ltd.
     70,000       615,431  
Daikin Industries Ltd.
     18,300       617,310  
JS Group Corp.
     14,800       186,343  
Nippon Sheet Glass Co. Ltd.
     43,000       222,721  
TOTO Ltd.
     19,000       140,526  
 
              
 
             1,782,331  
 
              
Capital Markets (0.4%)(a)
                
Daiwa Securities Group, Inc.
     93,000       677,483  
Jafco Co. Ltd.
     2,500       94,244  
Nomura Holdings, Inc.
     121,800       1,589,727  
SBI Holdings, Inc.
     1,190       178,163  
Shinko Securities Co. Ltd.
     23,000       64,951  
 
              
 
             2,604,568  
 
              
Chemicals (0.8%)(a)
                
Asahi Kasei Corp.
     84,000       353,472  
Daicel Chemical Industries Ltd.
     21,000       94,484  
Denki Kagaku Kogyo KK
     36,000       94,722  
DIC Corp.
     32,000       60,614  
JSR Corp.
     12,800       170,719  
Kaneka Corp.
     13,000       71,826  
Kansai Paint Co. Ltd.
     8,000       49,628  
Kuraray Co. Ltd.
     24,500       243,570  
Mitsubishi Chemical Holdings Corp.
     82,000       433,492  
Mitsubishi Gas Chemical Co., Inc.
     28,000       135,434  
Mitsubishi Rayon Co. Ltd.
     40,000       99,076  
Mitsui Chemicals, Inc.
     45,000       198,413  
Nissan Chemical Industries Ltd.
     11,000       101,022  
Nitto Denko Corp.
     11,600       295,153  
Shin-Etsu Chemical Co. Ltd.
     28,400       1,350,631  
Showa Denko KK
     85,000       179,253  
Sumitomo Chemical Co. Ltd.
     110,000       486,004  
Taiyo Nippon Sanso Corp.
     16,000       126,771  
Teijin Ltd.
     64,000       192,338  
Tokuyama Corp.
     16,000       92,849  
Toray Industries, Inc.
     93,000       436,679  
Tosoh Corp.
     37,000       109,197  
UBE Industries Ltd.
     72,000       194,163  
 
              
 
             5,569,510  
 
              
Commercial Banks (2.4%)(a)
                
77 Bank Ltd. (The)
     25,000       126,076  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT International Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
JAPAN (continued)
                
Commercial Banks(a) (continued)
                
Aozora Bank Ltd.
     39,000     $ 61,146  
Bank of Kyoto Ltd. (The)
     22,000       224,569  
Bank of Yokohama Ltd. (The)
     86,000       426,053  
Chiba Bank Ltd. (The)
     54,000       283,168  
Chugoku Bank Ltd. (The)
     9,000       125,607  
Chuo Mitsui Trust Holdings, Inc.
     69,000       372,564  
Fukuoka Financial Group, Inc.
     55,000       202,428  
Gunma Bank Ltd. (The)
     23,000       131,174  
Hachijuni Bank Ltd. (The)
     24,000       127,335  
Hiroshima Bank Ltd. (The)
     37,000       137,077  
Hokuhoku Financial Group, Inc.
     67,000       149,538  
Iyo Bank Ltd. (The)
     14,000       152,635  
Joyo Bank Ltd. (The)
     50,000       227,654  
Mitsubishi UFJ Financial Group, Inc.
     707,967       6,174,520  
Mizuho Financial Group, Inc.
     664       2,904,180  
Mizuho Trust & Banking Co. Ltd.
     78,000       107,036  
Nishi-Nippon City Bank Ltd. (The)
     37,000       92,402  
Resona Holdings, Inc.
     356       480,324  
Sapporo Hokuyo Holdings, Inc.
     17       85,113  
Shinsei Bank Ltd.
     108,000       332,233  
Shizuoka Bank Ltd. (The)
     42,000       413,573  
Sumitomo Mitsui Financial Group, Inc.
     460       2,884,453  
Sumitomo Trust & Banking Co. Ltd. (The)
     99,000       659,675  
Suruga Bank Ltd.
     16,000       186,263  
Yamaguchi Financial Group, Inc.
     12,000       146,464  
 
              
 
             17,213,260  
 
              
Commercial Services & Supplies (0.2%)(a)
                
Dai Nippon Printing Co. Ltd.
     41,000       553,103  
Secom Co. Ltd.
     14,600       608,287  
Toppan Printing Co. Ltd.
     37,000       288,595  
 
              
 
             1,449,985  
 
              
Computers & Peripherals (0.4%)(a)
                
Fujitsu Ltd.
     129,000       725,337  
Mitsumi Electric Co. Ltd.
     5,900       149,840  
NEC Corp.
     134,000       572,813  
Seiko Epson Corp.
     9,000       209,330  
Toshiba Corp.
     213,000       929,080  
 
              
 
             2,586,400  
 
              
Construction & Engineering (0.1%)(a)
                
JGC Corp.
     15,000       240,684  
Kajima Corp.
     60,000       181,279  
Kinden Corp.
     4,000       38,111  
Obayashi Corp.
     44,000       222,545  
Shimizu Corp.
     42,000       200,099  
Taisei Corp.
     69,000       180,099  
 
              
 
             1,062,817  
 
              
Construction Materials (0.0%)(a)
                
Taiheiyo Cement Corp.
     67,000       97,694  
 
              
Consumer Finance (0.2%)(a)
                
Acom Co. Ltd.
     4,560       155,865  
Aeon Credit Service Co. Ltd.
     4,500       45,936  
Aiful Corp.
     5,900       45,657  
Credit Saison Co. Ltd.
     11,600       190,673  
ORIX Corp.
     6,380       798,940  
Promise Co. Ltd.
     4,400       85,153  
Takefuji Corp.
     8,010       104,250  
 
              
 
             1,426,474  
 
              
Containers & Packaging (0.0%)(a)
                
Toyo Seikan Kaisha Ltd.
     11,600       178,092  
 
              
Distributors (0.0%)(a)
                
Canon Marketing Japan, Inc.
     1,400       21,448  
 
              
Diversified Consumer Services (0.0%)(a)
                
Benesse Corp.
     5,300       216,505  
 
              
Diversified Financial Services (0.0%)(a)
                
Mitsubishi UFJ Lease & Finance Co. Ltd.
     3,270       107,024  
 
              
Diversified Telecommunication Services (0.2%)(a)
                
Nippon Telegraph & Telephone Corp.
     344       1,535,642  
 
              
Electric Utilities (0.9%)(a)
                
Chubu Electric Power Co., Inc.
     45,800       1,079,327  
Chugoku Electric Power Co., Inc. (The)
     17,000       348,577  
Hokkaido Electric Power Co., Inc.
     13,700       286,100  
Hokuriku Electric Power Co.
     12,400       298,423  
Kansai Electric Power Co., Inc. (The)
     53,200       1,183,788  
Kyushu Electric Power Co., Inc.
     26,400       550,375  
Shikoku Electric Power Co., Inc.
     12,400       311,489  
Tohoku Electric Power Co., Inc.
     29,700       638,477  
Tokyo Electric Power Co., Inc. (The)
     83,800       2,062,142  
 
              
 
             6,758,698  
 
              
Electrical Equipment (0.3%)(a)
                
Fuji Electric Holdings Co. Ltd.
     41,000       99,052  
Furukawa Electric Co. Ltd.
     45,000       198,743  
Matsushita Electric Works Ltd.
     21,000       186,518  
Mitsubishi Electric Corp.
     134,000       904,234  
Sumitomo Electric Industries Ltd.
     52,200       568,234  
Ushio, Inc.
     8,600       141,718  
 
              
 
             2,098,499  
 
              
Electronic Equipment & Instruments (1.0%)
                
Alps Electric Co. Ltd.(a)
     12,800       100,212  
Citizen Holdings Co. Ltd.(a)
     23,500       162,896  
FUJIFILM Holdings Corp.(a)
     33,800       871,517  
Hirose Electric Co. Ltd.(a)
     2,300       219,241  
Hitachi Chemical Co. Ltd.(a)
     7,700       103,343  
Hitachi Ltd.
     232,000       1,566,447  
HOYA Corp.(a)
     28,800       571,409  
Ibiden Co. Ltd.(a)
     9,500       231,302  
Keyence Corp.(a)
     2,600       518,729  
Kyocera Corp.(a)
     11,300       857,855  
Mabuchi Motor Co. Ltd.(a)
     2,300       104,600  
Murata Manufacturing Co. Ltd.(a)
     14,900       601,608  
Nidec Corp.(a)
     7,600       467,608  
Nippon Electric Glass Co. Ltd.(a)
     24,500       221,964  
Omron Corp.(a)
     11,200       173,874  
TDK Corp.(a)
     8,600       430,798  
Yaskawa Electric Corp.(a)
     18,000       102,511  
Yokogawa Electric Corp.(a)
     16,900       107,320  
 
              
 
             7,413,234  
 
              
Food & Staples Retailing (0.4%)(a)
                
AEON Co. Ltd.
     44,800       457,779  
FamilyMart Co. Ltd.
     4,200       177,742  
Lawson, Inc.
     5,000       230,609  
Seven & I Holdings Co. Ltd.
     59,400       1,706,797  
UNY Co. Ltd.
     13,000       132,308  
 
              
 
             2,705,235  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT International Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
JAPAN (continued)
                
Food Products (0.2%)(a)
                
Ajinomoto Co., Inc.
     47,000     $ 448,011  
Kikkoman Corp.
     11,000       149,016  
Meiji Dairies Corp.
     20,000       106,940  
Nippon Meat Packers, Inc.
     13,000       197,162  
Nisshin Seifun Group, Inc.
     12,500       168,292  
Nissin Food Products Co. Ltd.
     5,900       210,310  
Toyo Suisan Kaisha Ltd.
     6,000       152,127  
Yakult Honsha Co. Ltd.
     6,900       212,647  
Yamazaki Baking Co. Ltd.
     7,000       84,907  
 
              
 
             1,729,412  
 
              
Gas Distribution (0.0%)(a)
                
TOHO GAS Co. Ltd.
     34,000       187,552  
 
              
Health Care Equipment & Supplies (0.2%)(a)
                
Olympus Corp.
     16,000       467,709  
Shimadzu Corp.
     14,000       113,462  
Terumo Corp.
     11,700       610,410  
 
              
 
             1,191,581  
 
              
Health Care Providers & Services (0.0%)(a)
                
Alfresa Holdings Corp.
     2,100       101,673  
Mediceo Paltac Holdings Co. Ltd.
     7,400       90,543  
Suzuken Co. Ltd.
     3,600       109,415  
 
              
 
             301,631  
 
              
Hotels, Restaurants & Leisure (0.0%)(a)
                
Oriental Land Co. Ltd.
     3,700       250,871  
 
              
Household Durables (0.9%)(a)
                
Casio Computer Co. Ltd.
     17,000       159,634  
Haseko Corp.
     97,000       69,673  
Makita Corp.
     8,700       178,249  
Matsushita Electric Industrial Co. Ltd.
     124,000       2,138,002  
Pioneer Corp.
     11,800       77,845  
Sanyo Electric Co. Ltd.*
     119,000       206,646  
Sekisui Chemical Co. Ltd.
     31,000       184,306  
Sekisui House Ltd.
     31,000       284,652  
Sharp Corp.
     69,000       754,073  
Sony Corp.
     69,100       2,131,179  
 
              
 
             6,184,259  
 
              
Household Products (0.2%)(a)
                
Kao Corp.
     36,000       965,567  
Unicharm Corp.
     3,000       230,322  
 
              
 
             1,195,889  
 
              
Independent Power Producers & Energy Traders (0.0%)(a)
                
Electric Power Development Co. Ltd.
     7,400       239,000  
 
              
Industrial Conglomerate (0.1%)(a)
                
Hankyu Hanshin Holdings, Inc.
     74,000       339,945  
 
              
Information Technology Services (0.1%)(a)
                
CSK Holdings Corp.
     5,400       78,924  
Itochu Techno-Solutions Corp.
     700       17,833  
Nomura Research Institute Ltd.
     8,100       166,732  
NTT Data Corp.
     88       347,958  
Obic Co. Ltd.
     230       37,540  
Otsuka Corp.
     900       58,743  
 
              
 
             707,730  
 
              
Insurance (0.6%)(a)
                
Aioi Insurance Co. Ltd.
     31,000       154,648  
Mitsui Sumitomo Insurance Group Holdings, Inc.
     26,204       892,566  
Nipponkoa Insurance Co. Ltd.
     37,000       207,999  
Sompo Japan Insurance, Inc.
     58,000       492,355  
Sony Financial Holdings, Inc.
     62       244,138  
T&D Holdings, Inc.
     13,650       721,116  
Tokio Marine Holdings, Inc.
     47,000       1,725,793  
 
              
 
             4,438,615  
 
              
Internet & Catalog Retail (0.1%)(a)
                
Dena Co. Ltd.
     21       84,623  
Rakuten, Inc.
     465       262,427  
 
              
 
             347,050  
 
              
Internet Software & Services (0.0%)(a)
                
Yahoo! Japan Corp.
     942       308,424  
 
              
Leisure Equipment & Products (0.2%)(a)
                
Namco Bandai Holdings, Inc.
     11,500       126,444  
Nikon Corp.
     24,000       575,818  
Sankyo Co. Ltd.
     3,800       192,914  
Sega Sammy Holdings, Inc.
     13,400       121,229  
Shimano, Inc.
     4,900       168,711  
Yamaha Corp.
     12,500       213,176  
 
              
 
             1,398,292  
 
              
Machinery (0.9%)(a)
                
Amada Co. Ltd.
     26,000       142,808  
Fanuc Ltd.
     13,300       1,000,724  
Hino Motors Ltd.
     20,000       80,876  
Hitachi Construction Machinery Co. Ltd.
     7,700       190,346  
IHI Corp.
     74,000       116,294  
Japan Steel Works Ltd. (The)
     25,000       310,869  
JTEKT Corp.
     13,900       158,618  
Kawasaki Heavy Industries Ltd.
     107,000       228,326  
Komatsu Ltd.
     62,100       1,016,814  
Kubota Corp.
     76,000       479,434  
Kurita Water Industries Ltd.
     8,100       189,744  
Minebea Co. Ltd.
     26,000       97,529  
Mitsubishi Heavy Industries Ltd.
     222,000       964,390  
Mitsui Engineering & Shipbuilding Co. Ltd.
     51,000       97,199  
NGK Insulators Ltd.
     18,000       220,395  
NSK Ltd.
     32,000       184,888  
NTN Corp.
     24,000       124,741  
OKUMA Corp.
     11,000       63,839  
SMC Corp.
     4,000       416,810  
Sumitomo Heavy Industries Ltd.
     41,000       195,505  
THK Co. Ltd.
     8,700       135,391  
 
              
 
             6,415,540  
 
              
Marine (0.2%)(a)
                
Kawasaki Kisen Kaisha Ltd.
     43,000       266,064  
Mitsui OSK Lines Ltd.
     79,000       686,477  
Nippon Yusen KK
     77,000       502,004  
 
              
 
             1,454,545  
 
              
Media (0.1%)(a)
                
Dentsu, Inc.
     138       277,579  
Fuji Television Network, Inc.
     17       21,931  
Hakuhodo DY Holdings, Inc.
     740       36,512  
Jupiter Telecommunications Co. Ltd.(b)
     109       78,493  
Toho Co. Ltd.
     5,700       119,302  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT International Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
JAPAN (continued)
                
Media(a) (continued)
                
Tokyo Broadcasting System, Inc.
     500     $ 8,584  
 
              
 
             542,401  
 
              
Metals & Mining (0.7%)(a)
                
Daido Steel Co. Ltd.
     22,000       116,450  
Dowa Holdings Co. Ltd.
     20,000       89,697  
Hitachi Metals Ltd.
     12,000       143,445  
JFE Holdings, Inc.
     36,000       1,116,740  
Kobe Steel Ltd.
     186,000       374,337  
Maruichi Steel Tube Ltd.
     1,600       43,952  
Mitsubishi Materials Corp.
     81,000       254,458  
Mitsui Mining & Smelting Co. Ltd.
     43,000       100,380  
Nippon Steel Corp.
     352,000       1,329,041  
Nisshin Steel Co. Ltd.
     30,000       58,041  
OSAKA Titanium Technologies Co.
     1,400       46,605  
Sumitomo Metal Industries Ltd.
     266,000       824,756  
Sumitomo Metal Mining Co. Ltd.
     38,000       380,879  
Toho Titanium Co. Ltd.
     141       2,182  
Tokyo Steel Manufacturing Co. Ltd.
     8,100       89,512  
Yamato Kogyo Co. Ltd.
     2,900       101,346  
 
              
 
             5,071,821  
 
              
Multiline Retail (0.1%)(a)
                
Isetan Mitsukoshi Holdings Ltd.*
     22,960       269,430  
J. Front Retailing Co. Ltd.
     28,400       163,866  
Marui Group Co. Ltd.
     18,600       138,922  
Takashimaya Co. Ltd.
     21,000       183,002  
 
              
 
             755,220  
 
              
Natural Gas Utility (0.2%)(a)
                
Osaka Gas Co. Ltd.
     136,000       468,355  
Tokyo Gas Co. Ltd.
     162,000       676,035  
 
              
 
             1,144,390  
 
              
Office Electronics (0.5%)(a)
                
Brother Industries Ltd.
     12,300       130,255  
Canon, Inc.
     73,300       2,779,259  
Konica Minolta Holdings, Inc.
     33,500       382,917  
Ricoh Co. Ltd.
     47,000       660,959  
 
              
 
             3,953,390  
 
              
Oil, Gas & Consumable Fuels (0.2%)(a)
                
Cosmo Oil Co. Ltd.
     32,000       75,914  
Idemitsu Kosan Co. Ltd.(b)
     1,300       105,299  
Inpex Holdings, Inc.
     57       484,479  
Japan Petroleum Exploration Co.
     1,600       82,144  
Nippon Mining Holdings, Inc.
     62,000       249,773  
Nippon Oil Corp.
     92,000       463,349  
Showa Shell Sekiyu KK
     13,900       135,400  
TonenGeneral Sekiyu KK
     14,000       115,002  
 
              
 
             1,711,360  
 
              
Paper & Forest Products (0.1%)(a)
                
Nippon Paper Group, Inc.
     65       189,981  
OJI Paper Co. Ltd.
     60,000       301,692  
 
              
 
             491,673  
 
              
Personal Products (0.1%)(a)
                
Shiseido Co. Ltd.
     23,000       515,121  
 
              
Pharmaceuticals (1.1%)(a)
                
Astellas Pharma, Inc.
     34,100       1,433,058  
Chugai Pharmaceutical Co. Ltd.
     15,800       257,506  
Daiichi Sankyo Co. Ltd.
     48,200       1,242,118  
Dainippon Sumitomo Pharma Co. Ltd.
     12,000       98,317  
Eisai Co. Ltd.
     17,500       683,471  
Hisamitsu Pharmaceutical Co., Inc.
     4,800       210,116  
Kyowa Hakko Kogyo Co. Ltd.
     19,000       199,852  
Mitsubishi Tanabe Pharma Corp.
     12,000       166,801  
Ono Pharmaceutical Co. Ltd.
     5,700       263,372  
Santen Pharmaceutical Co. Ltd.
     4,300       109,324  
Shionogi & Co. Ltd.
     21,000       425,402  
Taisho Pharmaceutical Co. Ltd.
     9,000       178,533  
Takeda Pharmaceutical Co. Ltd.
     57,300       2,885,496  
 
              
 
             8,153,366  
 
              
Real Estate Investment Trusts (0.1%)(a)
                
Japan Prime Realty Investment Corp.
     42       99,600  
Japan Real Estate Investment Corp.
     30       242,115  
Japan Retail Fund Investment Corp.
     26       106,913  
Nippon Building Fund, Inc.
     36       348,067  
Nomura Real Estate Office Fund, Inc.
     16       109,350  
 
              
 
             906,045  
 
              
Real Estate Management & Development (0.6%)(a)
                
Aeon Mall Co. Ltd.
     3,300       98,368  
Daito Trust Construction Co. Ltd.
     5,700       212,029  
Daiwa House Industry Co. Ltd.
     36,000       344,229  
Leopalace21 Corp.
     9,700       75,016  
Mitsubishi Estate Co. Ltd.
     81,000       1,596,342  
Mitsui Fudosan Co. Ltd.
     58,000       1,120,831  
Nomura Real Estate Holdings, Inc.
     3,900       92,910  
NTT Urban Development Corp.
     55       66,889  
Sumitomo Realty & Development Co. Ltd.
     26,000       566,327  
Tokyo Tatemono Co. Ltd.
     20,000       95,124  
Tokyu Land Corp.
     33,000       122,680  
 
              
 
             4,390,745  
 
              
Road & Rail (0.7%)(a)
                
Central Japan Railway Co.
     108       1,018,532  
East Japan Railway Co.
     234       1,745,333  
Keihin Electric Express Railway Co. Ltd.
     23,000       150,772  
Keio Corp.
     33,000       177,740  
Keisei Electric Railway Co. Ltd.
     18,000       99,117  
Kintetsu Corp.
     114,000       397,331  
Nippon Express Co. Ltd.
     57,000       254,497  
Odakyu Electric Railway Co. Ltd.
     44,000       325,729  
Tobu Railway Co. Ltd.
     58,000       281,278  
Tokyu Corp.
     80,000       382,259  
West Japan Railway Co.
     119       509,687  
 
              
 
             5,342,275  
 
              
Semiconductors & Semiconductor Equipment (0.2%)(a)
                
Advantest Corp.
     10,600       224,174  
Elpida Memory, Inc.*
     7,900       148,501  
NEC Electronics Corp.*
     900       18,807  
Rohm Co. Ltd.
     7,100       390,581  
Shinko Electric Industries Co. Ltd.
     5,300       50,173  
Sumco Corp.
     7,200       113,976  
Tokyo Electron Ltd.
     11,900       538,566  
 
              
 
             1,484,778  
 
              
Software (0.5%)(a)
                
Konami Corp.
     7,200       181,196  
Nintendo Co. Ltd.
     6,800       2,884,788  
Oracle Corp.
     1,600       72,830  
Square Enix Co. Ltd.
     4,600       134,547  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT International Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
JAPAN (continued)
                
Software(a) (continued)
                
Trend Micro, Inc.
     7,500     $ 284,307  
 
              
 
             3,557,668  
 
              
Specialty Retail (0.2%)(a)
                
Fast Retailing Co. Ltd.
     3,300       336,560  
Hikari Tsushin, Inc.
     600       12,847  
Nitori Co. Ltd.
     2,850       169,355  
Shimamura Co. Ltd.
     1,600       107,312  
USS Co. Ltd.
     1,050       67,540  
Yamada Denki Co. Ltd.
     6,050       458,648  
 
              
 
             1,152,262  
 
              
Textiles, Apparel & Luxury Goods (0.0%)(a)
                
Asics Corp.
     12,000       93,302  
Nisshinbo Industries, Inc.
     10,000       97,536  
Onward Holdings Co. Ltd.
     8,000       83,679  
 
              
 
             274,517  
 
              
Tobacco (0.2%)(a)
                
Japan Tobacco, Inc.
     310       1,168,581  
 
              
Trading Companies & Distributors (0.8%)(a)
                
Hitachi High-Technologies Corp.
     5,100       101,147  
ITOCHU Corp.
     105,000       632,626  
Marubeni Corp.
     115,000       521,367  
Mitsubishi Corp.
     93,300       1,946,526  
Mitsui & Co. Ltd.
     119,000       1,477,513  
Sojitz Corp.
     87,200       202,134  
Sumitomo Corp.
     78,200       729,228  
Toyota Tsusho Corp.
     13,700       179,516  
 
              
 
             5,790,057  
 
              
Transportation Infrastructure (0.0%)(a)
                
Kamigumi Co. Ltd.
     19,000       142,749  
Mitsubishi Logistics Corp.
     8,000       101,379  
 
              
 
             244,128  
 
              
Wireless Telecommunication Services (0.5%)(a)
                
KDDI Corp.
     201       1,138,759  
NTT DoCoMo, Inc.
     1,046       1,674,566  
Softbank Corp.
     52,300       681,649  
 
              
 
             3,494,974  
 
              
 
             151,127,136  
 
              
JERSEY (0.0%)(a)
                
Real Estate Management & Development (0.0%)
                
Atrium European Real Estate*
     17,047       128,415  
 
              
LUXEMBOURG (0.1%)(a)
                
Energy Equipment & Services (0.0%)
                
Acergy SA
     14,000       141,590  
 
              
Media (0.1%)
                
Ses — FDR
     913       18,975  
SES FDR (XPAR)
     18,037       373,326  
 
              
 
             392,301  
 
              
Metals & Mining (0.4%)
                
ArcelorMittal (XAMS)
     400       20,243  
ArcelorMittal (XPAR)
     58,581       2,967,114  
 
              
 
             2,987,357  
 
              
Wireless Telecommunication Services (0.0%)
                
Millicom International Cellular SA — SDR
     4,437       306,488  
 
              
 
             860,622  
 
              
NETHERLANDS (2.5%)(a)
                
Aerospace & Defense (0.1%)
                
European Aeronautic Defence and Space Co. NV
     22,901       390,741  
 
              
Air Freight & Logistics (0.1%)
                
TNT NV
     26,491       733,874  
 
              
Beverages (0.1%)
                
Heineken Holding NV
     6,617       259,738  
Heineken NV
     16,000       642,745  
 
              
 
             902,483  
 
              
Chemicals (0.2%)
                
Akzo Nobel NV
     18,957       909,971  
Koninklijke DSM NV
     9,580       453,066  
 
              
 
             1,363,037  
 
              
Commercial Services & Supplies (0.0%)
                
Randstad Holding NV
     7,030       184,826  
 
              
Construction & Engineering (0.0%)
                
Koninklijke Boskalis Westminster NV CVA
     4,006       189,857  
 
              
Construction Materials (0.0%)
                
James Hardie Industries NV CDI
     31,020       126,357  
 
              
Diversified Financial Services (0.4%)
                
ING Groep NV CVA
     128,797       2,760,728  
SNS Reaal
     7,505       85,637  
 
              
 
             2,846,365  
 
              
Diversified Telecommunication Services (0.3%)
                
Koninklijke KPN NV
     125,217       1,808,117  
 
              
Energy Equipment & Services (0.1%)
                
Fugro NV CVA
     4,127       243,674  
SBM Offshore NV
     10,161       217,498  
 
              
 
             461,172  
 
              
Food & Staples Retailing (0.1%)
                
Koninklijke Ahold NV
     83,114       959,973  
 
              
Food Products (0.4%)
                
Unilever NV CVA
     110,226       3,102,295  
 
              
Household Durables (0.0%)
                
TomTom NV*
     4,500       82,748  
 
              
Industrial Conglomerate (0.3%)
                
Koninklijke Philips Electronics NV
     69,702       1,890,924  
 
              
Insurance (0.1%)
                
Aegon NV
     94,690       837,632  
 
              
Media (0.2%)
                
Reed Elsevier NV
     43,894       651,074  
Wolters Kluwer NV
     20,926       424,071  
 
              
 
             1,075,145  
 
              
Real Estate Investment Trusts (0.0%)
                
Corio NV
     3,138       222,916  
 
              
Semiconductors & Semiconductor Equipment (0.1%)
                
ASML Holding NV
     30,257       528,715  
STMicroelectronics NV
     48,006       486,723  
 
              
 
             1,015,438  
 
              
 
             21,161,014  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT International Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
NEW ZEALAND (0.1%)(a)
                
Construction Materials (0.0%)
                
Fletcher Building Ltd.
     34,215     $ 154,513  
 
              
Diversified Telecommunication Services (0.1%)
                
Telecom Corp. of New Zealand Ltd.
     130,558       241,426  
 
              
Electric Utility (0.0%)
                
Contact Energy Ltd.
     12,304       65,115  
 
              
Hotels, Restaurants & Leisure (0.0%)
                
Sky City Entertainment Group Ltd.
     37,044       91,963  
 
              
Transportation Infrastructure (0.0%)
                
Auckland International Airport Ltd.
     36,238       47,602  
 
              
 
             600,619  
 
              
NORWAY (0.7%)(a)
                
Chemicals (0.1%)
                
Yara International ASA
     13,250       471,779  
 
              
Commercial Banks (0.1%)
                
DnB NOR ASA
     51,700       401,259  
 
              
Diversified Telecommunication Services (0.1%)
                
Telenor ASA
     58,100       723,814  
 
              
Electrical Equipment (0.0%)
                
Renewable Energy Corp. ASA*
     10,543       195,521  
 
              
Energy Equipment & Services (0.0%)
                
Aker Solutions ASA
     11,793       191,054  
Petroleum Geo-Services ASA*
     12,269       162,200  
 
              
 
             353,254  
 
              
Industrial Conglomerate (0.1%)
                
Orkla ASA
     58,173       535,573  
 
              
Insurance (0.0%)
                
Storebrand ASA
     26,636       158,383  
 
              
Metals & Mining (0.0%)
                
Norsk Hydro ASA
     48,791       330,231  
 
              
Oil, Gas & Consumable Fuels (0.3%)
                
StatoilHydro ASA
     88,753       2,110,014  
 
              
 
             5,279,828  
 
              
PORTUGAL (0.3%)(a)
                
Commercial Banks (0.1%)
                
Banco BPI SA
     8,726       27,135  
Banco Comercial Portugues SA
     167,438       273,871  
Banco Espirito Santo SA
     16,239       201,329  
 
              
 
             502,335  
 
              
Construction Materials (0.0%)
                
Cimpor Cimentos de Portugal SGPS SA
     11,712       75,068  
 
              
Diversified Telecommunication Services (0.1%)
                
Portugal Telecom SGPS SA
     43,195       434,312  
 
              
Electric Utility (0.1%)
                
Energias de Portugal SA
     121,834       511,243  
 
              
Food & Staples Retailing (0.0%)
                
Jeronimo Martins SGPS SA
     16,270       138,738  
 
              
Industrial Conglomerate (0.0%)
                
Sonae SGPS SA
     72,764       55,951  
 
              
Media (0.0%)
                
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA
     11,933       88,229  
 
              
Transportation Infrastructure (0.0%)
                
BRISA — Auto Estrandas de Portugal SA
     18,444       183,427  
 
              
 
             1,989,303  
 
              
SINGAPORE (1.1%)(a)
                
Aerospace & Defense (0.0%)
                
Singapore Technologies Engineering Ltd.
     69,000       131,063  
 
              
Airline (0.1%)
                
Singapore Airlines Ltd.
     36,867       370,449  
 
              
Commercial Banks (0.4%)
                
DBS Group Holdings Ltd.
     80,000       953,612  
Oversea-Chinese Banking Corp.
     175,000       883,790  
United Overseas Bank Ltd.
     85,000       1,016,408  
 
              
 
             2,853,810  
 
              
Distributors (0.0%)
                
Jardine Cycle & Carriage Ltd.
     6,000       66,016  
 
              
Diversified Financial Services (0.0%)
                
Singapore Exchange Ltd.
     61,000       265,791  
 
              
Diversified Telecommunication Services (0.2%)(b)
                
Singapore Telecommunications Ltd.
     539,850       1,234,254  
 
              
Electronic Equipment & Instruments (0.0%)
                
Venture Corp. Ltd.
     15,000       81,627  
 
              
Food & Staples Retailing (0.0%)
                
Olam International Ltd.
     87,600       111,752  
 
              
Food Products (0.0%)
                
Golden Agri-Resources Ltd.
     367,256       81,904  
Wilmar International Ltd.
     60,294       106,951  
 
              
 
             188,855  
 
              
Health Care Providers & Services (0.0%)
                
Parkway Holdings Ltd.
     53,866       71,371  
 
              
Industrial Conglomerates (0.1%)
                
Fraser and Neave Ltd.
     50,745       127,311  
Keppel Corp. Ltd.
     89,000       491,916  
SembCorp Industries Ltd.
     71,000       162,695  
 
              
 
             781,922  
 
              
Machinery (0.0%)
                
Cosco Corp. Singapore Ltd.
     67,000       71,925  
SembCorp Marine Ltd.
     60,800       129,290  
 
              
 
             201,215  
 
              
Marine (0.0%)
                
Neptune Orient Lines Ltd.
     40,000       51,026  
 
              
Media (0.1%)
                
Singapore Press Holdings Ltd.
     108,000       301,391  
 
              
Real Estate Investment Trusts (0.1%)
                
Ascendas Real Estate Investment Trust
     75,000       99,101  
CapitaCommercial Trust
     77,000       71,615  
CapitaMall Trust
     86,000       137,178  
 
              
 
             307,894  
 
              
Real Estate Management & Development (0.1%)
                
CapitaLand Ltd.
     120,000       261,637  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT International Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
SINGAPORE(a) (continued)
                
Real Estate Management & Development (continued)
                
City Developments Ltd.
     36,000     $ 225,167  
Keppel Land Ltd.
     28,000       55,939  
UOL Group Ltd.
     13,000       22,998  
Yanlord Land Group Ltd.
     10,000       6,561  
 
              
 
             572,302  
 
              
Road & Rail (0.0%)
                
ComfortDelgro Corp. Ltd.
     130,000       136,891  
 
              
 
             7,727,629  
 
              
SPAIN (3.9%)(a)
                
Airline (0.0%)
                
Iberia Lineas Aereas de Espana SA
     35,437       86,247  
 
              
Biotechnology (0.0%)
                
Grifols SA
     9,111       232,765  
 
              
Commercial Banks (1.6%)
                
Banco Bilbao Vizcaya Argentaria SA
     240,823       3,893,726  
Banco de Sabadell SA
     64,520       501,383  
Banco Popular Espanol SA
     55,325       658,910  
Banco Santander SA — London International Exchange
     422,667       6,336,696  
Bankinter SA
     15,569       195,676  
 
              
 
             11,586,391  
 
              
Construction & Engineering (0.1%)
                
ACS Actividades de Construccion y Servicios SA
     13,621       551,362  
Fomento de Construcciones y Contratas SA
     3,336       150,684  
Grupo Ferrovial SA
     4,529       208,167  
Sacyr Vallehermoso SA
     3,255       54,012  
 
              
 
             964,225  
 
              
Diversified Financial Services (0.1%)
                
Criteria Caixacorp SA
     58,129       279,440  
 
              
Diversified Telecommunication Services (1.0%)
                
Telefonica SA
     290,608       6,908,962  
 
              
Electric Utilities (0.5%)
                
Acciona SA
     2,029       309,194  
Iberdrola SA
     236,467       2,401,916  
Red Electrica Corporacion
     7,649       389,442  
Union Fenosa SA
     25,632       626,560  
 
              
 
             3,727,112  
 
              
Electrical Equipment (0.1%)
                
Gamesa Corp. Tecnologica SA
     12,831       439,552  
 
              
Independent Power Producers & Energy Traders (0.0%)
                
Iberdrola Renovables SA*
     60,082       262,490  
 
              
Information Technology Services (0.0%)
                
Indra Sistemas SA
     7,160       170,597  
 
              
Insurance (0.0%)
                
Mapfre SA
     49,137       214,767  
 
              
Machinery (0.0%)
                
Zardoya Otis SA
     7,014       153,098  
 
              
Media (0.0%)
                
Gestevision Telecinco SA
     8,431       86,154  
Promotora de Informaciones SA
     6,999       47,255  
 
              
 
             133,409  
 
              
Metals & Mining (0.0%)
                
Acerinox SA
     10,353       185,415  
 
              
Natural Gas Utility (0.1%)
                
Enagas
     12,769       275,310  
Gas Natural SDG SA
     7,958       295,349  
 
              
 
             570,659  
 
              
Oil, Gas & Consumable Fuels (0.2%)
                
Repsol YPF SA
     49,625       1,470,472  
 
              
Specialty Retail (0.1%)
                
Inditex SA
     15,271       646,081  
 
              
Transportation Infrastructure (0.1%)
                
Abertis Infraestructuras SA
     16,429       323,335  
Cintra Concesiones de Infraestructuras de Transporte SA
     15,683       184,295  
 
              
 
             507,630  
 
              
 
             28,539,312  
 
              
SWEDEN (2.0%)(a)
                
Building Products (0.0%)
                
Assa Abloy AB, Class B
     22,000       266,502  
 
              
Commercial Banks (0.5%)
                
Nordea Bank AB
     141,700       1,692,335  
Skandinaviska Enskilda Banken AB, Class A
     32,200       502,405  
Svenska Handelsbanken AB, Class A
     31,800       712,447  
Swedbank AB, Class A
     25,200       329,567  
 
              
 
             3,236,754  
 
              
Commercial Services & Supplies (0.0%)
                
Securitas AB, B Shares
     22,200       250,146  
 
              
Communications Equipment (0.3%)
                
Telefonaktiebolaget LM Ericsson, Class B
     204,600       1,943,717  
 
              
Construction & Engineering (0.0%)
                
Skanska AB, B Shares
     26,600       302,872  
 
              
Diversified Financial Services (0.1%)
                
Investor AB, B Shares
     31,200       584,451  
 
              
Diversified Telecommunication Services (0.2%)
                
Tele2 AB, B Shares
     21,400       244,309  
TeliaSonera AB
     154,500       878,330  
 
              
 
             1,122,639  
 
              
Health Care Equipment & Supplies (0.0%)
                
Getinge AB, B Shares
     12,050       248,456  
 
              
Household Durables (0.1%)
                
Electrolux AB, Series B
     18,124       212,105  
Husqvarna AB, Class B
     19,864       149,459  
 
              
 
             361,564  
 
              
Machinery (0.4%)
                
Alfa Laval AB
     26,675       276,130  
Atlas Copco AB, Class A
     46,710       530,856  
Atlas Copco AB, Class B
     22,871       231,163  
Sandvik AB
     69,888       740,662  
Scania AB, Class B
     24,778       305,276  
SKF AB, Class B
     27,101       346,346  
Volvo AB, Class B
     75,401       681,451  
 
              
 
             3,111,884  
 
              
Media (0.0%)
                
Modern Times Group AB, Class B
     3,789       136,541  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT International Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
SWEDEN(a) (continued)
                
Metals & Mining (0.1%)
                
Boliden AB
     21,138     $ 88,926  
Ssab Svenskt Stal AB, Class B
     3,130       43,260  
Ssab Svenskt Stal AB, Series A
     12,867       204,673  
 
              
 
             336,859  
 
              
Oil, Gas & Consumable Fuels (0.0%)
                
Lundin Petroleum AB*
     15,800       132,056  
 
              
Paper & Forest Products (0.1%)
                
Holmen AB, Class B
     3,900       126,944  
Svenska Cellulosa AB, Class B
     39,392       417,439  
 
              
 
             544,383  
 
              
Specialty Retail (0.2%)
                
Hennes & Mauritz AB, Class B
     34,950       1,431,553  
 
              
Tobacco (0.0%)
                
Swedish Match AB
     18,000       314,756  
 
              
 
             14,325,133  
 
              
SWITZERLAND (7.3%)
                
Biotechnology (0.0%)(a)
                
Actelion Ltd.*
     6,871       354,147  
 
              
Building Products (0.0%)(a)
                
Geberit AG
     2,800       343,478  
 
              
Capital Markets (1.1%)(a)
                
Credit Suisse Group AG
     72,510       3,387,264  
EFG International AG
     3,391       97,928  
Julius Baer Holding AG
     14,819       737,152  
UBS AG*
     203,685       3,482,410  
 
              
 
             7,704,754  
 
              
Chemicals (0.3%)(a)
                
Givaudan SA
     463       386,827  
Syngenta AG
     7,230       1,525,098  
 
              
 
             1,911,925  
 
              
Commercial Services & Supplies (0.1%)(a)
                
Adecco SA
     8,667       376,609  
SGS SA
     331       389,660  
 
              
 
             766,269  
 
              
Computers & Peripherals (0.0%)(a)
                
Logitech International SA*
     12,222       279,064  
 
              
Construction Materials (0.1%)(a)
                
Holcim Ltd.
     14,693       1,077,158  
 
              
Diversified Financial Services (0.0%)(a)
                
Pargesa Holding SA
     1,401       120,607  
 
              
Diversified Telecommunication Services (0.1%)(a)
                
Swisscom AG
     1,596       475,762  
 
              
Electrical Equipment (0.4%)(a)
                
ABB Ltd.
     152,557       2,957,104  
 
              
Food Products (1.7%)
                
Aryzta AG*
     5,600       226,710  
Lindt & Spruengli AG(a)
     41       99,995  
Nestle SA(a)
     271,984       11,757,617  
 
              
 
             12,084,322  
 
              
Health Care Equipment & Supplies (0.1%)(a)
                
Nobel Biocare Holding AG
     8,486       283,920  
Sonova Holding AG
     3,374       220,034  
Straumann Holding AG
     565       156,586  
 
              
 
             660,540  
 
              
Insurance (0.7%)(a)
                
Baloise Holding AG
     3,670       250,635  
Swiss Life Holding AG
     2,463       357,686  
Swiss Reinsurance
     24,477       1,358,970  
Zurich Financial Services AG
     10,095       2,796,260  
 
              
 
             4,763,551  
 
              
Life Sciences Tools & Services (0.1%)(a)
                
Lonza Group AG
     3,382       424,457  
 
              
Machinery (0.1%)(a)
                
OC Oerlikon Corp. AG*
     516       102,237  
Schindler Holding AG
     2,872       172,935  
Sulzer AG
     1,949       207,424  
 
              
 
             482,596  
 
              
Marine (0.0%)(a)
                
Kuehne & Nagel International AG
     3,855       257,284  
 
              
Pharmaceuticals (2.2%)(a)
                
Novartis AG
     164,669       8,672,064  
Roche Holding AG
     48,631       7,614,822  
 
              
 
             16,286,886  
 
              
Textiles, Apparel & Luxury Goods (0.3%)(a)
                
Compagnie Financiere Richemont SA
     36,274       1,603,139  
Swatch Group AG — Chi — X Europe Exchange
     2,234       412,473  
Swatch Group AG — Swiss Exchange
     2,334       78,226  
 
              
 
             2,093,838  
 
              
 
             53,043,742  
 
              
UNITED KINGDOM (19.8%)(a)
                
Aerospace & Defense (0.4%)
                
BAE Systems PLC
     241,687       1,781,437  
Cobham PLC
     70,696       240,281  
Meggitt PLC
     47,989       161,454  
Rolls-Royce Group PLC
     125,832       761,796  
 
              
 
             2,944,968  
 
              
Airline (0.0%)
                
British Airways PLC
     40,628       123,931  
 
              
Auto Components (0.0%)
                
GKN PLC
     50,710       180,086  
 
              
Beverages (0.6%)
                
Diageo PLC
     174,859       2,982,563  
SABMiller PLC
     60,332       1,177,789  
 
              
 
             4,160,352  
 
              
Capital Markets (0.2%)
                
3i Group PLC
     26,767       338,863  
ICAP PLC
     36,659       236,416  
Investec PLC
     29,039       158,642  
Man Group PLC
     118,605       724,675  
Schroders PLC
     6,854       126,424  
 
              
 
             1,585,020  
 
              
Chemicals (0.1%)
                
Johnson Matthey PLC
     15,001       364,880  
 
              
Commercial Banks (3.4%)
                
Alliance & Leicester PLC
     27,507       134,089  
Barclays PLC
     558,002       3,314,846  
HBOS PLC
     345,706       784,215  
HSBC Holdings PLC
     819,143       13,250,359  
Lloyds TSB Group PLC
     397,114       1,595,486  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT International Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
UNITED KINGDOM(a) (continued)
                
Commercial Banks (continued)
                
Royal Bank of Scotland Group PLC
     1,132,184     $ 3,651,793  
Standard Chartered PLC
     97,431       2,396,990  
 
              
 
             25,127,778  
 
              
Commercial Services & Supplies (0.2%)
                
Capita Group PLC (The)
     41,897       521,365  
De La Rue PLC
     1       15  
G4S PLC
     88,775       320,983  
Hays PLC
     65,396       94,680  
Rentokil Initial PLC
     130,164       161,471  
Serco Group PLC
     31,483       205,295  
 
              
 
             1,303,809  
 
              
Construction & Engineering (0.0%)
                
Balfour Beatty PLC
     26,846       145,845  
 
              
Containers & Packaging (0.0%)
                
Rexam PLC
     45,100       320,383  
 
              
Distributors (0.0%)
                
Inchcape PLC
     24,916       84,153  
 
              
Diversified Financial Services (0.0%)
                
London Stock Exchange Group PLC
     10,705       169,484  
 
              
Diversified Telecommunication Services (0.3%)
                
BT Group PLC
     531,169       1,539,659  
Cable & Wireless PLC
     172,682       512,731  
 
              
 
             2,052,390  
 
              
Electric Utilities (0.3%)
                
British Energy Group PLC
     71,115       966,223  
Scottish & Southern Energy PLC
     59,813       1,521,764  
 
              
 
             2,487,987  
 
              
Energy Equipment & Services (0.0%)
                
AMEC PLC
     23,261       266,773  
 
              
Food & Staples Retailing (0.7%)
                
J Sainsbury PLC
     72,495       454,591  
Tesco PLC
     535,114       3,721,163  
WM Morrison Supermarkets PLC
     166,776       775,462  
 
              
 
             4,951,216  
 
              
Food Products (0.5%)
                
Associated British Foods PLC
     21,108       267,818  
Cadbury PLC
     93,419       944,692  
Tate & Lyle PLC
     32,562       223,667  
Unilever PLC
     89,055       2,421,124  
 
              
 
             3,857,301  
 
              
Health Care Equipment & Supplies (0.1%)
                
Smith & Nephew PLC
     61,351       647,860  
 
              
Hotels, Restaurants & Leisure (0.3%)
                
Carnival PLC
     11,383       339,221  
Compass Group PLC
     127,968       793,542  
Enterprise Inns PLC
     37,130       119,879  
Intercontinental Hotels Group PLC
     18,574       230,096  
Ladbrokes PLC
     43,999       148,561  
Mitchells & Butlers PLC
     29,281       116,071  
Thomas Cook Group PLC
     20,506       81,354  
TUI Travel PLC
     33,001       127,588  
Whitbread PLC
     12,418       234,839  
William Hill PLC
     25,972       109,502  
 
              
 
             2,300,653  
 
              
Household Durables (0.0%)
                
Berkeley Group Holdings PLC*
     6,271       85,675  
Persimmon PLC
     21,529       156,627  
 
              
 
             242,302  
 
              
Household Products (0.3%)
                
Reckitt Benckiser Group PLC
     41,449       2,009,355  
 
              
Independent Power Producers & Energy Traders (0.1%)
                
Drax Group PLC
     23,656       318,471  
International Power PLC
     104,359       675,174  
 
              
 
             993,645  
 
              
Industrial Conglomerates (0.1%)
                
Smiths Group PLC
     26,975       489,076  
Tomkins PLC
     63,826       178,181  
 
              
 
             667,257  
 
              
Information Technology Services (0.0%)
                
Logica PLC
     103,623       202,711  
 
              
Insurance (0.8%)
                
Aviva PLC
     182,538       1,587,523  
Friends Provident PLC
     163,650       278,297  
Legal & General Group PLC
     416,985       752,435  
Old Mutual PLC
     347,731       486,654  
Prudential PLC
     171,042       1,559,330  
RSA Insurance Group PLC
     225,280       602,229  
Standard Life PLC
     138,946       605,644  
 
              
 
             5,872,112  
 
              
Internet & Catalog Retail (0.0%)
                
Home Retail Group PLC
     62,191       262,052  
 
              
Machinery (0.1%)
                
IMI PLC
     23,359       157,586  
Invensys PLC*
     52,291       194,268  
 
              
 
             351,854  
 
              
Media (0.5%)
                
British Sky Broadcasting Group PLC
     78,855       586,589  
Daily Mail & General Trust, Class A
     19,768       114,065  
ITV PLC
     238,498       179,079  
Pearson PLC
     56,054       607,186  
Reed Elsevier PLC
     76,122       757,894  
Thomson Reuters PLC
     13,109       292,873  
United Business Media Ltd.
     16,947       149,261  
WPP Group PLC
     77,184       624,215  
 
              
 
             3,311,162  
 
              
Metals & Mining (1.8%)
                
Anglo American PLC
     90,605       3,060,165  
Antofagasta PLC
     24,938       181,127  
BHP Billiton PLC
     151,173       3,424,198  
Eurasian Natural Resources Corp.
     19,106       173,955  
Kazakhmys PLC
     14,332       150,491  
Lonmin PLC
     10,820       442,462  
Rio Tinto PLC
     68,321       4,287,146  
Vedanta Resources PLC
     10,090       211,459  
Xstrata PLC
     43,549       1,356,988  
 
              
 
             13,287,991  
 
              
Multi-Utility (0.6%)
                
Centrica PLC
     253,362       1,425,396  
National Grid PLC
     171,286       2,173,830  
United Utilities Group PLC
     47,282       586,683  
 
              
 
             4,185,909  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT International Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
UNITED KINGDOM(a) (continued)
                
Multiline Retail (0.1%)
                
Marks & Spencer Group PLC
     110,110     $ 402,135  
Next PLC
     13,983       257,784  
 
              
 
             659,919  
 
              
Oil, Gas & Consumable Fuels (3.8%)
                
BG Group PLC
     229,104       4,154,430  
BP PLC
     1,283,877       10,690,930  
Cairn Energy PLC*
     9,108       339,901  
Royal Dutch Shell PLC, Class A
     241,069       6,961,153  
Royal Dutch Shell PLC, Class B
     185,836       5,219,891  
Tullow Oil PLC
     49,685       635,145  
 
              
 
             28,001,450  
 
              
Paper & Forest Products (0.0%)
                
Mondi PLC
     25,397       118,513  
 
              
Pharmaceuticals (1.8%)
                
AstraZeneca PLC
     99,726       4,363,317  
GlaxoSmithKline PLC
     372,939       8,077,672  
Shire Ltd.
     38,794       613,365  
 
              
 
             13,054,354  
 
              
Real Estate Investment Trusts (0.3%)
                
British Land Co. PLC
     35,566       479,667  
Hammerson PLC
     20,245       356,865  
Land Securities Group PLC
     32,566       735,413  
Liberty International PLC
     17,726       306,468  
Segro PLC
     31,279       235,796  
 
              
 
             2,114,209  
 
              
Road & Rail (0.1%)
                
Firstgroup PLC
     33,785       322,490  
National Express Group PLC
     7,504       108,494  
Stagecoach Group PLC
     38,194       173,547  
 
              
 
             604,531  
 
              
Software (0.1%)
                
Sage Group PLC
     91,731       321,254  
 
              
Specialty Retail (0.1%)
                
Carphone Warehouse Group PLC
     30,794       95,091  
Kingfisher PLC
     164,609       392,362  
 
              
 
             487,453  
 
              
Textiles, Apparel & Luxury Goods (0.0%)
                
Burberry Group PLC
     31,091       219,813  
 
              
Tobacco (0.8%)
                
British American Tobacco PLC
     103,435       3,376,375  
Imperial Tobacco Group PLC
     69,721       2,237,767  
 
              
 
             5,614,142  
 
              
Trading Companies & Distributors (0.1%)
                
Bunzl PLC
     23,044       271,062  
Wolseley PLC
     46,126       348,595  
 
              
 
             619,657  
 
              
Water Utility (0.1%)
                
Severn Trent PLC
     16,456       399,240  
 
              
Wireless Telecommunication Services (1.1%)
                
Vodafone Group PLC
     3,620,343       7,994,100  
 
              
 
             144,669,854  
 
              
UNITED STATES (0.1%)(a)
                
Health Care Equipment & Supplies (0.1%)
                
Synthes, Inc.
     4,165       576,350  
 
              
                 
    Shares or        
    Principal        
    Amount     Value  
Common Stocks (continued)
                
Total Common Stocks
             673,902,075  
 
              
Preferred Stocks (0.4%)(a)
                
GERMANY (0.4%)
                
Automobiles (0.2%)
                
Bayerische Motoren Werke AG
     2,303     $ 69,645  
Porsche Automobil Holding SE
     6,124       678,972  
Volkswagen AG
     7,035       877,088  
 
              
 
             1,625,705  
 
              
Health Care Equipment & Supplies (0.1%)
                
Fresenius SE
     5,704       413,517  
 
              
Household Products (0.1%)
                
Henkel AG & Co. KGaA
     12,539       458,192  
 
              
Media (0.0%)
                
ProSiebenSat.1 Media AG
     6,479       43,085  
 
              
Multi-Utility (0.0%)
                
RWE AG
     2,133       153,550  
 
              
 
             2,694,049  
 
              
ITALY (0.0%)
                
Diversified Financial Services (0.0%)
                
Istituto Finanziario Industriale SpA*
     5,202       57,454  
 
              
Insurance (0.0%)
                
Unipol Gruppo Finanziario SpA
     53,642       91,113  
 
              
 
             148,567  
 
              
Total Preferred Stocks
             2,842,616  
 
              
Exchange Traded Fund (0.5%)
                
UNITED STATES (0.5%)
                
iShares MSCI EAFE Index Fund
     70,075       3,945,222  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreements (26.0%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $190,047,594, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $193,839,971
   $ 190,039,188       190,039,188  
 
              
Total Investments
                
(Cost $1,047,702,107) (c) — 119.2%
             870,729,101  
Liabilities in excess of other assets — (19.2)%
             (140,183,389 )
 
              
NET ASSETS — 100.0%
           $ 730,545,712  
 
              
 
*   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 September 30, 2008, all such securities in total represented 0.20% of net assets.
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT International Index Fund
 
(c)   See notes to statements of investments 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 September 30, 2008. The maturity date represents the actual maturity date.
 
FDR   Fiduciary Depositary Receipts
 
PPS   Price Protected Shares
 
REIT   Real Estate Investment Trust
 
SDR   Swedish Depositary Receipts
At September 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 Contracts:
                                        
Australian Dollar
     11/14/08       (346,000 )   $ (286,437 )   $ (272,772 )   $ 13,665  
Euro
     11/14/08       (785,000 )     (1,139,004 )     (1,108,327 )     30,677  
British Sterling Pound
     11/14/08       (423,000 )     (775,562 )     (753,500 )     22,062  
Japanese Yen
     11/14/08       (114,871,000 )     (1,084,937 )     (1,087,961 )     (3,024 )
                               
Total Short Contracts
                   $ (3,285,940 )   $ (3,222,560 )   $ 63,380  
                               
Long Contracts:
                                        
Australian Dollar
     11/14/08       476,000     $ 409,277     $ 375,289     $ (34,018 )
Swiss Franc
     11/14/08       121,000       111,421       108,218       (3,203 )
Euro
     11/14/08       3,157,700       4,636,949       4,458,297       (178,652 )
British Sterling Pound
     11/14/08       654,000       1,203,007       1,164,986       (38,021 )
Hong Kong Dollar
     11/14/08       24,252,008       3,122,000       3,123,407       1,407  
Japanese Yen
     11/14/08       138,666,000       1,279,847       1,313,327       33,480  
Swedish Krone
     11/14/08       698,000       107,724       100,966       (6,758 )
Singapore Dollars
     11/14/08       2,916,486       2,040,000       2,030,272       (9,728 )
                               
Total Long Contracts
                   $ 12,910,225     $ 12,674,762     $ (235,493 )
                               
At September 30, 2008, the Fund’s open futures contracts were as follows:
                                     
                        Market Value   Unrealized
    Number of               Covered by   Appreciation
    Contracts   Long Contracts   Expiration   Contracts   (Depreciation)
Australia
     10     S&P SPI 200 Index     12/19/08     $ 925,290     $ (34,592 )
Europe
     2     CAC40 10 Euro     12/19/08       114,030       (3,912 )
Europe
     1     DAX Index     12/19/08       207,198       (9,853 )
Europe
     91     DJ Euro STOXX 50     12/19/08       3,922,160       29,018  
Japan
     18     TOPIX Index     12/15/08       1,838,255       (172,356 )
Sweden
     14     OMSX30 Index     10/30/08       156,811       (10,519 )
United Kingdom
     22     FTSE 100     12/19/08       1,944,788       (43,720 )
                             
 
                       $ 9,108,532     $ (245,934 )
                 
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
                 
    Principal        
    Amount     Value  
Asset-Backed Securities (1.4%)
                
Auto Loans (0.6%)
                
Honda Auto Receivables Owner Trust, 5.12%, Series 2006-3, Class A3, 10/15/10
   $ 6,251,464     $ 6,261,549  
Nissan Auto Receivables Owner Trust, 3.26%, Series 2006-A, Class A3, 09/15/09
     1,775,612       1,777,348  
 
              
 
             8,038,897  
 
              
Credit Card Loans (0.6%)(a)
                
Citibank Credit Card Issuance Trust, 5.45%, Series 2006-A4, Class A4, 05/10/13
     7,006,000       7,003,796  
 
              
Home Equity Loans (0.2%)(a)
                
Aegis Asset Backed Securities Trust, 3.29%, Series 2006-1, Class A1, 01/25/37
     3,085,716       2,977,485  
 
              
Total Asset-Backed Securities
             18,020,178  
 
              
Collateralized Debt Obligation (0.0%)(a)(b)
                
Insurance (0.0%)
                
North Front Pass-Through Trust, 5.81%, 12/15/24
     295,000       266,194  
 
              
Collateralized Mortgage Obligation (0.4%)(a)
                
Banks (0.4%)
                
Merrill Lynch Mortgage Investors, Inc., 5.39%, Series 2005-A7, Class 2A1, 09/25/35
     6,161,543       5,200,071  
 
              
Commercial Mortgage Backed Securities (7.5%)
                
Banks (3.6%)
                
Banc of America Commercial Mortgage, Inc.
                
4.93%, Series 2005-4, Class A5A, 07/10/45
     2,784,000       2,492,089  
5.36%, Series 2006-6, Class A4, 10/10/45
     4,070,000       3,557,500  
First Union National Bank Commercial Mortgage, 7.20%, Series 2000-C2, Class A2, 10/15/32
     4,329,976       4,396,209  
First Union National Bank-Bank of America Commercial Mortgage Trust, 6.14%, Series 2001-C1, Class A2, 03/15/33
     2,965,785       2,961,489  
JPMorgan Chase Commercial Mortgage Securities Corp.
                
6.47%, Series 2001-CIB3, Class A3, 11/15/35
     3,256,000       3,256,400  
7.09%, Series 2001-CIB3, Class C, 11/15/35(a)(b)
     1,858,000       1,878,547  
6.45%, Series 2001-CIBC, Class B, 03/15/33
     3,746,000       3,752,312  
2.67%, Series 2005-FL1A, Class A2, 02/15/19(a)(b)
     14,375,000       13,728,205  
5.00%, Series 2005-LDP4, Class AM, 10/15/42(a)
     2,224,000       1,861,784  
6.07%, Series 2006-LDP7, Class A4, 04/15/45(a)
     3,339,000       3,019,256  
Wachovia Bank Commercial Mortgage Trust
                
6.55%, Series 2002-C1, Class C, 04/15/34
     1,711,000       1,708,087  
5.31%, Series 2006-C29, Class A4, 11/15/48
     2,950,000       2,527,235  
5.93%, Series 2007-C32, Class A3, 06/15/49(a)
     3,700,000       3,138,014  
 
              
 
             48,277,127  
 
              
Diversified Financial Services (2.3%)
                
Bear Stearns Commercial Mortgage Securities, 4.75%, Series 2005-PWR8, Class AJ, 06/11/41
     1,991,000       1,544,750  
CS First Boston Mortgage Securities Corp.
                
6.73%, Series 2001-CK1, Class C, 12/18/35
     2,988,000       3,009,444  
5.18%, Series 2002-CKS4, Class A2, 11/15/36
     2,950,000       2,817,184  
Greenwich Capital Commercial Funding Corp.
                
6.11%, Series 2006-GG7, Class A4, 07/10/38(a)
     8,680,000       7,887,135  
5.44%, Series 2007-GG9, Class A4, 03/10/39
     7,380,000       6,236,920  
GS Mortgage Securities Corp. II, 5.28%, Series 2004-GG2, Class A5, 08/10/38(a)
     3,067,000       2,904,100  
LB-UBS Commercial Mortgage Trust, 4.31%, Series 2003-C8, Class A4, 11/15/32
     3,109,000       2,906,562  
Morgan Stanley Capital I, 4.73%, Series 2005-T19, Class A2, 06/12/47
     3,097,000       3,023,458  
 
              
 
             30,329,553  
 
              
Electric Power (0.3%)
                
GE Capital Commercial Mortgage Corp., 4.35%, Series 2005-C1, Class A2, 06/10/48
     3,539,000       3,461,021  
 
              
Hotels, Restaurants & Leisure (0.7%)(a) (b)
                
TW Hotel Funding 2005 LLC, 2.74%, Series 2005-LUX, Class A1, 01/15/21
     9,567,310       9,145,167  
 
              
Mortgage-Backed (0.6%)(a)
                
Commercial Mortgage Pass Through Certificates, 4.98%, Series 2005-LP5, Class A4, 05/10/43
     8,820,000       7,965,708  
 
              
Total Commercial Mortgage Backed Securities
             99,178,576  
 
              
Corporate Bonds (19.8%)
                
Aerospace & Defense (0.1%)
                
Boeing Co., 6.13%, 02/15/33
     295,000       285,027  
Lockheed Martin Corp.
                
7.65%, 05/01/16
     177,000       197,601  
6.15%, Series B, 09/01/36
     354,000       337,237  
 
              
 
             819,865  
 
              
Airlines (0.1%)
                
Qantas Airways Ltd., 6.05%, 04/15/16(b)
     177,000       162,036  
United Technologies Corp.
                
6.35%, 03/01/11
     398,000       421,114  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Airlines (continued)
                
4.88%, 05/01/15
   $ 795,000     $ 782,995  
5.40%, 05/01/35
     442,000       396,199  
 
              
 
             1,762,344  
 
              
Auto Components (0.0%)
                
Johnson Controls, Inc.
                
5.25%, 01/15/11
     177,000       179,036  
4.88%, 09/15/13
     177,000       175,425  
 
              
 
             354,461  
 
              
Automotive Manufacturers (0.0%)
                
Daimler Finance North America LLC, 8.50%, 01/18/31
     369,000       370,760  
 
              
Banks (3.3%)
                
Banco Nacional de Comercio Exterior SNC, 3.88%, 01/21/09(b)
     59,000       58,852  
Bank of America Corp.
                
6.60%, 05/15/10
     118,000       116,147  
4.50%, 08/01/10
     206,000       199,159  
4.38%, 12/01/10
     590,000       565,924  
5.38%, 08/15/11
     383,000       370,063  
4.88%, 09/15/12
     289,000       267,053  
4.88%, 01/15/13
     649,000       594,909  
4.75%, 08/01/15
     619,000       526,398  
5.25%, 12/01/15
     737,000       627,184  
6.00%, 06/15/16
     295,000       259,995  
5.63%, 10/14/16
     1,460,000       1,221,916  
5.30%, 03/15/17
     200,000       166,140  
Bank of New York Mellon Corp. (The), 5.13%, 08/27/13
     1,200,000       1,144,010  
Bank of Tokyo-Mitsubishi UFJ Ltd., 7.40%, 06/15/11
     354,000       377,463  
Bank One Corp.
                
7.88%, 08/01/10
     59,000       60,498  
5.25%, 01/30/13
     147,000       138,815  
8.00%, 04/29/27
     290,000       278,631  
BB&T Corp.
                
6.50%, 08/01/11
     2,242,000       2,186,789  
4.75%, 10/01/12
     236,000       211,614  
Capital One Bank USA NA
                
5.75%, 09/15/10
     236,000       217,395  
5.13%, 02/15/14
     765,000       668,491  
Capital One Financial Corp.
                
5.50%, 06/01/15
     442,000       363,165  
5.25%, 02/21/17
     304,000       235,466  
Charter One Bank NA, 6.38%, 05/15/12
     700,000       727,749  
Citigroup, Inc.
                
4.13%, 02/22/10
     531,000       490,043  
4.63%, 08/03/10
     324,000       295,839  
6.50%, 01/18/11
     133,000       128,984  
5.13%, 02/14/11
     88,000       82,144  
6.00%, 02/21/12
     147,000       135,855  
5.25%, 02/27/12
     1,750,000       1,585,054  
5.63%, 08/27/12
     295,000       254,272  
5.30%, 01/07/16
     1,979,000       1,594,362  
5.85%, 08/02/16
     413,000       348,610  
6.63%, 06/15/32
     333,000       241,304  
5.88%, 02/22/33
     118,000       77,325  
5.88%, 05/29/37
     250,000       173,336  
Comerica, Inc., 4.80%, 05/01/15
     177,000       142,095  
Deutsche Bank AG London, 4.88%, 05/20/13
     1,250,000       1,193,969  
Eksportfinans AS, 5.50%, 05/25/16
     383,000       402,337  
Fifth Third Bank, 4.20%, 02/23/10
     1,018,000       959,516  
Golden West Financial Corp., 4.75%, 10/01/12
     156,000       119,358  
HBOS PLC, 5.46%, 11/29/49(b)
     354,000       219,009  
HSBC Bank USA NA
                
3.88%, 09/15/09
     1,047,000       1,024,331  
4.63%, 04/01/14
     590,000       530,593  
6.00%, 08/09/17
     350,000       321,901  
5.88%, 11/01/34
     717,000       556,180  
5.63%, 08/15/35
     250,000       190,116  
HSBC Holdings PLC, 6.50%, 05/02/36
     400,000       331,303  
Huntington National Bank (The), 5.50%, 02/15/16
     300,000       205,252  
JPMorgan Chase & Co.
                
4.50%, 11/15/10
     1,622,000       1,574,130  
4.60%, 01/17/11
     590,000       571,236  
6.63%, 03/15/12
     643,000       631,945  
4.75%, 03/01/15
     254,000       227,612  
5.15%, 10/01/15
     501,000       450,669  
6.00%, 01/15/18
     1,250,000       1,139,840  
JPMorgan Chase Bank NA
                
5.88%, 06/13/16
     442,000       409,312  
6.00%, 10/01/17
     1,000,000       916,587  
KeyBank NA
                
5.70%, 08/15/12
     265,000       210,095  
5.80%, 07/01/14
     147,000       98,046  
6.95%, 02/01/28
     225,000       118,050  
Korea Development Bank
                
4.75%, 07/20/09
     885,000       885,050  
5.75%, 09/10/13
     118,000       108,800  
Marshall & Ilsley Bank, 5.25%, 09/04/12
     162,000       141,183  
MBNA Corp., 5.00%, 05/04/10
     324,000       317,653  
National City Bank, 6.20%, 12/15/11
     300,000       149,056  
National City Corp., 4.90%, 01/15/15
     354,000       145,214  
PNC Funding Corp., 5.25%, 11/15/15
     354,000       312,542  
Regions Financial Corp., 6.38%, 05/15/12
     1,268,000       1,099,838  
Royal Bank of Scotland Group PLC
                
5.00%, 11/12/13
     236,000       231,343  
5.05%, 01/08/15
     316,000       306,810  
Santander Central Hispano Issuances Ltd., 7.63%, 09/14/10
     59,000       62,604  
St. George Bank Ltd., 5.30%, 10/15/15(b)
     236,000       205,010  
SunTrust Bank
                
5.20%, 01/17/17
     177,000       138,049  
5.45%, 12/01/17
     183,000       142,295  
Synovus Financial Corp., 4.88%, 02/15/13
     88,000       76,372  
UBS AG, 5.88%, 07/15/16
     1,121,000       1,010,085  
Union Planters Corp., 4.38%, 12/01/10
     88,000       80,241  
UnionBanCal Corp., 5.25%, 12/16/13
     206,000       195,630  
US Bancorp, 4.50%, Series P, 07/29/10
     295,000       300,879  
US Bank NA
                
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Banks (continued)
                
6.38%, 08/01/11
   $ 501,000     $ 505,722  
4.95%, 10/30/14
     265,000       256,720  
4.80%, 04/15/15
     133,000       129,257  
Wachovia Bank NA
                
5.60%, 03/15/16
     708,000       419,612  
6.60%, 01/15/38
     1,800,000       1,066,405  
Wachovia Corp.
                
5.30%, 10/15/11
     2,065,000       1,721,954  
4.88%, 02/15/14
     183,000       112,325  
5.50%, 08/01/35
     487,000       255,249  
Washington Mutual Bank/Henderson NV
                
5.50%, 01/15/13
     263,000       329  
5.13%, 01/15/15
     1,032,000       1,290  
Wells Fargo & Co.
                
4.20%, 01/15/10
     472,000       465,521  
4.63%, 08/09/10
     370,000       368,467  
5.13%, 09/15/16
     206,000       178,013  
5.38%, 02/07/35
     457,000       336,315  
5.95%, 08/26/36
     2,155,000       1,686,488  
 
              
 
             42,946,757  
 
              
Beverages (0.2%)
                
Anheuser-Busch Cos., Inc.
                
4.38%, 01/15/13
     29,000       27,157  
5.00%, 03/01/19
     236,000       192,384  
5.75%, 04/01/36
     324,000       239,198  
6.00%, 11/01/41
     147,000       110,706  
Bottling Group LLC, 4.63%, 11/15/12
     413,000       406,377  
Coca-Cola Bottling Co. Consolidated, 5.00%, 11/15/12
     88,000       85,355  
Coca-Cola Enterprises, Inc.
                
8.50%, 02/01/12
     354,000       391,898  
6.95%, 11/15/26
     147,000       150,497  
6.75%, 09/15/28
     351,000       352,130  
Miller Brewing Co., 5.50%, 08/15/13(b)
     147,000       145,020  
Pepsi Bottling Group, Inc., 7.00%, 03/01/29
     206,000       216,816  
PepsiAmericas, Inc., 4.88%, 01/15/15
     442,000       422,368  
 
              
 
             2,739,906  
 
              
Building Products (0.0%)
                
Lafarge SA, 6.50%, 07/15/16
     265,000       239,059  
Stanley Works (The), 4.90%, 11/01/12
     133,000       131,641  
 
              
 
             370,700  
 
              
Chemicals (0.2%)
                
Albemarle Corp., 5.10%, 02/01/15
     118,000       109,003  
Clorox Co., 4.20%, 01/15/10
     313,000       309,357  
Cytec Industries, Inc., 6.00%, 10/01/15
     162,000       156,972  
Dow Chemical Co. (The), 6.00%, 10/01/12
     590,000       596,661  
E.I. du Pont de Nemours & Co., 5.25%, 12/15/16
     885,000       830,961  
Lubrizol Corp.
                
5.50%, 10/01/14
     354,000       343,288  
6.50%, 10/01/34
     147,000       132,135  
Praxair, Inc., 3.95%, 06/01/13
     177,000       168,475  
Rohm & Haas Co., 7.85%, 07/15/29
     118,000       112,760  
Sealed Air Corp., 6.95%, 05/15/09(b)
     152,000       152,838  
Yara International ASA, 5.25%, 12/15/14(b)
     147,000       135,228  
 
              
 
             3,047,678  
 
              
Consumer Goods (0.2%)
                
Cadbury Schweppes US Finance LLC, 5.13%, 10/01/13(b)
     177,000       169,810  
Fortune Brands, Inc.
                
5.13%, 01/15/11
     413,000       414,961  
5.38%, 01/15/16
     265,000       240,564  
Procter & Gamble Co.
                
6.88%, 09/15/09
     189,000       194,573  
4.85%, 12/15/15
     177,000       177,413  
6.45%, 01/15/26
     700,000       740,049  
5.80%, 08/15/34
     545,000       532,123  
 
              
 
             2,469,493  
 
              
Containers & Packaging (0.0%)
                
Newell Rubbermaid, Inc., 4.00%, 05/01/10
     88,000       86,537  
 
              
Diversified Financial Services (1.4%)
                
AXA Financial, Inc., 7.75%, 08/01/10
     265,000       271,746  
Bear Stearns Cos. LLC (The)
                
5.70%, 11/15/14
     369,000       344,974  
5.30%, 10/30/15
     177,000       156,931  
4.65%, 07/02/18
     354,000       277,221  
4.55%, 06/23/10
     3,657,000       3,574,845  
Goldman Sachs Group, Inc. (The)
                
6.60%, 01/15/12
     103,000       96,015  
5.25%, 10/15/13
     870,000       731,798  
5.13%, 01/15/15
     664,000       548,099  
5.35%, 01/15/16
     1,077,000       871,053  
5.75%, 10/01/16
     1,000,000       811,114  
5.63%, 01/15/17
     2,100,000       1,490,553  
6.13%, 02/15/33
     1,150,000       829,850  
6.75%, 10/01/37
     500,000       333,795  
Jefferies Group, Inc., 6.25%, 01/15/36
     177,000       109,714  
Kreditanstalt fuer Wiederaufbau
                
4.13%, 10/15/14
     708,000       712,666  
4.38%, 07/21/15
     1,445,000       1,464,442  
Landwirtschaftliche Rentenbank
                
4.88%, 02/14/11
     885,000       926,276  
5.25%, 07/15/11
     350,000       371,459  
5.13%, 02/01/17
     750,000       787,792  
Lehman Brothers Holdings, Inc.(c) (d)
                
4.25%, 01/27/10
     457,000       57,125  
7.88%, 08/15/10
     57,000       7,125  
6.00%, 07/19/12
     525,000       65,625  
5.50%, 04/04/16
     1,475,000       184,375  
5.75%, 01/03/17
     800,000       1,000  
6.88%, 07/17/37
     250,000       313  
4.80%, 03/13/14
     737,000       92,125  
Morgan Stanley
                
5.05%, 01/21/11
     1,030,000       741,667  
6.60%, 04/01/12
     501,000       363,916  
5.30%, 03/01/13
     664,000       456,036  
4.75%, 04/01/14
     590,000       312,756  
5.45%, 01/09/17
     2,655,000       1,646,915  
7.25%, 04/01/32
     324,000       176,901  
 
              
 
             18,816,222  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Diversified Manufacturing (0.5%)
                
3M Co, 5.70%, 03/15/37
   $ 915,000     $ 917,534  
Exelon Corp.
                
4.90%, 06/15/15
     413,000       363,663  
5.63%, 06/15/35
     836,000       648,452  
Honeywell International, Inc.
                
6.13%, 11/01/11
     147,000       155,128  
5.40%, 03/15/16
     705,000       693,259  
International Paper Co.
                
4.00%, 04/01/10
     501,000       486,116  
5.85%, 10/30/12
     43,000       40,964  
5.30%, 04/01/15
     206,000       180,096  
Kimberly-Clark Corp.
                
5.63%, 02/15/12
     295,000       301,242  
4.88%, 08/15/15
     800,000       774,094  
Masco Corp.
                
5.88%, 07/15/12
     212,000       202,514  
4.80%, 06/15/15
     354,000       295,261  
6.13%, 10/03/16
     585,000       508,295  
Pitney Bowes, Inc.
                
4.75%, 01/15/16
     295,000       280,973  
4.75%, 05/15/18
     88,000       80,285  
Westvaco Corp., 7.95%, 02/15/31
     118,000       112,963  
Weyerhaeuser Co.
                
6.75%, 03/15/12
     782,000       772,879  
7.38%, 03/15/32
     221,000       193,784  
 
              
 
             7,007,502  
 
              
Electric Utilities (0.7%)
                
Alabama Power Co., 5.70%, 02/15/33
     574,000       505,597  
Appalachian Power Co., 5.80%, Series L, 10/01/35
     206,000       164,749  
Arizona Public Service Co., 5.50%, 09/01/35
     215,000       152,368  
Baltimore Gas & Electric Co., 5.90%, 10/01/16
     1,135,000       1,025,686  
Commonwealth Edison Co., 6.15%, Series 98, 03/15/12
     118,000       117,901  
Consolidated Edison Co. of New York, Inc.
                
4.88%, Series 02-B, 02/01/13
     124,000       121,153  
5.88%, Series 03-A, 04/01/33
     118,000       100,746  
5.38%, Series 05-C, 12/15/15
     177,000       168,851  
7.15%, Series 99-B, 12/01/09
     35,000       36,021  
Consumers Energy Co., 4.00%, Series F, 05/15/10
     238,000       233,311  
Florida Power & Light Co.
                
4.85%, 02/01/13
     147,000       146,730  
5.85%, 02/01/33
     100,000       92,122  
5.95%, 10/01/33
     77,000       71,819  
5.40%, 09/01/35
     130,000       111,955  
5.65%, 02/01/37
     450,000       400,824  
Florida Power Corp., 5.90%, 03/01/33
     568,000       513,211  
Georgia Power Co., 5.13%, Series K, 11/15/12
     106,000       105,990  
Metropolitan Edison Co., 4.88%, 04/01/14
     236,000       211,705  
MidAmerican Energy Co., 5.80%, 10/15/36
     550,000       452,221  
MidAmerican Energy Holdings Co.
                
5.88%, 10/01/12
     634,000       628,433  
6.13%, 04/01/36
     845,000       710,713  
Ohio Power Co.
                
6.00%, 06/01/16
     751,000       716,574  
6.60%, Series G, 02/15/33
     236,000       210,010  
Pacific Gas & Electric Co., 4.20%, 03/01/11
     708,000       691,716  
PSEG Power LLC
                
6.95%, 06/01/12
     74,000       75,479  
5.50%, 12/01/15
     413,000       372,596  
Public Service Electric & Gas Co., 5.13%, Series B, 09/01/12
     195,000       194,302  
Puget Sound Energy, Inc., 5.48%, 06/01/35
     147,000       106,471  
Southern Power Co., 6.25%, Series B, 07/15/12
     251,000       255,390  
Wisconsin Electric Power Co., 5.63%, 05/15/33
     59,000       48,073  
 
              
 
             8,742,717  
 
              
Electronic Equipment & Instruments (0.2%)
                
Cooper Industries, Inc., 5.50%, 11/01/09
     103,000       103,737  
General Electric Co., 5.00%, 02/01/13
     929,000       855,625  
Motorola, Inc.
                
7.63%, 11/15/10
     159,000       160,644  
7.50%, 05/15/25
     206,000       175,700  
Northrop Grumman Systems Corp.
                
7.13%, 02/15/11
     611,000       648,599  
7.75%, 02/15/31
     118,000       135,478  
Raytheon Co.
                
5.50%, 11/15/12
     88,000       89,695  
6.40%, 12/15/18
     206,000       204,029  
7.00%, 11/01/28
     133,000       131,541  
Rockwell Collins, Inc., 4.75%, 12/01/13
     295,000       280,572  
 
              
 
             2,785,620  
 
              
Food Processors (0.5%)
                
Archer-Daniels-Midland Co.
                
5.94%, 10/01/32
     345,000       296,886  
5.38%, 09/15/35
     147,000       115,127  
Campbell Soup Co., 4.88%, 10/01/13
     236,000       237,504  
ConAgra Foods, Inc.
                
6.75%, 09/15/11
     88,000       91,232  
7.00%, 10/01/28
     221,000       213,408  
General Mills, Inc., 6.00%, 02/15/12
     267,000       272,155  
Hershey Co. (The), 5.45%, 09/01/16
     383,000       380,826  
Kellogg Co., 7.45%, Series B, 04/01/31
     147,000       161,171  
Kraft Foods, Inc.
                
4.13%, 11/12/09
     590,000       585,633  
5.63%, 11/01/11
     468,000       469,745  
6.00%, 02/11/13
     550,000       546,631  
6.50%, 11/01/31
     189,000       164,317  
7.00%, 08/11/37
     2,000,000       1,871,206  
Sara Lee Corp., 6.25%, 09/15/11
     251,000       253,101  
SYSCO Corp., 5.38%, 09/21/35
     106,000       92,738  
Unilever Capital Corp.
                
7.13%, 11/01/10
     324,000       345,688  
5.90%, 11/15/32
     206,000       195,395  
W.M. Wrigley Jr. Co., 4.65%, 07/15/15
     215,000       179,494  
 
              
 
             6,472,257  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Gas Distribution (0.2%)
                
Southern California Gas Co., 4.80%, 10/01/12
   $ 383,000     $ 379,630  
Texas Eastern Transmission LP, 7.30%, 12/01/10
     2,275,000       2,398,985  
 
              
 
             2,778,615  
 
              
Health Care Equipment & Supplies (0.1%)
                
Baxter International, Inc., 4.63%, 03/15/15
     77,000       73,815  
Johnson & Johnson, 4.95%, 05/15/33
     663,000       573,241  
Medtronic, Inc., 4.38%, Series B, 09/15/10
     186,000       189,829  
 
              
 
             836,885  
 
              
Health Care Providers & Services (0.0%)
                
Quest Diagnostics, Inc., 5.45%, 11/01/15
     324,000       307,130  
 
              
Home Builder (0.0%)
                
MDC Holdings, Inc., 5.50%, 05/15/13
     147,000       132,609  
 
              
Independent Finance (0.2%)
                
Credit Suisse USA, Inc.
                
4.13%, 01/15/10
     398,000       385,788  
6.13%, 11/15/11
     265,000       260,740  
6.50%, 01/15/12
     354,000       349,326  
5.13%, 01/15/14
     171,000       161,521  
5.85%, 08/16/16
     400,000       359,374  
7.13%, 07/15/32
     855,000       779,355  
 
              
 
             2,296,104  
 
              
Industrial Conglomerates (0.1%)
                
AstraZeneca PLC, 5.40%, 06/01/14
     295,000       298,344  
Celulosa Arauco y Constitucion SA, 5.13%, 07/09/13
     177,000       173,683  
Goodrich Corp.
                
6.29%, 07/01/16
     354,000       350,536  
6.80%, 07/01/36
     185,000       180,471  
 
              
 
             1,003,034  
 
              
Insurance (0.8%)
                
Ace INA Holdings, Inc., 5.88%, 06/15/14
     560,000       549,875  
Aetna, Inc., 6.00%, 06/15/16
     1,100,000       1,057,847  
AIG Life Holdings US, Inc., 7.50%, 07/15/25
     147,000       69,901  
Allstate Corp. (The)
                
6.13%, 02/15/12
     254,000       261,701  
5.00%, 08/15/14
     295,000       278,677  
6.13%, 12/15/32
     118,000       99,029  
5.55%, 05/09/35
     88,000       68,075  
5.95%, 04/01/36
     118,000       96,194  
AXA Financial, Inc., 7.00%, 04/01/28
     133,000       123,933  
Chubb Corp., 6.00%, 05/11/37
     1,065,000       894,104  
Farmers Insurance Exchange, 8.63%, 05/01/24(b)
     400,000       381,804  
Genworth Financial, Inc.
                
5.75%, 06/15/14
     88,000       77,825  
6.50%, 06/15/34
     206,000       161,319  
Hartford Financial Services Group, Inc.
                
4.75%, 03/01/14
     118,000       105,262  
6.10%, 10/01/41
     59,000       44,482  
Infinity Property & Casualty Corp., 5.50%, Series B, 02/18/14
     118,000       116,528  
Lincoln National Corp., 6.15%, 04/07/36
     590,000       486,084  
Marsh & McLennan Cos., Inc.
                
6.25%, 03/15/12
     103,000       102,383  
5.75%, 09/15/15
     543,000       509,003  
MetLife, Inc.
                
6.13%, 12/01/11
     640,000       646,207  
5.50%, 06/15/14
     265,000       252,966  
5.70%, 06/15/35
     659,000       518,442  
New York Life Insurance Co., 5.88%, 05/15/33(b)
     200,000       188,234  
NLV Financial Corp., 7.50%, 08/15/33(b)
     74,000       71,657  
Progressive Corp. (The), 6.25%, 12/01/32
     162,000       146,323  
RLI Corp., 5.95%, 01/15/14
     118,000       116,202  
Travelers Cos., Inc. (The), 5.75%, 12/15/17
     585,000       542,595  
Travelers Property Casualty Corp., 6.38%, 03/15/33
     192,000       168,530  
UnitedHealth Group, Inc.
                
5.38%, 03/15/16
     295,000       262,068  
5.80%, 03/15/36
     708,000       537,126  
W.R. Berkley Corp., 5.13%, 09/30/10
     103,000       103,318  
WellPoint, Inc.
                
5.00%, 12/15/14
     1,036,000       946,951  
5.25%, 01/15/16
     324,000       298,442  
5.95%, 12/15/34
     118,000       98,190  
XL Capital Ltd., 5.25%, 09/15/14
     779,000       673,812  
 
              
 
             11,055,089  
 
              
Leasing (0.0%)
                
International Lease Finance Corp., 5.00%, 04/15/10
     590,000       437,053  
 
              
Leisure Equipment & Products (0.0%)
                
Walt Disney Co. (The)
                
6.38%, Series B, 03/01/12
     139,000       146,565  
6.20%, Series B, 06/20/14
     413,000       428,542  
 
              
 
             575,107  
 
              
Machinery (0.2%)
                
Black & Decker Corp., 4.75%, 11/01/14
     230,000       210,439  
Caterpillar, Inc.
                
7.30%, 05/01/31
     100,000       106,320  
6.05%, 08/15/36
     177,000       159,879  
Deere & Co.
                
6.95%, 04/25/14
     159,000       166,091  
8.10%, 05/15/30
     500,000       557,154  
Dover Corp., 4.88%, 10/15/15
     224,000       213,281  
Emerson Electric Co.
                
4.50%, 05/01/13
     1,250,000       1,232,188  
6.00%, 08/15/32
     83,000       77,520  
 
              
 
             2,722,872  
 
              
Media (0.8%)
                
CBS Corp.
                
5.63%, 08/15/12
     590,000       555,481  
7.88%, 07/30/30
     80,000       66,093  
5.50%, 05/15/33
     118,000       79,744  
Comcast Cable Communications Holdings, Inc.
                
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Media (continued)
                
8.38%, 03/15/13
   $ 236,000     $ 247,514  
9.46%, 11/15/22
     118,000       129,731  
Comcast Cable Holdings LLC, 9.80%, 02/01/12
     307,000       335,673  
Comcast Corp.
                
5.85%, 01/15/10
     864,000       869,059  
5.90%, 03/15/16
     413,000       378,537  
6.50%, 01/15/17
     1,013,000       952,072  
7.05%, 03/15/33
     295,000       264,577  
5.65%, 06/15/35
     586,000       435,593  
6.50%, 11/15/35
     100,000       83,492  
6.45%, 03/15/37
     342,000       275,845  
COX Communications, Inc.
                
7.75%, 11/01/10
     145,000       150,368  
7.13%, 10/01/12
     295,000       300,566  
5.45%, 12/15/14
     354,000       329,841  
5.50%, 10/01/15
     383,000       350,453  
Historic TW, Inc., 6.88%, 06/15/18
     176,000       156,531  
Time Warner Cable, Inc., 6.20%, 07/01/13
     750,000       727,611  
Time Warner, Inc.
                
6.88%, 05/01/12
     911,000       903,253  
5.88%, 11/15/16(b)
     700,000       615,216  
7.63%, 04/15/31
     777,000       674,716  
7.70%, 05/01/32
     932,000       814,326  
Viacom, Inc.
                
6.25%, 04/30/16
     649,000       584,496  
6.88%, 04/30/36
     324,000       259,744  
 
              
 
             10,540,532  
 
              
Metals & Mining (0.2%)
                
Alcan, Inc.
                
5.00%, 06/01/15
     295,000       271,805  
5.75%, 06/01/35
     206,000       160,766  
Alcoa, Inc., 5.87%, 02/23/22
     625,000       538,373  
Barrick Gold Finance Co., 4.88%, 11/15/14
     230,000       214,099  
Corp Nacional del Cobre de Chile — CODELCO, 6.38%, 11/30/12
     120,000       123,773  
Newmont Mining Corp., 5.88%, 04/01/35
     236,000       179,596  
Placer Dome, Inc., 6.38%, 03/01/33
     139,000       121,622  
Vale Overseas Ltd., 6.88%, 11/21/36
     944,000       840,261  
 
              
 
             2,450,295  
 
              
Mortgage Banks (0.1%)
                
Countrywide Home Loans, Inc.
                
5.63%, Series K, 07/15/09
     560,000       529,608  
4.00%, Series L, 03/22/11
     706,000       607,410  
 
              
 
             1,137,018  
 
              
Oil, Gas & Consumable Fuels (0.7%)
                
Anadarko Petroleum Corp., 6.45%, 09/15/36
     531,000       416,329  
Apache Corp.
                
6.25%, 04/15/12
     230,000       237,815  
7.63%, 07/01/19
     59,000       62,521  
Atmos Energy Corp.
                
4.00%, 10/15/09
     413,000       408,135  
5.13%, 01/15/13
     133,000       127,796  
4.95%, 10/15/14
     265,000       238,929  
Boardwalk Pipelines LP, 5.20%, 06/01/18
     88,000       76,723  
Canadian Natural Resources Ltd., 6.25%, 03/15/38
     590,000       455,026  
Colonial Pipeline Co., 7.63%, 04/15/32
     215,000       218,106  
ConocoPhillips
                
8.75%, 05/25/10
     354,000       380,212  
4.75%, 10/15/12
     675,000       663,822  
5.90%, 10/15/32
     177,000       160,392  
ConocoPhillips Holding Co., 6.95%, 04/15/29
     218,000       219,179  
Devon Energy Corp., 7.95%, 04/15/32
     350,000       360,200  
Devon OEI Operating, Inc., 7.25%, 10/01/11
     578,000       603,302  
Enterprise Products Operating LP, 5.60%, Series B, 10/15/14
     1,194,000       1,125,098  
Hess Corp., 7.30%, 08/15/31
     354,000       323,992  
Kinder Morgan Energy Partners LP
                
7.50%, 11/01/10
     207,000       213,746  
6.75%, 03/15/11
     91,000       92,148  
5.80%, 03/15/35
     206,000       153,419  
Marathon Oil Corp., 6.80%, 03/15/32
     118,000       110,539  
Motiva Enterprises LLC, 5.20%, 09/15/12(b)
     74,000       76,165  
Murphy Oil Corp., 6.38%, 05/01/12
     59,000       61,621  
Occidental Petroleum Corp., 6.75%, 01/15/12
     265,000       285,662  
PTT PCL, 5.88%, 08/03/35(b)
     177,000       144,851  
Valero Energy Corp.
                
6.88%, 04/15/12
     590,000       605,838  
7.50%, 04/15/32
     118,000       110,837  
6.63%, 06/15/37
     455,000       392,633  
XTO Energy, Inc.
                
4.90%, 02/01/14
     147,000       137,288  
5.30%, 06/30/15
     280,000       260,253  
5.65%, 04/01/16
     118,000       110,259  
6.38%, 06/15/38
     610,000       498,061  
6.50%, 12/15/18
     210,000       194,789  
 
              
 
             9,525,686  
 
              
Oilfield Machinery & Services (0.1%)
                
Halliburton Co., 5.50%, 10/15/10
     472,000       485,836  
Nabors Industries, Inc., 5.38%, 08/15/12
     41,000       41,002  
Plains All American Pipeline LP, 5.63%, 12/15/13
     330,000       318,909  
Transocean, Inc., 7.50%, 04/15/31
     177,000       176,993  
 
              
 
             1,022,740  
 
              
Other Financial (3.7%)
                
AIG SunAmerica Global Financing X, 6.90%, 03/15/32(b)
     413,000       312,145  
American Express Centurion Bank, 4.38%, 07/30/09
     400,000       386,346  
American Express Co., 4.88%, 07/15/13
     1,348,000       1,203,393  
American General Finance Corp., 5.38%, Series H, 10/01/12
     1,003,000       548,214  
American International Group, Inc.
                
5.05%, 10/01/15
     147,000       79,244  
5.60%, 10/18/16
     585,000       293,153  
5.85%, 01/16/18
     1,700,000       853,310  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Other Financial (continued)
                
6.25%, 05/01/36
   $ 236,000     $ 109,392  
Ameritech Capital Funding Corp., 6.45%, 01/15/18
     88,000       89,734  
Anadarko Finance Co.
                
6.75%, 05/01/11
     118,000       120,761  
7.50%, 05/01/31
     298,000       273,262  
Apache Finance Canada Corp., 4.38%, 05/15/15
     487,000       436,697  
Associates Corp. of North America, 6.95%, 11/01/18
     339,000       279,681  
BAE Systems Holdings, Inc., 4.75%, 08/15/10(b)
     236,000       239,452  
Berkshire Hathaway Finance Corp., 4.85%, 01/15/15
     354,000       344,969  
BHP Billiton Finance USA Ltd.
                
4.80%, 04/15/13
     236,000       226,578  
5.25%, 12/15/15
     785,000       740,918  
Boeing Capital Corp., 6.10%, 03/01/11
     50,000       52,490  
BP Capital Markets America, Inc., 4.20%, 06/15/18
     147,000       135,499  
BSKYB Finance UK PLC, 5.63%, 10/15/15(b)
     147,000       140,424  
Bunge Ltd. Finance Corp., 5.10%, 07/15/15
     88,000       76,620  
Caterpillar Financial Services Corp.
                
5.05%, 12/01/10
     590,000       592,876  
5.50%, 03/15/16
     295,000       273,937  
CIT Group Funding Co. of Canada, 5.20%, 06/01/15
     177,000       86,923  
CIT Group, Inc.
                
4.75%, 12/15/10
     201,000       130,901  
5.13%, 09/30/14
     251,000       123,782  
5.40%, 01/30/16
     177,000       85,668  
5.85%, 09/15/16
     1,150,000       557,747  
6.00%, 04/01/36
     206,000       82,612  
Conoco Funding Co., 6.35%, 10/15/11
     767,000       794,324  
ConocoPhillips Australia Funding Co., 5.50%, 04/15/13
     324,000       326,833  
Continental Airlines, Inc.
                
7.92%, Series 00-1, 05/01/10
     350,000       334,250  
6.56%, Series 02-1, 08/15/13
     233,000       210,865  
CRH America, Inc., 6.00%, 09/30/16
     885,000       762,676  
Daimler Finance North America LLC
                
5.88%, 03/15/11
     2,737,000       2,727,650  
7.30%, 01/15/12
     389,000       393,402  
6.50%, 11/15/13
     487,000       475,255  
Deutsche Bank Financial LLC, 5.38%, 03/02/15(b)
     177,000       160,404  
Deutsche Telekom International Finance BV
                
5.25%, 07/22/13
     737,000       684,334  
5.75%, 03/23/16
     1,177,000       1,049,919  
8.75%, 06/15/30
     369,000       356,845  
Devon Financing Corp. ULC, 6.88%, 09/30/11
     643,000       670,688  
Diageo Capital PLC, 5.50%, 09/30/16
     500,000       479,718  
Diageo Finance BV, 5.30%, 10/28/15
     649,000       629,491  
EnCana Holdings Finance Corp., 5.80%, 05/01/14
     634,000       605,641  
General Electric Capital Corp.
                
5.40%, 02/15/17
     585,000       514,103  
5.50%, 04/28/11
     413,000       396,970  
6.15%, 08/07/37
     1,200,000       918,768  
4.63%, Series A, 09/15/09
     634,000       623,481  
3.75%, Series A, 12/15/09
     826,000       797,645  
5.88%, Series A, 02/15/12
     59,000       57,191  
6.00%, Series A, 06/15/12
     263,000       253,841  
4.88%, Series A, 03/04/15
     619,000       559,097  
5.00%, Series A, 01/08/16
     295,000       249,817  
5.63%, Series A, 09/15/17
     2,000,000       1,716,500  
6.75%, Series A, 03/15/32
     1,678,000       1,400,603  
GlaxoSmithKline Capital, Inc., 5.38%, 04/15/34
     201,000       165,257  
H.J. Heinz Finance Co.
                
6.00%, 03/15/12
     350,000       357,636  
6.75%, 03/15/32
     88,000       81,214  
Hanson Australia Funding Ltd., 5.25%, 03/15/13
     265,000       247,746  
HSBC Finance Corp.
                
4.75%, 04/15/10
     354,000       348,087  
7.00%, 05/15/12
     811,000       788,131  
5.25%, 04/15/15
     265,000       241,656  
5.00%, 06/30/15
     501,000       447,225  
ING Security Life Institutional Funding, 4.25%, 01/15/10(b)
     1,180,000       1,169,203  
Inversiones CMPC SA, 4.88%, 06/18/13(b)
     177,000       169,648  
Kern River Funding Corp., 4.89%, 04/30/18
     74,667       72,522  
McDonnell Douglas Corp., 9.75%, 04/01/12
     600,000       684,126  
Mellon Funding Corp.
                
6.40%, 05/14/11
     265,000       262,688  
5.00%, 12/01/14
     265,000       227,610  
National Rural Utilities Cooperative Finance Corp.
                
4.75%, 03/01/14
     324,000       309,172  
5.45%, 04/10/17
     850,000       792,562  
8.00%, Series C, 03/01/32
     159,000       168,640  
NiSource Finance Corp., 5.25%, 09/15/17
     260,000       215,220  
Nissan Motor Acceptance Corp., 4.63%, 03/08/10(b)
     307,000       308,042  
Oesterreichische Kontrollbank AG
                
4.50%, 03/09/15
     236,000       244,730  
4.88%, 02/16/16
     350,000       364,261  
Pemex Project Funding Master Trust
                
9.13%, 10/13/10
     138,000       147,660  
6.63%, 06/15/35
     324,000       296,716  
Popular North America, Inc., 4.70%, 06/30/09
     324,000       314,821  
Principal Life Global Funding I, 5.25%, 01/15/13
     879,000       861,694  
Prudential Financial, Inc.
                
5.10%, 12/14/11
     740,000       725,091  
6.00%, 12/01/17
     800,000       713,118  
5.10%, Series B, 09/20/14
     295,000       267,962  
5.75%, Series B, 07/15/33
     147,000       115,075  
SLM Corp.
                
5.13%, 08/27/12
     1,475,000       958,750  
5.38%, Series A, 05/15/14
     1,091,000       676,420  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Other Financial (continued)
                
Spectra Energy Capital LLC, 6.75%, 02/15/32
   $ 327,000     $ 292,750  
Telecom Italia Capital SA
                
6.20%, 07/18/11
     206,000       206,060  
5.25%, 11/15/13
     590,000       523,442  
4.95%, 09/30/14
     295,000       248,765  
5.25%, 10/01/15
     940,000       782,456  
6.00%, 09/30/34
     230,000       161,143  
Teva Pharmaceutical Finance LLC, 6.15%, 02/01/36
     142,000       124,301  
Textron Financial Corp., 4.60%, 05/03/10
     355,000       355,268  
TIAA Global Markets, Inc., 4.95%, 07/15/13(b)
     1,815,000       1,832,722  
Toll Brothers Finance Corp., 6.88%, 11/15/12
     88,000       83,603  
Toyota Motor Credit Corp., 4.25%, 03/15/10
     336,000       342,346  
UFJ Finance Aruba AEC, 6.75%, 07/15/13
     354,000       371,172  
Verizon Communications, Inc.
                
4.90%, 09/15/15
     590,000       527,950  
5.85%, 09/15/35
     118,000       92,268  
Verizon Global Funding Corp.
                
6.88%, 06/15/12
     295,000       300,230  
7.38%, 09/01/12
     522,000       538,850  
4.38%, 06/01/13
     369,000       340,299  
7.75%, 12/01/30
     1,190,000       1,124,174  
Western & Southern Financial Group, Inc., 5.75%, 07/15/33(b)
     147,000       122,949  
Willis North America, Inc., 5.63%, 07/15/15
     177,000       161,756  
 
              
 
             48,302,226  
 
              
Other Utility (0.8%)
                
Ameren Energy Generating Co., 7.95%, Series F, 06/01/32
     105,000       95,219  
American Electric Power Co., Inc., 5.25%, 06/01/15
     192,000       176,010  
Consolidated Natural Gas Co., 5.00%, Series A, 12/01/14
     1,069,000       984,731  
Constellation Energy Group, Inc., 6.13%, 09/01/09
     313,000       309,188  
Dominion Resources, Inc.
                
5.70%, 09/17/12
     162,000       160,440  
5.95%, Series B, 06/15/35
     251,000       207,650  
6.30%, Series E, 03/15/33
     692,000       599,680  
DTE Energy Co., 6.35%, 06/01/16
     913,000       851,273  
Duke Energy Ohio, Inc.
                
5.70%, 09/15/12
     41,000       40,818  
5.40%, Series A, 06/15/33
     74,000       57,813  
Entergy Gulf States, Inc., 5.25%, 08/01/15
     177,000       163,064  
Entergy Mississippi, Inc., 5.15%, 02/01/13
     289,000       281,122  
FirstEnergy Corp., 7.38%, Series C, 11/15/31
     663,000       616,419  
New York State Electric & Gas Corp., 5.75%, 05/01/23
     59,000       51,845  
Oncor Electric Delivery Co.
                
6.38%, 05/01/12
     552,000       529,026  
6.38%, 01/15/15
     692,000       626,890  
Pacific Gas & Electric Co.
                
4.80%, 03/01/14
     472,000       444,572  
5.80%, 03/01/37
     950,000       810,341  
PacifiCorp, 5.25%, 06/15/35
     177,000       141,067  
Pepco Holdings, Inc.
                
6.45%, 08/15/12
     106,000       105,540  
7.45%, 08/15/32
     118,000       114,809  
Progress Energy, Inc.
                
7.10%, 03/01/11
     122,000       125,357  
7.75%, 03/01/31
     486,000       499,146  
Public Service Co. of Colorado, 5.50%, Series 15, 04/01/14
     251,000       248,950  
SCANA Corp.
                
6.88%, 05/15/11
     516,000       525,164  
6.25%, 02/01/12
     147,000       147,526  
Scottish Power Ltd., 5.81%, 03/15/25
     118,000       105,482  
Southern California Edison Co.
                
6.00%, 01/15/34
     177,000       164,045  
5.55%, 01/15/36
     436,000       376,032  
Virginia Electric and Power Co., 5.40%, Series A, 01/15/16
     147,000       137,923  
Westar Energy, Inc., 6.00%, 07/01/14
     265,000       259,629  
Xcel Energy, Inc.
                
5.61%, 04/01/17
     248,000       227,365  
6.50%, 07/01/36
     427,000       384,313  
 
              
 
             10,568,449  
 
              
Pharmaceuticals (0.6%)
                
Abbott Laboratories, 5.88%, 05/15/16
     481,000       479,840  
Amgen, Inc., 4.00%, 11/18/09
     280,000       277,357  
Bristol-Myers Squibb Co., 5.25%, 08/15/13
     1,425,000       1,420,074  
Eli Lilly & Co.
                
6.00%, 03/15/12
     295,000       313,461  
5.20%, 03/15/17
     1,000,000       971,129  
7.13%, 06/01/25
     118,000       135,830  
Genentech, Inc.
                
4.40%, 07/15/10
     165,000       166,375  
5.25%, 07/15/35
     88,000       73,153  
Merck & Co., Inc.
                
4.75%, 03/01/15
     354,000       347,913  
6.40%, 03/01/28
     74,000       76,743  
5.95%, 12/01/28
     162,000       160,699  
Pfizer, Inc., 4.65%, 03/01/18
     265,000       251,787  
Pharmacia Corp., 6.60%, 12/01/28
     177,000       184,026  
Schering-Plough Corp., 5.55%, 12/01/13
     1,400,000       1,353,852  
Wyeth
                
5.50%, 02/01/14
     678,000       672,081  
5.50%, 02/15/16
     634,000       618,775  
6.50%, 02/01/34
     206,000       205,468  
6.00%, 02/15/36
     250,000       232,882  
 
              
 
             7,941,445  
 
              
Pipelines (0.2%)
                
AGL Capital Corp., 4.45%, 04/15/13
     177,000       166,056  
CenterPoint Energy Resources Corp., 7.88%, 04/01/13
     354,000       363,363  
Consolidated Natural Gas Co., 6.25%, Series C, 11/01/11
     451,000       455,028  
Duke Energy Carolinas LLC, 6.25%, 01/15/12
     1,650,000       1,698,708  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Pipelines (continued)
                
Texas Gas Transmission LLC, 4.60%, 06/01/15
   $ 177,000     $ 161,001  
 
              
 
             2,844,156  
 
              
Publishing (0.1%)
                
Gannett Co., Inc., 6.38%, 04/01/12
     236,000       229,009  
News America, Inc.
                
9.25%, 02/01/13
     118,000       126,050  
5.30%, 12/15/14
     367,000       348,865  
8.00%, 10/17/16
     118,000       122,920  
7.28%, 06/30/28
     77,000       72,599  
6.20%, 12/15/34
     245,000       195,336  
6.40%, 12/15/35
     477,000       400,695  
Thomson Reuters Corp., 4.25%, 08/15/09
     251,000       250,601  
 
              
 
             1,746,075  
 
              
Real Estate Investment Trusts (0.6%)
                
AvalonBay Communities, Inc.
                
6.63%, 09/15/11
     88,000       88,161  
5.50%, 01/15/12
     765,000       739,832  
Boston Properties LP, 5.00%, 06/01/15
     590,000       525,079  
Brandywine Operating Partnership LP, 5.63%, 12/15/10
     180,000       173,079  
Camden Property Trust, 5.00%, 06/15/15
     147,000       127,914  
Colonial Realty LP, 6.25%, 06/15/14
     455,000       415,134  
Developers Diversified Realty Corp., 5.38%, 10/15/12
     295,000       268,211  
Duke Realty LP
                
5.25%, 01/15/10
     177,000       173,545  
4.63%, 05/15/13
     765,000       696,054  
ERP Operating LP
                
5.25%, 09/15/14
     472,000       417,661  
5.38%, 08/01/16
     295,000       250,205  
HCP, Inc.
                
6.45%, 06/25/12
     56,000       52,513  
6.00%, 01/30/17
     472,000       377,324  
Health Care REIT, Inc., 6.00%, 11/15/13
     177,000       161,902  
Hospitality Properties Trust, 6.75%, 02/15/13
     745,000       679,386  
HRPT Properties Trust, 5.75%, 02/15/14
     177,000       155,038  
iStar Financial, Inc., 5.65%, 09/15/11
     254,000       132,080  
Liberty Property LP, 7.25%, 03/15/11
     38,000       38,568  
Prologis, 5.25%, 11/15/10
     472,000       470,667  
Simon Property Group LP
                
4.60%, 06/15/10
     236,000       231,979  
5.10%, 06/15/15
     531,000       469,117  
6.10%, 05/01/16
     413,000       377,028  
Vornado Realty LP, 5.60%, 02/15/11
     206,000       202,250  
Washington Real Estate Investment Trust, 5.25%, 01/15/14
     118,000       108,946  
Westfield Capital Corp. Ltd., 5.13%, 11/15/14(b)
     153,000       136,067  
 
              
 
             7,467,740  
 
              
Road & Rail (0.3%)
                
Burlington Northern Santa Fe Corp.
                
6.75%, 07/15/11
     215,000       224,429  
7.95%, 08/15/30
     206,000       224,785  
CSX Corp.
                
6.75%, 03/15/11
     133,000       135,917  
5.50%, 08/01/13
     507,000       480,604  
Norfolk Southern Corp.
                
6.75%, 02/15/11
     964,000       1,005,389  
5.59%, 05/17/25
     84,000       73,041  
7.25%, 02/15/31
     620,000       650,019  
SPI Electricity & Gas Australia Holdings Pty Ltd., 6.15%, 11/15/13(b)
     189,000       186,740  
TTX Co., 4.90%, 03/01/15(b)
     221,000       231,694  
Union Pacific Corp.
                
3.63%, 06/01/10
     242,000       238,585  
5.38%, 06/01/33
     62,000       48,846  
6.25%, 05/01/34
     236,000       209,277  
 
              
 
             3,709,326  
 
              
Service Companies (0.2%)
                
Omnicom Group, Inc., 5.90%, 04/15/16
     177,000       174,350  
Oracle Corp., 5.25%, 01/15/16
     572,000       538,523  
RR Donnelley & Sons Co.
                
4.95%, 04/01/14
     118,000       104,602  
6.13%, 01/15/17
     700,000       610,743  
Science Applications International Corp., 5.50%, 07/01/33
     177,000       142,533  
Waste Management, Inc.
                
7.38%, 08/01/10
     147,000       152,223  
6.38%, 11/15/12
     206,000       206,313  
7.00%, 07/15/28
     162,000       147,502  
 
              
 
             2,076,789  
 
              
Specialty Retail (0.9%)
                
Costco Wholesale Corp., 5.50%, 03/15/17
     850,000       842,621  
CVS Caremark Corp.
                
4.00%, 09/15/09
     118,000       115,716  
6.25%, 06/01/27
     795,000       715,776  
Home Depot, Inc.
                
5.25%, 12/16/13
     1,180,000       1,086,631  
5.40%, 03/01/16
     590,000       501,688  
JC Penney Corp., Inc.
                
8.00%, 03/01/10
     749,000       764,018  
5.75%, 02/15/18
     900,000       756,108  
Kohl’s Corp., 6.30%, 03/01/11
     50,000       51,023  
Kroger Co. (The)
                
6.80%, 04/01/11
     201,000       206,966  
6.20%, 06/15/12
     236,000       238,312  
7.50%, 04/01/31
     257,000       253,975  
Lowe’s Cos., Inc., 6.50%, 03/15/29
     236,000       224,017  
Ltd Brands, Inc., 6.13%, 12/01/12
     147,000       136,505  
Macy’s Retail Holdings, Inc.
                
6.63%, 04/01/11
     631,000       613,375  
5.75%, 07/15/14
     442,000       383,514  
6.90%, 04/01/29
     147,000       114,951  
Safeway, Inc.
                
6.50%, 03/01/11
     236,000       243,181  
5.80%, 08/15/12
     206,000       208,744  
5.63%, 08/15/14
     177,000       172,753  
Target Corp.
                
10.00%, 01/01/11
     66,000       72,730  
6.35%, 01/15/11
     124,000       127,830  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Specialty Retail (continued)
                
7.00%, 07/15/31
   $ 174,000     $ 174,650  
6.35%, 11/01/32
     313,000       297,793  
Wal-Mart Stores, Inc.
                
4.13%, 07/01/10
     413,000       421,107  
4.13%, 02/15/11
     383,000       384,892  
5.00%, 04/05/12
     1,800,000       1,842,835  
7.55%, 02/15/30
     118,000       128,001  
5.25%, 09/01/35
     708,000       565,929  
Yum! Brands, Inc., 8.88%, 04/15/11
     118,000       127,142  
 
              
 
             11,772,783  
 
              
Technology (0.2%)
                
Cisco Systems, Inc.
                
5.25%, 02/22/11
     295,000       301,146  
5.50%, 02/22/16
     767,000       737,028  
Dell, Inc., 7.10%, 04/15/28
     206,000       198,632  
Hewlett-Packard Co., 6.50%, 07/01/12
     292,000       307,007  
International Business Machines Corp.
                
4.75%, 11/29/12
     516,000       516,548  
5.88%, 11/29/32
     983,000       909,664  
 
              
 
             2,970,025  
 
              
Telecommunications (1.2%)
                
America Movil SAB de CV
                
5.75%, 01/15/15
     295,000       277,401  
6.38%, 03/01/35
     177,000       156,659  
AT&T Mobility LLC, 7.13%, 12/15/31
     413,000       389,641  
AT&T, Inc.
                
4.13%, 09/15/09
     737,000       731,179  
5.30%, 11/15/10
     383,000       388,837  
6.25%, 03/15/11
     475,000       480,059  
5.88%, 08/15/12
     425,000       424,949  
4.95%, 01/15/13
     1,500,000       1,437,000  
5.10%, 09/15/14
     1,003,000       938,096  
5.63%, 06/15/16
     295,000       273,202  
6.15%, 09/15/34
     1,161,000       968,228  
BellSouth Corp.
                
4.20%, 09/15/09
     354,000       349,200  
6.00%, 10/15/11
     838,000       839,676  
5.20%, 09/15/14
     501,000       469,853  
6.55%, 06/15/34
     177,000       151,747  
British Telecommunications PLC
                
8.63%, 12/15/10
     1,280,000       1,337,805  
9.13%, 12/15/30
     559,000       557,651  
Embarq Corp.
                
6.74%, 06/01/13
     767,000       676,049  
7.08%, 06/01/16
     133,000       107,788  
France Telecom SA
                
7.75%, 03/01/11
     383,000       401,955  
8.50%, 03/01/31
     407,000       441,553  
GTE Corp.
                
6.84%, 04/15/18
     206,000       194,511  
6.94%, 04/15/28
     147,000       124,731  
Koninklike KPN NV, 8.00%, 10/01/10
     310,000       324,843  
New Cingular Wireless Services, Inc.
                
8.13%, 05/01/12
     44,000       46,930  
8.75%, 03/01/31
     321,000       354,917  
Rogers Wireless, Inc., 7.25%, 12/15/12
     875,000       888,221  
                 
    Shares or        
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Telecommunications (continued)
                
Telefonos de Mexico SAB de CV, 5.50%, 01/27/15
   $ 236,000     $ 222,683  
Verizon Global Funding Corp., 7.25%, 12/01/10
     537,000       558,797  
Vodafone Group PLC
                
7.75%, 02/15/10
     383,000       394,750  
5.00%, 12/16/13
     664,000       626,821  
7.88%, 02/15/30
     206,000       199,309  
6.15%, 02/27/37
     590,000       473,835  
 
              
 
             16,208,876  
 
              
Transportation (0.1%)
                
General Dynamics Corp., 4.25%, 05/15/13
     250,000       248,645  
Southwest Airlines Co., 5.13%, 03/01/17
     147,000       126,774  
United Parcel Service, Inc.
                
8.38%, 04/01/20
     118,000       146,506  
8.38%, 04/01/30(e)
     177,000       215,594  
 
              
 
             737,519  
 
              
Total Corporate Bonds
             261,958,997  
 
              
Commercial Paper (1.0%)(f)
                
Other Financial (1.0%)
                
Atlantis One Funding Corp., 2.75%, 10/29/08
     13,500,000       13,450,860  
 
              
                 
    Principal        
    Amount     Value  
Municipal Bonds (0.1%)(g)
                
Diversified Financial Services (0.1%)
                
City of Dallas, Texas, 5.25%, 02/15/24(e)
     708,000       663,226  
State of Illinois, 5.10%, 06/01/33
     1,005,000       940,580  
Total Municipal Bonds
             1,603,806  
 
              
                 
    Principal        
    Amount     Value  
Sovereign Bonds (3.1%)
                
CANADA (0.7%)
                
Province of British Columbia, Canada, 4.30%, 05/30/13
     159,000       163,205  
Province of Manitoba, Canada
                
5.00%, 02/15/12
     1,475,000       1,550,092  
7.50%, Series EM, 02/22/10
     295,000       314,193  
Province of Nova Scotia, Canada, 5.13%, 01/26/17
     885,000       915,195  
Province of Ontario, Canada
                
4.38%, 02/15/13
     428,000       438,388  
4.50%, 02/03/15
     667,000       671,166  
4.75%, 01/19/16
     295,000       300,351  
Province of Quebec, Canada
                
5.00%, 07/17/09
     3,185,000       3,241,311  
4.60%, 05/26/15
     354,000       357,699  
7.50%, Series PD, 09/15/29
     578,000       735,291  
 
              
 
             8,686,891  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
                 
    Principal        
    Amount     Value  
Sovereign Bonds (continued)
                
CHILE (0.0%)
                
Chile Government International Bond, 5.50%, 01/15/13
   $ 177,000     $ 189,496  
 
              
CHINA (0.0%)
                
China Government International Bond, 4.75%, 10/29/13
     295,000       296,230  
 
              
ITALY (0.3%)
                
Italian Republic
                
3.25%, 05/15/09
     1,003,000       1,008,968  
4.38%, 06/15/13
     560,000       575,512  
4.50%, 01/21/15
     938,000       962,472  
4.75%, 01/25/16
     413,000       424,660  
6.88%, 09/27/23
     251,000       303,842  
5.38%, 06/15/33
     841,000       871,041  
 
              
 
             4,146,495  
 
              
LUXEMBOURG (0.9%)
                
European Investment Bank
                
3.38%, 03/16/09
     944,000       948,975  
5.00%, 02/08/10
     8,849,000       9,134,734  
4.63%, 05/15/14
     895,000       927,139  
5.13%, 09/13/16
     350,000       367,687  
 
              
 
             11,378,535  
 
              
MEXICO (0.3%)
                
Mexico Government International Bond
                
6.38%, 01/16/13
     1,143,000       1,175,004  
6.75%, 09/27/34
     2,046,000       2,056,230  
 
              
 
             3,231,234  
 
              
POLAND (0.0%)
                
Poland Government International Bond, 5.00%, 10/19/15
     224,000       221,393  
 
              
REPUBLIC OF KOREA (0.1%)
                
Export-Import Bank of Korea
                
4.63%, 03/16/10
     413,000       402,501  
5.13%, 02/14/11
     354,000       341,713  
Republic of Korea, 4.25%, 06/01/13
     708,000       675,470  
 
              
 
             1,419,684  
 
              
SOUTH AFRICA (0.0%)
                
South Africa Government International Bond, 6.50%, 06/02/14
     206,000       201,880  
 
              
SPAIN (0.1%)
                
Telefonica Emisiones SAU, 6.42%, 06/20/16
     1,770,000       1,661,871  
 
              
SWEDEN (0.5%)
                
Svensk Exportkredit AB, 4.88%, Series A, 09/29/11
     5,899,000       6,127,940  
 
              
UNITED STATES (0.2%)
                
Inter-American Development Bank
                
5.00%, 04/05/11
     350,000       364,284  
5.13%, 09/13/16
     585,000       610,563  
6.80%, 10/15/25
     413,000       501,300  
International Bank for Reconstruction & Development, 7.63%, 01/19/23
     973,000       1,256,941  
 
              
 
             2,733,088  
 
              
VENEZUELA (0.0%)
                
Corp. Andina de Fomento, 6.88%, 03/15/12
     236,000       246,243  
 
              
 
                
Total Sovereign Bonds
             40,540,980  
 
              
U.S. Government Sponsored & Agency Obligations (27.4%)
                
Federal Home Loan Bank System, 5.25%, 06/05/17
     10,000,000       10,281,110  
Federal Home Loan Mortgage Corp.
                
4.25%, 07/15/09
     1,363,000       1,374,267  
6.63%, 09/15/09
     634,000       654,536  
5.13%, 07/15/12
     6,091,000       6,371,466  
4.88%, 11/15/13
     10,058,000       10,465,631  
5.00%, 07/15/14
     3,539,000       3,681,094  
4.38%, 07/17/15
     7,214,000       7,193,592  
5.00%, 12/14/18
     1,675,000       1,574,426  
6.75%, 09/15/29
     557,000       674,427  
6.25%, 07/15/32
     1,245,000       1,449,595  
2.75%, 04/11/11
     21,235,000       20,964,657  
3.88%, 06/29/11
     4,840,000       4,906,110  
Federal National Mortgage Association
                
5.38%, 08/15/09
     11,202,000       11,414,804  
5.13%, 04/15/11
     4,796,000       5,011,935  
5.38%, 11/15/11
     3,501,000       3,699,853  
4.63%, 10/15/14
     1,779,000       1,807,923  
5.00%, 04/15/15
     1,628,000       1,683,823  
4.38%, 10/15/15
     118,000       117,351  
5.38%, 06/12/17
     8,495,000       8,906,761  
Financing Corp. (FICO), 9.80%, 11/30/17
     18,000       24,460  
Tennessee Valley Authority, 6.25%, Series E, 12/15/17
     50,000       55,122  
U.S. Treasury Bond
                
8.50%, 02/15/20
     4,238,000       5,885,192  
6.25%, 08/15/23
     20,176,000       24,225,384  
6.88%, 08/15/25
     4,713,000       6,081,613  
6.38%, 08/15/27
     10,342,000       12,891,944  
5.38%, 02/15/31
     3,107,000       3,530,571  
4.50%, 02/15/36
     6,055,000       6,214,888  
5.00%, 05/15/37
     305,000       339,289  
4.50%, 05/15/38
     4,750,000       4,903,634  
U.S. Treasury Notes
                
4.50%, 09/30/11
     41,975,000       44,627,946  
4.63%, 02/29/12
     15,297,000       16,327,161  
4.50%, 04/30/12
     4,000,000       4,263,752  
4.75%, 05/31/12
     6,465,000       6,947,347  
4.25%, 09/30/12
     7,000,000       7,415,625  
2.75%, 02/28/13
     26,000,000       25,865,944  
4.00%, 02/15/15
     3,250,000       3,413,007  
4.13%, 05/15/15
     5,348,000       5,642,974  
4.50%, 11/15/15
     6,372,000       6,812,063  
4.88%, 08/15/16
     5,672,000       6,139,498  
4.63%, 02/15/17
     7,365,000       7,837,398  
4.50%, 05/15/17
     5,775,000       6,085,857  
8.75%, 05/15/17
     6,524,000       8,848,175  
4.25%, 11/15/17
     12,545,000       13,001,713  
3.50%, 02/15/18
     10,000,000       9,806,250  
2.00%, 09/30/10
     22,000,000       22,006,864  
 
                
Total U.S. Government Sponsored & Agency Obligations
             361,427,032  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
                 
    Principal        
    Amount     Value  
U.S. Government Mortgage Backed Agencies (43.5%)
                
Fannie Mae Pool
                
5.50%, Pool #254548, 12/01/32
   $ 2,390,215     $ 2,392,116  
6.00%, Pool #256023, 12/01/35
     6,668,026       6,760,531  
6.00%, Pool #256890, 09/01/37
     910,124       914,105  
6.00%, Pool #256936, 10/01/37
     1,337,132       1,342,980  
7.50%, Pool #560868, 02/01/31
     5,517       5,953  
7.50%, Pool #607212, 10/01/31
     91,619       98,869  
6.50%, Pool #607559, 11/01/31
     2,495       2,580  
6.50%, Pool #607632, 11/01/31
     799       826  
6.50%, Pool #656559, 02/01/33
     261,752       270,455  
7.50%, Pool #661664, 09/01/32
     92,673       99,809  
6.50%, Pool #694846, 04/01/33
     37,363       38,348  
5.50%, Pool #725594, 07/01/34
     2,341,874       2,340,077  
5.50%, Pool #735141, 01/01/35
     8,745,914       8,728,273  
5.00%, Pool #748841, 06/01/22
     55,370       55,039  
6.50%, Pool #750229, 10/01/33
     232,266       238,391  
6.50%, Pool #788027, 09/01/34
     208,374       214,521  
5.50%, Pool #788210, 02/01/21
     698,890       705,558  
4.50%, Pool #804847, 01/01/35
     324,900       308,218  
5.50%, Pool #811505, 10/01/20
     46,779       47,283  
5.50%, Pool #811558, 03/01/21
     837,927       846,969  
5.50%, Pool #811559, 05/01/21
     625,195       631,159  
5.50%, Pool #822023, 07/01/20
     37,471       37,876  
5.50%, Pool #825811, 09/01/20
     16,702       16,882  
5.50%, Pool #826869, 08/01/20
     768,527       776,820  
5.50%, Pool #829704, 10/01/20
     58,913       59,549  
5.50%, Pool #830670, 12/01/20
     30,819       31,152  
5.50%, Pool #832837, 09/01/20
     705,681       713,295  
5.50%, Pool #835228, 08/01/20
     15,200       15,364  
5.50%, Pool #837194, 02/01/21
     31,729       32,072  
5.50%, Pool #838565, 10/01/20
     755,621       763,774  
5.50%, Pool #838566, 10/01/20
     29,118       29,433  
5.50%, Pool #839100, 11/01/20
     22,951       23,199  
5.50%, Pool #839585, 09/01/20
     77,410       78,245  
5.50%, Pool #840102, 10/01/20
     677,491       684,802  
5.00%, Pool #840486, 01/01/22
     85,690       85,178  
5.50%, Pool #840808, 11/01/20
     25,072       25,342  
5.50%, Pool #841947, 10/01/20
     29,365       29,682  
5.50%, Pool #843102, 10/01/20
     20,618       20,840  
5.50%, Pool #845489, 06/01/21
     17,711       17,880  
5.50%, Pool #847832, 11/01/20
     36,224       36,615  
5.50%, Pool #847920, 11/01/20
     767,560       775,843  
5.50%, Pool #866142, 01/01/21
     67,070       67,710  
5.50%, Pool #867183, 02/01/21
     84,370       85,175  
6.00%, Pool #868494, 04/01/36
     289,429       293,490  
5.50%, Pool #870092, 08/01/21
     20,664       20,861  
5.50%, Pool #870296, 03/01/21
     21,046       21,246  
5.50%, Pool #878120, 04/01/21
     34,543       34,873  
5.50%, Pool #878121, 04/01/21
     54,651       55,173  
5.50%, Pool #879115, 05/01/21
     106,079       107,091  
5.50%, Pool #880950, 07/01/21
     720,302       727,174  
5.50%, Pool #883922, 05/01/21
     669,123       675,506  
5.50%, Pool #885440, 05/01/21
     18,510       18,687  
6.00%, Pool #885844, 06/01/36
     279,357       283,277  
6.00%, Pool #887050, 08/01/36
     764,456       775,181  
5.00%, Pool #888077, 08/01/36
     2,707,919       2,640,324  
5.00%, Pool #888233, 11/01/35
     56,642,885       55,282,061  
6.00%, Pool #888268, 03/01/37
     628,380       637,196  
5.50%, Pool #888275, 01/01/35
     2,676,764       2,677,220  
5.50%, Pool #888635, 09/01/36
     2,825,621       2,826,103  
6.50%, Pool #889072, 12/01/37
     12,582,618       12,915,719  
6.00%, Pool #889116, 02/01/38
     10,205,240       10,347,839  
5.00%, Pool #891595, 06/01/36
     4,463,261       4,353,243  
6.00%, Pool #892370, 07/01/36
     129,299       131,113  
5.50%, Pool #894126, 10/01/21
     18,460       18,625  
5.85%, Pool #894441, 08/01/36(a)
     8,879,646       9,122,903  
6.50%, Pool #894957, 08/01/36
     669,711       687,478  
5.50%, Pool #896599, 08/01/21
     43,190       43,602  
5.50%, Pool #896605, 08/01/21
     31,738       32,041  
6.00%, Pool #898415, 10/01/36
     197,783       200,558  
5.00%, Pool #899242, 03/01/22
     30,484       30,301  
5.50%, Pool #899438, 06/01/22
     742,541       749,235  
5.00%, Pool #899472, 06/01/22
     109,756       109,099  
5.00%, Pool #899475, 06/01/22
     664,895       660,916  
6.00%, Pool #899830, 08/01/37
     1,819,837       1,845,265  
6.00%, Pool #901149, 08/01/36
     1,733,693       1,758,016  
5.00%, Pool #901509, 12/01/21
     63,624       63,296  
5.50%, Pool #901957, 10/01/36
     81,625       81,473  
5.50%, Pool #902789, 11/01/21
     660,250       666,549  
5.00%, Pool #903350, 10/01/21
     58,684       58,382  
5.50%, Pool #905586, 12/01/21
     700,846       707,532  
5.97%, Pool #906185, 01/01/37(a)
     5,907,410       6,010,877  
5.50%, Pool #906205, 01/01/22
     24,076       24,290  
5.50%, Pool #906317, 01/01/22
     40,893       41,262  
5.00%, Pool #906708, 12/01/21
     698,883       695,286  
6.00%, Pool #907735, 12/01/36
     256,334       259,930  
6.50%, Pool #908698, 10/01/36
     1,338,827       1,374,136  
6.50%, Pool #909756, 02/01/37
     2,650,752       2,721,075  
5.00%, Pool #912845, 04/01/22
     84,287       83,854  
5.00%, Pool #912981, 03/01/22
     97,966       97,379  
5.50%, Pool #913323, 04/01/22
     26,087       26,322  
5.50%, Pool #913331, 05/01/22
     78,589       79,298  
5.50%, Pool #913889, 03/01/22
     562,594       567,961  
5.00%, Pool #914324, 03/01/22
     32,937       32,740  
5.50%, Pool #914385, 03/01/22
     23,514       23,726  
5.00%, Pool #914758, 04/01/22
     589,491       585,963  
5.00%, Pool #915144, 04/01/22
     852,270       847,170  
5.00%, Pool #917163, 06/01/22
     124,749       124,002  
6.00%, Pool #917237, 04/01/37
     924,247       937,162  
5.00%, Pool #917688, 04/01/22
     98,682       98,091  
5.00%, Pool #918552, 06/01/22
     850,784       845,692  
5.00%, Pool #918699, 06/01/22
     634,280       630,484  
6.50%, Pool #919190, 06/01/37
     614,183       630,442  
6.50%, Pool #922846, 11/01/36
     588,322       603,929  
5.00%, Pool #923092, 03/01/22
     611,923       608,261  
6.00%, Pool #923399, 06/01/37
     888,003       900,411  
5.50%, Pool #928106, 02/01/22
     1,220,836       1,231,842  
6.50%, Pool #937776, 06/01/37
     1,331,912       1,367,172  
5.00%, Pool #939453, 06/01/22
     852,152       847,052  
6.50%, Pool #939671, 06/01/37
     645,779       662,875  
5.50%, Pool #939673, 06/01/22
     163,204       164,675  
6.50%, Pool #939749, 06/01/37
     1,672,244       1,716,514  
6.00%, Pool #940887, 06/01/37
     903,910       916,541  
5.00%, Pool #940903, 06/01/22
     85,884       85,370  
6.00%, Pool #941193, 06/01/37
     975,203       988,829  
6.50%, Pool #941298, 06/01/37
     688,695       706,927  
5.00%, Pool #941632, 06/01/22
     102,713       102,098  
6.00%, Pool #946614, 09/01/37
     2,206,124       2,236,951  
6.00%, Pool #967483, 01/01/38
     1,267,379       1,285,088  
Federal Home Loan Mortgage Corp. TBA, 4.50%, 10/15/22
     29,000,000       28,220,625  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
                 
    Principal        
    Amount     Value  
U.S. Government Mortgage Backed Agencies (continued)
                
Federal National Mortgage Association, 5.50%, Pool #42342, 10/15/35
   $ 23,500,000     $ 23,433,918  
Federal National Mortgage Association TBA
                
4.50%, 10/01/18
     5,700,000       5,553,938  
5.00%, 10/15/21
     10,100,000       10,027,401  
6.50%, 10/01/32
     1,400,000       1,435,437  
5.00%, 10/15/36
     50,000,000       48,718,750  
6.00%, 10/15/37
     11,500,000       11,647,338  
Freddie Mac Gold, 5.50%, Pool #26917, 10/15/37
     4,000,000       3,978,752  
Freddie Mac Gold Pool
                
6.50%, Pool #A10212, 06/01/33
     26,226       27,052  
6.50%, Pool #A14012, 11/01/32
     97,573       100,830  
7.00%, Pool #A16201, 08/01/29
     24,860       26,178  
6.50%, Pool #A16419, 11/01/33
     48,498       50,026  
6.50%, Pool #A16522, 12/01/33
     359,843       371,180  
6.50%, Pool #A17177, 12/01/33
     29,184       30,104  
6.50%, Pool #A17262, 12/01/33
     91,818       94,711  
7.00%, Pool #A18212, 11/01/29
     243,325       256,223  
6.50%, Pool #A21356, 04/01/34
     223,514       230,137  
6.50%, Pool #A22067, 05/01/34
     301,253       310,179  
6.50%, Pool #A24301, 05/01/34
     162,634       167,453  
6.50%, Pool #A24988, 07/01/34
     152,373       156,888  
6.50%, Pool #A31989, 04/01/35
     92,513       95,052  
5.00%, Pool #A33015, 08/01/35
     2,123,073       2,071,404  
6.50%, Pool #A33137, 01/01/35
     61,610       63,436  
5.00%, Pool #A36407, 08/01/35
     282,043       275,178  
5.00%, Pool #A36609, 08/01/35
     4,861,790       4,743,468  
5.00%, Pool #A36646, 08/01/35
     14,467,569       14,115,470  
5.00%, Pool #A36973, 08/01/35
     385,998       376,604  
5.50%, Pool #A37135, 09/01/35
     3,931,323       3,916,022  
4.50%, Pool #A37533, 09/01/35
     269,015       254,902  
5.00%, Pool #A37534, 09/01/35
     3,896,644       3,801,811  
5.00%, Pool #A37567, 09/01/35
     345,252       336,849  
5.00%, Pool #A38074, 10/01/35
     714,137       696,757  
5.50%, Pool #A38255, 10/01/35
     3,395,192       3,381,977  
5.50%, Pool #A38531, 10/01/35
     4,080,654       4,064,772  
5.50%, Pool #A38667, 10/01/35
     2,946,425       2,934,957  
6.50%, Pool #A38817, 05/01/35
     12,500       12,832  
5.00%, Pool #A39258, 11/01/35
     207,235       202,192  
5.00%, Pool #A39490, 11/01/35
     354,504       345,877  
5.50%, Pool #A39759, 11/01/35
     228,226       227,338  
5.00%, Pool #A39892, 11/01/35
     240,564       234,709  
6.50%, Pool #A40141, 11/01/35
     127,997       131,510  
5.00%, Pool #A40182, 12/01/35
     355,765       347,107  
5.00%, Pool #A40268, 12/01/35
     290,929       283,849  
5.50%, Pool #A40376, 12/01/35
     212,976       212,147  
5.00%, Pool #A41041, 12/01/35
     625,504       610,281  
5.50%, Pool #A41326, 01/01/36
     1,131,968       1,127,562  
5.50%, Pool #A41354, 01/01/36
     7,513,231       7,483,989  
7.00%, Pool #A41548, 01/01/36
     281,412       294,714  
5.00%, Pool #A41864, 01/01/36
     290,680       283,606  
4.50%, Pool #A42298, 01/01/36
     422,472       400,308  
5.50%, Pool #A42305, 01/01/36
     1,622,224       1,615,150  
5.50%, Pool #A42332, 01/01/36
     383,856       382,362  
5.50%, Pool #A43452, 03/01/36
     195,024       194,173  
6.50%, Pool #A43644, 03/01/36
     150,970       154,995  
6.50%, Pool #A43672, 02/01/36
     66,412       68,183  
5.50%, Pool #A43757, 03/01/36
     2,095,238       2,086,101  
5.50%, Pool #A43861, 03/01/36
     4,448,732       4,429,332  
5.00%, Pool #A44534, 04/01/36
     233,016       227,199  
5.00%, Pool #A44743, 04/01/36
     207,966       202,905  
5.00%, Pool #A46279, 07/01/35
     701,128       684,065  
5.00%, Pool #A46671, 08/01/35
     245,771       239,789  
4.50%, Pool #A46718, 08/01/35
     1,090,881       1,033,651  
6.50%, Pool #A46935, 09/01/35
     141,627       145,514  
4.50%, Pool #A47036, 09/01/35
     346,980       328,777  
5.00%, Pool #A47039, 09/01/35
     3,453,098       3,369,059  
4.50%, Pool #A47055, 09/01/35
     4,246,407       4,023,632  
6.50%, Pool #A47682, 11/01/35
     740,662       760,988  
5.00%, Pool #A47750, 11/01/35
     2,435,171       2,375,906  
5.00%, Pool #A47753, 11/01/35
     3,078,774       3,003,845  
7.00%, Pool #A48303, 02/01/36
     121,799       127,431  
4.50%, Pool #A48700, 05/01/36
     162,991       154,287  
5.50%, Pool #A48735, 05/01/36
     493,451       491,300  
5.50%, Pool #A48911, 05/01/36
     668,058       665,145  
5.50%, Pool #A48976, 05/01/36
     6,165,037       6,138,152  
5.00%, Pool #A49637, 06/01/36
     994,180       969,363  
5.50%, Pool #A49653, 06/01/36
     24,180,222       24,074,777  
7.00%, Pool #A49960, 06/01/36
     41,907       43,845  
6.50%, Pool #A50139, 06/01/36
     221,997       227,916  
5.50%, Pool #A50313, 07/01/36
     569,622       567,138  
5.50%, Pool #A50714, 07/01/36
     318,957       317,566  
5.50%, Pool #A50832, 07/01/36
     703,021       699,955  
5.50%, Pool #A51078, 08/01/36
     292,768       291,491  
6.50%, Pool #A51250, 08/01/36
     751,517       771,554  
6.50%, Pool #A51337, 08/01/36
     207,628       213,164  
6.50%, Pool #A52253, 09/01/36
     238,324       244,678  
6.50%, Pool #A53039, 10/01/36
     443,347       455,167  
5.50%, Pool #A53040, 10/01/36
     1,085,869       1,081,134  
6.50%, Pool #A53219, 10/01/36
     435,699       447,316  
5.50%, Pool #A53286, 10/01/36
     1,094,594       1,089,820  
6.00%, Pool #A53632, 10/01/36
     933,322       945,687  
5.00%, Pool #A54580, 04/01/36
     419,882       409,663  
5.50%, Pool #A55587, 12/01/36
     401,241       399,491  
5.50%, Pool #B10210, 10/01/18
     362,989       365,658  
5.50%, Pool #B10653, 11/01/18
     261,282       265,081  
5.50%, Pool #B11548, 12/01/18
     110,234       111,045  
5.50%, Pool #B12908, 03/01/19
     130,421       131,991  
5.50%, Pool #B13430, 04/01/19
     111,222       112,561  
5.50%, Pool #B13600, 04/01/19
     90,386       91,474  
5.50%, Pool #B14288, 12/01/19
     154,005       155,860  
6.00%, Pool #B15071, 06/01/17
     290,079       295,432  
5.50%, Pool #B15396, 06/01/19
     160,476       162,408  
6.00%, Pool #B16087, 08/01/19
     176,359       179,628  
5.50%, Pool #B18437, 05/01/20
     134,335       135,322  
8.00%, Pool #C00351, 07/01/24
     2,333       2,536  
7.50%, Pool #C00566, 12/01/27
     10,023       10,890  
6.50%, Pool #C00676, 11/01/28
     56,044       58,055  
7.00%, Pool #C00678, 11/01/28
     14,173       14,955  
7.00%, Pool #C00836, 07/01/29
     5,535       5,828  
7.50%, Pool #C00921, 02/01/30
     7,303       7,910  
8.00%, Pool #C01051, 09/01/30
     13,819       14,989  
7.50%, Pool #C01103, 12/01/30
     6,353       6,736  
7.00%, Pool #C01106, 12/01/30
     76,850       80,872  
7.50%, Pool #C01116, 01/01/31
     6,193       6,708  
6.50%, Pool #C01172, 05/01/31
     33,598       34,751  
8.00%, Pool #C01209, 06/01/31
     2,992       3,245  
6.50%, Pool #C01220, 09/01/31
     8,865       9,169  
7.00%, Pool #C01222, 09/01/31
     12,105       12,726  
6.50%, Pool #C01244, 10/01/31
     51,043       52,795  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
                 
    Principal        
    Amount     Value  
U.S. Government Mortgage Backed Agencies (continued)
                
6.50%, Pool #C01271, 12/01/31
   $ 16,272     $ 16,830  
7.50%, Pool #C01305, 12/01/31
     6,436       6,964  
6.50%, Pool #C01310, 03/01/32
     88,684       91,645  
6.50%, Pool #C01343, 04/01/32
     78,747       81,376  
7.00%, Pool #C01345, 04/01/32
     52,884       55,586  
6.50%, Pool #C01351, 05/01/32
     51,028       52,731  
6.50%, Pool #C01364, 06/01/32
     51,829       53,559  
8.00%, Pool #C01370, 04/01/32
     10,615       11,511  
8.00%, Pool #C01381, 05/01/32
     60,420       65,527  
6.50%, Pool #C01385, 08/01/32
     72,699       75,126  
6.50%, Pool #C01396, 09/01/32
     118,996       122,968  
6.50%, Pool #C01404, 10/01/32
     297,977       307,923  
7.00%, Pool #C01806, 01/01/34
     87,120       91,238  
6.50%, Pool #C01851, 04/01/34
     229,653       236,458  
7.00%, Pool #C18271, 11/01/28
     9,919       10,466  
6.50%, Pool #C30265, 08/01/29
     9,524       9,860  
7.00%, Pool #C31282, 09/01/29
     1,116       1,175  
7.00%, Pool #C31285, 09/01/29
     13,215       13,916  
8.00%, Pool #C32914, 11/01/29
     5,993       6,501  
7.00%, Pool #C36306, 02/01/30
     7,170       7,545  
7.00%, Pool #C36429, 02/01/30
     6,425       6,761  
8.00%, Pool #C37436, 01/01/30
     8,020       8,699  
7.50%, Pool #C37703, 04/01/30
     5,028       5,445  
8.00%, Pool #C41561, 08/01/30
     4,487       4,867  
7.00%, Pool #C43550, 10/01/30
     12,287       12,930  
8.00%, Pool #C43967, 10/01/30
     51,543       55,905  
7.50%, Pool #C44017, 10/01/30
     1,025       1,111  
8.00%, Pool #C44957, 11/01/30
     9,902       10,740  
7.00%, Pool #C44978, 11/01/30
     2,228       2,344  
7.50%, Pool #C46932, 01/01/31
     10,838       11,738  
7.50%, Pool #C47287, 02/01/31
     7,852       8,505  
7.50%, Pool #C48206, 03/01/31
     15,850       17,167  
7.00%, Pool #C48851, 03/01/31
     9,863       10,369  
6.50%, Pool #C52685, 05/01/31
     30,591       31,641  
7.00%, Pool #C53324, 06/01/31
     18,186       19,118  
6.50%, Pool #C53589, 06/01/31
     83,607       86,476  
7.00%, Pool #C54792, 07/01/31
     75,787       79,674  
6.50%, Pool #C54897, 07/01/31
     50,512       52,246  
7.50%, Pool #C55071, 07/01/31
     880       952  
6.50%, Pool #C58215, 09/01/31
     2,610       2,699  
6.50%, Pool #C58362, 09/01/31
     23,253       24,051  
7.00%, Pool #C58647, 10/01/31
     3,401       3,576  
7.00%, Pool #C58694, 10/01/31
     23,807       25,028  
6.50%, Pool #C58961, 10/01/31
     442,571       457,760  
7.00%, Pool #C60012, 11/01/31
     4,739       4,982  
6.50%, Pool #C60991, 11/01/31
     12,362       12,787  
7.00%, Pool #C61105, 12/01/31
     11,077       11,645  
8.00%, Pool #C61298, 11/01/31
     7,458       8,088  
7.00%, Pool #C62218, 01/01/32
     14,529       15,275  
7.00%, Pool #C63171, 01/01/32
     37,310       39,224  
7.50%, Pool #C64121, 02/01/32
     8,280       8,959  
6.50%, Pool #C64668, 03/01/32
     16,991       17,558  
6.50%, Pool #C65466, 03/01/32
     78,028       80,633  
7.50%, Pool #C65717, 04/01/32
     11,208       12,103  
6.50%, Pool #C66088, 04/01/32
     14,083       14,554  
6.50%, Pool #C66191, 04/01/32
     30,108       31,113  
6.50%, Pool #C66192, 04/01/32
     15,128       15,633  
7.00%, Pool #C66744, 04/01/32
     2,598       2,731  
6.50%, Pool #C66758, 05/01/32
     373,972       386,455  
7.00%, Pool #C66916, 05/01/32
     37,481       39,395  
6.50%, Pool #C66919, 05/01/32
     4,273       4,415  
6.50%, Pool #C67097, 05/01/32
     6,039       6,241  
7.00%, Pool #C67235, 05/01/32
     94,805       99,648  
7.00%, Pool #C67259, 05/01/32
     4,235       4,452  
6.50%, Pool #C67313, 05/01/32
     2,380       2,460  
6.50%, Pool #C67996, 06/01/32
     11,180       11,554  
7.00%, Pool #C68290, 06/01/32
     13,807       14,512  
7.00%, Pool #C68300, 06/01/32
     77,170       81,112  
8.00%, Pool #C68307, 06/01/32
     3,892       4,220  
7.50%, Pool #C68988, 07/01/32
     4,616       4,984  
7.00%, Pool #C69908, 08/01/32
     63,615       66,865  
6.50%, Pool #C69951, 08/01/32
     23,570       24,356  
7.00%, Pool #C70211, 08/01/32
     60,739       63,842  
7.50%, Pool #C71089, 09/01/32
     16,717       18,052  
6.50%, Pool #C71403, 07/01/32
     55,148       57,041  
7.50%, Pool #C72160, 10/01/32
     5,671       6,124  
6.50%, Pool #C72361, 06/01/32
     27,217       28,151  
6.50%, Pool #C72497, 06/01/32
     15,824       16,367  
6.50%, Pool #C73984, 12/01/32
     13,253       13,696  
6.50%, Pool #C74006, 08/01/32
     15,666       16,188  
6.50%, Pool #C77531, 02/01/33
     102,285       105,699  
7.00%, Pool #C90559, 05/01/22
     95,203       100,101  
8.00%, Pool #D60780, 06/01/25
     5,461       5,932  
8.00%, Pool #D64617, 10/01/25
     28,778       31,271  
7.00%, Pool #D82854, 10/01/27
     6,090       6,427  
6.50%, Pool #E00282, 03/01/09
     7,215       7,474  
7.50%, Pool #E00394, 09/01/10
     18,223       18,831  
7.50%, Pool #E00507, 09/01/12
     2,267       2,371  
6.00%, Pool #E00677, 06/01/14
     83,996       86,032  
7.50%, Pool #E00802, 02/01/15
     40,870       42,653  
7.00%, Pool #E00938, 01/01/16
     20,196       21,326  
6.00%, Pool #E00975, 05/01/16
     58,690       60,098  
6.00%, Pool #E00985, 06/01/16
     32,836       33,621  
6.50%, Pool #E00987, 06/01/16
     28,607       29,993  
6.50%, Pool #E00996, 07/01/16
     3,516       3,687  
7.00%, Pool #E01083, 11/01/16
     6,903       7,278  
6.00%, Pool #E01095, 01/01/17
     13,333       13,647  
6.50%, Pool #E01127, 02/01/17
     21,469       22,493  
6.00%, Pool #E01137, 03/01/17
     20,442       20,920  
6.50%, Pool #E01138, 03/01/17
     10,848       11,362  
6.00%, Pool #E01139, 04/01/17
     91,983       94,126  
6.00%, Pool #E01140, 05/01/17
     80,970       82,853  
6.50%, Pool #E01156, 05/01/17
     30,927       32,381  
6.00%, Pool #E01157, 06/01/17
     56,693       58,009  
5.50%, Pool #E01186, 08/01/17
     180,123       183,347  
6.50%, Pool #E01205, 08/01/17
     23,050       24,134  
5.50%, Pool #E01311, 02/01/18
     1,932,360       1,965,067  
5.50%, Pool #E01604, 03/01/19
     148,836       149,931  
6.00%, Pool #E69050, 02/01/13
     31,261       31,836  
7.00%, Pool #E72896, 10/01/13
     16,914       17,808  
7.50%, Pool #E81394, 10/01/15
     13,203       13,916  
7.00%, Pool #E81396, 10/01/15
     1,443       1,524  
7.00%, Pool #E82132, 01/01/16
     4,109       4,339  
6.00%, Pool #E82815, 03/01/16
     14,142       14,403  
7.00%, Pool #E83046, 04/01/16
     2,542       2,685  
6.00%, Pool #E83231, 04/01/16
     3,973       4,046  
6.00%, Pool #E83233, 04/01/16
     10,675       10,872  
6.00%, Pool #E83355, 05/01/16
     15,730       16,020  
6.00%, Pool #E83636, 05/01/16
     27,691       28,202  
6.50%, Pool #E83933, 05/01/16
     1,112       1,152  
6.50%, Pool #E84097, 12/01/15
     4,274       4,428  
6.50%, Pool #E84236, 06/01/16
     7,243       7,505  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
                 
    Principal        
    Amount     Value  
U.S. Government Mortgage Backed Agencies (continued)
                
6.50%, Pool #E84912, 08/01/16
   $ 15,958     $ 16,535  
6.50%, Pool #E85117, 08/01/16
     9,651       10,000  
6.00%, Pool #E85387, 09/01/16
     37,159       37,844  
6.50%, Pool #E85800, 10/01/16
     7,542       7,814  
6.00%, Pool #E86183, 11/01/16
     5,020       5,113  
6.00%, Pool #E86533, 12/01/16
     9,857       10,039  
5.50%, Pool #E86746, 12/01/16
     81,496       82,095  
6.50%, Pool #E86995, 01/01/17
     33,282       34,485  
6.50%, Pool #E87291, 01/01/17
     40,059       41,507  
6.50%, Pool #E87446, 01/01/17
     7,109       7,366  
6.00%, Pool #E87584, 01/01/17
     10,438       10,631  
6.50%, Pool #E88055, 02/01/17
     62,816       65,088  
6.00%, Pool #E88076, 02/01/17
     10,692       10,889  
6.50%, Pool #E88106, 02/01/17
     39,249       40,668  
6.00%, Pool #E88134, 03/01/17
     3,321       3,383  
6.00%, Pool #E88474, 03/01/17
     19,639       20,002  
6.00%, Pool #E88729, 04/01/17
     15,909       16,203  
6.00%, Pool #E88768, 03/01/17
     52,823       53,798  
6.00%, Pool #E89149, 04/01/17
     24,832       25,291  
6.00%, Pool #E89151, 04/01/17
     18,287       18,625  
6.50%, Pool #E89203, 04/01/17
     8,490       8,797  
6.00%, Pool #E89217, 04/01/17
     13,706       13,960  
6.00%, Pool #E89222, 04/01/17
     96,487       98,271  
6.00%, Pool #E89347, 04/01/17
     4,742       4,829  
6.00%, Pool #E89496, 04/01/17
     21,103       21,493  
6.00%, Pool #E89530, 05/01/17
     57,879       58,949  
6.00%, Pool #E89746, 05/01/17
     127,085       129,434  
6.00%, Pool #E89788, 05/01/17
     12,424       12,654  
6.00%, Pool #E89909, 05/01/17
     20,378       20,755  
6.50%, Pool #E89924, 05/01/17
     60,017       62,188  
6.00%, Pool #E90194, 06/01/17
     15,707       15,997  
6.00%, Pool #E90227, 06/01/17
     12,947       13,186  
6.00%, Pool #E90313, 06/01/17
     6,449       6,568  
5.50%, Pool #E90591, 07/01/17
     79,534       80,839  
6.00%, Pool #E90594, 07/01/17
     49,526       50,441  
6.00%, Pool #E90645, 07/01/17
     83,762       85,310  
6.00%, Pool #E90667, 07/01/17
     13,989       14,247  
7.00%, Pool #G01108, 04/01/30
     4,801       5,055  
6.50%, Pool #G01133, 07/01/30
     37,270       38,607  
7.00%, Pool #G01217, 03/01/31
     63,373       66,689  
7.00%, Pool #G01309, 08/01/31
     17,062       17,937  
7.00%, Pool #G01311, 09/01/31
     100,264       105,511  
7.00%, Pool #G01315, 09/01/31
     3,794       3,992  
6.50%, Pool #G01355, 02/01/32
     471,588       487,772  
7.00%, Pool #G01391, 04/01/32
     160,608       169,013  
6.50%, Pool #G01433, 07/01/32
     26,856       27,752  
6.50%, Pool #G01443, 08/01/32
     179,747       185,747  
6.50%, Pool #G01444, 08/01/32
     185,242       191,599  
7.00%, Pool #G01449, 07/01/32
     114,063       120,032  
7.00%, Pool #G01536, 03/01/33
     89,782       94,026  
6.50%, Pool #G01741, 10/01/34
     160,550       165,909  
5.00%, Pool #G01867, 08/01/35
     5,499,645       5,365,799  
4.50%, Pool #G01890, 10/01/35
     691,536       655,257  
7.00%, Pool #G01947, 05/01/35
     132,104       138,852  
5.00%, Pool #G01959, 12/01/35
     3,297,474       3,217,223  
4.50%, Pool #G02045, 10/01/35
     248,920       235,861  
5.00%, Pool #G02186, 05/01/36
     17,945,705       17,508,958  
4.50%, Pool #G02220, 01/01/36
     218,537       207,072  
6.50%, Pool #G02267, 08/01/36
     1,610,228       1,653,160  
5.00%, Pool #G02342, 10/01/36
     1,425,182       1,389,607  
6.50%, Pool #G02375, 09/01/36
     849,590       872,242  
6.50%, Pool #G08023, 11/01/34
     247,180       254,504  
6.50%, Pool #G08064, 04/01/35
     164,906       169,432  
5.00%, Pool #G08072, 08/01/35
     3,992,160       3,895,003  
5.50%, Pool #G08073, 08/01/35
     2,290,999       2,282,082  
6.50%, Pool #G08088, 10/01/35
     861,688       885,335  
5.50%, Pool #G08095, 11/01/35
     689,572       686,888  
5.50%, Pool #G08105, 01/01/36
     8,172,626       8,140,818  
4.50%, Pool #G08109, 11/01/35
     359,072       340,235  
5.50%, Pool #G08111, 02/01/36
     5,965,182       5,939,169  
5.50%, Pool #G08116, 03/01/36
     1,178,189       1,173,051  
6.50%, Pool #G08130, 05/01/36
     278,786       286,219  
5.50%, Pool #G08134, 06/01/36
     675,143       672,199  
5.50%, Pool #G08139, 07/01/36
     1,412,925       1,406,763  
6.50%, Pool #G08141, 07/01/36
     1,007,599       1,034,464  
6.50%, Pool #G10399, 07/01/09
     1,329       1,345  
6.00%, Pool #G10749, 10/01/12
     52,959       53,930  
6.50%, Pool #G10940, 11/01/11
     8,119       8,411  
6.50%, Pool #G11001, 03/01/15
     30,844       31,957  
7.50%, Pool #G11003, 04/01/15
     2,272       2,392  
6.00%, Pool #G11130, 12/01/11
     68,006       69,751  
7.00%, Pool #G11164, 05/01/15
     7,290       7,691  
7.00%, Pool #G11207, 11/01/16
     17,950       18,957  
5.50%, Pool #G11295, 09/01/17
     119,240       121,197  
5.50%, Pool #G11399, 04/01/18
     173,463       176,473  
6.00%, Pool #G11409, 05/01/17
     123,097       125,368  
6.50%, Pool #G11434, 01/01/18
     32,212       33,376  
6.00%, Pool #G11458, 09/01/17
     40,919       41,672  
5.50%, Pool #G11531, 02/01/19
     75,674       76,774  
6.00%, Pool #G11612, 04/01/14
     37,883       38,815  
6.00%, Pool #G11972, 04/01/16
     245,078       249,594  
6.00%, Pool #G12245, 07/01/21
     147,114       149,849  
5.50%, Pool #G12310, 08/01/21
     121,550       122,520  
6.00%, Pool #G12348, 08/01/21
     301,235       306,835  
5.50%, Pool #G12412, 11/01/21
     157,745       159,004  
5.50%, Pool #G18006, 08/01/19
     136,001       137,638  
6.00%, Pool #G18007, 07/01/19
     67,147       68,392  
5.50%, Pool #G18022, 11/01/19
     280,596       283,974  
6.00%, Pool #G18062, 06/01/20
     129,353       131,754  
5.50%, Pool #G18096, 01/01/21
     117,663       118,528  
5.00%, Pool #G18122, 06/01/21
     222,992       221,454  
5.50%, Pool #G18123, 06/01/21
     428,594       432,013  
5.00%, Pool #J00718, 12/01/20
     1,270,894       1,264,913  
5.00%, Pool #J00854, 01/01/21
     695,810       692,535  
5.50%, Pool #J00855, 01/01/21
     318,509       321,448  
5.00%, Pool #J00871, 01/01/21
     301,135       299,718  
5.00%, Pool #J00935, 12/01/20
     121,703       121,130  
5.00%, Pool #J01049, 01/01/21
     2,835,116       2,821,775  
5.00%, Pool #J01189, 02/01/21
     167,898       166,741  
5.00%, Pool #J01256, 03/01/21
     160,112       159,009  
5.50%, Pool #J01279, 02/01/21
     260,383       262,460  
5.00%, Pool #J01414, 03/01/21
     137,412       136,464  
5.50%, Pool #J01570, 04/01/21
     181,385       182,719  
5.00%, Pool #J01576, 04/01/21
     791,678       786,220  
5.50%, Pool #J01633, 04/01/21
     777,341       783,542  
5.00%, Pool #J01757, 05/01/21
     314,594       312,426  
5.00%, Pool #J01771, 05/01/21
     207,848       206,415  
5.00%, Pool #J01833, 05/01/21
     135,531       134,596  
5.00%, Pool #J01879, 05/01/21
     257,878       256,101  
6.00%, Pool #J01980, 06/01/21
     304,856       310,523  
5.50%, Pool #J02325, 07/01/20
     302,926       305,721  
5.50%, Pool #J03028, 07/01/21
     187,723       189,220  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
                 
    Principal        
    Amount     Value  
U.S. Government Mortgage Backed Agencies (continued)
                
5.00%, Pool #J03074, 07/01/21
   $ 206,582     $ 205,158  
5.00%, Pool #J06015, 05/01/21
     236,115       234,488  
4.50%, Pool #M80898, 02/01/11
     391,762       397,593  
4.50%, Pool #M80904, 03/01/11
     241,406       239,797  
4.50%, Pool #M80917, 05/01/11
     60,230       61,126  
4.50%, Pool #M80926, 07/01/11
     237,784       241,324  
4.50%, Pool #M80934, 08/01/11
     294,052       292,092  
4.50%, Pool #M80981, 07/01/12
     126,630       126,511  
4.50%, Pool #M81009, 02/01/13
     158,617       157,560  
Freddie Mac Non Gold Pool
                
5.72%, Pool #1G1945, 05/01/37(a)
     9,261,949       9,380,133  
5.74%, Pool #1J1593, 04/01/37(a)
     9,666,461       9,801,777  
5.87%, Pool #1J1594, 04/01/37(a)
     10,804,210       10,999,066  
Ginnie Mae I pool
                
9.00%, Pool #279461, 11/15/19
     2,756       3,027  
7.00%, Pool #376510, 05/15/24
     8,149       8,613  
7.00%, Pool #416538, 10/15/29
     1,812       1,909  
7.50%, Pool #434505, 08/15/29
     2,199       2,371  
7.00%, Pool #457801, 08/15/28
     12,664       13,353  
7.00%, Pool #470643, 07/15/29
     19,328       20,365  
7.00%, Pool #485879, 08/15/31
     30,036       31,590  
7.50%, Pool #486019, 01/15/31
     4,643       5,001  
5.50%, Pool #486921, 02/15/35
     186,008       186,480  
6.50%, Pool #486936, 02/15/29
     9,374       9,655  
7.00%, Pool #487053, 03/15/29
     11,825       12,459  
6.00%, Pool #502969, 03/15/29
     30,138       30,723  
7.50%, Pool #507396, 09/15/30
     104,348       112,456  
7.50%, Pool #508473, 04/15/31
     17,996       19,385  
7.00%, Pool #509099, 06/15/29
     7,323       7,715  
8.00%, Pool #524269, 11/15/29
     10,730       11,775  
8.00%, Pool #525561, 01/15/30
     4,123       4,526  
6.50%, Pool #528589, 03/15/31
     92,465       95,177  
7.50%, Pool #531352, 09/15/30
     13,945       15,029  
7.50%, Pool #535388, 01/15/31
     4,299       4,631  
7.50%, Pool #536334, 10/15/30
     1,227       1,322  
7.50%, Pool #537406, 02/15/31
     4,176       4,499  
7.00%, Pool #540659, 01/15/31
     1,183       1,245  
8.00%, Pool #544470, 04/15/31
     4,479       4,917  
6.50%, Pool #547948, 11/15/31
     9,909       10,200  
7.00%, Pool #549742, 07/15/31
     7,230       7,603  
6.50%, Pool #550991, 10/15/31
     13,171       13,557  
7.00%, Pool #552474, 03/15/32
     16,274       17,109  
7.00%, Pool #552616, 06/15/32
     92,845       97,609  
6.50%, Pool #552903, 11/15/32
     443,595       456,330  
6.00%, Pool #552952, 12/15/32
     72,959       74,307  
5.50%, Pool #553144, 04/15/33
     293,083       294,194  
6.00%, Pool #553320, 06/15/33
     162,005       164,948  
7.00%, Pool #555125, 09/15/31
     5,220       5,490  
6.50%, Pool #555171, 12/15/31
     4,826       4,967  
6.00%, Pool #564799, 03/15/34
     706,611       719,006  
7.00%, Pool #568715, 05/15/32
     84,031       88,343  
7.00%, Pool #570022, 07/15/32
     142,423       149,731  
7.00%, Pool #571267, 10/15/31
     3,829       4,027  
6.50%, Pool #572554, 09/15/31
     201,266       207,169  
6.00%, Pool #572733, 07/15/33
     41,292       42,042  
6.00%, Pool #573916, 11/15/33
     177,522       180,747  
7.50%, Pool #574837, 11/15/31
     3,348       3,607  
6.50%, Pool #580972, 02/15/32
     7,906       8,133  
8.00%, Pool #583645, 07/15/32
     13,186       14,473  
6.00%, Pool #588192, 02/15/33
     40,939       41,683  
6.00%, Pool #595077, 10/15/32
     81,759       83,269  
7.00%, Pool #596657, 10/15/32
     7,190       7,559  
6.00%, Pool #602102, 02/15/33
     93,870       95,575  
5.00%, Pool #602461, 12/15/35
     196,288       192,847  
6.00%, Pool #603520, 03/15/33
     95,620       97,358  
6.00%, Pool #604243, 04/15/33
     170,887       173,992  
6.50%, Pool #604788, 11/15/33
     282,481       290,326  
6.00%, Pool #604875, 12/15/33
     331,369       337,389  
5.50%, Pool #606308, 05/15/36
     550,098       551,496  
5.50%, Pool #606314, 05/15/36
     243,857       244,477  
6.00%, Pool #611526, 05/15/33
     85,381       86,932  
6.00%, Pool #621856, 01/15/34
     142,266       144,761  
6.50%, Pool #630038, 08/15/34
     284,524       292,158  
6.00%, Pool #631924, 05/15/33
     148,420       151,116  
6.00%, Pool #635306, 06/15/36
     1,249,294       1,269,647  
4.50%, Pool #641734, 09/15/35
     1,195,254       1,141,990  
5.00%, Pool #641779, 09/15/35
     4,351,471       4,275,185  
5.00%, Pool #645035, 07/15/35
     185,192       181,946  
4.50%, Pool #646799, 07/15/35
     215,372       205,774  
5.00%, Pool #648439, 01/15/36
     371,802       365,167  
5.50%, Pool #649454, 09/15/35
     1,695,080       1,699,918  
5.50%, Pool #649510, 10/15/35
     2,583,978       2,591,353  
5.50%, Pool #649513, 10/15/35
     3,458,274       3,468,144  
5.00%, Pool #650712, 01/15/36
     511,989       502,853  
5.50%, Pool #652207, 03/15/36
     3,258,532       3,266,814  
5.00%, Pool #652539, 05/15/36
     230,128       226,022  
5.50%, Pool #653598, 05/15/36
     844,586       846,733  
6.00%, Pool #655457, 05/15/36
     229,026       232,826  
5.00%, Pool #655519, 05/15/36
     482,856       474,240  
6.00%, Pool #656666, 06/15/36
     1,156,587       1,175,430  
6.50%, Pool #657912, 08/15/36
     239,045       245,157  
6.00%, Pool #781014, 04/15/29
     27,090       27,674  
7.00%, Pool #781124, 12/15/29
     49,174       51,829  
7.00%, Pool #781287, 05/15/31
     28,262       29,758  
7.00%, Pool #781319, 07/15/31
     9,028       9,498  
7.00%, Pool #781328, 09/15/31
     26,640       28,051  
7.50%, Pool #781380, 12/15/31
     8,092       8,592  
7.50%, Pool #781401, 02/15/32
     23,240       25,041  
8.00%, Pool #781429, 03/15/32
     21,408       23,499  
7.00%, Pool #781431, 04/15/32
     100,462       105,654  
7.50%, Pool #781478, 03/15/32
     13,968       15,054  
7.50%, Pool #781481, 01/15/32
     42,924       46,264  
6.00%, Pool #781688, 12/15/33
     318,350       324,178  
6.00%, Pool #781690, 12/15/33
     137,747       140,302  
7.00%, Pool #781699, 12/15/33
     53,942       56,740  
6.00%, Pool #781804, 09/15/34
     492,691       500,903  
6.00%, Pool #781847, 12/15/34
     427,984       435,023  
6.00%, Pool #781902, 02/15/35
     415,339       422,110  
5.00%, Pool #781905, 04/15/35
     1,067,901       1,049,465  
6.50%, Pool #781916, 03/15/32
     530,580       545,471  
6.00%, Pool #781933, 06/15/35
     75,799       77,013  
 
                
Total U.S. Government Mortgage Backed Agencies
             575,196,290  
 
              
U.S. Government Sponsored Mortgage-Backed Obligations (5.4%)
                
Federal Home Loan Mortgage Corp. TBA, 5.00%, 10/15/37
     300,000       292,219  
Federal National Mortgage Association TBA, 7.00%, 10/01/36
     8,800,000       9,193,254  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
                 
    Principal        
    Amount     Value  
U.S. Government Sponsored Mortgage-Backed Obligations (continued)
                
Freddie Mac Gold Pool, 6.00%, Pool #34397, 10/11/37
   $ 61,300,000     $ 62,047,124  
 
                
Total U.S. Government Sponsored Mortgage-Backed Obligations
             71,532,597  
 
              
Yankee Dollars (1.0%)
                
Banks (0.3%)
                
National Australia Bank Ltd., 8.60%, Series A, 05/19/10
     177,000       185,317  
Royal Bank of Scotland Group PLC, 4.70%, 07/03/18
     472,000       402,504  
Santander Central Hispano Issuances Ltd., 7.63%, 11/03/09
     2,714,000       2,740,109  
UBS AG, 5.88%, 12/20/17
     350,000       310,773  
Westpac Banking Corp., 4.63%, 06/01/18
     147,000       127,155  
 
              
 
             3,765,858  
 
              
Insurance (0.0%)
                
Montpelier Re Holdings Ltd., 6.13%, 08/15/13
     74,000       73,248  
 
              
Metals & Mining (0.1%)
                
Alcan, Inc.
                
6.45%, 03/15/11
     44,000       45,131  
4.50%, 05/15/13
     372,000       346,922  
Inco Ltd., 7.75%, 05/15/12
     177,000       188,187  
Potash Corp. of Saskatchewan
                
7.75%, 05/31/11
     41,000       42,964  
4.88%, 03/01/13
     165,000       154,994  
Teck Cominco Ltd., 6.13%, 10/01/35
     147,000       110,908  
Xstrata Canada Corp., 6.20%, 06/15/35
     177,000       134,744  
 
              
 
             1,023,850  
 
              
Oil, Gas & Consumable Fuels (0.3%)
                
Canadian Natural Resources Ltd., 4.90%, 12/01/14
     280,000       244,888  
Enbridge, Inc., 5.60%, 04/01/17
     1,500,000       1,387,560  
EnCana Corp.
                
4.75%, 10/15/13
     339,000       312,280  
6.50%, 08/15/34
     350,000       279,965  
Nexen, Inc.
                
5.05%, 11/20/13
     295,000       270,819  
5.20%, 03/10/15
     350,000       302,612  
5.88%, 03/10/35
     133,000       99,583  
6.40%, 05/15/37
     350,000       277,090  
Petro-Canada, 5.95%, 05/15/35
     271,000       214,128  
StatoilHydro ASA, 6.80%, 01/15/28
     650,000       674,961  
Talisman Energy, Inc.
                
7.25%, 10/15/27
     133,000       120,947  
5.75%, 05/15/35
     350,000       261,959  
 
              
 
             4,446,792  
 
              
Oilfield Machinery & Services (0.0%)
                
Weatherford International Ltd., 5.50%, 02/15/16
     74,000       67,826  
 
              
Other Financial (0.1%)
                
BHP Billiton Finance USA Ltd., 6.42%, 03/01/26
     80,000       74,772  
Brookfield Asset Management, Inc., 5.75%, 03/01/10
     180,000       177,052  
Burlington Resources Finance Co.
                
6.40%, 08/15/11
     124,000       128,552  
6.50%, 12/01/11
     206,000       214,503  
ConocoPhillips Canada Funding Co. I, 5.63%, 10/15/16
     365,000       354,558  
Diageo Capital PLC, 7.25%, 11/01/09
     350,000       358,583  
 
              
 
             1,308,020  
 
              
Other Utility (0.0%)
                
Hydro Quebec
                
8.40%, 01/15/22
     220,000       293,785  
8.88%, 03/01/26
     156,000       225,071  
 
              
 
             518,856  
 
              
Pipelines (0.1%)
                
TransCanada Pipelines Ltd., 5.85%, 03/15/36
     750,000       618,916  
 
              
Road & Rail (0.1%)
                
Canadian National Railway Co.
                
4.40%, 03/15/13
     1,035,000       999,034  
6.90%, 07/15/28
     242,000       243,841  
6.20%, 06/01/36
     236,000       218,480  
 
              
 
             1,461,355  
 
              
Total Yankee Dollars
             13,284,721  
 
              
Repurchase Agreements (0.1%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $1,554,697, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $1,585,721
     1,554,628       1,554,628  
 
              
Total Investments
(Cost $1,496,005,228) (h) — 110.7%
             1,463,214,930  
Liabilities in excess of other assets — (10.7)%
             (140,941,321 )
 
              
NET ASSETS — 100.0%
           $ 1,322,273,609  
 
              
 
(a)   Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on September 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 September 30, 2008, all such securities in total represented 2.20% of net assets.
 
(c)   Security in default.
 
(d)   Illiquid security.
 
(e)   Step Bond: Coupon rate is set for an initial period and then decreases to a lower coupon rate at a specified date. The rate shown is the rate in effect at September 30, 2008.
 
(f)   The rate reflected in the Statement of Investments is the discount rate at the time of purchase.
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Bond Index Fund
 
(g)   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 September 30, 2008.
 
(h)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
LP   Limited Partnership
 
PCL   Public Company Limited
 
REIT   Real Estate Investment Trust
 
TBA   To Be Announced.
 
ULC   Unlimited Liability Co.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Enhanced Income Fund
                 
    Principal        
    Amount     Value  
Asset-Backed Securities (34.9%)
                
Auto Loans (14.7%)
                
Banc of America Securities Auto Trust, 5.18%, Series 2006-G1, Class A3, 06/18/10
   $ 1,682,884     $ 1,680,859  
BMW Vehicle Owner Trust, 5.07%, Series 2006-A, Class A4, 08/25/11
     2,500,000       2,472,940  
Capital Auto Receivables Asset Trust
                
3.75%, Series 2004-2, Class A4, 07/15/09
     635,112       634,386  
4.98%, Series 2006-2, Class A3A, 05/15/11
     1,845,601       1,826,334  
Chase Manhattan Auto Owner Trust, 4.88%, Series 2005-B, Class A4, 06/15/12
     1,216,849       1,218,779  
Daimler Chrysler Auto Trust
                
4.98%, Series 2006-D, Class A3, 02/08/11
     1,748,631       1,744,505  
4.94%, Series 2007-A, Class A2A, 03/08/11
     792,717       789,797  
Ford Credit Auto Owner Trust
                
4.38%, Series 2005-B, Class A4, 01/15/10
     535,343       534,710  
5.05%, Series 2006-A, Class A3, 03/15/10
     720,055       720,139  
5.26%, Series 2007-B, Class A2A, 06/15/10
     1,059,781       1,059,015  
Honda Auto Receivables Owner Trust
                
5.41%, Series 2007-2, Class A2, 11/23/09
     551,541       552,551  
4.60%, Series 2005-4, Class A4, 11/22/10
     1,220,085       1,217,523  
4.03%, Series 2005-3, Class A4, 12/20/10
     1,631,858       1,631,875  
Honda Auto Recievables Owner Trust, 5.46%, Series 2007-2, Class A3, 04/21/10
     1,000,000       1,001,530  
Household Automotive Trust, 4.80%, Series 2005-3, Class A3, 10/18/10
     908,308       902,948  
Nissan Auto Receivables Owner Trust, 4.74%, Series 2006-A, Class A3, 09/15/09
     435,370       435,795  
USAA Auto Owner Trust
                
4.27%, Series 2008-1, Class A2, 10/15/10
     1,814,277       1,813,591  
3.91%, Series 2008-2, Class A2, 01/18/11
     2,000,000       1,988,959  
Volkswagen Auto Loan Enhanced Trust, 4.86%, Series 2005-1, Class A4, 04/20/12
     2,821,163       2,825,044  
Wachovia Auto Owner Trust, 5.35%, Series 2006-A, Class A3, 02/22/11
     683,031       684,986  
WFS Financial Owner Trust
                
3.93%, Series 2004-3, Class A4, 02/17/12
     1,241,813       1,241,367  
4.39%, Series 2005-2, Class A4, 11/19/12
     1,585,321       1,585,587  
World Omni Auto Receivables Trust
                
5.46%, Series 2007-B, Class A2A, 02/16/10
     637,028       638,259  
4.13%, Series 2008-B, Class A2, 03/15/11
     2,500,000       2,457,175  
 
              
 
             31,658,654  
 
              
Credit Card Loans (8.8%)
                
American Express Credit Account Master Trust, 4.35%, Series 2004-3, Class A, 12/15/11
     3,120,000       3,116,556  
BA Master Credit Card Trust, 7.00%, Series 1999-J, Class A, 02/15/12
     1,000,000       1,021,067  
Bank of America Credit Card Trust, 4.07%, Series 2008-A9, Class A9, 07/16/12
     2,500,000       2,474,199  
Bank One Issuance Trust
                
3.45%, Series 2004-A1, Class A1, 10/17/11
     2,500,000       2,490,171  
3.94%, Series 2004-A6, Class A6, 04/16/12
     1,564,000       1,554,045  
Citibank Credit Card Issuance Trust, 4.85%, Series 2006-A2, Class A2, 02/10/11
     2,440,000       2,442,407  
Citibank Credit Card Master Trust I, 5.88%, Series 1999-2, Class A, 03/10/11
     2,500,000       2,514,561  
MBNA Credit Card Master Note Trust, 4.90%, Series 2006-A1, Class A1, 07/15/11
     2,500,000       2,503,624  
MBNA Practice Solutions Owner Trust, 4.34%, Series 2005-2, Class A3, 06/15/11
     816,566       816,297  
 
              
 
             18,932,927  
 
              
Equipment Loans (3.9%)
                
Caterpillar Financial Asset Trust
                
5.40%, Series 2007-A, Class A2A, 04/26/10
     492,153       493,050  
5.57%, Series 2006-A, Class A3, 05/25/10
     548,575       550,553  
CIT Equipment Collateral
                
5.13%, Series 2006-VT1, Class A3, 12/21/09
     454,790       455,325  
5.16%, Series 2006-VT1, Class A4, 02/20/13
     2,500,000       2,476,466  
GE Equipment Midticket LLC, 4.58%, Series 2007-1 , Class A2A, 05/14/10
     1,999,151       1,998,172  
John Deere Owner Trust, 3.63%, Series 2008-A Class A2, 03/15/11
     2,500,000       2,480,020  
 
              
 
             8,453,586  
 
              
Home Equity Loans (0.9%)
                
Chase Funding Mortgage Loan Asset-Backed Certificates
                
3.34%, Series 2003-6, Class 1A3, 05/25/26
     103,437       103,064  
3.30%, Series 2003-3, Class 1A4, 11/25/29
     273,755       270,186  
Citicorp Residential Mortgage Securities, Inc., 5.96%, Series 2006-1, Class A1, 07/25/36
     299,989       298,605  
Countrywide Asset-Backed Certificates, 4.37%, Series 2005-7, Class AF2, 10/25/35
     378,112       376,692  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Enhanced Income Fund
                 
    Principal        
    Amount     Value  
Asset-Backed Securities (continued)
                
Home Equity Loans (continued)
                
FHLMC Structured Pass Through Securities, 5.05%, Series T-50, Class A7, 10/27/31(a)
   $ 1,103,000     $ 1,014,108  
 
              
 
             2,062,655  
 
              
Utility Loans (6.6%)
                
AEP Texas Central Transition Funding LLC, 4.98%, Series 2006-A, Class A1, 01/01/10
     2,031,398       2,037,632  
CenterPoint Energy Transition Bond Co. LLC, 5.16%, Series 2001-1, Class A3, 09/15/11
     1,220,023       1,226,124  
CPL Transition Funding LLC, 5.56%, Series 2002-1, Class A3, 01/15/12
     2,005,397       2,037,107  
FPL Recovery Funding LLC, 5.05%, Series 2007-A, Class A1, 02/01/13
     1,942,877       1,952,552  
Oncor Electric Delivery Transition Bond Co., 4.03%, Series 2003-1, Class A2, 02/15/12
     1,405,428       1,400,675  
Peco Energy Transition Trust, 6.52%, Series 2001-A, Class A1, 12/31/10
     1,505,000       1,544,550  
PG&E Energy Recovery Funding LLC
                
3.87%, Series 2005-1, Class A2, 06/25/11
     800,811       798,703  
4.85%, Series 2005-2, Class A1, 06/25/11
     891,779       892,646  
PP&L Transition Bond Co LLC, 7.15%, Series 1999-1, Class A8, 06/25/09
     400,626       403,041  
Public Service New Hampshire Funding LLC, 5.73%, Series 2001-1, Class A2, 11/01/10
     334,161       334,550  
TXU Electric Delivery Transition Bond Co. LLC, 3.52%, Series 2004-1, Class A1, 11/15/11
     1,665,385       1,673,312  
 
              
 
             14,300,892  
 
              
Total Asset-Backed Securities
             75,408,714  
 
              
Corporate Bonds (23.1%)
                
Aerospace & Defense (0.8%)
                
United Technologies Corp., 4.38%, 05/01/10
     1,650,000       1,677,822  
 
              
Banks (4.2%)
                
Bank One Corp., 6.00%, 02/17/09
     2,500,000       2,483,145  
HSBC Bank USA NA, 3.88%, 09/15/09
     2,000,000       1,956,698  
Kreditanstalt fuer Wiederaufbau, 5.00%, 06/01/10
     2,000,000       2,068,080  
US Bancorp, 5.30%, 04/28/09
     2,500,000       2,497,817  
 
              
 
             9,005,740  
 
              
Beverages (1.1%)
                
Pepsi Bottling Holdings, Inc., 5.63%, 02/17/09
     2,500,000       2,511,538  
 
              
Diversified Financial Services (0.7%)(a)
                
Wells Fargo & Co., 2.92%, 09/15/09
     1,470,000       1,461,450  
 
              
Diversified Manufacturing (1.2%)
                
Honeywell International, Inc., 7.50%, 03/01/10
     2,500,000       2,629,215  
 
              
Health Care Equipment & Supplies (1.2%)
                
Johnson & Johnson, 6.63%, 09/01/09
     2,500,000       2,564,145  
 
              
Insurance (1.0%)
                
Genworth Financial, Inc., 5.23%, 05/16/09
     2,500,000       2,123,398  
 
              
Machinery (1.2%)
                
Caterpillar, Inc., 7.25%, 09/15/09
     2,500,000       2,564,443  
 
              
Manufacturing (2.2%)
                
3M Co., 5.13%, 11/06/09
     2,523,000       2,559,359  
IBM Corp., 4.25%, 09/15/09
     2,227,000       2,246,698  
 
              
 
             4,806,057  
 
              
Other Financial (7.2%)
                
Associates Corp. of North America, 6.25%, 11/01/08
     2,500,000       2,493,753  
Berkshire Hathaway Finance Corp., 4.13%, 01/15/10
     2,000,000       2,007,754  
General Electric Capital Corp., 3.60%, 10/15/08
     2,500,000       2,497,412  
John Deere Capital Corp., 4.40%, 07/15/09
     2,000,000       1,990,236  
Monumental Global Funding II, 3.90%, 06/15/09(b)
     2,500,000       2,464,770  
New York Life Global Funding, 3.88%, 01/15/09(b)
     2,500,000       2,495,755  
Toyota Motor Credit Corp., 4.25%, 03/15/10
     1,500,000       1,528,329  
 
              
 
             15,478,009  
 
              
Specialty Retail (1.2%)
                
Wal-Mart Stores, Inc., 6.88%, 08/10/09
     2,500,000       2,567,662  
 
              
Telecommunications (1.1%)
                
BellSouth Corp., 4.20%, 09/15/09
     2,540,000       2,505,558  
 
              
Total Corporate Bonds
             49,895,037  
 
              
Commercial Mortgage Backed Securities (11.5%)
                
Asset Securitization Corp., 7.40%, Series 1996-D3, Class A1C, 10/13/26
     242,553       243,537  
Bear Stearns Commercial Mortgage Securities
                
6.08%, Series 2001-TOP2, Class A1, 02/15/35
     187,424       187,019  
4.17%, Series 2004-T14, Class A2, 01/12/41
     2,202,340       2,185,705  
Citigroup Commercial Mortgage Trust, 3.79%, Series 2004-C2, Class A1, 10/15/41
     495,778       492,714  
Commercial Mortgage Asset Trust, 6.64%, Series 1999-1, Class G, 01/17/32
     1,924,563       1,924,212  
First Union National Bank Commercial Mortgage, 5.67%, Series 2001-C4, Class A1, 12/12/33
     823,283       819,035  
GMAC Commercial Mortgage Securities, Inc.
                
4.22%, Series 2003-C3, Class A2, 04/10/40
     2,446,591       2,410,859  
4.21%, Series 2004-C3, Class A3, 12/10/41
     2,000,000       1,959,200  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Enhanced Income Fund
                 
    Principal        
    Amount     Value  
Commercial Mortgage Backed Securities (continued)
                
Greenwich Capital Commercial Funding Corp., 4.34%, Series 2004-GG1 , Class A3, 06/10/36
   $ 1,802,739     $ 1,789,296  
JPMorgan Chase Commercial Mortgage Securities Corp.
                
2.80%, Series 2004-PNC1, Class A1, 06/12/41
     366,107       364,289  
5.34%, Series 2006-CB16, Class A1, 05/12/45
     2,219,946       2,174,441  
LB-UBS Commercial Mortgage Trust
                
5.97%, Series 2002-C1, Class A2, 03/15/26
     604,190       603,716  
4.90%, Series 2002-C2, Class A2, 06/15/26
     195,946       194,947  
3.48%, Series 2003-C5, Class A2, 07/15/27
     44,892       44,534  
Morgan Stanley Capital I
                
4.50%, Series 2004-IQ8, Class A3, 11/15/11
     2,500,000       2,451,786  
4.81%, Series 2005-HQ5, Class A2, 01/14/42
     2,295,754       2,256,419  
Nomura Asset Securities Corp., 6.59%, Series 1998-D6, Class A1B, 03/15/30
     210,193       210,125  
Wachovia Bank Commercial Mortgage Trust
                
4.38%, Series 2005-C16, Class A2, 10/15/41
     2,503,112       2,453,733  
4.78%, Series 2005-C17, Class A2, 03/15/42
     2,035,783       2,000,215  
 
              
Total Commercial Mortgage Backed Securities
             24,765,782  
 
              
Collateralized Mortgage Obligations (6.2%)
                
Fannie Mae REMICS
                
3.50%, Series 2004-34, Class PL, 05/25/14
     381,749       381,141  
4.50%, Series 2005-91, Class PB, 06/25/16
     2,529,432       2,533,575  
3.00%, Series 2003-57, Class NB, 06/25/18
     428,763       410,195  
3.25%, Series 2003-75, Class NB, 08/25/18
     345,657       339,402  
4.50%, Series 2004-96, Class EW, 06/25/24
     2,497,316       2,496,113  
3.50%, Series 2003-75, Class AN, 03/25/33
     341,373       319,528  
Freddie Mac REMICS
                
3.50%, Series 2611, Class KC, 01/15/17
     465,114       459,869  
4.50%, Series 2664, Class GA, 01/15/18
     521,490       523,209  
3.25%, Series 2613, Class PA, 05/15/18
     572,085       550,313  
3.00%, Series 2630, Class JA, 06/15/18
     461,664       454,161  
Government National Mortgage Association
                
2.21%, Series 2003-49, Class A, 10/16/17
     2,241,750       2,210,886  
3.88%, Series 2004-103, Class A, 12/16/19
     2,232,152       2,217,122  
Residential Funding Mortgage Securities I, 2.50%, Series 2003-S11, Class A1, 06/25/18
     417,886       404,779  
 
              
Total Collateralized Mortgage Obligations
             13,300,293  
 
              
U.S. Government Sponsored & Agency Obligations (17.2%)
                
Federal Home Loan Bank, 5.38%, 07/17/09
     2,500,000       2,542,690  
Federal Home Loan Mortgage Corp., 4.88%, 02/09/10
     2,500,000       2,555,970  
Federal National Mortgage Association, 4.63%, 12/15/09
     2,700,000       2,746,367  
U.S. Treasury Notes
                
4.00%, 09/30/09
     6,000,000       6,122,814  
3.25%, 12/31/09
     8,000,000       8,132,496  
2.13%, 01/31/10
     5,000,000       5,013,670  
2.00%, 02/28/10
     5,000,000       5,003,905  
2.88%, 06/30/10
     5,000,000       5,082,420  
 
              
Total U.S. Government Sponsored & Agency Obligations
             37,200,332  
 
              
U.S. Government Sponsored Mortgage-Backed Obligations (0.5%)
                
Fannie Mae Pool
                
6.50%, Pool #190255, 02/01/09
     2,959       2,969  
5.50%, Pool #254256, 04/01/09
     16,156       16,390  
6.00%, Pool # 253845, 06/01/16
     100,048       102,410  
6.00%, Pool #254089, 12/01/16
     153,554       157,179  
6.00%, Pool #545415, 01/01/17
     135,322       138,516  
5.50%, Pool #254195, 02/01/17
     328,458       334,671  
5.50%, Pool #625178, 02/01/17
     286,300       291,715  
Freddie Mac Gold Pool
                
6.50%, Pool #E00678, 06/01/14
     59,638       62,578  
6.00%, Pool #E00991, 07/01/16
     79,262       81,152  
 
              
Total U.S. Government Sponsored Mortgage-Backed Obligations
             1,187,580  
 
              
Repurchase Agreements (5.8%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $12,563,737, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $12,814,446
     12,563,182       12,563,182  
 
              
Total Investments
 (Cost $215,438,017) (c) — 99.2%
             214,320,920  
Other assets in excess of liabilities — 0.8%
             1,651,266  
 
              
NET ASSETS — 100.0%
           $ 215,972,186  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Enhanced Income Fund
 
(a)   Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on September 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 September 30, 2008, all such securities in total represented 2.30% of net assets.
 
(c)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
FHLMC   Federal Home Loan Mortgage Corporation
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
Gartmore NVIT Developing Markets Fund
                 
    Shares     Value  
Common Stocks (86.1%)
                
BRAZIL (9.4%)
                
Commercial Banks (0.9%)
                
Unibanco — Uniao de Bancos Brasileiros SA GDR
     16,000     $ 1,614,720  
 
              
Diversified Telecommunication Services (1.0%)
                
Brasil Telecom Participacoes SA ADR
     34,225       1,672,234  
 
              
Electric Utility (0.5%)
                
MPX Energia SA*
     7,100       821,068  
 
              
Multiline Retail (1.6%)
                
Lojas Renner SA
     241,100       2,812,242  
 
              
Oil, Gas & Consumable Fuels (4.4%)
                
Petroleo Brasileiro SA
     37,900       828,764  
Petroleo Brasileiro SA ADR
     156,475       6,877,076  
 
              
 
             7,705,840  
 
              
Transportation Infrastructure (1.0%)
                
Companhia de Concessoes Rodoviarias
     134,299       1,747,920  
 
              
 
             16,374,024  
 
              
CHILE (0.4%)
                
Commercial Banks (0.4%)
                
Banco Santander Chile SA ADR
     17,881       765,128  
 
              
CHINA (6.6%)(a)
               
Commercial Banks (3.2%)
                
China Construction Bank Corp., Class H(b)
     6,101,000       4,071,124  
Industrial & Commercial Bank of China
     2,495,000       1,508,015  
 
              
 
             5,579,139  
 
              
Construction Materials (0.3%)
                
Anhui Conch Cement Co. Ltd.*
     168,200       642,492  
 
              
Insurance (0.9%)
                
Ping An Insurance Co. of China Ltd.
     273,000       1,598,730  
 
              
Marine (0.4%)
                
China Shipping Development Co. Ltd.
     510,000       669,546  
 
              
Oil, Gas & Consumable Fuels (1.8%)
                
China Petroleum & Chemical Corp.
     1,768,000       1,395,407  
PetroChina Co. Ltd.
     1,645,800       1,708,552  
 
              
 
             3,103,959  
 
              
 
             11,593,866  
 
              
CZECH REPUBLIC (2.2%)(a)
                
Electric Utility (2.2%)
                
CEZ AS
     62,390       3,879,991  
 
              
EGYPT (1.4%)
                
Diversified Telecommunication Services (1.4%)
                
Telecom Egypt GDR
     151,982       2,393,716  
HONG KONG (7.2%)(a)
                
Electronic Equipment & Instruments (0.8%)
                
Kingboard Chemical Holdings Ltd.
     411,500       1,405,106  
 
              
Independent Power Producers & Energy Traders (1.6%)
                
China Resources Power Holdings Co.
     1,255,800       2,743,385  
 
              
Marine (0.9%)
                
Pacific Basin Shipping Ltd.
     1,936,000       1,609,650  
 
              
Oil, Gas & Consumable Fuels (1.1%)
                
CNOOC Ltd.
     1,761,000       1,978,364  
 
              
Personal Products (0.6%)
                
Hengan International Group Co. Ltd.
     328,000       933,448  
 
              
Wireless Telecommunication Services (2.2%)
                
China Mobile Ltd.
     382,300       3,829,882  
 
              
 
             12,499,835  
 
              
INDIA (1.1%)
                
Commercial Banks (1.1%)
                
ICICI Bank Ltd. ADR
     79,699       1,874,520  
 
              
INDONESIA (1.3%)(a)
                
Commercial Banks (1.3%)
                
Bank Central Asia Tbk PT
     6,854,000       2,258,771  
 
              
ISRAEL (1.4%)
                
Chemicals (0.5%)(a)
                
Israel Chemicals Ltd.
     57,978       834,463  
 
              
Software (0.9%)
                
Check Point Software Technologies Ltd.*
     66,379       1,509,458  
 
              
 
             2,343,921  
 
              
KAZAKHSTAN (1.4%)(a)
                
Oil, Gas & Consumable Fuels (1.4%)
                
KazMunaiGas Exploration Production GDR
     156,850       2,480,697  
 
              
LUXEMBOURG (0.4%)
                
Energy Equipment & Services (0.4%)
                
Tenaris SA ADR
     18,944       706,422  
 
              
MALAYSIA (2.3%)(a)
                
Commercial Banks (1.2%)
                
Bumiputra Commerce Holdings Bhd
     915,000       2,048,313  
 
              
Food Products (0.2%)
                
IOI Corp. Bhd
     229,080       282,537  
 
              
Wireless Telecommunication Services (0.9%)
                
TM International Bhd*
     997,400       1,634,593  
 
              
 
             3,965,443  
 
              
MEXICO (6.7%)
                
Commercial Banks (1.4%)
                
Grupo Financiero Banorte SAB de CV
     778,550       2,485,037  
 
              
Food & Staples Retailing (1.4%)
                
Wal-Mart de Mexico SAB de CV, Series V
     715,850       2,507,504  
 
              
Metals & Mining (1.5%)
                
Grupo Mexico SAB de CV, Series B
     927,242       975,241  
Industrias CH SAB de CV, Series B*
     438,101       1,618,738  
 
              
 
             2,593,979  
 
              
Wireless Telecommunication Services (2.4%)
                
America Movil SAB de CV, Series L ADR
     89,786       4,162,479  
 
              
 
             11,748,999  
 
              
MOROCCO (0.5%)(a)
                
Real Estate Management & Development (0.5%)
                
Compagnie Generale Immobiliere
     3,385       836,306  
 
              
PERU (1.2%)
                
Commercial Banks (1.2%)
                
Credicorp Ltd.
     35,660       2,138,887  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Gartmore NVIT Developing Markets Fund
                 
    Shares     Value  
Common Stocks (continued)
                
POLAND (1.3%)(a)
                
Diversified Telecommunication Services (1.3%)
                
Telekomunikacja Polska SA*
     243,233     $ 2,321,745  
 
              
REPUBLIC OF KOREA (13.0%)
                
Chemicals (0.6%)(a)
                
LG Chem Ltd.
     12,387       972,018  
 
              
Commercial Banks (3.5%)
                
Industrial Bank of Korea GDR(a)
     149,830       1,812,932  
KB Financial Group, Inc. ADR*
     69,858       3,191,812  
Shinhan Financial Group Co. Ltd.(a)
     33,084       1,183,813  
 
              
 
             6,188,557  
 
              
Household Durables (1.0%)(a)
                
LG Electronics, Inc.
     19,019       1,760,023  
 
              
Industrial Conglomerate (0.9%)(a)
                
LG Corp.
     29,000       1,510,260  
 
              
Insurance (1.3%)(a)
                
Samsung Fire & Marine Insurance Co. Ltd.
     13,367       2,340,266  
 
              
Machinery (1.4%)(a)
                
Hanjin Heavy Industries & Construction Co. Ltd.
     45,730       1,369,817  
Hyundai Heavy Industries
     4,961       1,148,632  
 
              
 
             2,518,449  
 
              
Metals & Mining (1.8%)(a)
                
POSCO
     8,158       3,060,769  
 
              
Semiconductors & Semiconductor Equipment (2.5%)(a)
                
Samsung Electronics Co. Ltd.
     9,558       4,380,534  
 
              
 
             22,730,876  
 
              
RUSSIAN FEDERATION (8.5%)
                
Automobiles (1.6%)(a)
                
Sollers*
     94,980       2,881,947  
 
              
Chemicals (1.0%)(a)
                
Uralkali GDR
     55,088       1,743,490  
 
              
Commercial Banks (0.7%)(a)
                
Sberbank
     807,250       1,263,808  
 
              
Metals & Mining (0.4%)
                
Chelyabinsk Zinc Plant*
     34,800       104,400  
Evraz Group SA GDR(a)
     15,706       605,085  
 
              
 
             709,485  
 
              
Oil, Gas & Consumable Fuels (3.5%)(a)
                
Gazprom OAO ADR
     151,815       4,703,229  
LUKOIL ADR
     24,024       1,440,043  
 
              
 
             6,143,272  
 
              
Transportation Infrastructure (0.2%)(a)
                
Novorossiysk Commercial Sea Port GDR
     42,824       274,074  
 
              
Wireless Telecommunication Services (1.1%)
                
Mobile Telesystems OJSC ADR*
     33,120       1,855,051  
 
              
 
             14,871,127  
 
              
SOUTH AFRICA (6.2%)(a)
                
Food & Staples Retailing (0.5%)
                
Massmart Holdings Ltd.
     97,400       893,065  
 
              
Industrial Conglomerate (1.2%)
                
Murray & Roberts Holdings Ltd.
     175,965       2,070,011  
 
              
Metals & Mining (1.1%)
                
Impala Platinum Holdings Ltd.
     95,379       1,950,165  
 
              
Oil, Gas & Consumable Fuels (1.5%)
                
Sasol Ltd.
     61,604       2,633,435  
 
              
Wireless Telecommunication Services (1.9%)
                
MTN Group Ltd.
     232,363       3,283,908  
 
              
 
             10,830,584  
 
              
TAIWAN (8.6%)(a)
                
Chemicals (0.5%)
                
NanYa Plastics Corp.
     554,000       821,163  
 
              
Computers & Peripherals (1.1%)
                
Asustek Computer, Inc.
     975,782       1,931,803  
 
              
Construction Materials (0.0%)
                
Taiwan Cement Corp.
     405       242  
 
              
Diversified Telecommunication Services (0.5%)
                
Chunghwa Telecom Co. Ltd.
     412,000       969,504  
 
              
 
             969,504  
 
              
Electronic Equipment & Instruments (1.9%)
                
Hon Hai Precision Industry Co. Ltd.
     923,066       3,307,168  
 
              
Insurance (1.2%)
                
Shin Kong Financial Holding Co. Ltd.
     6,033,495       2,085,464  
 
              
Metals & Mining (0.7%)
                
China Steel Corp.
     1,274,120       1,273,826  
 
              
Semiconductors & Semiconductor Equipment (2.7%)
                
Advanced Semiconductor Engineering, Inc.
     2,164,185       1,103,325  
Taiwan Semiconductor Manufacturing Co. Ltd.
     2,111,920       3,542,857  
 
              
 
             4,646,182  
 
              
 
             15,035,352  
 
              
THAILAND (2.7%)
                
Oil, Gas & Consumable Fuels (2.7%)
                
Banpu PCL NVDR
     301,559       2,658,643  
PTT Exploration & Production PCL NVDR(a)
     541,700       2,054,963  
 
              
 
             4,713,606  
 
              
TURKEY (1.1%)(a)
                
Commercial Banks (1.1%)
                
Turkiye Vakiflar Bankasi Tao, Class D
     1,217,055       1,992,267  
 
              
UNITED STATES (0.7%)
                
Beverages (0.7%)
                
Central European Distribution Corp.*
     26,955       1,224,026  
 
              
Total Common Stocks
             150,516,613  
 
              
Preferred Stocks (4.6%)
                
BRAZIL (4.6%)
                
Commercial Banks (1.0%)
                
Banco Bradesco SA
     109,984       1,754,633  
 
              
Metals & Mining (2.5%)
                
Companhia Vale do Rio Doce, Class A
     190,586       3,235,875  
Usinas Siderurgicas de Minas Gerais SA, Class A
     52,252       1,107,443  
 
              
 
             4,343,318  
 
              
Supermarkets (1.1%)
                
Cia Brasileira de Distribuicao Groupo Pao de Acucar ADR
     54,076       1,890,497  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Gartmore NVIT Developing Markets Fund
                 
    Shares or        
    Principal        
    Amount     Value  
Preferred Stocks (continued)
                
BRAZIL (continued)
                
 
             7,988,448  
 
              
REPUBLIC OF KOREA (0.0%)(a)
                
Semiconductors & Semiconductor Equipment (0.0%)
                
Samsung Electronics Co. Ltd. GDR
     2     $ 311  
 
              
Total Preferred Stocks
             7,988,759  
 
              
Equity-Linked Notes (7.9%)
                
EGYPT (0.4%)
                
Real Estate Management & Development (0.4%)
                
Talaat Moustafa Group, 11/24/08
     782,800       806,284  
 
              
INDIA (5.7%)
                
Electric Utility (0.6%)
                
Tata Power Co. Ltd., 03/28/12
     53,805       1,039,513  
 
              
Metals & Mining (0.7%)
                
Tata Steel Ltd., 05/20/10
     127,214       1,157,647  
 
              
Oil, Gas & Consumable Fuels (1.7%)
                
Reliance Industries Ltd., 03/09/09
     72,051       2,990,837  
 
              
Pharmaceuticals (1.3%)
                
Sun Pharmaceutical Industries Ltd., 01/05/09
     73,261       2,314,315  
 
              
Wireless Telecommunication Services (1.4%)
                
Bharti Airtel Ltd., 01/24/17
     148,089       2,474,567  
 
              
 
             9,976,879  
 
              
MALAYSIA (0.8%)
                
Food Products (0.8%)
                
IOI Corp., 10/09/08
     1,097,351       1,338,768  
UNITED ARAB EMIRATES (1.0%)
                
Commercial Banks (1.0%)
                
Union National Bank, 01/05/10
     917,741       1,688,644  
 
              
Total Equity-Linked Notes
             13,810,575  
 
              
Foreign Bond (0.0%)(a) (c)
                
BRAZIL (0.0%)
                
Comp Vale DO Rio Doce 0.00%, 09/29/49
   $ 20,000       0  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreements (0.4%)
                
UNITED STATES (0.4%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $713,311, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $727,545
     713,279       713,279  
 
              
Total Investments
 (Cost $247,940,194) (d) — 99.0%
             173,029,226  
Other assets in excess of liabilities — 1.0%
             1,659,894  
 
              
NET ASSETS — 100.0%
           $ 174,689,120  
 
              
 
*   Denotes a non-income producing security.
 
(a)   Fair Valued Security.
 
(b)   All or a part of the security was on loan as of September 30, 2008.
 
(c)   Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on September 30, 2008. The maturity date represents the actual maturity date.
 
(d)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
ADR   American Depositary Receipt
 
GDR   Global Depositary Receipt
 
NVDR   Non Voting Depositary Receipt
 
PCL   Public Company Limited
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Nationwide Fund
                 
    Shares     Value  
Common Stocks (101.0%)
                
Aerospace & Defense (3.3%)
                
BE Aerospace, Inc. *
     761,672     $ 12,057,268  
Boeing Co.
     166,300       9,537,305  
General Dynamics Corp.
     6,940       510,923  
Honeywell International, Inc.
     77,100       3,203,505  
L-3 Communications Holdings, Inc.
     62,800       6,174,496  
Lockheed Martin Corp.
     30,700       3,366,869  
Northrop Grumman Corp.
     149,212       9,033,294  
Precision Castparts Corp.
     18,178       1,432,063  
 
              
 
             45,315,723  
 
              
Air Freight & Logistics (0.2%)
                
FedEx Corp.
     28,400       2,244,736  
 
              
Auto Components (1.6%)
                
Autoliv, Inc.
     90,300       3,047,625  
Goodyear Tire & Rubber Co. (The) *
     828,100       12,678,211  
Johnson Controls, Inc.
     210,800       6,393,564  
 
              
 
             22,119,400  
 
              
Beverages (1.9%)
                
Coca-Cola Co. (The)
     94,200       4,981,296  
Constellation Brands, Inc., Class A *
     230,507       4,946,680  
Molson Coors Brewing Co., Class B
     343,812       16,073,211  
 
              
 
             26,001,187  
 
              
Building Products (0.1%)
                
Masco Corp.
     103,100       1,849,614  
 
              
Capital Markets (5.0%)
                
Bank of New York Mellon Corp. (The)
     197,900       6,447,582  
GFI Group, Inc. (a)
     155,194       730,964  
Goldman Sachs Group, Inc. (The)
     60,600       7,756,800  
Invesco Ltd.
     699,773       14,681,237  
Investment Technology Group, Inc. *
     124,700       3,794,621  
Janus Capital Group, Inc.
     199,400       4,841,432  
KBW, Inc. *(a)
     37,344       1,230,111  
Lazard Ltd., Class A (a)
     154,300       6,597,868  
Merrill Lynch & Co., Inc. (a)
     121,000       3,061,300  
Morgan Stanley
     211,400       4,862,200  
Northern Trust Corp.
     180,883       13,059,753  
State Street Corp.
     39,600       2,252,448  
 
              
 
             69,316,316  
 
              
Chemicals (2.5%)
                
Air Products & Chemicals, Inc.
     239,400       16,396,506  
CF Industries Holdings, Inc.
     23,461       2,145,743  
Dow Chemical Co. (The)
     259,900       8,259,622  
Lubrizol Corp.
     65,857       2,841,071  
Mosaic Co. (The)
     26,700       1,816,668  
Potash Corp. of Saskatchewan
     23,847       3,148,043  
 
              
 
             34,607,653  
 
              
Commercial Banks (3.1%)
                
Comerica, Inc.
     10,192       334,196  
Fifth Third Bancorp (a)
     1,000,772       11,909,187  
KeyCorp
     704,956       8,417,174  
Marshall & Ilsley Corp. (a)
     175,539       3,537,111  
National City Corp.
     927,900       1,623,825  
Regions Financial Corp.
     308,890       2,965,344  
U.S. Bancorp
     26,887       968,470  
Wells Fargo & Co.
     115,100       4,319,703  
Zions Bancorp. (a)
     241,443       9,343,844  
 
              
 
             43,418,854  
 
              
Commercial Services & Supplies (0.8%)
                
Allied Waste Industries, Inc. *
     57,742       641,514  
Avery Dennison Corp. (a)
     72,500       3,224,800  
Brink’s Co. (The)
     44,428       2,710,996  
Waste Management, Inc.
     135,500       4,266,895  
 
              
 
             10,844,205  
 
              
Communications Equipment (5.3%)
                
Ciena Corp. *(a)
     314,210       3,167,237  
Cisco Systems, Inc. *
     275,243       6,209,482  
Corning, Inc.
     223,600       3,497,104  
QUALCOMM, Inc.
     123,750       5,317,537  
Research In Motion Ltd. *
     823,560       56,249,148  
 
              
 
             74,440,508  
 
              
Computers & Peripherals (3.9%)
                
Apple, Inc. *
     75,400       8,569,964  
Dell, Inc. *
     225,800       3,721,184  
Hewlett-Packard Co.
     247,000       11,421,280  
International Business Machines Corp.
     135,294       15,823,986  
NCR Corp. *
     666,841       14,703,844  
 
              
 
             54,240,258  
 
              
Construction & Engineering (0.2%)
                
Fluor Corp.
     47,400       2,640,180  
URS Corp. *(a)
     21,537       789,762  
 
              
 
             3,429,942  
 
              
Consumer Finance (0.6%)
                
Capital One Financial Corp.
     92,000       4,692,000  
MasterCard, Inc., Class A
     19,500       3,457,935  
 
              
 
             8,149,935  
 
              
Containers & Packaging (1.3%)
                
Greif, Inc., Class A
     57,100       3,746,902  
Owens-Illinois, Inc. *
     235,075       6,911,205  
Pactiv Corp. *
     296,500       7,362,095  
 
              
 
             18,020,202  
 
              
Diversified Financial Services (3.6%)
                
Bank of America Corp.
     464,335       16,251,725  
Citigroup, Inc.
     364,513       7,476,162  
JPMorgan Chase & Co.
     202,543       9,458,758  
MSCI, Inc., Class A *
     378,900       9,093,600  
NYSE Euronext
     205,680       8,058,542  
 
              
 
             50,338,787  
 
              
Diversified Telecommunication Services (3.4%)
                
AT&T, Inc.
     902,783       25,205,701  
CenturyTel, Inc.
     221,000       8,099,650  
Embarq Corp.
     119,400       4,841,670  
Qwest Communications International, Inc. (a)
     118,526       382,839  
Verizon Communications, Inc.
     279,800       8,978,782  
 
              
 
             47,508,642  
 
              
Electric Utilities (1.0%)
                
Great Plains Energy, Inc.
     228,400       5,059,060  
Northeast Utilities
     295,900       7,589,835  
Pepco Holdings, Inc.
     24,900       570,459  
Southern Co.
     14,800       557,812  
 
              
 
             13,777,166  
 
              
Electrical Equipment (0.3%)
                
Ametek, Inc.
     40,200       1,638,954  
Cooper Industries Ltd., Class A
     35,800       1,430,210  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Nationwide Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Electrical Equipment (continued)
                
First Solar, Inc. *
     8,000     $ 1,511,280  
 
              
 
             4,580,444  
 
              
Electronic Equipment & Instruments (1.1%)
                
Arrow Electronics, Inc. *
     43,600       1,143,192  
Avnet, Inc. *
     502,904       12,386,526  
Mettler-Toledo International, Inc. *
     12,487       1,223,726  
 
              
 
             14,753,444  
 
              
Energy Equipment & Services (1.9%)
                
Cameron International Corp. *
     64,700       2,493,538  
Exterran Holdings, Inc. *
     30,300       968,388  
FMC Technologies, Inc. *
     79,800       3,714,690  
Hercules Offshore, Inc. *
     61,700       935,372  
National Oilwell Varco, Inc. *
     49,900       2,506,477  
Schlumberger Ltd.
     87,000       6,793,830  
Smith International, Inc.
     13,100       768,184  
Transocean, Inc.
     46,400       5,096,576  
Weatherford International Ltd. *
     106,600       2,679,924  
 
              
 
             25,956,979  
 
              
Food & Staples Retailing (6.9%)
                
BJ’s Wholesale Club, Inc. *(a)
     84,400       3,279,784  
Costco Wholesale Corp.
     79,500       5,161,935  
CVS Caremark Corp.
     785,670       26,445,652  
Kroger Co. (The)
     781,839       21,484,936  
Safeway, Inc.
     768,894       18,238,166  
SYSCO Corp.
     363,800       11,215,954  
Wal-Mart Stores, Inc.
     162,901       9,756,141  
 
              
 
             95,582,568  
 
              
Food Products (0.8%)
                
Archer-Daniels-Midland Co.
     271,808       5,955,313  
Kellogg Co.
     88,008       4,937,249  
 
              
 
             10,892,562  
 
              
Health Care Equipment & Supplies (2.0%)
                
C.R. Bard, Inc.
     9,900       939,213  
Covidien Ltd.
     52,500       2,822,400  
DENTSPLY International, Inc.
     376,879       14,148,038  
St. Jude Medical, Inc. *
     239,826       10,430,033  
 
              
 
             28,339,684  
 
              
Health Care Providers & Services (3.6%)
                
Aetna, Inc.
     68,600       2,477,146  
AmerisourceBergen Corp.
     344,000       12,951,600  
Cardinal Health, Inc.
     99,200       4,888,576  
CIGNA Corp.
     48,200       1,637,836  
Express Scripts, Inc. *
     58,100       4,288,942  
McKesson Corp.
     322,881       17,374,227  
Medco Health Solutions, Inc. *
     126,800       5,706,000  
WellPoint, Inc. *
     18,600       869,922  
 
              
 
             50,194,249  
 
              
Hotels, Restaurants & Leisure (0.9%)
                
Brinker International, Inc.
     160,560       2,872,418  
Burger King Holdings, Inc.
     141,316       3,470,721  
Sonic Corp. *(a)
     70,000       1,019,900  
Yum! Brands, Inc.
     177,100       5,775,231  
 
              
 
             13,138,270  
 
              
Household Products (0.9%)
                
Procter & Gamble Co.
     185,790       12,947,705  
 
              
Independent Power Producers & Energy Traders (0.1%)
                
Constellation Energy Group, Inc.
     46,000       1,117,800  
 
              
Industrial Conglomerate (2.8%)
                
General Electric Co.
     1,520,570       38,774,535  
 
              
Insurance (6.5%)
                
Assurant, Inc.
     328,961       18,092,855  
Chubb Corp.
     51,491       2,826,856  
Hartford Financial Services Group, Inc. (a)
     225,510       9,243,655  
Lincoln National Corp.
     12,109       518,386  
MetLife, Inc.
     650,180       36,410,080  
PartnerRe Ltd. (a)
     81,410       5,439,002  
Prudential Financial, Inc.
     189,980       13,678,560  
Reinsurance Group of America, Inc., Class B *(a)
     98,763       4,683,342  
 
              
 
             90,892,736  
 
              
Internet Software & Services (0.4%)
                
Google, Inc., Class A *
     15,150       6,067,878  
 
              
Life Sciences Tools & Services (1.0%)
                
PerkinElmer, Inc.
     9,523       237,789  
Thermo Fisher Scientific, Inc. *
     179,878       9,893,290  
Waters Corp. *
     67,578       3,931,688  
 
              
 
             14,062,767  
 
              
Machinery (4.4%)
                
AGCO Corp. *
     5,904       251,569  
Barnes Group, Inc. (a)
     98,100       1,983,582  
CNH Global NV
     19,715       434,519  
Cummins, Inc.
     185,312       8,101,841  
Deere & Co.
     271,429       13,435,735  
Eaton Corp.
     144,900       8,140,482  
Harsco Corp.
     88,400       3,287,596  
Illinois Tool Works, Inc.
     68,100       3,027,045  
Ingersoll-Rand Co. Ltd., Class A
     52,700       1,642,659  
Joy Global, Inc.
     59,100       2,667,774  
Kennametal, Inc. (a)
     927       25,140  
Manitowoc Co., Inc. (The)
     140,490       2,184,620  
PACCAR, Inc.
     135,553       5,176,769  
Parker Hannifin Corp.
     207,475       10,996,175  
Timken Co.
     23,944       678,812  
 
              
 
             62,034,318  
 
              
Marine (0.1%)(a)
                
Omega Navigation Enterprises, Inc., Class A
     71,400       932,484  
 
              
Media (2.2%)
                
Ascent Media Corp., Class A *
     2,000       48,820  
Discovery Communications, Inc., Class A *
     20,000       285,000  
Discovery Communications, Inc., Class C *
     20,000       283,200  
News Corp., Class A
     334,900       4,015,451  
Omnicom Group, Inc.
     92,100       3,551,376  
Regal Entertainment Group, Class A
     502,591       7,930,886  
Time Warner, Inc.
     411,266       5,391,697  
Viacom, Inc., Class B *
     1       25  
Walt Disney Co. (The)
     307,000       9,421,830  
 
              
 
             30,928,285  
 
              
Metals & Mining (1.4%)
                
Alcoa, Inc.
     139,300       3,145,394  
Freeport-McMoRan Copper & Gold, Inc.
     202,945       11,537,423  
Nucor Corp.
     122,670       4,845,465  
 
              
 
             19,528,282  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Nationwide Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Multi-Utility (0.4%)
                
Integrys Energy Group, Inc.
     110,900     $ 5,538,346  
 
              
Multiline Retail (0.7%)
                
Dollar Tree, Inc. *
     65,000       2,363,400  
J.C. Penney Co., Inc.
     184,017       6,135,127  
Macy’s, Inc.
     77,000       1,384,460  
 
              
 
             9,882,987  
 
              
Oil, Gas & Consumable Fuels (7.3%)
                
Anadarko Petroleum Corp.
     60,700       2,944,557  
Apache Corp.
     39,900       4,160,772  
Chevron Corp.
     243,244       20,062,765  
ConocoPhillips
     131,314       9,618,751  
Devon Energy Corp.
     9,200       839,040  
El Paso Corp.
     195,800       2,498,408  
Exxon Mobil Corp.
     284,243       22,074,311  
Hess Corp.
     41,000       3,365,280  
Marathon Oil Corp.
     161,640       6,444,587  
Occidental Petroleum Corp.
     285,986       20,147,714  
Quicksilver Resources, Inc. *
     116,000       2,277,080  
Williams Cos., Inc.
     181,900       4,301,935  
XTO Energy, Inc.
     62,600       2,912,152  
 
              
 
             101,647,352  
 
              
Pharmaceuticals (4.8%)
                
Abbott Laboratories
     126,100       7,260,838  
Allergan, Inc.
     170,070       8,758,605  
Bristol-Myers Squibb Co.
     444,600       9,269,910  
Johnson & Johnson
     188,040       13,027,411  
Merck & Co., Inc.
     124,900       3,941,844  
Pfizer, Inc.
     1,199,401       22,116,955  
Wyeth
     75,100       2,774,194  
 
              
 
             67,149,757  
 
              
Real Estate Investment Trusts (0.1%)
                
Ashford Hospitality Trust, Inc.
     458,800       1,858,140  
 
              
Road & Rail (3.7%)
                
Burlington Northern Santa Fe Corp.
     208,021       19,227,381  
Canadian National Railway Co.
     9,372       448,263  
CSX Corp.
     193,160       10,540,741  
Norfolk Southern Corp.
     106,555       7,055,006  
Ryder System, Inc.
     60,600       3,757,200  
Union Pacific Corp.
     139,980       9,960,977  
 
              
 
             50,989,568  
 
              
Semiconductors & Semiconductor Equipment (3.5%)
                
Applied Materials, Inc.
     144,800       2,190,824  
Fairchild Semiconductor International, Inc. *(a)
     123,070       1,094,092  
Intel Corp.
     2,411,500       45,167,395  
LSI Corp. *
     144,350       773,716  
 
              
 
             49,226,027  
 
              
Software (1.1%)
                
Microsoft Corp.
     575,294       15,354,597  
 
              
Specialty Retail (2.3%)
                
Abercrombie & Fitch Co., Class A
     173,855       6,858,580  
Best Buy Co., Inc.
     232,500       8,718,750  
Hibbett Sports, Inc. *(a)
     42,798       856,816  
Lowe’s Cos., Inc.
     28,400       672,796  
Ltd Brands, Inc.
     127,000       2,199,640  
Ross Stores, Inc.
     58,900       2,168,109  
TJX Cos., Inc.
     360,926       11,015,461  
 
              
 
             32,490,152  
 
              
                 
    Shares or        
    Principal        
    Amount     Value  
Common Stocks (continued)
                
Thrifts & Mortgage Finance (0.8%)
                
Astoria Financial Corp. (a)
     267,970     $ 5,555,018  
Hudson City Bancorp, Inc.
     271,100       5,001,795  
 
              
 
             10,556,813  
 
              
Tobacco (1.2%)
                
Altria Group, Inc.
     836,120       16,588,621  
 
              
Total Common Stocks
             1,407,630,478  
 
              
                 
    Principal        
    Amount     Value  
Securities Purchased With Collateral For Securities On Loan (2.4%)
                
Repurchase Agreement (2.4%)
                
Barclays Capital, 2.25%, dated 09/30/08, due 10/01/08, repurchase price $34,228,833 collateralized by U.S. Government Agency Mortgages ranging 3.17% - 6.00%, maturing 12/01/17 - 10/25/38; total market value of $34,911,228
   $ 34,226,694       34,226,694  
 
              
Total Securities Purchased With Collateral For Securities On Loan
             34,226,694  
 
              
Total Investments
 (Cost $1,645,526,629) (b) — 103.4%
             1,441,857,172  
Liabilities in excess of other assets — (3.4)%
             (48,083,840 )
 
              
NET ASSETS — 100.0%
           $ 1,393,773,332  
 
              
 
*   Denotes a non-income producing security.
 
(a)   All or a part of the security was on loan as of September 30, 2008.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Growth Fund
                 
    Shares     Value  
Common Stocks (97.4%)
                
Aerospace & Defense (2.9%)
                
Boeing Co.
     8,400     $ 481,740  
Honeywell International, Inc.
     31,500       1,308,825  
Raytheon Co.
     32,150       1,720,347  
United Technologies Corp.
     8,070       484,684  
 
              
 
             3,995,596  
 
              
Beverages (3.9%)
                
Coca-Cola Co. (The)
     33,810       1,787,873  
PepsiCo, Inc.
     50,370       3,589,870  
 
              
 
             5,377,743  
 
              
Biotechnology (5.7%)
                
Biogen Idec, Inc. *
     15,990       804,137  
Cephalon, Inc. *
     18,000       1,394,820  
Genentech, Inc. *
     17,100       1,516,428  
Gilead Sciences, Inc. *
     55,190       2,515,561  
ImClone Systems, Inc. *
     13,380       835,447  
United Therapeutics Corp. *
     7,960       837,153  
 
              
 
             7,903,546  
 
              
Capital Markets (3.4%)
                
Charles Schwab Corp. (The) (a)
     46,600       1,211,600  
Franklin Resources, Inc. (a)
     3,700       326,081  
Goldman Sachs Group, Inc. (The) (a)
     1,210       154,880  
Invesco Ltd. (a)
     35,700       748,986  
Investment Technology Group, Inc. *
     9,100       276,913  
Northern Trust Corp.
     8,360       603,592  
State Street Corp.
     24,090       1,370,239  
 
              
 
             4,692,291  
 
              
Chemicals (1.8%)
                
Air Products & Chemicals, Inc.
     3,600       246,564  
Celanese Corp., Series A
     16,700       466,097  
Monsanto Co.
     17,626       1,744,621  
 
              
 
             2,457,282  
 
              
Commercial Banks (0.7%)(a)
                
Synovus Financial Corp.
     87,200       902,520  
 
              
Commercial Services & Supplies (0.2%)
                
Waste Management, Inc.
     9,000       283,410  
 
              
Communications Equipment (5.7%)
                
Cisco Systems, Inc. *
     149,930       3,382,421  
Juniper Networks, Inc. *
     52,300       1,101,961  
Nortel Networks Corp. *
     68       152  
QUALCOMM, Inc.
     55,270       2,374,952  
Research In Motion Ltd. *
     15,040       1,027,232  
 
              
 
             7,886,718  
 
              
Computers & Peripherals (5.4%)
                
Apple, Inc. *
     22,450       2,551,667  
Dell, Inc. *
     42,700       703,696  
Hewlett-Packard Co.
     60,340       2,790,122  
International Business Machines Corp.
     11,800       1,380,128  
 
              
 
             7,425,613  
 
              
Construction & Engineering (0.6%)
                
Quanta Services, Inc. *
     31,000       837,310  
 
              
Consumer Finance (0.4%)
                
MasterCard, Inc., Class A
     2,820       500,071  
 
              
Diversified Financial Services (0.8%)
                
IntercontinentalExchange, Inc. *
     4,860       392,105  
JPMorgan Chase & Co.
     15,350       716,845  
 
              
 
             1,108,950  
 
              
Diversified Telecommunication Services (0.2%)
                
Windstream Corp.
     22,300       243,962  
 
              
Electrical Equipment (1.8%)
                
Ametek, Inc.
     25,875       1,054,924  
Emerson Electric Co.
     34,600       1,411,334  
 
              
 
             2,466,258  
 
              
Electronic Equipment & Instruments (0.1%)
                
Jabil Circuit, Inc.
     15,750       150,255  
 
              
Energy Equipment & Services (4.9%)
                
Cameron International Corp. *
     21,500       828,610  
Halliburton Co.
     8,840       286,327  
National Oilwell Varco, Inc. *
     10,900       547,507  
Schlumberger Ltd.
     34,400       2,686,296  
Transocean, Inc.
     22,145       2,432,407  
 
              
 
             6,781,147  
 
              
Food & Staples Retailing (4.9%)
                
CVS Caremark Corp.
     66,379       2,234,317  
Kroger Co. (The)
     15,500       425,940  
SYSCO Corp.
     12,800       394,624  
Wal-Mart Stores, Inc.
     60,760       3,638,917  
 
              
 
             6,693,798  
 
              
Health Care Equipment & Supplies (6.0%)
                
Baxter International, Inc.
     38,960       2,556,945  
Beckman Coulter, Inc.
     5,300       376,247  
Becton, Dickinson & Co.
     18,050       1,448,693  
Hospira, Inc. *
     23,200       886,240  
Medtronic, Inc.
     7,600       380,760  
St. Jude Medical, Inc. *
     33,050       1,437,344  
Stryker Corp.
     18,700       1,165,010  
 
              
 
             8,251,239  
 
              
Health Care Providers & Services (2.2%)
                
Aetna, Inc.
     46,300       1,671,893  
UnitedHealth Group, Inc.
     54,500       1,383,755  
 
              
 
             3,055,648  
 
              
Hotels, Restaurants & Leisure (4.4%)
                
Brinker International, Inc. (a)
     35,850       641,357  
Burger King Holdings, Inc. (a)
     37,700       925,912  
Darden Restaurants, Inc.
     46,250       1,324,137  
McDonald’s Corp.
     31,050       1,915,785  
Starwood Hotels & Resorts Worldwide, Inc.
     16,850       474,159  
WMS Industries, Inc. *
     27,300       834,561  
 
              
 
             6,115,911  
 
              
Household Products (2.2%)
                
Clorox Co.
     10,800       677,052  
Colgate-Palmolive Co.
     27,300       2,057,055  
Procter & Gamble Co.
     5,270       367,266  
 
              
 
             3,101,373  
 
              
Information Technology Services (2.5%)
                
Alliance Data Systems Corp. *(a)
     29,120       1,845,625  
Cognizant Technology Solutions Corp., Class A *
     33,920       774,394  
Visa, Inc., Class A
     13,510       829,379  
 
              
 
             3,449,398  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Growth Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Insurance (0.8%)
                
Aflac, Inc.
     18,000     $ 1,057,500  
 
              
Internet & Catalog Retail (0.2%)
                
Amazon.com, Inc. *
     3,500       254,660  
 
              
Internet Software & Services (1.9%)
                
Google, Inc., Class A *
     6,640       2,659,453  
 
              
Leisure Equipment & Products (0.4%)
                
Hasbro, Inc.
     16,400       569,408  
 
              
Life Sciences Tools & Services (2.5%)
                
Illumina, Inc. *(a)
     8,800       356,664  
PerkinElmer, Inc.
     22,200       554,334  
Thermo Fisher Scientific, Inc. *
     33,750       1,856,250  
Waters Corp. *
     11,300       657,434  
 
              
 
             3,424,682  
 
              
Machinery (1.4%)
                
Caterpillar, Inc.
     7,510       447,596  
Deere & Co.
     16,800       831,600  
Harsco Corp. (a)
     10,520       391,239  
PACCAR, Inc.
     8,000       305,520  
 
              
 
             1,975,955  
 
              
Media (1.5%)
                
Comcast Corp., Class A
     41,300       810,719  
Time Warner, Inc.
     23,450       307,429  
Walt Disney Co. (The)
     32,540       998,653  
 
              
 
             2,116,801  
 
              
Multiline Retail (1.0%)
                
Kohl’s Corp. *
     24,400       1,124,352  
Target Corp.
     5,250       257,512  
 
              
 
             1,381,864  
 
              
Natural Gas Utility (0.2%)
                
Questar Corp.
     7,000       286,440  
 
              
Oil, Gas & Consumable Fuels (3.7%)
                
Cabot Oil & Gas Corp.
     26,300       950,482  
CONSOL Energy, Inc.
     12,700       582,803  
EOG Resources, Inc.
     14,880       1,331,165  
Exxon Mobil Corp.
     4,100       318,406  
Hess Corp.
     8,600       705,888  
Occidental Petroleum Corp.
     5,000       352,250  
Williams Cos., Inc.
     35,570       841,230  
 
              
 
             5,082,224  
 
              
Pharmaceuticals (4.2%)
                
Abbott Laboratories
     41,300       2,378,054  
Allergan, Inc.
     12,750       656,625  
Bristol-Myers Squibb Co.
     88,700       1,849,395  
Schering-Plough Corp.
     52,100       962,287  
 
              
 
             5,846,361  
 
              
Road & Rail (1.4%)
                
Burlington Northern Santa Fe Corp.
     4,000       369,720  
Canadian National Railway Co.
     20,800       994,864  
Ryder System, Inc. (a)
     4,300       266,600  
Union Pacific Corp.
     4,500       320,220  
 
              
 
             1,951,404  
 
              
Semiconductors & Semiconductor Equipment (3.1%)
                
Altera Corp. (a)
     17,500       361,900  
Intel Corp.
     146,380       2,741,697  
Marvell Technology Group Ltd. *
     80,650       750,045  
Texas Instruments, Inc.
     18,900       406,350  
 
              
 
             4,259,992  
 
              
                 
    Shares or        
    Principal        
    Amount     Value  
Common Stocks (continued)
                
Software (9.4%)
                
Adobe Systems, Inc. *
     52,600     $ 2,076,122  
McAfee, Inc. *
     33,700       1,144,452  
Microsoft Corp.
     195,760       5,224,834  
Oracle Corp. *
     135,400       2,749,974  
Symantec Corp. *
     91,850       1,798,423  
 
              
 
             12,993,805  
 
              
Specialty Retail (1.9%)
                
GameStop Corp., Class A *(a)
     31,400       1,074,194  
J Crew Group, Inc. *(a)
     4,600       131,422  
Lowe’s Cos., Inc.
     24,200       573,298  
Ross Stores, Inc.
     21,500       791,415  
 
              
 
             2,570,329  
 
              
Textiles, Apparel & Luxury Goods (1.7%)
                
Coach, Inc. *
     42,700       1,069,208  
Nike, Inc., Class B
     19,400       1,297,860  
 
              
 
             2,367,068  
 
              
Tobacco (0.2%)
                
Philip Morris International, Inc.
     5,900       283,790  
 
              
Trading Companies & Distributors (0.7%)
                
W.W. Grainger, Inc.
     10,500       913,185  
 
              
Wireless Telecommunication Services (0.5%)
                
Crown Castle International Corp. *
     22,100       640,237  
 
              
Total Common Stocks
             134,315,197  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreement (0.0%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $40,010, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $40,808
   $ 40,008       40,008  
 
              
Total Repurchase Agreement
             40,008  
 
              
Securities Purchased With Collateral For Securities On Loan (2.4%)
                
Repurchase Agreement (2.4%)
                
Barclays Capital, 2.25%, dated 09/30/08, due 10/01/08, repurchase price $3,321,048, collateralized by U.S. Government Agency Mortgages ranging 3.17% - 6.00%, maturing 12/01/17 - 10/25/38; total market value of $3,387,257
     3,320,840       3,320,840  
 
              
Total Securities Purchased With Collateral For Securities On Loan
             3,320,840  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Growth Fund
                 
    Principal        
    Amount     Value  
Total Investments
 (Cost $150,475,924) (b) — 99.8%
             137,676,045  
Other assets in excess of liabilities — 0.2%
             301,791  
 
              
NET ASSETS — 100.0%
           $ 137,977,836  
 
              
 
*   Denotes a non-income producing security.
 
(a)   All or a part of the security was on loan as of September 30, 2008.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Government Bond Fund
                 
    Principal        
    Amount     Value  
U.S. Government Sponsored & Agency Obligations (60.5%)
                
Federal Agricultural Mortgage Corp., 5.50%, 07/15/11(a)
   $ 27,700,000     $ 29,224,802  
Federal Farm Credit Bank
                
5.00%, 03/03/14
     12,146,000       12,530,470  
4.55%, 03/04/15
     25,475,000       25,574,429  
5.25%, 04/06/22
     15,000,000       15,326,610  
Federal Home Loan Bank
                
5.91%, 04/07/09
     6,860,000       6,956,129  
5.25%, 11/03/09(b)
     50,000,000       50,092,850  
4.80%, 12/18/13
     8,350,000       8,551,736  
5.00%, 03/14/14
     17,925,000       18,488,042  
4.63%, 09/11/20
     20,980,000       20,354,544  
Federal Home Loan Mortgage Corp., 3.88%, 06/29/11
     65,000,000       65,887,835  
Federal National Mortgage Association
                
5.23%, 01/29/10
     106,515,000       107,193,607  
5.08%, 05/14/10
     70,000,000       70,914,410  
8.20%, 03/10/16
     10,000,000       12,292,550  
5.63%, 11/15/21
     100,000,000       100,932,600  
6.00%, 04/18/36
     9,822,000       10,098,096  
Financing Corp. FICO
                
10.70%, 10/06/17
     5,000,000       7,097,170  
10.35%, 08/03/18
     10,000,000       14,214,620  
9.65%, 11/02/18
     8,740,000       12,009,992  
Government Loan Trust, 4.75%, 04/01/15
     6,072,000       4,721,587  
Housing & Urban Development
                
7.08%, 08/01/16
     1,785,000       1,807,523  
4.56%, 08/01/17
     21,069,000       20,603,396  
4.96%, 08/01/20
     15,967,000       15,856,780  
5.05%, 08/01/21
     16,852,000       16,701,259  
Lightship Tankers LLC
                
6.50%, 06/14/24
     27,495,365       31,963,912  
6.50%, 06/14/24
     23,161,000       25,655,278  
Private Export Funding Corp. (PEFCO), 5.00%, 12/15/16
     30,000,000       30,427,170  
Tennessee Valley Authority
                
4.75%, 08/01/13(b)
     20,000,000       20,655,120  
5.50%, 07/18/17
     25,000,000       26,195,500  
5.88%, 04/01/36(b)
     20,000,000       22,140,800  
5.98%, 04/01/36
     11,588,000       12,997,796  
Treasury Inflation Protection Index Bonds, 2.38%, 04/15/11(b)
     35,000,000       39,229,759  
 
              
Total U.S. Government Sponsored & Agency Obligations
             856,696,372  
 
              
Collateralized Mortgage Obligations (16.6%)
                
Fannie Mae REMICS
                
5.50%, Series 2001-T11, Class B, 09/25/11
     6,215,000       6,331,398  
3.50%, Series 2003-66, Class AP, 11/25/32
     1,915,669       1,807,094  
Federal Home Loan Mortgage Corp.
                
5.50%, 09/15/10
     2,188,113       2,217,575  
5.50%, 08/15/13
     4,713,567       4,752,391  
5.50%, 07/15/17
     6,926,157       7,043,093  
5.50%, 10/15/17
     17,421,173       17,665,669  
5.50%, 10/15/17
     11,158,021       11,341,660  
5.50%, 01/15/20
     8,000,000       8,173,256  
4.56%, 06/15/25
     22,000,000       20,468,221  
6.00%, 02/15/27
     34,535,000       35,432,226  
5.00%, 04/15/29
     26,000,000       26,197,179  
5.50%, 05/15/34
     10,314,773       10,438,385  
6.00%, 03/15/36
     26,365,666       26,988,014  
Federal National Mortgage Association
                
5.00%, 07/25/23
     6,000,000       5,652,164  
7.00%, 08/25/23
     3,764,631       3,934,999  
5.50%, 04/25/24
     12,486,462       12,434,733  
Freddie Mac REMICS, 4.50%, Series 2677, Class LE, 09/15/18
     27,119,132       26,160,105  
Vendee Mortgage Trust, 6.75%, Series 1996-2, Class IZ, 06/15/26
     7,620,338       7,996,771  
 
              
Total Collateralized Mortgage Obligations
             235,034,933  
 
              
U.S. Government Sponsored Mortgage-Backed Obligations (20.5%)
                
Fannie Mae Pool, 6.62%, Pool # 383661, 06/01/16
     10,433,898       11,031,696  
Federal Home Loan Mortgage Corp.
                
5.29%, 06/01/35(c)
     13,846,627       14,348,791  
5.71%, 07/01/37
     29,175,439       29,385,527  
Federal National Mortgage Association
                
5.70%, 01/01/09
     4,326,946       4,312,671  
4.65%, 05/01/13
     52,300,132       51,307,567  
5.60%, 09/01/18
     11,071,033       11,091,211  
5.56%, 12/01/21
     11,400,000       11,196,202  
4.34%, 04/01/34(c)
     30,367,542       30,715,546  
4.95%, 09/01/34(c)
     11,967,999       12,067,847  
4.69%, 04/01/35
     7,388,507       7,254,052  
4.75%, 04/01/35(c)
     11,838,596       11,926,972  
4.79%, 05/01/35(c)
     10,287,090       10,379,657  
4.88%, 05/01/35
     16,242,867       16,379,227  
5.26%, 05/01/35(c)
     7,454,548       7,562,713  
4.85%, 07/01/35(c)
     26,935,881       27,098,155  
6.31%, 08/01/36
     8,304,868       8,433,758  
5.62%, 09/01/36(c)
     25,586,225       25,925,081  
 
              
Total U.S. Government Sponsored Mortgage-Backed Obligations
             290,416,673  
 
              
Repurchase Agreements (1.4%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $20,281,710, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $20,686,430
     20,280,814       20,280,814  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Government Bond Fund
                 
    Principal        
    Amount     Value  
Securities Purchased With Collateral For Securities On Loan (2.5%)
                
Barclays Capital, 2.25%, dated 09/30/08, due 10/01/08, repurchase price $35,686,948, collateralized by U.S. Government Agency Mortgages ranging 3.17% - 6.00%, maturing 12/01/17 - 10/25/38; total market value of $36,398,412
   $ 35,684,718     $ 35,684,718  
 
              
Total Securities Purchased With Collateral For Securities On Loan
             35,684,718  
 
              
Total Investments
                
(Cost $1,425,088,437) (d) — 101.5%
             1,438,113,510  
Liabilities in excess of other assets — (1.5)%
             (21,456,658 )
 
              
NET ASSETS — 100.0%
           $ 1,416,656,852  
 
              
 
(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 September 30, 2008, all such securities in total represented 2.10% of net assets.
 
(b)   All or a part of the security was on loan as of September 30, 2008.
 
(c)   Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on September 30, 2008. The maturity date represents the actual maturity date.
 
(d)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Money Market Fund
                 
    Principal        
    Amount     Value  
Certificates of Deposit (1.3%)
                
Banks — Domestic (0.6%)
                
Bank of America Corp., 2.96%, 03/13/09
   $ 15,000,000     $ 15,000,000  
 
              
Banks — Foreign (0.7%)(a) (b) (c)
                
Governor & Co. of the Bank of Ireland, 2.80%, 11/14/08
     20,000,000       20,000,000  
 
              
Total Certificates of Deposit
             35,000,000  
 
              
Commercial Paper (72.1%)
                
Agricultural Finance (3.2%)(d)
                
Caterpillar Financial Services Corp.
                
1.70%, 10/06/08
     8,000,000       7,998,111  
2.03%, 10/08/08
     25,000,000       24,990,132  
2.15%, 11/03/08
     5,614,000       5,602,936  
John Deere Bank SA
                
2.13%, 10/16/08
     9,000,000       8,992,013  
2.15%, 10/21/08
     35,000,000       34,958,194  
 
              
 
             82,541,386  
 
              
Agricultural Services (1.5%)(b) (c) (d)
                
Cargill, Inc., 3.45%, 10/17/08
     38,000,000       37,941,733  
 
              
Banks — Domestic (6.1%)(d)
                
Bank of America Corp.
                
2.57%, 10/15/08
     1,454,000       1,452,547  
2.58%, 10/16/08
     8,213,000       8,204,205  
2.58%, 11/03/08
     6,000,000       5,985,810  
Citigroup Funding, Inc.
                
2.50%, 10/02/08
     5,000,000       4,999,653  
2.44%, 10/03/08
     8,000,000       7,998,916  
2.69%, 10/10/08
     10,000,000       9,993,275  
2.68%, 10/14/08
     15,000,000       14,985,483  
2.67%, 10/16/08
     15,000,000       14,983,312  
JPMorgan Chase & Co., 2.50%, 10/08/08
     2,500,000       2,498,785  
KBC Financial Products International Ltd.(b) (c)
                
2.78%, 10/06/08
     15,000,000       14,994,208  
2.79%, 11/17/08
     20,000,000       19,927,150  
2.77%, 11/28/08
     4,000,000       3,982,149  
Wells Fargo & Co.
                
2.40%, 10/03/08
     38,000,000       37,994,933  
2.49%, 10/10/08
     10,000,000       9,993,775  
 
              
 
             157,994,201  
 
              
Banks — Foreign (7.6%)
                
ANZ National (Int’l) Ltd., 2.77%, 12/01/08(b) (d)
     10,000,000       9,953,064  
ANZ National (International) Ltd., 2.64%, 11/05/08(b) (d)
     5,000,000       4,987,167  
Bank of Scotland PLC, 2.48%, 11/07/08(a)
     10,000,000       10,000,000  
BNP Paribas Finance, Inc.(d)
                
2.63%, 10/10/08
     15,000,000       14,990,119  
2.59%, 10/14/08
     23,000,000       22,978,447  
DNB Nor Bank ASA(b) (c) (d)
                
2.54%, 10/27/08
     10,000,000       9,981,655  
2.52%, 11/05/08
     5,000,000       4,987,750  
2.70%, 11/10/08
     4,000,000       3,988,000  
2.63%, 11/21/08
     2,300,000       2,291,431  
Governor & Co. of the Bank of Ireland, 2.66%, 10/28/08(b) (c) (d)
     8,000,000       7,984,040  
Natexis Banques Populaires US Finance Co., LLC, 2.66%, 10/27/08(d)
     18,000,000       17,965,446  
National Australia Funding Delaware, Inc.(b) (c) (d)
                
2.59%, 10/20/08
     7,000,000       6,990,431  
2.74%, 11/12/08
     22,124,000       22,053,793  
2.60%, 11/24/08
     10,000,000       9,961,000  
Unicredito Italiano Banl Ireland PLC, 2.81%, 12/11/08(b) (c) (d)
     15,000,000       14,916,871  
Westpac Banking Corp.(b) (c) (d)
                
2.70%, 10/02/08
     15,000,000       14,998,875  
2.38%, 10/27/08
     18,000,000       17,969,060  
 
              
 
             196,997,149  
 
              
Chemicals-Diversified (1.9%)(d)
                
BASF SE, 2.07%, 11/10/08(b) (c)
     10,000,000       9,977,000  
Procter & Gamble Co.
                
2.10%, 10/07/08
     12,000,000       11,995,800  
2.07%, 10/08/08
     10,000,000       9,995,975  
2.25%, 11/04/08
     16,000,000       15,966,000  
 
              
 
             47,934,775  
 
              
Computers & Peripherals (2.5%)(d)
                
Intel Corp., 1.65%, 10/02/08
     25,000,000       24,998,854  
Microsoft Corp.
                
1.40%, 10/06/08
     38,000,000       37,992,611  
1.50%, 10/07/08
     2,000,000       1,999,500  
 
              
 
             64,990,965  
 
              
Consumer Products (1.0%)(b) (c) (d)
                
Avon Capital Corp., 2.12%, 10/10/08
     25,000,000       24,986,750  
 
              
 
             24,986,750  
 
              
Diversified Manufacturing (7.0%)(d)
                
BASF SE(b) (c)
                
2.82%, 10/14/08
     7,000,000       6,992,872  
2.20%, 11/20/08
     20,000,000       19,938,889  
Danaher Corp. 1.90%, 10/06/08
     30,000,000       29,992,083  
2.20%, 10/06/08
     8,000,000       7,997,556  
Honeywell International, Inc.(b) (c)
                
2.09%, 10/01/08
     25,000,000       25,000,000  
2.09%, 10/02/08
     10,000,000       9,999,419  
McGraw-Hill Cos., Inc. (The), 2.31%, 10/14/08
     5,000,000       4,995,829  
Pitney Bowes, Inc.
                
2.15%, 10/02/08
     8,000,000       7,999,470  
2.45%, 10/02/08(b) (c)
     30,000,000       29,998,011  
2.00%, 10/14/08(b) (c)
     2,000,000       1,998,556  
Praxair, Inc.
                
2.27%, 10/02/08
     4,863,000       4,862,675  
2.50%, 10/02/08
     7,000,000       6,999,532  
2.10%, 10/03/08
     3,650,000       3,649,574  
2.05%, 10/09/08
     1,544,000       1,543,278  
2.10%, 10/09/08
     10,605,000       10,600,039  
2.12%, 10/09/08
     9,000,000       8,995,790  
 
              
 
             181,563,573  
 
              
Financial Services (11.1%)(d)
                
American Honda Finance Corp.(b)
                
2.70%, 10/01/08
     8,000,000       8,000,000  
2.16%, 10/03/08
     7,200,000       7,199,136  
2.15%, 10/08/08
     10,000,000       9,995,820  
Fortis Funding LLC(b) (c)
                
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Money Market Fund
                 
    Principal        
    Amount     Value  
Commercial Paper (continued)
                
Financial Services(d) (continued)
                
2.57%, 10/06/08
   $ 5,000,000     $ 4,998,215  
2.57%, 10/07/08
     32,000,000       31,986,293  
IBM International Group Capital LLC, 2.54%, 10/10/08
     38,000,000       37,975,870  
ING U.S. Funding LLC
                
2.58%, 10/10/08
     22,000,000       21,985,810  
2.52%, 10/15/08
     1,085,000       1,083,937  
2.71%, 11/24/08
     18,000,000       17,926,965  
JPMorgan Chase & Co.
                
2.45%, 11/03/08
     20,000,000       19,955,083  
2.60%, 12/03/08
     35,000,000       34,840,750  
Natexis Banques U.S. Finance Co. LLC, 2.88%, 11/04/08
     20,000,000       19,945,600  
Nordea North America, Inc., 2.55%, 10/06/08
     18,000,000       17,993,650  
Rabobank USA Financial Corp.
                
2.56%, 10/27/08
     15,000,000       14,972,267  
2.54%, 11/04/08
     20,000,000       19,952,022  
Westpac Capital Corp., 2.71%, 11/28/08(b) (c)
     20,000,000       19,912,678  
 
              
 
             288,724,096  
 
              
Food-Diversified (6.5%)(d)
                
Campbell Soup Co.
                
2.10%, 10/02/08(b) (c)
     8,700,000       8,699,491  
2.11%, 10/02/08
     15,000,000       14,999,122  
1.92%, 10/06/08(b) (c)
     7,000,000       6,998,133  
1.93%, 10/23/08(b) (c)
     5,000,000       4,994,103  
Coca Cola Co. (The), 2.11%, 10/20/08(b) (c)
     25,000,000       24,972,160  
McDonald’s Corp., 2.17%, 10/10/08
     25,000,000       24,986,438  
Nestle Capital Corp
               
2.16%, 10/22/08
     30,000,000       29,962,200  
2.13%, 10/23/08
     3,973,000       3,967,829  
Nestle Capital Corp., 2.02%, 10/17/08
     10,000,000       9,991,022  
Pepsi Bottling Group, Inc.
                
2.55%, 10/02/08
     8,000,000       7,999,433  
2.42%, 10/07/08
     30,000,000       29,987,719  
3.00%, 10/07/08
     2,000,000       1,999,181  
 
              
 
             169,556,831  
 
              
Industrial Machinery & Equipment (4.3%)(d)
                
Dover Corp., 2.05%, 10/14/08(b) (c)
     38,000,000       37,971,869  
Eaton Corp., 2.08%, 10/27/08(b) (c)
     1,500,000       1,497,747  
Illinois Tool Works, Inc.
                
2.11%, 10/01/08
     12,000,000       12,000,000  
2.20%, 10/27/08
     26,000,000       25,958,689  
Parker Hannifin Corp.(b) (c)
                
2.25%, 10/06/08
     30,000,000       29,990,625  
2.10%, 10/22/08
     5,000,000       4,993,875  
 
              
 
             112,412,805  
 
              
Motor Vehicle Parts and Accessories (1.5%)(d)
                
Toyota Motor Credit Corp.
                
2.41%, 10/14/08
     10,000,000       9,991,297  
2.52%, 10/29/08
     20,000,000       19,960,800  
2.55%, 12/08/08
     10,000,000       9,951,834  
 
              
 
             39,903,931  
 
              
Oil & Gas (2.9%)(d)
                
BP Capital Markets PLC
                
2.20%, 10/15/08(b) (c)
     10,000,000       9,991,444  
2.01%, 10/20/08(b) (c)
     7,130,000       7,122,283  
2.07%, 10/20/08
     15,000,000       14,983,766  
2.00%, 10/27/08(b) (c)
     5,000,000       4,992,778  
ConocoPhillips(b) (c)
                
2.41%, 10/01/08
     8,000,000       8,000,000  
2.35%, 10/09/08
     20,000,000       19,989,556  
2.22%, 11/05/08
     4,500,000       4,490,287  
2.30%, 11/21/08
     6,000,000       5,980,450  
 
              
 
             75,550,564  
 
              
Oil, Gas & Consumable Fuels (1.4%)(d)
                
ChevronTexaco Funding Corp.
                
2.30%, 10/15/08
     10,000,000       9,991,056  
2.20%, 10/22/08
     12,500,000       12,483,958  
2.40%, 10/24/08
     15,000,000       14,977,000  
 
              
 
             37,452,014  
 
              
Personal Credit Institutions (3.3%)(d)
                
General Electric Capital Corp.
                
2.25%, 10/07/08
     9,000,000       8,996,625  
2.52%, 10/08/08
     10,000,000       9,995,100  
2.41%, 10/17/08
     1,024,000       1,022,903  
2.50%, 10/20/08
     15,000,000       14,980,208  
2.57%, 11/18/08
     12,000,000       11,958,880  
HSBC Finance Corp.
                
2.65%, 10/06/08
     20,000,000       19,992,639  
2.75%, 12/01/08
     18,000,000       17,916,125  
 
              
 
             84,862,480  
 
              
Printing & Publishing (1.4%)(b) (c) (d)
                
Washington Post Co. (The), 0.75%, 10/01/08
     35,723,000       35,723,000  
 
              
 
             35,723,000  
 
              
Retail (1.5%)(d)
                
Wal-Mart Stores, Inc.
                
2.10%, 11/10/08
     14,220,000       14,186,820  
2.15%, 11/18/08
     24,000,000       23,931,200  
 
              
 
             38,118,020  
 
              
Telecommunications (4.6%)(d)
                
AT&T, Inc.(b) (c)
                
2.20%, 10/01/08
     4,000,000       4,000,000  
2.35%, 10/31/08
     35,000,000       34,931,458  
Nokia Corp.(b) (c)
                
2.35%, 10/10/08
     3,222,000       3,220,107  
2.39%, 10/14/08
     38,000,000       37,967,204  
2.40%, 12/04/08
     494,000       491,892  
Telstra Corp.
                
2.75%, 10/03/08(b) (c)
     16,600,000       16,597,433  
2.92%, 10/03/08
     4,095,000       4,094,367  
2.90%, 11/07/08(b) (c)
     18,837,000       18,780,855  
 
              
 
             120,083,316  
 
              
Transportation (1.5%)(b) (c) (d)
                
United Parcel Service, Inc.
               
2.00%, 10/02/08
     18,700,000       18,698,961  
1.52%, 12/01/08
     19,000,000       18,951,065  
 
              
 
             37,650,026  
 
              
Utilities (1.3%)(d)
                
FPL Group Capital, Inc.
                
3.45%, 10/01/08
     8,000,000       8,000,000  
2.27%, 10/17/08
     20,000,000       19,977,191  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Money Market Fund
                 
    Shares or        
    Principal        
    Amount     Value  
Commercial Paper (continued)
                
Utilities(d) (continued)
                
3.75%, 10/17/08
   $ 5,000,000     $ 4,994,298  
 
              
 
             32,971,489  
 
              
Total Commercial Paper
             1,867,959,104  
 
              
Corporate Bonds (4.1%)(a)
                
Banks — Domestic (0.6%)
                
Wachovia Corp., 3.76%, 10/28/08
     15,000,000       14,999,180  
 
              
 
             14,999,180  
 
              
Banks — Mortgage (1.3%)
                
Kommunalkredit Austria, 3.22%, 11/21/08(c)
     22,500,000       22,500,000  
Northern Rock PLC, 2.90%, 10/08/08
     12,500,000       12,500,000  
 
              
 
             35,000,000  
 
              
Insurance (0.4%)
                
Lloyds TSB Group PLC, 2.81%, 11/06/08
     10,000,000       10,000,000  
 
              
Motor Vehicle Parts and Accessories (0.6%)(b)
                
American Honda Finance Corp., 2.96%, 08/26/09
     15,000,000       15,000,000  
 
              
Security Brokers & Dealers (1.2%)(b)
                
Goldman Sachs Group, Inc., 2.80%, 11/24/08
     30,000,000       30,000,000  
 
              
Total Corporate Bonds
             104,999,180  
 
              
                 
    Principal        
    Amount     Value  
Municipal Bond (1.5%)(a)
                
Florida (1.5%)
                
Florida Hurricane Catastrophe Fund, 2.71%, 11/14/08
     40,000,000       40,000,000  
 
              
                 
    Principal        
    Amount     Value  
U.S. Government Agency & Obligations (15.0%)(d)
                
Federal Farm Credit Bank
                
1.85%, 10/01/08
   $ 6,000,000     $ 6,000,000  
2.00%, 10/03/08
     20,000,000       19,997,778  
0.55%, 10/09/08
     50,000,000       49,993,889  
1.90%, 10/16/08
     25,000,000       24,980,208  
Federal Home Loan Bank
                
0.78%, 10/07/08
     39,172,000       39,167,548  
1.21%, 10/08/08
     83,627,000       83,610,275  
0.35%, 10/14/08
     30,000,000       29,996,208  
2.35%, 10/17/08
     2,400,000       2,397,493  
2.08%, 10/20/08
     10,000,000       9,989,022  
2.33%, 10/30/08
     629,000       627,825  
2.41%, 11/03/08
     12,478,000       12,450,548  
2.15%, 12/08/08
     10,000,000       9,959,578  
2.13%, 12/15/08
     9,287,000       9,245,982  
Federal Home Loan Mortgage Corp.
                
2.26%, 10/01/08
     15,000,000       15,000,000  
2.43%, 10/14/08
     7,558,000       7,551,423  
2.35%, 10/22/08
     13,011,000       12,993,240  
2.14%, 10/27/08
     10,000,000       9,984,617  
Federal National Mortgage Assoc.
                
2.30%, 10/09/08
     10,000,000       9,994,911  
2.09%, 10/22/08
     25,000,000       24,969,667  
2.16%, 11/24/08
     10,000,000       9,967,750  
 
              
Total U.S. Government Agency & Obligations
             388,877,962  
 
              
U.S. Government Sponsored & Agency Obligation (0.4%)(d)
                
Federal Home Loan Mortgage Corp., 2.13%, 11/10/08
     10,000,000       9,976,445  
 
              
Government Mortgage Backed Agencies (6.6%)
                
Federal Home Loan Bank
                
2.38%, 02/04/09(d)
     15,000,000       14,876,100  
2.25%, 02/13/09
     20,000,000       19,999,315  
Federal Home Loan Mortgage Corp.(d)
                
1.90%, 11/04/08
     23,000,000       22,958,728  
2.06%, 11/26/08
     12,834,000       12,793,074  
2.11%, 12/15/08
     25,000,000       24,890,625  
Federal National Mortgage Assoc.(d)
                
1.91%, 11/03/08
     30,009,000       29,956,457  
2.10%, 11/04/08
     24,900,000       24,850,993  
2.13%, 12/10/08
     20,000,000       19,917,555  
 
              
Total Government Mortgage Backed Agencies
             170,242,847  
 
              
Total Investments
 (Cost $2,617,055,538) (e) — 101.0%
             2,617,055,538  
Liabilities in excess of other assets — (1.0)%
             (25,919,682 )
 
              
NET ASSETS — 100.0%
           $ 2,591,135,856  
 
              
 
(a)   Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on September 30, 2008. The maturity date represents the actual maturity date.
 
(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)   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 September 30, 2008, all such securities in total represented 29.36% of net assets.
 
(d)   The rate reflected in the Statement of Investments is the discount rate at the time of purchase.
 
(e)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
Gartmore NVIT Worldwide Leaders Fund
                 
    Shares     Value  
Common Stocks (98.2%)
                
CANADA (1.4%)
                
Chemicals (1.4%)
                
Agrium, Inc.
     7,200     $ 403,776  
 
              
CHINA (3.1%)(a) (b)
                
Commercial Banks (3.1%)
                
China Construction Bank Corp., Class H
     1,403,000       936,205  
 
              
GERMANY (6.9%)(a)
                
Automobiles (2.1%)(b)
                
Bayerische Motoren Werke AG
     15,900       619,144  
 
              
Pharmaceuticals (3.0%)
                
Bayer AG
     12,100       888,095  
 
              
Software (1.8%)(b)
                
SAP AG
     10,300       548,051  
 
              
 
             2,055,290  
 
              
HONG KONG (3.0%)(a)
                
Real Estate Management & Development (3.0%)
                
Cheung Kong Holdings Ltd.
     79,000       894,983  
 
              
ISRAEL (2.1%)
                
Pharmaceuticals (2.1%)
                
Teva Pharmaceutical Industries Ltd. ADR
     13,700       627,323  
 
              
JAPAN (8.6%)(a)
                
Automobiles (3.9%)
                
Toyota Motor Corp.
     27,100       1,158,757  
 
              
Food & Staples Retailing (1.0%)
                
Seven & I Holdings Co. Ltd.
     10,700       307,453  
 
              
Real Estate Management & Development (3.7%)
                
Mitsubishi Estate Co. Ltd.
     55,000       1,083,936  
 
              
 
             2,550,146  
 
              
LUXEMBOURG (1.4%)(a)
                
Metals & Mining (1.4%)
                
ArcelorMittal (XPAR)
     8,200       415,328  
 
              
SWITZERLAND (7.6%)(a)
                
Capital Markets (1.4%)
                
Julius Baer Holding AG
     8,400       417,847  
 
              
Electrical Equipment (3.0%)
                
ABB Ltd.
     46,700       905,214  
 
              
Food Products (3.2%)
                
Nestle SA
     21,800       942,394  
 
              
 
             2,265,455  
 
              
UNITED KINGDOM (18.8%)(a)
                
Commercial Banks (5.8%)
                
HSBC Holdings PLC
     78,400       1,268,189  
Lloyds TSB Group PLC
     114,000       458,018  
 
              
 
             1,726,207  
 
              
Food & Staples Retailing (3.1%)
                
Tesco PLC
     132,100       918,619  
 
              
Food Products (3.3%)
                
Unilever PLC
     35,700       970,570  
 
              
Metals & Mining (3.8%)
                
Rio Tinto PLC
     18,100       1,135,776  
 
              
Oil, Gas & Consumable Fuels (2.8%)
                
Royal Dutch Shell PLC, Class B
     30,100       845,470  
 
              
 
             5,596,642  
 
              
                 
    Shares or        
    Principal        
    Amount     Value  
Common Stocks (continued)
                
UNITED STATES (45.3%)
                
Aerospace & Defense (3.4%)
                
Lockheed Martin Corp.
     9,150     $ 1,003,481  
 
              
Biotechnology (1.9%)
                
Gilead Sciences, Inc.*
     12,300       560,634  
 
              
Capital Markets (3.1%)
                
Charles Schwab Corp. (The)
     35,300       917,800  
 
              
Computers & Peripherals (3.3%)
                
Apple, Inc.*
     8,700       988,842  
 
              
Diversified Financial Services (4.8%)
                
JPMorgan Chase & Co.
     30,306       1,415,290  
 
              
Diversified Telecommunication Services (3.2%)
                
AT&T, Inc.
     34,000       949,280  
 
              
Energy Equipment & Services (2.9%)
                
Transocean, Inc.
     7,956       873,887  
 
              
Hotels, Restaurants & Leisure (4.4%)
                
McDonald’s Corp.
     21,100       1,301,870  
 
              
Machinery (2.7%)
                
Deere & Co.
     16,500       816,750  
 
              
Oil, Gas & Consumable Fuels (4.1%)
                
ConocoPhillips
     8,400       615,300  
Hess Corp.
     7,500       615,600  
 
              
 
             1,230,900  
 
              
Road & Rail (2.1%)
                
Norfolk Southern Corp.
     9,600       635,616  
 
              
Semiconductors & Semiconductor Equipment (2.2%)
                
Applied Materials, Inc.
     42,300       639,999  
 
              
Software (7.2%)
                
Adobe Systems, Inc.*
     4,200       165,774  
Microsoft Corp.
     37,100       990,199  
Oracle Corp.*
     48,600       987,066  
 
              
 
             2,143,039  
 
              
 
             13,477,388  
 
              
Total Common Stocks
             29,222,536  
 
              
Securities Purchased With Collateral For Securities On Loan (6.6%)
                
Repurchase Agreement (6.6%)
                
Barclays Capital, 2.25%, dated 09/30/08, due 10/01/08, repurchase price $1,969,903, collateralized by U.S. Government Agency Mortgages ranging 3.17% - 6.00%, maturing 12/01/17 - 10/25/38; total market value of $2,009,176
   $ 1,969,780       1,969,781  
 
              
Total Investments
 (Cost $34,738,425) (c) — 104.8%
             31,192,317  
Liabilities in excess of other assets — (4.8)%
             (1,425,185 )
 
              
NET ASSETS — 100.0%
           $ 29,767,132  
 
              
 
*   Denotes a non-income producing security.
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Gartmore NVIT Worldwide Leaders Fund
 
(a)   Fair Valued Security.
 
(b)   All or a part of the security was on loan as of September 30, 2008.
 
(c)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
ADR   American Depositary Receipt
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
JPMorgan NVIT Balanced Fund
                 
    Shares     Value  
Common Stocks — Long Positions (57.4%)
                
AUSTRALIA (0.3%)(a)
                
Airline (0.0%)
                
Qantas Airways Ltd.
     12,261     $ 31,248  
 
              
Capital Markets (0.0%)
                
Macquarie Group Ltd.
     825       25,395  
 
              
Commercial Banks (0.1%)
                
Australia & New Zealand Banking Group Ltd.
     4,136       63,878  
Commonwealth Bank of Australia
     699       24,628  
National Australia Bank Ltd.
     1,041       21,003  
Westpac Banking Corp.
     1,325       23,478  
 
              
 
             132,987  
 
              
Commercial Services & Supplies (0.0%)
                
Brambles Ltd.
     3,691       23,023  
 
              
Metals & Mining (0.2%)
                
BHP Billiton Ltd.
     5,874       151,916  
International Ferro Metals Ltd.
     13,582       10,792  
Rio Tinto Ltd.
     650       43,785  
 
              
 
             206,493  
 
              
Transportation Infrastructure (0.0%)
                
Macquarie Infrastructure Group
     10,708       20,298  
 
              
 
             439,444  
 
              
AUSTRIA (0.1%)(a)
                
Diversified Telecommunication Services (0.0%)
                
Telekom Austria AG
     673       11,840  
 
              
Oil, Gas & Consumable Fuels (0.1%)
                
OMV AG
     1,793       75,564  
 
              
Pharmaceuticals (0.0%)
                
Intercell AG*
     687       22,621  
 
              
 
             110,025  
 
              
BERMUDA (1.0%)
                
Electronic Equipment & Instruments (0.2%)
                
Tyco Electronics Ltd.
     7,300       201,918  
 
              
Household Durables (0.1%)
                
Helen of Troy Ltd.*
     3,700       84,249  
 
              
Information Technology Services (0.2%)
                
Accenture Ltd., Class A
     6,200       235,600  
Genpact Ltd.*
     4,200       43,638  
 
              
 
             279,238  
 
              
Insurance (0.4%)
                
Argo Group International Holdings Ltd.*
     653       24,063  
Aspen Insurance Holdings Ltd.
     3,500       96,250  
Axis Capital Holdings Ltd.
     6,275       198,980  
Platinum Underwriters Holdings Ltd.
     1,025       36,367  
RenaissanceRe Holdings Ltd.
     2,275       118,300  
XL Capital Ltd., Class A
     2,000       35,880  
 
              
 
             509,840  
 
              
Machinery (0.1%)
                
Ingersoll-Rand Co. Ltd., Class A
     1,800       56,106  
 
              
Oil, Gas & Consumable Fuels (0.0%)
                
Frontline Ltd.
     425       20,430  
 
              
Pharmaceuticals (0.0%)
                
Warner Chilcott Ltd., Class A*
     3,550       53,676  
 
              
Semiconductors & Semiconductor Equipment (0.0%)
                
Marvell Technology Group Ltd.*
     5,700       53,010  
 
              
 
             1,258,467  
 
              
CANADA (0.0%)
                
Communications Equipment (0.0%)
                
Nortel Networks Corp.*
     62       139  
 
              
Pharmaceuticals (0.0%)
                
Cardiome Pharma Corp.*
     850       6,460  
 
              
 
             6,599  
 
              
CAYMAN ISLANDS (0.1%)
                
Food Products (0.0%)
                
Fresh Del Monte Produce, Inc.*
     2,600       57,720  
 
              
Personal Products (0.1%)
                
Herbalife Ltd.
     1,750       69,160  
 
              
 
             126,880  
 
              
DENMARK (0.1%)(a)
                
Pharmaceuticals (0.1%)
                
Novo Nordisk AS, Class B
     2,288       118,635  
 
              
FINLAND (0.1%)(a)
                
Commercial Services & Supplies (0.0%)
                
Poyry OYJ
     566       10,922  
 
              
Communications Equipment (0.1%)
                
Nokia OYJ
     5,846       109,021  
 
              
Construction & Engineering (0.0%)
                
YIT OYJ
     3,863       40,333  
 
              
Industrial Conglomerate (0.0%)
                
Ruukki Group OYJ
     10,522       25,027  
 
              
 
             185,303  
 
              
FRANCE (0.9%)
                
Aerospace & Defense (0.0%)(a)
                
Thales SA
     744       37,540  
 
              
Auto Components (0.1%)(a)
                
Compagnie Generale des Etablissements Michelin, Class B
     1,499       97,080  
 
              
Chemicals (0.0%)(a)
                
Arkema
     928       34,254  
Rhodia SA
     1,169       18,265  
 
              
 
             52,519  
 
              
Commercial Banks (0.1%)(a)
                
Societe Generale
     1,243       111,597  
 
              
Commercial Services & Supplies (0.0%)
                
Suez Environnement SA*
     836       20,575  
 
              
Construction Materials (0.1%)(a)
                
Lafarge SA
     962       101,273  
 
              
Electrical Equipment (0.0%)(a)
                
Alstom SA
     696       52,825  
 
              
Food & Staples Retailing (0.0%)(a)
                
Carrefour SA
     338       15,937  
 
              
Information Technology Services (0.0%)(a)
                
Atos Origin SA
     868       38,194  
 
              
Insurance (0.1%)(a)
                
AXA SA
     1,306       42,745  
SCOR SE
     1,415       27,511  
 
              
 
             70,256  
 
              
Media (0.1%)(a)
                
Vivendi
     4,194       131,466  
 
              
Multi-Utility (0.1%)(a)
                
GDF SUEZ
     3,191       165,995  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
JPMorgan NVIT Balanced Fund
                 
    Shares     Value  
Common Stocks — Long Positions (continued)
                
FRANCE (continued)
                
Multiline Retail (0.0%)(a)
                
PPR
     67     $ 5,994  
 
              
Oil, Gas & Consumable Fuels (0.2%)(a)
                
Total SA
     4,087       248,250  
 
              
Pharmaceuticals (0.1%)(a)
                
Sanofi-Aventis SA
     875       57,519  
 
              
 
             1,207,020  
 
              
GERMANY (0.7%)(a)
                
Airline (0.0%)
                
Deutsche Lufthansa AG
     955       18,801  
 
              
Chemicals (0.0%)
                
Lanxess
     449       12,357  
 
              
Diversified Financial Services (0.0%)
                
Deutsche Boerse AG
     597       55,283  
 
              
Electric Utility (0.2%)
                
E. ON AG
     4,221       214,352  
 
              
Industrial Conglomerate (0.1%)
                
Siemens AG
     939       88,307  
 
              
Insurance (0.1%)
                
Hannover Rueckversicherung AG
     1,895       68,211  
Muenchener Rueckversicherungs AG
     280       42,366  
 
              
 
             110,577  
 
              
Internet Software & Services (0.1%)
                
United Internet AG
     5,395       58,768  
 
              
Machinery (0.1%)
                
MAN AG
     1,028       69,919  
 
              
Media (0.0%)
                
Axel Springer AG
     50       4,505  
 
              
Metals & Mining (0.0%)
                
ThyssenKrupp AG
     1,495       45,605  
 
              
Pharmaceuticals (0.1%)
                
Bayer AG
     2,446       179,527  
 
              
Textiles, Apparel & Luxury Goods (0.0%)
                
Adidas AG
     830       44,414  
 
              
 
             902,415  
 
              
GREECE (0.2%)(a)
                
Beverages (0.1%)
                
Coca Cola Hellenic Bottling Co. SA
     1,663       36,292  
 
              
Commercial Banks (0.1%)
                
Alpha Bank AE
     1,771       38,551  
EFG Eurobank Ergasias SA
     2,739       49,920  
National Bank of Greece SA
     1,068       43,274  
Piraeus Bank SA
     1,408       29,313  
 
              
 
             161,058  
 
              
 
             197,350  
 
              
HONG KONG (0.1%)(a)
                
Real Estate Management & Development (0.1%)
                
New World Development Ltd.
     15,000       16,707  
Sun Hung Kai Properties Ltd.
     2,000       20,610  
Swire Pacific Ltd., Class A
     3,500       30,766  
 
              
 
             68,083  
 
              
Specialty Retail (0.0%)
                
Esprit Holdings Ltd.
     7,535       46,708  
 
              
 
             114,791  
 
              
ISRAEL (0.0%)
                
Biotechnology (0.0%)
                
Protalix BioTherapeutics, Inc.*
     3,750       8,362  
 
              
ITALY (0.2%)(a)
                
Automobiles (0.1%)
                
Fiat SpA
     5,278       70,915  
 
              
Commercial Banks (0.1%)
                
Banco Popolare SC
     5,958       92,541  
UniCredit SpA
     20,886       78,089  
Unione di Banche Italiane SCPA
     467       10,229  
 
              
 
             180,859  
 
              
Construction Materials (0.0%)
                
Buzzi Unicem SpA
     3,409       52,374  
 
              
Oil, Gas & Consumable Fuels (0.0%)
                
ENI SpA
     199       5,274  
 
              
 
             309,422  
 
              
JAPAN (1.9%)(a)
                
Auto Components (0.0%)
                
Bridgestone Corp.
     1,000       18,934  
 
              
Automobiles (0.2%)
                
Toyota Motor Corp.
     5,200       222,344  
 
              
Building Products (0.2%)
                
Asahi Glass Co. Ltd.
     12,000       105,502  
Daikin Industries Ltd.
     3,182       107,338  
 
              
 
             212,840  
 
              
Capital Markets (0.0%)
                
Daiwa Securities Group, Inc.
     8,000       58,278  
 
              
Chemicals (0.1%)
                
Nitto Denko Corp.
     1,100       27,989  
Shin-Etsu Chemical Co. Ltd.
     1,400       66,580  
 
              
 
             94,569  
 
              
Commercial Banks (0.2%)
                
Hokuhoku Financial Group, Inc.
     14,000       31,247  
Mitsubishi UFJ Financial Group, Inc.
     12,600       109,891  
Nishi-Nippon City Bank Ltd. (The)
     13,000       32,465  
Sumitomo Mitsui Financial Group, Inc.
     13       81,517  
 
              
 
             255,120  
 
              
Construction & Engineering (0.0%)
                
Nishimatsu Construction Co. Ltd.
     15,000       34,536  
 
              
Consumer Finance (0.1%)
                
Hitachi Capital Corp.
     3,400       41,406  
ORIX Corp.
     300       37,568  
 
              
 
             78,974  
 
              
Diversified Telecommunication Services (0.1%)
                
Nippon Telegraph & Telephone Corp.
     30       133,922  
 
              
Electric Utilities (0.0%)
                
Kansai Electric Power Co., Inc. (The)
     900       20,027  
Tohoku Electric Power Co., Inc.
     1,900       40,845  
 
              
 
             60,872  
 
              
Electrical Equipment (0.1%)
                
Mitsubishi Electric Corp.
     15,000       101,220  
 
              
Electronic Equipment & Instruments (0.1%)
                
FUJIFILM Holdings Corp.
     1,500       38,677  
Ibiden Co. Ltd.
     600       14,609  
Nippon Electric Glass Co. Ltd.
     3,000       27,179  
 
              
 
             80,465  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
JPMorgan NVIT Balanced Fund
                 
    Shares     Value  
Common Stocks — Long Positions (continued)
                
JAPAN(a) (continued)
                
Health Care Providers & Services (0.0%)
                
Suzuken Co. Ltd.
     1,400     $ 42,550  
 
              
Household Durables (0.1%)
                
Matsushita Electric Industrial Co. Ltd.
     4,000       68,968  
Sony Corp.
     1,000       30,842  
 
              
 
             99,810  
 
              
Information Technology Services (0.0%)
                
NTT Data Corp.
     11       43,495  
 
              
Marine (0.0%)
                
Kawasaki Kisen Kaisha Ltd.
     3,000       18,563  
 
              
Metals & Mining (0.1%)
                
JFE Holdings, Inc.
     2,500       77,551  
 
              
Multiline Retail (0.1%)
                
H2O Retailing Corp.
     3,000       18,271  
Isetan Mitsukoshi Holdings Ltd.*
     6,600       77,450  
 
              
 
             95,721  
 
              
Natural Gas Utility (0.1%)
                
Tokyo Gas Co. Ltd.
     31,196       130,183  
 
              
Office Electronics (0.1%)
                
Canon, Inc.
     3,100       117,540  
 
              
Oil, Gas & Consumable Fuels (0.0%)
                
Nippon Mining Holdings, Inc.
     2,500       10,072  
 
              
Personal Products (0.0%)
                
Shiseido Co. Ltd.
     2,000       44,793  
 
              
Pharmaceuticals (0.0%)
                
Daiichi Sankyo Co. Ltd.
     800       20,616  
 
              
Semiconductors & Semiconductor Equipment (0.0%)
                
NEC Electronics Corp.*
     200       4,179  
 
              
Software (0.0%)
                
Nintendo Co. Ltd.
     100       42,423  
 
              
Tobacco (0.1%)
                
Japan Tobacco, Inc.
     31       116,858  
 
              
Trading Companies & Distributors (0.1%)
                
ITOCHU Corp.
     7,000       42,175  
Mitsui & Co. Ltd.
     3,000       37,248  
 
              
 
             79,423  
 
              
Wireless Telecommunication Services (0.1%)
                
KDDI Corp.
     5       28,328  
NTT DoCoMo, Inc.
     49       78,445  
 
              
 
             106,773  
 
              
 
             2,402,624  
 
              
LUXEMBOURG (0.1%)(a)
                
Metals & Mining (0.1%)
                
ArcelorMittal (XPAR)
     1,310       66,351  
 
              
NETHERLANDS (0.2%)
                
Air Freight & Logistics (0.1%)(a)
                
TNT NV
     3,029       83,912  
 
              
Chemicals (0.1%)(a)
                
Akzo Nobel NV
     2,263       108,628  
 
              
Commercial Services & Supplies (0.0%)(a)
                
USG People NV
     1,009       13,905  
 
              
Construction & Engineering (0.0%)(a)
                
Koninklijke BAM Groep NV
     1,242       16,095  
 
              
Diversified Financial Services (0.0%)(a)
                
ING Groep NV CVA
     2,102       45,056  
 
              
Diversified Telecommunication Services (0.0%)(a)
                
Koninklijke KPN NV
     50       722  
 
              
Metals & Mining (0.0%)
                
Vimetco NV GDR
     2,835       9,752  
 
              
 
             278,070  
 
              
NORWAY (0.1%)(a)
                
Commercial Banks (0.0%)
                
DnB NOR ASA
     7,953       61,726  
 
              
Industrial Conglomerate (0.1%)
                
Orkla ASA
     10,487       96,549  
 
              
 
             158,275  
 
              
PUERTO RICO (0.0%)
                
Commercial Banks (0.0%)
                
W Holding Co., Inc.
     2,075       1,120  
 
              
SINGAPORE (0.1%)(a)
                
Diversified Financial Services (0.0%)
                
Singapore Exchange Ltd.
     6,293       27,420  
 
              
Diversified Telecommunication Services (0.1%)
                
Singapore Telecommunications Ltd.
     42,900       98,082  
 
              
Real Estate Management & Development (0.0%)
                
City Developments Ltd.
     4,000       25,019  
Keppel Land Ltd.
     4,000       7,991  
 
              
 
             33,010  
 
              
 
             158,512  
 
              
SPAIN (0.4%)(a)
                
Commercial Banks (0.2%)
                
Banco Bilbao Vizcaya Argentaria SA
     7,853       126,970  
Banco Santander SA — London International Exchange
     11,625       174,284  
 
              
 
             301,254  
 
              
Diversified Telecommunication Services (0.1%)
                
Telefonica SA
     3,291       78,241  
 
              
Natural Gas Utility (0.1%)
                
Enagas
     3,713       80,055  
 
              
 
             459,550  
 
              
SWEDEN (0.1%)(a)
                
Commercial Banks (0.1%)
                
Skandinaviska Enskilda Banken AB, Class A
     4,254       66,374  
Svenska Handelsbanken AB, Class A
     90       2,016  
 
              
 
             68,390  
 
              
Health Care Equipment & Supplies (0.0%)
                
Elekta AB
     361       6,165  
 
              
Machinery (0.0%)
                
Atlas Copco AB, Class B
     2,582       26,097  
 
              
Specialty Retail (0.0%)
                
Hennes & Mauritz AB, Class B
     1,458       59,720  
 
              
 
             160,372  
 
              
SWITZERLAND (0.8%)
                
Capital Markets (0.1%)(a)
                
Credit Suisse Group AG
     633       29,570  
Julius Baer Holding AG
     189       9,401  
UBS AG*
     2,718       46,470  
 
              
 
             85,441  
 
              
Construction Materials (0.0%)(a)
                
Holcim Ltd.
     746       54,690  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
JPMorgan NVIT Balanced Fund
                 
    Shares     Value  
Common Stocks — Long Positions (continued)
                
SWITZERLAND (continued)
                
Electrical Equipment (0.0%)(a)
                
ABB Ltd.
     3,277     $ 63,520  
 
              
Food Products (0.2%)(a)
                
Nestle SA
     4,990       215,713  
 
              
Insurance (0.3%)
                
ACE Ltd.
     4,370       236,548  
Zurich Financial Services AG(a)
     476       131,850  
 
              
 
             368,398  
 
              
Pharmaceuticals (0.2%)(a)
                
Novartis AG
     446       23,488  
Roche Holding AG
     1,505       235,658  
 
              
 
             259,146  
 
              
Textiles, Apparel & Luxury Goods (0.0%)(a)
                
Swatch Group AG — Chi — X Europe Exchange
     146       26,957  
 
              
 
             1,073,865  
 
              
UNITED KINGDOM (1.9%)(a)
                
Aerospace & Defense (0.0%)
                
BAE Systems PLC
     7,913       58,326  
 
              
Capital Markets (0.0%)
                
Man Group PLC
     2,224       13,589  
 
              
Commercial Banks (0.3%)
                
HBOS PLC
     5,086       11,537  
HSBC Holdings PLC
     6,000       95,828  
HSBC Holdings PLC
     9,315       150,678  
Royal Bank of Scotland Group PLC
     18,495       59,655  
 
              
 
             317,698  
 
              
Commercial Services & Supplies (0.0%)
                
Robert Walters PLC
     3,039       5,895  
 
              
Construction & Engineering (0.0%)
                
Balfour Beatty PLC
     7,480       40,636  
 
              
Diversified Telecommunication Services (0.1%)
                
Cable & Wireless PLC
     24,185       71,811  
 
              
Food & Staples Retailing (0.1%)
                
Tesco PLC
     9,250       64,324  
WM Morrison Supermarkets PLC
     14,665       68,188  
 
              
 
             132,512  
 
              
Hotels, Restaurants & Leisure (0.2%)
                
Compass Group PLC
     21,795       135,153  
Greene King PLC
     5,933       48,775  
PartyGaming PLC*
     7,202       23,745  
 
              
 
             207,673  
 
              
Household Durables (0.0%)
                
Taylor Wimpey PLC
     16,047       10,395  
 
              
Independent Power Producers & Energy Traders (0.1%)
                
International Power PLC
     19,216       124,322  
 
              
Industrial Conglomerate (0.1%)
                
Cookson Group PLC
     7,665       64,525  
 
              
Information Technology Services (0.0%)
                
Computacenter PLC
     1,969       3,468  
Logica PLC
     18,299       35,797  
 
              
 
             39,265  
 
              
Insurance (0.1%)
                
Aviva PLC
     465       4,044  
Beazley Group PLC
     18,982       40,491  
RSA Insurance Group PLC
     38,958       104,144  
Standard Life PLC
     5,020       21,881  
 
              
 
             170,560  
 
              
Media (0.0%)
                
Pearson PLC
     2,884       31,240  
Reed Elsevier PLC
     2,320       23,099  
 
              
 
             54,339  
 
              
Metals & Mining (0.1%)
                
Anglo American PLC
     958       32,356  
Aricom PLC*
     14,766       6,712  
Rio Tinto PLC
     631       39,595  
Xstrata PLC
     228       7,105  
 
              
 
             85,768  
 
              
Multiline Retail (0.0%)
                
Marks & Spencer Group PLC
     8,428       30,780  
 
              
Oil, Gas & Consumable Fuels (0.4%)
                
Afren PLC*
     11,753       13,917  
BG Group PLC
     2,946       53,421  
BP PLC
     14,718       122,558  
Royal Dutch Shell PLC, Class A
     6,308       182,151  
Royal Dutch Shell PLC, Class B
     3,193       89,687  
Salamander Energy PLC*
     4,094       12,837  
 
              
 
             474,571  
 
              
Pharmaceuticals (0.1%)
                
GlaxoSmithKline PLC
     2,265       49,059  
Shire Ltd.
     7,264       114,850  
 
              
 
             163,909  
 
              
Road & Rail (0.0%)
                
National Express Group PLC
     279       4,034  
 
              
Semiconductors & Semiconductor Equipment (0.0%)
                
ARM Holdings PLC
     17,662       30,688  
 
              
Tobacco (0.2%)
                
British American Tobacco PLC
     1,875       61,204  
Imperial Tobacco Group PLC
     4,131       132,589  
 
              
 
             193,793  
 
              
Trading Companies & Distributors (0.0%)
                
Wolseley PLC
     2,698       20,390  
 
              
Wireless Telecommunication Services (0.1%)
                
Vodafone Group PLC
     30,287       66,877  
 
              
 
             2,382,356  
 
              
UNITED STATES (48.0%)
                
Aerospace & Defense (1.7%)
                
Boeing Co.
     5,900       338,365  
General Dynamics Corp.
     3,090       227,486  
Goodrich Corp.
     3,400       141,440  
Honeywell International, Inc.
     5,000       207,750  
L-3 Communications Holdings, Inc.
     100       9,832  
Lockheed Martin Corp.
     2,555       280,207  
Northrop Grumman Corp.
     5,200       314,808  
Orbital Sciences Corp.*
     3,225       77,303  
United Technologies Corp.
     9,000       540,540  
 
              
 
             2,137,731  
 
              
Air Freight & Logistics (0.1%)
                
FedEx Corp.
     100       7,904  
Pacer International, Inc.
     3,425       56,410  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
JPMorgan NVIT Balanced Fund
                 
    Shares     Value  
Common Stocks — Long Positions (continued)
                
UNITED STATES (continued)
                
Air Freight & Logistics (continued)
                
United Parcel Service, Inc., Class B
     1,500     $ 94,335  
 
              
 
             158,649  
 
              
Airlines (0.0%)
                
Continental Airlines, Inc., Class B*
     2,975       49,623  
UAL Corp.
     75       659  
 
              
 
             50,282  
 
              
Auto Components (0.3%)
                
ArvinMeritor, Inc.
     1,650       21,516  
ATC Technology Corp.*
     1,150       27,301  
Autoliv, Inc.
     1,350       45,563  
Drew Industries, Inc.*
     1,100       18,821  
Johnson Controls, Inc.
     8,900       269,937  
Snap-on, Inc.
     1,100       57,926  
 
              
 
             441,064  
 
              
Beverages (0.8%)
                
Coca-Cola Co. (The)
     15,700       830,216  
Coca-Cola Enterprises, Inc.
     200       3,354  
Pepsi Bottling Group, Inc.
     6,100       177,937  
PepsiAmericas, Inc.
     1,450       30,044  
PepsiCo, Inc.
     300       21,381  
 
              
 
             1,062,932  
 
              
Biotechnology (1.1%)
                
Alexion Pharmaceuticals, Inc.*
     2,100       82,530  
Alkermes, Inc.*
     1,000       13,300  
Amgen, Inc.*
     8,300       491,941  
Arena Pharmaceuticals, Inc.*
     925       4,625  
BioMarin Pharmaceutical, Inc.*
     825       21,854  
Bionovo, Inc.*
     1,675       1,457  
Celgene Corp.*
     3,800       240,464  
Cephalon, Inc.*
     75       5,812  
Combinatorx, Inc.*
     450       1,454  
Gilead Sciences, Inc.*
     7,200       328,176  
Human Genome Sciences, Inc.*
     1,550       9,843  
Keryx Biopharmaceuticals, Inc.*
     775       271  
Martek Biosciences Corp.*
     150       4,713  
Myriad Genetics, Inc.*
     275       17,842  
Onyx Pharmaceuticals, Inc.*
     325       11,758  
Progenics Pharmaceuticals, Inc.*
     325       4,326  
Regeneron Pharmaceuticals, Inc.*
     825       18,010  
Rigel Pharmaceuticals, Inc.*
     275       6,421  
Seattle Genetics, Inc.*
     1,450       15,515  
United Therapeutics Corp.*
     1,525       160,384  
 
              
 
             1,440,696  
 
              
Building Products (0.1%)
                
Gibraltar Industries, Inc.
     425       7,952  
Insteel Industries, Inc.
     1,400       19,026  
NCI Building Systems, Inc.*
     1,350       42,862  
Quanex Building Products Corp.
     1,100       16,764  
 
              
 
             86,604  
 
              
Capital Markets (1.9%)
                
Affiliated Managers Group, Inc.*
     550       45,567  
Bank of New York Mellon Corp. (The)
     12,800       417,024  
Federated Investors, Inc., Class B
     2,825       81,445  
Goldman Sachs Group, Inc. (The)
     4,760       609,280  
Invesco Ltd.
     1,700       35,666  
Investment Technology Group, Inc.*
     1,350       41,080  
Janus Capital Group, Inc.
     50       1,214  
LaBranche & Co., Inc.*
     1,475       6,638  
Merrill Lynch & Co., Inc.
     8,750       221,375  
Morgan Stanley
     13,040       299,920  
Northern Trust Corp.
     2,150       155,230  
State Street Corp.
     5,750       327,060  
TD Ameritrade Holding Corp.*
     7,750       125,550  
Waddell & Reed Financial, Inc., Class A
     1,350       33,413  
 
              
 
             2,400,462  
 
              
Chemicals (1.2%)
                
Air Products & Chemicals, Inc.
     200       13,698  
Airgas, Inc.
     1,000       49,650  
Celanese Corp., Series A
     1,350       37,679  
CF Industries Holdings, Inc.
     250       22,865  
Dow Chemical Co. (The)
     12,700       403,606  
E.I. du Pont de Nemours & Co.
     1,400       56,420  
FMC Corp.
     950       48,820  
Innospec, Inc.
     2,100       25,326  
Monsanto Co.
     1,600       158,368  
Mosaic Co. (The)
     550       37,422  
Olin Corp.
     2,200       42,680  
PPG Industries, Inc.
     3,700       215,784  
Praxair, Inc.
     3,300       236,742  
Rohm & Haas Co.
     2,200       154,000  
Spartech Corp.
     1,000       9,900  
Terra Industries, Inc.
     2,250       66,150  
 
              
 
             1,579,110  
 
              
Commercial Banks (1.6%)
                
1st Source Corp.
     220       5,170  
Bancfirst Corp.
     1,825       88,202  
Bank of Hawaii Corp.
     1,350       72,157  
BB&T Corp.
     2,000       75,600  
Central Pacific Financial Corp.
     525       8,825  
City Holding Co.
     750       31,688  
Comerica, Inc.
     3,200       104,928  
Commerce Bancshares, Inc.
     305       14,152  
Fifth Third Bancorp
     1,000       11,900  
First Merchants Corp.
     275       6,270  
Guaranty Bancorp*
     925       5,643  
Huntington Bancshares, Inc.
     900       7,191  
KeyCorp
     8,200       97,908  
Lakeland Financial Corp.
     175       3,843  
M&T Bank Corp.
     800       71,400  
Marshall & Ilsley Corp.
     800       16,120  
National City Corp.
     3,700       6,475  
Sierra Bancorp
     300       6,258  
Simmons First National Corp., Class A
     3,025       107,690  
South Financial Group, Inc. (The)
     1,075       7,880  
StellarOne Corp.
     92       1,902  
Suffolk Bancorp
     1,750       68,967  
SunTrust Banks, Inc.
     100       4,499  
Synovus Financial Corp.
     4,900       50,715  
TCF Financial Corp.
     10,025       180,450  
U.S. Bancorp
     13,375       481,767  
Wells Fargo & Co.
     12,200       457,866  
Zions Bancorp.
     2,500       96,750  
 
              
 
             2,092,216  
 
              
Commercial Services & Supplies (0.3%)
                
Administaff, Inc.
     1,900       51,718  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
JPMorgan NVIT Balanced Fund
                 
    Shares     Value  
Common Stocks — Long Positions (continued)
                
UNITED STATES (continued)
                
Commercial Services & Supplies (continued)
                
COMSYS IT Partners, Inc.*
     525     $ 5,103  
Deluxe Corp.
     1,400       20,146  
IKON Office Solutions, Inc.
     4,975       84,625  
Pitney Bowes, Inc.
     2,050       68,183  
Standard Parking Corp.*
     375       8,333  
Standard Register Co. (The)
     5,300       52,205  
Steelcase, Inc., Class A
     500       5,375  
Waste Management, Inc.
     200       6,298  
Watson Wyatt Worldwide, Inc., Class A
     1,150       57,189  
 
              
 
             359,175  
 
              
Communications Equipment (1.4%)
                
ADTRAN, Inc.
     750       14,618  
Avocent Corp.*
     1,650       33,759  
Black Box Corp.
     1,650       56,974  
Brocade Communications Systems, Inc.*
     8,300       48,306  
Cisco Systems, Inc.*
     26,600       600,096  
CommScope, Inc.*
     1,850       64,084  
Corning, Inc.
     16,500       258,060  
Emulex Corp.*
     5,900       62,953  
Harris Corp.
     1,100       50,820  
InterDigital, Inc.*
     2,150       51,707  
Juniper Networks, Inc.*
     5,000       105,350  
QUALCOMM, Inc.
     10,400       446,888  
Tellabs, Inc.*
     475       1,929  
 
              
 
             1,795,544  
 
              
Computers & Peripherals (2.2%)
                
Apple, Inc.*
     3,400       386,444  
Dell, Inc.*
     5,750       94,760  
EMC Corp.*
     200       2,392  
Hewlett-Packard Co.
     21,625       999,940  
International Business Machines Corp.
     10,140       1,185,974  
Lexmark International, Inc., Class A*
     1,650       53,741  
NetApp, Inc.*
     2,400       43,752  
QLogic Corp.*
     4,325       66,432  
Rackable Systems, Inc.*
     575       5,641  
Western Digital Corp.*
     2,100       44,772  
 
              
 
             2,883,848  
 
              
Construction & Engineering (0.1%)
                
Dycom Industries, Inc.*
     650       8,463  
EMCOR Group, Inc.*
     2,700       71,064  
Fluor Corp.
     300       16,710  
Integrated Electrical Services, Inc.*
     150       2,634  
Jacobs Engineering Group, Inc.*
     200       10,862  
KBR, Inc.
     300       4,581  
 
              
 
             114,314  
 
              
Construction Materials (0.0%)
                
Headwaters, Inc.
     175       2,336  
 
              
Consumer Finance (0.3%)
                
Advance America Cash Advance Centers, Inc.
     650       1,944  
American Express Co.
     3,100       109,833  
AmeriCredit Corp.*
     1,675       16,968  
Capital One Financial Corp.
     2,000       102,000  
Credit Acceptance Corp.*
     199       3,383  
Discover Financial Services
     2,795       38,627  
Dollar Financial Corp.*
     1,714       26,378  
World Acceptance Corp.*
     550       19,800  
 
              
 
             318,933  
 
              
Containers & Packaging (0.2%)
                
Ball Corp.
     1,250       49,362  
Graphic Packaging Holding Co.*
     14,350       35,875  
Greif, Inc., Class A
     950       62,339  
Myers Industries, Inc.
     675       8,512  
Owens-Illinois, Inc.*
     1,450       42,630  
Rock-Tenn Co., Class A
     925       36,981  
Smurfit-Stone Container Corp.*
     3,975       18,683  
Sonoco Products Co.
     1,800       53,424  
 
              
 
             307,806  
 
              
Diversified Consumer Services (0.1%)
                
Apollo Group, Inc., Class A*
     100       5,930  
Coinstar, Inc.*
     600       19,200  
ITT Educational Services, Inc.*
     800       64,728  
 
              
 
             89,858  
 
              
Diversified Financial Services (1.7%)
                
Bank of America Corp.
     34,450       1,205,750  
CIT Group, Inc.
     10,000       69,600  
Citigroup, Inc.
     25,950       532,234  
IntercontinentalExchange, Inc.*
     400       32,272  
Nasdaq OMX Group, Inc. (The)*
     1,600       48,912  
NYSE Euronext
     6,450       252,711  
 
              
 
             2,141,479  
 
              
Diversified Telecommunication Services (1.5%)
                
AT&T, Inc.
     21,900       611,448  
CenturyTel, Inc.
     1,680       61,572  
Consolidated Communications Holdings, Inc.
     2,600       39,208  
Embarq Corp.
     1,597       64,758  
Frontier Communications Corp.
     1,975       22,713  
Verizon Communications, Inc.
     32,400       1,039,716  
Windstream Corp.
     5,550       60,717  
 
              
 
             1,900,132  
 
              
Electric Utilities (1.3%)
                
Allegheny Energy, Inc.
     300       11,031  
American Electric Power Co., Inc.
     12,400       459,792  
DPL, Inc.
     2,250       55,800  
Edison International
     9,650       385,035  
El Paso Electric Co.*
     925       19,425  
Exelon Corp.
     5,300       331,886  
FirstEnergy Corp.
     2,000       133,980  
FPL Group, Inc.
     200       10,060  
Pinnacle West Capital Corp.
     800       27,528  
Portland General Electric Co.
     825       19,519  
PPL Corp.
     3,600       133,272  
Sierra Pacific Resources
     5,400       51,732  
UniSource Energy Corp.
     425       12,406  
 
              
 
             1,651,466  
 
              
Electrical Equipment (0.1%)
                
Cooper Industries Ltd., Class A
     600       23,970  
First Solar, Inc.*
     300       56,673  
LSI Industries, Inc.
     950       7,857  
 
              
 
             88,500  
 
              
Electronic Equipment & Instruments (0.2%)
                
Arrow Electronics, Inc.*
     1,750       45,885  
Benchmark Electronics, Inc.*
     650       9,152  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
JPMorgan NVIT Balanced Fund
                 
    Shares     Value  
Common Stocks — Long Positions (continued)
                
UNITED STATES (continued)
                
Electronic Equipment & Instruments (continued)
                
Coherent, Inc.*
     2,275     $ 80,876  
Jabil Circuit, Inc.
     3,900       37,206  
Methode Electronics, Inc.
     3,200       28,608  
Mettler-Toledo International, Inc.*
     200       19,600  
Sanmina-SCI Corp.*
     11,475       16,065  
Tech Data Corp.*
     75       2,239  
 
              
 
             239,631  
 
              
Energy Equipment & Services (1.3%)
                
Baker Hughes, Inc.
     3,400       205,836  
Dresser-Rand Group, Inc.*
     375       11,801  
ENSCO International, Inc.
     850       48,986  
Grey Wolf, Inc.*
     2,825       21,979  
Halliburton Co.
     5,600       181,384  
ION Geophysical Corp.*
     5,350       75,916  
National Oilwell Varco, Inc.*
     4,950       248,638  
Patterson-UTI Energy, Inc.
     325       6,507  
Schlumberger Ltd.
     6,200       484,158  
Transocean, Inc.
     2,400       263,616  
Weatherford International Ltd.*
     3,400       85,476  
 
              
 
             1,634,297  
 
              
Food & Staples Retailing (1.5%)
                
BJ’s Wholesale Club, Inc.*
     1,499       58,251  
CVS Caremark Corp.
     9,500       319,770  
Nash Finch Co.
     1,525       65,758  
Safeway, Inc.
     12,000       284,640  
SYSCO Corp.
     6,400       197,312  
Wal-Mart Stores, Inc.
     16,350       979,202  
 
              
 
             1,904,933  
 
              
Food Products (0.5%)
                
ConAgra Foods, Inc.
     3,300       64,218  
General Mills, Inc.
     3,300       226,776  
Kellogg Co.
     1,500       84,150  
Kraft Foods, Inc., Class A
     8,000       262,000  
 
              
 
             637,144  
 
              
Health Care Equipment & Supplies (0.8%)
                
Baxter International, Inc.
     2,850       187,045  
Boston Scientific Corp.*
     4,500       55,215  
C.R. Bard, Inc.
     2,100       199,227  
Covidien Ltd.
     3,800       204,288  
Electro-Optical Sciences, Inc.*
     675       3,524  
Invacare Corp.
     3,550       85,697  
Medtronic, Inc.
     1,100       55,110  
Quidel Corp.*
     1,000       16,410  
Teleflex, Inc.
     1,350       85,711  
Thoratec Corp.*
     1,000       26,250  
Zimmer Holdings, Inc.*
     2,100       135,576  
 
              
 
             1,054,053  
 
              
Health Care Providers & Services (1.3%)
                
Aetna, Inc.
     12,990       469,069  
AMERIGROUP Corp.*
     1,900       47,975  
Apria Healthcare Group, Inc.*
     1,475       26,904  
Cardinal Health, Inc.
     2,900       142,912  
CIGNA Corp.
     4,100       139,318  
Express Scripts, Inc.*
     3,050       225,151  
Landauer, Inc.
     1,375       100,031  
Magellan Health Services, Inc.*
     1,650       67,749  
McKesson Corp.
     1,500       80,715  
MedCath Corp.*
     1,475       26,432  
Omnicare, Inc.
     4,800       138,096  
Owens & Minor, Inc.
     1,350       65,475  
WellPoint, Inc.*
     2,200       102,894  
 
              
 
             1,632,721  
 
              
Health Care Technology (0.0%)
                
IMS Health, Inc.
     2,600       49,166  
MedAssets, Inc.*
     650       11,180  
 
              
 
             60,346  
 
              
Hotels, Restaurants & Leisure (0.7%)
                
AFC Enterprises*
     3,650       26,499  
Carnival Corp.
     1,600       56,560  
Darden Restaurants, Inc.
     1,500       42,945  
Denny’s Corp.*
     10,750       27,735  
Domino’s Pizza, Inc.*
     1,225       14,871  
International Game Technology
     6,200       106,516  
McDonald’s Corp.
     6,820       420,794  
Monarch Casino & Resort, Inc.*
     1,300       14,807  
Royal Caribbean Cruises Ltd.
     4,400       91,300  
Wyndham Worldwide Corp.
     4,300       67,553  
 
              
 
             869,580  
 
              
Household Durables (0.2%)
                
American Greetings Corp., Class A
     3,675       56,191  
Blyth, Inc.
     825       9,355  
CSS Industries, Inc.
     175       4,504  
D.R. Horton, Inc.
     300       3,906  
Furniture Brands International, Inc.
     1,100       11,572  
KB Home
     1,400       27,552  
Leggett & Platt, Inc.
     2,400       52,296  
Lennar Corp., Class A
     3,400       51,646  
Standard Pacific Corp.*
     650       3,192  
Tupperware Brands Corp.
     2,425       67,003  
 
              
 
             287,217  
 
              
Household Products (1.4%)
                
Church & Dwight Co., Inc.
     1,150       71,404  
Colgate-Palmolive Co.
     2,500       188,375  
Kimberly-Clark Corp.
     4,000       259,360  
Procter & Gamble Co.
     17,550       1,223,059  
 
              
 
             1,742,198  
 
              
Independent Power Producers & Energy Traders (0.1%)
                
Constellation Energy Group, Inc.
     1,700       41,310  
Dynegy, Inc., Class A*
     1,632       5,843  
NRG Energy, Inc.*
     1,200       29,700  
 
              
 
             76,853  
 
              
Industrial Conglomerates (0.8%)
                
3M Co.
     1,600       109,296  
General Electric Co.
     31,900       813,450  
Textron, Inc.
     3,800       111,264  
 
              
 
             1,034,010  
 
              
Information Technology Services (0.4%)
                
Acxiom Corp.
     1,625       20,377  
Affiliated Computer Services, Inc., Class A*
     1,900       96,197  
Broadridge Financial Solutions, Inc.
     3,100       47,709  
CSG Systems International, Inc.*
     650       11,395  
CyberSource Corp.*
     162       2,610  
Fiserv, Inc.*
     100       4,732  
Global Cash Access Holdings, Inc.*
     750       3,795  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
JPMorgan NVIT Balanced Fund
                 
    Shares     Value  
Common Stocks — Long Positions (continued)
                
UNITED STATES (continued)
                
Information Technology Services (continued)
                
Hackett Group, Inc.*
     850     $ 4,624  
Hewitt Associates, Inc., Class A*
     1,625       59,215  
Paychex, Inc.
     6,800       224,604  
Unisys Corp.*
     5,800       15,950  
Western Union Co. (The)
     600       14,802  
 
              
 
             506,010  
 
              
Insurance (1.1%)
                
Aflac, Inc.
     1,400       82,250  
American International Group, Inc.
     4,200       13,986  
Assurant, Inc.
     1,300       71,500  
Chubb Corp.
     5,780       317,322  
Conseco, Inc.*
     2,000       7,040  
Harleysville Group, Inc.
     1,100       41,580  
Hartford Financial Services Group, Inc.
     1,900       77,881  
LandAmerica Financial Group, Inc.
     150       3,638  
Meadowbrook Insurance Group, Inc.
     1,425       10,060  
MetLife, Inc.
     3,800       212,800  
Navigators Group, Inc.*
     750       43,500  
ProAssurance Corp.*
     375       21,000  
Prudential Financial, Inc.
     1,700       122,400  
Travelers Cos., Inc. (The)
     9,737       440,112  
 
              
 
             1,465,069  
 
              
Internet & Catalog Retail (0.2%)
                
Amazon.com, Inc.*
     1,800       130,968  
Expedia, Inc.*
     3,000       45,330  
priceline.com, Inc.*
     700       47,901  
 
              
 
             224,199  
 
              
Internet Software & Services (0.4%)
                
AsiaInfo Holdings, Inc.*
     650       5,967  
Google, Inc., Class A*
     900       360,468  
ModusLink Global Solutions, Inc.*
     705       6,775  
Sohu.com, Inc.*
     850       47,388  
ValueClick, Inc.*
     3,375       34,526  
Yahoo!, Inc.*
     2,600       44,980  
 
              
 
             500,104  
 
              
Leisure Equipment & Products (0.1%)
                
Hasbro, Inc.
     3,775       131,068  
JAKKS Pacific, Inc.*
     1,000       24,910  
 
              
 
             155,978  
 
              
Life Sciences Tools & Services (0.1%)
                
AMAG Pharmaceuticals, Inc.*
     175       6,778  
Enzo Biochem, Inc.*
     800       8,792  
Illumina, Inc.*
     400       16,212  
Invitrogen Corp.*
     1,550       58,590  
Medivation, Inc.*
     1,100       29,106  
PerkinElmer, Inc.
     2,650       66,170  
 
              
 
             185,648  
 
              
Machinery (1.3%)
                
AGCO Corp.*
     1,525       64,980  
Caterpillar, Inc.
     6,600       393,360  
Cummins, Inc.
     3,540       154,769  
Danaher Corp.
     1,900       131,860  
Dover Corp.
     1,500       60,825  
Eaton Corp.
     2,100       117,978  
Gardner Denver, Inc.*
     1,300       45,136  
Illinois Tool Works, Inc.
     6,600       293,370  
Imation Corp.
     2,375       53,651  
Joy Global, Inc.
     900       40,626  
Nordson Corp.
     1,350       66,299  
PACCAR, Inc.
     3,000       114,570  
Parker Hannifin Corp.
     2,100       111,300  
Tecumseh Products Co., Class A*
     1,575       39,438  
Wabash National Corp.
     1,025       9,686  
Wabtec Corp.
     275       14,088  
 
              
 
             1,711,936  
 
              
Marine (0.0%)
                
Genco Shipping & Trading Ltd.
     950       31,578  
 
              
Media (1.2%)
                
Charter Communications, Inc., Class A*
     3,625       2,646  
Cumulus Media, Inc., Class A*
     1,300       5,538  
DISH Network Corp., Class A*
     8,600       180,600  
Entercom Communications Corp., Class A
     925       4,643  
News Corp., Class A
     18,100       217,019  
Omnicom Group, Inc.
     1,560       60,154  
Sinclair Broadcast Group, Inc., Class A
     7,175       36,162  
Time Warner, Inc.
     20,000       262,200  
Walt Disney Co. (The)
     27,310       838,144  
 
              
 
             1,607,106  
 
              
Metals & Mining (0.2%)
                
Alcoa, Inc.
     3,800       85,804  
Freeport-McMoRan Copper & Gold, Inc.
     868       49,346  
Nucor Corp.
     600       23,700  
Steel Dynamics, Inc.
     175       2,991  
United States Steel Corp.
     1,140       88,475  
Worthington Industries, Inc.
     3,425       51,169  
 
              
 
             301,485  
 
              
Multi-Utility (0.4%)
                
CMS Energy Corp.
     14,400       179,568  
Dominion Resources, Inc.
     5,200       222,456  
NorthWestern Corp.
     1,750       43,977  
PNM Resources, Inc.
     150       1,536  
TECO Energy, Inc.
     3,400       53,482  
 
              
 
             501,019  
 
              
Multiline Retail (0.2%)
                
Big Lots, Inc.*
     4,500       125,235  
Family Dollar Stores, Inc.
     2,700       63,990  
Kohl’s Corp.*
     2,700       124,416  
 
              
 
             313,641  
 
              
Natural Gas Utility (0.1%)
                
Energen Corp.
     1,080       48,903  
Nicor, Inc.
     2,275       100,896  
Oneok, Inc.
     150       5,160  
 
              
 
             154,959  
 
              
Oil, Gas & Consumable Fuels (4.9%)
                
Anadarko Petroleum Corp.
     3,500       169,785  
Apache Corp.
     800       83,424  
APCO Argentina, Inc.
     125       3,539  
Brigham Exploration Co.*
     525       5,770  
Chevron Corp.
     14,730       1,214,930  
ConocoPhillips
     9,600       703,200  
Devon Energy Corp.
     500       45,600  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
JPMorgan NVIT Balanced Fund
                 
    Shares     Value  
Common Stocks — Long Positions (continued)
                
UNITED STATES (continued)
                
Oil, Gas & Consumable Fuels (continued)
                
Energy Partners Ltd.*
     4,025     $ 34,897  
EOG Resources, Inc.
     1,500       134,190  
Exxon Mobil Corp.
     33,130       2,572,876  
Frontier Oil Corp.
     925       17,038  
Hess Corp.
     1,200       98,496  
Marathon Oil Corp.
     2,100       83,727  
Mariner Energy, Inc.*
     759       15,560  
Meridian Resource Corp.*
     7,450       13,708  
Murphy Oil Corp.
     2,050       131,487  
Occidental Petroleum Corp.
     9,350       658,707  
PrimeEnergy Corp.*
     50       3,700  
Rosetta Resources, Inc.*
     450       8,262  
Stone Energy Corp.*
     1,475       62,437  
Swift Energy Co.*
     550       21,279  
VAALCO Energy, Inc.*
     1,500       10,260  
W&T Offshore, Inc.
     175       4,776  
Walter Industries, Inc.
     750       35,587  
Westmoreland Coal Co.*
     250       3,950  
XTO Energy, Inc.
     4,000       186,080  
 
              
 
             6,323,265  
 
              
Paper & Forest Products (0.1%)
                
Buckeye Technologies, Inc.*
     2,450       20,066  
Domtar Corp.*
     12,100       55,660  
Weyerhaeuser Co.
     100       6,058  
 
              
 
             81,784  
 
              
Personal Products (0.1%)
                
NBTY, Inc.*
     2,300       67,896  
 
              
Pharmaceuticals (3.1%)
                
Abbott Laboratories
     13,500       777,330  
Bristol-Myers Squibb Co.
     14,600       304,410  
Cypress Bioscience, Inc.*
     650       4,777  
Eli Lilly & Co.
     6,250       275,187  
Forest Laboratories, Inc.*
     2,500       70,700  
Johnson & Johnson
     10,550       730,904  
MDRNA, Inc.*
     225       88  
Merck & Co., Inc.
     21,185       668,599  
Perrigo Co.
     450       17,307  
Pfizer, Inc.
     37,190       685,784  
Schering-Plough Corp.
     11,600       214,252  
ULURU, Inc.*
     750       750  
ViroPharma, Inc.*
     2,950       38,704  
Watson Pharmaceuticals, Inc.*
     650       18,525  
Wyeth
     4,700       173,618  
XenoPort, Inc.*
     400       19,396  
 
              
 
             4,000,331  
 
              
Real Estate Investment Trusts (0.9%)
                
Annaly Capital Management, Inc.
     4,150       55,817  
Anthracite Capital, Inc.
     3,175       17,018  
Anworth Mortgage Asset Corp.
     1,225       7,252  
Apartment Investment & Management Co., Class A
     1,534       53,721  
Camden Property Trust
     600       27,516  
DCT Industrial Trust, Inc.
     2,250       16,853  
Digital Realty Trust, Inc.
     1,000       47,250  
Duke Realty Corp.
     1,200       29,496  
Home Properties, Inc.
     375       21,731  
Hospitality Properties Trust
     8,150       167,238  
Host Hotels & Resorts, Inc.
     1,300       17,277  
Kimco Realty Corp.
     300       11,082  
Lexington Realty Trust
     3,100       53,382  
Liberty Property Trust
     100       3,765  
LTC Properties, Inc.
     2,000       58,640  
MFA Mortgage Investments, Inc.
     4,925       32,012  
Mid-America Apartment Communities, Inc.
     100       4,914  
Pennsylvania Real Estate Investment Trust
     475       8,954  
ProLogis
     8,160       336,763  
PS Business Parks, Inc.
     475       27,360  
Ramco-Gershenson Properties Trust
     2,350       52,687  
Strategic Hotels & Resorts, Inc.
     1,425       10,759  
Sunstone Hotel Investors, Inc.
     3,050       41,175  
Taubman Centers, Inc.
     275       13,750  
 
              
 
             1,116,412  
 
              
Road & Rail (0.9%)
                
Burlington Northern Santa Fe Corp.
     1,200       110,916  
Con-way, Inc.
     550       24,261  
CSX Corp.
     4,450       242,836  
Norfolk Southern Corp.
     10,050       665,410  
Union Pacific Corp.
     900       64,044  
YRC Worldwide, Inc.*
     775       9,269  
 
              
 
             1,116,736  
 
              
Semiconductors & Semiconductor Equipment (1.0%)
                
Altera Corp.
     3,400       70,312  
Amkor Technology, Inc.*
     4,750       30,258  
Asyst Technologies, Inc.*
     1,000       2,400  
Atmel Corp.*
     825       2,797  
Broadcom Corp., Class A*
     3,300       61,479  
Brooks Automation, Inc.*
     750       6,270  
Cirrus Logic, Inc.*
     5,425       29,566  
Cymer, Inc.*
     1,650       41,794  
Integrated Device Technology, Inc.*
     4,775       37,149  
Intel Corp.
     4,850       90,840  
KLA-Tencor Corp.
     1,700       53,805  
Lam Research Corp.*
     2,000       62,980  
LSI Corp.*
     10,925       58,558  
MEMC Electronic Materials, Inc.*
     2,360       66,694  
Micrel, Inc.
     4,925       44,670  
National Semiconductor Corp.
     1,800       30,978  
OmniVision Technologies, Inc.*
     875       9,984  
ON Semiconductor Corp.*
     4,700       31,772  
Semtech Corp.*
     750       10,470  
Silicon Storage Technology, Inc.*
     4,125       13,448  
Texas Instruments, Inc.
     8,300       178,450  
Ultratech, Inc.*
     700       8,470  
Xilinx, Inc.
     12,600       295,470  
Zoran Corp.*
     550       4,488  
 
              
 
             1,243,102  
 
              
Software (1.9%)
                
Adobe Systems, Inc.*
     500       19,735  
Aspen Technology, Inc.*
     6,250       79,375  
BMC Software, Inc.*
     2,090       59,837  
C.A., Inc.
     8,950       178,642  
EPIQ Systems, Inc.*
     1,650       22,440  
Fair Isaac Corp.
     150       3,459  
JDA Software Group, Inc.*
     325       4,943  
Magma Design Automation, Inc.*
     225       905  
Microsoft Corp.
     39,300       1,048,917  
MicroStrategy, Inc., Class A*
     550       32,741  
Net 1 UEPS Technologies, Inc.*
     3,350       74,805  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
JPMorgan NVIT Balanced Fund
                 
    Shares     Value  
Common Stocks — Long Positions (continued)
                
UNITED STATES (continued)
                
Software (continued)
                
Oracle Corp.*
     25,735     $ 522,678  
Pegasystems, Inc.
     475       6,132  
Secure Computing Corp.*
     1,050       5,754  
SPSS, Inc.*
     175       5,138  
Sybase, Inc.*
     4,096       125,420  
Symantec Corp.*
     10,750       210,485  
Synopsys, Inc.*
     2,825       56,359  
Wind River Systems, Inc.*
     550       5,500  
 
              
 
             2,463,265  
 
              
Specialty Retail (0.9%)
                
Abercrombie & Fitch Co., Class A
     600       23,670  
Advance Auto Parts, Inc.
     5,350       212,181  
Aeropostale, Inc.*
     1,850       59,403  
AutoZone, Inc.*
     600       74,004  
Barnes & Noble, Inc.
     1,575       41,076  
Cache, Inc.*
     2,225       15,286  
Collective Brands, Inc.*
     1,350       24,719  
Dick’s Sporting Goods, Inc.*
     4,300       84,194  
Finish Line (The), Class A
     4,225       42,208  
GameStop Corp., Class A*
     1,900       64,999  
Gap, Inc. (The)
     3,700       65,786  
Ltd Brands, Inc.
     4,100       71,012  
Midas, Inc.*
     4,625       63,640  
Ross Stores, Inc.
     1,550       57,055  
Staples, Inc.
     6,200       139,500  
TJX Cos., Inc.
     5,050       154,126  
 
              
 
             1,192,859  
 
              
Textiles, Apparel & Luxury Goods (0.4%)
                
Coach, Inc.*
     700       17,528  
Nike, Inc., Class B
     3,100       207,390  
Phillips-Van Heusen Corp.
     300       11,373  
Polo Ralph Lauren Corp.
     500       33,320  
V.F. Corp.
     1,900       146,889  
Warnaco Group, Inc. (The)*
     1,150       52,084  
 
              
 
             468,584  
 
              
Thrifts & Mortgage Finance (0.2%)
                
Fannie Mae
     4,500       6,885  
Federal Agricultural Mortgage Corp., Class C
     2,975       12,198  
Freddie Mac
     700       1,197  
Hudson City Bancorp, Inc.
     11,900       219,555  
MGIC Investment Corp.
     500       3,515  
New York Community Bancorp, Inc.
     3,958       66,455  
Ocwen Financial Corp.*
     325       2,616  
 
              
 
             312,421  
 
              
Tobacco (1.0%)
                
Alliance One International, Inc.*
     10,325       39,235  
Altria Group, Inc.
     34,620       686,861  
Lorillard, Inc.
     3,050       217,007  
Philip Morris International, Inc.
     7,520       361,712  
Reynolds American, Inc.
     680       33,062  
 
              
 
             1,337,877  
 
              
Trading Companies & Distributors (0.0%)
                
WESCO International, Inc.*
     1,700       54,706  
 
              
Wireless Telecommunication Services (0.1%)
                
American Tower Corp., Class A*
     1,700       61,149  
Centennial Communications Corp.*
     3,175       19,812  
Crown Castle International Corp.*
     600       17,382  
Sprint Nextel Corp.
     11,700       71,370  
                 
    Shares of        
    Principal        
    Amount     Value  
Common Stocks — Long Positions (continued)
                
UNITED STATES (continued)
                
Wireless Telecommunication Services (continued)
                
USA Mobility, Inc.
     525     $ 5,775  
 
              
 
             175,488  
 
              
 
             61,908,328  
 
              
Total Common Stocks — Long Positions
             74,015,386  
 
              
Preferred Stocks (0.1%)(a)
                
GERMANY (0.1%)
                
Household Products (0.0%)
                
Henkel AG & Co. KGaA
     751       27,443  
 
              
Multi-Utility (0.1%)
                
RWE AG
     940       67,668  
 
              
Total Preferred Stocks
             95,111  
 
              
                 
    Principal        
    Amount     Value  
Corporate Bonds (8.2%)
                
Air Freight & Logistics (0.1%)
                
United Parcel Service, Inc., 6.20%, 01/15/38
   $ 90,000       83,705  
 
              
Auto Components (0.0%)
                
Tenneco, Inc., 8.13%, 11/15/15
     30,000       25,650  
TRW Automotive, Inc., 7.25%, 03/15/17(b)
     5,000       3,950  
 
              
 
             29,600  
 
              
Automobiles (0.0%)
                
Terex Corp., 8.00%, 11/15/17
     35,000       31,850  
 
              
Beverages (0.1%)
                
Constellation Brands, Inc., 7.25%, 09/01/16
     35,000       32,200  
Dr Pepper Snapple Group, Inc., 6.82%, 05/01/18(b)
     125,000       120,657  
 
              
 
             152,857  
 
              
Capital Markets (0.2%)
                
Goldman Sachs Group, Inc. (The), 5.95%, 01/18/18
     65,000       53,623  
Merrill Lynch & Co., Inc., 6.05%, 08/15/12
     80,000       75,010  
Morgan Stanley, 6.63%, 04/01/18
     230,000       152,212  
 
              
 
             280,845  
 
              
Chemicals (0.1%)
                
Huntsman LLC, 11.50%, 07/15/12
     30,000       30,600  
Nalco Co.
                
7.75%, 11/15/11
     15,000       14,700  
8.88%, 11/15/13
     10,000       9,975  
PolyOne Corp.
                
8.88%, 05/01/12(b)
     20,000       19,000  
8.88%, 05/01/12
     20,000       19,000  
 
              
 
             93,275  
 
              
Commercial Banks (1.1%)
                
Bank of America Corp., 5.65%, 05/01/18
     170,000       143,190  
Bank of Scotland PLC, 5.25%, 02/21/17(b)
     275,000       239,911  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
JPMorgan NVIT Balanced Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Commercial Banks (continued)
                
Citigroup, Inc.
                
5.50%, 04/11/13
   $ 165,000     $ 144,022  
6.00%, 08/15/17
     115,000       97,421  
6.13%, 11/21/17
     120,000       101,697  
Credit Suisse Guernsey, 5.86%, 05/29/49
     100,000       75,707  
HBOS PLC, 6.66%, 12/31/49
     100,000       56,559  
Royal Bank of Scotland Group PLC
                
7.64%, 03/31/49(c)
     100,000       74,502  
6.99%, 10/29/49
     200,000       149,050  
Standard Chartered PLC, 6.41%, 12/01/47
     200,000       154,129  
Woori Bank, 5.75%, 03/13/14(b)
     160,000       159,133  
 
              
 
             1,395,321  
 
              
Commercial Services & Supplies (0.1%)
                
ACCO Brands Corp., 7.63%, 08/15/15
     35,000       26,775  
Allied Waste North America, Inc., 7.38%, 04/15/14
     10,000       9,725  
Corrections Corp. of America, 6.25%, 03/15/13
     10,000       9,350  
Iron Mountain, Inc., 6.63%, 01/01/16
     45,000       42,300  
Jostens Holding Corp., 10.25%, 12/01/13
     5,000       4,525  
Service Corp. International, 7.38%, 10/01/14
     30,000       27,300  
Visant Corp., 7.63%, 10/01/12
     15,000       13,763  
Visant Holding Corp., 8.75%, 12/01/13
     15,000       13,837  
 
              
 
             147,575  
 
              
Computers & Peripherals (0.2%)
                
Hewlett-Packard Co., 4.50%, 03/01/13
     210,000       201,784  
 
              
Consumer Goods (0.0%)
                
Jarden Corp., 7.50%, 05/01/17
     25,000       20,812  
 
              
Containers & Packaging (0.0%)
                
Owens Brockway Glass Container, Inc., 8.25%, 05/15/13
     10,000       9,950  
Smurfit-Stone Container Enterprises, Inc., 8.38%, 07/01/12
     20,000       16,800  
 
              
 
             26,750  
 
              
Diversified Consumer Services (0.0%)
                
Stewart Enterprises, Inc., 6.25%, 02/15/13
     15,000       13,800  
 
              
Diversified Financial Services (0.1%)
                
Goldman Sachs Group, Inc. (The), 6.75%, 10/01/37
     105,000       70,097  
 
              
Electric Utilities (0.4%)
                
Duke Energy Carolinas LLC, 6.10%, 06/01/37
     140,000       123,739  
Florida Power & Light Co., 5.95%, 02/01/38
     100,000       92,849  
MidAmerican Energy Holdings Co., 6.13%, 04/01/36
     30,000       25,232  
NRG Energy, Inc., 7.38%, 02/01/16
     25,000       22,500  
Ohio Power Co., 6.00%, 06/01/16
     80,000       76,333  
PacifiCorp, 5.65%, 07/15/18
     150,000       142,053  
Virginia Electric and Power Co., 6.35%, 11/30/37
     90,000       81,238  
 
              
 
             563,944  
 
              
Electronic Equipment & Instruments (0.0%)
                
L-3 Communications Corp., 5.88%, 01/15/15
     15,000       13,575  
Sensata Technologies BV, 8.00%, 05/01/14
     30,000       25,350  
 
              
 
             38,925  
 
              
Food & Staples Retailing (0.3%)
                
CVS Pass-Through Trust, 6.04%, 12/10/28(b)
     119,983       107,691  
Kroger Co. (The)
                
6.40%, 08/15/17
     85,000       81,502  
6.15%, 01/15/20
     95,000       87,095  
Safeway, Inc., 6.35%, 08/15/17
     90,000       87,225  
 
              
 
             363,513  
 
              
Food Processors (0.1%)
                
Kraft Foods, Inc., 6.00%, 02/11/13
     175,000       173,928  
 
              
Food Products (0.0%)
                
Del Monte Corp., 6.75%, 02/15/15
     15,000       13,500  
 
              
Health Care Providers & Services (0.1%)
                
Biomet, Inc., 10.38%, 10/15/17
     30,000       29,700  
Community Health Systems, Inc., 8.88%, 07/15/15
     15,000       14,325  
Cooper Cos., Inc. (The), 7.13%, 02/15/15
     25,000       24,500  
HCA, Inc.
                
9.25%, 11/15/16(b)
     10,000       10,413  
9.25%, 11/15/16
     10,000       9,725  
HCA, Inc., PIK, 9.63%, 11/15/16(b)
     25,000       26,312  
 
              
 
             114,975  
 
              
Hotels, Restaurants & Leisure (0.1%)
                
Host Hotels & Resorts LP, 7.13%, 11/01/13
     20,000       17,800  
McDonald’s Corp., 6.30%, 10/15/37
     100,000       97,020  
MGM Mirage
                
6.75%, 04/01/13
     10,000       7,800  
5.88%, 02/27/14
     30,000       21,675  
7.50%, 06/01/16
     5,000       3,650  
Steinway Musical Instruments, 7.00%, 03/01/14(b)
     10,000       8,650  
Vail Resorts, Inc. 6.75%, 2/15/14
     20,000       18,750  
 
              
 
             175,345  
 
              
Household Durables (0.0%)
                
Sealy Mattress Co., 8.25%, 06/15/14
     45,000       35,325  
 
              
Industrial Conglomerates (0.2%)
                
General Electric Co., 5.25%, 12/06/17
     260,000       227,508  
Georgia-Pacific LLC
                
7.00%, 01/15/15
     15,000       13,650  
7.70%, 06/15/15
     15,000       13,725  
Goodyear Tire & Rubber Co. (The), 9.00%, 07/01/15
     5,000       4,950  
 
              
 
             259,833  
 
              
Information Technology Services (0.0%)
                
Oracle Corp., 6.50%, 04/15/38
     50,000       45,457  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
JPMorgan NVIT Balanced Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Insurance (0.4%)
                
Liberty Mutual Group, Inc., 7.50%, 08/15/36(b)
   $ 105,000     $ 82,868  
Lincoln National Corp., 7.00%, 05/17/66
     210,000       160,143  
Reinsurance Group of America, Inc., 6.75%, 12/15/65
     105,000       68,374  
Travelers Cos., Inc. (The), 6.25%, 03/15/37
     90,000       69,222  
XL Capital Ltd., 6.50%, 12/31/49
     220,000       129,800  
 
              
 
             510,407  
 
              
Lodging (0.0%)
                
Host Hotels & Resorts LP, 6.38%, 03/15/15
     10,000       8,125  
 
              
Machinery (0.0%)
                
Baldor Electric Co., 8.63%, 02/15/17
     10,000       9,550  
Cameron International Corp., 7.00%, 07/15/38
     45,000       37,712  
 
              
 
             47,262  
 
              
Media (0.3%)
                
Charter Communications Operating LLC, 8.00%, 04/30/12(b)
     20,000       17,900  
Comcast Corp., 6.95%, 08/15/37
     80,000       68,236  
DIRECTV Holdings LLC, 6.38%, 06/15/15
     30,000       26,400  
Echostar DBS Corp., 7.13%, 02/01/16
     50,000       40,125  
Quebecor Media, Inc., 7.75%, 03/15/16
     15,000       13,125  
Time Warner Cable, Inc.
                
6.55%, 05/01/37(b)
     50,000       40,495  
7.30%, 07/01/38
     85,000       75,613  
Time Warner Entertainment Co. LP, 8.38%, 07/15/33
     40,000       38,026  
Time Warner, Inc., 5.88%, 11/15/16(b)
     125,000       109,860  
 
              
 
             429,780  
 
              
Metals & Mining (0.0%)
                
Freeport-McMoRan Copper & Gold, Inc., 8.25%, 04/01/15
     30,000       29,475  
 
              
Multi-Utility (0.0%)
                
Veolia Environnement, 6.00%, 06/01/18
     50,000       47,945  
 
              
Multiline Retail (0.2%)
                
Wal-Mart Stores, Inc.
                
5.38%, 04/05/17
     150,000       146,003  
6.50%, 08/15/37
     40,000       37,531  
 
              
 
             183,534  
 
              
Natural Gas Utility (0.1%)
                
ONEOK Partners LP, 5.90%, 04/01/12
     115,000       113,132  
Sonat, Inc., 7.63%, 07/15/11
     25,000       25,301  
 
              
 
             138,433  
 
              
Oil, Gas & Consumable Fuels (0.8%)
                
Anadarko Petroleum Corp., 6.45%, 09/15/36
     70,000       54,884  
Chesapeake Energy Corp.
                
7.00%, 08/15/14
     10,000       9,350  
6.50%, 08/15/17
     20,000       17,500  
Enterprise Products Operating LP, 6.30%, 09/15/17
   $ 140,000       130,562  
Kinder Morgan Energy Partners LP, 6.50%, 02/01/37
     25,000       20,207  
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.83%, 09/30/16(b)
     250,000       241,940  
Suncor Energy, Inc., 6.85%, 06/01/39
     70,000       60,850  
Transocean, Inc., 5.25%, 03/15/13
     300,000       291,474  
Valero Energy Corp., 6.63%, 06/15/37
     70,000       60,405  
XTO Energy, Inc.
                
5.75%, 12/15/13
     65,000       62,401  
6.38%, 06/15/38
     85,000       69,402  
 
              
 
             1,018,975  
 
              
Other Financial (2.5%)
                
Allstate Life Global Funding Trust, 5.38%, 04/30/13
     185,000       178,589  
Arch Western Finance LLC, 6.75%, 07/01/13
     30,000       28,200  
Berkshire Hathaway Finance Corp., 4.50%, 01/15/13(b)
     305,000       300,469  
Caterpillar Financial Services Corp., 5.45%, 04/15/18
     125,000       111,830  
Dex Media West LLC, 9.88%, 08/15/13
     30,000       18,600  
Ford Motor Credit Co. LLC, 7.80%, 06/01/12
     15,000       9,314  
General Electric Capital Corp.
                
5.25%, 10/19/12
     220,000       206,834  
6.15%, Series A, 08/07/37
     80,000       61,251  
GMAC LLC, 6.88%, 08/28/12
     25,000       9,937  
Goldman Sachs Capital II, 5.79%, 12/29/49
     150,000       65,896  
Hanesbrands, Inc., 6.51%, 12/15/14(c)
     35,000       29,050  
Hawker Beechcraft Acquisition Co. LLC, 8.88%, 04/01/15
     20,000       18,100  
IBM International Group Capital LLC, 5.05%, 10/22/12
     100,000       100,835  
John Deere Capital Corp., 5.35%, Series D, 04/03/18
     100,000       90,654  
Lehman Brothers Holdings Capital Trust V, 5.86%, 11/29/49
     175,000       17  
MetLife Global Funding I, 5.13%, 04/10/13(b)
     200,000       194,295  
Mirant North America LLC, 7.38%, 12/31/13
     25,000       23,500  
NGPL PipeCo LLC, 7.12%, 12/15/17(b)
     75,000       71,185  
Pricoa Global Funding I, 3.90%, 12/15/08(b)
     400,000       398,316  
Principal Life, Income Funding Trusts, 5.30%, 04/24/13
     125,000       124,607  
QBE Capital Funding II LP, 6.80%, 12/31/49
     100,000       79,837  
Rio Tinto, Ltd., 5.88%, 07/15/13
     280,000       274,487  
Sally Holdings LLC, 9.25%, 11/15/14
     10,000       9,425  
Shinsei Finance II, 7.16%, 07/25/16(b)(c)
     225,000       114,891  
Spectra Energy Corp., 7.50%, 09/15/38
     70,000       64,999  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
JPMorgan NVIT Balanced Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Other Financial (continued)
                
Stingray Pass-Through Trust, 5.90%, 01/12/15(b)
   $ 180,000     $ 26,100  
Swiss Re Capital I LP, 6.85%, 05/25/49(b)
     300,000       254,966  
Telecom Italia Capital SA, 7.72%, 06/04/38
     35,000       29,009  
Telefonica Emisiones SAU, 5.86%, 02/04/13
     260,000       250,162  
 
              
 
             3,145,355  
 
              
Real Estate Management & Development (0.0%)
                
Beazer Homes USA, Inc., 6.88%, 07/15/15
     11,000       6,820  
 
              
Special Purpose Entity (0.1%)
                
IIRSA Norte Finance Ltd., 8.75%, 05/30/24
     100,000       105,500  
 
              
Specialty Retail (0.1%)
                
Neiman-Marcus Group, Inc. (The), 9.00%, 10/15/15
     25,000       20,938  
Wal-Mart Stores, Inc., 5.25%, 09/01/35
     60,000       47,960  
 
              
 
             68,898  
 
              
Telecommunications (0.3%)
                
AT&T, Inc., 6.30%, 01/15/38
     215,000       178,063  
Cricket Communications, Inc., 9.38%, 11/01/14
     15,000       13,950  
Qwest Communications International, Inc., 6.30%, 02/15/09(c)
     7,000       6,913  
Qwest Corp., 8.88%, 03/15/12
     20,000       19,600  
Rogers Communications, Inc., 6.80%, 08/15/18
     75,000       70,952  
Verizon Communications, Inc., 6.40%, 02/15/38
     140,000       116,847  
 
              
 
             406,325  
 
              
Tobacco (0.1%)
                
Philip Morris International, Inc., 6.38%, 05/16/38
     55,000       48,380  
 
              
Transportation (0.0%)
                
Hertz Corp. (The), 8.88%, 01/01/14
     5,000       4,313  
 
              
Utility — Electric (0.0%)
                
Texas Competitive Electric Holdings Co. LLC, 10.25%, 11/01/15
     15,000       13,537  
 
              
Wireless Telecommunication Services (0.1%)
                
Rogers Wireless, Inc., 6.38%, 03/01/14
     115,000       109,984  
 
              
Total Corporate Bonds
             10,656,064  
 
              
Asset-Backed Securities (2.0%)
                
Capital One Multi-Asset Execution Trust, 4.95%, Series 2007-A9, Class A9, 08/15/12(b)
     995,000       990,874  
Countrywide Asset-Backed Certificates, 5.41%, Series 03-5, Class MF1, 01/25/34
     114,210       93,132  
Ford Credit Auto Owner Trust, 5.26%, Series 06-B, Class A3, 10/15/10
     618,854       619,945  
PSE&G Transition Funding LLC, 6.61%, Series 01-1, Class A6, 06/15/15
   $ 240,000       248,836  
Residential Asset Securities Corp.(c)
                
2.98%, Series 2002-KS4, Class AIIB, 07/25/32
     8,683       6,860  
3.06%, Series 2003-KS5, Class AIIB, 07/25/33
     11,328       8,247  
Specialty Underwriting & Residential Finance, 5.57%, Series 06-BC2, Class A2B, 02/25/37
     652,350       535,436  
Wachovia Asset Securitization, Inc., 2.74%, Series 2003-HE2, Class AII1, 07/25/33(c)
     30,436       23,767  
 
              
Total Asset-Backed Securities
             2,527,097  
 
              
Collateralized Mortgage Obligations (4.0%)
                
Countrywide Alternative Loan Trust
                
6.00%, Series 04-28CB, Class 3A1, 01/25/35
     440,019       335,239  
6.50%, Series 06-J5, Class 3A1, 09/25/36
     670,628       533,783  
Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-14, Class A2, 5.50%, 7/25/35
     508,168       455,922  
CS First Boston Mortgage Securities Corp., Series 03-29, Class 7A1, 6.5%, 12/25/33
     73,917       61,005  
Fannie Mae REMICS
                
6.50%, 09/25/33
     256,730       260,931  
6.50%, 10/25/33
     221,841       225,402  
6.50%, 10/25/33
     221,841       225,402  
6.50%, 12/25/33
     226,403       230,239  
6.50%, 12/25/33
     204,611       208,245  
6.50%, 01/25/34
     209,355       213,084  
First Horizon Alternative Mortgage Securities, Series 2006-FA4, Class 1A1
     357,566       298,269  
Freddie Mac REMICS
                
5.00%, 11/15/28
     396,830       400,600  
6.50%, 05/15/35
     193,339       198,040  
5.50%, 07/15/37
     600,000       566,059  
Indymac Index Mortgage Loan Trust, Series 04-AR7, Class A1, 3.04%, 9/25/34 (c)
     45,103       30,216  
Lehman Mortgage Trust, Series 2007-4, Class 4A1, 6%, 5/25/37
     86,153       57,588  
Residential Funding Mortgage Securities I, Series 07-S8, Class 1A1, 6%, 9/25/37
     556,473       451,787  
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 06-5, Class 2CB1, 6%, 7/25/36
     243,119       148,758  
Wells Fargo Mortgage Backed Securities Trust, Series 2007-11, Class A96
     323,237       278,590  
 
              
Total Collateralized Mortgage Obligations
             5,179,159  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
JPMorgan NVIT Balanced Fund
                 
    Principal        
    Amount     Value  
Commercial Mortgage Backed Securities (3.1%)
                
Bear Stearns Commercial Mortgage Securities
                
5.12%, Series 05-PWR7, Class A3, 02/11/41
   $ 380,000     $ 347,273  
4.52%, Series 04-PWR6, Class A4, 11/11/41
     260,000       245,977  
CS First Boston Mortgage Securities Corp.
                
6.38%, Series 01-CK1, Class A3, 12/18/35
     245,379       245,781  
5.14%, Series 03-C4, Class A4, 08/15/36
     480,000       451,240  
Greenwich Capital Commercial Funding Corp.
                
4.34%, Series 04-GG1, Class A3, 06/10/36
     854,498       848,126  
4.80%, Series 05-GG3, Class A4, 08/10/42
     285,000       256,233  
LB-UBS Commercial Mortgage Trust
                
4.74%, Series 05-C1, Class A4, 02/15/30
     485,000       435,570  
5.16%, Series 2006, Class A4, 02/15/31
     250,000       219,079  
5.88%, Series 06-C4, Class A4, 06/15/38(c)
     190,000       173,551  
Morgan Stanley Capital I
                
4.92%, Series 03-HQ2, Class A2, 03/12/35
     250,000       234,499  
4.05%, Series 04-HQ3, Class A2, 01/13/41
     351,700       343,548  
4.70%, Series 05, Class IQ9, 07/15/56
     265,000       236,930  
 
              
Total Commercial Mortgage Backed Securities
             4,037,807  
 
              
Sovereign Bonds (0.9%)
                
Brazilian Government International Bond
                
8.00%, 01/15/18
     154,000       165,165  
12.25%, 03/06/30
     75,000       116,625  
Guatemala Government Bond, 9.25%, 08/01/13
     50,000       56,230  
Mexico Government International Bond, 8.00%, 09/24/22
     175,000       203,000  
Republic of Argentina Government Bond, 3.00%, 04/30/13(c)
     180,000       77,850  
Russia Government International Bond, 12.75%, 06/24/28
     100,000       161,500  
Ukraine Government International Bond
                
6.88%, 03/04/11
     170,000       151,300  
6.58%, 11/21/16
     210,000       154,806  
6.58%, 11/21/16(b)
     100,000       77,400  
 
              
Total Sovereign Bonds
             1,163,876  
 
              
U.S. Government Mortgage Backed Agencies (23.8%)
                
Fannie Mae Pool
                
5.50%, Pool #928959, 12/01/22
     70,607       71,244  
5.50%, Pool #960441, 12/01/22
     88,804       89,605  
4.50%, Pool #981359, 04/01/23
     95,769       93,403  
4.50%, Pool #962871, 05/01/23
     182,018       177,521  
5.50%, Pool #976244, 08/01/23
     93,642       94,477  
5.50%, Pool #257315, 08/01/23
     81,767       82,496  
6.50%, Pool #747271, 08/01/36
     42,030       43,145  
6.50%, Pool #908854, 12/01/36
     42,388       43,512  
6.50%, Pool #888890, 10/01/37
     33,561       34,451  
6.50%, Pool #889072, 12/01/37
     637,869       654,755  
Federal Home Loan Bank (d)
     9,500,000       9,500,000  
Federal Home Loan Mortgage Corp.
                
5.13%, 10/18/16
     205,000       211,568  
4.88%, 06/13/18
     1,695,000       1,717,910  
Federal National Mortgage Association
                
2.08%, 10/01/08(d)
     2,500,000       2,500,000  
6.25%, 02/01/11
     1,150,000       1,202,865  
4.63%, 05/01/13
     640,000       629,024  
3.88%, 07/12/13
     110,000       109,727  
4.13%, 04/15/14
     60,000       59,959  
4.88%, 12/15/16
     240,000       243,722  
5.50%, Pool #42342, 10/15/35
     4,100,000       4,088,471  
Federal National Mortgage Association TBA
                
4.50%, 10/01/18
     1,425,000       1,388,484  
5.00%, 10/15/21
     2,650,000       2,630,952  
6.50%, 10/01/32
     880,000       902,274  
Freddie Mac Gold, Pool #26917
     3,560,000       3,541,089  
Freddie Mac Gold Pool, Pool #G04222
     48,074       47,857  
Government National Mortgage Association, TBA
     535,000       542,858  
 
              
Total U.S. Government Mortgage Backed Agencies
             30,701,369  
 
              
U.S. Government Sponsored Mortgage-Backed Obligations (6.4%)
                
Fannie Mae Pool
                
6.50%, Pool #787555, 02/01/35
     265,876       273,137  
5.50%, Pool #888016, 05/01/36
     756,145       755,092  
5.00%, Pool #888415, 12/01/36
     800,380       781,152  
6.00%, Pool #906474, 01/01/37
     1,706,784       1,730,462  
Federal Home Loan Mortgage Corp. TBA
     157,000       152,928  
Freddie Mac Gold Pool
                
6.00%, Pool #A29796, 02/01/35
     141,786       143,731  
5.50%, Pool #G03069, 12/01/36
     2,126,907       2,117,632  
5.50%, Pool #G03269, 10/01/37
     399,446       397,641  
Freddie Mac Non Gold Pool
                
5.85%, Pool #1B3166, 11/01/36
     511,537       521,855  
5.42%, Pool #1G1999, 06/01/37
     28,550       28,925  
5.57%, Pool #1J1749, 06/01/37
     281,425       285,350  
5.60%, Pool #1J0453, 06/01/37
     32,817       33,339  
5.45%, Pool #1G2061, 07/01/37
     52,446       53,161  
Government National Mortgage Association TBA
                
5.00%, 10/15/36
     700,000       686,437  
5.50%, 10/15/36
     370,000       370,347  
 
              
Total U.S. Government Sponsored Mortgage-Backed Obligations
             8,331,189  
 
              
U.S. Government Sponsored & Agency Obligations (12.6%)
                
Federal Home Loan Bank, 0.70%, 10/27/08(d)
     12,000,000       11,995,668  
Federal Home Loan Mortgage Corp.
                
5.00%, 07/15/14
     55,000       57,208  
6.75%, 03/15/31
     375,000       459,401  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
JPMorgan NVIT Balanced Fund
                 
    Shares or        
    Principal        
    Amount     Value  
U.S. Government Sponsored & Agency Obligations (continued)
                
Federal National Mortgage Association, 6.63%, 11/15/30
   $ 30,000     $ 36,205  
Federal National Mortgage Association TBA
                
6.00%, 10/18/16
     245,000       249,517  
5.50%, 10/01/18
     400,000       403,125  
U.S. Treasury Notes
                
4.88%, 06/30/09
     30,000       30,677  
3.25%, 12/31/09
     200,000       203,313  
3.13%, 09/30/13
     110,000       110,756  
4.13%, 05/15/15
     175,000       184,652  
3.50%, 02/15/18
     65,000       63,741  
4.00%, 08/15/18
     55,000       55,782  
United States Treasury Note/Bond
                
4.63%, 11/30/08
     25,000       25,162  
3.25%, 01/15/09
     2,100,000       2,114,438  
8.88%, 02/15/19
     200,000       279,953  
 
              
Total U.S. Government Sponsored & Agency Obligations
             16,269,598  
 
              
                 
    Shares     Value  
Option Purchased (0.0%)
                
U.S. Treasury Bond Future (Strike Price $116.00)
     4       8,687  
 
              
Mutual Funds (2.2%)(c)
                
AIM Liquid Assets Portfolio
     2,830,092       2,830,092  
 
              
                 
    Principal        
    Amount     Value  
Yankee Dollar (0.1%)
                
UNITED STATES (0.1%)
                
Nexen, Inc.
   $ 110,000       87,085  
 
              
Total Investments
                
(Cost $171,724,734) (e) — 120.8%
             155,902,520  
Liabilities in excess of other assets — (20.8)%
             (26,852,480 )
 
              
NET ASSETS — 100.0%
           $ 129,050,040  
 
              
 
*   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 September 30, 2008, all such securities in total represented 2.90% of net assets.
 
(c)   Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on September 30, 2008. The maturity date represents the actual maturity date.
 
(d)   The rate reflected in the Statement of Investments is the discount rate at the time of purchase.
 
(e)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
ARM   Adjustable Rate Mortgage
 
GDR   Global Depositary Receipt
 
IT   Italy
 
LP   Limited Partnership
 
REIT   Real Estate Investment Trust
 
SE   Sweden
 
TBA   To Be Announced.
The following is a summary of written option activity for the period ended September 30, 2008, by the Fund (Dollar amounts in thousands):
                 
Written Options   Contract     Premiums Received  
Balance at beginning of period
     0   $ 0
Options written
     12       8  
Options expired
     (8 )     (4 )
Options terminated in closing purchase transactions
     0       0  
 
            
Options outstanding at end of period
     4   $ 4
At September 30, 2008, the Fund had the following outstanding options:
WRITTEN OPTION CONTRACTS
                                                 
                                            Unrealized
            Expiration   Exercise   Number of           Appreciation
Contracts   Type   Date   Price   Contracts   Value   (Depreciation)
US T-Bond Option
   Put   Dec 2008     114.00       4       5,750     $ (1,012 )
                         
NET UNREALIZED DEPRECIATION ON WRITTEN OPTION CONTRACTS           $ (1.012 )
                         
At September 30, 2008, the Fund’s open futures contracts were as follows:
                                 
                    Market Value   Unrealized
    Number of           Covered by   Appreciation
    Contracts   Long Contracts   Expiration   Contracts   (Depreciation)
Europe
     11     CAC40 10 Euro   10/20/08   $ 626,388     $ (45,089 )
Europe
     10     S&P/MIB IDEM   12/19/08     1,807,778       (189,891 )
United Kingdom
     4     Long Gilt   12/31/08     797,426       2,266  
United Kingdom
     18     90 Day Sterling   06/18/09     3,809,594       33,942  
United Kingdom
     4     FTSE 100   12/19/08     353,598       12,938  
Japan
     2     TOPIX IDX   12/15/08     204,251       (19,942 )
United States
     74     S&P 500 E-mini   12/19/08     4,319,380       (144,904 )
United States
     36     US Treasury 5 Yr Note   12/31/08     4,040,438       (17,913 )
United States
     1     Russell 2000 Mini   12/19/08     67,840       (382 )
United States
     23     U.S. Treasury 2 Yr Note   12/31/08     4,909,063       23,248  
United States
     12     U.S. Long Bond   12/19/08     1,406,063       (14,971 )
     
 
                   $ 22,341,819     $ (360,698 )
                     
                                 
                    Market Value   Unrealized
    Number of           Covered by   Appreciation
    Contracts   Short Contracts   Expiration   Contracts   (Depreciation)
                     
Australia
     6     S&P SPI 200 Index   12/19/08   $ (555,174 )   $ 27,667  
Europe
     4     Amsterdam Index   10/17/08     (373,126 )     77,658  
Europe
     11     IBEX 35 Index   10/20/08     (1,695,839 )     52,762  
Europe
     4     Euro Bond   12/10/08     (647,889 )     (9,765 )
Europe
     2     DJ Euro STOXX 50   12/19/08     (5,374,370 )     277,397  
Hong Kong
     5     Hang Seng Index   10/31/08     (582,194 )     30,684  
United States
     1     U.S. 10 Yr 6% SWAP   12/15/08     (111,844 )     1,810  
United States
     16     U.S. Treasury 10 Yr Note   12/19/08     (1,834,000 )     40,721  
 
 
                   $ (11,174,436 )   $ 498,934  
                     
At September 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 Contracts:
                                        
Swiss Franc
     11/10/08       (103,169 )   $ (91,475 )   $ (92,241 )   $ (766 )
Euro
     11/10/08       (161,916 )     (236,775 )     (228,613 )     8,162  
Euro
     10/10/08       (900,000 )     (1,277,613 )     (1,268,174 )     9,439  
British Sterling Pound
     11/10/08       (72,995 )     (135,610 )     (130,030 )     5,580  
Japanese Yen
     11/10/08       (26,219,754 )     (244,162 )     (248,216 )     (4,054 )
Norwegian Krone
     11/10/08       (589,041 )     (110,393 )     (100,049 )     10,344  
Singapore Dollar
     11/10/08       (73,337 )     (52,594 )     (51,140 )     1,454  
 
Total Short Contracts
                   $ (2,148,622 )   $ (2,118,463 )   $ 30,159  
                     
Long Contracts:
                                        
Australian Dollar
     11/10/08       231,929     $ 204,506     $ 182,902     $ (21,604 )
Swiss Franc
     11/10/08       133,422       124,024       119,289       (4,735 )
Euro
     11/10/08       106,357       157,053       150,168       (6,885 )
Euro
     10/10/08       18,137       25,634       25,556       (78 )
British Sterling Pound
     11/10/08       60,887       106,612       108,461       1,849  
British Sterling Pound
     10/10/08       800,000       1,428,680       1,423,092       (5,588 )
Hong Kong Dollar
     11/10/08       452,806       58,062       58,361       299  
Japanese Yen
     11/10/08       22,974,796       214,591       217,497       2,906  
Norwegian Krone
     10/10/08       8,436,329       1,455,443       1,435,711       (19,732 )
Swedish Krone
     11/10/08       480,145       76,955       69,453       (7,502 )
 
Total Long Contracts
                   $ 3,851,560     $ 3,790,490     $ (61,070 )
                     
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
Van Kampen NVIT Comstock Value Fund
                 
    Shares     Value  
Common Stocks (95.1%)
                
Airline (1.0%)
                
Southwest Airlines Co.
     153,700     $ 2,230,187  
 
              
Beverages (2.0%)
                
Coca-Cola Co. (The)
     53,100       2,807,928  
Dr. Pepper Snapple Group, Inc. *
     58,460       1,548,021  
 
              
 
             4,355,949  
 
              
Capital Markets (2.9%)
                
Bank of New York Mellon Corp. (The)
     144,021       4,692,204  
Goldman Sachs Group, Inc. (The) (a)
     5,600       716,800  
Merrill Lynch & Co., Inc. (a)
     41,600       1,052,480  
 
              
 
             6,461,484  
 
              
Chemicals (1.6%)
                
E.I. du Pont de Nemours & Co.
     88,995       3,586,499  
 
              
Commercial Banks (3.4%)
                
Barclays PLC ADR – GB (a)
     10,600       261,820  
PNC Financial Services Group, Inc.
     31,000       2,315,700  
U.S. Bancorp
     43,100       1,552,462  
Wells Fargo & Co.
     88,600       3,325,158  
 
              
 
             7,455,140  
 
              
Communications Equipment (0.6%)
                
Alcatel-Lucent ADR – FR*
     169,700       651,648  
Nortel Networks Corp. *
     16       36  
Telefonaktiebolaget LM Ericsson ADR – SE (a)
     62,800       592,204  
 
              
 
             1,243,888  
 
              
Computers & Peripherals (3.8%)
                
Dell, Inc. *
     125,500       2,068,240  
Hewlett-Packard Co.
     47,300       2,187,152  
International Business Machines Corp.
     35,700       4,175,472  
 
              
 
             8,430,864  
 
              
Diversified Financial Services (9.8%)
                
Bank of America Corp. (a)
     272,734       9,545,690  
Citigroup, Inc.
     300,500       6,163,255  
JPMorgan Chase & Co.
     124,700       5,823,490  
 
              
 
             21,532,435  
 
              
Diversified Telecommunication Services (5.2%)
                
AT&T, Inc.
     148,200       4,137,744  
Verizon Communications, Inc.
     228,310       7,326,468  
 
              
 
             11,464,212  
 
              
Food & Staples Retailing (4.2%)
                
CVS Caremark Corp.
     64,200       2,160,972  
Wal-Mart Stores, Inc.
     116,700       6,989,163  
 
              
 
             9,150,135  
 
              
Food Products (8.1%)
                
Cadbury PLC ADR – GB
     118,880       4,866,947  
Kraft Foods, Inc., Class A
     214,411       7,021,960  
Sara Lee Corp.
     87,800       1,108,914  
Unilever NV
     165,300       4,654,848  
 
              
 
             17,652,669  
 
              
Health Care Equipment & Supplies (1.0%)
                
Boston Scientific Corp. *
     179,600       2,203,692  
 
              
Health Care Providers & Services (2.7%)
                
Cardinal Health, Inc.
     84,800       4,178,944  
UnitedHealth Group, Inc.
     32,100       815,019  
WellPoint, Inc. *
     20,300       949,431  
 
              
 
             5,943,394  
 
              
Household Products (2.2%)
                
Kimberly-Clark Corp.
     43,900       2,846,476  
Procter & Gamble Co.
     27,200       1,895,568  
 
              
 
             4,742,044  
 
              
Industrial Conglomerate (1.1%)
                
General Electric Co.
     98,200       2,504,100  
 
              
Information Technology Services (0.8%)
                
Computer Sciences Corp. *
     25,900       1,039,367  
Western Union Co. (The)
     26,100       643,887  
 
              
 
             1,683,254  
 
              
Insurance (9.2%)
                
Aflac, Inc.
     15,000       881,250  
Berkshire Hathaway, Inc., Class B *
     360       1,582,200  
Chubb Corp. (a)
     161,780       8,881,722  
Genworth Financial, Inc., Class A (a)
     50,300       433,083  
Hartford Financial Services Group, Inc. (a)
     49,900       2,045,401  
MetLife, Inc.
     50,200       2,811,200  
Torchmark Corp.
     16,700       998,660  
Travelers Cos., Inc. (The)
     56,900       2,571,880  
 
              
 
             20,205,396  
 
              
Internet & Catalog Retail (1.1%)
                
Liberty Media Corp. — Interactive, Series A *
     178,574       2,305,390  
 
              
Internet Software & Services (1.8%)
                
eBay, Inc. *
     176,500       3,950,070  
 
              
Media (12.9%)
                
Comcast Corp., Class A
     478,100       9,385,103  
Liberty Media Corp. — Entertainment, Series A *
     109,456       2,733,116  
News Corp., Class B
     184,900       2,246,535  
Time Warner, Inc.
     521,500       6,836,865  
Viacom, Inc., Class B *
     280,500       6,967,620  
 
              
 
             28,169,239  
 
              
Metals & Mining (0.3%)
                
Alcoa, Inc.
     24,700       557,726  
 
              
Multiline Retail (1.3%)
                
J.C. Penney Co., Inc.
     41,400       1,380,276  
Macy’s, Inc.
     85,100       1,530,098  
 
              
 
             2,910,374  
 
              
Paper & Forest Products (4.3%)
                
International Paper Co. (a)
     359,636       9,415,271  
 
              
Pharmaceuticals (9.2%)
                
Abbott Laboratories
     24,300       1,399,194  
Bristol-Myers Squibb Co.
     268,800       5,604,480  
Eli Lilly & Co.
     45,300       1,994,559  
GlaxoSmithKline PLC ADR – GB (a)
     22,900       995,234  
Pfizer, Inc.
     158,300       2,919,052  
Roche Holding AG ADR – CH
     8,800       684,771  
Schering-Plough Corp.
     215,400       3,978,438  
Wyeth
     67,000       2,474,980  
 
              
 
             20,050,708  
 
              
Semiconductors & Semiconductor Equipment (1.0%)
                
Intel Corp.
     68,900       1,290,497  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Van Kampen NVIT Comstock Value Fund
                 
    Shares or        
    Principal        
    Amount     Value  
Common Stocks (continued)
                
Semiconductors & Semiconductor Equipment (continued)
                
KLA-Tencor Corp.
     31,200     $ 987,480  
 
              
 
             2,277,977  
 
              
Software (0.6%)
                
Microsoft Corp.
     47,400       1,265,106  
 
              
Specialty Retail (1.6%)
                
Home Depot, Inc.
     58,600       1,517,154  
Lowe’s Cos., Inc.
     84,800       2,008,912  
 
              
 
             3,526,066  
 
              
Tobacco (1.4%)
                
Altria Group, Inc.
     66,150       1,312,416  
Philip Morris International, Inc.
     35,250       1,695,525  
 
              
 
             3,007,941  
 
              
Total Common Stocks
             208,281,210  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreements (3.0%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $6,646,078, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $6,778,700
   $ 6,645,784       6,645,784  
 
              
Securities Purchased With Collateral For Securities On Loan (3.2%)
                
Repurchase Agreement (3.2%)
                
Barclays Capital, 2.25%, dated 09/30/08, due 10/01/08, repurchase price $6,874,151, collateralized by U.S. Government Agency Mortgages ranging 3.17% - 6.00%, maturing 12/01/17 - 10/25/38; total market value of $7,011,195
     6,873,721       6,873,721  
 
              
Total Securities Purchased With Collateral For Securities On Loan
             6,873,721  
 
              
Total Investments
                
(Cost $259,884,209) (a) — 101.3%
             221,800,715  
Liabilities in excess of other assets — (1.3)%
             (2,682,930 )
 
              
NET ASSETS — 100.0%
           $ 219,117,785  
 
              
 
*   Denotes a non-income producing security.
 
(a)   All or a part of the security was on loan as of September 30, 2008.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
ADR   American Depositary Receipt
 
CH   Switzerland
 
FR   France
 
GB   United Kingdom
 
SE   Sweden
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
Van Kampen NVIT Multi Sector Bond Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (28.3%)
                
Aerospace & Defense (0.1%)(a)
                
Systems 2001 AT LLC, 6.66%, 09/15/13
   $ 225,228     $ 220,531  
 
              
Auto Components (0.1%)
                
ArvinMeritor, Inc., 8.75%, 03/01/12
     225,000       189,000  
 
              
Automotive Manufacturers (0.1%)
                
Daimler Finance North America LLC, 8.50%, 01/18/31
     180,000       180,858  
 
              
Banks (1.1%)
                
Bank of America Corp.
                
5.75%, 12/01/17
     50,000       42,399  
5.65%, 05/01/18
     525,000       442,203  
Bank One Corp., 6.00%, 02/17/09
     95,000       94,360  
Citigroup, Inc., 7.34%, 02/24/10(a)
     257,000       215,662  
Credit Suisse New York, 6.00%, 02/15/18
     350,000       304,920  
RSHB Capital SA for OJSC Russian Agricultural Bank, 7.18%, 05/16/13(a)
     280,000       237,356  
UBS AG, 9.27%, 04/09/09(a)(b)
     37,900,000       304,032  
Wachovia Corp., 5.50%, 05/01/13
     335,000       277,153  
 
              
 
             1,918,085  
 
              
Beverages (0.2%)
                
Dr Pepper Snapple Group, Inc., 6.82%, 05/01/18
     135,000       130,310  
FBG Finance Ltd., 5.13%, 06/15/15(a)
     250,000       234,445  
 
             364,755  
Biotechnology (0.2%)
                
Amgen, Inc., 5.85%, 06/01/17
     60,000       57,595  
Biogen Idec, Inc., 6.88%, 03/01/18
     220,000       216,920  
 
              
 
             274,515  
 
              
Capital Markets (0.0%)
                
Lehman Brothers Holdings, Inc., 6.50%, 07/19/17
     100,000       125  
 
              
Chemicals (0.6%)
                
E. I. du Pont de Nemours & Co., 6.00%, 07/15/18
     75,000       73,209  
ICI Wilmington, Inc., 4.38%, 12/01/08
     115,000       114,793  
Innophos, Inc., 8.88%, 08/15/14
     430,000       430,000  
Johnsondiversey, Inc., 9.63%, 05/15/12
     180,000       179,550  
Nalco Co., 7.75%, 11/15/11
     165,000       161,700  
 
              
 
             959,252  
 
              
Commercial Services & Supplies (0.6%)
                
ARAMARK Corp.
                
5.00%, 06/01/12(c)
     210,000       176,400  
6.30%, 02/01/15(d)
     50,000       43,750  
8.50%, 02/01/15(c)
     60,000       56,400  
Iron Mountain, Inc.
                
8.63%, 04/01/13
     195,000       192,075  
7.75%, 01/15/15
     180,000       178,200  
Lender Processing Services, Inc., 8.13%, 07/01/16(a)
     40,000       39,000  
Valassis Communications, Inc., 8.25%, 03/01/15
     480,000       331,200  
 
             1,017,025  
Computers & Peripherals (0.2%)
                
Dell, Inc., 5.65%, 04/15/18(a)
     155,000       142,333  
Hewlett-Packard Co., 5.50%, 03/01/18
     130,000       121,990  
 
             264,323  
Containers & Packaging (0.5%)
                
Berry Plastics Holding Corp., 8.88%, 09/15/14
     685,000       534,300  
Graphic Packaging International Corp., 9.50%, 08/15/13(c)
     165,000       149,325  
Owens-Illinois, Inc., 7.50%, 05/15/10
     230,000       227,700  
 
              
 
             911,325  
 
              
Diversified Financial Services (5.0%)
                
AIG SunAmerica Global Financing VI, 6.30%, 05/10/11(a)
     395,000       320,083  
Alfa MTN Invest Ltd., 9.25%, 06/24/13(a)
     150,000       134,025  
American General Finance Corp., 4.63%, 05/15/09
     95,000       67,507  
AXA Financial, Inc., 7.75%, 08/01/10
     460,000       471,711  
Axcan Intermediate Holdings, Inc., 12.75%, 03/01/16(a)
     115,000       113,850  
Bear Stearns Cos., Inc. (The), 5.55%, 01/22/17
     260,000       223,272  
CDX North America High Yield, 8.75%, 12/29/12
     2,300,000       2,084,375  
Citigroup, Inc., 6.13%, 05/15/18
     205,000       169,741  
Credit Suisse FB USA, Inc., 5.13%, 08/15/15
     40,000       35,637  
Farmers Exchange Capital, 7.05%, 07/15/28(a)
     285,000       227,489  
Ford Motor Credit Co., 7.25%, 10/25/11
     1,470,000       934,763  
General Electric Capital Corp.
                
4.25%, 12/01/10
     100,000       96,671  
5.63%, 05/01/18
     505,000       426,864  
General Motors Acceptance Corp. LLC, 6.88%, 09/15/11
     1,615,000       720,592  
Goldman Sachs Group, Inc. (The)
                
6.15%, 04/01/18
     180,000       149,673  
6.75%, 10/01/37
     355,000       236,994  
Harley-Davidson Funding Corp., 6.80%, 06/15/18(a)
     155,000       145,133  
HSBC Finance Corp., 6.50%, 05/05/09
     140,000       197,218  
John Hancock Global Funding II, Series II, 7.90%, 07/02/10(a)
     155,000       165,551  
JPMorgan Chase & Co., 7.00%, 11/15/09
     240,000       240,047  
Lehman Brothers Holdings, Inc.
                
5.75%, 01/03/17
     150,000       188  
6.88%, 07/17/37
     350,000       437  
Mantis Reef Ltd., 4.69%, 11/14/08(a)
     425,000       424,762  
Merrill Lynch & Co., Inc., 6.88%, 04/25/18
     470,000       415,832  
NYSE Euronext, Inc., 4.80%, 06/28/13
     155,000       147,563  
Pearson Dollar Finance Two PLC, 6.25%, 05/06/18(a)
     100,000       95,993  
Residential Capital LLC, 9.63%, 05/15/15(a)
     160,000       38,400  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Van Kampen NVIT Multi Sector Bond Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Diversified Financial Services (continued)
                
Slm Corp., 8.45%, 06/15/18
   $ 285,000     $ 193,800  
 
              
 
             8,478,171  
 
              
Electric Power (0.9%)
                
AES Corp., 8.00%, 06/01/20(a)
     435,000       380,625  
Arizona Public Service Co., 5.80%, 06/30/14
     250,000       231,253  
Consumers Energy Co., 4.80%, 02/17/09
     210,000       209,952  
Detroit Edison Co. (The), 6.13%, 10/01/10
     200,000       205,120  
Entergy Gulf States, Inc.(d)
                
3.57%, 12/08/08(a)
     123,000       122,738  
3.21%, 12/01/09
     105,000       104,042  
Peco Energy Co., 5.35%, 03/01/18
     165,000       149,893  
Union Electronic Co., 6.70%, 02/01/19
     100,000       96,563  
 
             1,500,186  
Electric Utility (0.1%)
                
Ohio Power Co., 6.00%, 06/01/16
     225,000       214,686  
 
              
Electronic Equipment & Instruments (0.3%)
                
Cooper Industries, Inc., 5.25%, 11/15/12
     205,000       207,406  
Koninklijke Philips Electronics NV, 5.75%, 03/11/18
     230,000       220,854  
NXP BV/NXP Funding LLC, 7.88%, 10/15/14
     100,000       67,000  
 
              
 
             495,260  
 
              
Food & Beverage (0.1%)
                
Michael Foods, Inc., 8.00%, 11/15/13
     120,000       116,400  
 
              
Food & Staples Retailing (0.3%)
                
Delhaize America, Inc., 9.00%, 04/15/31
     356,000       373,712  
Kroger Co. (The)
                
5.00%, 04/15/13
     70,000       66,828  
6.40%, 08/15/17
     100,000       95,884  
 
             536,424  
Food Processors (0.4%)
                
ConAgra Foods, Inc.
                
7.00%, 10/01/28
     150,000       144,847  
8.25%, 09/15/30
     100,000       109,495  
Pilgrim’s Pride Corp., 7.63%, 05/01/15
     520,000       322,400  
Smithfield Foods, Inc., 8.00%, 10/15/09
     90,000       87,300  
 
              
 
             664,042  
 
              
Food Products (0.1%)
                
General Mills, Inc., 5.25%, 08/15/13
     110,000       109,152  
Kraft Foods, Inc., 6.13%, 08/23/18
     135,000       126,056  
 
              
 
             235,208  
 
              
Health Care Equipment & Supplies (0.6%)
                
Baxter International, Inc.
                
4.63%, 03/15/15
     135,000       129,416  
5.38%, 06/01/18
     45,000       43,019  
Biomet, Inc., 10.38%, 10/15/17(a)
     115,000       113,850  
Fresenius Medical Care Capital Trust IV, 7.88%, 06/15/11
     95,000       95,950  
Hospira, Inc., 3.28%, 03/30/10(d)
     490,000       475,885  
Invacare Corp., 9.75%, 02/15/15
     80,000       80,000  
 
              
 
             938,120  
 
              
Health Care Providers & Services (1.0%)
                
HCA, Inc.
                
6.25%, 02/15/13
     345,000       288,075  
5.75%, 03/15/14
     185,000       144,300  
7.69%, 06/15/25
     370,000       274,999  
Sun Healthcare Group, Inc., 9.13%, 04/15/15
     265,000       253,075  
Tenet Healthcare Corp.
                
7.38%, 02/01/13
     510,000       464,100  
9.88%, 07/01/14
     65,000       63,375  
UnitedHealth Group, Inc., 6.00%, 02/15/18
     240,000       217,106  
 
              
 
             1,705,030  
 
              
Home Builder (0.1%)
                
Pulte Homes, Inc., 6.38%, 05/15/33
     190,000       138,700  
 
              
Hotels, Restaurants & Leisure (0.9%)
                
Harrah’s Operating Co., Inc., 5.38%, 12/15/13(c)
     495,000       158,400  
Isle of Capri Casinos, Inc., 7.00%, 03/01/14(c)
     555,000       371,850  
Las Vegas Sands Corp., 6.38%, 02/15/15(c)
     550,000       420,750  
MGM Mirage, 6.00%, 10/01/09
     300,000       280,500  
Starwood Hotels & Resort Worldwide, Inc., 6.75%, 05/15/18
     85,000       75,990  
Station Casinos, Inc., 6.00%, 04/01/12(c)
     340,000       190,400  
 
              
 
             1,497,890  
 
              
Insurance (0.5%)
                
ACE INA Holdings, Inc., 5.60%, 05/15/15
     135,000       127,744  
Bershire Hathaway Finance Corp., 5.40%, 05/15/18(a)
     205,000       198,586  
Chubb Corp., 5.75%, 05/15/18
     45,000       41,702  
Farmers Insurance Exchange, 8.63%, 05/01/24(a)
     250,000       238,627  
Muenchener Rueckversicherungs AG (EUR), 6.75%, 06/21/23
     130,000       172,393  
Prudential Financial, Inc., 6.63%, 12/01/37
     170,000       142,731  
 
              
 
             921,783  
 
              
Internet Software & Services (0.1%)
                
Exodus Communications, Inc. 0.00%, 07/15/10(e)
     124,113       0  
Expedia, Inc., 8.50%, 07/01/16
     160,000       144,000  
 
             144,000  
Manufacturing (0.9%)
                
General Electric Co., 5.25%, 12/06/17
     1,190,000       1,041,288  
Honeywell International, Inc., 5.30%, 03/01/18
     140,000       131,775  
Koppers Holdings, Inc., 9.65%, 11/15/14
     255,000       228,225  
Koppers, Inc., 9.88%, 10/15/13
     47,000       48,410  
Parker-Hannifin Corp., 5.50%, 05/15/18
     135,000       134,668  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Van Kampen NVIT Multi Sector Bond Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Manufacturing (continued)
                
Propex, Inc., 10.00%, 12/01/12
   $ 385,000     $ 2,888  
 
              
 
             1,587,254  
 
              
Media (1.7%)
                
Cablevision Systems Corp., 7.13%, 04/01/09(d)
     290,000       286,375  
CCH I Holdings LLC, 11.00%, 10/01/15(c)
     210,000       138,600  
Comcast Corp., 5.70%, 05/15/18
     200,000       174,569  
Cox Communications, Inc., 6.25%, 06/01/18(a)
     100,000       92,931  
Dex Media West LLC, 9.88%, 08/15/13
     75,000       46,500  
DIRECTV Holding LLC, 7.63%, 05/15/16(a)
     405,000       366,525  
Echostar DBS Corp.
                
6.38%, 10/01/11
     175,000       161,000  
6.63%, 10/01/14
     60,000       48,150  
Idearc, Inc., 8.00%, 11/15/16
     825,000       224,813  
Interpublic Group of Cos., Inc., 6.25%, 11/15/14
     205,000       170,150  
Time Warner Cable, Inc., 6.75%, 07/01/18
     200,000       186,786  
Time Warner, Inc., 5.88%, 11/15/16(a)
     155,000       136,226  
Viacom, Inc., 6.88%, 04/30/36
     380,000       304,638  
Vivendi, 6.63%, 04/04/18(a)
     425,000       409,093  
XM Satellite Radio Holdings, Inc., 13.00%, 08/01/13(a)
     200,000       118,000  
 
              
 
             2,864,356  
 
              
Metals & Mining (0.2%)
                
ArcelorMittal, 6.13%, 06/01/18(a)
     200,000       177,222  
Foundation PA Coal Co., 7.25%, 08/01/14
     50,000       48,250  
Rio Tinto Finance USA Ltd., 6.50%, 07/15/18
     120,000       113,473  
 
              
 
             338,945  
 
              
Office Electronics (0.1%)
                
Xerox Corp., 6.35%, 05/15/18
     180,000       164,538  
 
              
Oil, Gas & Consumable Fuels (3.2%)
                
Chaparral Energy, Inc., 8.88%, 02/01/17
     210,000       165,900  
Cie Generale de Geophysique, 7.50%, 05/15/15
     40,000       38,200  
ConocoPhillips, 5.20%, 05/15/18
     170,000       158,627  
Devon Financing Corp. ULC, 7.88%, 09/30/31
     125,000       126,933  
Equitable Resources, Inc., 6.50%, 04/01/18
     230,000       219,441  
Helix Energy Solutions Group, Inc., 9.50%, 01/15/16(a)
     385,000       359,975  
Hilcorp Energy I LP, 7.75%, 11/01/15(a)
     230,000       197,800  
Kazmuaigaz Finance Sub, 9.13%, 07/02/18(a)
     600,000       510,000  
Marathon Oil Corp.
                
6.00%, 10/01/17
     185,000       166,186  
5.90%, 03/15/18
     145,000       128,766  
Pemex Project Funding Master Trust
                
4.12%, 06/15/10(d)(a)
     570,000       560,766  
5.75%, 03/01/18(a)
     1,000,000       946,300  
8.63%, 12/01/23
     250,000       281,250  
Pemex Project Funding Master Trust (EUR), 6.63%, 04/04/10
     250,000       349,999  
Petro-Canada, 6.05%, 05/15/18
     45,000       39,281  
Questar Market Resources, Inc., 6.80%, 04/01/18
     270,000       272,240  
Sandridge Energy, Inc., 8.63%, 04/01/15
     325,000       290,875  
Weatherford International Ltd., 6.00%, 03/15/18
     140,000       125,694  
XTO Energy, Inc., 5.50%, 06/15/18
     570,000       503,844  
 
              
 
             5,442,077  
 
              
Other Financial (0.4%)
                
Nisource Finance Corp.
                
3.38%, 11/23/09(d)
     120,000       116,936  
7.88%, 11/15/10
     440,000       452,544  
6.80%, 01/15/19
     135,000       122,626  
 
              
 
             692,106  
 
              
Other Utility (0.1%)
                
National Grid PLC (EUR), 5.00%, 07/02/18
     110,000       143,960  
 
              
Paper & Forest Products (0.4%)
                
Glatfelter, 7.13%, 05/01/16
     65,000       62,725  
Nine Dragons Paper Holdings Ltd., 7.88%, 04/29/13(a)
     300,000       275,727  
Pindo Deli Finance BV(a)
                
4.83%, 04/28/15(d)
     46,182       33,251  
4.83%, 04/28/18(d)
     223,449       78,207  
7.79%, 04/28/25
     901,231       63,086  
Tjiwi Kimia Finance BV
                
4.83%, 04/28/15(d)
     135,195       94,637  
4.83%, 04/28/18(d)(a)
     91,531       30,205  
5.44%, 04/28/27(a)
     473,111       30,752  
 
              
 
             668,590  
 
              
Pharmaceuticals (0.3%)
                
Glaxosmithkline Capital, Inc., 5.65%, 05/15/18
     140,000       132,919  
Medco Health Solutions, Inc., 7.13%, 03/15/18
     195,000       197,594  
Wyeth
                
5.50%, 02/15/16
     50,000       48,799  
5.45%, 04/01/17
     140,000       135,294  
 
              
 
             514,606  
 
              
Pipelines (0.8%)
                
CenterPoint Energy Resources Corp.
                
7.88%, 04/01/13
     45,000       46,190  
6.25%, 02/01/37
     70,000       55,382  
Consolidated Natural Gas Co., Series C, 6.25%, 11/01/11
     260,000       262,322  
Pacific Energy Partners LP, 7.13%, 06/15/14
     150,000       147,428  
Plains All American Pipeline LP, 6.70%, 05/15/36
     230,000       198,236  
Texas Eastern Transmission LP, 7.00%, 07/15/32
     215,000       208,916  
TransCanada PipeLines Ltd., 6.50%, 08/15/18
     145,000       140,631  
Williams Cos., 7.88%, 09/01/21
     255,000       255,000  
 
              
 
             1,314,105  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Van Kampen NVIT Multi Sector Bond Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Real Estate Investment Trusts (0.5%)
                
Brookfield Asset Management, Inc.
                
7.13%, 06/15/12
   $ 250,000     $ 250,195  
5.80%, 04/25/17
     95,000       83,531  
Capmark Financial Group, Inc.
                
5.88%, 05/10/12
     945,000       471,077  
6.30%, 05/10/17
     85,000       33,400  
ProLogis, 6.63%, 05/15/18
     55,000       47,237  
 
              
 
             885,440  
 
              
Real Estate Management & Development (0.1%)
                
Realogy Corp., 10.50%, 04/15/14
     215,000       94,600  
 
              
Semiconductors & Semiconductor Equipment (0.3%)
                
Freescale Semiconductor, Inc., 8.88%, 12/15/14
     535,000       369,150  
KLA Instruments Corp., 6.90%, 05/01/18
     200,000       185,960  
 
              
 
             555,110  
 
              
Software (0.5%)
                
First Data Corp., 9.88%, 09/24/15(c)
     640,000       502,400  
Fiserv, Inc., 6.80%, 11/20/17
     190,000       183,359  
Oracle Corp., 5.75%, 04/15/18
     265,000       246,054  
 
              
 
             931,813  
 
              
Specialty Retail (1.2%)
                
CVS Caremark Corp., 5.75%, 06/01/17
     100,000       93,449  
CVS Pass-Through Trust, 6.04%, 12/10/28(a)
     412,743       370,457  
Home Depot, Inc.
                
2.94%, 12/16/09(d)
     320,000       301,064  
5.40%, 03/01/16
     205,000       174,315  
Rite Aid Corp., 8.63%, 03/01/15
     420,000       220,500  
Sonic Automotive, Inc., 8.63%, 08/15/13
     335,000       227,800  
Wal-Mart Stores, Inc., 4.25%, 04/15/13
     230,000       225,746  
Walgreen Co., 4.88%, 08/01/13
     80,000       79,975  
Yum! Brands, Inc., 8.88%, 04/15/11
     295,000       317,855  
 
              
 
             2,011,161  
 
              
Telecommunications (2.5%)
                
American Tower Corp.
                
7.50%, 05/01/12
     275,000       270,875  
7.13%, 10/15/12
     100,000       98,500  
AT&T Corp., 8.00%, 11/15/31(d)
     295,000       298,761  
AT&T, Inc., 6.15%, 09/15/34
     140,000       116,754  
Citizens Communications Co., 7.13%, 03/15/19
     220,000       174,900  
Deutsche Telekom International Finance BV (EUR), 8.13%, 05/29/12
     160,000       238,409  
France Telecom SA, 8.50%, 03/01/31
     115,000       124,763  
France Telecom SA (EUR), 8.13%, 01/28/33
     90,000       146,267  
Intelsat Corp., 9.25%, 06/15/16(a)
     345,000       317,400  
Nextel Communications, Inc., Series E, 6.88%, 10/31/13
     200,000       136,000  
Nordic Telephone Co. Holdings ApS, 8.88%, 05/01/16(a)
     155,000       141,050  
Nortel Networks Ltd., 10.75%, 07/15/16(a)
     130,000       79,625  
Qwest Capital Funding, Inc., 7.25%, 02/15/11
     330,000       308,550  
Qwest Communications International, Inc., 6.30%, 02/15/09(d)
     150,000       148,125  
Qwest Corp., 5.63%, 11/15/08
     45,000       44,550  
Rhythms Netconnections, 4.60%, 02/15/10(e)
     366,692       0  
Rogers Communications, Inc., 6.80%, 08/15/18
     90,000       85,143  
Sprint Capital Corp.
                
6.90%, 05/01/19
     65,000       50,375  
8.75%, 03/15/32
     200,000       156,000  
Sprint Nextel Corp., 6.00%, 12/01/16
     110,000       84,700  
Telecom Italia Capital, 7.00%, 06/04/18
     360,000       323,154  
Telecom Italia Capital SA, 4.00%, 11/15/08
     110,000       109,665  
Telefonica Europe BV, 8.25%, 09/15/30
     220,000       221,140  
Verizon Communications, Inc., 5.50%, 02/15/18
     100,000       88,396  
Verizon New England, Inc., 6.50%, 09/15/11
     10,000       9,914  
VimpelCom, 9.13%, 04/30/18(a)
     195,000       151,372  
Virgin Media Finance PLC
                
8.75%, 04/15/14
     75,000       63,000  
9.13%, 08/15/16
     100,000       83,750  
Wind Acquisition Finance SA, 10.75%, 12/01/15(a)
     200,000       196,000  
 
              
 
             4,267,138  
 
              
Textiles, Apparel & Luxury Goods (0.2%)
                
Interface, Inc.
                
10.38%, 02/01/10
     60,000       61,200  
9.50%, 02/01/14
     225,000       227,250  
 
              
 
             288,450  
 
              
Tobacco (0.3%)
                
Philip Morris International, Inc., 5.65%, 05/16/18
     215,000       198,732  
Reynolds American, Inc., 6.50%, 07/15/10
     350,000       363,903  
 
              
 
             562,635  
 
              
Utility — Electric (0.5%)
                
NRG Energy, Inc., 7.38%, 01/15/17
     325,000       295,750  
Texas Competitive Electric Holdings Co. LLC
                
10.25%, 11/01/15
     470,000       424,175  
10.25%, 11/01/15(a)
     180,000       162,450  
 
             882,375  
Wireless Telecommunication Services (0.0%)(e) (f)
                
Nextlink Communications, Inc.
                
0.00%, 06/01/09
     350,000       0  
0.00%, 06/01/09
     500,000       0  
 
             0  
Total Corporate Bonds
             48,094,953  
 
              
Asset-Backed Securities (6.2%)
                
Auto Loans (1.8%)(d)
                
Capital Auto Receivables Asset Trust
                
2.55%, 07/15/10
     1,650,000       1,632,687  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Van Kampen NVIT Multi Sector Bond Fund
                 
    Principal        
    Amount     Value  
Asset-Backed Securities (continued)
                
Auto Loans(d) (continued)
                
2.55%, 05/15/11
   $ 1,402,657     $ 1,373,472  
 
              
 
             3,006,159  
 
              
Home Equity Loans (3.9%)
                
Argent Securities, Inc., 3.26%, 10/25/36(d)
     500,132       489,074  
Countrywide Asset-Backed Certificates, 3.36%, 05/25/36(d)
     71,181       70,323  
First Franklin Mortgage Loan Asset Backed Certificates, 3.26%, 07/25/36(d)
     311,847       308,409  
Fremont Home Loan Trust, 3.26%, 10/25/36(d)
     658,674       629,539  
GSAMP Trust, 3.28%, 01/25/37(d)
     590,303       557,020  
Newcastle Mortgage Securities Trust, 3.34%, 04/25/37(d)
     628,082       595,802  
Residential Asset Mortgage Products, Inc., 3.28%, 08/25/36(d)
     343,413       335,743  
Residential Asset Securities Corp., 3.29%, 10/25/36(d)
     372,962       368,133  
Securitized Asset Backed Receivables LLC Trust
                
5.40%, 11/25/36
     772,528       743,793  
3.34%, 05/25/37(d)
     821,295       720,919  
Soundview Home Equity Loan Trust(d)
                
3.29%, 01/25/37
     488,559       477,269  
3.32%, 02/25/37
     828,916       766,891  
Specialty Underwriting & Residential Finance, 3.33%, 03/25/37(d)
     562,208       518,248  
Structured Asset Investment Loan Trust, 3.89%, 11/25/33(d)
     28,003       24,489  
 
              
 
             6,605,652  
 
              
Student Loans (0.3%)(d)
                
SLM Student Loan Trust, 2.79%, 10/27/14
     589,441       583,644  
 
              
Utility Loans (0.2%)
                
TXU Electric Delivery Transition Bond Co. LLC, 4.81%, 11/17/14
     300,000       303,844  
 
              
Total Asset-Backed Securities
             10,499,299  
 
              
Collateralized Mortgage Obligations (11.4%)
                
American Home Mortgage Assets(d)
                
3.40%, 10/25/46
     1,612,838       982,160  
3.33%, 03/25/47
     1,349,113       810,650  
American Home Mortgage Assets Trust(d)
                
3.44%, 05/25/46
     1,127,472       485,659  
3.40%, 06/25/47
     1,700,645       1,059,242  
3.51%, 06/25/47
     657,583       169,697  
American Home Mortgage Investment Trust, Series 2004-1 Class 1A, 3.56%, 04/25/44(d)
     146,599       145,974  
Banc of America Funding Corp., 3.54%, 09/20/35(d)
     208,332       90,015  
Bear Stearns Mortgage Funding Trust(d)
                
3.35%, 03/25/37
     1,320,702       815,455  
3.38%, 03/25/37
     1,437,316       872,110  
Countrywide Alternative Loan Trust(d)
                
2.71%, 09/25/35
     17,373,438       282,318  
3.50%, 10/25/35
     47,001       44,638  
3.59%, 11/20/35
     609,086       312,611  
3.18%, 12/20/35(a)
     5,393,940       138,220  
4.78%, 02/25/36
     1,717,860       760,497  
3.31%, 02/25/37
     5,705,711       146,066  
4.16%, 03/20/46
     4,893,457       149,862  
3.48%, 07/25/46
     691,513       275,426  
3.52%, 07/25/46
     399,541       112,988  
3.40%, 10/25/46
     883,454       540,497  
2.13%, 12/20/46
     18,192,279       557,139  
0.39%, 02/25/47
     11,980,245       1,198  
2.16%, 03/20/47
     9,225,455       299,827  
3.47%, 03/20/47
     507,789       135,551  
0.07%, 05/25/47
     5,980,906       598  
3.71%, 06/25/47
     730,721       211,356  
Deutsche ALT-A Securities NIM Trust, 6.75%, 02/25/47(d)
     62,432       58,047  
Deutsche ALT-A Securities, Inc. Alternate Loan Trust, 3.30%, 02/25/47(d)
     570,870       112,918  
Downey Savings & Loan Association Mortgage Loan Trust, 4.02%, 04/19/47(d)
     1,100,739       631,032  
Government National Mortgage Association, 6.10%, 06/20/38
     3,970,429       4,067,466  
GSR Mortgage Loan Trust, 3.40%, 08/25/46(d)
     1,051,206       638,718  
Harborview Mortgage Loan Trust
                
3.44%, 08/21/36(d)
     1,085,066       442,692  
Series 2006-1, Class PO1, 0.00%, 03/19/37
     8,689       950  
3.23%, 03/19/38(d)
     1,468,059       600,958  
3.32%, 07/19/45(d)
     242,342       134,227  
3.26%, 07/19/46(d)
     932,325       400,245  
Indymac Index Mortgage Loan Trust, 3.46%, 06/25/47(d)
     1,145,829       463,261  
Residential Accredit Loans, Inc., 1.93%, 03/25/47(d)
     6,959,861       696  
Structured Asset Mortgage Investments, Inc.(d)
                
3.40%, 02/25/36
     322,297       189,196  
3.52%, 02/25/36
     736,232       296,281  
3.49%, 07/25/36
     523,428       152,025  
3.39%, 09/25/47
     1,724,249       1,066,488  
WaMu Mortgage Pass Through Certificates(d)
                
3.48%, 04/25/45
     399,559       214,883  
3.50%, 08/25/45
     11,509       11,354  
3.47%, 10/25/45
     51,436       50,544  
3.46%, 12/25/45
     141,044       124,143  
Washington Mutual Alternative Mortgage Pass-Through Certificates, 4.02%, 04/25/46(d)
     1,021,309       403,149  
Total Collateralized Mortgage Obligations
             19,459,027  
 
              
Sovereign Bonds (16.7%)
                
ARGENTINA (0.1%)
                
Argentina Government International Bond
                
8.28%, 12/31/33(c)
     153,870       87,898  
1.38%, 12/15/35(d)
     11       1  
 
              
 
             87,899  
 
              
BRAZIL (1.9%)
                
Brazilian Government International Bond
                
10.50%, 07/14/14
     180,000       226,800  
8.00%, 01/15/18
     472,000       506,220  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Van Kampen NVIT Multi Sector Bond Fund
                 
    Principal        
    Amount     Value  
Sovereign Bonds (continued)
                
BRAZIL (continued)
                
8.88%, 10/14/19
   $ 556,000     $ 651,910  
8.88%, 04/15/24
     470,000       561,650  
11.00%, 08/17/40
     290,000       363,950  
Federative Republic of Brazil, 6.00%, 01/17/17
     190,000       183,350  
National Development Co., 6.37%, 06/16/18
     500,000       440,000  
Nota do Tesouro Nacional, 10.00%, 01/01/14
     700,000       317,403  
 
              
 
             3,251,283  
 
              
CANADA (0.4%)
                
Canadian Government (CAD), 5.25%, 06/01/12
     700,000       707,125  
 
              
COLOMBIA (0.2%)
                
Colombia Government International Bond
                
7.38%, 01/27/17
     100,000       104,750  
11.75%, 02/25/20
     190,000       262,675  
 
              
 
             367,425  
 
              
ECUADOR (0.3%)
                
Ecuador Government International
                
9.38%, 12/15/15
     300,000       257,498  
10.00%, 08/15/30(d)
     290,000       210,250  
 
              
 
             467,748  
 
              
GERMANY (3.5%)
                
Bundesrepublik Deutschland (EUR), 5.63%, 01/04/28
     3,820,000       6,025,656  
 
              
GHANA (0.1%)(a)
                
Republic of Ghana, 8.50%, 10/04/17
     200,000       189,000  
 
              
INDONESIA (0.5%)
                
Indonesia Government International Bond
                
7.75%, 01/17/38
     207,000       188,556  
7.75%, 01/17/38(a)
     735,000       661,500  
 
              
 
             850,056  
 
              
ITALY (0.1%)
                
Italy Buoni Poliennali Del Tesoro (EUR), 5.25%, 11/01/29
     120,000       170,548  
 
              
IVORY COAST (0.1%)
                
Ivory Coast Government International Bond, 3.00%, 03/30/18
     285,000       104,566  
 
              
JAPAN (0.3%)
                
Japan Government Ten Year Bond (JPY), 0.80%, 03/20/13
     50,000,000       465,870  
 
              
MEXICO (1.4%)
                
Mexican Bonos (MXN)
                
9.50%, 12/18/14
     1,949,000       187,649  
8.00%, 12/17/15
     2,555,000       228,464  
10.00%, 12/05/24
     5,330,000       553,293  
Mexico Government International Bond
                
8.38%, 01/14/11
     710,000       763,250  
7.50%, 01/14/12
     280,000       299,600  
5.63%, 01/15/17(c)
     396,000       386,694  
 
              
 
             2,418,950  
 
              
PERU (0.8%)
                
Peruvian Government International Bond
                
9.88%, 02/06/15
     288,000       328,320  
8.38%, 05/03/16
     120,000       127,800  
8.75%, 11/21/33
     517,000       615,230  
Republic of Peru, 6.55%, 03/14/37
     270,000       248,400  
 
              
 
             1,319,750  
 
              
PHILIPPINES (0.8%)
                
Philippine Government International Bond
                
9.00%, 02/15/13
     270,000       297,000  
8.88%, 03/17/15
     394,000       439,310  
9.50%, 02/02/30
     500,000       620,000  
 
              
 
             1,356,310  
 
              
RUSSIAN FEDERATION (1.6%)
                
Russia Government International Bond
                
12.75%, 06/24/28
     960,000       1,550,400  
7.50%, 03/31/30(d)
     654,674       668,226  
Russian Ministry of Finance, 3.00%, 05/14/11
     530,000       508,800  
 
              
 
             2,727,426  
 
              
SPAIN (2.2%)
                
Spain Government Bond (EUR)
                
5.15%, 07/30/09
     2,250,000       3,191,800  
6.15%, 01/31/13
     330,000       480,161  
 
              
 
             3,671,961  
 
              
SWEDEN (0.4%)
                
Sweden Government Bond (SEK), 5.00%, 01/28/09
     4,500,000       651,328  
 
              
TURKEY (1.1%)
                
Turkey Government International Bond
                
11.00%, 01/14/13
     917,000       1,052,257  
6.75%, 04/03/18(c)
     708,000       661,980  
11.88%, 01/15/30
     156,000       224,063  
 
              
 
             1,938,300  
 
              
VENEZUELA (0.9%)
                
Venezuela Government International Bond
                
10.75%, 09/19/13
     640,000       588,800  
8.50%, 10/08/14(c)
     270,000       212,625  
9.25%, 09/15/27(c)
     1,106,000       825,076  
 
              
 
             1,626,501  
 
              
Total Sovereign Bonds
             28,397,702  
 
              
U.S. Government Sponsored & Agency Obligations (22.9%)
                
Federal Home Loan Bank(b)
                
2.15%, 10/10/08
     3,500,000       3,499,562  
2.28%, 10/21/08
     5,300,000       5,298,919  
Federal Home Loan Mortgage Corp.
                
2.14%, 11/10/08(b)
     5,000,000       4,989,165  
5.13%, 11/17/17
     2,425,000       2,505,907  
Federal National Mortgage Association, 5.00%, 05/11/17
     1,450,000       1,483,254  
U.S. Treasury Bills(b)
                
1.57%, 10/09/08(g)
     500,000       499,977  
1.90%, 10/09/08
     285,000       284,987  
0.17%, 10/30/08(c)
     3,500,000       3,498,674  
1.65%, 12/04/08(c)
     1,800,000       1,797,712  
1.46%, 01/08/09
     12,000,000       11,966,568  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Van Kampen NVIT Multi Sector Bond Fund
                 
    Principal        
    Amount     Value  
U.S. Government Sponsored & Agency Obligations (continued)
                
U.S. Treasury Bond, 4.50%, 02/15/36(c)
   $ 3,075,000     $ 3,156,198  
 
              
Total U.S. Government Sponsored & Agency Obligations
             38,980,923  
 
              
U.S. Government Sponsored Mortgage-Backed Obligations (17.3%)
                
Fannie Mae Pool
                
Pool #50946, 6.50%, 12/01/23
     19,746       20,310  
Pool # 346286, 6.50%, 05/01/26
     57,671       59,769  
Pool # 370191, 6.50%, 01/01/27
     5,600       5,804  
Pool # 251752, 6.50%, 06/01/28
     92,486       95,792  
Pool # 252009, 6.50%, 07/01/28
     227,902       236,049  
Pool # 415967, 6.50%, 10/01/28
     84,169       87,178  
Pool # 457953, 6.50%, 01/01/29
     68,234       70,673  
Pool # 482616, 6.50%, 02/01/29
     147,842       153,035  
Pool # 323591, 6.50%, 03/01/29
     161,429       167,200  
Pool # 511954, 7.50%, 10/01/29
     7,660       8,289  
Pool # 519145, 7.50%, 10/01/29
     18,803       20,348  
Pool # 523284, 7.50%, 11/01/29
     2,131       2,306  
Pool # 527589, 7.50%, 01/01/30
     6,294       6,812  
Pool # 517874, 7.50%, 02/01/30
     29,222       31,568  
Pool # 253113, 7.50%, 03/01/30
     13,396       14,504  
Pool # 540017, 8.00%, 05/01/30
     5,896       6,387  
Pool # 540091, 7.50%, 06/01/30
     14,860       16,052  
Pool # 535399, 8.00%, 07/01/30
     25,825       27,977  
Pool # 535533, 8.00%, 10/01/30
     83,550       90,511  
Pool # 564363, 8.00%, 01/01/31
     2,006       2,173  
Pool # 253673, 7.50%, 03/01/31
     22,819       24,650  
Pool # 564993, 7.50%, 03/01/31
     14,401       15,557  
Pool # 253674, 8.00%, 03/01/31
     1,448       1,569  
Pool # 613017, 8.00%, 03/01/31
     1,185       1,290  
Pool # 576112, 7.00%, 05/01/31
     2,186       2,297  
Pool # 577407, 7.50%, 07/01/31
     54,431       58,738  
Pool # 545239, 8.00%, 09/01/31
     34,004       36,838  
Pool # 545604, 8.00%, 09/01/31
     11,725       12,762  
Pool # 606566, 7.50%, 10/01/31
     12,723       13,730  
Pool # 545551, 8.00%, 04/01/32
     19,244       20,847  
Pool # 630601, 7.00%, 05/01/32
     187,636       197,182  
Pool # 545759, 6.50%, 07/01/32
     148,450       153,386  
Pool # 642656, 7.00%, 07/01/32
     56,199       59,058  
Pool # 254695, 6.50%, 04/01/33
     239,908       247,435  
Pool # 555533, 6.50%, 04/01/33
     71,496       73,940  
Pool # 741875, 6.50%, 09/01/33
     28,593       29,490  
Pool # 815635, 5.14%, 06/01/35(d)
     0       0  
Pool # 868995, 5.50%, 05/01/36(d)
     1,379,292       1,402,403  
Pool # 886574, 5.56%, 08/01/36(d)
     812,875       828,126  
Federal Home Loan Mortgage Corp. TBA, 5.00%, 10/15/37
     9,150,000       8,912,667  
Federal National Mortgage Association TBA, 7.00%, 10/01/36(h)
     1,525,000       1,593,149  
Freddie Mac Gold Pool
                
Gold, Pool # C90381, 7.50%, 11/01/20
     1,162       1,261  
Gold, Pool # C00712, 6.50%, 02/01/29
     24,881       25,774  
Gold, Pool # C29808, 8.00%, 08/01/29
     14,545       15,777  
Gold, Pool # C39060, 8.00%, 06/01/30
     490       532  
Gold, Pool # C41333, 7.50%, 08/01/30
     18,423       19,953  
Gold, Pool # C41531, 8.00%, 08/01/30
     2,269       2,461  
Gold, Pool # C42327, 8.00%, 09/01/30
     1,847       2,004  
Gold, Pool # C44964, 7.50%, 11/01/30
     36,901       39,967  
Gold, Pool # C01104, 8.00%, 12/01/30
     27,102       29,396  
Gold, Pool # C01132, 8.00%, 01/01/31
     18,485       20,049  
Gold, Pool # C46946, 8.00%, 01/01/31
     7,451       8,082  
Gold, Pool # C01150, 8.00%, 02/01/31
     23,241       25,208  
Gold, Pool # C48997, 8.00%, 03/01/31
     86,608       93,938  
Gold, Pool # C49587, 8.00%, 03/01/31
     19,235       20,861  
Gold, Pool # C50477, 8.00%, 04/01/31
     33,894       36,758  
Gold, Pool # C53597, 8.00%, 06/01/31
     149,187       161,796  
Gold, Pool # C53381, 8.00%, 06/01/31
     4,733       5,134  
Gold, Pool # C53657, 8.00%, 06/01/31
     10,355       11,230  
Gold, Pool # C60019, 7.50%, 11/01/31
     7,275       7,871  
Gold, Pool # C67851, 7.50%, 06/01/32
     125,780       135,826  
Gold, Pool # C02851, 5.50%, 05/01/37
     6,746,863       6,716,387  
Pool #34397, 6.00%, 10/11/37
     2,600,000       2,631,689  
Gold, Pool # A78751, 6.00%, 06/01/38
     733,858       732,941  
Gold, Pool # A80985, 6.00%, 08/01/38
     2,917,000       2,913,354  
Freddie Mac Non Gold Pool, Pool # 170271, 12.00%, 08/01/15
     141,865       163,151  
Ginnie Mae I Pool
                
Pool # 780699, 9.50%, 12/15/17
     130,309       143,816  
Pool # 780378, 11.00%, 01/15/19
     147,653       167,568  
Pool # 780141, 10.00%, 12/15/20
     125,703       143,405  
Pool # 780709, 11.00%, 01/15/21
     166,840       188,605  
Pool # 780349, 10.00%, 09/15/21
     157,045       178,804  
Total U.S. Government Sponsored Mortgage-Backed Obligations
             29,451,449  
 
              
U.S. Government Mortgage Backed Agencies (9.2%)(h)
                
Federal National Mortgage Association, Pool #42342, 5.50%, 10/15/35
     14,550,000       14,509,086  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Van Kampen NVIT Multi Sector Bond Fund
                 
    Principal        
    Amount     Value  
U.S. Government Mortgage Backed Agencies(h) (continued)
                
Federal National Mortgage Association TBA, 6.00%, 10/15/37
   $ 520,000     $ 526,662  
Freddie Mac Gold, Pool #26917, 5.50%, 10/15/37
     550,000       547,078  
Freddie Mac Gold Pool, Pool #C69951, 6.50%, 08/01/32
     27,054       27,957  
 
              
Total U.S. Government Mortgage Backed Agencies
             15,610,783  
 
              
Yankee Dollars (2.0%)
                
Banks (0.6%)
                
Banco ABN AMRO Real SA (BRL), 16.20%, 02/22/10
     410,000       211,207  
HBOS PLC, 6.75%, 05/21/18(a)
     240,000       201,235  
RSHB Capital SA for OJSC Russian Agricultural Bank
                
7.18%, 05/16/13
     100,000       84,373  
6.30%, 05/15/17(a)
     106,000       75,673  
Unicredit Luxembourg Finance SA, 2.85%, 10/24/08(a)(d)
     440,000       439,653  
 
              
 
             1,012,141  
 
              
Diversified Financial Services (0.2%)
                
TNK-BP Finance SA, 7.88%, 03/13/18
     388,000       271,600  
 
              
Electric Power (0.4%)(a)
                
E. ON International Finance BV, 5.80%, 04/30/18
     425,000       406,197  
Israel Electric Corp. Ltd., 7.25%, 01/15/19
     260,000       260,425  
 
             666,622  
Health Care Equipment & Supplies (0.1%)(a)
                
Covidien International Finance SA, 6.00%, 10/15/17
     100,000       98,799  
 
              
Media (0.1%)(a)
                
Grupo Televisa SA, 6.00%, 05/15/18
     200,000       188,754  
 
              
Metals & Mining (0.1%)
                
Evraz Group SA, 9.50%, 04/24/18(a)
     200,000       144,000  
GTL Trade Finance, Inc., 7.25%, 10/20/17(a) (c)
     100,000       95,879  
Murrin Murrin Holdings Ltd., 9.38%, 08/31/07(e)
     125,000       0  
 
             239,879  
Pharmaceuticals (0.1%)
                
Astrazeneca PLC, 5.90%, 09/15/17
     145,000       142,772  
 
              
Pipelines (0.3%)
                
Kinder Morgan Finance Co. ULC, 5.70%, 01/05/16
     530,000       455,800  
 
              
Sovereign (0.1%)(a)
                
Republic of Indonesia, 6.88%, 01/17/18
     245,000       222,950  
 
              
Transportation (0.0%)
                
Canadian National Railway Co., 5.55%, 05/15/18
     45,000       44,421  
 
              
Total Yankee Dollars
             3,343,738  
 
              
Interest Only Bonds (1.4%)
                
Bear Stearns Structured Products, Inc.(d)
                
0.02%, 06/26/36
     16,977,344       1,717  
0.02%, 01/27/37
     12,611,224       1,314  
                 
    Shares or        
    Principal        
    Amount     Value  
Interest Only Bonds (continued)
                
0.04%, 01/27/37
   $ 23,222,647     $ 2,346  
1.66%, 01/27/37
     15,905,618       1,612  
1.79%, 04/25/37
     20,406,108       2,041  
Countrywide Alternative Loan Trust, 3.16%, 12/20/35(a)(d)
     7,277,008       219,867  
Fannie Mae REMICS
                
Series 2003-82, Class IA, 6.00%, 08/25/32
     204,388       32,457  
Series 03-39, Class IO, 6.00%, 05/25/33
     320,338       71,202  
Series 2003-33, Class IA, 6.50%, 05/25/33(d)
     723,123       164,840  
Series 2003-35, Class UI, 6.50%, 05/25/33(d)
     294,081       67,416  
Series 2003-44, Class IB, 6.00%, 06/25/33
     357,202       81,068  
Series 2003-49, Class IO, 6.50%, 06/25/33(d)
     293,501       67,508  
Freddie Mac REMICS
                
Series 2129, Class SG, 4.50%, 06/17/27(d)
     1,020,562       89,959  
Series 2557, Class IW, 6.00%, 04/15/32
     759,860       111,156  
Series 2649, Class IM, 7.00%, 07/15/33
     344,841       79,683  
Greenpoint Mortgage Funding Trust(d)
                
4.07%, 08/25/45
     2,398,842       52,679  
3.93%, 10/25/45
     3,388,495       91,557  
4.02%, 10/25/45
     1,050,520       21,683  
Harborview Mortgage Loan Trust(d)
                
2.30%, 11/19/34
     4,864,998       31,166  
3.03%, 05/19/35
     4,819,090       48,191  
2.79%, 06/19/35
     3,601,193       39,951  
3.29%, 03/19/37
     4,796,216       111,662  
3.45%, 07/19/47
     5,773,490       117,274  
Indymac Index Mortgage Loan Trust, 2.56%, 07/25/35(d)
     3,030,860       40,727  
Kreditanstalt fuer Wiederaufbau (JPY), 2.05%, 09/21/09
     94,000,000       893,306  
Residential Accredit Loans, Inc., 1.44%, 05/25/47(d)
     13,896,364       1,390  
 
              
Total Interest Only Bonds
             2,443,772  
 
              
Principal Only Bond (0.0%)(d)
                
Harborview Mortgage Loan Trust, Series 2006-5, Class PO2 0.00%, 07/19/47
     274       4  
 
              
Ioette Bond (0.0%)
                
Federal Home Loan Mortgage Corp., 1,156.50%, 06/15/21
     8       214  
 
              
Warrants (0.0%)
                
Banks (0.0%)
                
Republic of Venezuela
     1,250       43,961  
 
              
Communications Equipment (0.0%)
                
XO Holdings, Inc.
     374       4  
XO Holdings, Inc.
     374       9  
 
              
 
             13  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Van Kampen NVIT Multi Sector Bond Fund
                 
    Shares or        
    Principal        
    Amount     Value  
Warrants (continued)
                
Telecommunications (0.0%)
                
XO Holdings, Inc. *
     248     $ 102  
XO Holdings, Inc.
     499       12  
 
              
 
             114  
 
              
Total Warrants
             44,088  
 
              
Repurchase Agreement (1.9%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $3,270,511, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $3,335,774
   $ 3,270,367       3,270,367  
 
              
Total Repurchase Agreement
             3,270,367  
 
              
Securities Purchased With Collateral For Securities On Loan (7.1%)
                
Repurchase Agreement (7.1%)
                
Barclays Capital, 2.25%, dated 09/30/08, due 10/01/08, repurchase price $12,142,866, collateralized by U.S. Government Agency Mortgages ranging 3.17% - 6.00%, maturing 12/01/17 - 10/25/38; total market value of $12,384,863
     12,142,023       12,142,023  
 
              
Total Securities Purchased With Collateral For Securities On Loan
             12,142,023  
 
              
Total Investments
                
(Cost $232,541,675) (i) — 124.4%
             211,738,342  
Liabilities in excess of other assets — (24.4)%
             (41,581,733 )
 
              
NET ASSETS — 100.0%
           $ 170,156,609  
 
              
 
*   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 September 30, 2008, all such securities in total represented 7.60% 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 September 30, 2008.
 
(d)   Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on September 30, 2008. The maturity date represents the actual maturity date.
 
(e)   Fair Valued Security.
 
(f)   Security in default.
 
(g)   All or a part of the security was pledged as collateral for futures contracts as of September 30, 2008.
 
(h)   Mortgage Dollar Rolls.
 
(i)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
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
 
JPY   Principal amount denominated in Japanese Yen.
 
LP   Limited Partnership
 
MXN   Principal amount denominated in Mexican Peso.
 
SEK   Principal amount denominated in Swedish Krone.
 
TBA   To Be Announced.
 
ULC   Unlimited Liability Co.
 
LLC   Limited Liability Co.
At September 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 Contracts:
                                        
Euro
     10/31/08       (2,326,000 )   $ (3,611,185 )   $ (3,284,403 )   $ 326,782  
Japanese Yen
     10/09/08       (947,000,000 )     (8,899,082 )     (8,919,838 )     (20,756 )
Swedish Krone
     11/21/08       (3,000,000 )     (468,955 )     (433,952 )     35,003  
 
Total Short Contracts
                   $ (12,979,222 )   $ (12,638,193 )   $ 341,029  
 
                                
Long Contracts:
                                        
British Pound
     10/15/08       840,000     $ 1,471,680     $ 1,494,783     $ 23,103  
Euro
     10/31/08       1,527,000       2,349,137       2,156,184       (192,953 )
Japanese Yen
     10/09/08       1,657,000,000       15,575,222       15,607,362       32,140  
 
Total Long Contracts
                   $ 19,396,039     $ 19,258,329     $ (137,710 )
 
                                
At September 30, 2008, the Fund’s open futures were as follows:
                                 
                    Market Value   Unrealized
Number               Covered by   Appreciation
of Contracts   Long Contracts   Expiration   Contracts   (Depreciation)
                 
  2    
Euro 90 Day Future
     03/16/09     $ 485,175     $ 11,470  
  6    
Euro 90 Day Future
     06/15/09       1,454,400       20,506  
  2    
Japan 10 Yr. Bond
     12/11/08       2,586,797       (1,142,000 )
  2    
U.S. Long Bond
     12/19/08       234,344       (1,489 )
  154    
U.S. 2 Yr. Note
     12/31/08       32,869,375       92,331  
  199    
U.S. 5 Yr. 6% Swap
     12/15/08       21,591,500       (94,440 )
  1    
U.S. 10 Yr. 6% Swap
     12/15/08       111,844       (924 )
 
       
 
           $ 59,333,435     $ (1,114,546 )
                 
 
                    Market Value   Unrealized
Number               Covered by   Appreciation
of Contracts   Short Contracts   Expiration   Contracts   (Depreciation)
  9    
Euro 90 Day Future
     12/15/08     $ (2,172,263 )   $ (1,432 )
  30    
Euro 90 Day Future
     09/14/09       (7,265,625 )     (10,935 )
  26    
Euro 90 Day Future
     12/14/09       (6,276,400 )     (80,756 )
  24    
Euro 90 Day Future
     03/15/10       (5,784,000 )     (69,066 )
  18    
Euro 90 Day Future
     06/14/10       (4,326,975 )     (43,925 )
  15    
Euro 90 Day Future
     09/13/10       (3,596,438 )     (29,666 )
  12    
Euro 90 Day Future
     12/13/10       (2,869,800 )     (18,531 )
  8    
U.S. 10 Yr Note
     12/19/08       (917,000 )     8,388  
  1    
U.S. 5 Yr. Note
     12/31/08       (112,234 )     (205 )
 
       
 
           $ (33,320,735 )   $ (246,128 )
                 
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
Federated NVIT High Income Bond Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (96.7%)
                
Aerospace / Defense (3.6%)
                
Alliant Techsystems, Inc., 6.75%, 04/01/16
   $ 550,000     $ 517,000  
DRS Technologies, Inc., 6.63%, 02/01/16
     400,000       406,000  
Hawker Beechcraft Acquisition Co. LLC
                
8.88%, 04/01/15
     400,000       364,000  
9.75%, 04/01/17
     350,000       315,000  
L-3 Communications Corp.
                
6.13%, 01/15/14
     1,350,000       1,255,500  
6.38%, 10/15/15
     375,000       346,875  
Sequa Corp., 11.75%, 12/01/15(a)(b)
     900,000       760,500  
Sequa Corp., PIK, 13.50%, 12/01/15(a)(b)
     387,656       327,569  
TransDigm, Inc., 7.75%, 07/15/14
     875,000       826,875  
US Investigations Services, Inc.(a) (b)
                
10.50%, 11/01/15
     600,000       537,000  
11.75%, 05/01/16
     425,000       350,625  
 
              
 
             6,006,944  
 
              
Automotive (3.8%)
                
Cooper-Standard Automotive, Inc., 8.38%, 12/15/14
     700,000       444,500  
Ford Motor Co., 7.45%, 07/16/31
     900,000       391,500  
Ford Motor Credit Co., 7.25%, 10/25/11
     1,100,000       699,906  
Ford Motor Credit Co. LLC
                
9.88%, 08/10/11
     750,000       517,703  
5.54%, 01/13/12(c)
     1,350,000       864,243  
8.00%, 12/15/16
     1,100,000       696,402  
General Motors Corp.
                
7.40%, 09/01/25
     2,925,000       1,067,625  
8.38%, 07/15/33
     825,000       334,125  
Tenneco, Inc., 8.63%, 11/15/14
     500,000       400,000  
United Components, Inc., 9.38%, 06/15/13
     1,175,000       981,125  
 
              
 
             6,397,129  
 
              
Building Materials (0.9%)
                
Norcraft Holdings LP, 9.75%, 09/01/12
     500,000       452,500  
Nortek, Inc., 8.50%, 09/01/14
     425,000       244,375  
NTK Holdings, Inc., 10.75%, 03/01/14
     300,000       130,500  
Panolam Industries International, Inc., 10.75%, 10/01/13
     625,000       378,125  
Ply Gem Industries, Inc., 11.75%, 06/15/13(a)(b)
     375,000       324,375  
 
              
 
             1,529,875  
 
              
Chemicals (3.2%)
                
Airgas, Inc., 7.13%, 10/01/18(a) (b)
     250,000       244,375  
Chemtura Corp., 6.88%, 06/01/16
     1,050,000       845,250  
Hexion U.S. Finance Corp., 9.75%, 11/15/14
     1,075,000       854,625  
Koppers, Inc., 9.88%, 10/15/13
     490,000       507,150  
LyondellBassell Industries AF SCA, 8.38%, 08/15/15(a) (b)
     525,000       249,375  
Mosaic Co. (The), 7.63%, 12/01/16(a) (b)
     525,000       537,215  
Nalco Co., 8.88%, 11/15/13
     500,000       501,250  
Nalco Finance Holdings, Inc., 9.00%, 02/01/14
     481,000       429,292  
Terra Capital, Inc., 7.00%, 02/01/17
     600,000       573,000  
Union Carbide Corp.
                
7.88%, 04/01/23
     225,000       219,698  
7.50%, 06/01/25
     350,000       314,900  
 
              
 
             5,276,130  
 
              
Construction Machinery (0.4%)
                
Clark Material Handling 0.00%, 11/15/06(a) (d) (e) (f)(g)
     100,000       0  
RSC Equipment Rental, Inc., 9.50%, 12/01/14
     925,000       705,313  
 
              
 
             705,313  
 
              
Consumer Products (4.5%)
                
AAC Group Holding Corp. 0.00%, 10/01/12(a)(b)
     1,025,000       1,019,875  
American Achievement Corp., 8.25%, 04/01/12(a)(b)
     600,000       601,500  
American Achievement Group Holding Corp. PIK, 14.75%, 10/01/12
     414,779       396,114  
Jarden Corp., 7.50%, 05/01/17
     1,150,000       963,125  
Jostens Holding Corp., 10.25%, 12/01/13
     1,000,000       910,000  
Sealy Mattress Co., 8.25%, 06/15/14
     750,000       592,500  
True Temper Sports, Inc., 8.38%, 09/15/11
     750,000       423,750  
Visant Corp., 7.63%, 10/01/12
     1,350,000       1,245,375  
Visant Holding Corp., 8.75%, 12/01/13
     1,575,000       1,452,937  
 
              
 
             7,605,176  
 
              
Energy (5.5%)
                
Basic Energy Services, Inc., 7.13%, 04/15/16
     950,000       850,250  
Chesapeake Energy Corp.
                
7.50%, 09/15/13
     375,000       364,687  
6.88%, 01/15/16
     1,650,000       1,513,875  
Cie Generale de Geophysique-Veritas, 7.75%, 05/15/17
     400,000       382,000  
Complete Production Services, Inc., 8.00%, 12/15/16
     500,000       477,500  
Forest Oil Corp.
                
7.25%, 06/15/19(b)(a)
     225,000       193,500  
7.25%, 06/15/19
     700,000       602,000  
Hilcorp Energy I LP, 7.75%, 11/01/15(a) (b)
     925,000       800,125  
Petroplus Finance LTD(a) (b)
                
6.75%, 05/01/14
     350,000       297,500  
7.00%, 05/01/17
     500,000       417,500  
Pioneer Natural Resources Co., 6.88%, 05/01/18
     850,000       761,059  
Plains Exploration & Production Co.
                
7.75%, 06/15/15
     750,000       693,750  
7.00%, 03/15/17
     375,000       328,125  
7.63%, 06/01/18
     250,000       222,500  
Range Resources Corp.
                
6.38%, 03/15/15
     250,000       230,000  
7.50%, 05/15/16
     550,000       528,000  
7.25%, 05/01/18
     125,000       118,750  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Federated NVIT High Income Bond Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Energy (continued)
                
SandRidge Energy, Inc., 8.00%, 06/01/18(a) (b)
   $ 275,000     $ 237,875  
Southwestern Energy Co., 7.50%, 02/01/18(a)(b)
     175,000       170,625  
 
              
 
             9,189,621  
 
              
Entertainment (1.0%)
                
Cinemark, Inc. 0.00%, 03/15/14
     1,075,000       1,038,719  
HRP Myrtle Beach Operations LLC, 7.38%, 04/01/12(e) (f)(a) (b) (c)
     675,000       409,219  
Universal City Florida Holding Co. I/II, 7.55%, 05/01/10(c)
     250,000       236,250  
 
              
 
             1,684,188  
 
              
Environmental (0.8%)
                
Allied Waste North America, Inc., 7.25%, 03/15/15
     900,000       866,250  
Browning-Ferris Industries, Inc., 9.25%, 05/01/21
     475,000       491,625  
 
              
 
             1,357,875  
 
              
Financial Institutions (2.8%)
                
General Motors Acceptance Corp. LLC
                
6.88%, 09/15/11
     3,225,000       1,439,724  
7.00%, 02/01/12
     550,000       224,317  
8.00%, 11/01/31
     1,125,000       424,953  
Icahn Enterprises LP, 7.13%, 02/15/13
     800,000       616,000  
iPayment, Inc., 9.75%, 05/15/14
     950,000       764,750  
Lender Processing Services, Inc., 8.13%, 07/01/16(a) (b)
     300,000       294,000  
Nuveen Investments, Inc., 10.50%, 11/15/15(a) (b)
     1,150,000       891,250  
 
              
 
             4,654,994  
 
              
Food & Beverage (5.8%)
                
ARAMARK Corp.
                
6.30%, 02/01/15(c)
     750,000       660,000  
8.50%, 02/01/15
     550,000       519,750  
ASG Consolidated LLC, 11.50%, 11/01/11
     1,350,000       1,208,250  
B&G Foods Corp., 8.00%, 10/01/11
     1,100,000       1,061,500  
Constellation Brands, Inc.
                
8.38%, 12/15/14
     225,000       223,875  
7.25%, 09/01/16
     375,000       346,875  
Dean Foods Co., 7.00%, 06/01/16
     1,000,000       875,000  
Eurofresh, Inc. 0.00%, 01/15/13(a) (b)
     775,000       523,125  
Michael Foods, Inc., 8.00%, 11/15/13
     875,000       853,125  
Pierre Foods, Inc., 9.88%, 07/15/12(a) (e) (f)
     775,000       65,875  
Pilgrim’s Pride Corp., 8.38%, 05/01/17
     1,150,000       546,250  
Pinnacle Foods Finance LLC
                
9.25%, 04/01/15
     650,000       533,000  
10.63%, 04/01/17
     650,000       490,750  
Reddy Ice Holdings, Inc., 10.50%, 11/01/12
     1,300,000       1,007,500  
Smithfield Foods, Inc.
                
7.75%, 05/15/13
     200,000       169,000  
7.75%, 07/01/17
     900,000       711,000  
 
              
 
             9,794,875  
 
              
Food & Staples Retailing (0.0%)(a) (d) (f) (g)
                
Jitney-Jungle Stores of America, Inc. 0.00%, 09/15/07
     100,000       0  
 
              
Gaming (5.6%)
                
Fontainebleu Las Vegas Holdings LLC/Fontainebleu Las Vegas, 10.25%, 06/15/15(a) (b)
     975,000       277,875  
Global Cash Access LLC, 8.75%, 03/15/12
     700,000       619,500  
Great Canadian Gaming Corp., 7.25%, 02/15/15(a) (b)
     600,000       543,000  
Herbst Gaming, Inc., 7.00%, 11/15/14(a) (e) (g)
     850,000       46,750  
Indianapolis Downs LLC & Capital Corp., 11.00%, 11/01/12(a)(b)
     1,250,000       856,250  
Indianapolis Downs LLC & Capital Corp., PIK, 15.50%, 11/01/13(a)(b)
     188,637       129,688  
Jacobs Entertainment, Inc., 9.75%, 06/15/14
     925,000       624,375  
MGM Mirage
                
8.38%, 02/01/11
     700,000       575,750  
5.88%, 02/27/14
     1,050,000       763,875  
7.50%, 06/01/16
     1,875,000       1,378,125  
Penn National Gaming, Inc., 6.75%, 03/01/15
     925,000       818,625  
San Pasqual Casino Development Group, Inc., 8.00%, 09/15/13(a) (b)
     800,000       720,000  
Shingle Springs Tribal Gaming Authority, 9.38%, 06/15/15(a) (b)
     675,000       489,375  
Tunica-Biloxi Gaming Authority, 9.00%, 11/15/15(a) (b)
     425,000       393,125  
Wynn Las Vegas Captial Corp., 6.63%, 12/01/14
     1,275,000       1,093,312  
 
              
 
             9,329,625  
 
              
Healthcare (8.9%)
                
Accellent, Inc., 10.50%, 12/01/13
     1,050,000       929,250  
AMR HoldCo., Inc./Emare HoldCo., Inc., 10.00%, 02/15/15
     825,000       868,312  
Bausch & Lomb, Inc., 9.88%, 11/01/15(a) (b)
     425,000       404,812  
Biomet, Inc., 11.63%, 10/15/17
     1,275,000       1,287,750  
CRC Health Corp., 10.75%, 02/01/16
     875,000       678,125  
HCA, Inc.
                
9.25%, 11/15/16
     550,000       536,250  
9.63%, 11/15/16
     1,650,000       1,571,625  
7.50%, 11/06/33
     900,000       643,500  
National Mentor Holdings, Inc., 11.25%, 07/01/14
     1,125,000       1,130,625  
Omnicare, Inc., 6.88%, 12/15/15
     950,000       850,250  
Rad Laboratories, Inc., 6.13%, 12/15/14
     525,000       490,875  
United Surgical Partners International, Inc., 9.25%, 05/01/17
     1,075,000       919,125  
Universal Hospital Services, Inc., 8.50%, 06/01/15
     500,000       468,750  
Vanguard Health Holding Co. II LLC, 9.00%, 10/01/14
     850,000       824,500  
Ventas Realty LP
                
9.00%, 05/01/12
     200,000       209,500  
6.63%, 10/15/14
     400,000       386,000  
7.13%, 06/01/15
     325,000       324,188  
6.75%, 04/01/17
     500,000       475,000  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Federated NVIT High Income Bond Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Healthcare (continued)
                
Viant Holdings, Inc., 10.13%, 07/15/17(a) (b)
   $ 1,160,000     $ 945,400  
VWR Funding, Inc., 10.25%, 07/15/15
     1,100,000       968,000  
 
              
 
             14,911,837  
 
              
Industrial — Other (5.8%)
                
ALH Finance LLC/ALH Finance Corp., 8.50%, 01/15/13
     1,075,000       1,007,812  
American Tire Distributors, Inc., 10.75%, 04/01/13
     475,000       394,250  
Baker & Taylor, Inc., 11.50%, 07/01/13(a) (b)
     1,000,000       785,000  
Baldor Electric Co., 8.63%, 02/15/17
     625,000       600,000  
Belden, Inc., 7.00%, 03/15/17
     375,000       335,625  
Da-Lite Screen Co., Inc., 9.50%, 05/15/11
     525,000       498,750  
Education Management LLC, 10.25%, 06/01/16
     1,300,000       1,046,500  
ESCO Corp.(a) (b)
                
6.69%, 12/15/13(c)
     250,000       231,250  
8.63%, 12/15/13
     500,000       492,500  
General Cable Corp., 7.13%, 04/01/17
     550,000       497,750  
Hawk Corp., 8.75%, 11/01/14
     625,000       631,250  
Interline Brands, Inc., 8.13%, 06/15/14
     800,000       796,000  
Knowledge Learning Corp., Inc., 7.75%, 02/01/15(a) (b)
     1,100,000       979,000  
Sensus Metering Systems, Inc., 8.63%, 12/15/13
     550,000       519,750  
SPX Corp., 7.63%, 12/15/14(a)(b)
     475,000       475,594  
Valmont Industries, Inc., 6.88%, 05/01/14
     525,000       511,875  
 
              
 
             9,802,906  
 
              
Lodging (1.2%)
                
Host Hotels & Resorts LP
                
7.13%, 11/01/13
     450,000       402,750  
6.88%, 11/01/14
     400,000       348,000  
6.38%, 03/15/15
     450,000       367,875  
Royal Caribbean Cruises Ltd.
                
7.00%, 06/15/13
     750,000       648,750  
7.25%, 06/15/16
     300,000       250,500  
 
              
 
             2,017,875  
 
              
Media — Cable (0.6%)
                
Kabel Deutschland, 10.63%, 07/01/14
     775,000       763,375  
Videotron Ltee, 6.38%, 12/15/15
     325,000       287,625  
 
              
 
             1,051,000  
 
              
Media — Non-Cable (9.2%)
                
Affinity Group, Inc.
                
9.00%, 02/15/12
     425,000       316,625  
10.88%, 02/15/12
     869,758       691,458  
Dex Media West LLC, 9.88%, 08/15/13
     1,216,000       756,960  
Dex Media, Inc. 9.00%, 11/15/13
     600,000       279,000  
DirecTV Holdings LLC, 8.38%, 03/15/13
     800,000       794,000  
Echostar DBS Corp., 6.63%, 10/01/14
     1,125,000       905,625  
Fox Acquisition Sub LLC, 13.38%, 07/15/16(a)(b)
     575,000       517,500  
Idearc, Inc., 8.00%, 11/15/16
     1,375,000       381,562  
Intelsat Intermediate Holding Co. Ltd., 9.50%, 02/01/15(a)(b)
     850,000       684,250  
Intelsat Jackdon Holdings Ltd., 11.25%, 06/15/16
     1,500,000       1,466,250  
Lamar Media Corp.
                
7.25%, 01/01/13
     550,000       500,500  
6.63%, 08/15/15
     125,000       104,063  
6.63%, 08/15/15
     750,000       624,375  
MediMedia USA, Inc., 11.38%, 11/15/14(a) (b)
     1,200,000       1,182,000  
Newport Television LLC, PIK, 13.00%, 03/15/17(a)(b)
     1,150,000       816,500  
Nexstar Broadcasting, Inc., 7.00%, 01/15/14
     300,000       226,500  
Quebecor Media, Inc., 7.75%, 03/15/16
     975,000       858,000  
R.H. Donnelley Corp., 8.88%, 10/15/17
     1,250,000       431,250  
Rainbow National Services LLC, 10.38%, 09/01/14(a) (b)
     255,000       261,375  
Reader’s Digest Association, Inc. (The), 9.00%, 02/15/17
     1,525,000       869,250  
RH Donnelley Corp., 8.88%, 01/15/16
     775,000       267,375  
SGS International, Inc., 12.00%, 12/15/13
     1,250,000       1,018,750  
Univision Television Group, Inc., 9.75%, 03/15/15(a) (b)
     1,100,000       517,000  
WDAC Subsidiary Corp., 8.38%, 12/01/14(a) (b)
     1,250,000       750,000  
XM Satellite Radio Holdings, Inc., 13.00%, 08/01/13(a)(b)
     425,000       252,875  
 
              
 
             15,473,043  
 
              
Metals & Mining (1.3%)
                
Aleris International, Inc.
                
9.00%, 12/15/14
     600,000       369,000  
10.00%, 12/15/16
     475,000       296,875  
Freeport-McMoRan Copper & Gold, Inc., 8.38%, 04/01/17
     825,000       813,839  
Novelis, Inc., 7.25%, 02/15/15
     712,000       623,000  
 
              
 
             2,102,714  
 
              
Packaging (1.2%)
                
Berry Plastics Holding Corp., 8.88%, 09/15/14
     1,025,000       804,625  
Crown Americas LLC, 7.75%, 11/15/15
     1,250,000       1,225,000  
Russell-Stanley Holdings, Inc. 0.00%, 11/30/08(d) (e) (f)(a) (b) (g)
     14,589       0  
 
              
 
             2,029,625  
 
              
Paper (1.4%)
                
Graphic Packaging International Corp., 9.50%, 08/15/13
     1,250,000       1,137,500  
NewPage Corp., 12.00%, 05/01/13
     1,125,000       990,000  
Rock-Tenn Co., 9.25%, 03/15/16(a)(b)
     125,000       127,500  
 
              
 
             2,255,000  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Federated NVIT High Income Bond Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Restaurants (0.8%)
                
Dave & Buster’s, Inc., 11.25%, 03/15/14
   $ 325,000     $ 300,625  
NPC International, Inc, 9.50%, 05/01/14
     825,000       680,625  
Seminole Hard Rock Entertainment, Inc., 5.32%, 03/15/14(a) (b) (c)
     550,000       415,250  
 
              
 
             1,396,500  
 
              
Retailers (3.2%)
                
AutoNation, Inc.
                
4.79%, 04/15/13(c)
     250,000       211,875  
7.00%, 04/15/14
     350,000       306,250  
Couche-Tard Finance Corp., 7.50%, 12/15/13
     900,000       832,500  
Dollar General Corp., 11.88%, 07/15/17
     300,000       279,000  
General Nutrition Centers, Inc., 7.58%, 03/15/14(c)
     1,075,000       900,312  
NBC Acquisition Corp., 11.00%, 03/15/13
     1,000,000       780,000  
Nebraska Book Co., Inc., 8.63%, 03/15/12
     1,125,000       849,375  
Penske Auto Group, Inc., 7.75%, 12/15/16
     650,000       468,000  
Yankee Acquisition Corp., 9.75%, 02/15/17
     1,350,000       776,250  
 
              
 
             5,403,562  
 
              
Services (1.7%)
                
Ceridian Corp., 11.25%, 11/15/15(a)(b)
     975,000       806,813  
Holdings, Inc., 10.00%, 05/01/15
     800,000       620,000  
West Corp.
                
9.50%, 10/15/14
     575,000       442,750  
11.00%, 10/15/16
     1,275,000       924,375  
 
              
 
             2,793,938  
 
              
Specialty Retail (0.0%)(a) (d) (e) (g)
                
U.S. Office Products Co. 0.00%, 12/31/49
     455,359       0  
 
              
Technology (6.0%)
                
Activant Solutions, Inc., 9.50%, 05/01/16
     1,100,000       819,500  
CompuCom System, Inc., 12.50%, 10/01/15(a) (b)
     1,050,000       939,750  
First Data Corp., 9.88%, 09/24/15(a)(b)
     1,250,000       982,812  
Freescale Semiconductor, Inc.
                
8.88%, 12/15/14
     875,000       608,125  
9.13%, 12/15/14
     650,000       412,750  
Open Solutions, Inc., 9.75%, 02/01/15(a) (b)
     1,025,000       671,375  
Seagate Technology HDD Holdings, 6.80%, 10/01/16
     975,000       858,000  
Serena Software, Inc., 10.38%, 03/15/16
     950,000       840,750  
Smart Modular Technologies, 8.29%, 04/01/12(c)
     405,000       405,000  
SS&C Technologies, Inc., 11.75%, 12/01/13
     900,000       940,500  
Sungard Data Systems, Inc.
                
9.13%, 08/15/13
     870,000       787,350  
10.25%, 08/15/15
     1,150,000       1,003,375  
Unisys Corp., 12.50%, 01/15/16
     900,000       859,500  
 
              
 
             10,128,787  
 
              
Textiles, Apparel & Luxury Goods (0.0%)(a) (d) (e) (f)
                
Glenoit Corp. 0.00%, 12/31/49
     125,000       0  
 
              
Tobacco (0.4%)
                
Reynolds American, Inc., 7.75%, 06/01/18
     625,000       617,609  
 
              
Transportation (2.1%)
                
CEVA Group PLC, 10.00%, 09/01/14(a) (b)
     875,000       844,375  
Hertz Corp. (The)
                
8.88%, 01/01/14
     700,000       607,250  
10.50%, 01/01/16
     1,050,000       882,000  
Holt Group 0.00%, 01/15/06(a) (d) (e) (f)(g)
     50,000       0  
Kansas City Southern Railway, 8.00%, 06/01/15
     375,000       371,250  
Stena AB
                
7.50%, 11/01/13
     575,000       562,063  
7.00%, 12/01/16
     250,000       235,625  
 
              
 
             3,502,563  
 
              
Utility — Electric (4.5%)
                
Dynegy Holdings, Inc., 7.75%, 06/01/19
     1,325,000       1,066,625  
Edison Mission Energy, 7.75%, 06/15/16
     1,125,000       1,063,125  
Energy Future Holdings Corp., 10.88%, 11/01/17(a)(b)
     250,000       226,875  
FPL Energy National Wind, 6.13%, 03/25/19(a) (b)
     264,516       260,303  
Intergen NV, 9.00%, 06/30/17(a) (b)
     1,000,000       1,005,000  
NRG Energy, Inc.
                
7.38%, 02/01/16
     875,000       789,688  
7.38%, 01/15/17
     1,075,000       980,937  
Sierra Pacific Resources, 6.75%, 08/15/17
     800,000       735,327  
Teco Finance, Inc., 6.75%, 05/01/15
     150,000       144,419  
Texas Competitive Electric Holdings Co. LLC(a) (b)
                
10.25%, 11/01/15
     500,000       453,750  
10.25%, 11/01/15
     850,000       771,375  
 
              
 
             7,497,424  
 
              
Utility — Natural Gas (4.7%)
                
AmeriGas Partners LP, 7.13%, 05/20/16
     875,000       787,500  
Holly Energy Partners LP, 6.25%, 03/01/15
     1,375,000       1,106,875  
Inergy LP, 6.88%, 12/15/14
     1,025,000       902,000  
MarkWest Energy Partners LP, 8.75%, 04/15/18
     800,000       764,000  
Pacific Energy Partners LP
                
7.13%, 06/15/14
     700,000       688,787  
6.25%, 09/15/15
     150,000       141,033  
Regency Energy Partners LP, 8.38%, 12/15/13
     650,000       588,250  
Southern Star Central Corp., 6.75%, 03/01/16
     625,000       576,563  
Tennessee Gas Pipeline Co., 8.38%, 06/15/32
     1,675,000       1,612,945  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Federated NVIT High Income Bond Fund
                 
    Shares or        
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Utility — Natural Gas (continued)
                
Williams Cos., 7.88%, 09/01/21
   $ 750,000     $ 751,505  
 
              
 
             7,919,458  
 
              
Wireless Communications (3.4%)
                
Alltel Communications Corp., 10.38%, 12/01/17(a)(b)
     775,000       887,375  
Centennial Communications Corp.
                
8.54%, 01/01/13(c)
     450,000       411,750  
10.00%, 01/01/13
     450,000       433,125  
Digicel Grouyp Ltd., 8.88%, 01/15/15(a) (b)
     275,000       231,688  
Digicel Ltd.(a) (b)
                
9.25%, 09/01/12
     250,000       248,750  
9.13%, 01/15/15
     896,000       754,880  
MetroPCS Wireless, Inc., 9.25%, 11/01/14
     1,250,000       1,175,000  
Nextel Communications, Inc., 7.38%, 08/01/15
     1,150,000       759,430  
Sprint Nextel Corp., 6.00%, 12/01/16
     1,125,000       867,550  
 
              
 
             5,769,548  
 
              
Wireline Communications (2.4%)
                
FairPoint Communications, Inc., 13.13%, 04/01/18(a)(b)
     975,000       892,125  
Frontier Communications, 9.00%, 08/15/31
     550,000       423,500  
Qwest Corp., 8.88%, 03/15/12
     1,750,000       1,723,750  
Valor Telecommunications Enterprises Finance Corp., 7.75%, 02/15/15
     650,000       619,938  
Windstream Corp., 8.63%, 08/01/16
     300,000       278,250  
 
              
 
             3,937,563  
 
              
Total Corporate Bonds
             162,142,697  
 
              
                 
    Shares     Value  
Common Stocks (0.0%)
                
Consumer Goods (0.0%)(a) (d) (g)
                
Sleepmaster LLC Membership Units *
     185       0  
 
              
Containers & Packaging (0.0%)(a) (d) (f) (g)
                
Russell-Stanley Holdings, Inc. *
     4,000       0  
 
              
Media (0.0%)
                
Virgin Media, Inc.
     5,650       44,635  
 
              
Packaging (0.0%)(a) (d) (g)
                
Pliant Corp. *
     1       0  
 
              
Total Common Stocks
             44,635  
 
              
                 
    Principal        
    Amount     Value  
Warrants (0.0%)
                
Entertainment (0.0%)(d) (g)
                
AMF Bowling Worldwide, Inc. , 0.00%, expiring 03/09/09*
   $ 811       0  
 
              
Media (0.0%)
                
Sirius XM Radio, Inc. *
     300       30  
 
              
                 
    Shares or        
    Principal        
    Amount     Value  
Warrants(continued)
                
Media — Non-Cable (0.0%)(d) (e) (f) (g)
                
Ziff Davis Media, Inc. , 0.00%, expiring 08/12/12*
   $ 2,200     $ 0  
 
              
Total Warrants
             30  
 
              
Preferred Stock (0.0%)(d) (e) (f) (g)
               
Media — Non-Cable (0.0%)
                
Ziff Davis Media, Inc. 0.00%, / /0
     12       0  
 
              
Total Investments
(Cost $198,103,734) (h) — 96.7%
             162,187,362  
Other assets in excess of liabilities — 3.3%
             5,566,745  
 
              
NET ASSETS — 100.0%
           $ 167,754,107  
 
              
 
*   Denotes a non-income producing security.
 
(a)   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 registration, under the Securities Act of 1933, or (b) is subject to a contractual restriction on public sales.
 
(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 September 30, 2008, all such securities in total represented 19.32% of net assets.
 
(c)   Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on September 30, 2008. The maturity date represents the actual maturity date.
 
(d)   Fair Valued Security.
 
(e)   Security in default.
 
(f)   Issuer has filed for bankruptcy protection.
 
(g)   Illiquid security.
 
(h)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
LP   Limited Partnership
 
PIK   Paid-In-Kind
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Mid Cap Index Fund
                 
    Shares     Value  
Common Stocks (98.7%)
                
Aerospace & Defense (0.8%)
                
Alliant Techsystems, Inc. *
     39,200     $ 3,682,448  
BE Aerospace, Inc. *
     113,976       1,804,240  
DRS Technologies, Inc.
     48,000       3,684,000  
 
              
 
             9,170,688  
 
              
Airlines (0.2%)
                
AirTran Holdings, Inc. *
     130,700       317,601  
Alaska Air Group, Inc. *
     41,600       848,224  
JetBlue Airways Corp. *
     218,300       1,080,585  
 
              
 
             2,246,410  
 
              
Auto Components (0.8%)
                
ArvinMeritor, Inc.
     88,025       1,147,846  
BorgWarner, Inc.
     138,000       4,522,260  
Gentex Corp.
     163,200       2,333,760  
Lear Corp. *
     88,240       926,520  
Modine Manufacturing Co.
     34,900       505,352  
 
              
 
             9,435,738  
 
              
Automobiles (0.1%)(a)
                
Thor Industries, Inc.
     40,000       992,800  
 
              
Beverages (0.4%)
                
Hansen Natural Corp. *(a)
     87,800       2,655,950  
PepsiAmericas, Inc.
     66,200       1,371,664  
 
              
 
             4,027,614  
 
              
Biotechnology (1.5%)
                
Cephalon, Inc. *
     80,700       6,253,443  
PDL BioPharma, Inc. *
     142,400       1,325,744  
United Therapeutics Corp. *
     27,100       2,850,107  
Vertex Pharmaceuticals, Inc. *
     176,790       5,876,500  
 
              
 
             16,305,794  
 
              
Capital Markets (2.2%)
                
Affiliated Managers Group, Inc. *
     48,527       4,020,462  
Apollo Investment Corp.
     163,633       2,789,943  
Eaton Vance Corp.
     137,800       4,854,694  
Jefferies Group, Inc. (a)
     142,700       3,196,480  
Raymond James Financial, Inc.
     114,025       3,760,544  
SEI Investments Co.
     155,000       3,441,000  
Waddell & Reed Financial, Inc., Class A
     102,100       2,526,975  
 
              
 
             24,590,098  
 
              
Chemicals (3.4%)
                
Airgas, Inc.
     98,000       4,865,700  
Albemarle Corp.
     108,700       3,352,308  
Cabot Corp.
     76,500       2,431,170  
Chemtura Corp.
     276,400       1,260,384  
Cytec Industries, Inc.
     56,700       2,206,197  
Ferro Corp.
     51,600       1,037,160  
FMC Corp.
     88,800       4,563,432  
Lubrizol Corp.
     80,500       3,472,770  
Minerals Technologies, Inc.
     22,600       1,341,536  
Olin Corp.
     89,800       1,742,120  
RPM International, Inc.
     149,800       2,897,132  
Scotts Miracle-Gro Co. (The), Class A
     51,600       1,219,824  
Sensient Technologies Corp.
     57,700       1,623,101  
Terra Industries, Inc.
     109,080       3,206,952  
Valspar Corp.
     118,800       2,648,052  
 
              
 
             37,867,838  
 
              
Commercial Banks (3.5%)
                
Associated Bancorp
     151,615       3,024,719  
BancorpSouth, Inc.
     85,400       2,402,302  
Bank of Hawaii Corp.
     56,800       3,035,960  
Cathay General Bancorp, Inc. (a)
     58,900       1,401,820  
City National Corp.
     47,900       2,600,970  
Colonial BancGroup, Inc. (The) (a)
     240,570       1,890,880  
Commerce Bancshares, Inc.
     74,400       3,452,160  
Cullen/Frost Bankers, Inc.
     70,260       4,215,600  
FirstMerit Corp.
     96,500       2,026,500  
PacWest Bancorp
     29,350       839,117  
SVB Financial Group *
     38,700       2,241,504  
Synovus Financial Corp.
     333,600       3,452,760  
TCF Financial Corp.
     137,200       2,469,600  
Webster Financial Corp.
     62,700       1,583,175  
Westamerica Bancorp (a)
     34,500       1,984,785  
Wilmington Trust Corp.
     80,200       2,312,166  
 
              
 
             38,934,018  
 
              
Commercial Services & Supplies (3.8%)
                
Brink’s Co. (The)
     50,200       3,063,204  
Copart, Inc. *
     76,400       2,903,200  
Corporate Executive Board Co. (The)
     40,600       1,268,750  
Corrections Corp. of America *
     148,900       3,700,165  
Deluxe Corp.
     58,400       840,376  
Dun & Bradstreet Corp.
     64,800       6,114,528  
Herman Miller, Inc.
     66,500       1,627,255  
HNI Corp. (a)
     52,700       1,335,418  
Kelly Services, Inc., Class A
     29,200       556,260  
Korn/Ferry International *
     56,900       1,013,958  
Manpower, Inc.
     94,300       4,069,988  
Mine Safety Appliances Co. (a)
     35,400       1,349,448  
MPS Group, Inc. *
     107,700       1,085,616  
Navigant Consulting, Inc. *
     55,380       1,101,508  
Republic Services, Inc.
     183,250       5,493,835  
Rollins, Inc.
     45,650       866,437  
Stericycle, Inc. *
     101,400       5,973,474  
 
              
 
             42,363,420  
 
              
Communications Equipment (1.5%)
                
3Com Corp. *
     457,600       1,066,208  
ADC Telecommunications, Inc. *
     140,454       1,186,836  
ADTRAN, Inc.
     66,700       1,299,983  
Avocent Corp. *
     53,500       1,094,610  
CommScope, Inc. *
     83,455       2,890,881  
F5 Networks, Inc. *
     95,700       2,237,466  
Foundry Networks, Inc. *
     171,500       3,123,015  
Plantronics, Inc.
     55,900       1,258,868  
Polycom, Inc. *
     101,200       2,340,756  
 
              
 
             16,498,623  
 
              
Computers & Peripherals (1.2%)
                
Diebold, Inc.
     76,200       2,522,982  
NCR Corp. *
     194,310       4,284,536  
Palm, Inc. *(a)
     129,900       775,503  
Western Digital Corp. *
     262,800       5,602,896  
 
              
 
             13,185,917  
 
              
Construction & Engineering (1.6%)
                
Dycom Industries, Inc. *
     44,600       580,692  
Granite Construction, Inc.
     39,250       1,405,935  
KBR, Inc.
     201,660       3,079,348  
Quanta Services, Inc. *
     208,180       5,622,942  
Shaw Group, Inc. (The) *
     99,105       3,045,497  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Mid Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Construction & Engineering (continued)
                
URS Corp. *
     100,300     $ 3,678,001  
 
              
 
             17,412,415  
 
              
Construction Materials (0.5%)(a)
                
Martin Marietta Materials, Inc.
     49,080       5,495,978  
 
              
Consumer Finance (0.1%)(a)
                
AmeriCredit Corp. *
     135,190       1,369,475  
 
              
Containers & Packaging (1.3%)
                
AptarGroup, Inc.
     78,200       3,058,402  
Greif, Inc., Class A
     40,500       2,657,610  
Packaging Corp. of America
     123,300       2,858,094  
Sonoco Products Co.
     115,000       3,413,200  
Temple-Inland, Inc.
     126,400       1,928,864  
 
              
 
             13,916,170  
 
              
Diversified Consumer Services (1.8%)
                
Career Education Corp. *
     87,600       1,432,260  
Corinthian Colleges, Inc. *
     101,700       1,525,500  
DeVry, Inc.
     72,900       3,611,466  
ITT Educational Services, Inc. *
     37,400       3,026,034  
Matthews International Corp., Class A
     35,620       1,807,359  
Regis Corp.
     51,400       1,413,500  
Service Corp. International
     298,100       2,492,116  
Sotheby’s (a)
     80,100       1,606,806  
Strayer Education, Inc.
     17,000       3,404,420  
 
              
 
             20,319,461  
 
              
Diversified Telecommunication Services (0.1%)
                
Cincinnati Bell, Inc. *
     277,300       856,857  
 
              
Electric Utilities (1.9%)
                
DPL, Inc.
     135,100       3,350,480  
Great Plains Energy, Inc.
     141,257       3,128,842  
Hawaiian Electric Industries, Inc. (a)
     100,800       2,934,288  
IDACORP, Inc.
     54,100       1,573,769  
Northeast Utilities
     184,200       4,724,730  
Sierra Pacific Resources
     278,710       2,670,042  
Westar Energy, Inc.
     128,700       2,965,248  
 
              
 
             21,347,399  
 
              
Electrical Equipment (1.5%)
                
Ametek, Inc.
     126,750       5,167,597  
Hubbell, Inc., Class B
     64,100       2,246,705  
Roper Industries, Inc.
     106,400       6,060,544  
Thomas & Betts Corp. *
     68,500       2,676,295  
 
              
 
             16,151,141  
 
              
Electronic Equipment & Instruments (2.4%)
                
Arrow Electronics, Inc. *
     142,200       3,728,484  
Avnet, Inc. *
     178,600       4,398,918  
FLIR Systems, Inc. *
     165,200       6,346,984  
Ingram Micro, Inc., Class A *
     197,200       3,169,004  
National Instruments Corp.
     64,750       1,945,737  
Tech Data Corp. *
     60,400       1,802,940  
Trimble Navigation Ltd. *
     140,600       3,635,916  
Vishay Intertechnology, Inc. *
     220,350       1,458,717  
 
              
 
             26,486,700  
 
              
Energy Equipment & Services (3.3%)
                
Exterran Holdings, Inc. *
     78,230       2,500,231  
FMC Technologies, Inc. *
     151,242       7,040,315  
Helix Energy Solutions Group, Inc. *
     109,300       2,653,804  
Helmerich & Payne, Inc.
     124,900       5,394,431  
Oceaneering International, Inc. *
     65,900       3,513,788  
Patterson-UTI Energy, Inc.
     186,200       3,727,724  
Pride International, Inc. *
     205,400       6,081,894  
Superior Energy Services, Inc. *
     96,070       2,991,620  
Tidewater, Inc. (a)
     61,300       3,393,568  
 
              
 
             37,297,375  
 
              
Food & Staples Retailing (0.4%)
                
BJ’s Wholesale Club, Inc. *
     70,600       2,743,516  
Ruddick Corp.
     46,700       1,515,415  
 
              
 
             4,258,931  
 
              
Food Products (1.6%)
                
Corn Products International, Inc.
     86,070       2,778,340  
Hormel Foods Corp.
     82,100       2,978,588  
J.M. Smucker Co. (The)
     65,167       3,303,315  
Lancaster Colony Corp.
     23,300       877,478  
Ralcorp Holdings, Inc. *
     66,800       4,502,988  
Smithfield Foods, Inc. *
     139,090       2,208,749  
Tootsie Roll Industries, Inc. (a)
     28,927       836,280  
 
              
 
             17,485,738  
 
              
Health Care Equipment & Supplies (3.9%)
                
Advanced Medical Optics, Inc. *
     62,186       1,105,667  
Beckman Coulter, Inc.
     73,900       5,246,161  
DENTSPLY International, Inc.
     176,400       6,622,056  
Edwards Lifesciences Corp. *
     66,800       3,858,368  
Gen-Probe, Inc. *
     64,400       3,416,420  
Hill-Rom Holdings, Inc.
     74,420       2,255,670  
Hologic, Inc. *
     303,900       5,874,387  
IDEXX Laboratories, Inc. *
     70,600       3,868,880  
Kinetic Concepts, Inc. *
     67,300       1,924,107  
ResMed, Inc. *
     89,700       3,857,100  
STERIS Corp.
     70,300       2,641,874  
Teleflex, Inc.
     47,200       2,996,728  
 
              
 
             43,667,418  
 
              
Health Care Providers & Services (3.0%)
                
Apria Healthcare Group, Inc. *
     50,800       926,592  
Community Health Systems, Inc. *
     114,000       3,341,340  
Health Management Associates, Inc., Class A *
     288,150       1,198,704  
Health Net, Inc. *
     127,500       3,009,000  
Henry Schein, Inc. *
     106,100       5,712,424  
Kindred Healthcare, Inc. *
     35,090       967,431  
LifePoint Hospitals, Inc. *
     63,400       2,037,676  
Lincare Holdings, Inc. *
     87,330       2,627,760  
Omnicare, Inc.
     123,500       3,553,095  
Psychiatric Solutions, Inc. *
     66,200       2,512,290  
Universal Health Services, Inc., Class B
     60,500       3,389,815  
VCA Antech, Inc. *
     97,800       2,882,166  
WellCare Health Plans, Inc. *
     49,590       1,785,240  
 
              
 
             33,943,533  
 
              
Health Care Technology (0.3%)
                
Cerner Corp. *
     80,630       3,599,323  
 
              
Hotels, Restaurants & Leisure (1.3%)
                
Bob Evans Farms, Inc.
     37,100       1,012,459  
Boyd Gaming Corp. (a)
     68,500       641,160  
Brinker International, Inc.
     120,740       2,160,039  
Cheesecake Factory (The) *
     77,350       1,130,857  
Chipotle Mexican Grill, Inc., Class A *(a)
     39,220       2,176,318  
International Speedway Corp., Class A *
     34,100       1,326,831  
Life Time Fitness, Inc. *(a)
     41,560       1,299,581  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Mid Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Hotels, Restaurants & Leisure (continued)
                
Scientific Games Corp., Class A *
     77,400     $ 1,781,748  
Wendy’s/Arby’s Group, Inc., Class A
     551,650       2,901,679  
 
              
 
             14,430,672  
 
              
Household Durables (1.7%)
                
American Greetings Corp., Class A
     55,700       851,653  
Blyth, Inc.
     28,300       320,922  
Furniture Brands International, Inc. (a)
     52,000       547,040  
Hovnanian Enterprises, Inc., Class A *(a)
     61,100       488,189  
M.D.C. Holdings, Inc.
     43,600       1,595,324  
Mohawk Industries, Inc. *(a)
     66,600       4,488,174  
NVR, Inc. *
     6,443       3,685,396  
Ryland Group, Inc.
     50,800       1,347,216  
Toll Brothers, Inc. *
     154,600       3,900,558  
Tupperware Brands Corp.
     74,000       2,044,620  
 
              
 
             19,269,092  
 
              
Household Products (0.9%)
                
Church & Dwight Co., Inc.
     79,150       4,914,424  
Energizer Holdings, Inc. *
     69,060       5,562,783  
 
              
 
             10,477,207  
 
              
Industrial Conglomerate (0.2%)
                
Carlisle Cos., Inc.
     70,900       2,124,873  
 
              
Information Technology Services (2.7%)
                
Acxiom Corp.
     76,100       954,294  
Alliance Data Systems Corp. *
     79,900       5,064,062  
Broadridge Financial Solutions, Inc.
     162,140       2,495,335  
DST Systems, Inc. *(a)
     50,900       2,849,891  
Gartner, Inc. *
     70,200       1,592,136  
Global Payments, Inc.
     94,790       4,252,279  
Lender Processing Services, Inc.
     99,100       3,024,532  
Metavante Technologies, Inc. *
     102,900       1,981,854  
NeuStar, Inc., Class A *
     90,160       1,793,282  
SAIC, Inc. *
     228,600       4,624,578  
SRA International, Inc., Class A *
     50,900       1,151,867  
 
              
 
             29,784,110  
 
              
Insurance (4.4%)
                
American Financial Group, Inc.
     85,650       2,526,675  
Arthur J. Gallagher & Co.
     111,000       2,848,260  
Brown & Brown, Inc.
     137,200       2,966,264  
Everest Re Group Ltd.
     73,200       6,333,996  
Fidelity National Financial, Inc., Class A
     251,465       3,696,536  
First American Corp.
     110,100       3,247,950  
Hanover Insurance Group, Inc. (The)
     60,700       2,763,064  
HCC Insurance Holdings, Inc.
     136,450       3,684,150  
Horace Mann Educators Corp.
     48,500       624,195  
Mercury General Corp.
     40,600       2,222,850  
Old Republic International Corp.
     274,537       3,500,347  
Philadelphia Consolidated Holding Co. *
     67,600       3,959,332  
Protective Life Corp.
     83,300       2,374,883  
StanCorp Financial Group, Inc.
     56,000       2,782,080  
Unitrin, Inc.
     57,300       1,429,062  
W.R. Berkley Corp.
     166,450       3,919,897  
 
              
 
             48,879,541  
 
              
Internet & Catalog Retail (0.4%)
                
Netflix, Inc. *(a)
     51,450       1,588,776  
priceline.com, Inc. *
     46,200       3,161,466  
 
              
 
             4,750,242  
 
              
Internet Software & Services (0.2%)
                
Digital River, Inc. *
     44,130       1,429,812  
ValueClick, Inc. *
     103,900       1,062,897  
 
              
 
             2,492,709  
 
              
Leisure Equipment & Products (0.1%)
                
Callaway Golf Co.
     77,400       1,089,018  
 
              
Life Sciences Tools & Services (2.4%)
                
Affymetrix, Inc. *
     84,300       652,482  
Charles River Laboratories International, Inc. *
     80,600       4,475,718  
Covance, Inc. *
     74,800       6,613,068  
Invitrogen Corp. *
     107,360       4,058,208  
Pharmaceutical Product Development, Inc.
     141,400       5,846,890  
Techne Corp.
     44,600       3,216,552  
Varian, Inc. *
     35,000       1,501,500  
 
              
 
             26,364,418  
 
              
Machinery (5.3%)
                
AGCO Corp. *
     108,900       4,640,229  
Crane Co.
     57,900       1,720,209  
Donaldson Co., Inc.
     93,400       3,914,394  
Federal Signal Corp.
     52,600       720,620  
Flowserve Corp.
     68,100       6,045,237  
Graco, Inc.
     71,550       2,547,895  
Harsco Corp.
     97,500       3,626,025  
IDEX Corp.
     98,230       3,047,095  
Imation Corp.
     35,700       806,463  
Joy Global, Inc.
     127,900       5,773,406  
Kennametal, Inc.
     88,200       2,391,984  
Lincoln Electric Holdings, Inc.
     49,400       3,176,914  
Nordson Corp.
     40,600       1,993,866  
Oshkosh Corp.
     89,000       1,171,240  
Pentair, Inc.
     117,500       4,061,975  
SPX Corp.
     64,410       4,959,570  
Timken Co.
     100,100       2,837,835  
Trinity Industries, Inc. (a)
     97,100       2,498,383  
Wabtec Corp.
     57,640       2,952,897  
 
              
 
             58,886,237  
 
              
Marine (0.2%)
                
Alexander & Baldwin, Inc.
     49,300       2,170,679  
 
              
Media (1.1%)
                
Belo Corp., Class A
     100,280       597,669  
DreamWorks Animation SKG, Inc., Class A *
     95,700       3,009,765  
Entercom Communications Corp., Class A
     32,500       163,150  
Harte-Hanks, Inc.
     48,750       505,537  
John Wiley & Sons, Inc., Class A
     50,800       2,054,860  
Lamar Advertising Co., Class A *(a)
     90,200       2,786,278  
Marvel Entertainment, Inc. *
     58,400       1,993,776  
Media General, Inc., Class A
     26,800       333,124  
Scholastic Corp.
     31,800       816,624  
Valassis Communications, Inc. *
     54,800       474,568  
 
              
 
             12,735,351  
 
              
Metals & Mining (1.6%)
                
Carpenter Technology Corp.
     52,980       1,358,937  
Cleveland-Cliffs, Inc.
     126,440       6,693,734  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Mid Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Metals & Mining (continued)
                
Commercial Metals Co.
     136,200     $ 2,300,418  
Reliance Steel & Aluminum Co.
     75,700       2,874,329  
Steel Dynamics, Inc.
     211,800       3,619,662  
Worthington Industries, Inc.
     72,500       1,083,150  
 
              
 
             17,930,230  
 
              
Multi-Utility (3.5%)
                
Alliant Energy Corp.
     131,200       4,225,952  
Black Hills Corp.
     45,900       1,426,113  
MDU Resources Group, Inc.
     216,950       6,291,550  
NSTAR
     126,900       4,251,150  
OGE Energy Corp.
     109,800       3,390,624  
PNM Resources, Inc.
     103,350       1,058,304  
Puget Energy, Inc.
     150,400       4,015,680  
SCANA Corp.
     138,900       5,407,377  
Vectren Corp.
     92,800       2,584,480  
Wisconsin Energy Corp.
     138,800       6,232,120  
 
              
 
             38,883,350  
 
              
Multiline Retail (0.5%)
                
99 Cents Only Stores *
     56,400       618,708  
Dollar Tree, Inc. *
     107,350       3,903,246  
Saks, Inc. *(a)
     169,000       1,563,250  
 
              
 
             6,085,204  
 
              
Natural Gas Utility (2.0%)
                
AGL Resources, Inc.
     91,300       2,864,994  
Energen Corp.
     85,200       3,857,856  
Equitable Resources, Inc.
     155,400       5,701,626  
National Fuel Gas Co.
     96,800       4,083,024  
Oneok, Inc.
     124,120       4,269,728  
WGL Holdings, Inc.
     59,600       1,934,020  
 
              
 
             22,711,248  
 
              
Office Electronics (0.2%)
                
Zebra Technologies Corp., Class A *
     74,700       2,080,395  
 
              
Oil, Gas & Consumable Fuels (3.9%)
                
Arch Coal, Inc.
     171,300       5,634,057  
Bill Barrett Corp. *
     44,130       1,417,014  
Cimarex Energy Co.
     98,690       4,826,928  
Denbury Resources, Inc. *
     293,000       5,578,720  
Encore Acquisition Co. *
     63,350       2,646,763  
Forest Oil Corp. *
     106,570       5,285,872  
Frontier Oil Corp.
     123,500       2,274,870  
Newfield Exploration Co. *
     157,000       5,022,430  
Overseas Shipholding Group, Inc.
     32,230       1,879,331  
Patriot Coal Corp. *
     75,400       2,190,370  
Plains Exploration & Production Co. *
     127,780       4,492,745  
Quicksilver Resources, Inc. *
     134,600       2,642,198  
 
              
 
             43,891,298  
 
              
Paper & Forest Products (0.1%)
                
Louisiana-Pacific Corp.
     109,110       1,014,723  
 
              
Personal Products (0.4%)
                
Alberto-Culver Co.
     100,770       2,744,975  
NBTY, Inc. *
     64,650       1,908,468  
 
              
 
             4,653,443  
 
              
Pharmaceuticals (1.1%)
                
Endo Pharmaceuticals Holdings, Inc. *
     142,960       2,859,200  
Medicis Pharmaceutical Corp., Class A
     67,800       1,010,898  
Perrigo Co.
     92,200       3,546,012  
Sepracor, Inc. *
     128,600       2,354,666  
Valeant Pharmaceuticals International *(a)
     104,700       2,143,209  
 
              
 
             11,913,985  
 
              
Real Estate Investment Trusts (7.3%)
                
Alexandria Real Estate Equities, Inc.
     38,150       4,291,875  
AMB Property Corp.
     116,370       5,271,561  
BRE Properties, Inc.
     60,700       2,974,300  
Camden Property Trust
     63,300       2,902,938  
Cousins Properties, Inc.
     48,530       1,225,868  
Duke Realty Corp.
     174,530       4,289,947  
Equity One, Inc. (a)
     39,840       816,322  
Essex Property Trust, Inc.
     30,400       3,597,232  
Federal Realty Investment Trust
     69,900       5,983,440  
Health Care REIT, Inc.
     121,000       6,440,830  
Highwoods Properties, Inc.
     75,200       2,674,112  
Hospitality Properties Trust
     110,240       2,262,125  
Liberty Property Trust
     110,900       4,175,385  
Macerich Co. (The)
     88,600       5,639,390  
Mack-Cali Realty Corp.
     78,310       2,652,360  
Nationwide Health Properties, Inc.
     115,020       4,138,419  
Potlatch Corp.
     47,098       2,184,876  
Rayonier, Inc.
     93,477       4,426,136  
Realty Income Corp. (a)
     120,600       3,087,360  
Regency Centers Corp.
     83,100       5,541,939  
UDR, Inc.
     152,200       3,980,030  
Weingarten Realty Investors
     88,900       3,171,063  
 
              
 
             81,727,508  
 
              
Real Estate Management & Development (0.2%)
                
Jones Lang LaSalle, Inc.
     48,030       2,088,344  
 
              
Road & Rail (1.2%)
                
Avis Budget Group, Inc. *
     115,340       662,052  
Con-way, Inc.
     54,400       2,399,584  
J.B. Hunt Transport Services, Inc.
     97,100       3,240,227  
Kansas City Southern *
     107,900       4,786,444  
Werner Enterprises, Inc.
     50,950       1,106,124  
YRC Worldwide, Inc. *(a)
     68,500       819,260  
 
              
 
             13,013,691  
 
              
Semiconductors & Semiconductor Equipment (1.7%)
                
Atmel Corp. *
     513,900       1,742,121  
Cree, Inc. *(a)
     104,700       2,385,066  
Fairchild Semiconductor International, Inc. *
     149,200       1,326,388  
Integrated Device Technology, Inc. *
     202,530       1,575,684  
International Rectifier Corp. *
     83,400       1,586,268  
Intersil Corp., Class A
     147,400       2,443,892  
Lam Research Corp. *
     148,880       4,688,231  
RF Micro Devices, Inc. *
     312,700       913,084  
Semtech Corp. *
     73,900       1,031,644  
Silicon Laboratories, Inc. *
     57,000       1,749,900  
 
              
 
             19,442,278  
 
              
Software (2.9%)
                
ACI Worldwide, Inc. *
     40,700       713,064  
Advent Software, Inc. *
     20,600       725,738  
ANSYS, Inc. *
     105,600       3,999,072  
Cadence Design Systems, Inc. *
     309,700       2,093,572  
FactSet Research Systems, Inc.
     50,800       2,654,300  
Fair Isaac Corp.
     57,820       1,333,329  
Jack Henry & Associates, Inc.
     102,500       2,083,825  
Macrovision Solutions Corp. *
     99,300       1,527,234  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Mid Cap Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Software (continued)
                
McAfee, Inc. *
     179,500     $ 6,095,820  
Mentor Graphics Corp. *
     110,200       1,250,770  
Parametric Technology Corp. *
     137,290       2,526,136  
Sybase, Inc. *
     95,736       2,931,437  
Synopsys, Inc. *
     171,200       3,415,440  
Wind River Systems, Inc. *
     77,300       773,000  
 
              
 
             32,122,737  
 
              
Specialty Retail (4.7%)
                
Advance Auto Parts, Inc.
     113,550       4,503,393  
Aeropostale, Inc. *
     79,450       2,551,139  
American Eagle Outfitters, Inc.
     244,400       3,727,100  
AnnTaylor Stores Corp. *
     68,020       1,403,933  
Barnes & Noble, Inc.
     44,300       1,155,344  
Borders Group, Inc. (a)
     73,000       478,880  
CarMax, Inc. *(a)
     261,600       3,662,400  
Charming Shoppes, Inc. *
     136,200       666,018  
Chico’s FAS, Inc. *
     210,600       1,151,982  
Coldwater Creek, Inc. *
     61,900       358,401  
Collective Brands, Inc. *
     76,000       1,391,560  
Dick’s Sporting Goods, Inc. *
     100,940       1,976,405  
Foot Locker, Inc.
     184,200       2,976,672  
Guess?, Inc.
     71,600       2,490,964  
J Crew Group, Inc. *
     61,700       1,762,769  
O’Reilly Automotive, Inc. *
     159,100       4,259,107  
Pacific Sunwear of California, Inc. *
     79,100       532,343  
PetSmart, Inc.
     150,400       3,716,384  
Rent-A-Center, Inc. *
     79,400       1,769,032  
Ross Stores, Inc.
     156,100       5,746,041  
Urban Outfitters, Inc. *
     135,000       4,302,450  
Williams-Sonoma, Inc.
     103,100       1,668,158  
 
              
 
             52,250,475  
 
              
Textiles, Apparel & Luxury Goods (0.9%)
                
Hanesbrands, Inc. *
     111,500       2,425,125  
Phillips-Van Heusen Corp.
     61,100       2,316,301  
Timberland Co., Class A *
     56,400       979,668  
Under Armour, Inc., Class A *(a)
     43,400       1,378,384  
Warnaco Group, Inc. (The) *
     54,720       2,478,269  
 
              
 
             9,577,747  
 
              
Thrifts & Mortgage Finance (1.2%)
                
Astoria Financial Corp.
     96,050       1,991,117  
First Niagara Financial Group, Inc.
     139,700       2,200,275  
New York Community Bancorp, Inc.
     407,928       6,849,111  
PMI Group, Inc. (The)
     92,600       273,170  
Washington Federal, Inc.
     104,689       1,931,512  
 
              
 
             13,245,185  
 
              
Tobacco (0.1%)
                
Universal Corp.
     30,300       1,487,427  
 
              
Trading Companies & Distributors (0.5%)
                
GATX Corp.
     58,000       2,295,060  
MSC Industrial Direct Co., Class A
     52,100       2,400,247  
United Rentals, Inc. *
     70,781       1,078,702  
 
              
 
             5,774,009  
 
              
Water Utility (0.3%)(a)
                
Aqua America, Inc.
     160,600       2,855,468  
 
              
Wireless Telecommunication Services (0.4%)
                
Telephone & Data Systems, Inc.
     110,000       3,932,500  
                 
    Shares or        
    Principal        
    Amount     Value  
Common Stocks (continued)
                
Wireless Telecommunication Services (continued)
                
Telephone & Data Systems, Inc., Special Shares
     14,200     $ 509,780  
 
              
 
             4,442,280  
 
              
 
                
Total Common Stocks
             1,099,872,046  
 
              
Repurchase Agreements (4.3%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $47,695,351, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $48,647,110
   $ 47,693,245       47,693,245  
 
              
Securities Purchased With Collateral For Securities On Loan (3.0%)
                
Repurchase Agreement (3.0%)
                
Barclays Capital, 2.25%, dated 09/30/08, due 10/01/08, repurchase price $33,376,099, collateralized by U.S. Government Agency Mortgages ranging 3.17% - 6.00%, maturing 12/01/17 - 10/25/38; total market value of $34,041,494
     33,374,014       33,374,014  
 
              
 
                
Total Securities Purchased With Collateral For Securities On Loan
             33,374,014  
 
              
Total Investments
(Cost $1,317,620,238) (b) — 106.0%
             1,180,939,305  
Liabilities in excess of other assets — (6.0)%
             (66,806,210 )
 
              
NET ASSETS — 100.0%
           $ 1,114,133,095  
 
              
 
*   Denotes a non-income producing security.
 
(a)   All or a part of the security was on loan as of September 30, 2008.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
At September 30, 2008, the Fund’s open futures contracts were as follows:
                                 
Number               Market Value   Unrealized
of Contracts   Long Contracts   Expiration   Covered By Contracts   Appreciation/Depreciation
  252    
S&P 400 Futures
     12/19/08     $ 18,403,560     $ (291,839 )
 
                        
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Cap Growth Fund
                 
    Shares     Value  
Common Stocks (92.6%)
                
Aerospace & Defense (2.6%)
                
Axsys Technologies, Inc. *
     13,600     $ 801,584  
Orbital Sciences Corp. *
     13,800       330,786  
Stanley, Inc. *
     37,700       1,391,507  
 
              
 
             2,523,877  
 
              
Beverages (1.6%)
                
Central European Distribution Corp. *
     33,500       1,521,235  
 
              
Biotechnology (1.8%)
                
Alexion Pharmaceuticals, Inc. *
     11,400       448,020  
BioMarin Pharmaceutical, Inc. *
     17,300       458,277  
Genomic Health, Inc. *
     10,100       228,765  
Martek Biosciences Corp. *
     7,400       232,508  
Omrix Biopharmaceuticals, Inc. *
     18,100       324,714  
 
              
 
             1,692,284  
 
              
Capital Markets (0.9%)
                
Greenhill & Co., Inc.
     1,500       110,625  
Riskmetrics Group, Inc. *(a)
     21,600       422,712  
Waddell & Reed Financial, Inc., Class A
     12,800       316,800  
 
              
 
             850,137  
 
              
Chemicals (0.4%)
                
Intrepid Potash, Inc. *
     5,600       166,432  
Rockwood Holdings, Inc. *
     7,500       192,450  
 
              
 
             358,882  
 
              
Commercial Banks (0.2%)
                
Signature Bank *
     6,700       233,696  
 
              
Commercial Services & Supplies (4.3%)
                
American Ecology Corp.
     10,600       293,302  
Clean Harbors, Inc. *
     6,600       445,830  
Corrections Corp. of America *
     12,900       320,565  
CoStar Group, Inc. *(a)
     12,300       558,297  
FTI Consulting, Inc. *
     5,800       418,992  
Hill International, Inc. *
     20,600       285,310  
Innerworkings, Inc. *
     16,600       184,094  
Metalico, Inc. *
     18,400       108,560  
Stericycle, Inc. *
     8,300       488,953  
Team, Inc. *
     27,800       1,004,136  
 
              
 
             4,108,039  
 
              
Communications Equipment (1.6%)
                
F5 Networks, Inc. *
     12,600       294,588  
Neutral Tandem, Inc. *
     20,800       385,632  
Riverbed Technology, Inc. *(a)
     40,500       507,060  
Starent Networks Corp. *
     28,900       373,966  
 
              
 
             1,561,246  
 
              
Computers & Peripherals (1.0%)
                
Netezza Corp. *
     15,500       164,455  
Synaptics, Inc. *
     24,800       749,456  
 
              
 
             913,911  
 
              
Construction & Engineering (1.2%)
                
Aecom Technology Corp. *
     9,800       239,512  
Chicago Bridge & Iron Co. NV
     26,350       506,974  
Quanta Services, Inc. *
     14,200       383,542  
 
              
 
             1,130,028  
 
              
Distributors (1.2%)
                
LKQ Corp. *
     67,388       1,143,574  
 
              
Diversified Consumer Services (2.2%)
                
American Public Education, Inc. *
     23,650       1,141,822  
Capella Education Co. *(a)
     7,450       319,307  
New Oriental Education & Technology Group, Inc. ADR – CN*
     3,800       244,112  
Strayer Education, Inc.
     1,800       360,468  
 
              
 
             2,065,709  
 
              
Diversified Financial Services (1.6%)
                
Financial Federal Corp.
     29,725       681,297  
Life Partners Holdings, Inc.
     18,800       676,236  
MSCI, Inc., Class A *
     6,200       148,800  
 
              
 
             1,506,333  
 
              
Electronic Equipment & Instruments (2.5%)
                
DTS, Inc. *
     26,600       740,278  
FLIR Systems, Inc. *
     12,400       476,408  
IPG Photonics Corp. *
     31,600       616,516  
L-1 Identity Solutions, Inc. *
     9,700       148,216  
Mellanox Technologies Ltd. *
     41,400       427,662  
 
              
 
             2,409,080  
 
              
Energy Equipment & Services (3.3%)
                
Atwood Oceanics, Inc. *
     7,500       273,000  
Core Laboratories NV *
     3,600       364,752  
Dawson Geophysical Co. *
     6,100       284,809  
Dril-Quip, Inc. *
     4,600       199,594  
IHS, Inc., Class A *
     6,800       323,952  
NATCO Group, Inc., Class A *
     5,500       220,990  
T-3 Energy Services, Inc. *
     9,600       356,352  
Tesco Corp. *
     10,100       211,494  
Willbros Group, Inc. *
     35,300       935,450  
 
              
 
             3,170,393  
 
              
Food & Staples Retailing (0.4%)
                
Pantry, Inc. (The) *
     8,000       169,520  
Ruddick Corp.
     6,000       194,700  
 
              
 
             364,220  
 
              
Food Products (0.8%)
                
Flowers Foods, Inc.
     13,100       384,616  
Green Mountain Coffee Roasters, Inc. *
     5,500       216,370  
TreeHouse Foods, Inc. *
     5,300       157,410  
 
              
 
             758,396  
 
              
Health Care Equipment & Supplies (5.0%)
                
ABIOMED, Inc. *
     37,400       663,850  
Cynosure, Inc., Class A *
     22,200       398,268  
Haemonetics Corp. *
     3,400       209,848  
IDEXX Laboratories, Inc. *
     7,700       421,960  
Kensey Nash Corp. *
     5,000       157,300  
Natus Medical, Inc. *
     48,000       1,087,680  
NuVasive, Inc. *(a)
     21,200       1,045,796  
Somanetics Corp. *
     11,500       251,505  
Wright Medical Group, Inc. *
     10,500       319,620  
Zoll Medical Corp. *
     5,700       186,504  
 
              
 
             4,742,331  
 
              
Health Care Providers & Services (7.4%)
                
Amedisys, Inc. *
     6,000       292,020  
athenahealth, Inc. *
     48,700       1,620,249  
CardioNet, Inc. *
     37,600       938,496  
Community Health Systems, Inc. *
     9,300       272,583  
Genoptix, Inc. *
     52,900       1,728,243  
HealthExtras, Inc. *
     20,900       545,908  
Healthways, Inc. *(a)
     28,930       466,641  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Cap Growth Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Health Care Providers & Services (continued)
                
HMS Holdings Corp. *
     15,600     $ 373,776  
IPC The Hospitalist Co., Inc. *
     30,200       776,140  
 
              
 
             7,014,056  
 
              
Health Care Technology (1.9%)
                
Allscripts Healthcare Solutions, Inc. (a)
     49,850       620,134  
Cerner Corp. *(a)
     7,650       341,496  
Omnicell, Inc. *
     29,750       391,212  
Phase Forward, Inc. *
     20,850       435,974  
 
              
 
             1,788,816  
 
              
Hotels, Restaurants & Leisure (2.9%)
                
BJ’s Restaurants, Inc. *
     20,200       241,188  
Gaylord Entertainment Co. *(a)
     35,350       1,038,229  
Scientific Games Corp., Class A *(a)
     39,350       905,837  
Vail Resorts, Inc. *(a)
     16,650       581,918  
 
              
 
             2,767,172  
 
              
Information Technology Services (2.0%)
                
CyberSource Corp. *
     53,400       860,274  
ExlService Holdings, Inc. *
     21,800       191,404  
Sapient Corp. *
     81,700       607,031  
Syntel, Inc.
     9,300       227,850  
 
              
 
             1,886,559  
 
              
Insurance (0.2%)
                
eHealth, Inc. *
     13,100       209,600  
 
              
Internet Software & Services (9.2%)
                
Ariba, Inc. *
     24,700       349,011  
Bankrate, Inc. *(a)
     18,400       715,944  
comScore, Inc. *
     36,600       645,258  
Constant Contact, Inc. *(a)
     45,250       772,417  
DealerTrack Holdings, Inc. *
     30,200       508,568  
Equinix, Inc. *
     7,200       500,112  
Gmarket, Inc. ADR – KR*
     31,400       729,736  
LoopNet, Inc. *(a)
     35,350       347,491  
MercadoLibre, Inc. *
     9,400       191,290  
Omniture, Inc. *(a)
     40,300       739,908  
SINA Corp. *
     12,600       443,520  
Terremark Worldwide, Inc. *
     22,300       153,201  
VistaPrint Ltd. *(a)
     29,200       958,928  
Vocus, Inc. *
     50,450       1,713,282  
 
              
 
             8,768,666  
 
              
Life Sciences Tools & Services (1.9%)
                
Covance, Inc. *
     3,300       291,753  
eResearchTechnology, Inc. *
     57,300       682,443  
ICON PLC ADR – IE*
     12,100       462,825  
Illumina, Inc. *
     9,200       372,876  
 
              
 
             1,809,897  
 
              
Machinery (2.3%)
                
Bucyrus International, Inc.,
     15,250       681,370  
Chart Industries, Inc. *
     8,200       234,192  
RBC Bearings, Inc. *
     8,000       269,520  
Robbins & Myers, Inc.
     7,200       222,696  
Titan International, Inc.
     9,600       204,672  
Titan Machinery, Inc. *
     11,200       233,072  
Wabtec Corp.
     7,050       361,172  
 
              
 
             2,206,694  
 
              
Media (1.8%)
                
Focus Media Holding Ltd. ADR – CN*
     35,100       1,000,701  
VisionChina Media, Inc. ADR – CN*
     46,400       682,544  
 
              
 
             1,683,245  
 
              
Oil, Gas & Consumable Fuels (4.2%)
                
Arena Resources, Inc. *
     29,600       1,149,960  
Berry Petroleum Co., Class A
     8,100       313,713  
Bill Barrett Corp. *(a)
     22,800       732,108  
Carrizo Oil & Gas, Inc. *
     31,600       1,146,132  
Patriot Coal Corp. *
     5,700       165,585  
Rex Energy Corp. *
     31,300       493,288  
 
              
 
             4,000,786  
 
              
Personal Products (1.2%)
                
Alberto-Culver Co.
     32,700       890,748  
Herbalife Ltd.
     5,400       213,408  
 
              
 
             1,104,156  
 
              
Pharmaceuticals (0.4%)
                
Caraco Pharmaceutical Laboratories Ltd. *
     18,700       233,937  
XenoPort, Inc. *
     2,600       126,074  
 
              
 
             360,011  
 
              
Real Estate Investment Trusts (0.4%)
                
Digital Realty Trust, Inc.
     7,200       340,200  
 
              
Road & Rail (3.0%)
                
J.B. Hunt Transport Services, Inc.
     37,050       1,236,358  
Kansas City Southern *
     30,250       1,341,890  
Knight Transportation, Inc.
     16,550       280,854  
 
              
 
             2,859,102  
 
              
Semiconductors & Semiconductor Equipment (3.4%)
                
Atheros Communications, Inc. *
     31,900       752,202  
Cavium Networks, Inc. *
     32,000       450,560  
Microsemi Corp. *
     14,900       379,652  
Monolithic Power Systems, Inc. *
     12,800       222,336  
NetLogic Microsystems, Inc. *
     32,500       982,800  
Volterra Semiconductor Corp. *
     38,000       483,740  
 
              
 
             3,271,290  
 
              
Software (13.2%)
                
Advent Software, Inc. *
     6,400       225,472  
ANSYS, Inc. *
     6,100       231,007  
ArcSight, Inc. *
     50,600       386,078  
Aspen Technology, Inc. *
     17,900       227,330  
Blackbaud, Inc.
     45,950       847,777  
Blackboard, Inc. *(a)
     40,250       1,621,673  
Commvault Systems, Inc. *(a)
     43,500       524,175  
Concur Technologies, Inc. *(a)
     46,450       1,777,177  
Double-Take Software, Inc. *
     15,000       149,250  
EPIQ Systems, Inc. *(a)
     41,015       557,804  
FactSet Research Systems, Inc. (a)
     17,475       913,069  
FalconStor Software, Inc. *
     63,500       340,360  
MICROS Systems, Inc. *(a)
     36,050       961,093  
NetScout Systems, Inc. *
     44,200       470,288  
Nuance Communications, Inc. *
     23,300       284,027  
Pegasystems, Inc.
     40,300       520,273  
Phoenix Technologies Ltd. *
     52,700       421,073  
PROS Holdings, Inc. *
     25,200       236,628  
Quality Systems, Inc.
     14,000       591,640  
Solera Holdings, Inc. *
     14,300       410,696  
Taleo Corp., Class A *
     27,100       539,019  
Ultimate Software Group, Inc. *
     11,600       313,200  
 
              
 
             12,549,109  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Cap Growth Fund
                 
    Shares or        
    Principal        
    Amount     Value  
Common Stocks (continued)
                
Specialty Retail (1.1%)
                
Aeropostale, Inc. *
     7,000     $ 224,770  
O’Reilly Automotive, Inc. *
     32,200       861,994  
 
              
 
             1,086,764  
 
              
Textiles, Apparel & Luxury Goods (2.7%)
                
Deckers Outdoor Corp. *
     3,400       353,872  
Iconix Brand Group, Inc. *
     29,200       381,936  
True Religion Apparel, Inc. *
     51,600       1,333,860  
Volcom, Inc. *
     13,700       236,736  
Warnaco Group, Inc. (The) *
     5,900       267,211  
 
              
 
             2,573,615  
 
              
Thrifts & Mortgage Finance (0.2%)
                
Dime Community Bancshares
     11,500       175,030  
 
              
Transportation Infrastructure (0.2%)
                
Aegean Marine Petroleum Network, Inc.
     8,900       198,915  
 
              
Wireless Telecommunication Services (0.4%)
                
SBA Communications Corp., Class A *
     16,600       429,442  
 
              
Total Common Stocks
             88,136,496  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreements (6.5%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $6,146,656, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $6,269,313
   $ 6,146,385       6,146,385  
 
              
Securities Purchased With Collateral For Securities On Loan (7.1%)
                
Repurchase Agreement (7.1%)
                
Barclays Capital, 2.25%, dated 09/30/08, due 10/01/08, repurchase price $6,757,713, collateralized by U.S. Government Agency Mortgages ranging 3.17% - 6.00%, maturing 12/01/17 - 10/25/38; total market value of $6,892,437
     6,757,291       6,757,291  
 
              
Total Securities Purchased With Collateral For Securities On Loan
             6,757,291  
 
              
Total Investments
(Cost $100,424,110) (b) — 106.2%
             101,040,172  
Liabilities in excess of other assets — (6.2)%
             (5,893,666 )
 
              
NET ASSETS — 100.0%
           $ 95,146,506  
 
              
 
*   Denotes a non-income producing security.
 
(a)   All or a part of the security was on loan as of September 30, 2008.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
ADR   American Depositary Receipt
 
CN   China
 
IE   Ireland
 
KR   Korea
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Company Fund
                 
    Shares     Value  
Common Stocks (94.7%)
                
ARGENTINA (0.1%)
                
Internet Software & Services (0.1%)
                
MercadoLibre, Inc.*
     27,228     $ 554,090  
 
              
AUSTRALIA (0.9%)(a)
                
Capital Markets (0.0%)
                
Babcock & Brown Capital Ltd.*
     101,236       206,014  
 
              
Commercial Services & Supplies (0.1%)
                
Mineral Resources Ltd.
     44,598       213,167  
 
              
Construction & Engineering (0.2%)
                
Ausenco Ltd.
     47,048       427,820  
Monadelphous Group Ltd.
     50,000       480,362  
 
              
 
             908,182  
 
              
Health Care Providers & Services (0.1%)
                
Healthscope Ltd.
     166,070       620,014  
 
              
Hotels, Restaurants & Leisure (0.2%)
                
Flight Centre Ltd.
     50,802       784,406  
 
              
Insurance (0.1%)
                
Tower Australia Group Ltd.
     238,197       553,718  
 
              
Internet & Catalog Retail (0.0%)
                
Wotif.com Holdings Ltd.
     55,425       164,988  
 
              
Metals & Mining (0.0%)
                
Mincor Resources NL
     210,268       210,730  
 
              
Multiline Retail (0.1%)
                
David Jones Ltd.
     131,425       461,273  
 
              
Oil, Gas & Consumable Fuels (0.0%)
                
Beach Petroleum Ltd.
     200,000       144,594  
 
              
Real Estate Investment Trusts (0.0%)
                
Tishman Speyer Office Fund
     180,000       135,860  
 
              
Real Estate Management & Development (0.0%)
                
Sunland Group Ltd.
     68,601       133,891  
 
              
Specialty Retail (0.1%)
                
JB Hi-Fi Ltd.
     55,951       553,185  
 
              
Trading Companies & Distributors (0.0%)
                
Emeco Holdings Ltd.
     200,000       129,087  
 
              
 
             5,219,109  
 
              
AUSTRIA (0.1%)(a)
                
Energy Equipment & Services (0.1%)
                
Schoeller-Bleckmann Oilfield Equipment AG
     7,466       453,133  
 
              
BAHAMAS (0.0%)
                
Marine (0.0%)
                
Ultrapetrol Bahamas Ltd.*
     15,080       118,378  
 
              
BELGIUM (0.4%)(a)
                
Diversified Financial Services (0.1%)
                
GIMV NV
     9,630       452,677  
 
              
Food Products (0.0%)
                
SIPEF SA NV
     300       120,470  
 
              
Oil, Gas & Consumable Fuels (0.1%)
                
Euronav NV
     24,464       676,319  
 
              
Wireless Telecommunication Services (0.2%)
                
Mobistar SA
     10,953       770,804  
 
              
 
             2,020,270  
 
              
BERMUDA (1.0%)
                
Household Durables (0.0%)
                
Helen of Troy Ltd.*
     4,345       98,936  
 
              
Insurance (0.6%)
                
Allied World Assurance Co. Holdings Ltd.
     15,800       561,216  
Aspen Insurance Holdings Ltd.
     53,477       1,470,617  
Assured Guaranty Ltd.
     27,200       442,272  
Platinum Underwriters Holdings Ltd.
     14,387       510,451  
 
              
 
             2,984,556  
 
              
Internet Software & Services (0.4%)
                
VistaPrint Ltd.*
     73,784       2,423,067  
 
              
Oil, Gas & Consumable Fuels (0.0%)(a)
                
Frontline Ltd.
     3,500       165,366  
 
              
 
             5,671,925  
 
              
BRAZIL (0.2%)
                
Household Durables (0.1%)
                
Gafisa SA ADR
     42,487       1,091,916  
 
              
Real Estate Management & Development (0.1%)
                
Brascan Residential Properties SA
     139,273       322,120  
 
              
 
             1,414,036  
 
              
BRITISH VIRGIN ISLANDS (0.0%)
                
Textiles, Apparel & Luxury Goods (0.0%)
                
FGX International Holdings Ltd.*
     1,232       13,638  
 
              
CANADA (0.8%)
                
Commercial Services & Supplies (0.1%)
                
Ritchie Bros Auctioneers, Inc.
     23,400       546,624  
 
              
Electronic Equipment & Instruments (0.2%)
                
Celestica, Inc.*
     135,622       873,406  
GSI Group, Inc.*
     42,751       150,911  
 
              
 
             1,024,317  
 
              
Energy Equipment & Services (0.1%)
                
Tesco Corp.*
     26,900       563,286  
 
              
Information Technology Services (0.0%)
                
CGI Group, Inc., Class A ADR*
     4,767       42,140  
 
              
Internet Software & Services (0.0%)
                
Open Text Corp.*
     7,212       249,391  
 
              
Oil, Gas & Consumable Fuels (0.1%)
                
Petrobank Energy & Resources Ltd.*
     18,500       701,409  
 
              
Software (0.1%)
                
Corel Corp.*
     37,670       320,195  
 
              
Textiles, Apparel & Luxury Goods (0.2%)
                
Lululemon Athletica, Inc.*
     53,854       1,240,258  
 
              
 
             4,687,620  
 
              
CAYMAN ISLANDS (0.2%)
                
Insurance (0.2%)
                
Greenlight Capital Re Ltd., Class A*
     44,877       1,031,722  
 
              
CHINA (1.1%)
                
Automobiles (0.0%)(a)
                
Dongfeng Motor Corp.
     268,000       98,637  
Great Wall Motor Co. Ltd.
     240,000       101,244  
 
              
 
             199,881  
 
              
Electrical Equipment (0.1%)(a)
                
Harbin Power Equipment Co. Ltd., Class H
     522,000       373,953  
 
              
Food Products (0.1%)(a)
                
China Fishery Group Ltd.
     350,000       250,327  
 
              
Hotels, Restaurants & Leisure (0.3%)
                
Ctrip.com International Ltd. ADR
     35,352       1,364,941  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Company Fund
                 
    Shares     Value  
Common Stocks (continued)
                
CHINA (continued)
                
Internet Software & Services (0.3%)
                
SINA Corp.*
     49,446     $ 1,740,499  
 
              
Machinery (0.0%)(a)
                
Yangzijiang Shipbuilding Holdings Ltd.
     400,000       141,091  
 
              
Software (0.1%)
                
Longtop Financial Technologies Ltd. ADR*
     47,007       662,329  
 
              
Textiles, Apparel & Luxury Goods (0.1%)(a)
                
Weiqiao Textile Co.
     883,500       433,462  
 
              
Transportation Infrastructure (0.1%)(a)
                
Sichuan Expressway Co. Ltd.
     1,136,000       246,084  
Zhejiang Expressway Co. Ltd., Class H
     832,000       493,945  
 
              
 
             740,029  
 
              
 
             5,906,512  
 
              
DENMARK (0.2%)(a)
                
Chemicals (0.1%)
                
Auriga Industries AS, Class B
     12,734       324,155  
 
              
Commercial Banks (0.0%)
                
Amagerbanken AS
     5,834       94,626  
 
              
Food Products (0.1%)
                
East Asiatic Co. Ltd. AS
     9,573       402,320  
 
              
Marine (0.0%)
                
D/S Norden AS
     3,425       164,941  
 
              
Real Estate Management & Development (0.0%)
                
TK Development*
     13,711       74,282  
 
              
 
             1,060,324  
 
              
FINLAND (0.0%)(a)
                
Software (0.0%)
                
Tekla Oyj
     15,400       133,543  
 
              
FRANCE (0.6%)(a)
                
Agriculture (0.0%)
                
Internationale de Plantations d’Heveas SA
     1,610       93,468  
 
              
Electrical Equipment (0.1%)
                
Nexans SA
     8,692       773,126  
 
              
Hotels, Restaurants & Leisure (0.0%)
                
Pierre & Vacances
     2,413       163,099  
 
              
Industrial Conglomerate (0.0%)
                
Wendel
     2,000       159,495  
 
              
Information Technology Services (0.0%)
                
Sopra Group SA
     3,023       181,136  
 
              
Natural Gas Utility (0.1%)
                
Rubis
     7,000       496,114  
 
              
Oil, Gas & Consumable Fuels (0.1%)
                
Esso S.A.F
     1,100       159,739  
Etablissements Maurel et Prom
     10,000       159,773  
 
              
 
             319,512  
 
              
Professional Services (0.0%)
                
Teleperformance
     6,000       167,337  
 
              
Software (0.2%)
                
UBISOFT Entertainment*
     13,179       916,670  
 
              
Trading Companies & Distributors (0.1%)
                
IMS International Metal Service
     18,856       327,668  
 
              
 
             3,597,625  
 
              
GERMANY (0.9%)(a)
                
Aerospace & Defense (0.1%)
                
MTU Aero Engines Holding AG
     22,761       623,966  
 
              
Biotechnology (0.1%)
                
Biotest AG
     13,003       778,536  
 
              
Distributors (0.1%)
                
Medion AG
     24,000       273,379  
 
              
Information Technology Services (0.1%)
                
Bechtle AG
     23,820       501,359  
 
              
Machinery (0.3%)
                
Demag Cranes AG
     17,441       694,224  
Draegerwerk AG
     4,992       270,172  
Duerr AG
     3,411       93,891  
Gesco AG
     2,500       148,237  
Gildemeister AG
     32,594       557,350  
 
              
 
             1,763,874  
 
              
Metals & Mining (0.2%)
                
Norddeutsche Affinerie AG
     23,777       1,015,246  
 
              
Trading Companies & Distributors (0.0%)
                
Phoenix Solar AG
     1,706       104,311  
 
              
 
             5,060,671  
 
              
GREECE (0.5%)
                
Hotels, Restaurants & Leisure (0.1%)(a)
                
Intralot SA-Integrated Lottery Systems & Services
     39,162       334,462  
 
              
Marine (0.4%)
                
Omega Navigation Enterprises, Inc., Class A
     119,180       1,556,491  
Paragon Shipping, Inc., Class A
     60,150       512,478  
Safe Bulkers, Inc.
     31,810       346,729  
 
              
 
             2,415,698  
 
              
 
             2,750,160  
 
              
HONG KONG (0.5%)
                
Communications Equipment (0.1%)(a)
                
VTech Holdings Ltd.
     187,000       1,093,769  
 
              
Distributors (0.1%)(a)
                
Integrated Distribution Services Group Ltd.
     206,900       281,460  
 
              
Diversified Financial Services (0.1%)(a)
                
First Pacific Co.
     720,000       380,963  
 
              
Hotels, Restaurants & Leisure (0.1%)
                
Mandarin Oriental International Ltd.
     270,042       418,542  
 
              
Marine (0.1%)(a)
                
Chu Kong Shipping Development
     1,414,000       159,821  
Jinhui Shipping & Transportation Ltd.
     78,073       298,039  
Orient Overseas International Ltd.
     19,500       49,955  
 
              
 
             507,815  
 
              
Pharmaceuticals (0.0%)(a)
                
China Pharmaceutical Group Ltd.
     450,000       146,865  
 
              
Real Estate Investment Trusts (0.0%)(a)
                
GZI Real Estate Investment Trust
     427,000       136,778  
 
              
Water Utility (0.0%)(a)
                
Guangdong Investment Ltd.
     480,000       113,362  
 
              
 
             3,079,554  
 
              
INDIA (0.0%)
                
Internet Software & Services (0.0%)
                
Rediff.Com India Ltd. ADR*
     34,751       142,479  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Company Fund
                 
    Shares     Value  
Common Stocks (continued)
                
IRELAND (0.4%)
                
Food & Staples Retailing (0.0%)(a)
                
Fyffes PLC
     329,772     $ 148,540  
 
              
Hotels, Restaurants & Leisure (0.1%)(a)
                
Paddy Power PLC
     29,977       521,470  
 
              
Life Sciences Tools & Services (0.2%)
                
ICON PLC ADR*
     29,500       1,128,375  
 
              
Oil, Gas & Consumable Fuels (0.1%)(a)
                
Dragon Oil PLC*
     80,000       252,924  
 
              
 
             2,051,309  
 
              
ISRAEL (0.3%)
                
Electronic Equipment & Instruments (0.1%)
                
Mellanox Technologies Ltd.*
     47,000       485,510  
 
              
Information Technology Services (0.2%)
                
Ness Technologies, Inc.*
     96,450       1,106,282  
 
              
 
             1,591,792  
 
              
ITALY (0.7%)(a)
                
Commercial Banks (0.0%)
                
Banca Popolare di Milano Scarl
     6,136       52,141  
 
              
Construction Materials (0.1%)
                
Buzzi Unicem SpA
     6,094       93,625  
Buzzi Unicem SpA — RNC
     39,236       390,970  
 
              
 
             484,595  
 
              
Household Durables (0.1%)
                
Indesit Co. SpA
     59,780       635,082  
 
              
Multi-Utility (0.1%)
                
ACEA SpA
     35,000       501,196  
 
              
Oil, Gas & Consumable Fuels (0.3%)
                
ERG SpA
     46,089       764,634  
Saras SpA
     175,305       731,516  
 
              
 
             1,496,150  
 
              
Pharmaceuticals (0.1%)
                
Recordati SpA
     90,753       560,273  
 
              
 
             3,729,437  
 
              
JAPAN (4.6%)(a)
                
Air Freight & Logistics (0.2%)
                
Kintetsu World Express, Inc.
     37,600       632,605  
Yusen Air & Sea Service Co. Ltd.
     14,000       180,865  
 
              
 
             813,470  
 
              
Auto Components (0.0%)
                
Teikoku Piston Ring Co. Ltd.
     28,000       145,013  
 
              
Chemicals (0.2%)
                
Kanto Denka Kogyo Co. Ltd.
     60,000       221,845  
Nippon Soda Co. Ltd.
     52,000       209,396  
Nippon Synthetic Chemical Industry Co. Ltd. (The)
     118,000       374,449  
 
              
 
             805,690  
 
              
Communications Equipment (0.1%)
                
Mitsui Knowledge Industry Co. Ltd.
     2,000       395,283  
 
              
Construction & Engineering (0.3%)
                
NEC Networks & System Integration Corp.
     64,700       825,363  
Toyo Engineering Corp.
     169,000       718,888  
 
              
 
             1,544,251  
 
              
Consumer Finance (0.1%)
                
Hitachi Capital Corp.
     30,000       365,347  
 
              
Consumer Goods (0.0%)
                
Sanei International Co. Ltd.
     14,100       155,236  
 
              
Distributors (0.1%)
                
Canon Marketing Japan, Inc.
     48,000       735,346  
 
              
Diversified Financial Services (0.0%)
                
Ricoh Leasing
     10,000       173,883  
 
              
Electrical Equipment (0.1%)
                
Daiken Corp.
     60,000       214,531  
Furukawa Electric Co. Ltd.
     53,000       234,075  
Shinko Electric Co. Ltd.
     63,000       195,650  
 
              
 
             644,256  
 
              
Electronic Equipment & Instruments (0.0%)
                
Siix Corp.
     35,200       133,908  
 
              
Food & Staples Retailing (0.3%)
                
Arcs Co. Ltd.
     21,100       261,400  
COSMOS Pharmaceutical Corp.
     16,000       164,676  
Lawson, Inc.
     4,200       193,711  
Maruetsu, Inc. (The)*
     39,000       257,439  
Ministop Co. Ltd.
     18,000       326,625  
Okuwa Co. Ltd.
     47,000       702,463  
 
              
 
             1,906,314  
 
              
Food Products (0.1%)
                
Yonekyu Corp.
     48,000       483,064  
 
              
Health Care Equipment & Supplies (0.4%)
                
Aloka Co. Ltd.
     46,100       459,979  
Eiken Chemical Co. Ltd.
     51,600       367,416  
Hogy Medical Co. Ltd.
     14,900       683,360  
Miraca Holdings, Inc.
     21,700       419,821  
Nihon Kohden Corp.
     19,000       355,861  
 
              
 
             2,286,437  
 
              
Health Care Providers & Services (0.1%)
                
BML, Inc.
     26,300       452,891  
 
              
Hotels, Restaurants & Leisure (0.2%)
                
Fields Corp.
     562       1,053,727  
SAIZERIYA Co. Ltd.
     23,000       251,264  
 
              
 
             1,304,991  
 
              
Information Technology Services (0.0%)
                
Hitachi Systems & Services Ltd.
     13,000       173,673  
 
              
Internet & Catalog Retail (0.1%)
                
Dena Co. Ltd.
     121       487,590  
 
              
Internet Software & Services (0.1%)
                
Zappallas, Inc.
     146       415,849  
 
              
Leisure Equipment & Products (0.3%)
                
Aruze Corp.
     38,000       835,827  
Mars Engineering Corp.
     40,000       867,027  
 
              
 
             1,702,854  
 
              
Machinery (0.2%)
                
Hosokawa Micron Corp.
     56,000       216,491  
Nitta Corp.
     13,000       163,731  
Tsugami Corp.
     264,000       664,367  
 
              
 
             1,044,589  
 
              
Media (0.2%)
                
Daiichikosho Co. Ltd.
     12,800       131,844  
SKY Perfect JSAT Holdings, Inc.
     2,174       833,608  
Wowow, Inc.
     250       318,032  
 
              
 
             1,283,484  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Company Fund
                 
    Shares     Value  
Common Stocks (continued)
                
JAPAN(a) (continued)
                
Metals & Mining (0.5%)
                
Kyoei Steel Ltd.
     31,900     $ 614,413  
MITSUI MINING Co. Ltd.
     66,000       149,677  
Osaka Steel Co. Ltd.
     21,500       279,463  
Pacific Metals & Mining Co. Ltd.
     114,000       826,672  
Yamato Kogyo Co. Ltd.
     18,100       632,537  
 
              
 
             2,502,762  
 
              
Office Electronics (0.1%)
                
Toshiba TEC Corp.
     60,000       236,377  
 
              
Oil, Gas & Consumable Fuels (0.0%)
                
Nippon Mining Holdings, Inc.
     40,000       161,144  
 
              
Personal Products (0.0%)
                
Mandom Corp.
     5,700       151,124  
 
              
Pharmaceuticals (0.1%)
                
Kaken Pharmaceutical Co. Ltd.
     44,000       348,397  
 
              
Real Estate Management & Development (0.1%)
                
Raysum Co. Ltd.
     615       290,409  
Sun Frontier Fudousan Co. Ltd.
     213       90,242  
 
              
 
             380,651  
 
              
Semiconductors & Semiconductor Equipment (0.1%)
                
Ferrotec Corp.
     36,900       609,703  
Ishii Hyoki Co. Ltd.
     7,200       155,019  
 
              
 
             764,722  
 
              
Software (0.4%)
                
Aplix Corp.*
     200       146,631  
Capcom Co. Ltd.
     31,800       911,072  
DTS Corp.
     45,600       475,882  
Hitachi Software Engineering Co. Ltd.
     40,300       713,112  
Sumisho Computer Systems Corp.
     12,000       184,603  
 
              
 
             2,431,300  
 
              
Textiles, Apparel & Luxury Goods (0.1%)
                
Fujibo Holdings, Inc.
     232,000       316,681  
 
              
Trading Companies & Distributors (0.1%)
                
HANWA Co. Ltd.
     45,000       156,726  
Kuroda Electric Co. Ltd.
     61,200       575,246  
 
              
 
             731,972  
 
              
 
             25,478,549  
 
              
MEXICO (0.2%)
                
Transportation Infrastructure (0.2%)
                
Grupo Aeroportuario del Pacifico SA de CV ADR
     39,671       1,013,991  
 
              
NETHERLANDS (0.5%)
                
Capital Markets (0.0%)(a)
                
Van der Moolen Holding NV*
     50,000       231,340  
 
              
Commercial Services & Supplies (0.0%)(a)
                
USG People NV
     6,306       86,902  
 
              
Construction & Engineering (0.3%)
                
Chicago Bridge & Iron Co. NV
     71,700       1,379,508  
 
              
Energy Equipment & Services (0.0%)
                
Core Laboratories NV*
     570       57,752  
 
              
Office Electronics (0.1%)(a)
                
OCE NV
     64,095       457,663  
 
              
Semiconductors & Semiconductor Equipment (0.1%)
                
ASM International NV*
     13,173       246,335  
 
              
Software (0.0%)(a)
                
Unit 4 Agresso NV
     9,005       161,329  
 
              
 
             2,620,829  
 
              
NORWAY (0.3%)(a)
                
Capital Markets (0.1%)
                
ABG Sundal Collier Holding ASA
     318,431       285,892  
Acta Holding ASA
     297,683       156,418  
 
              
 
             442,310  
 
              
Commercial Banks (0.1%)
                
SpareBank 1 Nord-Norge
     10,340       109,643  
Sparebanken Rogaland
     40,912       270,520  
 
              
 
             380,163  
 
              
Construction & Engineering (0.1%)
                
Veidekke ASA
     66,900       358,939  
 
              
Energy Equipment & Services (0.0%)
                
Petroleum Geo-Services ASA*
     25,000       330,507  
 
              
Food Products (0.0%)
                
Cermaq ASA
     4,700       30,577  
 
              
 
             1,542,496  
 
              
PANAMA (0.1%)
                
Airline (0.1%)
                
Copa Holdings SA Class A
     18,500       601,250  
 
              
PORTUGAL (0.4%)(a)
                
Commercial Banks (0.1%)
                
Banco BPI SA
     220,434       685,480  
 
              
Food & Staples Retailing (0.1%)
                
Jeronimo Martins SGPS SA
     72,390       617,288  
 
              
Paper & Forest Products (0.2%)
                
Semapa-Sociedade de Investimento e Gestao
     79,105       781,802  
 
              
 
             2,084,570  
 
              
PUERTO RICO (0.1%)
                
Commercial Banks (0.1%)
                
Oriental Financial Group
     43,988       785,626  
 
              
REPUBLIC OF KOREA (0.1%)
                
Internet Software & Services (0.1%)
                
Gmarket, Inc. ADR*
     30,042       698,176  
 
              
SINGAPORE (0.4%)(a) Computers & Peripherals (0.0%)
                
Creative Technology Ltd.
     34,300       121,709  
 
              
Construction & Engineering (0.0%)
                
Rotary Engineering Ltd.
     554,000       171,759  
 
              
Distributors (0.2%)
                
Jardine Cycle & Carriage Ltd.
     77,000       847,200  
 
              
Diversified Financial Services (0.0%)
                
Macquarie International Infrastructure Fund Ltd.
     493,000       154,420  
 
              
Machinery (0.0%)
                
Jaya Holdings Ltd.
     200,000       144,362  
 
              
Oil, Gas & Consumable Fuels (0.1%)
                
Singapore Petroleum Co. Ltd.
     46,000       149,518  
Straits Asia Resources Ltd.
     247,000       259,647  
 
              
 
             409,165  
 
              
Real Estate Management & Development (0.1%)
                
Wing Tai Holdings Ltd.
     330,000       219,538  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Company Fund
                 
    Shares     Value  
Common Stocks (continued)
                
SINGAPORE(a) (continued)
                
Telecommunications (0.0%)
                
MobileOne Ltd.
     100,000     $ 128,324  
 
              
 
             2,196,477  
 
              
SPAIN (0.5%)(a)
                
Biotechnology (0.2%)
                
Grifols SA
     35,931       917,955  
 
              
Diversified Financial Services (0.1%)
                
Corp Financiera Alba
     16,358       674,854  
 
              
Machinery (0.1%)
                
Duro Felguera SA
     56,577       389,200  
 
              
Metals & Mining (0.1%)
                
Tubos Reunidos SA
     175,870       658,462  
 
              
 
             2,640,471  
 
              
SWEDEN (0.5%)(a)
                
Commercial Services & Supplies (0.0%)
                
AF AB
     8,600       191,901  
 
              
Construction & Engineering (0.2%)
                
NCC AB
     54,095       536,099  
Peab AB
     77,837       414,211  
 
              
 
             950,310  
 
              
Household Durables (0.1%)
                
JM AB
     35,800       292,712  
 
              
Metals & Mining (0.1%)
                
Boliden AB
     84,235       354,371  
 
              
Real Estate Management & Development (0.1%)
                
Kungsleden AB
     116,184       747,481  
 
              
Specialty Retail (0.0%)
                
KappAhl Holding AB*
     27,700       145,654  
 
              
Trading Companies & Distributors (0.0%)
                
BE Group AB
     20,000       112,867  
 
              
 
             2,795,296  
 
              
SWITZERLAND (0.4%)(a)
                
Biotechnology (0.2%)
                
Actelion Ltd.*
     17,357       894,619  
 
              
Electronic Equipment & Instruments (0.0%)
                
Inficon Holding AG
     1,587       175,817  
 
              
Insurance (0.1%)
                
Helvetia Holding AG
     1,891       474,162  
 
              
Machinery (0.1%)
                
Bobst Group AG
     3,180       163,735  
Kardex AG*
     2,541       113,410  
 
              
 
             277,145  
 
              
Pharmaceuticals (0.0%)
                
Acino Holding AG
     1,241       239,573  
 
              
 
             2,061,316  
 
              
TAIWAN (0.0%)
                
Semiconductors & Semiconductor Equipment (0.0%)
                
Silicon Motion Technology Corp. ADR*
     6,107       28,581  
 
              
UNITED KINGDOM (3.0%)
                
Air Freight & Logistics (0.0%)(a)
                
Wincanton PLC
     39,122       131,262  
 
              
Biotechnology (0.0%)(a)
                
Genus PLC
     11,423       153,617  
 
              
Capital Markets (0.3%)(a)
                
Close Brothers Group PLC
     92,707       934,768  
Tullett Prebon PLC
     125,637       618,519  
 
              
 
             1,553,287  
 
              
Commercial Services & Supplies (0.4%)(a)
                
Babcock International Group
     46,932       421,672  
De La Rue PLC
     61,380       996,506  
ITE Group PLC
     142,139       308,216  
RPS Group PLC
     122,711       538,338  
 
              
 
             2,264,732  
 
              
Construction & Engineering (0.1%)(a)
                
Keller Group PLC
     24,145       288,671  
 
              
Diversified Consumer Services (0.0%)(a)
                
BPP Holdings PLC
     21,835       177,121  
 
              
Diversified Financial Services (0.2%)(a)
                
Climate Exchange PLC*
     9,239       170,373  
IG Group Holdings PLC
     121,752       691,901  
 
              
 
             862,274  
 
              
Diversified Telecommunication Services (0.0%)(a)
                
COLT Telecom Group SA*
     128,000       231,457  
 
              
Electronic Equipment & Instruments (0.0%)(a)
                
Renishaw PLC
     15,440       208,092  
 
              
Energy Equipment & Services (0.2%)(a)
                
Petrofac Ltd.
     104,397       1,090,680  
 
              
Food Products (0.2%)(a)
                
Dairy Crest Group PLC
     129,743       931,193  
 
              
Health Care Equipment & Supplies (0.0%)(a)
                
SSL International PLC
     17,353       139,897  
 
              
Hotels, Restaurants & Leisure (0.1%)(a)
                
888 Holdings PLC
     135,525       304,825  
Domino’s Pizza UK & IRL PLC
     90,000       318,324  
Sportingbet PLC*
     204,648       103,048  
 
              
 
             726,197  
 
              
Independent Power Producers & Energy Traders (0.2%)(a)
                
Drax Group PLC
     94,790       1,276,117  
 
              
Industrial Conglomerate (0.1%)(a)
                
Tomkins PLC
     196,020       547,225  
 
              
Insurance (0.4%)(a)
                
Beazley Group PLC
     376,135       802,337  
Brit Insurance Holdings PLC
     206,368       674,685  
Chaucer Holdings PLC
     627,823       623,869  
 
              
 
             2,100,891  
 
              
Internet & Catalog Retail (0.2%)(a)
                
Home Retail Group PLC
     221,444       933,090  
 
              
Media (0.1%)(a)
                
St. Ives PLC
     183,675       320,785  
Yell Group PLC
     170,000       235,211  
 
              
 
             555,996  
 
              
Multiline Retail (0.0%)(a)
                
Debenhams PLC
     115,006       101,288  
 
              
Oil, Gas & Consumable Fuels (0.3%)
                
Hunting PLC(a)
     73,091       804,167  
Infinity Bio-Energy Ltd.*
     94,500       184,275  
Venture Production PLC(a)
     40,000       438,122  
 
              
 
             1,426,564  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Company Fund
                 
    Shares     Value  
Common Stocks (continued)
                
UNITED KINGDOM (continued)
                
Road & Rail (0.0%)(a)
                
Go-Ahead Group PLC (The)
     6,300     $ 187,181  
 
              
Software (0.1%)(a)
                
Aveva Group PLC
     12,000       247,397  
 
              
Specialty Retail (0.1%)(a)
                
Game Group PLC
     105,000       386,530  
HMV Group PLC
     125,000       286,203  
 
              
 
             672,733  
 
              
Thrifts & Mortgage Finance (0.0%)(a)
                
Paragon Group of Cos PLC
     95,854       112,955  
 
              
 
             16,919,917  
 
              
UNITED STATES (74.7%)
                
Aerospace & Defense (1.0%)
                
AAR Corp.*
     109,635       1,818,845  
Argon ST, Inc.*
     10,900       256,041  
Curtiss-Wright Corp.
     5,400       245,430  
Ducommun, Inc.*
     17,241       411,715  
Esterline Technologies Corp.*
     18,277       723,586  
Innovative Solutions & Support, Inc.
     72,271       394,600  
Moog, Inc., Class A*
     16,080       689,510  
Teledyne Technologies, Inc.*
     22,405       1,280,670  
 
              
 
             5,820,397  
 
              
Air Freight & Logistics (0.2%)
                
Forward Air Corp.
     11,400       310,422  
HUB Group, Inc., Class A*
     24,436       920,016  
Pacer International, Inc.
     3,692       60,807  
 
              
 
             1,291,245  
 
              
Airlines (0.4%)
                
Republic Airways Holdings, Inc.*
     9,054       92,260  
SkyWest, Inc.
     61,774       987,148  
US Airways Group, Inc.*
     151,190       911,676  
 
              
 
             1,991,084  
 
              
Auto Components (0.6%)
                
American Axle & Manufacturing Holdings, Inc.
     110,200       590,672  
ArvinMeritor, Inc.
     60,505       788,985  
ATC Technology Corp.*
     1,944       46,151  
Autoliv, Inc.
     943       31,826  
Drew Industries, Inc.*
     23,300       398,663  
Gentex Corp.
     11,526       164,822  
Hawk Corp., Class A*
     7,680       154,598  
Lear Corp.*
     37,790       396,795  
Snap-on, Inc.
     10,100       531,866  
Stoneridge, Inc.*
     8,875       99,844  
TRW Automotive Holdings Corp.*
     22,494       357,879  
 
              
 
             3,562,101  
 
              
Automobiles (0.1%)
                
Thor Industries, Inc.
     19,130       474,807  
 
              
Beverages (0.0%)
                
Boston Beer Co., Inc., Class A*
     4,900       232,701  
 
              
Biotechnology (0.5%)
                
Alkermes, Inc.*
     1,187       15,787  
Alnylam Pharmaceuticals, Inc.*
     38,910       1,126,445  
Cepheid, Inc.*
     27,206       376,259  
Cubist Pharmaceuticals, Inc.*
     11,235       249,754  
Enzon Pharmaceuticals, Inc.*
     4,280       31,586  
Martek Biosciences Corp.*
     19,629       616,743  
OSI Pharmaceuticals, Inc.*
     2,313       114,008  
Pacific Biosciences of California*
     51,877       363,139  
Repligen Corp.*
     7,018       33,055  
 
              
 
             2,926,776  
 
              
Building Products (0.4%)
                
Gibraltar Industries, Inc.
     18,778       351,336  
Lennox International, Inc.
     3,810       126,759  
NCI Building Systems, Inc.*
     3,567       113,252  
Quanex Building Products Corp.
     26,300       400,812  
Simpson Manufacturing Co., Inc.
     28,900       782,901  
Universal Forest Products, Inc.
     20,339       710,035  
 
              
 
             2,485,095  
 
              
Capital Markets (2.3%)
                
Calamos Asset Management, Inc., Class A
     25,194       451,476  
Evercore Partners, Inc., Class A
     2,592       46,604  
FCStone Group, Inc.*
     34,181       614,916  
GFI Group, Inc.
     70,520       332,149  
Greenhill & Co., Inc.
     35,130       2,590,838  
Hercules Technology Growth Capital, Inc.
     73,965       717,461  
Knight Capital Group, Inc., Class A*
     5,051       75,058  
MCG Capital Corp.
     80,600       211,172  
optionsXpress Holdings, Inc.
     1,997       38,782  
Raymond James Financial, Inc.
     28,300       933,334  
Riskmetrics Group, Inc.*
     148,265       2,901,546  
Sanders Morris Harris Group, Inc.
     81,475       704,759  
SWS Group, Inc.
     48,900       985,824  
TradeStation Group, Inc.*
     164,944       1,542,226  
Waddell & Reed Financial, Inc., Class A
     33,320       824,670  
 
              
 
             12,970,815  
 
              
Chemicals (1.0%)
                
Airgas, Inc.
     15,700       779,505  
CF Industries Holdings, Inc.
     1,640       149,994  
Flotek Industries, Inc.*
     11,100       122,100  
Innophos Holdings, Inc.
     1,880       45,834  
Koppers Holdings, Inc.
     7,665       286,748  
Landec Corp.*
     31,600       258,804  
Olin Corp.
     33,000       640,200  
Omnova Solutions, Inc.*
     144,900       288,351  
Penford Corp.
     95,950       1,697,356  
Quaker Chemical Corp.
     563       16,023  
RPM International, Inc.
     35,700       690,438  
Scotts Miracle-Gro Co. (The), Class A
     623       14,728  
Spartech Corp.
     46,600       461,340  
 
              
 
             5,451,421  
 
              
Commercial Banks (4.8%)
                
Bancfirst Corp.
     3,448       166,642  
BancorpSouth, Inc.
     15,800       444,454  
Bank of Hawaii Corp.
     15,384       822,275  
BOK Financial Corp.
     21,135       1,023,145  
Cardinal Financial Corp.
     4,599       37,160  
Cascade Bancorp
     18,937       168,350  
Center Financial Corp.
     3,517       44,912  
City Holding Co.
     28,608       1,208,688  
Colonial BancGroup, Inc. (The)
     101,500       797,790  
Columbia Banking System, Inc.
     41,448       734,873  
Commerce Bancshares, Inc.
     4,964       230,330  
Community Bank System, Inc.
     5,098       128,215  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Company Fund
                 
    Shares     Value  
Common Stocks (continued)
                
UNITED STATES (continued)
                
Commercial Banks (continued)
                
CVB Financial Corp.
     38,430     $ 534,177  
East West Bancorp, Inc.
     33,800       463,060  
Financial Institutions, Inc.
     3,500       70,035  
First Busey Corp.
     20,268       371,512  
First Citizens BancShares, Inc.
     4,017       719,043  
First State Bancorp
     1,520       8,117  
FirstMerit Corp.
     23,964       503,244  
Fulton Financial Corp.
     91,500       998,265  
Glacier Bancorp, Inc.
     25,100       621,727  
Great Southern Bancorp, Inc.
     46,885       597,784  
Hancock Holding Co.
     5,935       302,685  
Hanmi Financial Corp.
     72,700       367,135  
Lakeland Bancorp, Inc.
     11,298       132,074  
MB Financial, Inc.
     22,811       754,360  
National Penn Bancshares, Inc.
     50,018       730,263  
NBT Bancorp, Inc.
     26,059       779,685  
Old National Bancorp
     44,314       887,166  
Old Second Bancorp, Inc.
     1,016       18,816  
PacWest Bancorp
     11,500       328,785  
Prosperity Bancshares, Inc.
     6,452       219,303  
Provident Bankshares Corp.
     70,600       685,526  
Renasant Corp.
     41,046       891,109  
Republic Bancorp, Inc., Class A
     609       18,465  
S&T Bancorp, Inc.
     13,228       487,187  
Sierra Bancorp
     4,060       84,692  
Simmons First National Corp., Class A
     1,883       67,035  
Southside Bancshares, Inc.
     12,893       324,904  
Sterling Bancshares, Inc.
     129,483       1,353,097  
Sterling Financial Corp.
     19,800       287,100  
Susquehanna Bancshares, Inc.
     20,400       398,208  
SVB Financial Group*
     14,019       811,980  
Trustmark Corp.
     22,915       475,257  
UMB Financial Corp.
     5,988       314,490  
Union Bankshares Corp.
     22,522       540,528  
Valley National Bancorp
     25,866       542,151  
Washington Trust Bancorp, Inc.
     24,275       645,715  
Webster Financial Corp.
     50,100       1,265,025  
Westamerica Bancorp
     15,700       903,221  
Whitney Holding Corp.
     8,205       198,971  
Wilmington Trust Corp.
     37,006       1,066,883  
 
              
 
             26,575,614  
 
              
Commercial Services & Supplies (2.7%)
                
Administaff, Inc.
     16,000       435,520  
Advisory Board Co. (The)*
     48,247       1,455,130  
American Reprographics Co.*
     4,787       82,576  
Bowne & Co., Inc.
     5,326       61,515  
Cenveo, Inc.*
     5,154       39,634  
Comfort Systems U.S.A., Inc.
     5,672       75,778  
COMSYS IT Partners, Inc.*
     16,249       157,940  
Corporate Executive Board Co. (The)
     18,128       566,500  
CoStar Group, Inc.*
     74,488       3,381,010  
Deluxe Corp.
     43,000       618,770  
EnergySolutions, Inc.
     29,438       294,380  
Ennis, Inc.
     49,100       759,086  
Exponent, Inc.*
     25,900       857,031  
Healthcare Services Group
     17,400       318,246  
IKON Office Solutions, Inc.
     1,353       23,015  
Interface, Inc., Class A
     51,900       590,103  
Kimball International, Inc., Class B
     21,900       236,520  
Knoll, Inc.
     103,336       1,562,440  
Layne Christensen Co.*
     9,500       336,585  
North American Galvanizing & Coating, Inc.*
     2,168       11,057  
On Assignment, Inc.*
     5,807       45,759  
PRG-Schultz International, Inc.*
     5,243       46,977  
Rollins, Inc.
     28,650       543,777  
Standard Parking Corp.*
     1,198       26,620  
SYKES Enterprises, Inc.*
     20,230       444,251  
United Stationers, Inc.*
     10,500       502,215  
Volt Information Sciences, Inc.*
     63,460       569,871  
Watson Wyatt Worldwide, Inc., Class A
     20,965       1,042,589  
 
              
 
             15,084,895  
 
              
Communications Equipment (1.4%)
                
ADC Telecommunications, Inc.*
     73,100       617,695  
Arris Group, Inc.*
     96,868       748,790  
Cogo Group, Inc.*
     6,245       32,911  
Comtech Telecommunications Corp.*
     1,008       49,634  
Emulex Corp.*
     59,345       633,211  
Harmonic, Inc.*
     5,038       42,571  
InterDigital, Inc.*
     9,280       223,184  
Ixia*
     30,700       226,259  
Netgear, Inc.*
     46,300       694,500  
Oplink Communications, Inc.*
     68,900       831,623  
Plantronics, Inc.
     1,414       31,843  
Powerwave Technologies, Inc.*
     427,800       1,694,088  
Riverbed Technology, Inc.*
     114,000       1,427,280  
Sycamore Networks, Inc.*
     160,300       517,769  
Tekelec*
     15,353       214,789  
 
              
 
             7,986,147  
 
              
Computers & Peripherals (0.4%)
                
BancTec, Inc.*
     108,400       384,820  
Lexmark International, Inc., Class A*
     19,068       621,045  
Novatel Wireless, Inc.*
     89,400       541,764  
QLogic Corp.*
     34,747       533,714  
Super Micro Computer, Inc.*
     275       2,477  
Western Digital Corp.*
     14,981       319,395  
 
              
 
             2,403,215  
 
              
Construction & Engineering (0.3%)
                
EMCOR Group, Inc.*
     41,220       1,084,910  
Michael Baker Corp.*
     13,883       483,128  
Perini Corp.*
     1,506       38,840  
Sterling Construction Co., Inc.*
     8,968       145,282  
 
              
 
             1,752,160  
 
              
Construction Materials (0.5%)
                
Eagle Materials, Inc.
     58,881       1,317,168  
Texas Industries, Inc.
     31,909       1,303,802  
 
              
 
             2,620,970  
 
              
Consumer Finance (0.3%)
                
Advance America Cash Advance Centers, Inc.
     9,735       29,108  
Advanta Corp., Class B
     87,700       721,771  
Cash America International, Inc.
     25,877       932,607  
Dollar Financial Corp.*
     4,623       71,148  
World Acceptance Corp.*
     2,860       102,960  
 
              
 
             1,857,594  
 
              
Containers & Packaging (1.0%)
                
AptarGroup, Inc.
     39,000       1,525,290  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Company Fund
                 
    Shares     Value  
Common Stocks (continued)
                
UNITED STATES (continued)
                
Containers & Packaging (continued)
                
Crown Holdings, Inc.*
     3,549     $ 78,823  
Greif, Inc., Class A
     14,800       971,176  
Myers Industries, Inc.
     45,100       568,711  
Rock-Tenn Co., Class A
     52,454       2,097,111  
Silgan Holdings, Inc.
     8,049       411,224  
 
              
 
             5,652,335  
 
              
Distributors (0.5%)
                
LKQ Corp.*
     154,749       2,626,090  
 
              
Diversified Consumer Services (1.4%)
                
American Public Education, Inc.*
     54,205       2,617,017  
Capella Education Co.*
     20,200       865,772  
Matthews International Corp., Class A
     16,500       837,210  
Strayer Education, Inc.
     16,764       3,357,159  
thinkorswim Group, Inc.*
     862       7,180  
 
              
 
             7,684,338  
 
              
Diversified Financial Services (0.7%)
                
Financial Federal Corp.
     94,150       2,157,918  
Interactive Brokers Group, Inc., Class A*
     79,908       1,771,560  
Pico Holdings, Inc.*
     1,800       64,638  
 
              
 
             3,994,116  
 
              
Diversified Telecommunication Services (0.3%)
                
CenturyTel, Inc.
     22,377       820,117  
Cogent Communications Group, Inc.*
     85,369       659,049  
NTELOS Holdings Corp.
     80       2,151  
 
              
 
             1,481,317  
 
              
Electric Utilities (1.0%)
                
Allete, Inc.
     9,900       440,550  
Brookfield Infrastructure Partners Limited Partnership
     107,225       1,686,649  
Central Vermont Public Service Corp.
     4,106       96,245  
El Paso Electric Co.*
     14,420       302,820  
Maine & Maritimes Corp.*
     580       19,111  
UIL Holdings Corp.
     18,300       628,239  
UniSource Energy Corp.
     25,900       756,021  
Westar Energy, Inc.
     74,000       1,704,960  
 
              
 
             5,634,595  
 
              
Electrical Equipment (0.9%)
                
A.O. Smith Corp.
     3,427       134,304  
Acuity Brands, Inc.
     6,724       280,794  
Belden, Inc.
     27,265       866,755  
Brady Corp., Class A
     26,233       925,500  
EnerSys*
     26,200       516,402  
General Cable Corp.*
     14,200       505,946  
GrafTech International Ltd.*
     25,941       391,969  
Hubbell, Inc., Class B
     2,980       104,449  
Regal-Beloit Corp.
     15,623       664,290  
Woodward Governor Co.
     10,823       381,727  
 
              
 
             4,772,136  
 
              
Electronic Equipment & Instruments (1.8%)
                
Anixter International, Inc.*
     3,900       232,089  
Avnet, Inc.*
     24,400       600,972  
Benchmark Electronics, Inc.*
     43,000       605,440  
Brightpoint, Inc.*
     78,654       566,309  
Cognex Corp.
     7,262       146,402  
Coherent, Inc.*
     468       16,637  
Dolby Laboratories, Inc., Class A*
     6,921       243,550  
DTS, Inc.*
     43,550       1,211,997  
Insight Enterprises, Inc.*
     15,381       206,259  
Itron, Inc.*
     504       44,619  
Jabil Circuit, Inc.
     20,342       194,063  
Methode Electronics, Inc.
     35,754       319,641  
Mettler-Toledo International, Inc.*
     11,610       1,137,780  
Multi-Fineline Electronix, Inc.*
     5,160       76,316  
Park Electrochemical Corp.
     27,100       656,904  
PC Mall, Inc.*
     9,448       64,530  
RadiSys Corp.*
     1,502       12,917  
Rofin-Sinar Technologies, Inc.*
     20,800       636,688  
Smart Modular Technologies, Inc.*
     171,120       513,360  
Technitrol, Inc.
     83,900       1,240,881  
Trimble Navigation Ltd.*
     12,777       330,413  
TTM Technologies, Inc.*
     71,586       710,133  
 
              
 
             9,767,900  
 
              
Energy Equipment & Services (1.7%)
                
Atwood Oceanics, Inc.*
     9,174       333,934  
Basic Energy Services, Inc.*
     54,633       1,163,683  
CARBO Ceramics, Inc.
     10,750       554,807  
Dawson Geophysical Co.*
     10,603       495,054  
Gulfmark Offshore, Inc.*
     16,100       722,568  
ION Geophysical Corp.*
     63,671       903,491  
NATCO Group, Inc., Class A*
     29,700       1,193,346  
National Oilwell Varco, Inc.*
     3,204       160,937  
Natural Gas Services Group, Inc.*
     25,830       451,250  
Oceaneering International, Inc.*
     14,000       746,480  
Oil States International, Inc.*
     18,437       651,748  
Superior Energy Services, Inc.*
     6,400       199,296  
Tidewater, Inc.
     18,900       1,046,304  
Unit Corp.*
     12,707       633,063  
 
              
 
             9,255,961  
 
              
Food & Staples Retailing (1.3%)
                
Andersons, Inc. (The)
     39,651       1,396,508  
BJ’s Wholesale Club, Inc.*
     41,390       1,608,415  
Nash Finch Co.
     5,446       234,832  
Ruddick Corp.
     55,500       1,800,975  
Spartan Stores, Inc.
     61,500       1,530,120  
Weis Markets, Inc.
     20,200       727,402  
 
              
 
             7,298,252  
 
              
Food Products (0.5%)
                
Darling International, Inc.*
     58,263       647,302  
Hain Celestial Group, Inc.*
     3,920       107,918  
J&J Snack Foods Corp.
     11,083       375,825  
Overhill Farms, Inc.*
     12,583       64,802  
Ralcorp Holdings, Inc.*
     19,196       1,294,002  
TreeHouse Foods, Inc.*
     3,871       114,969  
 
              
 
             2,604,818  
 
              
Health Care Equipment & Supplies (2.4%)
                
Abaxis, Inc.*
     9,700       191,090  
ABIOMED, Inc.*
     62,900       1,116,475  
American Medical Systems Holdings, Inc.*
     50,493       896,756  
Analogic Corp.
     7,395       367,975  
ArthroCare Corp.*
     15,205       421,483  
CONMED Corp.*
     60,278       1,928,896  
CryoLife, Inc.*
     7,065       92,693  
Cutera, Inc.*
     69,800       740,578  
Cyberonics, Inc.*
     5,377       91,409  
Cynosure, Inc., Class A*
     1,513       27,143  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Company Fund
                 
    Shares     Value  
Common Stocks (continued)
                
UNITED STATES (continued)
                
Health Care Equipment & Supplies (continued)
                
Edwards Lifesciences Corp.*
     1,115     $ 64,402  
Exactech, Inc.*
     1,015       22,574  
Haemonetics Corp.*
     14,000       864,080  
IDEXX Laboratories, Inc.*
     13,604       745,499  
Immucor, Inc.*
     16,300       520,948  
Integra LifeSciences Holdings Corp.*
     13,900       612,017  
Invacare Corp.
     14,736       355,727  
Inverness Medical Innovations, Inc.*
     37,450       1,123,500  
Kensey Nash Corp.*
     2,469       77,675  
NuVasive, Inc.*
     34,400       1,696,952  
Sirona Dental Systems, Inc.*
     13,200       307,296  
STERIS Corp.
     1,152       43,292  
SurModics, Inc.*
     11,800       371,582  
Synovis Life Technologies, Inc.*
     1,467       27,609  
Thoratec Corp.*
     4,418       115,972  
Wright Medical Group, Inc.*
     18,900       575,316  
 
              
 
             13,398,939  
 
              
Health Care Providers & Services (2.6%)
                
AMERIGROUP Corp.*
     47,531       1,200,158  
AMN Healthcare Services, Inc.*
     55,900       982,163  
Amsurg Corp.*
     13,534       344,711  
Apria Healthcare Group, Inc.*
     49,061       894,873  
athenahealth, Inc.*
     91,467       3,043,107  
Centene Corp.*
     27,969       573,644  
Emergency Medical Services Corp., Class A*
     517       15,448  
Five Star Quality Care, Inc.*
     69,810       261,788  
Hanger Orthopedic Group, Inc.*
     4,316       75,314  
HealthSouth Corp.*
     2,682       49,429  
HealthSpring, Inc.*
     71,300       1,508,708  
Healthways, Inc.*
     77,050       1,242,816  
Henry Schein, Inc.*
     10,700       576,088  
Hooper Holmes, Inc.*
     262,300       340,990  
Hythiam, Inc.*
     178,695       230,517  
LHC Group, Inc.*
     607       17,287  
Molina Healthcare, Inc.*
     28,408       880,648  
MWI Veterinary Supply, Inc.*
     11,800       463,622  
Owens & Minor, Inc.
     32,287       1,565,919  
Pediatrix Medical Group, Inc.*
     3,499       188,666  
PSS World Medical, Inc.*
     10,529       205,316  
 
              
 
             14,661,212  
 
              
Health Care Technology (0.7%)
                
Allscripts Healthcare Solutions, Inc.
     124,600       1,550,024  
Cerner Corp.*
     20,150       899,496  
Omnicell, Inc.*
     79,250       1,042,137  
Phase Forward, Inc.*
     30,900       646,119  
 
              
 
             4,137,776  
 
              
Hotels, Restaurants & Leisure (3.0%)
                
AFC Enterprises*
     23,139       167,989  
Ambassadors Group, Inc.
     44,115       701,870  
Bally Technologies, Inc.*
     17,596       532,807  
BJ’s Restaurants, Inc.*
     45,022       537,563  
Bob Evans Farms, Inc.
     1,865       50,896  
CBRL Group, Inc.
     33,015       868,295  
CEC Entertainment, Inc.*
     30,162       1,001,378  
Choice Hotels International, Inc.
     6,440       174,524  
Denny’s Corp.*
     126,359       326,006  
Domino’s Pizza, Inc.*
     24,715       300,040  
Einstein Noah Restaurant Group, Inc.*
     2,751       27,730  
Gaylord Entertainment Co.*
     94,000       2,760,780  
Great Wolf Resorts, Inc.*
     80,170       293,422  
International Speedway Corp., Class A*
     6,897       268,362  
Isle of Capri Casinos, Inc.*
     3,661       33,022  
P.F. Chang’s China Bistro, Inc.*
     49,430       1,163,582  
Premier Exhibitions, Inc.*
     39,622       71,320  
Ruby Tuesday, Inc.
     286,850       1,660,861  
Ruth’s Hospitality Group, Inc.*
     46,440       182,509  
Scientific Games Corp., Class A*
     100,900       2,322,718  
Speedway Motorsports, Inc.
     10,830       210,968  
Texas Roadhouse, Inc., Class A*
     122,544       1,101,671  
Vail Resorts, Inc.*
     44,250       1,546,538  
WMS Industries, Inc.*
     7,605       232,485  
 
              
 
             16,537,336  
 
              
Household Durables (0.3%)
                
Harman International Industries, Inc.
     5,400       183,978  
iRobot Corp.*
     30,373       450,128  
M/I Homes, Inc.
     24,200       551,276  
Tupperware Brands Corp.
     16,688       461,089  
 
              
 
             1,646,471  
 
              
Household Products (0.3%)
                
Church & Dwight Co., Inc.
     26,300       1,632,967  
WD-40 Co.
     1,045       37,547  
 
              
 
             1,670,514  
 
              
Industrial Conglomerate (0.1%)
                
Raven Industries, Inc.
     10,337       406,761  
 
              
Information Technology Services (1.6%)
                
Acxiom Corp.
     33,036       414,271  
Broadridge Financial Solutions, Inc.
     11,527       177,401  
CACI International, Inc., Class A*
     29,971       1,501,547  
CIBER, Inc.*
     50,301       351,604  
CSG Systems International, Inc.*
     65,692       1,151,581  
Forrester Research, Inc.*
     49,489       1,451,017  
Gartner, Inc.*
     4,521       102,536  
Gevity HR, Inc.
     120,200       875,056  
Global Cash Access Holdings, Inc.*
     17,157       86,814  
Hewitt Associates, Inc., Class A*
     5,426       197,723  
Information Services Group, Inc.*
     102,542       502,456  
Mantech International Corp., Class A*
     14,542       862,195  
NCI, Inc., Class A*
     27,672       788,099  
Perot Systems Corp., Class A*
     18,550       321,843  
SAIC, Inc.*
     7,325       148,185  
 
              
 
             8,932,328  
 
              
Insurance (2.4%)
                
American Equity Investment Life Holding Co.
     147,600       1,107,000  
American Financial Group, Inc.
     9,934       293,053  
American Physicians Service Group, Inc.
     1,531       32,411  
Amerisafe, Inc.*
     8,835       160,797  
Amtrust Financial Services, Inc.
     72,160       980,654  
Brown & Brown, Inc.
     22,100       477,802  
FBL Financial Group, Inc., Class A
     26,000       725,140  
Hanover Insurance Group, Inc. (The)
     13,800       628,176  
Harleysville Group, Inc.
     7,437       281,119  
Infinity Property & Casualty Corp.
     17,700       729,240  
LandAmerica Financial Group, Inc.
     27,400       664,450  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Company Fund
                 
    Shares     Value  
Common Stocks (continued)
                
UNITED STATES (continued)
                
Insurance (continued)
                
Navigators Group, Inc.*
     16,645     $ 965,410  
Phoenix Cos., Inc. (The)
     76,700       708,708  
Presidential Life Corp.
     53,500       844,765  
Reinsurance Group of America, Inc., Class B*
     24,878       1,179,715  
Safety Insurance Group, Inc.
     27,200       1,031,696  
Selective Insurance Group
     63,144       1,447,261  
United Fire & Casualty Co.
     9,490       271,319  
Zenith National Insurance Corp.
     20,500       751,120  
 
              
 
             13,279,836  
 
              
Internet & Catalog Retail (0.5%)
                
1-800-FLOWERS.COM, Inc., Class A*
     16,999       102,334  
Blue Nile, Inc.*
     46,411       1,989,640  
Stamps.com, Inc.*
     63,900       745,713  
 
              
 
             2,837,687  
 
              
Internet Software & Services (2.8%)
                
Bankrate, Inc.*
     66,112       2,572,418  
Chordiant Software, Inc.*
     137,400       704,862  
comScore, Inc.*
     23,127       407,729  
Constant Contact, Inc.*
     123,550       2,108,999  
DealerTrack Holdings, Inc.*
     79,650       1,341,306  
Dice Holdings, Inc.*
     11,193       79,470  
EarthLink, Inc.*
     171,154       1,454,809  
GSI Commerce, Inc.*
     48,114       744,805  
LoopNet, Inc.*
     81,700       803,111  
Ning, Inc.*
     63,095       451,129  
Omniture, Inc.*
     110,900       2,036,124  
United Online, Inc.
     95,457       898,250  
ValueClick, Inc.*
     15,600       159,588  
Vocus, Inc.*
     51,300       1,742,148  
Websense, Inc.*
     4,500       100,575  
 
              
 
             15,605,323  
 
              
Leisure Equipment & Products (0.5%)
                
Arctic Cat, Inc.
     69,100       632,265  
JAKKS Pacific, Inc.*
     22,406       558,133  
Nautilus, Inc.*
     135,300       618,321  
Polaris Industries, Inc.
     21,195       964,161  
RC2 Corp.*
     326       6,520  
Sport Supply Group, Inc.
     3,697       40,667  
 
              
 
             2,820,067  
 
              
Life Sciences Tools & Services (1.1%)
                
Bio-Rad Laboratories, Inc., Class A*
     1,310       129,847  
Dionex Corp.*
     11,300       718,115  
Illumina, Inc.*
     34,990       1,418,145  
Invitrogen Corp.*
     20,298       767,264  
Techne Corp.
     40,540       2,923,745  
 
              
 
             5,957,116  
 
              
Machinery (3.6%)
                
Actuant Corp., Class A*
     6,183       156,059  
Altra Holdings, Inc.*
     2,626       38,760  
Applied Industrial Technologies, Inc.
     27,304       735,297  
Astec Industries, Inc.*
     9,500       292,885  
Barnes Group, Inc.
     47,300       956,406  
Blount International, Inc.*
     70,900       789,117  
Bucyrus International, Inc.,
     41,300       1,845,284  
Chart Industries, Inc.*
     40,248       1,149,483  
Clarcor, Inc.
     29,000       1,100,550  
Columbus McKinnon Corp.*
     10,091       237,845  
Dynamic Materials Corp.
     13,889       322,364  
EnPro Industries, Inc.*
     14,475       537,891  
Gardner Denver, Inc.*
     11,986       416,154  
Hardinge, Inc.
     52,803       670,598  
Hurco Cos., Inc.*
     11,840       350,109  
IDEX Corp.
     46,534       1,443,485  
Imation Corp.
     28,900       652,851  
Lindsay Corp.
     4,800       349,200  
Lydall, Inc.*
     2,368       22,804  
Middleby Corp.*
     31,765       1,725,157  
Mueller Industries, Inc.
     31,600       727,116  
Nordson Corp.
     11,841       581,511  
Robbins & Myers, Inc.
     31,484       973,800  
Sauer-Danfoss, Inc.
     15,182       374,843  
Sun Hydraulics Corp.
     12,750       332,010  
Tecumseh Products Co., Class A*
     8,854       221,704  
Tennant Co.
     4,800       164,448  
Thermadyne Holdings Corp.*
     1,999       33,323  
Titan International, Inc.
     10,425       222,261  
Toro Co.
     14,811       611,694  
Valmont Industries, Inc.
     3,900       322,491  
Wabtec Corp.
     32,140       1,646,532  
 
              
 
             20,004,032  
 
              
Marine (0.3%)
                
Horizon Lines, Inc., Class A
     30,123       297,314  
Kirby Corp.*
     13,438       509,838  
TBS International Ltd., Class A*
     51,292       690,390  
 
              
 
             1,497,542  
 
              
Media (1.2%)
                
Arbitron, Inc.
     10,480       468,351  
Carmike Cinemas, Inc.
     4,171       15,349  
CKX, Inc.
     83,657       515,327  
DreamWorks Animation SKG, Inc., Class A*
     27,072       851,415  
GateHouse Media, Inc.
     88,522       43,376  
Interactive Data Corp.
     25,659       647,120  
Journal Communications, Inc., Class A
     73,900       360,632  
Lakes Entertainment, Inc.
     46,938       308,852  
Marvel Entertainment, Inc.*
     41,698       1,423,570  
Mediacom Communications Corp., Class A*
     7,902       46,780  
Morningstar, Inc.*
     14,232       789,449  
Regal Entertainment Group, Class A
     47,468       749,045  
Valassis Communications, Inc.*
     36,311       314,453  
 
              
 
             6,533,719  
 
              
Metals & Mining (0.7%)
                
Century Aluminum Co.*
     4,976       137,786  
Commercial Metals Co.
     36,861       622,582  
Compass Minerals International, Inc.
     22,561       1,181,971  
Haynes International, Inc.*
     11,200       524,496  
Olympic Steel, Inc.
     1,615       47,626  
Schnitzer Steel Industries, Inc., Class A
     14,707       577,103  
Steel Dynamics, Inc.
     42,400       724,616  
 
              
 
             3,816,180  
 
              
Multi-Utility (0.2%)
                
Black Hills Corp.
     21,300       661,791  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Company Fund
                 
    Shares     Value  
Common Stocks (continued)
                
UNITED STATES (continued)
                
Multi-Utility (continued)
                
PNM Resources, Inc.
     32,800     $ 335,872  
 
              
 
             997,663  
 
              
Multiline Retail (0.2%)
                
Big Lots, Inc.*
     28,553       794,630  
Dollar Tree, Inc.*
     11,367       413,304  
 
              
 
             1,207,934  
 
              
Natural Gas Utility (1.4%)
                
Atmos Energy Corp.
     9,935       264,470  
Energen Corp.
     12,800       579,584  
Laclede Group, Inc. (The)
     22,374       1,084,915  
New Jersey Resources Corp.
     21,550       773,430  
Nicor, Inc.
     20,090       890,991  
Northwest Natural Gas Co.
     3,900       202,800  
Piedmont Natural Gas Co.
     19,131       611,427  
South Jersey Industries, Inc.
     9,500       339,150  
Southwest Gas Corp.
     36,000       1,089,360  
UGI Corp.
     28,731       740,685  
WGL Holdings, Inc.
     32,600       1,057,870  
 
              
 
             7,634,682  
 
              
Office Electronics (0.1%)
                
Zebra Technologies Corp., Class A*
     20,147       561,094  
 
              
Oil, Gas & Consumable Fuels (3.3%)
                
Alon USA Energy, Inc.
     35,600       479,888  
Arena Resources, Inc.*
     24,000       932,400  
Berry Petroleum Co., Class A
     23,920       926,422  
Bill Barrett Corp.*
     62,250       1,998,847  
BPZ Resources, Inc.*
     26,200       450,640  
Cabot Oil & Gas Corp.
     9,200       332,488  
Carrizo Oil & Gas, Inc.*
     44,854       1,626,854  
Concho Resources, Inc.*
     18,200       502,502  
Contango Oil & Gas Co.*
     31,642       1,708,035  
Delek US Holdings, Inc.
     31,100       288,297  
Evergreen Energy, Inc.*
     214,160       201,310  
Foundation Coal Holdings, Inc.
     13,600       483,888  
GeoMet, Inc.*
     19,341       105,215  
GMX Resources, Inc.*
     31,222       1,492,412  
McMoRan Exploration Co.*
     20,245       478,592  
Parallel Petroleum Corp.*
     71,050       669,291  
Penn Virginia Corp.
     6,984       373,225  
PetroHawk Energy Corp.*
     18,690       404,265  
PetroQuest Energy, Inc.*
     5,268       80,864  
Quicksilver Resources, Inc.*
     14,200       278,746  
Rex Energy Corp.*
     21,500       338,840  
Rosetta Resources, Inc.*
     17,863       327,965  
Southern Union Co.
     18,800       388,220  
St. Mary Land & Exploration Co.
     21,300       759,345  
Stone Energy Corp.*
     14,540       615,478  
Swift Energy Co.*
     15,000       580,350  
USEC, Inc.*
     147,100       795,811  
W&T Offshore, Inc.
     5,852       159,701  
Walter Industries, Inc.
     9,500       450,775  
Warren Resources, Inc.*
     2,470       24,651  
Western Refining, Inc.
     33,700       340,707  
 
              
 
             18,596,024  
 
              
Paper & Forest Products (0.3%)
                
Buckeye Technologies, Inc.*
     97,743       800,515  
KapStone Paper and Packaging Corp.*
     10,318       65,519  
Wausau Paper Corp.
     87,500       886,375  
 
              
 
             1,752,409  
 
              
Personal Products (1.1%)
                
Alberto-Culver Co.
     113,000       3,078,120  
Chattem, Inc.*
     16,000       1,250,880  
Elizabeth Arden, Inc.*
     29,200       573,196  
Physicians Formula Holdings, Inc.*
     80,646       479,844  
Prestige Brands Holdings, Inc.*
     114,221       1,014,282  
 
              
 
             6,396,322  
 
              
Pharmaceuticals (0.6%)
                
King Pharmaceuticals, Inc.*
     53,339       510,988  
KV Pharmaceutical Co., Class A*
     16,256       369,174  
Matrixx Initiatives, Inc.*
     1,012       18,206  
Medicines Co. (The)*
     1,106       25,681  
Medicis Pharmaceutical Corp., Class A
     33,335       497,025  
Microbia, Inc.*
     93,487       1,121,844  
Questcor Pharmaceuticals, Inc.*
     3,346       24,593  
Sucampo Pharmaceuticals, Inc., Class A*
     1,649       14,066  
Vivus, Inc.*
     69,815       554,331  
 
              
 
             3,135,908  
 
              
Real Estate Investment Trusts (2.7%)
                
Alexander’s, Inc.
     106       42,400  
Apartment Investment & Management Co., Class A
     450       15,759  
Arbor Realty Trust, Inc.
     43,000       430,000  
Ashford Hospitality Trust, Inc.
     336,300       1,362,015  
Associated Estates Realty Corp.
     4,906       63,925  
BioMed Realty Trust, Inc.
     11,990       317,136  
Capital Trust, Inc., Class A
     21,200       328,600  
CBRE Realty Finance, Inc.
     143,199       193,319  
Cedar Shopping Centers, Inc.
     43,080       569,518  
DiamondRock Hospitality Co.
     47,300       430,430  
Duke Realty Corp.
     12,500       307,250  
Entertainment Properties Trust
     48,796       2,670,117  
Equity Lifestyle Properties, Inc.
     16,886       895,465  
Essex Property Trust, Inc.
     5,077       600,761  
Extra Space Storage, Inc.
     13,714       210,647  
Getty Realty Corp.
     40,200       894,048  
Gramercy Capital Corp.
     34,000       88,060  
Hersha Hospitality Trust
     165,250       1,229,460  
Lexington Realty Trust
     51,429       885,607  
Medical Properties Trust, Inc.
     4,000       45,400  
MFA Mortgage Investments, Inc.
     131,870       857,155  
Mid-America Apartment Communities, Inc.
     4,624       227,223  
NorthStar Realty Finance Corp.
     56,000       434,000  
Pennsylvania Real Estate Investment Trust
     34,500       650,325  
Senior Housing Properties Trust
     6,018       143,409  
Sovran Self Storage, Inc.
     1,960       88,063  
Taubman Centers, Inc.
     17,956       897,800  
 
              
 
             14,877,892  
 
              
Real Estate Management & Development (0.1%)
                
Consolidated-Tomoka Land Co.
     5,699       246,140  
FX Real Estate and Entertainment, Inc.*
     10,844       11,278  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Company Fund
                 
    Shares     Value  
Common Stocks (continued)
                
UNITED STATES (continued)
                
Real Estate Management & Development (continued)
                
Housevalues, Inc.*
     44,240     $ 117,236  
 
              
 
             374,654  
 
              
Road & Rail (2.0%)
                
Arkansas Best Corp.
     31,774       1,070,466  
Avis Budget Group, Inc.*
     4,529       25,997  
Celadon Group, Inc.*
     177,300       2,033,631  
Heartland Express, Inc.
     17,633       273,664  
J.B. Hunt Transport Services, Inc.
     95,200       3,176,824  
Kansas City Southern*
     77,850       3,453,426  
Knight Transportation, Inc.
     46,000       780,620  
Landstar System, Inc.
     5,696       250,966  
USA Truck, Inc.*
     2,252       35,919  
Werner Enterprises, Inc.
     3,592       77,982  
YRC Worldwide, Inc.*
     12,661       151,426  
 
              
 
             11,330,921  
 
              
Semiconductors & Semiconductor Equipment (1.1%)
                
Amkor Technology, Inc.*
     38,678       246,379  
Cirrus Logic, Inc.*
     16,175       88,154  
Cohu, Inc.
     34,000       537,880  
Conexant Systems, Inc.*
     10,795       43,288  
Integrated Device Technology, Inc.*
     184,100       1,432,298  
Kulicke & Soffa Industries, Inc.*
     15,393       69,422  
Microsemi Corp.*
     12,989       330,960  
National Semiconductor Corp.
     5,103       87,823  
Silicon Image, Inc.*
     45,327       242,046  
Skyworks Solutions, Inc.*
     59,912       500,864  
Standard Microsystems Corp.*
     19,655       490,982  
Teradyne, Inc.*
     67,400       526,394  
Tessera Technologies, Inc.*
     22,885       373,941  
TriQuint Semiconductor, Inc.*
     23,370       111,942  
Ultra Clean Holdings, Inc.*
     65,800       331,632  
Ultratech, Inc.*
     1,053       12,741  
Varian Semiconductor Equipment Associates, Inc.*
     1,239       31,124  
Volterra Semiconductor Corp.*
     15,792       201,032  
Zoran Corp.*
     76,800       626,688  
 
              
 
             6,285,590  
 
              
Software (4.3%)
                
ANSYS, Inc.*
     4,181       158,334  
Blackbaud, Inc.
     149,550       2,759,198  
Blackboard, Inc.*
     122,660       4,941,971  
Commvault Systems, Inc.*
     117,350       1,414,068  
Compuware Corp.*
     31,122       301,572  
Concur Technologies, Inc.*
     44,650       1,708,309  
EPIQ Systems, Inc.*
     93,130       1,266,568  
FactSet Research Systems, Inc.
     50,000       2,612,500  
JDA Software Group, Inc.*
     4,930       74,985  
Magma Design Automation, Inc.*
     49,200       197,784  
Mentor Graphics Corp.*
     37,767       428,655  
MICROS Systems, Inc.*
     122,940       3,277,580  
Monotype Imaging Holdings, Inc.*
     59,634       663,726  
NetSuite, Inc.*
     19,255       346,975  
Parametric Technology Corp.*
     42,130       775,192  
Quest Software, Inc.*
     48,950       621,176  
Radiant Systems, Inc.*
     3,480       30,241  
Soapstone Networks, Inc.*
     16,389       54,903  
Solera Holdings, Inc.*
     27,200       781,184  
SPSS, Inc.*
     6,710       197,006  
Sybase, Inc.*
     28,074       859,626  
Symyx Technologies, Inc.*
     1,460       14,469  
Synopsys, Inc.*
     31,622       630,859  
Take-Two Interactive Software, Inc.
     2,415       39,606  
 
              
 
             24,156,487  
 
              
Specialty Retail (2.6%)
                
America’s Car-Mart, Inc.*
     6,633       123,307  
Asbury Automotive Group, Inc.
     44,850       516,672  
Brown Shoe Co., Inc.
     50,400       825,552  
Cabela’s, Inc.*
     74,570       900,806  
Citi Trends, Inc.*
     37,159       605,320  
Coldwater Creek, Inc.*
     33,240       192,460  
Dick’s Sporting Goods, Inc.*
     12,590       246,512  
Dress Barn, Inc.*
     32,612       498,637  
Finish Line (The), Class A
     5,042       50,370  
Genesco, Inc.
     15,630       523,292  
Guess?, Inc.
     17,866       621,558  
Gymboree Corp.*
     10,663       378,537  
Haverty Furniture Cos., Inc.
     63,000       720,720  
Hibbett Sports, Inc.*
     13,300       266,266  
Jo-Ann Stores, Inc.*
     25,829       541,892  
JOS. A. Bank Clothiers, Inc.*
     35,600       1,196,160  
New York & Co., Inc.*
     24,202       230,887  
O’Reilly Automotive, Inc.*
     86,780       2,323,101  
OfficeMax, Inc.
     46,300       411,607  
Pier 1 Imports, Inc.*
     200,800       829,304  
RadioShack Corp.
     27,812       480,591  
Rent-A-Center, Inc.*
     2,696       60,067  
Sally Beauty Holdings, Inc.*
     39,200       337,120  
Sonic Automotive, Inc., Class A
     66,300       560,898  
Stage Stores, Inc.
     39,715       542,507  
Tractor Supply Co.*
     14,155       595,218  
Wet Seal, Inc. (The), Class A*
     8,258       29,977  
 
              
 
             14,609,338  
 
              
Textiles, Apparel & Luxury Goods (1.2%)
                
American Apparel, Inc.*
     47,600       390,320  
Deckers Outdoor Corp.*
     136       14,155  
Fossil, Inc.*
     2,013       56,827  
Iconix Brand Group, Inc.*
     64,800       847,584  
Jones Apparel Group, Inc.
     17,700       327,627  
Perry Ellis International, Inc.*
     40,743       607,478  
Phillips-Van Heusen Corp.
     35,640       1,351,112  
Skechers USA, Inc., Class A*
     8,567       144,183  
Steven Madden Ltd.*
     30,500       755,790  
Timberland Co., Class A*
     6,500       112,905  
True Religion Apparel, Inc.*
     4,209       108,803  
UniFirst Corp.
     2,427       104,579  
Warnaco Group, Inc. (The)*
     17,417       788,816  
Wolverine World Wide, Inc.
     30,027       794,514  
 
              
 
             6,404,693  
 
              
Thrifts & Mortgage Finance (0.7%)
                
Brookline Bancorp, Inc.
     27,800       355,562  
Charter Financial Corp.
     656       7,052  
Dime Community Bancshares
     40,550       617,171  
Flushing Financial Corp.
     15,100       264,250  
MGIC Investment Corp.
     102,800       722,684  
Northwest Bancorp, Inc.
     23,670       651,872  
TrustCo Bank Corp. NY
     25,151       294,518  
ViewPoint Financial Group
     18,000       315,000  
Washington Federal, Inc.
     17,783       328,096  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Company Fund
                 
    Shares     Value  
Common Stocks (continued)
                
UNITED STATES (continued)
                
Thrifts & Mortgage Finance (continued)
                
Westfield Financial, Inc.
     34,600     $ 356,380  
 
              
 
             3,912,585  
 
              
Tobacco (0.0%)
                
Alliance One International, Inc.*
     11,653       44,281  
 
              
Trading Companies & Distributors (0.4%)
                
Beacon Roofing Supply, Inc.*
     31,420       490,780  
BlueLinx Holdings, Inc.
     3,016       15,955  
H&E Equipment Services, Inc.*
     11,700       113,022  
Interline Brands, Inc.*
     25,844       418,931  
Rush Enterprises, Inc., Class A*
     15,089       193,139  
WESCO International, Inc.*
     30,510       981,812  
 
              
 
             2,213,639  
 
              
Wireless Telecommunication Services (0.3%)
                
Centennial Communications Corp.*
     139,100       867,984  
Syniverse Holdings, Inc.*
     44,781       743,812  
 
              
 
             1,611,796  
 
              
 
             416,105,646  
 
              
Total Common Stocks
             527,860,518  
 
              
 
                
Exchange Traded Funds (0.2%)(a)
                
Australian Infrastructure Fund
     460,308       804,298  
Hastings Diversified Utilities Fund
     96,996       185,680  
Total Exchange Traded Funds
             989,978  
 
              
 
                
Preferred Stock (0.0%)(a)
                
GERMANY (0.0%)
                
Media (0.0%)
                
ProSiebenSat.1 Media AG
     5,105       33,947  
 
              
                 
    Principal    
    Amount   Value
Warrants (0.0%)(a)
                
UNITED STATES (0.0%)
                
Hythiam, Inc. , 0.00%, Expiring 11/06/12
     43,900       0
 
            
                 
    Shares     Value  
Mutual Funds (4.0%)(b)
                
AIM Liquid Assets Portfolio
     22,353,578       22,353,578  
 
              
Total Investments
                
(Cost $613,139,398) (c) — 98.9%
             551,238,021  
Other assets in excess of liabilities — 1.1%
             5,972,863  
 
              
NET ASSETS — 100.0%
           $ 557,210,884  
 
              
 
*   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 September 30, 2008. The maturity date represents the actual maturity date.
 
(c)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
ADR   American Depositary Receipt
 
BR   Brazil
 
CA   Canada
 
CN   China
 
IE   Ireland
 
IN   India
 
IT   Italy
 
KR   Korea
 
MX   Mexico
 
NL   Netherlands
 
RNC   Savings Shares
 
TW   Taiwan
 
UK   United Kingdom
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Technology and Communications Fund
                 
    Shares     Value  
Common Stocks (94.8%)
                
Communications Equipment (14.7%)
                
Cisco Systems, Inc. *
     42,779     $ 965,094  
Comverse Technology, Inc. *
     50,570       483,955  
Neutral Tandem, Inc. *(a)
     23,312       432,204  
Nokia OYJ ADR – FI
     41,052       765,620  
QUALCOMM, Inc.
     33,347       1,432,921  
Research In Motion Ltd. *
     8,516       581,643  
 
              
 
             4,661,437  
 
              
Computers & Peripherals (14.5%)
                
Acer, Inc. (b)
     109,620       186,709  
Apple, Inc. *
     4,387       498,626  
Dell, Inc. *
     50,940       839,491  
EMC Corp. *
     25,920       310,003  
International Business Machines Corp.
     5,259       615,093  
NetApp, Inc. *
     26,270       478,902  
Palm, Inc. *(a)
     104,060       621,238  
Seagate Technology
     43,840       531,341  
Wincor Nixdorf AG (b)
     9,000       533,237  
 
              
 
             4,614,640  
 
              
Consumer Finance (0.9%)
                
MasterCard, Inc., Class A
     1,600       283,728  
 
              
Electronic Equipment & Instruments (3.6%)
                
Anixter International, Inc. *(a)
     11,000       654,610  
Omron Corp. (b)
     31,116       483,060  
 
              
 
             1,137,670  
 
              
Information Technology Services (11.9%)
                
Alliance Data Systems Corp. *(a)
     12,300       779,574  
Automatic Data Processing, Inc.
     16,560       707,940  
Cognizant Technology Solutions Corp., Class A *
     39,625       904,639  
Euronet Worldwide, Inc. *(a)
     39,860       666,858  
Wright Express Corp. *
     24,000       709,440  
 
              
 
             3,768,451  
 
              
Internet Software & Services (4.8%)
                
Google, Inc., Class A *
     2,185       875,136  
Omniture, Inc. *(a)
     35,000       642,600  
 
              
 
             1,517,736  
 
              
Machinery (1.7%)(b)
                
Fanuc Ltd.
     7,013       527,675  
 
              
Office Electronics (1.5%)(b)
                
Canon, Inc.
     12,700       481,536  
 
              
Semiconductors & Semiconductor Equipment (18.1%)
                
ASM Pacific Technology Ltd. (b)
     59,500       343,919  
Elpida Memory, Inc. *(b)
     20,661       388,378  
FEI Co. *
     9,460       225,243  
Intel Corp.
     35,391       662,873  
Microsemi Corp. *
     36,490       929,765  
NVIDIA Corp. *
     57,870       619,788  
Samsung Electronics Co. Ltd. GDR – KR
     4,350       669,465  
Tessera Technologies, Inc. *
     77,810       1,271,415  
Texas Instruments, Inc.
     29,221       628,252  
 
              
 
             5,739,098  
 
              
Software (19.5%)
                
Adobe Systems, Inc. *
     18,700       738,089  
Check Point Software Technologies Ltd. *(a)
     24,490       556,903  
Citrix Systems, Inc. *
     28,710       725,214  
                 
    Shares or        
    Principal        
    Amount     Value  
Common Stocks (continued)
                
Software (continued)
                
Electronic Arts, Inc. *
     18,223     $ 674,069  
Microsoft Corp.
     36,734       980,430  
Novell, Inc. *
     62,300       320,222  
Oracle Corp. *
     30,088       611,087  
Quest Software, Inc. *
     23,710       300,880  
Solera Holdings, Inc. *
     11,500       330,280  
Synopsys, Inc. *
     31,940       637,203  
VMware, Inc., Class A *(a)
     11,470       305,561  
 
              
 
             6,179,938  
 
              
Wireless Telecommunication Services (3.6%)
                
American Tower Corp., Class A *
     18,531       666,560  
Vodafone Group PLC (b)
     216,840       478,806  
 
              
 
             1,145,366  
 
              
Total Common Stocks
             30,057,275  
 
              
Repurchase Agreement (0.1%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $25,049, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $25,549
   $ 25,048       25,048  
 
              
Total Repurchase Agreement
             25,048  
 
              
                 
    Principal        
    Amount     Value  
Securities Purchased With Collateral For Securities On Loan (10.5%)
                
Repurchase Agreement (10.5%)
                
Barclays Capital, 2.25%, dated 09/30/08, due 10/01/08, repurchase price $3,334,025, collateralized by U.S. Government Agency Mortgages ranging 3.17% - 6.00%, maturing 12/01/17 - 10/25/38; total market value of $3,400,469
     3,333,793       3,333,793  
 
              
Total Investments
(Cost $38,533,848) (c) — 105.4%
             33,416,116  
Liabilities in excess of other assets — (5.4)%
             (1,720,187 )
 
              
NET ASSETS — 100.0%
           $ 31,695,929  
 
              
 
*   Denotes a non-income producing security.
 
(a)   All or a part of the security was on loan as of September 30, 2008.
 
(b)   Fair Valued Security.
 
(c)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
ADR   American Depositary Receipt
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Technology and Communications Fund
     
FI   Finland
 
GDR   Global Depositary Receipt
 
KR   Korea
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Health Sciences Fund
                 
    Shares     Value  
Common Stocks (99.9%)
                
Biotechnology (21.3%)
                
Amgen, Inc. *
     28,030     $ 1,661,338  
Amylin Pharmaceuticals, Inc. *
     6,630       134,059  
Array BioPharma, Inc. *
     54,490       418,483  
Biogen Idec, Inc. *
     21,200       1,066,148  
Celgene Corp. *
     14,050       889,084  
Cephalon, Inc. *
     19,000       1,472,310  
Enzon Pharmaceuticals, Inc. *
     20,970       154,759  
Genentech, Inc. *
     23,100       2,048,508  
Gilead Sciences, Inc. *
     70,966       3,234,630  
ImClone Systems, Inc. *
     16,290       1,017,147  
Myriad Genetics, Inc. *
     11,700       759,096  
United Therapeutics Corp. *
     10,400       1,093,768  
 
              
 
             13,949,330  
 
              
Chemicals (0.2%)
                
Monsanto Co.
     1,300       128,674  
 
              
Food & Staples Retailing (0.9%)
                
CVS Caremark Corp.
     17,278       581,577  
 
              
Health Care Equipment & Supplies (17.8%)
                
Baxter International, Inc.
     41,460       2,721,020  
Becton, Dickinson & Co.
     4,810       386,051  
Boston Scientific Corp. *
     71,630       878,900  
Cooper Cos., Inc. (The)
     19,000       660,440  
Covidien Ltd.
     12,300       661,248  
Hologic, Inc. *
     21,800       421,394  
Hospira, Inc. *
     20,800       794,560  
IDEXX Laboratories, Inc. *
     7,720       423,056  
Insulet Corp. *(a)
     22,190       308,885  
Masimo Corp. *
     21,220       789,384  
Medtronic, Inc.
     19,990       1,001,499  
Sirona Dental Systems, Inc. *
     11,200       260,736  
St. Jude Medical, Inc. *
     14,870       646,696  
Stryker Corp.
     12,290       765,667  
Wright Medical Group, Inc. *
     10,050       305,922  
Xtent, Inc. *(a)
     6,650       9,177  
Zimmer Holdings, Inc. *
     9,750       629,460  
 
              
 
             11,664,095  
 
              
Health Care Providers & Services (15.1%)
                
Aetna, Inc.
     59,200       2,137,712  
Cardinal Health, Inc.
     13,446       662,619  
CIGNA Corp.
     32,140       1,092,117  
Community Health Systems, Inc. *
     11,600       339,996  
Express Scripts, Inc. *
     8,300       612,706  
Humana, Inc. *
     12,430       512,116  
Medco Health Solutions, Inc. *
     9,610       432,450  
Patterson Cos., Inc. *
     22,400       681,184  
Quest Diagnostics, Inc.
     13,690       707,362  
UnitedHealth Group, Inc.
     83,340       2,116,003  
WellPoint, Inc. *
     12,700       593,979  
 
              
 
             9,888,244  
 
              
Health Care Technology (0.4%)
                
Eclipsys Corp. *
     10,990       230,240  
 
              
Life Sciences Tools & Services (9.0%)
                
Bruker Corp. *
     29,980       399,633  
Charles River Laboratories International, Inc. *
     9,750       541,418  
Covance, Inc. *
     7,229       639,116  
Illumina, Inc. *
     14,100       571,473  
Invitrogen Corp. *
     12,500       472,500  
PerkinElmer, Inc.
     36,240       904,913  
                 
    Shares or        
    Principal        
    Amount     Value  
Common Stocks (continued)
                
Life Sciences Tools & Services (continued)
                
Pharmaceutical Product Development, Inc.
     7,000     $ 289,450  
Thermo Fisher Scientific, Inc. *
     28,410       1,562,550  
Waters Corp. *
     8,990       523,038  
 
              
 
             5,904,091  
 
              
Pharmaceuticals (35.2%)
                
Abbott Laboratories
     41,430       2,385,540  
Allergan, Inc.
     14,620       752,930  
Bristol-Myers Squibb Co.
     131,050       2,732,393  
Eli Lilly & Co.
     10,880       479,046  
Johnson & Johnson
     58,758       4,070,754  
Merck & Co., Inc.
     86,056       2,715,927  
Perrigo Co.
     25,840       993,806  
Pfizer, Inc.
     134,942       2,488,331  
Schering-Plough Corp.
     108,078       1,996,201  
Teva Pharmaceutical Industries Ltd. ADR — IL
     36,830       1,686,446  
ViroPharma, Inc. *
     68,310       896,227  
Wyeth
     48,345       1,785,864  
 
              
 
             22,983,465  
 
              
Total Common Stocks
             65,329,716  
 
              
                 
    Principal        
    Amount     Value  
Securities Purchased With Collateral For Securities On Loan (0.3%)
                
Repurchase Agreement (0.3%)
                
Barclays Capital, 2.25%, dated 09/30/08, due 10/01/08, repurchase price $222,298, collateralized by U.S. Government Agency Mortgages ranging 3.17% - 6.00%, maturing 12/01/17 - 10/25/38; total market value of $226,728
   $ 222,283       222,283  
 
              
Total Securities Purchased With Collateral For Securities On Loan
             222,283  
 
              
Total Investments
(Cost $70,735,121) (b) — 100.2%
             65,551,999  
Liabilities in excess of other assets — (0.2)%
             (133,805 )
 
              
NET ASSETS — 100.0%
           $ 65,418,194  
 
              
 
*   Denotes a non-income producing security.
 
(a)   All or a part of the security was on loan as of September 30, 2008.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
ADR   American Depositary Receipt
 
IL   Israel
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Nationwide Leaders Fund
                 
    Shares     Value  
Common Stocks (97.5%)
                
Aerospace & Defense (7.2%)
                
BE Aerospace, Inc. *
     57,700     $ 913,391  
Boeing Co.
     8,226       471,761  
 
              
 
             1,385,152  
 
              
Beverages (7.5%)
                
Molson Coors Brewing Co., Class B
     30,887       1,443,967  
 
              
Capital Markets (8.6%)
                
Goldman Sachs Group, Inc. (The)
     690       88,320  
Invesco Ltd.
     34,890       731,992  
Janus Capital Group, Inc.
     31,800       772,104  
KBW, Inc. *
     2,061       67,889  
 
              
 
             1,660,305  
 
              
Commercial Banks (5.8%)
                
Fifth Third Bancorp
     56,662       674,278  
Marshall & Ilsley Corp.
     2,912       58,677  
Regions Financial Corp.
     41,179       395,318  
 
              
 
             1,128,273  
 
              
Communications Equipment (9.7%)
                
Research In Motion Ltd. *
     27,491       1,877,635  
 
              
Computers & Peripherals (6.6%)
                
NCR Corp. *
     57,739       1,273,145  
 
              
Containers & Packaging (4.7%)
                
Owens-Illinois, Inc. *
     31,303       920,308  
 
              
Diversified Financial Services (3.8%)
                
MSCI, Inc., Class A *
     30,424       730,176  
 
              
Electronic Equipment & Instruments (5.6%)
                
Avnet, Inc. *
     43,965       1,082,858  
 
              
Food & Staples Retailing (7.1%)
                
Safeway, Inc.
     58,268       1,382,117  
 
              
Hotels, Restaurants & Leisure (4.4%)
                
Brinker International, Inc.
     47,410       848,165  
 
              
Insurance (6.2%)
                
Assurant, Inc.
     12,320       677,600  
Hartford Financial Services Group, Inc.
     7,110       291,439  
Reinsurance Group of America, Inc., Class B *
     4,826       228,849  
 
              
 
             1,197,888  
 
              
Machinery (2.5%)
                
Deere & Co.
     9,920       491,040  
 
              
Media (4.2%)
                
Regal Entertainment Group, Class A
     51,083       806,090  
 
              
Metals & Mining (3.3%)
                
Freeport-McMoRan Copper & Gold, Inc.
     11,101       631,092  
 
              
Pharmaceuticals (1.1%)
                
Pfizer, Inc.
     11,900       219,436  
 
              
Road & Rail (5.0%)
                
Burlington Northern Santa Fe Corp.
     10,412       962,381  
 
              
Specialty Retail (4.2%)
                
Abercrombie & Fitch Co., Class A
     20,408       805,096  
 
              
Total Investments
                
(Cost $23,666,842) (a) — 97.5%
             18,845,124  
Other assets in excess of liabilities — 2.5%
             487,493  
 
              
NET ASSETS — 100.0%
           $ 19,332,617  
 
              
 
*   Denotes a non-income producing security.
 
(a)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
Gartmore NVIT Emerging Markets Fund
                 
    Shares     Value  
Common Stocks (82.2%)
                
BRAZIL (5.8%)
                
Commercial Banks (1.0%)
                
Unibanco — Uniao de Bancos Brasileiros SA GDR
     25,200     $ 2,543,184  
 
              
Diversified Telecommunication Services (1.0%)
                
Brasil Telecom Participacoes SA ADR
     50,836       2,483,847  
 
              
Electric Utility (0.5%)
                
MPX Energia SA*
     10,600       1,225,820  
 
              
Multiline Retail (1.6%)
                
Lojas Renner SA
     334,400       3,900,513  
 
              
Oil, Gas & Consumable Fuels (0.6%)
                
Petroleo Brasileiro SA ADR
     36,813       1,617,931  
 
              
Transportation Infrastructure (1.1%)
                
Companhia de Concessoes Rodoviarias
     210,486       2,739,505  
 
              
 
             14,510,800  
 
              
CHILE (0.4%)
                
Commercial Banks (0.4%)
                
Banco Santander Chile SA ADR
     25,680       1,098,847  
CHINA (6.8%)(a)
                
Commercial Banks (3.3%)
                
China Construction Bank Corp., Class H
     8,967,000       5,983,571  
Industrial & Commercial Bank of China
     3,598,000       2,174,684  
 
              
 
             8,158,255  
 
              
Construction Materials (0.4%)(b)
                
Anhui Conch Cement Co. Ltd.*
     242,000       924,394  
 
              
Insurance (0.9%)(b)
                
Ping An Insurance Co. of China Ltd.
     413,000       2,418,592  
 
              
Marine (0.4%)
                
China Shipping Development Co. Ltd.
     732,000       960,995  
 
              
 
             960,995  
 
              
Oil, Gas & Consumable Fuels (1.8%)
                
China Petroleum & Chemical Corp.
     2,546,000       2,009,450  
PetroChina Co. Ltd.
     2,391,000       2,482,165  
 
              
 
             4,491,615  
 
              
 
             16,953,851  
 
              
CZECH REPUBLIC (2.3%)(a)
                
Electric Utility (2.3%)
                
CEZ AS
     93,711       5,827,822  
 
              
EGYPT (1.4%)
                
Diversified Telecommunication Services (1.4%)
                
Telecom Egypt GDR
     217,334       3,423,011  
HONG KONG (7.2%)(a)
                
Electronic Equipment & Instruments (0.8%)
                
Kingboard Chemical Holdings Ltd.
     578,500       1,975,343  
 
              
 
             1,975,343  
 
              
Independent Power Producers & Energy Traders (1.6%)
                
China Resources Power Holdings Co.
     1,842,300       4,024,637  
 
              
Marine (1.0%)
                
Pacific Basin Shipping Ltd.
     2,872,000       2,387,869  
 
              
Oil, Gas & Consumable Fuels (1.1%)
                
CNOOC Ltd.
     2,491,000       2,798,470  
 
              
Personal Products (0.5%)(b)
                
Hengan International Group Co. Ltd.
     460,000       1,309,104  
 
              
 
             1,309,104  
 
              
Wireless Telecommunication Services (2.2%)
                
China Mobile Ltd.
     553,800       5,547,969  
 
              
 
             18,043,392  
 
              
INDIA (1.1%)
                
Commercial Banks (1.1%)
                
ICICI Bank Ltd. ADR
     118,597       2,789,401  
 
              
INDONESIA (1.3%)(a)
                
Commercial Banks (1.3%)
                
Bank Central Asia Tbk PT
     9,575,500       3,155,655  
 
              
ISRAEL (1.4%)
                
Chemicals (0.5%)(a)
                
Israel Chemicals Ltd.
     84,436       1,215,266  
 
              
Software (0.9%)
                
Check Point Software Technologies Ltd.*
     94,805       2,155,866  
 
              
 
             2,155,866  
 
              
 
             3,371,132  
 
              
KAZAKHSTAN (1.3%)(a)
                
Oil, Gas & Consumable Fuels (1.3%)
                
KazMunaiGas Exploration Production GDR
     199,300       3,152,075  
 
              
LUXEMBOURG (0.4%)
                
Energy Equipment & Services (0.4%)
                
Tenaris SA ADR
     28,203       1,051,690  
MALAYSIA (2.4%)(a)
                
Commercial Banks (1.2%)
                
Bumiputra Commerce Holdings Bhd
     1,381,700       3,093,064  
 
              
Food Products (0.2%)
                
IOI Corp. Bhd
     347,640       428,764  
 
              
Wireless Telecommunication Services (1.0%)
                
TM International Bhd*
     1,463,000       2,397,643  
 
              
 
             2,397,643  
 
              
 
             5,919,471  
 
              
MEXICO (7.1%)
                
Commercial Banks (1.3%)
                
Grupo Financiero Banorte SAB de CV
     971,119       3,099,694  
 
              
Food & Staples Retailing (1.7%)(b)
                
Wal-Mart de Mexico SAB de CV, Series V
     1,232,518       4,317,307  
 
              
Metals & Mining (1.6%)
                
Grupo Mexico SAB de CV, Series B
     1,362,081       1,432,589  
Industrias CH SAB de CV, Series B*
     681,000       2,516,225  
 
              
 
             3,948,814  
 
              
Wireless Telecommunication Services (2.5%)
                
America Movil SA de CV, Series L ADR
     134,574       6,238,851  
 
              
 
             17,604,666  
 
              
MOROCCO (0.3%)(a)
                
Real Estate Management & Development (0.3%)
                
Compagnie Generale Immobiliere
     3,289       812,588  
 
              
NETHERLANDS (0.6%)(a)
                
Metals & Mining (0.6%)
                
New World Resources NV, Class A
     111,500       1,388,566  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Gartmore NVIT Emerging Markets Fund
                 
    Shares     Value  
Common Stocks (continued)
                
PERU (1.2%)
                
Commercial Banks (1.2%)
                
Credicorp Ltd.
     51,089     $ 3,064,318  
POLAND (1.3%)(a)
                
Diversified Telecommunication Services (1.3%)
                
Telekomunikacja Polska SA*
     347,668       3,318,615  
 
              
REPUBLIC OF KOREA (12.4%)
                
Chemicals (0.6%)(a)
                
LG Chem Ltd.
     17,802       1,396,938  
 
              
Commercial Banks (3.6%)
                
Industrial Bank of Korea GDR(a)
     215,960       2,613,100  
KB Financial Group, Inc. ADR*
     102,403       4,678,793  
Shinhan Financial Group Co. Ltd.(a)
     46,000       1,645,974  
 
              
 
             8,937,867  
 
              
Household Durables (1.0%)(a)
                
LG Electronics, Inc.
     28,301       2,618,981  
 
              
 
             2,618,981  
 
              
Industrial Conglomerate (0.9%)(a)
                
LG Corp.
     45,000       2,343,506  
 
              
 
             2,343,506  
 
              
Insurance (1.4%)(a)
                
Samsung Fire & Marine Insurance Co. Ltd.
     19,624       3,435,728  
 
              
Machinery (1.4%)(a)
                
Hanjin Heavy Industries & Construction Co. Ltd.
     54,163       1,622,423  
Hyundai Heavy Industries
     8,114       1,878,654  
 
              
 
             3,501,077  
 
              
Metals & Mining (1.8%)(a)
                
POSCO
     11,743       4,405,811  
 
              
Semiconductors & Semiconductor Equipment (1.7%)(a)
                
Samsung Electronics Co. Ltd.
     9,164       4,199,960  
 
              
 
             30,839,868  
 
              
RUSSIAN FEDERATION (8.0%)
                
Automobiles (1.1%)(a)
                
Sollers*
     93,006       2,822,051  
 
              
Chemicals (1.0%)(a)
                
Uralkali GDR
     80,113       2,535,511  
 
              
Commercial Banks (0.7%)(a)
                
Sberbank
     1,091,750       1,709,213  
 
              
Metals & Mining (0.4%)
                
Chelyabinsk Zinc Plant*
     42,800       128,400  
Evraz Group SA GDR(a)
     22,488       866,366  
 
              
 
             994,766  
 
              
Oil, Gas & Consumable Fuels (3.5%)(a)
                
Gazprom OAO ADR
     218,646       6,773,653  
LUKOIL ADR
     34,748       2,082,860  
 
              
 
             8,856,513  
 
              
Transportation Infrastructure (0.2%)(a)
                
Novorossiysk Commercial Sea Port GDR
     61,392       392,909  
 
              
Wireless Telecommunication Services (1.1%)
                
Mobile Telesystems OJSC ADR*
     48,446       2,713,460  
 
              
 
             20,024,423  
 
              
SOUTH AFRICA (6.4%)(a)
                
Food & Staples Retailing (0.5%)
                
Massmart Holdings Ltd.
     139,200       1,276,331  
 
              
 
             1,276,331  
 
              
Industrial Conglomerate (1.2%)
                
Murray & Roberts Holdings Ltd.
     252,690       2,972,585  
 
              
Metals & Mining (1.1%)
                
Impala Platinum Holdings Ltd.
     137,088       2,802,967  
 
              
Oil, Gas & Consumable Fuels (1.6%)
                
Sasol Ltd.
     90,046       3,849,268  
 
              
Wireless Telecommunication Services (2.0%)
                
MTN Group Ltd.
     352,176       4,977,186  
 
              
 
             15,878,337  
 
              
TAIWAN (8.5%)(a)
                
Chemicals (0.5%)
                
NanYa Plastics Corp.
     801,900       1,188,611  
 
              
Computers & Peripherals (1.1%)
                
Asustek Computer, Inc.
     1,413,000       2,797,386  
 
              
Construction Materials (0.0%)
                
Taiwan Cement Corp.
     69       41  
 
              
Diversified Telecommunication Services (0.5%)
                
Chunghwa Telecom Co. Ltd.
     576,000       1,355,423  
 
              
 
             1,355,423  
 
              
Electronic Equipment & Instruments (1.9%)
                
Delta Electronics, Inc.
     14       37  
HON HAI Precision Industry Co. Ltd.
     1,332,392       4,773,704  
 
              
 
             4,773,741  
 
              
Insurance (1.2%)
                
Shin Kong Financial Holding Co. Ltd.
     8,296,194       2,867,561  
 
              
 
             2,867,561  
 
              
Metals & Mining (0.7%)
                
China Steel Corp.
     1,836,420       1,835,996  
 
              
 
             1,835,996  
 
              
Semiconductors & Semiconductor Equipment (2.6%)
                
Advanced Semiconductor Engineering, Inc.
     2,624,504       1,338,000  
Taiwan Semiconductor Manufacturing Co. Ltd.
     3,039,031       5,098,135  
 
              
 
             6,436,135  
 
              
 
             21,254,894  
 
              
THAILAND (2.7%)
                
Oil, Gas & Consumable Fuels (2.7%)
                
Banpu PCL NVDR
     435,552       3,839,969  
PTT Exploration & Production PCL NVDR(a)
     782,200       2,967,311  
 
              
 
             6,807,280  
 
              
TURKEY (1.2%)(a)
                
Commercial Banks (1.2%)
                
Turkiye Vakiflar Bankasi Tao, Class D
     1,767,677       2,893,612  
 
              
UNITED STATES (0.7%)
                
Beverages (0.7%)
                
Central European Distribution Corp.*
     40,058       1,819,034  
 
              
Total Common Stocks
             205,003,348  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Gartmore NVIT Emerging Markets Fund
                 
    Shares     Value  
Equity-Linked Notes (7.4%)
                
EGYPT (0.4%)
                
Real Estate Management & Development (0.4%)
                
Talaat Moustafa Group, 11/24/08
     966,400     $ 995,392  
 
              
 
             995,392  
 
              
INDIA (5.7%)
                
Electric Utilities (0.5%)
                
Tata Power Co. Ltd., 03/28/12
     69,447       1,341,716  
Metals & Mining (0.7%)
                
Tata Steel Ltd., 05/20/10
     183,822       1,672,780  
Oil, Gas & Consumable Fuels (1.7%)
                
Reliance Industries Ltd., 03/09/09
     103,539       4,297,904  
Pharmaceuticals (1.3%)
                
Sun Pharmaceutical Industries Ltd., 01/05/09
     103,208       3,260,341  
 
              
 
             3,260,341  
 
              
Wireless Telecommunication Services (1.5%)
                
Bharti Airtel Ltd., 01/24/17
     215,855       3,606,937  
 
              
 
             14,179,678  
 
              
MALAYSIA (0.5%)
                
Food Products (0.5%)
                
IOI Corp., 09/10/08
     1,001,250       1,221,526  
 
              
UNITED ARAB EMIRATES (0.8%)
                
Commercial Banks (0.8%)
                
Union National Bank, 01/05/10
     1,157,184       2,129,219  
 
              
 
             2,129,219  
 
              
Total Equity-Linked Notes
             18,525,815  
 
              
Preferred Stocks (9.3%)
                
BRAZIL (8.6%)
                
Commercial Banks (1.0%)
                
Banco Bradesco SA
     162,417       2,591,125  
 
              
 
             2,591,125  
 
              
Metals & Mining (2.6%)
                
Companhia Vale do Rio Doce, Class A
     277,038       4,703,704  
Usinas Siderurgicas de Minas Gerais SA, Class A
     77,170       1,635,563  
 
              
 
             6,339,267  
 
              
Oil, Gas & Consumable Fuels (3.9%)
                
Petroleo Brasileiro SA ADR
     260,476       9,747,012  
 
              
 
             9,747,012  
 
              
Supermarkets (1.1%)
                
Cia Brasileira de Distribuicao Groupo Pao de Acucar ADR
     79,159       2,767,399  
 
              
 
             21,444,803  
 
              
REPUBLIC OF KOREA (0.7%)(a)
                
Semiconductors & Semiconductor Equipment (0.7%)
                
Samsung Electronics Co. Ltd. GDR
     10,682       1,658,381  
Total Preferred Stocks
             23,103,184  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreements (0.6%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $1,595,359, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $1,627,195
   $ 1,595,290     $ 1,595,290  
 
              
                 
    Principal        
    Amount     Value  
Securities Purchased With Collateral For Securities On Loan (0.8%)
                
Repurchase Agreement (0.8%)
                
Barclays Capital, 2.25%, dated 09/30/08, due 10/01/08, repurchase price $2,064,459, collateralized by U.S. Government Agency Mortgages ranging 3.17% - 6.00%, maturing 12/01/17 - 10/25/38; total market value of $2,105,617
     2,064,330       2,064,330  
 
              
Total Securities Purchased With Collateral For Securities On Loan
             2,064,330  
 
              
Total Investments
                
(Cost $313,761,909) (c) — 100.3%
             250,291,967  
Liabilities in excess of other assets — (0.3)%
             (805,313 )
 
              
NET ASSETS — 100.0%
           $ 249,486,654  
 
              
 
*   Denotes a non-income producing security.
 
(a)   Fair Valued Security.
 
(b)   All or a part of the security was on loan as of September 30, 2008.
 
(c)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
ADR   American Depositary Receipt
 
CH   Switzerland
 
GDR   Global Depositary Receipt
 
NVDR   Non Voting Depositary Receipt
 
PCL   Public Company Limited
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
Gartmore NVIT International Equity Fund
                 
    Shares     Value  
Common Stocks (98.4%)
                
AUSTRALIA (4.9%)(a)
                
Biotechnology (2.1%)
                
CSL Ltd.
     53,170     $ 1,610,273  
 
              
Information Technology Services (2.1%)
                
Computershare Ltd.
     209,290       1,581,677  
 
              
Metals & Mining (0.7%)
                
MacArthur Coal Ltd.
     63,900       540,836  
 
              
 
             3,732,786  
 
              
BRAZIL (3.2%)
                
Metals & Mining (1.6%)
                
Companhia Vale do Rio Doce ADR
     68,960       1,220,592  
 
              
Oil, Gas & Consumable Fuels (1.6%)
                
Petroleo Brasileiro SA ADR
     32,520       1,216,898  
 
              
 
             2,437,490  
 
              
CANADA (3.0%)
                
Chemicals (3.0%)
                
Agrium, Inc.
     24,870       1,394,709  
Potash Corp. of Saskatchewan
     6,770       893,708  
 
              
 
             2,288,417  
 
              
FRANCE (10.8%)(a)
                
Commercial Banks (5.9%)
                
BNP Paribas
     25,200       2,405,184  
Societe Generale
     23,535       2,113,839  
 
              
 
             4,519,023  
 
              
Diversified Telecommunication Services (3.0%)
                
France Telecom SA
     81,570       2,287,679  
 
              
Electrical Equipment (1.0%)
                
Alstom SA
     9,720       737,733  
 
              
Machinery (0.9%)
                
Vallourec
     3,350       722,752  
 
              
 
             8,267,187  
 
              
GERMANY (9.8%)(a)
                
Electric Utility (3.0%)
                
E. ON AG
     45,150       2,292,822  
 
              
Machinery (1.2%)
                
MAN AG
     13,360       908,669  
 
              
Pharmaceuticals (2.8%)
                
Bayer AG
     28,600       2,099,134  
 
              
Software (2.8%)
                
SAP AG
     40,700       2,165,601  
 
              
 
             7,466,226  
 
              
HONG KONG (1.4%)(a)
                
Real Estate Management & Development (1.4%)
                
Cheung Kong Holdings Ltd.
     95,000       1,076,246  
 
              
ISRAEL (3.5%)
                
Pharmaceuticals (2.0%)
                
Teva Pharmaceutical Industries Ltd. ADR
     33,440       1,531,218  
 
              
Software (1.5%)
                
Check Point Software Technologies Ltd.*
     50,700       1,152,918  
 
              
 
             2,684,136  
 
              
JAPAN (9.7%)(a)
                
Automobiles (3.1%)
                
Honda Motor Co. Ltd.
     46,200       1,401,571  
Toyota Motor Corp.
     21,700       927,861  
 
              
 
             2,329,432  
 
              
Commercial Banks (1.9%)
                
Mizuho Financial Group, Inc.
     324       1,417,100  
 
              
Food & Staples Retailing (2.0%)
                
Seven & I Holdings Co. Ltd.
     53,700       1,543,013  
 
              
Marine (0.9%)
                
Mitsui OSK Lines Ltd.
     81,000       703,856  
 
              
Tobacco (1.8%)
                
Japan Tobacco, Inc.
     371       1,398,528  
 
              
 
             7,391,929  
 
              
LUXEMBOURG (1.1%)(a)
                
Metals & Mining (1.1%)
                
ArcelorMittal (XAMS)
     15,930       806,192  
 
              
NORWAY (1.2%)(a)
                
Chemicals (1.2%)
                
Yara International ASA
     26,700       950,680  
 
              
RUSSIAN FEDERATION (0.3%)
                
Specialty Retail (0.3%)
                
M Video
     83,000       242,360  
 
              
SOUTH AFRICA (1.1%)(a)
                
Wireless Telecommunication Services (1.1%)
                
MTN Group Ltd.
     62,130       878,063  
 
              
SPAIN (2.7%)(a)
                
Diversified Telecommunication Services (2.7%)
                
Telefonica SA
     88,160       2,095,930  
 
              
SWITZERLAND (15.3%)(a)
                
Capital Markets (2.6%)
                
Credit Suisse Group AG
     42,900       2,004,049  
 
              
Chemicals (1.9%)
                
Syngenta AG
     6,830       1,440,722  
 
              
Electrical Equipment (1.9%)
                
ABB Ltd.
     73,570       1,426,051  
 
              
Food Products (2.1%)
                
Nestle SA
     38,100       1,647,028  
 
              
Insurance (3.2%)
                
Zurich Financial Services AG
     8,800       2,437,552  
 
              
Pharmaceuticals (3.6%)
                
Novartis AG
     32,020       1,686,289  
Roche Holding AG
     6,990       1,094,520  
 
              
 
             2,780,809  
 
              
 
             11,736,211  
 
              
UNITED KINGDOM (25.6%)(a)
                
Commercial Banks (3.2%)
                
HSBC Holdings PLC
     149,000       2,410,206  
 
              
Food & Staples Retailing (2.8%)
                
J Sainsbury PLC
     148,200       929,311  
Tesco PLC
     175,400       1,219,725  
 
              
 
             2,149,036  
 
              
Food Products (2.5%)
                
Unilever PLC
     69,170       1,880,514  
 
              
Insurance (1.8%)
                
RSA Insurance Group PLC
     523,700       1,399,979  
 
              
Metals & Mining (3.6%)
                
BHP Billiton PLC
     60,710       1,375,133  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Gartmore NVIT International Equity Fund
                 
    Shares or        
    Principal        
    Amount     Value  
Common Stocks (continued)
                
UNITED KINGDOM(a) (continued)
                
Metals & Mining (continued)
                
Rio Tinto PLC
     21,320     $ 1,337,831  
 
              
 
             2,712,964  
 
              
Oil, Gas & Consumable Fuels (4.9%)
                
BG Group PLC
     74,490       1,350,756  
Royal Dutch Shell PLC, Class A
     81,360       2,396,700  
 
              
 
             3,747,456  
 
              
Pharmaceuticals (2.5%)
                
AstraZeneca PLC
     44,280       1,937,385  
 
              
Tobacco (3.6%)
                
British American Tobacco PLC
     50,090       1,635,062  
Imperial Tobacco Group PLC
     35,375       1,135,397  
 
              
 
             2,770,459  
 
              
Water Utility (0.7%)
                
Pennon Group PLC
     52,197       549,541  
 
              
 
             19,557,540  
 
              
UNITED STATES (4.8%)
                
Energy Equipment & Services (1.5%)
                
Transocean, Inc.
     10,190       1,119,268  
 
              
Oil, Gas & Consumable Fuels (3.3%)
                
Apache Corp.
     13,780       1,436,978  
ConocoPhillips
     15,200       1,113,400  
 
              
 
             2,550,378  
 
              
 
             3,669,646  
 
              
Total Common Stocks
             75,281,039  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreements (0.8%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $627,396, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $639,915
   $ 627,368       627,368  
 
              
Total Investments
                
(Cost $84,998,435) (b) — 99.2%
             75,908,407  
Other assets in excess of liabilities — 0.8%
             574,581  
 
              
NET ASSETS — 100.0%
           $ 76,482,988  
 
              
 
*   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
 
BR   Brazil
 
IL   Israel
 
MTN   Medium Term Note
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT U.S. Growth Leaders Fund
                 
    Shares     Value  
Common Stocks (97.1%)
                
Aerospace & Defense (3.2%)
                
Raytheon Co.
     25,250     $ 1,351,127  
 
              
Beverages (3.5%)
                
PepsiCo, Inc.
     20,660       1,472,438  
 
              
Biotechnology (3.8%)
                
Gilead Sciences, Inc. *
     35,040       1,597,123  
 
              
Capital Markets (8.7%)
                
Charles Schwab Corp. (The)
     39,000       1,014,000  
Invesco Ltd.
     60,740       1,274,325  
State Street Corp.
     24,830       1,412,331  
 
              
 
             3,700,656  
 
              
Chemicals (2.9%)
                
Monsanto Co.
     12,660       1,253,087  
 
              
Commercial Banks (1.1%)
                
Synovus Financial Corp.
     47,300       489,555  
 
              
Communications Equipment (7.7%)
                
Juniper Networks, Inc. *
     38,500       811,195  
QUALCOMM, Inc.
     39,860       1,712,784  
Research In Motion Ltd. *
     10,760       734,908  
 
              
 
             3,258,887  
 
              
Construction & Engineering (2.1%)
                
Quanta Services, Inc. *
     33,450       903,484  
 
              
Diversified Financial Services (2.1%)
                
JPMorgan Chase & Co.
     19,200       896,640  
 
              
Electrical Equipment (1.1%)
                
Emerson Electric Co.
     11,140       454,401  
 
              
Energy Equipment & Services (3.9%)
                
Transocean, Inc.
     15,293       1,679,783  
 
              
Food & Staples Retailing (7.6%)
                
CVS Caremark Corp.
     41,080       1,382,753  
Wal-Mart Stores, Inc.
     31,220       1,869,766  
 
              
 
             3,252,519  
 
              
Health Care Equipment & Supplies (6.0%)
                
Baxter International, Inc.
     20,960       1,375,605  
St. Jude Medical, Inc. *
     26,600       1,156,834  
 
              
 
             2,532,439  
 
              
Health Care Providers & Services (3.4%)
                
Aetna, Inc.
     40,300       1,455,233  
 
              
Hotels, Restaurants & Leisure (6.4%)
                
Darden Restaurants, Inc.
     48,100       1,377,103  
McDonald’s Corp.
     21,660       1,336,422  
 
              
 
             2,713,525  
 
              
Information Technology Services (1.5%)
                
Cognizant Technology Solutions Corp., Class A *
     27,250       622,118  
 
              
Internet Software & Services (3.5%)
                
Google, Inc., Class A *
     3,690       1,477,919  
 
              
Oil, Gas & Consumable Fuels (3.7%)
                
EOG Resources, Inc.
     17,460       1,561,972  
 
              
Pharmaceuticals (3.5%)
                
Bristol-Myers Squibb Co.
     72,400       1,509,540  
 
              
Road & Rail (2.0%)
                
Canadian National Railway Co.
     17,700       846,591  
 
              
Semiconductors & Semiconductor Equipment (2.1%)
                
Marvell Technology Group Ltd. *
     94,300       876,990  
 
              
Software (10.3%)
                
Adobe Systems, Inc. *
     37,260       1,470,652  
Oracle Corp. *
     74,630       1,515,735  
Symantec Corp. *
     70,400       1,378,432  
 
              
 
             4,364,819  
 
              
Specialty Retail (2.8%)
                
GameStop Corp., Class A *
     34,920       1,194,613  
 
              
Textiles, Apparel & Luxury Goods (2.6%)
                
Coach, Inc. *
     44,300       1,109,272  
 
              
Trading Companies & Distributors (1.6%)
                
W.W. Grainger, Inc.
     7,760       674,887  
 
              
Total Investments
                
(Cost $45,464,711) (a) — 97.1%
             41,249,618  
Other assets in excess of liabilities — 2.9%
             1,225,781  
 
              
NET ASSETS — 100.0%
           $ 42,475,399  
 
              
 
*   Denotes a non-income producing security.
 
(a)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
Gartmore NVIT Global Utilities Fund
                 
    Shares     Value  
Common Stocks (97.1%)
                
AUSTRIA (0.6%)(a)
                
Diversified Telecommunication Services (0.6%)
                
Telekom Austria AG
     11,430     $ 201,080  
 
              
BELGIUM (0.6%)(a)
                
Electric Utility (0.3%)
                
Elia System Operator SA NV
     2,570       95,544  
 
              
Wireless Telecommunication Services (0.3%)
                
Mobistar SA
     1,670       117,524  
 
              
 
             213,068  
 
              
FRANCE (9.5%)(a)
                
Construction & Engineering (0.5%)
                
Bouygues SA
     4,040       182,988  
 
              
Diversified Telecommunication Services (6.1%)
                
France Telecom SA
     73,920       2,073,130  
 
              
Multi-Utility (2.9%)
                
GDF SUEZ
     19,173       997,357  
 
              
 
             3,253,475  
 
              
GERMANY (7.9%)(a)
                
Diversified Telecommunication Services (0.3%)
                
Deutsche Telekom AG
     6,590       100,116  
 
              
Electric Utility (5.4%)
                
E. ON AG
     36,120       1,834,257  
 
              
Multi-Utility (2.2%)
                
RWE AG
     7,830       751,355  
 
              
 
             2,685,728  
 
              
GREECE (0.4%)(a)
                
Diversified Telecommunication Services (0.4%)
                
Hellenic Telecommunications Organization SA
     8,021       144,156  
 
              
HONG KONG (0.2%)(a)
                
Electric Utility (0.2%)
                
CLP Holdings Ltd.
     10,000       80,670  
 
              
ITALY (0.8%)(a)
                
Diversified Telecommunication Services (0.6%)
                
Telecom Italia SpA
     44,160       65,713  
Telecom Italia SpA — RSP
     108,770       123,278  
 
              
 
             188,991  
 
              
Natural Gas Utility (0.2%)
                
Snam Rete Gas SpA
     13,975       84,444  
 
              
 
             273,435  
 
              
JAPAN (7.4%)(a)
                
Diversified Telecommunication Services (1.4%)
                
Nippon Telegraph & Telephone Corp.
     101       450,871  
 
              
Electric Utilities (2.4%)
                
Chubu Electric Power Co., Inc.
     7,600       179,102  
Kansai Electric Power Co., Inc. (The)
     7,200       160,212  
Kyushu Electric Power Co., Inc.
     5,700       118,831  
Tohoku Electric Power Co., Inc.
     5,200       111,787  
Tokyo Electric Power Co., Inc. (The)
     10,200       251,001  
 
              
 
             820,933  
 
              
Natural Gas Utility (0.6%)
                
Osaka Gas Co. Ltd.
     31,000       106,758  
Tokyo Gas Co. Ltd.
     24,000       100,153  
 
              
 
             206,911  
 
              
Wireless Telecommunication Services (3.0%)
                
KDDI Corp.
     80       453,238  
NTT DoCoMo, Inc.
     358       573,130  
 
             1,026,368  
 
              
 
             2,505,083  
 
              
NETHERLANDS (3.1%)(a)
                
Diversified Telecommunication Services (3.1%)
                
Koninklijke KPN NV
     72,090       1,040,970  
 
              
NORWAY (0.9%)(a)
                
Diversified Telecommunication Services (0.9%)
                
Telenor ASA
     23,380       291,270  
 
              
PORTUGAL (0.5%)(a)
                
Electric Utility (0.5%)
                
Energias de Portugal SA
     42,660       179,011  
 
              
SINGAPORE (1.1%)(a)
                
Diversified Telecommunication Services (1.1%)
                
Singapore Telecommunications Ltd.
     162,000       370,379  
 
              
SPAIN (13.7%)(a)
                
Diversified Telecommunication Services (8.3%)
                
Telefonica SA
     119,800       2,848,145  
 
              
Electric Utilities (5.4%)
                
Iberdrola SA
     102,720       1,043,380  
Union Fenosa SA
     32,430       792,733  
 
             1,836,113  
 
              
 
             4,684,258  
 
              
UNITED KINGDOM (17.3%)(a)
                
Diversified Telecommunication Services (0.1%)
                
BT Group PLC
     5,510       15,972  
 
              
Electric Utility (2.4%)
                
Scottish & Southern Energy PLC
     32,390       824,067  
 
              
Independent Power Producers & Energy Traders (0.6%)
                
International Power PLC
     31,280       202,373  
 
              
Multi-Utility (4.7%)
                
Centrica PLC
     85,190       479,273  
National Grid PLC
     68,300       866,811  
United Utilities Group PLC
     20,206       250,719  
 
              
 
             1,596,803  
 
              
Water Utility (1.3%)
                
Pennon Group PLC
     42,650       449,028  
 
              
Wireless Telecommunication Services (8.2%)
                
Vodafone Group PLC
     1,270,270       2,804,891  
 
              
 
             5,893,134  
 
              
UNITED STATES (33.1%)
                
Diversified Telecommunication Services (13.1%)
                
AT&T, Inc.
     110,130       3,074,829  
FairPoint Communications, Inc.
     1,431       12,407  
Verizon Communications, Inc.
     42,520       1,364,467  
 
              
 
             4,451,703  
 
              
Electric Utilities (10.4%)
                
Duke Energy Corp.
     14,650       255,350  
Edison International
     7,150       285,285  
Entergy Corp.
     5,570       495,786  
Exelon Corp.
     5,320       333,138  
FirstEnergy Corp.
     4,350       291,407  
FPL Group, Inc.
     19,276       969,583  
PPL Corp.
     19,820       733,736  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Gartmore NVIT Global Utilities Fund
                 
    Shares or        
    Principal        
    Amount     Value  
Common Stocks (continued)
                
UNITED STATES (continued)
                
Electric Utilities (continued)
                
Progress Energy, Inc.
     4,210     $ 181,577  
 
              
 
             3,545,862  
 
              
Independent Power Producers & Energy Traders (1.5%)
                
Constellation Energy Group, Inc.
     9,430       229,149  
NRG Energy, Inc.*
     6,450       159,637  
Reliant Energy, Inc.*
     14,910       109,589  
 
              
 
             498,375  
 
              
Multi-Utility (4.2%)
                
Alliant Energy Corp.
     7,000       225,470  
CenterPoint Energy, Inc.
     36,390       530,202  
PG&E Corp.
     6,900       258,405  
Sempra Energy
     8,500       428,995  
 
              
 
             1,443,072  
 
              
Natural Gas Utility (2.4%)
                
Questar Corp.
     20,100       822,492  
 
              
Oil, Gas & Consumable Fuels (1.5%)
                
El Paso Corp.
     26,070       332,653  
Williams Cos., Inc.
     8,340       197,241  
 
              
 
             529,894  
 
              
 
             11,291,398  
 
              
Total Common Stocks
             33,107,115  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreements (4.9%)
                
UNITED STATES (4.9%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $1,692,284, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $1,726,053
   $ 1,692,209       1,692,209  
 
              
Total Investments
                
(Cost $42,728,959) (b) — 102.0%
             34,799,324  
Liabilities in excess of other assets — (2.0)%
             (698,669 )
 
              
NET ASSETS — 100.0%
           $ 34,100,655  
 
              
 
*   Denotes a non-income producing security.
 
(a)   Fair Valued Security.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
RNC   Savings Shares
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Global Financial Services Fund
                 
    Shares     Value  
Common Stocks (93.7%)
                
AUSTRALIA (2.3%)(a)
                
Commercial Banks (2.3%)
                
Australia & New Zealand Banking Group Ltd.
     14,988     $ 231,480  
Commonwealth Bank of Australia
     8,082       284,750  
 
              
 
             516,230  
 
              
AUSTRIA (1.0%)(a)
                
Insurance (1.0%)
                
Vienna Insurance Group
     4,678       233,501  
 
              
BERMUDA (0.8%)
                
Capital Markets (0.8%)
                
Lazard Ltd., Class A
     4,260       182,158  
 
              
BRAZIL (0.7%)
                
Diversified Financial Services (0.7%)
                
Nova Bolsa SA
     35,001       154,178  
 
              
CANADA (4.5%)
                
Commercial Banks (4.5%)
                
Royal Bank of Canada
     12,339       585,639  
Toronto-Dominion Bank
     7,300       439,646  
 
              
 
             1,025,285  
 
              
CHINA (0.9%)(a)
                
Commercial Banks (0.9%)
                
China Construction Bank Corp., Class H
     313,070       208,908  
 
              
FRANCE (7.9%)(a)
                
Commercial Banks (4.7%)
                
BNP Paribas
     11,172       1,066,298  
 
              
Insurance (3.2%)
                
AXA SA
     22,061       722,049  
 
              
 
             1,788,347  
 
              
GERMANY (0.7%)(a)
                
Commercial Banks (0.7%)
                
Commerzbank AG
     10,384       159,976  
 
              
GREECE (4.5%)(a)
                
Commercial Banks (4.5%)
                
Alpha Bank AE
     14,442       314,374  
National Bank of Greece SA
     17,117       693,560  
 
              
 
             1,007,934  
 
              
HONG KONG (0.7%)(a)
                
Real Estate Management & Development (0.7%)
                
Hang Lung Group Ltd.
     46,010       145,748  
 
              
ITALY (0.8%)(a)
                
Commercial Banks (0.8%)
                
UniCredit SpA
     49,088       183,531  
 
              
JAPAN (7.5%)(a)
                
Commercial Banks (4.5%)
                
Mitsubishi UFJ Financial Group, Inc.
     64,600       563,408  
Sumitomo Mitsui Financial Group, Inc.
     51       319,798  
Suruga Bank Ltd.
     12,390       144,237  
 
              
 
             1,027,443  
 
              
Consumer Finance (0.6%)
                
ORIX Corp.
     1,150       144,009  
 
              
Insurance (1.0%)
                
Tokio Marine Holdings, Inc.
     6,000       220,314  
 
              
Real Estate Management & Development (1.4%)
                
Mitsubishi Estate Co. Ltd.
     15,880       312,962  
 
              
 
             1,704,728  
 
              
SINGAPORE (0.5%)(a)
                
Real Estate Management & Development (0.5%)
                
CapitaLand Ltd.
     49,850       108,688  
 
              
SPAIN (4.0%)(a)
                
Commercial Banks (4.0%)
                
Banco Bilbao Vizcaya Argentaria SA
     18,875       305,179  
Banco Santander SA — London International Exchange
     39,232       588,173  
 
              
 
             893,352  
 
              
SWITZERLAND (4.5%)(a)
                
Capital Markets (1.5%)
                
Bank Sarasin & Cie AG
     3,300       126,410  
Credit Suisse Group AG
     4,530       211,617  
 
              
 
             338,027  
 
              
Insurance (3.0%)
                
Zurich Financial Services AG
     2,471       684,453  
 
              
 
             1,022,480  
 
              
UNITED KINGDOM (7.8%)(a)
                
Commercial Banks (6.3%)
                
HSBC Holdings PLC
     70,659       1,142,971  
Royal Bank of Scotland Group PLC
     86,670       279,549  
 
              
 
             1,422,520  
 
              
Insurance (1.5%)
                
Aviva PLC
     40,262       350,157  
 
              
 
             1,772,677  
 
              
UNITED STATES (44.6%)
                
Capital Markets (9.2%)
                
Charles Schwab Corp. (The)
     13,490       350,740  
Goldman Sachs Group, Inc. (The)
     3,030       387,840  
Invesco Ltd.
     23,185       486,421  
State Street Corp.
     10,630       604,635  
TD Ameritrade Holding Corp.*
     11,990       194,238  
Waddell & Reed Financial, Inc., Class A
     1,780       44,055  
 
              
 
             2,067,929  
 
              
Commercial Banks (12.7%)
                
Bank of the Ozarks, Inc.
     7,600       205,200  
BB&T Corp.
     12,200       461,160  
Fifth Third Bancorp
     16,960       201,824  
PNC Financial Services Group, Inc.
     6,750       504,225  
Synovus Financial Corp.
     37,020       383,157  
TCF Financial Corp.
     16,290       293,220  
Wells Fargo & Co.
     13,650       512,284  
Zions Bancorp.
     8,020       310,374  
 
              
 
             2,871,444  
 
              
Consumer Finance (1.9%)
                
Capital One Financial Corp.
     8,580       437,580  
 
              
Diversified Financial Services (7.6%)
                
Citigroup, Inc.
     16,340       335,133  
CME Group, Inc.
     660       245,197  
IntercontinentalExchange, Inc.*
     2,560       206,541  
JPMorgan Chase & Co.
     19,850       926,995  
 
              
 
             1,713,866  
 
              
Information Technology Services (3.5%)
                
Alliance Data Systems Corp.*
     7,240       458,871  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Global Financial Services Fund
                 
    Shares or        
    Principal        
    Amount     Value  
Common Stocks (continued)
                
UNITED STATES (continued)
                
Information Technology Services (continued)
                
Visa, Inc., Class A
     5,360     $ 329,051  
 
              
 
             787,922  
 
              
Insurance (7.9%)
                
Aflac, Inc.
     7,330       430,637  
Hanover Insurance Group, Inc. (The)
     12,700       578,104  
HCC Insurance Holdings, Inc.
     13,450       363,150  
Prudential Financial, Inc.
     2,340       168,480  
Reinsurance Group of America, Inc., Class A
     3,400       183,600  
Reinsurance Group of America, Inc., Class B*
     1,340       63,543  
 
              
 
             1,787,514  
 
              
Real Estate Investment Trusts (1.8%)
                
Health Care REIT, Inc.
     4,490       239,003  
SL Green Realty Corp.
     2,660       172,368  
 
             411,371  
 
              
 
             10,077,626  
 
              
Total Common Stocks
             21,185,347  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreements (10.0%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $2,253,914, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $2,298,890
   $ 2,253,814       2,253,814  
 
              
Total Investments
                
(Cost $25,857,053) (b) — 103.7%
             23,439,161  
Liabilities in excess of other assets — (3.7)%
             (838,260 )
 
              
NET ASSETS — 100.0%
           $ 22,600,901  
 
              
 
*   Denotes a non-income producing security.
 
(a)   Fair Valued Security.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
REIT   Real Estate Investment Trust
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Money Market Fund II
                 
    Principal        
    Amount     Value  
Commercial Paper (92.2%)(a)
                
Agricultural Finance (2.9%)
                
John Deere Capital Corp.
                
2.70%, 10/03/08
   $ 2,000,000     $ 1,999,692  
2.75%, 10/03/08
     6,000,000       5,999,077  
2.90%, 10/03/08
     2,000,000       1,999,692  
 
             9,998,461  
 
              
Agricultural Services (2.6%)(b) (c)
                
Cargill, Inc., 3.10%, 10/03/08
     9,000,000       8,998,450  
 
              
Banks — Domestic (11.7%)
                
Bank of America Corp., 3.65%, 10/03/08
     8,261,000       8,259,325  
Citigroup Funding, 4.00%, 10/01/08
     12,000,000       12,000,000  
JPMorgan Chase & Co., 1.95%, 10/01/08
     11,885,000       11,885,000  
Wells Fargo & Co., 3.15%, 10/08/08
     9,000,000       8,994,487  
 
             41,138,812  
 
              
Banks — Foreign (2.6%)(b) (c)
                
DnB NOR Bank ASA, 2.80%, 10/02/08
     9,000,000       8,999,300  
 
              
Computers & Peripherals (2.8%)
                
Microsoft Corp., 1.40%, 10/06/08
     10,000,000       9,998,055  
 
              
Consumer Products (0.3%)(b) (c)
                
Campbell Soup Co., 1.94%, 10/07/08
     1,210,000       1,209,609  
 
              
Diversified Manufacturing (3.7%)
                
Danaher Corp., 2.25%, 10/02/08
     9,000,000       8,999,437  
Pitney Bowes, Inc., 2.00%, 10/14/08(b) (c)
     2,000,000       1,998,556  
Praxair, Inc., 2.10%, 10/03/08
     2,000,000       1,999,767  
 
             12,997,760  
 
              
Financial Services (16.6%)
                
American Honda Finance Corp., 2.88%, 10/03/08(b)
     10,000,000       9,998,400  
Avon Capital Corp., 2.15%, 10/03/08(b) (c)
     10,000,000       9,998,806  
BNP Paribas Finance, Inc., 3.50%, 10/02/08
     10,155,000       10,154,013  
Caterpillar Financial Services Corp., 2.90%, 10/02/08
     9,000,000       8,999,275  
IBM Credit Corp., 2.28%, 10/01/08
     9,000,000       9,000,000  
Nordea North America, Inc., 3.85%, 10/07/08
     10,000,000       9,993,583  
 
              
 
             58,144,077  
 
              
Food-Diversified (8.5%)
                
Campbell Soup Co., 1.92%, 10/06/08(b) (c)
     10,000,000       9,997,333  
Coca-Cola Co. (The), 2.00%, 10/03/08(b) (c)
     10,000,000       9,998,889  
Pepsi Bottling Group, Inc. (The), 2.00%, 10/03/08
     10,000,000       9,998,889  
 
              
 
             29,995,111  
 
              
Industrial Machinery & Equipment (6.6%)(b) (c)
                
Dover Corp., 2.05%, 10/14/08
     10,000,000       9,992,597  
Eaton Corp., 2.50%, 10/01/08
     12,000,000       12,000,000  
Parker Hannifin Corp., 2.25%, 10/06/08
     1,134,000       1,133,646  
 
             23,126,243  
 
              
Oil & Gas (9.1%)
                
Chevron Corp.
                
1.93%, 10/02/08
     2,000,000       1,999,893  
2.25%, 10/09/08
     10,000,000       9,995,000  
ConocoPhillips, 1.50%, 10/01/08(b) (c)
     12,000,000       12,000,000  
Praxair, Inc., 2.10%, 10/06/08
     8,000,000       7,997,666  
 
              
 
             31,992,559  
 
              
Personal Credit Institutions (13.1%)
                
General Electric Capital Corp.
                
1.75%, 10/01/08
     3,000,000       3,000,000  
2.35%, 10/07/08
     9,000,000       8,996,475  
HSBC Finance Corp.
                
2.10%, 10/01/08
     2,000,000       2,000,000  
2.90%, 10/06/08
     10,000,000       9,995,972  
ING U.S. Funding
                
5.00%, 10/01/08
     2,000,000       2,000,000  
2.50%, 10/03/08
     10,000,000       9,998,611  
Toyota Motor Credit Corp., 2.40%, 10/08/08
     10,000,000       9,995,334  
 
              
 
             45,986,392  
 
              
Printing & Publishing (3.4%)(b) (c)
                
Washington Post Co. (The), 0.75%, 10/01/08
     12,000,000       12,000,000  
 
              
Retail (2.8%)(b) (c)
                
Pitney Bowes, Inc., 2.00%, 10/09/08
     10,000,000       9,995,556  
 
              
Telecommunications (2.6%)(b) (c)
                
AT&T, Inc., 2.60%, 10/01/08
     9,000,000       9,000,000  
 
              
Transportation (2.9%)(b) (c)
                
United Parcel Service, Inc., 1.00%, 10/01/08
     10,000,000       10,000,000  
 
              
Total Commercial Paper
             323,580,385  
 
              
U.S. Government Agency & Obligations (7.9%)(a)
                
Federal Farm Credit Bank, 1.85%, 10/01/08
     10,000,000       10,000,000  
Federal Home Loan Bank, 2.15%, 10/07/08
     10,000,000       9,996,417  
Federal Home Loan Mortgage Corp., 1.75%, 10/10/08
     6,000,000       5,997,375  
Federal National Mortgage Assoc., 2.15%, 10/06/08
     1,643,000       1,642,509  
 
              
Total U.S. Government Agency & Obligations
             27,636,301  
 
              
Total Investments
                
(Cost $351,216,686) (d) — 100.1%
             351,216,686  
Liabilities in excess of other assets — (0.1)%
             (290,670 )
 
              
NET ASSETS — 100.0%
           $ 350,926,016  
 
              
 
(a)   The rate reflected in the Statement of Investments is the discount rate at the time of purchase.
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Money Market Fund II
(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)   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 September 30, 2008, all such securities in total represented 36.28% of net assets.
 
(d)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Cap Value Fund
                 
    Shares     Value  
Common Stocks (95.8%)
                
Aerospace & Defense (2.7%)
                
AAR Corp. *
     100,389     $ 1,665,453  
Alliant Techsystems, Inc. *
     22,450       2,108,953  
Ceradyne, Inc. *
     17,600       645,216  
Curtiss-Wright Corp.
     26,400       1,199,880  
DRS Technologies, Inc.
     13,500       1,036,125  
Ducommun, Inc. *
     22,435       535,748  
Esterline Technologies Corp. *
     12,300       486,957  
Hexcel Corp. *
     78,290       1,071,790  
Moog, Inc., Class A *
     20,195       865,962  
Triumph Group, Inc.
     6,300       287,973  
 
              
 
             9,904,057  
 
              
Air Freight & Logistics (0.3%)
                
Atlas Air Worldwide Holdings, Inc. *
     12,800       515,968  
Pacer International, Inc.
     28,700       472,689  
 
              
 
             988,657  
 
              
Airlines (0.6%)
                
Hawaiian Holdings, Inc. *
     35,700       331,296  
Republic Airways Holdings, Inc. *
     55,000       560,450  
SkyWest, Inc.
     35,800       572,084  
US Airways Group, Inc. *
     137,910       831,597  
 
              
 
             2,295,427  
 
              
Auto Components (1.0%)
                
American Axle & Manufacturing Holdings, Inc.
     9,300       49,848  
ATC Technology Corp. *
     31,800       754,932  
Gentex Corp.
     10,574       151,208  
Lear Corp. *
     94,570       992,985  
Tenneco, Inc. *
     12,500       132,875  
WABCO Holdings, Inc.
     47,650       1,693,481  
 
              
 
             3,775,329  
 
              
Automobiles (0.1%)
                
Thor Industries, Inc.
     7,370       182,923  
 
              
Biotechnology (0.5%)
                
Alkermes, Inc. *
     74,751       994,188  
Arena Pharmaceuticals, Inc. *
     3,600       18,000  
Bionovo, Inc. *
     22,800       19,836  
Celera Corp. *
     7,700       118,965  
Onyx Pharmaceuticals, Inc. *
     5,100       184,518  
Protalix BioTherapeutics, Inc. *
     14,300       31,889  
Rigel Pharmaceuticals, Inc. *
     2,900       67,715  
Seattle Genetics, Inc. *
     8,700       93,090  
United Therapeutics Corp. *
     3,500       368,095  
 
              
 
             1,896,296  
 
              
Building Products (0.9%)
                
Ameron International Corp.
     4,800       343,920  
Apogee Enterprises, Inc.
     11,700       175,851  
Armstrong World Industries, Inc. *
     17,200       497,080  
Gibraltar Industries, Inc.
     46,346       867,134  
NCI Building Systems, Inc. *
     15,800       501,650  
Quanex Building Products Corp.
     24,500       373,380  
Universal Forest Products, Inc.
     9,300       324,663  
 
              
 
             3,083,678  
 
              
Capital Markets (2.6%)
                
BGC Partners, Inc., Class A
     3,700       15,873  
FCStone Group, Inc. *
     35,206       633,356  
GFI Group, Inc.
     60,860       286,651  
HFF, Inc., Class A *
     4,500       18,000  
Janus Capital Group, Inc.
     63,500       1,541,780  
Knight Capital Group, Inc., Class A *
     45,900       682,074  
LaBranche & Co., Inc. *
     22,400       100,800  
MCG Capital Corp.
     28,572       74,859  
Patriot Capital Funding, Inc.
     61,065       388,984  
Penson Worldwide, Inc. *
     7,700       106,799  
Piper Jaffray Cos. *
     3,700       160,025  
Prospect Capital Corp.
     15,500       198,555  
Raymond James Financial, Inc.
     28,200       930,036  
Sanders Morris Harris Group, Inc.
     77,090       666,828  
Stifel Financial Corp. *
     17,000       848,300  
SWS Group, Inc.
     85,010       1,713,802  
TradeStation Group, Inc. *
     21,970       205,419  
Waddell & Reed Financial, Inc., Class A
     30,580       756,855  
 
              
 
             9,328,996  
 
              
Chemicals (2.2%)
                
H.B. Fuller Co.
     31,000       646,970  
Hercules, Inc.
     49,000       969,710  
Innophos Holdings, Inc.
     4,900       119,462  
Innospec, Inc.
     13,600       164,016  
Koppers Holdings, Inc.
     4,300       160,863  
Methanex Corp.
     30,298       602,627  
Minerals Technologies, Inc.
     4,700       278,992  
Nalco Holding Co.
     73,850       1,369,179  
NewMarket Corp.
     4,400       231,264  
O.M. Group, Inc. *
     7,600       171,000  
Penford Corp.
     55,580       983,210  
Rockwood Holdings, Inc. *
     16,300       418,258  
Sensient Technologies Corp.
     50,610       1,423,660  
Spartech Corp.
     17,100       169,290  
W.R. Grace & Co. *
     18,100       273,672  
Zep, Inc.
     6,900       121,716  
 
              
 
             8,103,889  
 
              
Commercial Banks (11.0%)
                
1st Source Corp.
     7,800       183,300  
Amcore Financial, Inc.
     8,695       80,429  
Ameris Bancorp
     10,280       152,658  
Bancfirst Corp.
     4,400       212,652  
Banco Latinoamericano de Exportaciones SA
     14,300       206,206  
BancorpSouth, Inc.
     14,510       408,166  
Banner Corp.
     3,100       37,231  
BOK Financial Corp.
     19,235       931,166  
Boston Private Financial Holdings, Inc.
     41,200       360,088  
Cascade Bancorp
     18,143       161,291  
Cathay General Bancorp
     7,900       188,020  
Central Pacific Financial Corp.
     23,400       393,354  
Chemical Financial Corp.
     10,655       331,797  
Citizens Republic Bancorp, Inc.
     10,747       33,101  
City Bank
     12,100       188,760  
City Holding Co.
     21,100       891,475  
Colonial BancGroup, Inc. (The)
     73,600       578,496  
Columbia Banking System, Inc.
     24,436       433,250  
Community Bank System, Inc.
     11,300       284,195  
Community Trust Bancorp, Inc.
     20,570       707,608  
CVB Financial Corp.
     147,550       2,050,945  
East West Bancorp, Inc.
     18,800       257,560  
Farmers Capital Bank Corp.
     4,100       110,782  
First Bancorp North Carolina
     4,700       80,370  
First Bancorp Puerto Rico
     40,100       443,506  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Cap Value Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Commercial Banks (continued)
                
First Busey Corp.
     16,976     $ 311,170  
First Citizens BancShares, Inc.
     3,038       543,802  
First Community Bancshares, Inc.
     7,500       281,400  
First Merchants Corp.
     8,600       196,080  
First State Bancorp
     880       4,699  
FirstMerit Corp.
     21,839       458,619  
FNB Corp.
     34,800       556,104  
Fulton Financial Corp.
     83,500       910,985  
Glacier Bancorp, Inc.
     5,900       146,143  
Great Southern Bancorp, Inc.
     40,458       515,840  
Green Bankshares, Inc.
     14,300       336,193  
Hancock Holding Co.
     14,931       761,481  
Hanmi Financial Corp.
     75,600       381,780  
Heartland Financial USA, Inc.
     3,800       95,228  
Heritage Commerce Corp.
     2,300       35,006  
IBERIABANK Corp.
     19,400       1,025,290  
Independent Bank Corp.
     21,200       660,804  
Integra Bank Corp.
     11,300       90,174  
Lakeland Bancorp, Inc.
     25,874       302,467  
Lakeland Financial Corp.
     18,465       405,491  
MainSource Financial Group, Inc.
     14,610       286,356  
MB Financial, Inc.
     20,172       667,088  
Nara Bancorp, Inc.
     17,000       190,400  
National Penn Bancshares, Inc.
     99,374       1,450,860  
NBT Bancorp, Inc.
     41,096       1,229,592  
Old National Bancorp
     42,700       854,854  
Old Second Bancorp, Inc.
     2,500       46,300  
Oriental Financial Group
     13,900       248,254  
Pacific Capital Bancorp
     37,000       752,950  
PacWest Bancorp
     7,700       220,143  
Peoples Bancorp, Inc.
     8,400       182,868  
Prosperity Bancshares, Inc.
     14,600       496,254  
Provident Bankshares Corp.
     24,100       234,011  
Renasant Corp.
     12,300       267,033  
Republic Bancorp, Inc., Class A
     6,655       201,780  
S&T Bancorp, Inc.
     14,621       538,491  
SCBT Financial Corp.
     3,114       117,086  
Sierra Bancorp
     9,784       204,094  
Signature Bank *
     42,919       1,497,015  
Simmons First National Corp., Class A
     11,925       424,530  
Southside Bancshares, Inc.
     20,365       513,198  
Southwest Bancorp, Inc.
     22,800       402,876  
StellarOne Corp.
     1,519       31,398  
Sterling Bancorp
     3,520       50,899  
Sterling Bancshares, Inc.
     118,033       1,233,445  
Sterling Financial Corp.
     72,105       1,045,523  
Suffolk Bancorp
     3,600       141,876  
Susquehanna Bancshares, Inc.
     19,800       386,496  
SVB Financial Group *
     10,400       602,368  
Texas Capital Bancshares, Inc. *
     84,400       1,752,144  
Trico Bancshares
     8,400       180,852  
Trustmark Corp.
     21,530       446,532  
UCBH Holdings, Inc.
     35,200       225,632  
Umpqua Holdings Corp.
     24,096       354,452  
Union Bankshares Corp.
     27,102       650,448  
United Bankshares, Inc.
     6,300       220,500  
United Community Banks, Inc.
     20,972       278,089  
Washington Trust Bancorp, Inc.
     30,643       815,104  
Webster Financial Corp.
     12,900       325,725  
West Bancorp, Inc.
     5,200       67,756  
West Coast Bancorp
     25,900       379,694  
Wilmington Trust Corp.
     33,908       977,568  
Wilshire Bancorp, Inc.
     97,780       1,189,983  
Yadkin Valley Financial Corp.
     1,300       22,048  
 
              
 
             40,129,727  
 
              
Commercial Services & Supplies (3.2%)
                
Administaff, Inc.
     14,800       402,856  
American Ecology Corp.
     46,080       1,275,034  
Comfort Systems U.S.A., Inc.
     45,000       601,200  
COMSYS IT Partners, Inc. *
     10,300       100,116  
Consolidated Graphics, Inc. *
     12,200       370,026  
CRA International, Inc. *
     3,200       87,936  
Deluxe Corp.
     70,000       1,007,300  
Duff & Phelps Corp., Class A *
     119,445       2,511,928  
EnergySolutions, Inc.
     31,602       316,020  
Ennis, Inc.
     40,630       628,140  
Geo Group, Inc. (The) *
     11,500       232,415  
IKON Office Solutions, Inc.
     62,700       1,066,527  
Kforce, Inc. *
     16,500       168,465  
Kimball International, Inc., Class B
     24,100       260,280  
Knoll, Inc.
     7,000       105,840  
On Assignment, Inc. *
     20,172       158,955  
School Specialty, Inc. *
     1,200       37,428  
Spherion Corp. *
     36,300       176,781  
SYKES Enterprises, Inc. *
     32,410       711,724  
United Stationers, Inc. *
     7,700       368,291  
Viad Corp.
     13,400       385,786  
Volt Information Sciences, Inc. *
     18,615       167,163  
Watson Wyatt Worldwide, Inc., Class A
     9,600       477,408  
 
              
 
             11,617,619  
 
              
Communications Equipment (3.1%)
                
3Com Corp. *
     386,700       901,011  
ADC Telecommunications, Inc. *
     222,040       1,876,238  
Arris Group, Inc. *
     220,986       1,708,222  
Avocent Corp. *
     17,700       362,142  
Black Box Corp.
     8,900       307,317  
DG FastChannel, Inc. *
     9,500       208,240  
Digi International, Inc. *
     8,800       89,760  
Emulex Corp. *
     60,100       641,267  
Finisar Corp. *
     21,400       21,614  
Foundry Networks, Inc. *
     14,500       264,045  
Harmonic, Inc. *
     140,210       1,184,775  
MRV Communications, Inc. *
     11,700       13,689  
Plantronics, Inc.
     11,800       265,736  
Polycom, Inc. *
     7,800       180,414  
Powerwave Technologies, Inc. *
     662,470       2,623,381  
Sycamore Networks, Inc. *
     103,800       335,274  
Tekelec *
     18,900       264,411  
UTStarcom, Inc. *
     10,000       33,700  
 
              
 
             11,281,236  
 
              
Computers & Peripherals (0.5%)
                
Adaptec, Inc. *
     17,000       55,760  
Electronics for Imaging, Inc. *
     24,000       334,320  
Hypercom Corp. *
     286,113       1,144,452  
Palm, Inc. *
     4,800       28,656  
Quantum Corp. *
     102,600       110,808  
 
              
 
             1,673,996  
 
              
Construction & Engineering (0.6%)
                
Dycom Industries, Inc. *
     40,570       528,221  
EMCOR Group, Inc. *
     13,100       344,792  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Cap Value Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Construction & Engineering (continued)
                
MasTec, Inc. *
     18,800     $ 249,852  
Michael Baker Corp. *
     7,400       257,520  
Perini Corp. *
     7,500       193,425  
Sterling Construction Co., Inc. *
     3,848       62,338  
URS Corp. *
     11,115       407,587  
 
              
 
             2,043,735  
 
              
Consumer Finance (0.8%)
                
Advance America Cash Advance Centers, Inc.
     22,600       67,574  
Advanta Corp., Class B
     23,600       194,228  
Cash America International, Inc.
     34,800       1,254,192  
CompuCredit Corp. *
     17,900       70,168  
Dollar Financial Corp. *
     33,823       520,536  
World Acceptance Corp. *
     25,700       925,200  
 
              
 
             3,031,898  
 
              
Containers & Packaging (1.7%)
                
Myers Industries, Inc.
     42,000       529,620  
Rock-Tenn Co., Class A
     53,241       2,128,575  
Silgan Holdings, Inc.
     70,595       3,606,699  
 
              
 
             6,264,894  
 
              
Distributors (0.1%)
                
Core-Mark Holding Co., Inc. *
     12,200       304,878  
 
              
Diversified Consumer Services (0.6%)
                
Regis Corp.
     8,900       244,750  
Service Corp. International
     175,980       1,471,193  
Stewart Enterprises, Inc., Class A
     68,400       537,624  
 
              
 
             2,253,567  
 
              
Diversified Financial Services (0.5%)
                
Compass Diversified Holdings
     13,000       181,220  
Encore Capital Group, Inc. *
     9,800       134,260  
Financial Federal Corp.
     13,000       297,960  
Interactive Brokers Group, Inc., Class A *
     58,735       1,302,155  
 
              
 
             1,915,595  
 
              
Diversified Telecommunication Services (1.3%)
                
Atlantic Tele-Network, Inc.
     4,300       120,400  
CenturyTel, Inc.
     44,900       1,645,585  
Cincinnati Bell, Inc. *
     296,800       917,112  
Consolidated Communications Holdings, Inc.
     5,900       88,972  
Iowa Telecommunications Services, Inc.
     16,700       311,956  
NTELOS Holdings Corp.
     42,300       1,137,447  
Premiere Global Services, Inc. *
     45,400       638,324  
 
              
 
             4,859,796  
 
              
Electric Utilities (2.6%)
                
Allete, Inc.
     7,500       333,750  
Cleco Corp.
     22,400       565,600  
El Paso Electric Co. *
     35,600       747,600  
Portland General Electric Co.
     85,800       2,030,028  
UIL Holdings Corp.
     10,833       371,897  
UniSource Energy Corp.
     42,600       1,243,494  
Westar Energy, Inc.
     181,550       4,182,912  
 
              
 
             9,475,281  
 
              
Electrical Equipment (1.1%)
                
A.O. Smith Corp.
     8,400       329,196  
Acuity Brands, Inc.
     18,800       785,088  
Belden, Inc.
     7,700       244,783  
Encore Wire Corp.
     12,400       224,564  
GrafTech International Ltd. *
     73,500       1,110,585  
Regal-Beloit Corp.
     32,481       1,381,092  
 
              
 
             4,075,308  
 
              
Electronic Equipment & Instruments (2.2%)
                
Anixter International, Inc. *
     14,000       833,140  
Benchmark Electronics, Inc. *
     23,225       327,008  
Celestica, Inc. *
     18,800       121,072  
Checkpoint Systems, Inc. *
     10,700       201,374  
CTS Corp.
     23,700       302,886  
DTS, Inc. *
     49,110       1,366,731  
Electro Rent Corp.
     3,200       42,976  
Electro Scientific Industries, Inc. *
     2,600       36,972  
Insight Enterprises, Inc. *
     8,700       116,667  
Littelfuse, Inc. *
     15,450       459,329  
Mettler-Toledo International, Inc. *
     10,600       1,038,800  
Napco Security Systems, Inc. *
     228,700       670,091  
Newport Corp. *
     10,000       107,800  
Park Electrochemical Corp.
     6,000       145,440  
PC Connection, Inc. *
     11,400       76,266  
PC Mall, Inc. *
     5,500       37,565  
Plexus Corp. *
     5,200       107,640  
Sanmina-SCI Corp. *
     163,900       229,460  
SYNNEX Corp. *
     21,300       475,842  
Tech Data Corp. *
     17,200       513,420  
Technitrol, Inc.
     21,800       322,422  
TTM Technologies, Inc. *
     46,300       459,296  
 
              
 
             7,992,197  
 
              
Energy Equipment & Services (2.5%)
                
Basic Energy Services, Inc. *
     32,913       701,047  
Cal Dive International, Inc. *
     156,000       1,653,600  
Complete Production Services, Inc.
     15,800       318,054  
Dawson Geophysical Co. *
     9,671       451,539  
Gulfmark Offshore, Inc. *
     28,500       1,279,080  
IHS, Inc., Class A *
     47,590       2,267,188  
Natural Gas Services Group, Inc. *
     23,470       410,021  
Pioneer Drilling Co. *
     12,600       167,580  
RPC, Inc.
     10,587       148,853  
SEACOR Holdings, Inc. *
     12,750       1,006,612  
Superior Energy Services, Inc. *
     5,800       180,612  
Trico Marine Services, Inc. *
     25,000       427,000  
Union Drilling, Inc. *
     6,900       73,071  
 
              
 
             9,084,257  
 
              
Food & Staples Retailing (1.5%)
                
Andersons, Inc. (The)
     28,166       992,007  
BJ’s Wholesale Club, Inc. *
     37,810       1,469,297  
Casey’s General Stores, Inc.
     2,300       69,391  
Nash Finch Co.
     43,554       1,878,048  
Pantry, Inc. (The) *
     6,700       141,973  
Ruddick Corp.
     4,300       139,535  
Spartan Stores, Inc.
     33,400       830,992  
 
              
 
             5,521,243  
 
              
Food Products (0.5%)
                
Fresh Del Monte Produce, Inc. *
     27,000       599,400  
Ralcorp Holdings, Inc. *
     19,854       1,338,358  
 
              
 
             1,937,758  
 
              
Health Care Equipment & Supplies (3.3%)
                
CONMED Corp. *
     70,915       2,269,280  
Haemonetics Corp. *
     24,010       1,481,897  
Invacare Corp.
     22,400       540,736  
Inverness Medical Innovations, Inc. *
     66,640       1,999,200  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Cap Value Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Health Care Equipment & Supplies (continued)
                
IRIS International, Inc. *
     71,350     $ 1,277,165  
MAKO Surgical Corp *
     82,500       636,075  
SonoSite, Inc. *
     58,150       1,825,910  
STERIS Corp.
     8,400       315,672  
Teleflex, Inc.
     25,600       1,625,344  
 
              
 
             11,971,279  
 
              
Health Care Providers & Services (2.9%)
                
Alliance Imaging, Inc. *
     12,400       127,348  
AMERIGROUP Corp. *
     36,300       916,575  
AMN Healthcare Services, Inc. *
     11,400       200,298  
Apria Healthcare Group, Inc. *
     6,000       109,440  
Assisted Living Concepts, Inc., Class A *
     154,326       983,057  
Bio-Reference Labs, Inc. *
     84,200       2,433,380  
Five Star Quality Care, Inc. *
     73,450       275,437  
Gentiva Health Services, Inc. *
     48,600       1,309,284  
HealthSpring, Inc. *
     7,280       154,045  
Hythiam, Inc. *
     135,699       175,052  
Landauer, Inc.
     15,620       1,136,355  
Magellan Health Services, Inc. *
     9,500       390,070  
Molina Healthcare, Inc. *
     4,000       124,000  
Pediatrix Medical Group, Inc. *
     9,580       516,553  
PSS World Medical, Inc. *
     7,600       148,200  
Psychiatric Solutions, Inc. *
     10,000       379,500  
RehabCare Group, Inc. *
     6,100       110,410  
Res-Care, Inc. *
     20,200       366,428  
Sunrise Senior Living, Inc. *
     44,990       620,412  
 
              
 
             10,475,844  
 
              
Health Care Technology (0.0%)
                
MedAssets, Inc. *
     7,100       122,120  
 
              
Hotels, Restaurants & Leisure (2.3%)
                
Bob Evans Farms, Inc.
     1,800       49,122  
CBRL Group, Inc.
     30,100       791,630  
CEC Entertainment, Inc. *
     22,600       750,320  
Denny’s Corp. *
     115,762       298,666  
Domino’s Pizza, Inc. *
     45,118       547,733  
Einstein Noah Restaurant Group, Inc. *
     3,800       38,304  
Great Wolf Resorts, Inc. *
     61,562       225,317  
International Speedway Corp., Class A *
     18,814       732,053  
Jack in the Box, Inc. *
     40,700       858,770  
Multimedia Games, Inc. *
     206,820       895,531  
Papa John’s International, Inc. *
     5,500       149,380  
Ruby Tuesday, Inc.
     124,790       722,534  
Ruth’s Hospitality Group, Inc. *
     27,600       108,468  
Shuffle Master, Inc. *
     143,071       728,231  
Speedway Motorsports, Inc.
     18,680       363,886  
Texas Roadhouse, Inc., Class A *
     111,555       1,002,879  
 
              
 
             8,262,824  
 
              
Household Durables (1.3%)
                
American Greetings Corp., Class A
     33,700       515,273  
Ethan Allen Interiors, Inc.
     7,500       210,150  
Furniture Brands International, Inc.
     34,300       360,836  
Harman International Industries, Inc.
     4,900       166,943  
Helen of Troy Ltd. *
     22,100       503,217  
Jarden Corp. *
     3,472       81,419  
Tupperware Brands Corp.
     101,100       2,793,393  
 
              
 
             4,631,231  
 
              
Household Products (0.3%)
                
Church & Dwight Co., Inc.
     18,500       1,148,665  
 
              
Information Technology Services (1.5%)
                
CACI International, Inc., Class A *
     11,369       569,587  
CIBER, Inc. *
     70,693       494,144  
CSG Systems International, Inc. *
     13,100       229,643  
Forrester Research, Inc. *
     3,700       108,484  
Gartner, Inc. *
     22,600       512,568  
Global Cash Access Holdings, Inc. *
     37,100       187,726  
infoGROUP, Inc.
     3,200       21,152  
Mantech International Corp., Class A *
     7,100       420,959  
MAXIMUS, Inc.
     2,200       81,048  
Ness Technologies, Inc. *
     55,410       635,553  
NeuStar, Inc., Class A *
     55,400       1,101,906  
Perot Systems Corp., Class A *
     47,740       828,289  
SI International, Inc. *
     4,300       129,215  
Virtusa Corp. *
     3,800       24,738  
 
              
 
             5,345,012  
 
              
Insurance (4.3%)
                
American Physicians Capital, Inc.
     7,600       321,708  
Amerisafe, Inc. *
     56,000       1,019,200  
Amtrust Financial Services, Inc.
     81,740       1,110,847  
Argo Group International Holdings Ltd. *
     12,031       443,342  
Aspen Insurance Holdings Ltd.
     79,300       2,180,750  
Assured Guaranty Ltd.
     28,200       458,532  
CastlePoint Holdings Ltd.
     5,200       57,876  
Delphi Financial Group, Inc., Class A
     38,175       1,070,427  
FPIC Insurance Group, Inc. *
     6,300       323,757  
Hallmark Financial Services *
     5,800       52,722  
Harleysville Group, Inc.
     15,074       569,797  
Infinity Property & Casualty Corp.
     3,600       148,320  
Max Capital Group Ltd.
     34,800       808,404  
Meadowbrook Insurance Group, Inc.
     15,600       110,136  
Navigators Group, Inc. *
     11,600       672,800  
Phoenix Cos., Inc. (The)
     9,000       83,160  
Platinum Underwriters Holdings Ltd.
     37,200       1,319,856  
PMA Capital Corp., Class A *
     55,100       485,982  
ProAssurance Corp. *
     3,600       201,600  
Reinsurance Group of America, Inc., Class B *
     22,715       1,077,145  
RLI Corp.
     2,800       173,852  
Safety Insurance Group, Inc.
     19,000       720,670  
SeaBright Insurance Holdings, Inc. *
     11,700       152,100  
Selective Insurance Group
     41,089       941,760  
United Fire & Casualty Co.
     11,710       334,789  
Zenith National Insurance Corp.
     20,450       749,288  
 
              
 
             15,588,820  
 
              
Internet & Catalog Retail (0.2%)
                
NutriSystem, Inc. *
     41,150       729,178  
 
              
Internet Software & Services (0.5%)
                
EarthLink, Inc. *
     63,400       538,900  
Interwoven, Inc. *
     24,400       344,528  
SonicWALL, Inc. *
     17,600       92,224  
United Online, Inc.
     64,938       611,067  
ValueClick, Inc. *
     4,485       45,881  
Websense, Inc. *
     4,100       91,635  
 
              
 
             1,724,235  
 
              
Leisure Equipment & Products (0.5%)
                
JAKKS Pacific, Inc. *
     56,100       1,397,451  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Cap Value Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Leisure Equipment & Products (continued)
                
RC2 Corp. *
     11,400     $ 228,000  
Steinway Musical Instruments *
     9,200       260,544  
 
              
 
             1,885,995  
 
              
Life Sciences Tools & Services (0.5%)
                
Bio-Rad Laboratories, Inc., Class A *
     8,800       872,256  
Cambrex Corp. *
     150,880       927,912  
Exelixis, Inc. *
     13,500       82,080  
Medivation, Inc. *
     3,500       92,610  
 
              
 
             1,974,858  
 
              
Machinery (3.8%)
                
Actuant Corp., Class A *
     14,100       355,884  
Applied Industrial Technologies, Inc.
     61,250       1,649,463  
Barnes Group, Inc.
     88,000       1,779,360  
Blount International, Inc. *
     65,500       729,015  
Cascade Corp.
     8,000       350,480  
CIRCOR International, Inc.
     8,700       377,841  
Columbus McKinnon Corp. *
     14,813       349,142  
Commercial Vehicle Group, Inc. *
     6,400       45,504  
Dynamic Materials Corp.
     14,490       336,313  
EnPro Industries, Inc. *
     41,600       1,545,856  
Hardinge, Inc.
     37,619       477,761  
Hurco Cos., Inc. *
     14,817       438,139  
IDEX Corp.
     42,407       1,315,465  
Imation Corp.
     14,200       320,778  
Kadant, Inc. *
     1,400       31,878  
Kennametal, Inc.
     42,900       1,163,448  
Mueller Industries, Inc.
     15,700       361,257  
Sauer-Danfoss, Inc.
     12,483       308,205  
Tennant Co.
     8,200       280,932  
Wabtec Corp.
     29,430       1,507,699  
 
              
 
             13,724,420  
 
              
Marine (1.1%)
                
Eagle Bulk Shipping, Inc.
     14,600       203,524  
Genco Shipping & Trading Ltd.
     15,400       511,896  
Omega Navigation Enterprises, Inc., Class A
     110,612       1,444,593  
Paragon Shipping, Inc., Class A
     50,442       429,766  
Safe Bulkers, Inc.
     67,250       733,025  
TBS International Ltd., Class A *
     54,468       733,139  
Ultrapetrol Bahamas Ltd. *
     12,570       98,674  
 
              
 
             4,154,617  
 
              
Media (1.5%)
                
Arbitron, Inc.
     68,150       3,045,623  
Cox Radio, Inc., Class A *
     32,900       347,424  
Entercom Communications Corp., Class A
     21,500       107,930  
Idearc, Inc.
     45,300       56,625  
Lee Enterprises, Inc.
     41,800       146,300  
Lin TV Corp., Class A *
     4,100       21,156  
Regal Entertainment Group, Class A
     82,565       1,302,876  
Scholastic Corp.
     4,200       107,856  
Sinclair Broadcast Group, Inc., Class A
     66,400       334,656  
Valassis Communications, Inc. *
     7,500       64,950  
Westwood One, Inc. *
     27,800       15,290  
 
              
 
             5,550,686  
 
              
Metals & Mining (0.8%)
                
Commercial Metals Co.
     33,538       566,457  
Compass Minerals International, Inc.
     10,100       529,139  
Olympic Steel, Inc.
     4,800       141,552  
Schnitzer Steel Industries, Inc., Class A
     12,833       503,567  
Steel Dynamics, Inc.
     38,688       661,178  
Sutor Technology Group Ltd. *
     43,500       143,115  
Worthington Industries, Inc.
     27,300       407,862  
 
              
 
             2,952,870  
 
              
Multi-Utility (0.7%)
                
Black Hills Corp.
     3,700       114,959  
PNM Resources, Inc.
     28,800       294,912  
Vectren Corp.
     74,750       2,081,788  
 
              
 
             2,491,659  
 
              
Multiline Retail (0.1%)
                
Big Lots, Inc. *
     13,000       361,790  
Tuesday Morning Corp. *
     20,556       84,896  
 
              
 
             446,686  
 
              
Natural Gas Utility (1.5%)
                
Laclede Group, Inc. (The)
     5,500       266,695  
New Jersey Resources Corp.
     43,400       1,557,626  
Nicor, Inc.
     8,400       372,540  
Northwest Natural Gas Co.
     1,800       93,600  
Piedmont Natural Gas Co.
     10,931       349,355  
South Jersey Industries, Inc.
     19,600       699,720  
Southwest Gas Corp.
     36,200       1,095,412  
WGL Holdings, Inc.
     35,500       1,151,975  
 
              
 
             5,586,923  
 
              
Oil, Gas & Consumable Fuels (2.2%)
                
Alon USA Energy, Inc.
     16,000       215,680  
Berry Petroleum Co., Class A
     4,611       178,584  
Callon Petroleum Co. *
     5,300       95,559  
Comstock Resources, Inc. *
     12,100       605,605  
Energy Partners Ltd. *
     10,556       91,520  
Evergreen Energy, Inc. *
     246,240       231,466  
Foundation Coal Holdings, Inc.
     28,370       1,009,405  
GeoMet, Inc. *
     17,659       96,065  
Infinity Bio-Energy Ltd. *
     155,500       303,225  
Knightsbridge Tankers Ltd.
     12,100       320,287  
McMoRan Exploration Co. *
     10,400       245,856  
Parallel Petroleum Corp. *
     22,730       214,117  
Quicksilver Resources, Inc. *
     12,900       253,227  
Rosetta Resources, Inc. *
     22,692       416,625  
Southern Union Co.
     15,100       311,815  
Stone Energy Corp. *
     29,565       1,251,486  
Swift Energy Co. *
     12,900       499,101  
VAALCO Energy, Inc. *
     22,300       152,532  
Walter Industries, Inc.
     8,400       398,580  
Warren Resources, Inc. *
     84,860       846,903  
Western Refining, Inc.
     18,700       189,057  
 
              
 
             7,926,695  
 
              
Paper & Forest Products (0.5%)
                
Buckeye Technologies, Inc. *
     126,887       1,039,205  
Schweitzer-Mauduit International, Inc.
     42,450       806,125  
 
              
 
             1,845,330  
 
              
Personal Products (0.4%)
                
Chattem, Inc. *
     8,400       656,712  
Physicians Formula Holdings, Inc. *
     72,443       431,036  
Prestige Brands Holdings, Inc. *
     57,079       506,861  
 
              
 
             1,594,609  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Cap Value Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Pharmaceuticals (1.2%)
                
Alpharma, Inc., Class A *
     6,300     $ 232,407  
Auxilium Pharmaceuticals, Inc. *
     4,500       145,800  
Cypress Bioscience, Inc. *
     5,500       40,425  
Endo Pharmaceuticals Holdings, Inc. *
     32,350       647,000  
KV Pharmaceutical Co., Class A *
     102,800       2,334,588  
Par Pharmaceutical Cos., Inc. *
     4,400       54,076  
Perrigo Co.
     11,500       442,290  
ULURU, Inc. *
     9,100       9,100  
Valeant Pharmaceuticals International *
     7,600       155,572  
ViroPharma, Inc. *
     25,300       331,936  
 
              
 
             4,393,194  
 
              
Real Estate Investment Trusts (6.5%)
                
Anthracite Capital, Inc.
     72,600       389,136  
Anworth Mortgage Asset Corp.
     47,100       278,832  
Arbor Realty Trust, Inc.
     17,200       172,000  
Ashford Hospitality Trust, Inc.
     397,780       1,611,009  
Associated Estates Realty Corp.
     4,300       56,029  
BioMed Realty Trust, Inc.
     31,700       838,465  
Capital Trust, Inc., Class A
     6,800       105,400  
CBRE Realty Finance, Inc.
     136,900       184,815  
Cedar Shopping Centers, Inc.
     31,900       421,718  
DCT Industrial Trust, Inc.
     90,100       674,849  
DiamondRock Hospitality Co.
     49,700       452,270  
Duke Realty Corp.
     8,000       196,640  
Education Realty Trust, Inc.
     134,500       1,490,260  
Entertainment Properties Trust
     38,300       2,095,776  
Equity Lifestyle Properties, Inc.
     11,200       593,936  
Extra Space Storage, Inc.
     6,800       104,448  
First Potomac Realty Trust
     21,800       374,742  
Glimcher Realty Trust
     26,300       274,572  
Hersha Hospitality Trust
     55,580       413,515  
Home Properties, Inc.
     3,900       226,005  
Inland Real Estate Corp.
     26,200       411,078  
Lexington Realty Trust
     178,130       3,067,399  
LTC Properties, Inc.
     16,700       489,644  
Maguire Properties, Inc.
     8,800       52,448  
MFA Mortgage Investments, Inc.
     152,000       988,000  
National Retail Properties, Inc.
     58,600       1,403,470  
NorthStar Realty Finance Corp.
     59,000       457,250  
Omega Healthcare Investors, Inc.
     29,300       576,038  
Parkway Properties, Inc.
     32,900       1,245,594  
Pennsylvania Real Estate Investment Trust
     24,900       469,365  
Resource Capital Corp.
     16,300       98,778  
Saul Centers, Inc.
     13,300       672,182  
Senior Housing Properties Trust
     62,200       1,482,226  
Strategic Hotels & Resorts, Inc.
     44,100       332,955  
Sun Communities, Inc.
     17,100       338,751  
Sunstone Hotel Investors, Inc.
     35,400       477,900  
Urstadt Biddle Properties, Inc., Class A
     700       13,125  
 
              
 
             23,530,620  
 
              
Road & Rail (0.3%)
                
Arkansas Best Corp.
     11,200       377,328  
Celadon Group, Inc. *
     55,700       638,879  
YRC Worldwide, Inc. *
     11,300       135,148  
 
              
 
             1,151,355  
 
              
Semiconductors & Semiconductor Equipment (1.9%)
                
Actel Corp. *
     8,900       111,072  
Advanced Energy Industries, Inc. *
     9,800       134,064  
Amkor Technology, Inc. *
     31,700       201,929  
Applied Micro Circuits Corp. *
     7,475       44,700  
Asyst Technologies, Inc. *
     5,600       13,440  
Brooks Automation, Inc. *
     8,500       71,060  
Cirrus Logic, Inc. *
     21,800       118,810  
Cohu, Inc.
     2,300       36,386  
DSP Group, Inc. *
     9,000       68,850  
Eagle Test Systems, Inc. *
     5,900       90,329  
Entegris, Inc. *
     36,038       174,424  
Integrated Device Technology, Inc. *
     164,500       1,279,810  
Kulicke & Soffa Industries, Inc. *
     16,000       72,160  
Lattice Semiconductor Corp. *
     20,000       41,200  
MKS Instruments, Inc. *
     17,200       342,452  
Pericom Semiconductor Corp. *
     4,800       50,400  
Photronics, Inc. *
     6,500       12,220  
PMC — Sierra, Inc. *
     80,100       594,342  
RF Micro Devices, Inc. *
     18,400       53,728  
Semtech Corp. *
     11,700       163,332  
Silicon Image, Inc. *
     197,680       1,055,611  
Silicon Motion Technology Corp. ADR — TW*
     16,264       76,116  
Silicon Storage Technology, Inc. *
     12,200       39,772  
Skyworks Solutions, Inc. *
     89,900       751,564  
Standard Microsystems Corp. *
     9,600       239,808  
Teradyne, Inc. *
     65,300       509,993  
TriQuint Semiconductor, Inc. *
     63,300       303,207  
Zoran Corp. *
     47,300       385,968  
 
              
 
             7,036,747  
 
              
Software (3.6%)
                
Actuate Corp. *
     222,500       778,750  
Aspen Technology, Inc. *
     50,900       646,430  
Corel Corp. *
     56,652       481,542  
Fair Isaac Corp.
     40,800       940,848  
JDA Software Group, Inc. *
     10,200       155,142  
Macrovision Solutions Corp. *
     80,700       1,241,166  
Mentor Graphics Corp. *
     26,500       300,775  
Parametric Technology Corp. *
     25,571       470,506  
Progress Software Corp. *
     10,300       267,697  
Quest Software, Inc. *
     53,930       684,372  
Solera Holdings, Inc. *
     61,200       1,757,664  
SPSS, Inc. *
     2,500       73,400  
Sybase, Inc. *
     125,800       3,851,996  
THQ, Inc. *
     117,398       1,413,472  
TIBCO Software, Inc. *
     15,300       111,996  
 
              
 
             13,175,756  
 
              
Specialty Retail (3.2%)
                
Aaron Rents, Inc.
     4,150       112,341  
Asbury Automotive Group, Inc.
     56,180       647,194  
Brown Shoe Co., Inc.
     35,500       581,490  
Cabela’s, Inc. *
     68,460       826,997  
Cato Corp. (The), Class A
     10,300       180,765  
Charming Shoppes, Inc. *
     206,617       1,010,357  
Collective Brands, Inc. *
     21,800       399,158  
Conn’s, Inc. *
     15,500       290,005  
Dick’s Sporting Goods, Inc. *
     11,910       233,198  
Dress Barn, Inc. *
     36,674       560,745  
Finish Line (The), Class A
     22,400       223,776  
Guess?, Inc.
     16,381       569,895  
Gymboree Corp. *
     20,900       741,950  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Small Cap Value Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Specialty Retail (continued)
                
Jo-Ann Stores, Inc. *
     3,500     $ 73,430  
JOS. A. Bank Clothiers, Inc. *
     24,900       836,640  
Monro Muffler, Inc.
     53,890       1,242,703  
Rent-A-Center, Inc. *
     99,500       2,216,860  
Shoe Carnival, Inc. *
     13,400       219,492  
Stage Stores, Inc.
     31,225       426,533  
Systemax, Inc.
     14,100       198,246  
Tween Brands, Inc. *
     2,300       22,517  
 
              
 
             11,614,292  
 
              
Textiles, Apparel & Luxury Goods (1.0%)
                
Deckers Outdoor Corp. *
     3,300       343,464  
Jones Apparel Group, Inc.
     18,000       333,180  
Maidenform Brands, Inc. *
     22,400       325,024  
Movado Group, Inc.
     7,800       174,330  
Oxford Industries, Inc.
     2,000       51,660  
Perry Ellis International, Inc. *
     20,750       309,382  
Phillips-Van Heusen Corp.
     23,090       875,342  
Quiksilver, Inc. *
     7,500       43,050  
Skechers USA, Inc., Class A *
     9,600       161,568  
Warnaco Group, Inc. (The) *
     10,000       452,900  
Wolverine World Wide, Inc.
     20,000       529,200  
 
              
 
             3,599,100  
 
              
Thrifts & Mortgage Finance (2.1%)
                
Astoria Financial Corp.
     78,100       1,619,013  
Berkshire Hills Bancorp, Inc.
     700       22,400  
Brookline Bancorp, Inc.
     28,400       363,236  
Dime Community Bancshares
     23,750       361,475  
Downey Financial Corp.
     8,400       15,120  
Federal Agricultural Mortgage Corp., Class C
     12,800       52,480  
First Financial Holdings, Inc.
     8,200       214,676  
First Niagara Financial Group, Inc.
     59,696       940,212  
First Place Financial Corp.
     2,600       33,410  
FirstFed Financial Corp. *
     7,500       58,800  
Flushing Financial Corp.
     88,490       1,548,575  
Northwest Bancorp, Inc.
     29,230       804,994  
Ocwen Financial Corp. *
     15,400       123,970  
Provident Financial Services, Inc.
     25,500       421,005  
TrustCo Bank Corp. NY
     8,190       95,905  
United Community Financial Corp.
     44,500       222,500  
Washington Federal, Inc.
     16,316       301,030  
WSFS Financial Corp.
     6,100       366,000  
 
              
 
             7,564,801  
 
              
Tobacco (0.2%)
                
Universal Corp.
     11,300       554,717  
 
              
Trading Companies & Distributors (0.3%)
                
Beacon Roofing Supply, Inc. *
     31,080       485,469  
Interline Brands, Inc. *
     22,746       368,713  
Rush Enterprises, Inc., Class A *
     8,360       107,008  
Watsco, Inc.
     5,100       256,428  
 
              
 
             1,217,618  
 
              
Water Utility (0.1%)
                
American States Water Co.
     5,100       196,350  
 
              
Wireless Telecommunication Services (0.5%)
                
Centennial Communications Corp. *
     47,800       298,272  
Syniverse Holdings, Inc. *
     87,800       1,458,358  
                 
    Shares or        
    Principal        
    Amount     Value  
Common Stocks (continued)
                
Wireless Telecommunication Services (continued)
                
USA Mobility, Inc.
     4,200     $ 46,200  
 
              
 
             1,802,830  
 
              
Total Common Stocks
             348,994,173  
 
              
                 
    Principal        
    Amount     Value  
U.S. Treasury Note (0.1%)
                
U.S. Treasury Notes, 4.63%, 11/30/08
   $ 370,000       372,399  
 
              
Warrants (0.0%)(a)(c)
                
Health Care Providers & Services (0.0%)
                
Hythiam, Inc., Expiring 11/06/12
     19,000       0  
 
              
                 
    Shares     Value  
Mutual Funds (2.4%)(b)
                
Money Market Fund (2.4%)
                
AIM Liquid Assets Portfolio
     8,637,561       8,637,561  
 
              
Total Investments
               
(Cost $404,104,448) (d) — 98.3%
             358,004,133  
Other assets in excess of liabilities — 1.7%
             6,134,930  
 
              
NET ASSETS — 100.0%
           $ 364,139,063  
 
              
 
*   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 September 30, 2008. The maturity date represents the actual maturity date.
 
(c)   Illiquid Security.
 
(d)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
ADR   American Depositary Receipt
 
TW   Taiwan
At September 30, 2008, the Fund’s open futures contracts were as follows:
                                 
Number               Market Value   Unrealized
of Contracts   Long Contracts   Expiration   Covered By Contracts   Appreciation/Depreciation
  9    
Russell 2000 Futures
     12/19/08     $ 3,055,950     $ (181,587 )
                 
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Short Term Bond Fund
                 
    Principal        
    Amount     Value  
Asset-Backed Securities (3.9%)
                
Auto Loans (0.6%)(a)
                
Superior Wholesale Inventory Financing Trust, 2.59%, Series 2007-AE1, Class A, 01/15/12
   $ 500,000     $ 460,005  
 
              
Credit Card Loans (2.1%)
                
Advanta Business Card Master Trust, 5.00%, Series 2007-A2, Class A2, 03/20/13
     255,000       240,944  
Golden Credit Card Trust, 3.49%, Series 2008-3, Class A, 07/15/17(a)
     1,000,000       1,000,000  
National City Credit Card Master Trust, 4.65%, Series 2008-2, Class A, 11/15/11
     375,000       370,702  
 
              
 
             1,611,646  
 
              
Student Loans (1.2%)(a)
                
Access Group, Inc., 2.98%, Series 2002-1, Class A2, 09/25/25
     968,797       944,879  
 
              
Total Asset-Backed Securities
             3,016,530  
 
              
Commercial Mortgage Backed Securities (12.0%)
                
Diversified Financial Services (12.0%)
                
Banc of America Commercial Mortgage, Inc., 4.13%, Series 2004-4, Class A3, 07/10/42
     515,000       506,698  
Bear Stearns Commercial Mortgage Securities, 4.32%, Series 2004-T16, Class A4, 02/13/46
     600,000       574,631  
Commercial Mortgage Pass-Through Certificates, 6.83%, Series 2001-J1A, Class C, 02/14/34(b)
     975,000       984,285  
GE Capital Commercial Mortgage Corp., 4.58%, Series 2005-C1, Class A3, 06/10/48
     600,000       567,937  
JPMorgan Chase Commercial Mortgage Securities Corp., 6.26%, Series 2001-CIBC, Class A3, 03/15/33
     350,327       350,189  
LB-UBS Commercial Mortgage Trust
                
5.14%, Series 2004-C4, Class A3, 06/15/29(a)
     600,000       586,711  
4.58%, Series 2004-C6, Class A4, 08/15/29
     350,000       335,292  
4.91%, Series 2005-C2, Class A3, 04/15/30
     750,000       727,595  
4.65%, Series 2005-C3, Class A3, 07/15/30
     550,000       523,100  
5.85%, Series 2007-C6, Class A2, 07/15/40
     750,000       704,279  
Morgan Stanley Capital I
                
5.71%, Series 2006-HQ9, Class A3, 07/12/44
     1,000,000       936,504  
4.73%, Series 2005-T19, Class A2, 06/12/47
     415,000       405,145  
4.83%, Series 2005-T19, Class A3, 06/12/47
     750,000       712,087  
4.54%, Series 2005-IQ9, Class A3, 07/15/56
     910,000       855,879  
Morgan Stanley Dean Witter Capital I, 6.39%, Series 2001-TOP5, Class A4, 10/15/35
     500,000       498,767  
Total Commercial Mortgage Backed Securities
             9,269,099  
 
              
Corporate Bonds (27.0%)
                
Banks (3.2%)
                
Bear Stearns Co., Inc., 6.95%, 08/10/12
     867,000       875,778  
Countrywide Financial Corp., 4.50%, 06/15/10
     750,000       677,776  
Wells Fargo Capital XIII, 7.70%, 12/29/49(a)
     1,000,000       872,010  
 
              
 
             2,425,564  
 
              
Beverages (1.0%)(b)
                
SABMiller PLC, 5.70%, 01/15/14
     750,000       732,012  
 
              
Diversified Financial Services (3.2%)
                
Caterpillar Financial Services Corp., 6.20%, 09/30/13
     1,000,000       999,972  
General Electric Capital Corp., 4.88%, 10/21/10
     750,000       726,097  
Textron Financial Corp., 5.13%, 11/01/10
     750,000       755,340  
 
              
 
             2,481,409  
 
              
Electric Utilities (2.3%)
                
Northern States Power, 4.75%, 08/01/10
     500,000       504,905  
Pacific Gas & Electric Co., 4.20%, 03/01/11
     750,000       732,750  
Pacificorp, 7.00%, 07/15/09
     500,000       510,890  
 
              
 
             1,748,545  
 
              
Food Processors (0.7%)
                
General Mills, Inc., 5.65%, 09/10/12
     500,000       504,660  
 
              
Insurance (0.9%)
                
Principal Life Income Funding Trusts, 5.30%, 12/14/12
     750,000       724,655  
 
              
Media (2.3%)
                
Comcast Cable Communications Holdings, Inc., 8.38%, 03/15/13
     1,000,000       1,048,790  
Time Warner Cable, Inc., 6.20%, 07/01/13
     750,000       727,611  
 
              
 
             1,776,401  
 
              
Metals & Mining (0.8%)
                
WMC Finance USA Ltd., 5.13%, 05/15/13
     600,000       592,674  
 
              
Oil, Gas & Consumable Fuels (4.2%)
                
Energy Transfer Partners LP, 6.00%, 07/01/13
     750,000       732,425  
EOG Resources, Inc., 6.13%, 10/01/13
     1,000,000       1,002,080  
Kinder Morgan Energy Partners LP, 6.75%, 03/15/11
     1,000,000       1,012,611  
XTO Energy, Inc., 5.00%, 08/01/10
     500,000       502,542  
 
              
 
             3,249,658  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Short Term Bond Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Oilfield Machinery & Services (0.9%)
                
Weatherford International Ltd., 5.15%, 03/15/13
   $ 750,000     $ 722,287  
 
              
Other Financial (3.6%)
                
American Honda Finance Corp., 6.70%, 10/01/13(b)
     1,000,000       994,140  
Covidien International Finance SA, 5.45%, 10/15/12
     800,000       785,376  
HSBC Finance Corp., 6.38%, 10/15/11
     1,000,000       989,499  
 
              
 
             2,769,015  
 
              
Pharmaceuticals (0.6%)
                
Amgen, Inc., 4.00%, 11/18/09
     500,000       495,281  
 
              
Retailers (1.3%)(a)
                
CVS Caremark Corp., 4.32%, 09/10/10
     1,000,000       997,116  
 
              
Telecommunications (2.0%)
                
Bellsouth Capital Funding Corp., 7.75%, 02/15/10
     500,000       515,670  
Telecom Italia Capital SA, 5.25%, 11/15/13
     600,000       532,314  
Verizon Global Funding Corp., 7.25%, 12/01/10
     500,000       520,295  
 
              
 
             1,568,279  
 
              
Total Corporate Bonds
             20,787,556  
 
              
U.S. Government Sponsored & Agency Obligations (46.8%)
                
Federal Home Loan Bank System, 4.75%, 04/24/09
     2,500,000       2,521,400  
Federal Home Loan Mortgage Corp.
                
2.38%, 05/28/10
     1,000,000       987,400  
5.69%, 10/01/37
     4,888,079       4,964,262  
Federal National Mortgage Association
                
6.50%, 04/01/22
     2,389,138       2,477,564  
4.30%, 07/01/34
     9,702,193       9,882,848  
U.S. Treasury Bills, 2.00%, 12/18/08(c)
     5,000,000       4,996,965  
U.S. Treasury Bonds, 2.38%, 08/31/10
     9,000,000       9,068,904  
U.S. Treasury Notes
                
2.00%, 02/28/10
     250,000       250,195  
3.13%, 04/30/13
     250,000       252,149  
3.50%, 05/31/13
     650,000       665,945  
 
                
Total U.S. Government Sponsored & Agency Obligations
             36,067,632  
 
              
Repurchase Agreements (10.1%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $7,758,511, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $7,913,331
     7,758,168       7,758,168  
 
              
Total Investments
                
(Cost $77,730,182) (d) — 99.8%
             76,898,985  
Other assets in excess of liabilities — 0.2%
             143,040  
 
              
NET ASSETS — 100.0%
           $ 77,042,025  
 
              
 
(a)   Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on September 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 September 30, 2008, all such securities in total represented 3.52% 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 statements of investments for tax unrealized appreciation (depreciation) of securities.
 
LP   Limited Partnership
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
American Funds NVIT Growth Fund
                 
    Shares     Value  
Mutual Funds (100.0%)
                
Equity Fund (100.0%)
                
American Funds Growth Fund
     3,742,956     $ 171,913,950  
 
              
Total Investments
                
(Cost $240,133,326) (a) — 100.0%
             171,913,950  
Liabilities in excess of other assets — 0.0%
             (84,205 )
 
              
NET ASSETS — 100.0%
           $ 171,829,745  
 
              
 
(a)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
American Funds NVIT Global Growth Fund
                 
    Shares     Value  
Mutual Funds (100.1%)
                
Equity Fund (100.1%)
                
American Funds Global Growth Fund
     5,589,337     $ 100,105,022  
 
              
Total Investments
                
(Cost $131,524,288) (a) — 100.1%
             100,105,022  
Liabilities in excess of other assets — (0.1)%
             (130,814 )
 
              
NET ASSETS — 100.0%
           $ 99,974,208  
 
              
 
(a)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
American Funds NVIT Asset Allocation Fund
                 
    Shares     Value  
Mutual Funds (99.9%)
                
Equity Fund (99.9%)
                
American Funds Asset Allocation Fund
     45,642,476     $ 683,267,859  
 
              
Total Investments
                
(Cost $826,509,624) (a) — 99.9%
             683,267,859  
Other assets in excess of liabilities — 0.1%
             518,253  
 
              
NET ASSETS — 100.0%
           $ 683,786,112  
 
              
 
(a)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
American Funds NVIT Bond Fund
                 
    Shares     Value  
Mutual Funds (99.9%)
                
Fixed Income Fund (99.9%)
                
American Funds Bond Fund
     30,690,912     $ 318,264,755  
 
              
Total Investments
                
(Cost $345,991,771) (a) — 99.9%
             318,264,755  
Other assets in excess of liabilities — 0.1%
             224,122  
 
              
NET ASSETS — 100.0%
           $ 318,488,877  
 
              
 
(a)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
American Funds NVIT Growth-Income Fund
                 
    Shares     Value  
Mutual Funds (99.9%)
                
Equity Fund (99.9%)
                
American Funds Income Fund
     7,133,349     $ 226,555,180  
 
              
Total Investments
                
(Cost $282,818,069) (a) — 99.9%
             226,555,180  
Other assets in excess of liabilities — 0.1%
             237,280  
 
              
NET ASSETS — 100.0%
           $ 226,792,460  
 
              
 
(a)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Investor Destinations Aggressive Fund
                 
    Shares     Value  
Mutual Funds (100.2%)(a)
                
Equity Funds (95.4%)
                
Nationwide International Index Fund, Institutional Class
     8,968,254     $ 71,835,715  
NVIT International Index Fund, Class Y
     12,216,115       99,805,660  
NVIT Mid Cap Index Fund, Class Y
     5,739,691       87,358,102  
NVIT S&P500 Index Fund, Class Y
     29,079,112       235,540,811  
NVIT Small Cap Index Fund, Class Y
     7,085,500       57,888,534  
 
              
 
             552,428,822  
 
              
Fixed Income Fund (4.8%)
                
NVIT Bond Index Fund, Class Y
     2,820,615       27,613,823  
 
              
Total Investments
                
(Cost $716,829,948) (b) — 100.2%
             580,042,645  
Liabilities in excess of other assets — (0.2)%
             (907,488 )
 
              
NET ASSETS — 100.0%
           $ 579,135,157  
 
              
 
(a)   Investment in affiliate.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Investor Destinations Moderately Aggressive Fund
                 
    Shares or
Principal
Amount		     Value  
Mutual Funds (97.0%)(a)
                
Equity Funds (80.9%)
                
Nationwide International Index Fund, Institutional Class
     23,602,250     $ 189,054,019  
NVIT International Index Fund, Class Y
     35,078,155       286,588,527  
NVIT Mid Cap Index Fund, Class Y
     19,089,838       290,547,329  
NVIT S&P500 Index Fund, Class Y
     84,625,821       685,469,152  
NVIT Small Cap Index Fund, Class Y
     11,782,954       96,266,737  
 
              
 
             1,547,925,764  
 
              
Fixed Income Funds (15.8%)
                
NVIT Bond Index Fund, Class Y
     28,143,545       275,525,303  
NVIT Enhanced Income Fund, Class Y
     2,783,755       27,726,201  
 
              
 
             303,251,504  
 
              
Money Market Fund (0.3%)
                
NVIT Money Market Fund, Class Y
     5,800,405       5,800,405  
 
              
Total Mutual Funds
             1,856,977,673  
 
              
                 
    Principal        
    Amount     Value  
Fixed Contract (3.1%)(a)(b)
                
Nationwide Fixed Contract, 4.00%
   $ 59,391,718       59,391,718  
 
              
Total Investments
                
(Cost $2,305,678,347) (c) — 100.1%
             1,916,369,391  
Liabilities in excess of other assets — (0.1)%
             (1,847,017  
 
              
NET ASSETS — 100.0%
           $ 1,914,522,374  
 
              
 
(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 statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Investor Destinations Moderate Fund
                 
    Shares or
Principal
Amount		     Value  
Mutual Funds (90.0%)(a)
                
Equity Funds (61.2%)
                
Nationwide International Index Fund, Institutional Class
     18,395,787     $ 147,350,257  
NVIT International Index Fund, Class Y
     29,625,343       242,039,055  
NVIT Mid Cap Index Fund, Class Y
     17,367,200       264,328,781  
NVIT S&P500 Index Fund, Class Y
     98,986,264       801,788,734  
NVIT Small Cap Index Fund, Class Y
     16,079,518       131,369,659  
 
              
 
             1,586,876,486  
 
              
Fixed Income Funds (27.1%)
                
NVIT Bond Index Fund, Class Y
     64,009,785       626,655,798  
NVIT Enhanced Income Fund, Class Y
     7,638,681       76,081,261  
 
              
 
             702,737,059  
 
              
Money Market Fund (1.7%)
                
NVIT Money Market Fund, Class Y
     43,241,501       43,241,501  
 
              
Total Mutual Funds
             2,332,855,046  
 
              
                 
    Principal        
    Amount     Value  
Fixed Contract (10.1%)(a)(b)
                
Nationwide Fixed Contract, 4.00%
   $ 261,156,463       261,156,463  
 
              
Total Investments
                
(Cost $2,963,325,449) (c) — 100.1%
             2,594,011,509  
Liabilities in excess of other assets — (0.1)%
             (2,267,699 )
 
              
NET ASSETS — 100.0%
           $ 2,591,743,810  
 
              
 
(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 statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Investor Destinations Moderately Conservative Fund
                 
    Shares or
Principal
Amount		     Value  
Mutual Funds (89.5%)(a)
                
Equity Funds (41.3%)
                
Nationwide International Index Fund, Institutional Class
     2,143,818     $ 17,171,985  
NVIT International Index Fund, Class Y
     7,166,156       58,547,493  
NVIT Mid Cap Index Fund, Class Y
     5,071,954       77,195,146  
NVIT S&P500 Index Fund, Class Y
     19,272,108       156,104,072  
 
              
 
             309,018,696  
 
              
Fixed Income Funds (41.8%)
                
NVIT Bond Index Fund, Class Y
     26,170,978       256,213,871  
NVIT Enhanced Income Fund, Class Y
     5,679,916       56,571,967  
 
              
 
             312,785,838  
 
              
Money Market Fund (6.4%)
                
NVIT Money Market Fund, Class Y
     48,249,219       48,249,219  
 
              
Total Mutual Funds
             670,053,753  
 
              
                 
    Principal        
    Amount     Value  
Fixed Contract (10.7%)(a)(b)
                
Nationwide Fixed Contract, 4.00%
   $ 80,327,695       80,327,695  
 
              
Total Investments
                
(Cost $826,834,601) (c) — 100.2%
             750,381,448  
Liabilities in excess of other assets — (0.2)%
             (1,693,234 )
 
              
NET ASSETS — 100.0%
           $ 748,688,214  
 
              
 
(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 statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Investor Destinations Conservative Fund
                 
    Shares or
Principal
Amount		     Value  
Mutual Funds (87.9%)(a)
                
Equity Funds (20.7%)
                
NVIT International Index Fund, Class Y
     2,137,427     $ 17,462,782  
NVIT Mid Cap Index Fund, Class Y
     1,171,854       17,835,624  
NVIT S&P500 Index Fund, Class Y
     4,452,742       36,067,210  
 
              
 
             71,365,616  
 
              
Fixed Income Funds (55.2%)
                
NVIT Bond Index Fund, Class Y
     13,821,024       135,307,821  
NVIT Enhanced Income Fund, Class Y
     5,529,560       55,074,413  
 
              
 
             190,382,234  
 
              
Money Market Fund (12.0%)
                
NVIT Money Market Fund, Class Y
     41,355,575       41,355,575  
 
              
Total Mutual Funds
             303,103,425  
 
              
                 
    Principal        
    Amount     Value  
Fixed Contract (11.7%)(a)(b)
                
Nationwide Fixed Contract, 4.00%
   $ 40,430,182       40,430,182  
 
              
Total Investments
                
(Cost $361,535,583) (c) — 99.6%
             343,533,607  
Other assets in excess of liabilities — 0.4%
             1,340,741  
 
              
NET ASSETS — 100.0%
           $ 344,874,348  
 
              
 
(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 statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT S&P 500 Index Fund
                 
    Shares     Value  
Common Stocks (99.7%)
                
Aerospace & Defense (2.7%)
                
Boeing Co.
     153,250     $ 8,788,887  
General Dynamics Corp.
     82,370       6,064,079  
Goodrich Corp.
     25,561       1,063,338  
Honeywell International, Inc.
     151,656       6,301,307  
L-3 Communications Holdings, Inc.
     25,454       2,502,637  
Lockheed Martin Corp.
     68,965       7,563,392  
Northrop Grumman Corp.
     70,054       4,241,069  
Precision Castparts Corp.
     29,032       2,287,141  
Raytheon Co.
     86,509       4,629,097  
Rockwell Collins, Inc.
     32,724       1,573,697  
United Technologies Corp.
     199,047       11,954,763  
 
              
 
             56,969,407  
 
              
Air Freight & Logistics (1.0%)
                
CH Robinson Worldwide, Inc.
     35,550       1,811,628  
Expeditors International of Washington, Inc.
     44,600       1,553,864  
FedEx Corp.
     64,578       5,104,245  
United Parcel Service, Inc., Class B
     208,140       13,089,925  
 
              
 
             21,559,662  
 
              
Airline (0.1%)
                
Southwest Airlines Co.
     152,880       2,218,289  
 
              
Auto Components (0.2%)
                
Goodyear Tire & Rubber Co. (The) *
     45,643       698,794  
Johnson Controls, Inc.
     119,488       3,624,071  
Snap-on, Inc. (a)
     9,956       524,283  
 
              
 
             4,847,148  
 
              
Automobiles (0.3%)(a)
                
Ford Motor Co. *
     470,407       2,446,116  
General Motors Corp.
     118,606       1,120,827  
Harley-Davidson, Inc.
     49,156       1,833,519  
 
              
 
             5,400,462  
 
              
Beverages (2.8%)
                
Anheuser-Busch Cos., Inc.
     148,378       9,626,765  
Brown-Forman Corp., Class B (a)
     15,279       1,097,185  
Coca-Cola Co. (The)
     410,334       21,698,462  
Coca-Cola Enterprises, Inc.
     60,180       1,009,219  
Constellation Brands, Inc., Class A *
     36,376       780,629  
Molson Coors Brewing Co., Class B
     29,282       1,368,933  
Pepsi Bottling Group, Inc. (a)
     29,001       845,959  
PepsiCo, Inc.
     323,137       23,029,974  
 
              
 
             59,457,126  
 
              
Biotechnology (1.7%)
                
Amgen, Inc. *
     218,811       12,968,928  
Biogen Idec, Inc. *
     60,238       3,029,369  
Celgene Corp. *
     94,303       5,967,494  
Genzyme Corp. *
     55,797       4,513,419  
Gilead Sciences, Inc. *
     190,397       8,678,295  
 
              
 
             35,157,505  
 
              
Building Products (0.1%)(a)
                
Masco Corp.
     75,360       1,351,958  
 
              
Capital Markets (2.8%)
                
American Capital Ltd. (a)
     43,567       1,111,394  
Ameriprise Financial, Inc. (a)
     45,401       1,734,318  
Bank of New York Mellon Corp. (The)
     232,998       7,591,075  
Charles Schwab Corp. (The)
     189,026       4,914,676  
E*Trade Financial Corp. *(a)
     112,884       316,075  
Federated Investors, Inc., Class B (a)
     18,933       545,838  
Franklin Resources, Inc.
     31,396       2,766,930  
Goldman Sachs Group, Inc. (The) (a)
     89,674       11,478,272  
Invesco Ltd.
     80,700       1,693,086  
Janus Capital Group, Inc. (a)
     30,062       729,905  
Legg Mason, Inc.
     29,697       1,130,268  
Merrill Lynch & Co., Inc. (a)
     316,010       7,995,053  
Morgan Stanley
     225,509       5,186,707  
Northern Trust Corp.
     46,044       3,324,377  
State Street Corp.
     88,921       5,057,827  
T. Rowe Price Group, Inc.
     53,814       2,890,350  
 
              
 
             58,466,151  
 
              
Chemicals (2.0%)
                
Air Products & Chemicals, Inc.
     44,115       3,021,436  
Ashland, Inc.
     12,839       375,412  
CF Industries Holdings, Inc.
     11,800       1,079,228  
Dow Chemical Co. (The) (a)
     191,781       6,094,800  
E.I. du Pont de Nemours & Co.
     186,834       7,529,410  
Eastman Chemical Co.
     16,206       887,279  
Ecolab, Inc.
     34,057       1,652,446  
Hercules, Inc.
     19,417       384,262  
International Flavors & Fragrances, Inc.
     14,073       555,321  
Monsanto Co.
     113,506       11,234,824  
PPG Industries, Inc.
     34,295       2,000,084  
Praxair, Inc.
     65,339       4,687,420  
Rohm & Haas Co.
     25,466       1,782,620  
Sigma-Aldrich Corp. (a)
     26,509       1,389,602  
 
              
 
             42,674,144  
 
              
Commercial Banks (3.0%)
                
BB&T Corp. (a)
     114,092       4,312,678  
Comerica, Inc. (a)
     32,340       1,060,429  
Fifth Third Bancorp (a)
     121,025       1,440,197  
First Horizon National Corp. (a)
     43,621       414,402  
Huntington Bancshares, Inc. (a)
     77,618       620,168  
KeyCorp
     103,781       1,239,145  
M&T Bank Corp. (a)
     16,660       1,486,905  
Marshall & Ilsley Corp. (a)
     54,455       1,097,268  
National City Corp. (a)
     167,893       293,813  
PNC Financial Services Group, Inc.
     71,585       5,347,399  
Regions Financial Corp. (a)
     145,231       1,394,218  
SunTrust Banks, Inc. (a)
     73,576       3,310,184  
U.S. Bancorp
     359,640       12,954,233  
Wachovia Corp. (a)
     428,729       1,500,551  
Wells Fargo & Co.
     683,031       25,634,153  
Zions Bancorp. (a)
     24,457       946,486  
 
              
 
             63,052,229  
 
              
Commercial Services & Supplies (0.5%)
                
Allied Waste Industries, Inc. *
     63,539       705,918  
Avery Dennison Corp. (a)
     22,554       1,003,202  
Cintas Corp.
     24,131       692,801  
Equifax, Inc. (a)
     28,182       970,870  
Monster Worldwide, Inc. *(a)
     25,595       381,621  
Pitney Bowes, Inc.
     39,625       1,317,928  
Robert Half International, Inc. (a)
     29,201       722,725  
RR Donnelley & Sons Co.
     39,933       979,556  
Waste Management, Inc.
     102,042       3,213,303  
 
              
 
             9,987,924  
 
              
Communications Equipment (2.6%)
                
Ciena Corp. *(a)
     20,576       207,406  
Cisco Systems, Inc. *
     1,219,387       27,509,371  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT S&P 500 Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Communications Equipment (continued)
                
Corning, Inc.
     326,894     $ 5,112,622  
Harris Corp.
     28,100       1,298,220  
JDS Uniphase Corp. *
     46,393       392,485  
Juniper Networks, Inc. *
     112,899       2,378,782  
Motorola, Inc.
     458,219       3,271,683  
QUALCOMM, Inc.
     338,735       14,555,443  
Tellabs, Inc. *
     79,585       323,115  
 
              
 
             55,049,127  
 
              
Computers & Peripherals (4.4%)
                
Apple, Inc. *
     182,861       20,783,982  
Dell, Inc. *
     360,813       5,946,198  
EMC Corp. *
     428,900       5,129,644  
Hewlett-Packard Co.
     505,529       23,375,661  
International Business Machines Corp.
     279,626       32,705,057  
Lexmark International, Inc., Class A *(a)
     20,077       653,908  
NetApp, Inc. *
     69,147       1,260,550  
QLogic Corp. *(a)
     28,153       432,430  
SanDisk Corp. *(a)
     45,782       895,038  
Sun Microsystems, Inc. *
     157,607       1,197,813  
Teradata Corp. *
     35,200       686,400  
 
              
 
             93,066,681  
 
              
Construction & Engineering (0.2%)
                
Fluor Corp.
     37,266       2,075,716  
Jacobs Engineering Group, Inc. *
     24,100       1,308,871  
 
              
 
             3,384,587  
 
              
Construction Materials (0.1%)(a)
                
Vulcan Materials Co.
     22,877       1,704,337  
 
              
Consumer Finance (0.8%)
                
American Express Co.
     240,028       8,504,192  
Capital One Financial Corp. (a)
     77,922       3,974,022  
Discover Financial Services
     95,732       1,323,016  
MasterCard, Inc., Class A
     14,800       2,624,484  
SLM Corp. *
     94,995       1,172,239  
 
              
 
             17,597,953  
 
              
Containers & Packaging (0.1%)
                
Ball Corp.
     21,214       837,741  
Bemis Co., Inc. (a)
     16,839       439,835  
Pactiv Corp. *
     25,283       627,777  
Sealed Air Corp.
     29,087       639,623  
 
              
 
             2,544,976  
 
              
Distributors (0.1%)
                
Genuine Parts Co.
     30,828       1,239,594  
 
              
Diversified Consumer Services (0.1%)
                
Apollo Group, Inc., Class A *
     22,347       1,325,177  
H&R Block, Inc.
     64,350       1,451,093  
 
              
 
             2,776,270  
 
              
Diversified Financial Services (4.9%)
                
Bank of America Corp.
     941,256       32,943,960  
CIT Group, Inc. (a)
     60,581       421,644  
Citigroup, Inc.
     1,124,043       23,054,122  
CME Group, Inc.
     13,905       5,165,846  
IntercontinentalExchange, Inc. *
     15,800       1,274,744  
JPMorgan Chase & Co.
     760,444       35,512,735  
Leucadia National Corp. (a)
     34,626       1,573,405  
Moody’s Corp. (a)
     41,303       1,404,302  
NYSE Euronext
     55,400       2,170,572  
 
              
 
             103,521,330  
 
              
Diversified Telecommunication Services (2.7%)
                
AT&T, Inc.
     1,216,426       33,962,614  
CenturyTel, Inc.
     21,768       797,797  
Embarq Corp.
     30,054       1,218,690  
Frontier Communications Corp. (a)
     66,137       760,575  
Qwest Communications International, Inc. (a)
     298,846       965,273  
Verizon Communications, Inc.
     587,861       18,864,459  
Windstream Corp.
     82,505       902,605  
 
              
 
             57,472,013  
 
              
Electric Utilities (2.1%)
                
Allegheny Energy, Inc.
     35,506       1,305,556  
American Electric Power Co., Inc.
     83,776       3,106,414  
Duke Energy Corp.
     262,563       4,576,473  
Edison International
     67,869       2,707,973  
Entergy Corp.
     39,892       3,550,787  
Exelon Corp.
     136,127       8,524,273  
FirstEnergy Corp.
     63,334       4,242,745  
FPL Group, Inc.
     84,780       4,264,434  
Pepco Holdings, Inc.
     37,300       854,543  
Pinnacle West Capital Corp.
     18,010       619,724  
PPL Corp.
     75,027       2,777,499  
Progress Energy, Inc.
     52,866       2,280,110  
Southern Co. (a)
     159,688       6,018,641  
 
              
 
             44,829,172  
 
              
Electrical Equipment (0.4%)
                
Cooper Industries Ltd., Class A
     33,538       1,339,843  
Emerson Electric Co.
     157,451       6,422,426  
Rockwell Automation, Inc.
     29,852       1,114,674  
 
              
 
             8,876,943  
 
              
Electronic Equipment & Instruments (0.3%)
                
Agilent Technologies, Inc. *
     71,665       2,125,584  
Amphenol Corp., Class A
     37,000       1,485,180  
Jabil Circuit, Inc.
     42,897       409,237  
Molex, Inc. (a)
     25,886       581,141  
Tyco Electronics Ltd.
     93,509       2,586,459  
 
              
 
             7,187,601  
 
              
Energy Equipment & Services (2.7%)
                
Baker Hughes, Inc.
     64,038       3,876,861  
BJ Services Co.
     61,871       1,183,592  
Cameron International Corp. *
     45,600       1,757,424  
ENSCO International, Inc.
     30,002       1,729,015  
Halliburton Co.
     181,877       5,890,996  
Nabors Industries Ltd. *
     58,780       1,464,798  
National Oilwell Varco, Inc. *
     86,568       4,348,311  
Noble Corp.
     56,125       2,463,887  
Rowan Cos., Inc.
     24,172       738,455  
Schlumberger Ltd.
     247,648       19,338,832  
Smith International, Inc.
     45,008       2,639,269  
Transocean, Inc.
     66,077       7,257,898  
Weatherford International Ltd. *
     141,522       3,557,863  
 
              
 
             56,247,201  
 
              
Food & Staples Retailing (2.9%)
                
Costco Wholesale Corp.
     90,126       5,851,881  
CVS Caremark Corp.
     296,296       9,973,323  
Kroger Co. (The)
     136,099       3,740,001  
Safeway, Inc.
     90,776       2,153,207  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT S&P 500 Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Food & Staples Retailing (continued)
                
SUPERVALU, Inc.
     44,559     $ 966,930  
SYSCO Corp.
     125,135       3,857,912  
Wal-Mart Stores, Inc.
     462,832       27,719,008  
Walgreen Co.
     205,204       6,353,116  
Whole Foods Market, Inc. (a)
     30,466       610,234  
 
              
 
             61,225,612  
 
              
Food Products (1.7%)
                
Archer-Daniels-Midland Co. (a)
     133,786       2,931,251  
Campbell Soup Co.
     44,420       1,714,612  
ConAgra Foods, Inc.
     94,716       1,843,173  
Dean Foods Co. *(a)
     28,586       667,769  
General Mills, Inc.
     69,801       4,796,725  
H.J. Heinz Co.
     64,971       3,242,703  
Hershey Co. (The) (a)
     34,845       1,377,771  
Kellogg Co.
     52,114       2,923,595  
Kraft Foods, Inc., Class A
     314,199       10,290,017  
McCormick & Co., Inc., Non-Voting Shares
     24,795       953,368  
Sara Lee Corp.
     141,166       1,782,927  
Tyson Foods, Inc., Class A (a)
     63,324       756,089  
WM. Wrigley Jr. Co.
     43,127       3,424,284  
 
              
 
             36,704,284  
 
              
Health Care Equipment & Supplies (2.3%)
                
Baxter International, Inc.
     129,974       8,530,194  
Becton, Dickinson & Co.
     50,587       4,060,113  
Boston Scientific Corp. *
     311,135       3,817,626  
C.R. Bard, Inc.
     20,823       1,975,478  
Covidien Ltd.
     104,010       5,591,578  
Hospira, Inc. *
     30,474       1,164,107  
Intuitive Surgical, Inc. *
     8,077       1,946,395  
Medtronic, Inc.
     233,402       11,693,440  
St. Jude Medical, Inc. *
     71,044       3,089,703  
Stryker Corp.
     49,408       3,078,118  
Varian Medical Systems, Inc. *
     26,076       1,489,722  
Zimmer Holdings, Inc. *
     46,864       3,025,540  
 
              
 
             49,462,014  
 
              
Health Care Providers & Services (2.0%)
                
Aetna, Inc.
     96,951       3,500,901  
AmerisourceBergen Corp.
     33,309       1,254,084  
Cardinal Health, Inc.
     74,600       3,676,288  
CIGNA Corp.
     56,748       1,928,297  
Coventry Health Care, Inc. *(a)
     28,743       935,585  
DaVita, Inc. *
     21,700       1,237,117  
Express Scripts, Inc. *
     51,208       3,780,174  
Humana, Inc. *(a)
     35,214       1,450,817  
Laboratory Corp. of America Holdings *(a)
     23,323       1,620,948  
McKesson Corp.
     57,393       3,088,317  
Medco Health Solutions, Inc. *
     104,896       4,720,320  
Patterson Cos., Inc. *
     21,075       640,891  
Quest Diagnostics, Inc.
     33,160       1,713,377  
Tenet Healthcare Corp. *(a)
     82,763       459,335  
UnitedHealth Group, Inc.
     248,293       6,304,159  
WellPoint, Inc. *
     105,943       4,954,954  
 
              
 
             41,265,564  
 
              
Health Care Technology (0.0%)
                
IMS Health, Inc.
     33,854       640,179  
 
              
Hotels, Restaurants & Leisure (1.3%)
                
Carnival Corp.
     90,882       3,212,679  
Darden Restaurants, Inc.
     29,612       847,792  
International Game Technology
     62,615       1,075,726  
Marriott International, Inc., Class A
     61,883       1,614,527  
McDonald’s Corp.
     232,159       14,324,210  
Starbucks Corp. *
     152,077       2,261,385  
Starwood Hotels & Resorts Worldwide, Inc.
     39,208       1,103,313  
Wyndham Worldwide Corp.
     32,087       504,087  
Yum! Brands, Inc.
     93,979       3,064,655  
 
              
 
             28,008,374  
 
              
Household Durables (0.4%)
                
Black & Decker Corp. (a)
     13,201       801,961  
Centex Corp.
     26,515       429,543  
D.R. Horton, Inc.
     58,058       755,915  
Fortune Brands, Inc.
     29,126       1,670,667  
Harman International Industries, Inc.
     11,194       381,379  
KB Home (a)
     17,453       343,475  
Leggett & Platt, Inc. (a)
     34,063       742,233  
Lennar Corp., Class A (a)
     30,330       460,713  
Newell Rubbermaid, Inc.
     58,395       1,007,898  
Pulte Homes, Inc. (a)
     45,199       631,430  
Stanley Works (The)
     13,912       580,687  
Whirlpool Corp. (a)
     15,528       1,231,215  
 
              
 
             9,037,116  
 
              
Household Products (2.8%)
                
Clorox Co.
     28,917       1,812,807  
Colgate-Palmolive Co.
     104,772       7,894,570  
Kimberly-Clark Corp.
     86,084       5,581,686  
Procter & Gamble Co.
     626,353       43,650,541  
 
              
 
             58,939,604  
 
              
Independent Power Producers & Energy Traders (0.1%)
                
AES Corp. (The) *
     140,644       1,644,128  
Constellation Energy Group, Inc.
     36,596       889,283  
Dynegy, Inc., Class A *
     89,841       321,631  
 
              
 
             2,855,042  
 
              
Industrial Conglomerates (3.2%)
                
3M Co.
     144,717       9,885,618  
General Electric Co.
     2,053,434       52,362,567  
Textron, Inc.
     52,030       1,523,439  
Tyco International Ltd.
     95,610       3,348,262  
 
              
 
             67,119,886  
 
              
Information Technology Services (0.8%)
                
Affiliated Computer Services, Inc., Class A *
     20,195       1,022,473  
Automatic Data Processing, Inc.
     102,563       4,384,568  
Cognizant Technology Solutions Corp., Class A *
     61,038       1,393,498  
Computer Sciences Corp. *
     31,647       1,269,994  
Convergys Corp. *
     22,449       331,796  
Fidelity National Information Services, Inc.
     35,377       653,060  
Fiserv, Inc. *
     34,407       1,628,139  
Paychex, Inc.
     66,913       2,210,136  
Total System Services, Inc.
     39,500       647,800  
Unisys Corp. *
     54,151       148,915  
Western Union Co. (The)
     148,625       3,666,579  
 
              
 
             17,356,958  
 
              
Insurance (3.0%)
                
Aflac, Inc.
     98,767       5,802,561  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT S&P 500 Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Insurance (continued)
                
Allstate Corp. (The)
     112,406     $ 5,184,165  
American International Group, Inc. (a)
     530,248       1,765,726  
Aon Corp.
     57,880       2,602,285  
Assurant, Inc.
     25,004       1,375,220  
Chubb Corp.
     75,026       4,118,927  
Cincinnati Financial Corp. (a)
     29,990       852,916  
Genworth Financial, Inc., Class A (a)
     89,305       768,916  
Hartford Financial Services Group, Inc.
     62,732       2,571,385  
Lincoln National Corp.
     53,617       2,295,344  
Loews Corp.
     75,495       2,981,297  
Marsh & McLennan Cos., Inc.
     106,555       3,384,187  
MBIA, Inc. (a)
     35,539       422,914  
MetLife, Inc.
     142,323       7,970,088  
Principal Financial Group, Inc.
     51,423       2,236,386  
Progressive Corp. (The)
     140,769       2,449,380  
Prudential Financial, Inc. (a)
     88,552       6,375,744  
Torchmark Corp.
     18,391       1,099,782  
Travelers Cos., Inc. (The)
     122,691       5,545,633  
Unum Group
     72,307       1,814,906  
XL Capital Ltd., Class A
     65,536       1,175,716  
 
              
 
             62,793,478  
 
              
Internet & Catalog Retail (0.3%)
                
Amazon.com, Inc. *
     66,182       4,815,402  
Expedia, Inc. *
     41,400       625,554  
 
              
 
             5,440,956  
 
              
Internet Software & Services (1.5%)
                
Akamai Technologies, Inc. *(a)
     35,911       626,288  
eBay, Inc. *
     223,405       4,999,804  
Google, Inc., Class A *
     49,327       19,756,450  
VeriSign, Inc. *
     40,483       1,055,796  
Yahoo!, Inc. *
     286,980       4,964,754  
 
              
 
             31,403,092  
 
              
Leisure Equipment & Products (0.2%)
                
Eastman Kodak Co. (a)
     58,747       903,529  
Hasbro, Inc.
     27,062       939,593  
Mattel, Inc.
     75,380       1,359,855  
 
              
 
             3,202,977  
 
              
Life Sciences Tools & Services (0.4%)
                
Applied Biosystems, Inc.
     35,307       1,209,265  
Millipore Corp. *(a)
     11,820       813,216  
PerkinElmer, Inc.
     21,272       531,162  
Thermo Fisher Scientific, Inc. *
     84,758       4,661,690  
Waters Corp. *
     20,809       1,210,667  
 
              
 
             8,426,000  
 
              
Machinery (1.7%)
                
Caterpillar, Inc.
     126,092       7,515,083  
Cummins, Inc.
     40,864       1,786,574  
Danaher Corp.
     51,251       3,556,819  
Deere & Co.
     86,346       4,274,127  
Dover Corp.
     37,133       1,505,743  
Eaton Corp.
     34,707       1,949,839  
Illinois Tool Works, Inc.
     83,200       3,698,240  
Ingersoll-Rand Co. Ltd., Class A
     66,456       2,071,434  
ITT Corp.
     35,801       1,990,894  
Manitowoc Co., Inc. (The)
     25,900       402,745  
PACCAR, Inc.
     75,532       2,884,567  
Pall Corp.
     22,247       765,074  
Parker Hannifin Corp.
     35,048       1,857,544  
Terex Corp. *(a)
     20,622       629,384  
 
              
 
             34,888,067  
 
              
Media (2.6%)
                
CBS Corp., Class B
     141,893       2,068,800  
Comcast Corp., Class A
     572,047       11,229,283  
Comcast Corp., Special Class A
     30,300       597,516  
DIRECTV Group, Inc. (The) *
     120,180       3,145,111  
Gannett Co., Inc. (a)
     48,018       811,984  
Interpublic Group of Cos., Inc. *(a)
     87,875       681,031  
McGraw-Hill Cos., Inc. (The)
     64,679       2,044,503  
Meredith Corp. (a)
     8,037       225,438  
New York Times Co. (The), Class A (a)
     28,163       402,449  
News Corp., Class A
     465,606       5,582,616  
Omnicom Group, Inc.
     66,505       2,564,433  
Scripps Networks Interactive, Inc., Class A
     17,800       646,318  
Time Warner, Inc.
     739,541       9,695,383  
Viacom, Inc., Class B *
     125,469       3,116,650  
Walt Disney Co. (The)
     387,350       11,887,771  
Washington Post Co. (The), Class B
     1,154       642,501  
 
              
 
             55,341,787  
 
              
Metals & Mining (0.9%)
                
AK Steel Holding Corp. (a)
     23,100       598,752  
Alcoa, Inc.
     168,845       3,812,520  
Allegheny Technologies, Inc. (a)
     20,125       594,694  
Freeport-McMoRan Copper & Gold, Inc.
     79,555       4,522,702  
Newmont Mining Corp.
     94,884       3,677,704  
Nucor Corp.
     65,823       2,600,008  
Titanium Metals Corp. (a)
     17,600       199,584  
United States Steel Corp.
     24,416       1,894,926  
 
              
 
             17,900,890  
 
              
Multi-Utility (1.2%)
                
Ameren Corp.
     42,455       1,657,019  
CenterPoint Energy, Inc.
     65,627       956,185  
CMS Energy Corp. (a)
     47,049       586,701  
Consolidated Edison, Inc.
     56,953       2,446,701  
Dominion Resources, Inc.
     117,254       5,016,126  
DTE Energy Co.
     34,569       1,381,032  
Integrys Energy Group, Inc.
     15,795       788,802  
NiSource, Inc.
     49,219       726,472  
PG&E Corp.
     74,723       2,798,376  
Public Service Enterprise Group, Inc.
     101,756       3,336,579  
Sempra Energy
     51,407       2,594,511  
TECO Energy, Inc. (a)
     46,464       730,879  
Xcel Energy, Inc.
     87,452       1,748,166  
 
              
 
             24,767,549  
 
              
Multiline Retail (0.8%)
                
Big Lots, Inc. *(a)
     18,248       507,842  
Dillard’s, Inc., Class A (a)
     14,463       170,664  
Family Dollar Stores, Inc.
     29,506       699,292  
J.C. Penney Co., Inc.
     46,259       1,542,275  
Kohl’s Corp. *
     63,254       2,914,744  
Macy’s, Inc.
     87,805       1,578,734  
Nordstrom, Inc. (a)
     33,960       978,727  
Sears Holdings Corp. *(a)
     12,072       1,128,732  
Target Corp.
     156,193       7,661,267  
 
              
 
             17,182,277  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT S&P 500 Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Natural Gas Utility (0.1%)
                
Nicor, Inc. (a)
     11,381     $ 504,747  
Questar Corp.
     35,649       1,458,757  
 
              
 
             1,963,504  
 
              
Office Electronics (0.1%)
                
Xerox Corp.
     179,364       2,068,067  
 
              
Oil, Gas & Consumable Fuels (10.7%)
                
Anadarko Petroleum Corp. (a)
     97,214       4,715,851  
Apache Corp.
     69,319       7,228,585  
Cabot Oil & Gas Corp.
     21,900       791,466  
Chesapeake Energy Corp. (a)
     108,273       3,882,670  
Chevron Corp.
     424,119       34,981,335  
ConocoPhillips
     313,677       22,976,840  
CONSOL Energy, Inc.
     38,202       1,753,090  
Devon Energy Corp.
     91,514       8,346,077  
El Paso Corp. (a)
     146,320       1,867,043  
EOG Resources, Inc.
     51,678       4,623,114  
Exxon Mobil Corp.
     1,072,123       83,261,072  
Hess Corp.
     57,344       4,706,795  
Marathon Oil Corp.
     146,187       5,828,476  
Massey Energy Co.
     17,900       638,493  
Murphy Oil Corp.
     39,738       2,548,795  
Noble Energy, Inc.
     36,100       2,006,799  
Occidental Petroleum Corp.
     168,686       11,883,929  
Peabody Energy Corp.
     56,502       2,542,590  
Pioneer Natural Resources Co.
     25,100       1,312,228  
Range Resources Corp.
     32,500       1,393,275  
Southwestern Energy Co. *
     69,400       2,119,476  
Spectra Energy Corp.
     122,821       2,923,140  
Sunoco, Inc.
     24,539       873,098  
Tesoro Corp. (a)
     29,400       484,806  
Valero Energy Corp.
     108,549       3,289,035  
Williams Cos., Inc.
     120,030       2,838,709  
XTO Energy, Inc.
     113,882       5,297,791  
 
              
 
             225,114,578  
 
              
Paper & Forest Products (0.3%)
                
International Paper Co.
     89,164       2,334,314  
MeadWestvaco Corp.
     37,624       877,015  
Weyerhaeuser Co.
     44,019       2,666,671  
 
              
 
             5,878,000  
 
              
Personal Products (0.2%)
                
Avon Products, Inc.
     88,477       3,677,989  
Estee Lauder Cos., Inc. (The), Class A
     24,199       1,207,772  
 
              
 
             4,885,761  
 
              
Pharmaceuticals (6.6%)
                
Abbott Laboratories
     318,234       18,323,914  
Allergan, Inc.
     63,858       3,288,687  
Barr Pharmaceuticals, Inc. *
     22,872       1,493,542  
Bristol-Myers Squibb Co.
     409,829       8,544,935  
Eli Lilly & Co.
     207,069       9,117,248  
Forest Laboratories, Inc. *
     63,628       1,799,400  
Johnson & Johnson
     576,830       39,962,782  
King Pharmaceuticals, Inc. *
     44,005       421,568  
Merck & Co., Inc.
     442,245       13,957,252  
Mylan, Inc. *(a)
     64,167       732,787  
Pfizer, Inc.
     1,391,451       25,658,356  
Schering-Plough Corp.
     331,984       6,131,745  
Watson Pharmaceuticals, Inc. *
     19,044       542,754  
Wyeth
     275,779       10,187,276  
 
              
 
             140,162,246  
 
              
Real Estate Investment Trusts (1.3%)
                
Apartment Investment & Management Co., Class A
     19,468       681,769  
AvalonBay Communities, Inc.
     16,183       1,592,731  
Boston Properties, Inc.
     25,018       2,343,186  
Developers Diversified Realty Corp. (a)
     25,654       812,975  
Equity Residential (a)
     56,565       2,512,052  
General Growth Properties, Inc.
     49,498       747,420  
HCP, Inc.
     52,600       2,110,838  
Host Hotels & Resorts, Inc.
     108,951       1,447,959  
Kimco Realty Corp. (a)
     47,570       1,757,236  
Plum Creek Timber Co., Inc. (a)
     35,889       1,789,426  
ProLogis
     54,750       2,259,532  
Public Storage
     26,148       2,588,913  
Simon Property Group, Inc.
     46,756       4,535,332  
Vornado Realty Trust (a)
     28,592       2,600,442  
 
              
 
             27,779,811  
 
              
Real Estate Management & Development (0.0%)(a)
                
CB Richard Ellis Group, Inc., Class A *
     34,650       463,271  
 
              
Road & Rail (1.1%)
                
Burlington Northern Santa Fe Corp.
     58,573       5,413,902  
CSX Corp.
     84,551       4,613,948  
Norfolk Southern Corp.
     77,877       5,156,236  
Ryder System, Inc.
     11,971       742,202  
Union Pacific Corp.
     104,104       7,408,041  
 
              
 
             23,334,329  
 
              
Semiconductors & Semiconductor Equipment (2.3%)
                
Advanced Micro Devices, Inc. *(a)
     128,814       676,274  
Altera Corp.
     63,152       1,305,983  
Analog Devices, Inc.
     60,883       1,604,267  
Applied Materials, Inc.
     278,732       4,217,215  
Broadcom Corp., Class A *(a)
     92,018       1,714,295  
Intel Corp.
     1,160,512       21,736,390  
KLA-Tencor Corp.
     36,461       1,153,991  
Linear Technology Corp. (a)
     47,016       1,441,511  
LSI Corp. *
     126,748       679,369  
MEMC Electronic Materials, Inc. *
     47,258       1,335,511  
Microchip Technology, Inc. (a)
     38,800       1,141,884  
Micron Technology, Inc. *(a)
     160,772       651,127  
National Semiconductor Corp.
     43,437       747,551  
Novellus Systems, Inc. *(a)
     21,549       423,222  
NVIDIA Corp. *(a)
     116,324       1,245,830  
Teradyne, Inc. *
     29,763       232,449  
Texas Instruments, Inc.
     271,644       5,840,346  
Xilinx, Inc. (a)
     58,132       1,363,195  
 
              
 
             47,510,410  
 
              
Software (3.8%)
                
Adobe Systems, Inc. *
     110,080       4,344,858  
Autodesk, Inc. *
     46,926       1,574,367  
BMC Software, Inc. *
     39,941       1,143,511  
C.A., Inc.
     82,394       1,644,584  
Citrix Systems, Inc. *
     38,388       969,681  
Compuware Corp. *
     54,126       524,481  
Electronic Arts, Inc. *
     66,373       2,455,137  
Intuit, Inc. *
     67,071       2,120,114  
Microsoft Corp.
     1,620,851       43,260,513  
Novell, Inc. *
     71,354       366,760  
Oracle Corp. *
     808,808       16,426,891  
Salesforce.com, Inc. *(a)
     21,800       1,055,120  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT S&P 500 Index Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Software (continued)
                
Symantec Corp. *
     174,335     $ 3,413,479  
 
              
 
             79,299,496  
 
              
Specialty Retail (1.7%)
                
Abercrombie & Fitch Co., Class A
     18,431       727,103  
AutoNation, Inc. *(a)
     26,587       298,838  
AutoZone, Inc. *
     9,190       1,133,495  
Bed Bath & Beyond, Inc. *(a)
     54,465       1,710,746  
Best Buy Co., Inc.
     70,247       2,634,262  
GameStop Corp., Class A *
     34,200       1,169,982  
Gap, Inc. (The)
     97,923       1,741,071  
Home Depot, Inc.
     351,502       9,100,387  
Lowe’s Cos., Inc.
     303,352       7,186,409  
Ltd Brands, Inc.
     60,636       1,050,215  
Office Depot, Inc. *
     54,172       315,281  
RadioShack Corp. (a)
     29,632       512,041  
Sherwin-Williams Co. (The)
     20,765       1,186,927  
Staples, Inc.
     147,705       3,323,362  
Tiffany & Co. (a)
     26,123       927,889  
TJX Cos., Inc.
     87,257       2,663,084  
 
              
 
             35,681,092  
 
              
Textiles, Apparel & Luxury Goods (0.5%)
                
Coach, Inc. *
     70,154       1,756,656  
Jones Apparel Group, Inc.
     20,167       373,291  
Liz Claiborne, Inc. (a)
     20,532       337,341  
Nike, Inc., Class B
     81,401       5,445,727  
Polo Ralph Lauren Corp.
     11,972       797,814  
V.F. Corp. (a)
     18,337       1,417,634  
 
              
 
             10,128,463  
 
              
Thrifts & Mortgage Finance (0.1%)
                
Hudson City Bancorp, Inc.
     108,776       2,006,917  
MGIC Investment Corp. (a)
     22,011       154,737  
Sovereign Bancorp, Inc. *(a)
     101,381       400,455  
 
              
 
             2,562,109  
 
              
Tobacco (1.7%)
                
Altria Group, Inc.
     426,493       8,461,621  
Lorillard, Inc.
     36,300       2,582,745  
Philip Morris International, Inc.
     425,493       20,466,213  
Reynolds American, Inc. (a)
     33,036       1,606,210  
UST, Inc.
     30,075       2,001,191  
 
              
 
             35,117,980  
 
              
Trading Companies & Distributors (0.1%)
                
Fastenal Co. (a)
     27,100       1,338,469  
W.W. Grainger, Inc.
     13,729       1,194,011  
 
              
 
             2,532,480  
 
              
Wireless Telecommunication Services (0.3%)
                
American Tower Corp., Class A *
     82,000       2,949,540  
Sprint Nextel Corp.
     578,993       3,531,857  
 
             6,481,397  
 
              
Total Common Stocks
             2,101,564,490  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreements (3.1%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $66,593,457, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $67,922,326
   $ 66,590,516     $ 66,590,516  
 
              
Securities Purchased With Collateral For Securities On Loan (2.6%)
                
Repurchase Agreement (2.6%)
                
Barclays Capital, 2.25%, dated 09/30/08, due 10/01/08, repurchase price $54,040,002, collateralized by U.S. Government Agency Mortgages ranging 3.17% - 6.00%, maturing 12/01/17 - 10/25/38; total market value of $55,117,358
     54,036,625       54,036,625  
 
              
Total Securities Purchased With Collateral For Securities On Loan
             54,036,625  
 
              
Total Investments
                
(Cost $2,625,128,874) (b) — 105.4%
             2,222,191,631  
Liabilities in excess of other assets — (5.4)%
             (113,534,067 )
 
              
NET ASSETS — 100.0%
           $ 2,108,657,564  
 
              
 
*   Denotes a non-income producing security.
 
(a)   All or a part of the security was on loan as of September 30, 2008.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
At Sept. 30, 2008, the Fund’s open futures contracts were as follows:
                                 
                    Market Value   Unrealized
Number of   Long           Covered by   Appreciation
Contracts   Contracts   Expiration   Contracts   (Depreciation)
  35    
S&P 500 Futures Dec 08
     12/18/2008     $ 10,228,750     $ (308,635 )
                                 
       
 
           $ 10,228,750     $ (308,635 )
 
                        
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Mid Cap Growth Fund
                 
    Shares     Value  
Common Stocks (98.2%)
                
Aerospace & Defense (2.2%)
                
L-3 Communications Holdings, Inc.
     13,200     $ 1,297,824  
Rockwell Collins, Inc.
     40,800       1,962,072  
 
              
 
             3,259,896  
 
              
Air Freight & Logistics (0.9%)
                
Atlas Air Worldwide Holdings, Inc. *
     31,700       1,277,827  
 
              
Beverages (1.6%)
                
Central European Distribution Corp. *
     52,400       2,379,484  
 
              
Capital Markets (3.1%)
                
Affiliated Managers Group, Inc. *
     23,400       1,938,690  
TD Ameritrade Holding Corp. *
     167,200       2,708,640  
 
              
 
             4,647,330  
 
              
Chemicals (3.5%)
                
Airgas, Inc.
     41,400       2,055,510  
Albemarle Corp.
     23,400       721,656  
Ecolab, Inc.
     51,000       2,474,520  
 
              
 
             5,251,686  
 
              
Commercial Services & Supplies (3.4%)
                
Dun & Bradstreet Corp.
     28,900       2,727,004  
Stericycle, Inc. *
     38,600       2,273,926  
 
              
 
             5,000,930  
 
              
Communications Equipment (4.6%)
                
CommScope, Inc. *
     83,900       2,906,296  
Harris Corp.
     85,400       3,945,480  
 
              
 
             6,851,776  
 
              
Computers & Peripherals (1.4%)
                
Logitech International SA *
     34,500       804,540  
NetApp, Inc. *
     67,900       1,237,817  
 
              
 
             2,042,357  
 
              
Construction & Engineering (1.2%)
                
Aecom Technology Corp. *
     72,310       1,767,256  
 
              
Containers & Packaging (1.9%)
                
Ball Corp.
     69,700       2,752,453  
 
              
Distributors (1.5%)
                
LKQ Corp. *
     130,900       2,221,373  
 
              
Diversified Consumer Services (4.3%)
                
Apollo Group, Inc., Class A *
     37,500       2,223,750  
ITT Educational Services, Inc. *
     26,900       2,176,479  
New Oriental Education & Technology Group, Inc. ADR — CN*
     29,500       1,895,080  
 
              
 
             6,295,309  
 
              
Diversified Financial Services (1.8%)
                
Interactive Brokers Group, Inc., Class A *
     63,270       1,402,696  
IntercontinentalExchange, Inc. *
     16,260       1,311,857  
 
              
 
             2,714,553  
 
              
Electric Utility (0.9%)
                
Allegheny Energy, Inc.
     35,800       1,316,366  
 
              
Electronic Equipment & Instruments (2.4%)
                
Amphenol Corp., Class A
     42,100       1,689,894  
Dolby Laboratories, Inc., Class A *
     51,000       1,794,690  
 
              
 
             3,484,584  
 
              
Energy Equipment & Services (4.4%)
                
FMC Technologies, Inc. *
     28,900       1,345,295  
Helmerich & Payne, Inc.
     32,500       1,403,675  
National Oilwell Varco, Inc. *
     30,300       1,521,969  
Superior Energy Services, Inc. *
     38,600       1,202,004  
TETRA Technologies, Inc. *
     70,300       973,655  
 
              
 
             6,446,598  
 
              
Health Care Equipment & Supplies (8.4%)
                
C.R. Bard, Inc.
     23,400       2,219,958  
Intuitive Surgical, Inc. *
     6,900       1,662,762  
Mindray Medical International Ltd. ADR — CN
     37,200       1,254,756  
St. Jude Medical, Inc. *
     110,200       4,792,598  
Varian Medical Systems, Inc. *
     44,100       2,519,433  
 
              
 
             12,449,507  
 
              
Health Care Providers & Services (2.3%)
                
Express Scripts, Inc. *
     26,200       1,934,084  
Pediatrix Medical Group, Inc. *
     26,700       1,439,664  
 
              
 
             3,373,748  
 
              
Hotels, Restaurants & Leisure (3.7%)
                
Burger King Holdings, Inc.
     116,200       2,853,872  
Penn National Gaming, Inc. *
     97,800       2,598,546  
 
              
 
             5,452,418  
 
              
Household Durables (1.9%)
                
Jarden Corp. *
     122,550       2,873,798  
 
              
Household Products (1.5%)
                
Church & Dwight Co., Inc.
     36,800       2,284,912  
 
              
Information Technology Services (6.8%)
                
Alliance Data Systems Corp. *
     67,900       4,303,502  
Cognizant Technology Solutions Corp., Class A *
     30,000       684,900  
Fiserv, Inc. *
     108,900       5,153,148  
 
              
 
             10,141,550  
 
              
Insurance (2.3%)
                
Brown & Brown, Inc.
     73,000       1,578,260  
W.R. Berkley Corp.
     77,600       1,827,480  
 
              
 
             3,405,740  
 
              
Life Sciences Tools & Services (4.2%)
                
Covance, Inc. *
     16,500       1,458,765  
Thermo Fisher Scientific, Inc. *
     39,400       2,167,000  
Waters Corp. *
     44,500       2,589,010  
 
              
 
             6,214,775  
 
              
Machinery (1.3%)
                
Bucyrus International, Inc.,
     24,900       1,112,532  
Cummins, Inc.
     17,600       769,472  
 
              
 
             1,882,004  
 
              
Media (1.9%)
                
John Wiley & Sons, Inc., Class A
     70,300       2,843,635  
 
              
Oil, Gas & Consumable Fuels (5.2%)
                
Chesapeake Energy Corp.
     67,500       2,420,550  
Continental Resources, Inc. *
     37,900       1,486,817  
Encore Acquisition Co. *
     33,400       1,395,452  
XTO Energy, Inc.
     52,562       2,445,184  
 
              
 
             7,748,003  
 
              
Personal Products (1.8%)
                
Alberto-Culver Co.
     97,800       2,664,072  
 
              
Road & Rail (2.1%)
                
J.B. Hunt Transport Services, Inc.
     49,200       1,641,804  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Mid Cap Growth Fund
                 
    Shares or        
    Principal        
    Amount     Value  
Common Stocks (continued)
                
Road & Rail (continued)
                
Knight Transportation, Inc.
     90,200     $ 1,530,694  
 
              
 
             3,172,498  
 
              
Semiconductors & Semiconductor Equipment (2.8%)
                
Broadcom Corp., Class A *
     99,000       1,844,370  
Marvell Technology Group Ltd. *
     117,100       1,089,030  
MEMC Electronic Materials, Inc. *
     17,700       500,202  
ON Semiconductor Corp. *
     115,000       777,400  
 
              
 
             4,211,002  
 
              
Software (3.1%)
                
Intuit, Inc. *
     86,800       2,743,748  
MICROS Systems, Inc. *
     70,300       1,874,198  
 
              
 
             4,617,946  
 
              
Specialty Retail (1.9%)
                
GameStop Corp., Class A *
     29,800       1,019,458  
Guess?, Inc.
     51,000       1,774,290  
 
              
 
             2,793,748  
 
              
Textiles, Apparel & Luxury Goods (3.5%)
                
Coach, Inc. *
     94,900       2,376,296  
Warnaco Group, Inc. (The) *
     63,400       2,871,386  
 
              
 
             5,247,682  
 
              
Trading Companies & Distributors (2.7%)
                
Fastenal Co.
     81,300       4,015,407  
 
              
Wireless Telecommunication Services (1.7%)
                
NII Holdings, Inc. *
     67,800       2,570,976  
 
              
Total Common Stocks
             145,673,199  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreements (2.6%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $3,839,537, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $3,916,154
   $ 3,839,367       3,839,367  
 
              
Total Investments
                
(Cost $166,668,839) (a) — 100.8%
             149,512,566  
Liabilities in excess of other assets — (0.8)%
             (1,135,528 )
 
              
NET ASSETS — 100.0%
           $ 148,377,038  
 
              
 
*   Denotes a non-income producing security.
 
(a)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
ADR   American Depositary Receipt
 
CN   China
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Multi-Manager International Value Fund
                 
    Shares     Value  
Common Stocks (95.4%)
                
AUSTRALIA (1.5%)(a)
                
Airline (0.3%)
                
Qantas Airways Ltd.
     368,900     $ 940,172  
 
              
Commercial Banks (0.6%)
                
Australia & New Zealand Banking Group Ltd.
     78,587       1,213,727  
National Australia Bank Ltd.
     25,200       508,438  
 
              
 
             1,722,165  
 
              
Metals & Mining (0.4%)
                
BHP Billiton Ltd.
     34,700       897,428  
OZ Minerals Ltd.(b)
     249,061       315,931  
 
              
 
             1,213,359  
 
              
Real Estate Management & Development (0.2%)
                
Lend Lease Corp. Ltd.
     84,100       620,148  
 
              
 
             4,495,844  
 
              
BELGIUM (0.6%)(a)
                
Chemicals (0.5%)
                
Solvay SA
     11,400       1,399,146  
 
              
Diversified Financial Services (0.1%)(b)
                
Fortis
     74,300       458,958  
 
              
 
             1,858,104  
 
              
BRAZIL (0.2%)
                
Commercial Banks (0.2%)
                
Banco do Brasil SA
     24,300       285,867  
Unibanco — Uniao de Bancos Brasileiros SA
     1,900       191,748  
 
              
 
             477,615  
 
              
CANADA (2.4%)
                
Chemicals (0.2%)
                
Methanex Corp.
     21,100       413,473  
 
              
Commercial Banks (0.5%)
                
Canadian Imperial Bank of Commerce
     14,800       849,609  
National Bank of Canada
     15,900       727,006  
 
              
 
             1,576,615  
 
              
Insurance (0.7%)
                
Fairfax Financial Holdings Ltd.(b)
     2,500       801,551  
Industrial Alliance Insurance and Financial Services, Inc.
     13,300       422,500  
Sun Life Financial, Inc.
     24,600       860,075  
 
              
 
             2,084,126  
 
              
Metals & Mining (0.1%)
                
Inmet Mining Corp.
     6,900       321,395  
 
              
Multi-Utility (0.1%)
                
Atco Ltd., Class A
     9,500       344,643  
 
              
Oil, Gas & Consumable Fuels (0.8%)
                
Imperial Oil Ltd.
     19,600       839,631  
Petro-Canada
     45,300       1,507,162  
 
             2,346,793  
 
              
 
             7,087,045  
 
              
CHINA (0.6%)(a)
                
Commercial Banks (0.2%)
                
China Merchants Bank Co. Ltd.
     319,000       770,377  
 
              
Diversified Telecommunication Services (0.1%)
                
China Telecom Corp. Ltd.
     382,000       156,775  
 
              
Oil, Gas & Consumable Fuels (0.3%)
                
China Petroleum & Chemical Corp.
     1,052,000       830,299  
 
              
 
             1,757,451  
 
              
FINLAND (1.0%)(a)
                
Communications Equipment (0.6%)
                
Nokia OYJ
     89,870       1,675,965  
 
              
Paper & Forest Products (0.4%)
                
Stora Enso OYJ, Class R
     138,500       1,353,104  
 
              
 
             3,029,069  
 
              
FRANCE (17.0%)(a)
                
Auto Components (0.9%)
                
Compagnie Generale des Etablissements Michelin, Class B
     41,380       2,679,897  
 
              
Automobiles (0.6%)
                
Renault SA
     28,000       1,784,167  
 
              
Chemicals (0.2%)
                
Arkema
     15,600       575,827  
 
              
Commercial Banks (4.6%)
                
BNP Paribas
     69,634       6,646,135  
Credit Agricole SA
     88,500       1,704,252  
Societe Generale
     58,757       5,277,366  
 
              
 
             13,627,753  
 
              
Construction Materials (0.5%)
                
Lafarge SA
     12,797       1,347,180  
 
              
Diversified Telecommunication Services (0.4%)
                
France Telecom SA
     45,100       1,264,856  
 
              
Electrical Equipment (0.4%)
                
Alstom SA
     15,761       1,196,236  
 
              
Hotels, Restaurants & Leisure (0.6%)
                
Sodexo
     29,171       1,721,252  
 
              
Insurance (0.6%)
                
AXA SA
     55,528       1,817,413  
 
              
Machinery (0.4%)
                
Vallourec
     5,400       1,165,034  
 
              
Media (1.4%)
                
Lagardere SCA
     29,000       1,307,026  
Vivendi
     88,146       2,763,044  
 
              
 
             4,070,070  
 
              
Multi-Utility (1.4%)
                
GDF SUEZ
     73,642       3,830,784  
Suez SA
     5,107       250,904  
 
              
 
             4,081,688  
 
              
Oil, Gas & Consumable Fuels (3.3%)
                
Total SA
     161,117       9,786,445  
 
              
Pharmaceuticals (1.7%)
                
Sanofi-Aventis SA
     78,189       5,139,841  
 
              
 
             50,257,659  
 
              
GERMANY (12.0%)(a)
                
Airline (0.5%)
                
Deutsche Lufthansa AG
     68,400       1,346,602  
 
              
Automobiles (0.9%)
                
Daimler AG
     51,932       2,621,905  
 
              
Capital Markets (0.9%)
                
Deutsche Bank AG
     38,400       2,787,937  
 
              
Chemicals (1.5%)
                
BASF SE
     63,600       3,069,519  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager International Value Fund
                 
    Shares     Value  
Common Stocks (continued)
                
GERMANY(a) (continued)
                
Chemicals (continued)
                
Lanxess
     53,392     $ 1,469,453  
 
              
 
             4,538,972  
 
              
Construction & Engineering (0.1%)(b)
                
Bilfinger Berger AG
     7,700       404,397  
 
              
Diversified Telecommunication Services (0.5%)
                
Deutsche Telekom AG
     102,100       1,551,114  
 
              
Electric Utility (1.8%)
                
E. ON AG
     106,391       5,402,781  
 
              
Food Products (0.2%)(b)
                
Suedzucker AG
     29,300       424,989  
 
              
Health Care Providers & Services (0.2%)(b)
                
Celesio AG
     11,700       510,045  
 
              
Hotels, Restaurants & Leisure (0.2%)
                
TUI AG
     42,300       695,333  
 
              
Insurance (3.8%)
                
Allianz SE
     50,628       6,974,616  
Muenchener Rueckversicherungs AG(b)
     28,464       4,306,775  
 
              
 
             11,281,391  
 
              
Multi-Utility (0.3%)
                
RWE AG
     8,210       787,819  
 
              
Pharmaceuticals (0.9%)
                
Bayer AG
     36,023       2,643,955  
 
              
Semiconductors & Semiconductor Equipment (0.2%)(b)
                
Infineon Technologies AG*
     114,500       642,095  
 
              
 
             35,639,335  
 
              
GREECE (0.8%)(a)
                
Commercial Banks (0.5%)
                
National Bank of Greece SA
     35,923       1,455,556  
 
              
Metals & Mining (0.3%)
                
Sidenor Steel Products Manufacturing Co. SA
     107,889       797,432  
 
              
 
             2,252,988  
 
              
HONG KONG (0.5%)(a)
                
Diversified Telecommunication Services (0.0%)
                
China Netcom Group Corp. Ltd.
     53,000       117,370  
 
              
Real Estate Management & Development (0.5%)
                
Sun Hung Kai Properties Ltd.
     137,000       1,411,800  
 
              
 
             1,529,170  
 
              
ISRAEL (0.1%)(a)
                
Chemicals (0.0%)
                
Makhteshim-Agan Industries Ltd.
     28,482       181,750  
 
              
Commercial Banks (0.0%)
                
Bank Hapoalim B.M.
     11,600       34,990  
 
              
Wireless Telecommunication Services (0.1%)
                
Partner Communications
     10,130       191,551  
 
              
 
             408,291  
 
              
ITALY (2.6%)(a)
                
Commercial Banks (1.3%)
                
Intesa Sanpaolo SpA
     683,160       3,756,555  
 
              
Diversified Telecommunication Services (0.5%)
                
Telecom Italia SpA
     693,600       1,032,120  
Telecom Italia SpA — RSP
     379,700       430,346  
 
              
 
             1,462,466  
 
              
Oil, Gas & Consumable Fuels (0.8%)
                
ENI SpA
     91,100       2,414,356  
 
              
 
             7,633,377  
 
              
JAPAN (18.3%)
                
Airline (0.4%)(a) (b)
                
All Nippon Airways Co. Ltd.
     335,000       1,193,557  
 
              
Automobiles (3.5%)(a)
                
Honda Motor Co. Ltd.
     121,800       3,695,052  
Nissan Motor Co. Ltd.(b)
     307,100       2,076,836  
Toyota Motor Corp.
     110,600       4,729,095  
 
              
 
             10,500,983  
 
              
Capital Markets (0.6%)(a)
                
Daiwa Securities Group, Inc.
     262,000       1,908,608  
 
              
Chemicals (1.0%)(a)
                
DIC Corp.(b)
     140,000       265,186  
Mitsubishi Chemical Holdings Corp.
     242,000       1,279,331  
Shin-Etsu Chemical Co. Ltd.
     24,700       1,174,669  
Tosoh Corp.(b)
     110,000       324,639  
 
              
 
             3,043,825  
 
              
Commercial Banks (1.4%)(a)
                
Mitsubishi UFJ Financial Group, Inc.
     140,500       1,225,368  
Sumitomo Mitsui Financial Group, Inc.(b)
     454       2,846,829  
 
              
 
             4,072,197  
 
              
Computers & Peripherals (0.9%)(a)
                
Fujitsu Ltd.
     269,000       1,512,524  
Toshiba Corp.(b)
     272,000       1,186,430  
 
              
 
             2,698,954  
 
              
Consumer Finance (0.5%)(a)
                
ORIX Corp.
     12,880       1,612,908  
 
              
Diversified Telecommunication Services (0.7%)(a)
                
Nippon Telegraph & Telephone Corp.
     464       2,071,331  
 
              
Electric Utility (0.5%)(a)
                
Tokyo Electric Power Co., Inc. (The)
     66,100       1,626,582  
 
              
Electrical Equipment (0.4%)(a)
                
Mitsubishi Electric Corp.
     173,000       1,167,407  
 
              
Electronic Equipment & Instruments (0.4%)
                
Hitachi Ltd.
     197,000       1,330,130  
 
              
Household Durables (0.5%)(a)
                
Sharp Corp.
     124,000       1,355,146  
 
              
Household Products (0.4%)(a)
                
Kao Corp.
     43,000       1,153,316  
 
              
Leisure Equipment & Products (0.2%)(a) (b)
                
Namco Bandai Holdings, Inc.
     63,700       700,390  
 
              
Machinery (0.6%)(a)
                
Kubota Corp.
     273,000       1,722,179  
 
              
Marine (0.5%)(a) (b)
                
Mitsui OSK Lines Ltd.
     168,000       1,459,850  
 
              
Metals & Mining (1.7%)(a)
                
JFE Holdings, Inc.
     99,000       3,071,034  
Nippon Steel Corp.
     369,000       1,393,228  
Yamato Kogyo Co. Ltd.(b)
     14,400       503,233  
 
              
 
             4,967,495  
 
              
Oil, Gas & Consumable Fuels (0.3%)(a) (b)
                
Nippon Mining Holdings, Inc.
     184,000       741,262  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager International Value Fund
                 
    Shares     Value  
Common Stocks (continued)
                
JAPAN (continued)
                
Semiconductors & Semiconductor Equipment (0.2%)(a) (b)
                
Elpida Memory, Inc.*
     27,700     $ 520,694  
 
              
Software (0.8%)(a)
                
Nintendo Co. Ltd.
     5,400       2,290,862  
 
              
Tobacco (0.9%)(a)
                
Japan Tobacco, Inc.
     684       2,578,418  
 
              
Trading Companies & Distributors (1.9%)(a)
                
Hitachi High-Technologies Corp.(b)
     22,600       448,222  
Marubeni Corp.
     262,000       1,187,810  
Mitsubishi Corp.
     156,700       3,269,246  
Mitsui & Co. Ltd.
     50,000       620,804  
 
              
 
             5,526,082  
 
              
 
             54,242,176  
 
              
NETHERLANDS (3.8%)(a)
                
Chemicals (0.2%)
                
Koninklijke DSM NV
     10,600       501,304  
 
              
Construction & Engineering (0.1%)(b)
                
Koninklijke BAM Groep NV
     26,500       343,415  
 
              
Diversified Financial Services (0.6%)
                
ING Groep NV CVA
     78,200       1,676,195  
 
              
Diversified Telecommunication Services (0.6%)
                
Koninklijke KPN NV
     129,465       1,869,458  
 
              
Food & Staples Retailing (0.6%)
                
Koninklijke Ahold NV
     150,300       1,735,976  
 
              
Food Products (0.5%)
                
Unilever NV CVA
     55,358       1,558,043  
 
              
Industrial Conglomerate (0.3%)
                
Koninklijke Philips Electronics NV
     38,221       1,036,886  
 
              
Insurance (0.3%)
                
Aegon NV
     89,908       795,330  
 
              
Metals & Mining (0.6%)
                
ArcelorMittal (XPAR)
     32,500       1,646,117  
 
              
 
             11,162,724  
 
              
NORWAY (0.8%)(a)
                
Metals & Mining (0.2%)
                
Norsk Hydro ASA
     83,200       563,120  
 
              
Oil, Gas & Consumable Fuels (0.6%)
                
StatoilHydro ASA
     79,900       1,899,548  
 
              
 
             2,462,668  
 
              
REPUBLIC OF KOREA (1.4%)(a)
                
Auto Components (0.1%)
                
Hyundai Mobis
     3,000       232,410  
 
              
Chemicals (0.2%)
                
LG Chem Ltd.
     7,500       588,531  
 
              
Commercial Banks (0.6%)
                
Hana Financial Group, Inc.
     73,670       1,732,743  
 
              
Semiconductors & Semiconductor Equipment (0.5%)
                
Hynix Semiconductor, Inc.*
     35,600       589,985  
Samsung Electronics Co. Ltd.
     2,307       1,057,323  
 
              
 
             1,647,308  
 
              
 
             4,200,992  
 
              
RUSSIAN FEDERATION (0.6%)(a)
                
Metals & Mining (0.3%)(b)
                
JSC MMC Norilsk Nickel ADR
     56,500       789,280  
 
              
Oil, Gas & Consumable Fuels (0.3%)
                
LUKOIL ADR
     15,850       950,078  
 
              
 
             1,739,358  
 
              
SINGAPORE (0.1%)(a) (b)
                
Marine (0.1%)
                
Neptune Orient Lines Ltd.
     336,000       428,617  
 
              
SOUTH AFRICA (0.1%)
                
Commercial Banks (0.1%)(a)
                
Standard Bank Group Ltd.
     20,978       241,500  
 
              
Industrial Conglomerate (0.0%)
                
Bidvest Group Ltd.
     13,450       172,372  
 
              
 
             413,872  
 
              
SPAIN (3.5%)(a)
                
Commercial Banks (1.9%)
                
Banco Santander SA — London International Exchange
     369,201       5,535,125  
 
              
Diversified Telecommunication Services (0.7%)
                
Telefonica SA
     81,482       1,937,166  
 
              
Electric Utility (0.4%)
                
Iberdrola SA
     131,107       1,331,721  
 
              
Oil, Gas & Consumable Fuels (0.5%)
                
Repsol YPF SA
     52,700       1,561,589  
 
              
 
             10,365,601  
 
              
SWEDEN (1.6%)(a)
                
Commercial Banks (0.3%)
                
Nordea Bank AB
     85,800       1,024,716  
 
              
Communications Equipment (0.6%)
                
Telefonaktiebolaget LM Ericsson, Class B
     174,000       1,653,014  
 
              
Machinery (0.4%)
                
Atlas Copco AB, Class A
     64,922       737,834  
Volvo AB, Class B
     42,950       388,169  
 
              
 
             1,126,003  
 
              
Paper & Forest Products (0.3%)
                
Svenska Cellulosa AB, Class B
     99,000       1,049,108  
 
              
 
             4,852,841  
 
              
SWITZERLAND (5.7%)(a)
                
Capital Markets (3.3%)
                
Credit Suisse Group AG
     139,665       6,524,372  
UBS AG*
     177,986       3,043,028  
 
              
 
             9,567,400  
 
              
Insurance (1.1%)
                
Zurich Financial Services AG
     11,876       3,289,587  
 
              
Pharmaceuticals (1.3%)
                
Novartis AG
     37,280       1,963,299  
Roche Holding AG
     12,347       1,933,339  
 
              
 
             3,896,638  
 
              
 
             16,753,625  
 
              
TAIWAN (1.3%)
                
Computers & Peripherals (0.1%)(a)
                
Asustek Computer, Inc.
     67,436       133,505  
 
              
Electronic Equipment & Instruments (0.3%)(a)
                
HON HAI Precision GDR
     135,435       953,779  
 
              
Metals & Mining (0.1%)(a)
                
China Steel Corp.
     212,180       212,131  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager International Value Fund
                 
    Shares     Value  
Common Stocks (continued)
                
TAIWAN (continued)
                
Semiconductors & Semiconductor Equipment (0.8%)
                
Siliconware Precision Industries Co.(a)
     155,540     $ 176,938  
Taiwan Semiconductor Manufacturing Co. Ltd. ADR
     186,141       1,744,141  
United Microelectronics Corp.(a)
     1,517,340       488,887  
 
              
 
             2,409,966  
 
              
 
             3,709,381  
 
              
THAILAND (0.3%)
                
Oil, Gas & Consumable Fuels (0.3%)
                
PTT PCL
     55,300       377,228  
Thai Oil PCL
     299,900       372,930  
 
              
 
             750,158  
 
              
UNITED KINGDOM (18.6%)(a)
                
Aerospace & Defense (0.7%)
                
BAE Systems PLC
     280,809       2,069,799  
 
              
Beverages (0.2%)
                
Britvic PLC
     152,074       553,614  
 
              
Commercial Banks (4.7%)
                
Barclays PLC
     297,000       1,764,347  
HBOS PLC
     527,150       1,195,810  
HSBC Holdings PLC
     369,045       5,969,628  
Royal Bank of Scotland Group PLC
     1,504,442       4,852,489  
 
              
 
             13,782,274  
 
              
Diversified Telecommunication Services (0.5%)
                
BT Group PLC
     544,848       1,579,310  
 
              
Food Products (0.5%)
                
Associated British Foods PLC
     116,000       1,471,804  
 
              
Hotels, Restaurants & Leisure (0.2%)
                
TUI Travel PLC
     178,892       691,629  
 
              
Independent Power Producers & Energy Traders (0.7%)
                
International Power PLC
     306,560       1,983,360  
 
              
Insurance (0.4%)
                
RSA Insurance Group PLC
     463,500       1,239,049  
 
              
Media (0.1%)
                
ITV PLC
     516,170       387,573  
 
              
Metals & Mining (0.8%)
                
BHP Billiton PLC
     68,423       1,549,839  
Xstrata PLC
     22,270       693,934  
 
              
 
             2,243,773  
 
              
Oil, Gas & Consumable Fuels (6.2%)
                
Afren PLC*
     326,868       387,049  
BP PLC
     768,002       6,395,204  
Royal Dutch Shell PLC, Class A
     235,578       6,802,594  
Royal Dutch Shell PLC, Class A
     165,200       4,866,457  
 
              
 
             18,451,304  
 
              
Pharmaceuticals (1.1%)
                
GlaxoSmithKline PLC
     144,000       3,118,968  
 
              
Tobacco (0.6%)
                
Imperial Tobacco Group PLC
     58,330       1,872,161  
 
              
Wireless Telecommunication Services (1.9%)
                
Vodafone Group PLC
     2,525,576       5,576,739  
 
              
 
             55,021,357  
 
              
Total Common Stocks
             282,529,318  
 
              
                 
    Shares or        
    Principal        
    Amount     Value  
Preferred Stocks (0.3%)
                
BRAZIL (0.2%)
                
Metals & Mining (0.2%)
                
Usinas Siderurgicas de Minas Gerais SA, Class A
     19,575     $ 414,878  
 
              
REPUBLIC OF KOREA (0.1%)(a)
                
Semiconductors & Semiconductor Equipment (0.1%)
                
Samsung Electronics Co. Ltd.
     1,200       378,454  
 
              
Total Preferred Stocks
             793,332  
 
              
Mutual Funds (2.0%)(c)
                
UNITED STATES (2.0%)
                
AIM Liquid Assets Portfolio
     6,003,610       6,003,610  
 
              
Securities Purchased With Collateral For Securities On Loan (4.8%)
                
Repurchase Agreement (4.8%)
                
Barclays Capital, 2.25%, dated 09/30/08, due 10/01/08, repurchase price $14,222,547, collateralized by U.S. Government Agency Mortgages ranging 3.17% - 6.00%, maturing 12/01/17 - 10/25/38; total market value of $14,506,091
   $ 14,221,658       14,221,658  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreement (1.0%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $2,882,931, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $2,940,460
     2,882,804       2,882,804  
 
              
Total Repurchase Agreement
             2,882,804  
 
              
Total Investments
                
(Cost $414,171,063) (d) — 103.5%
             306,430,722  
Liabilities in excess of other assets — (3.5)%
             (10,375,595 )
 
              
NET ASSETS — 100.0%
           $ 296,055,127  
 
              
 
*   Denotes a non-income producing security.
 
(a)   Fair Valued Security.
 
(b)   All or a part of the security was on loan as of September 30, 2008.
 
(c)   Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on September 30, 2008. The maturity date represents the actual maturity date.
 
(d)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
ADR   American Depositary Receipt
 
GDR   Global Depositary Receipt
 
PCL   Public Company Limited
At September 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 Contracts:
                                        
Australia Dollar
     12/15/08       (4,807,000 )   $ (4,122,435 )   $ (3,782,228 )   $ 340,207  
Australia Dollar
     11/12/08       (533,525 )     (455,137 )     (420,676 )     34,461  
British Pound
     11/12/08       (4,088,312 )     (7,615,295 )     (7,282,663 )     332,632  
Canadian Dollar
     11/12/08       (23,022,783 )     (21,914,796 )     (21,682,753 )     232,043  
Euro
     12/15/08       (3,698,000 )     (5,320,676 )     (5,220,549 )     100,127  
Euro
     11/12/08       (11,836,468 )     (17,842,317 )     (16,711,950 )     1,130,367  
Hong Kong Dollar
     11/12/08       (8,088,473 )     (1,049,162 )     (1,042,534 )     6,628  
Japanese Yen
     12/15/08       (2,556,777,000 )     (23,975,270 )     (24,321,109 )     (345,839 )
Japanese Yen
     11/12/08       (340,413,711 )     (3,187,189 )     (3,223,360 )     (36,171 )
Norwegian Krone
     11/12/08       (3,090,685 )     (535,400 )     (524,892 )     10,508  
Swiss Franc
     12/15/08       (4,320,000 )     (3,840,341 )     (3,873,647 )     (33,306 )
Swiss Franc
     11/12/08       (7,898,905 )     (7,183,153 )     (7,063,345 )     119,808  
 
Total Short Contracts
                   $ (97,041,171 )   $ (95,149,706 )   $ 1,891,465  
                             
Long Contracts:
                                        
Australia Dollar
     12/15/08       1,102,000     $ 870,955     $ 867,072     $ (3,883 )
Australia Dollar
     11/12/08       11,902,477       10,589,095       9,384,930       (1,204,164 )
British Pound
     11/12/08       3,106,425       5,633,778       5,533,589       (100,187 )
Canadian Dollar
     11/12/08       23,022,782       21,973,179       21,682,753       (290,426 )
Euro
     12/15/08       13,242,000       18,787,342       18,694,025       (93,317 )
Euro
     11/12/08       4,259,297       6,093,232       6,013,718       (79,515 )
Hong Kong Dollar
     11/12/08       17,530,681       2,250,542       2,259,553       9,012  
Japanese Yen
     12/15/08       321,357,000       3,066,883       3,056,879       (10,004 )
Japanese Yen
     11/12/08       1,071,621,247       9,956,417       10,147,127       190,710  
Norwegian Krone
     12/15/08       35,031,000       6,104,770       5,937,831       (166,939 )
Norwegian Krone
     11/12/08       10,371,856       1,972,455       1,761,455       (211,000 )
Singapore Dollar
     11/12/08       2,247,996       1,596,654       1,567,738       (28,916 )
Swedish Krone
     12/15/08       48,210,000       7,143,757       6,974,174       (169,583 )
Swedish Krone
     11/12/08       26,106,130       4,248,829       3,776,253       (472,576 )
Swiss Franc
     12/15/08       442,000       396,277       396,331       54  
 
Total Long Contracts
                   $ 100,684,165     $ 98,053,428     $ (2,630,734 )
                             
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Cardinal Aggressive Fund
                 
    Shares     Value  
Mutual Funds (99.6%)(a)
                
Equity Funds (94.8%)
                
NVIT Multi-Manager International Growth Fund, Class Y
     120,878     $ 979,108  
NVIT Multi-Manager International Value Fund, Class Y
     97,747       980,399  
NVIT Multi-Manager Large Cap Growth Fund, Class Y
     150,989       1,322,662  
NVIT Multi-Manager Large Cap Value Fund, Class Y
     158,946       1,333,554  
NVIT Multi-Manager Mid Cap Growth Fund, Class Y
     56,419       491,974  
NVIT Multi-Manager Mid Cap Value Fund, Class Y
     53,678       491,152  
NVIT Multi-Manager Small Cap Growth Fund, Class Y
     20,301       260,871  
NVIT Multi-Manager Small Cap Value Fund, Class Y
     29,564       262,228  
NVIT Multi-Manager Small Company Fund, Class Y
     9,153       130,707  
 
              
 
             6,252,655  
 
              
Fixed Income Funds (4.8%)
                
Lehman Brothers NVIT Core Plus Bond Fund, Class Y
     16,241       156,401  
NVIT Core Bond Fund, Class Y
     16,109       156,416  
 
              
 
             312,817  
 
              
Total Investments
                
(Cost $7,812,411) (b) — 99.6%
             6,565,472  
Other assets in excess of liabilities — 0.4%
             28,274  
 
              
NET ASSETS — 100.0%
           $ 6,593,746  
 
              
 
(a)   Investment in affiliate.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Cardinal Balanced Fund
                 
    Shares     Value  
Mutual Funds (97.9%)(a)
                
Equity Funds (50.1%)
                
NVIT Multi-Manager International Growth Fund, Class Y
     657,738     $ 5,327,677  
NVIT Multi-Manager International Value Fund, Class Y
     531,874       5,334,701  
NVIT Multi-Manager Large Cap Growth Fund, Class Y
     1,283,726       11,245,437  
NVIT Multi-Manager Large Cap Value Fund, Class Y
     1,351,375       11,338,036  
NVIT Multi-Manager Mid Cap Growth Fund, Class Y
     511,661       4,461,681  
NVIT Multi-Manager Mid Cap Value Fund, Class Y
     486,800       4,454,223  
NVIT Multi-Manager Small Cap Growth Fund, Class Y
     69,041       887,182  
NVIT Multi-Manager Small Cap Value Fund, Class Y
     100,541       891,799  
NVIT Multi-Manager Small Company Fund, Class Y
     62,257       889,030  
 
              
 
             44,829,766  
 
              
Fixed Income Funds (42.0%)
                
Lehman Brothers NVIT Core Plus Bond Fund, Class Y
     1,325,595       12,765,478  
NVIT Core Bond Fund, Class Y
     1,314,807       12,766,773  
NVIT Short-Term Bond Fund, Class Y
     1,208,709       11,990,391  
 
              
 
             37,522,642  
 
              
Money Market Fund (5.8%)
                
NVIT Money Market Fund, Class Y
     5,169,820       5,169,820  
 
              
Total Investments
                
(Cost $95,185,080) (b) — 97.9%
             87,522,228  
Other assets in excess of liabilities — 2.1%
             1,865,371  
 
              
NET ASSETS — 100.0%
           $ 89,387,599  
 
              
 
(a)   Investment in affiliate.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Cardinal Capital Appreciation Fund
                 
    Shares     Value  
Mutual Funds (99.3%)(a)
                
Equity Funds (70.5%)
                
NVIT Multi-Manager International Growth Fund, Class Y
     1,121,424     $ 9,083,530  
NVIT Multi-Manager International Value Fund, Class Y
     906,830       9,095,506  
NVIT Multi-Manager Large Cap Growth Fund, Class Y
     1,680,932       14,724,967  
NVIT Multi-Manager Large Cap Value Fund, Class Y
     1,769,513       14,846,218  
NVIT Multi-Manager Mid Cap Growth Fund, Class Y
     680,446       5,933,486  
NVIT Multi-Manager Mid Cap Value Fund, Class Y
     647,384       5,923,568  
NVIT Multi-Manager Small Cap Growth Fund, Class Y
     141,256       1,815,143  
NVIT Multi-Manager Small Cap Value Fund, Class Y
     205,703       1,824,589  
NVIT Multi-Manager Small Company Fund, Class Y
     63,688       909,462  
 
              
 
             64,156,469  
 
              
Fixed Income Funds (25.9%)
                
Lehman Brothers NVIT Core Plus Bond Fund, Class Y
     904,040       8,705,904  
NVIT Core Bond Fund, Class Y
     896,682       8,706,787  
NVIT Short-Term Bond Fund, Class Y
     618,244       6,132,977  
 
              
 
             23,545,668  
 
              
Money Market Fund (2.9%)
                
NVIT Money Market Fund, Class Y
     2,644,317       2,644,317  
Total Investments
                
(Cost $101,658,778) (b) — 99.3%
             90,346,454  
Other assets in excess of liabilities — 0.7%
             661,736  
 
              
NET ASSETS — 100.0%
           $ 91,008,190  
 
              
 
(a)   Investment in affiliate.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Cardinal Conservative Fund
                 
    Shares     Value  
Mutual Funds (98.7%)(a)
                
Equity Funds (20.5%)
                
NVIT Multi-Manager International Growth Fund, Class Y
     103,177     $ 835,731  
NVIT Multi-Manager International Value Fund, Class Y
     83,433       836,833  
NVIT Multi-Manager Large Cap Growth Fund, Class Y
     193,318       1,693,465  
NVIT Multi-Manager Large Cap Value Fund, Class Y
     203,505       1,707,409  
NVIT Multi-Manager Mid Cap Growth Fund, Class Y
     96,315       839,863  
NVIT Multi-Manager Mid Cap Value Fund, Class Y
     91,635       838,459  
 
              
 
             6,751,760  
 
              
Fixed Income Funds (68.3%)
                
Lehman Brothers NVIT Core Plus Bond Fund, Class Y
     665,410       6,407,900  
NVIT Core Bond Fund, Class Y
     659,995       6,408,549  
NVIT Short-Term Bond Fund, Class Y
     975,113       9,673,117  
 
              
 
             22,489,566  
 
              
Money Market Fund (9.9%)
                
NVIT Money Market Fund, Class Y
     3,243,875       3,243,875  
 
              
Total Investments
                
(Cost $33,675,184) (b) — 98.7%
             32,485,201  
Other assets in excess of liabilities — 1.3%
             428,964  
 
              
NET ASSETS — 100.0%
           $ 32,914,165  
 
              
 
(a)   Investment in affiliate.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Cardinal Moderate Fund
                 
    Shares     Value  
Mutual Funds (99.7%)(a)
                
Equity Funds (61.0%)
                
NVIT Multi-Manager International Growth Fund, Class Y
     729,634     $ 5,910,034  
NVIT Multi-Manager International Value Fund, Class Y
     590,013       5,917,826  
NVIT Multi-Manager Large Cap Growth Fund, Class Y
     1,367,085       11,975,666  
NVIT Multi-Manager Large Cap Value Fund, Class Y
     1,439,127       12,074,277  
NVIT Multi-Manager Mid Cap Growth Fund, Class Y
     454,071       3,959,503  
NVIT Multi-Manager Mid Cap Value Fund, Class Y
     432,009       3,952,884  
NVIT Multi-Manager Small Cap Growth Fund, Class Y
     122,541       1,574,653  
NVIT Multi-Manager Small Cap Value Fund, Class Y
     178,450       1,582,847  
NVIT Multi-Manager Small Company Fund, Class Y
     55,250       788,966  
 
              
 
             47,736,656  
 
              
Fixed Income Funds (33.8%)
                
Lehman Brothers NVIT Core Plus Bond Fund, Class Y
     980,329       9,440,564  
NVIT Core Bond Fund, Class Y
     972,350       9,441,521  
NVIT Short-Term Bond Fund, Class Y
     766,189       7,600,592  
 
              
 
             26,482,677  
 
              
Money Market Fund (4.9%)
                
NVIT Money Market Fund, Class Y
     3,823,281       3,823,281  
 
              
Total Investments
                
(Cost $86,507,748) (b) — 99.7%
             78,042,614  
Other assets in excess of liabilities — 0.3%
             197,216  
 
              
NET ASSETS — 100.0%
           $ 78,239,830  
 
              
 
(a)   Investment in affiliate.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Cardinal Moderately Aggressive Fund
                 
    Shares     Value  
Mutual Funds (98.8%)(a)
                
Equity Funds (79.8%)
                
NVIT Multi-Manager International Growth Fund, Class Y
     1,196,456     $ 9,691,297  
NVIT Multi-Manager International Value Fund, Class Y
     967,505       9,704,074  
NVIT Multi-Manager Large Cap Growth Fund, Class Y
     1,569,226       13,746,421  
NVIT Multi-Manager Large Cap Value Fund, Class Y
     1,651,921       13,859,614  
NVIT Multi-Manager Mid Cap Growth Fund, Class Y
     670,129       5,843,527  
NVIT Multi-Manager Mid Cap Value Fund, Class Y
     637,569       5,833,759  
NVIT Multi-Manager Small Cap Growth Fund, Class Y
     120,566       1,549,273  
NVIT Multi-Manager Small Cap Value Fund, Class Y
     175,573       1,557,336  
NVIT Multi-Manager Small Company Fund, Class Y
     54,359       776,250  
 
              
 
             62,561,551  
 
              
Fixed Income Funds (19.0%)
                
Lehman Brothers NVIT Core Plus Bond Fund, Class Y
     578,717       5,573,042  
NVIT Core Bond Fund, Class Y
     574,007       5,573,608  
NVIT Short-Term Bond Fund, Class Y
     376,920       3,739,044  
 
              
 
             14,885,694  
 
              
Total Investments
                
(Cost $88,660,134) (b) — 98.8%
             77,447,245  
Other assets in excess of liabilities — 1.2%
             962,537  
 
              
NET ASSETS — 100.0%
           $ 78,409,782  
 
              
 
(a)   Investment in affiliate.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Cardinal Moderately Conservative Fund
                 
    Shares     Value  
Mutual Funds (99.5%)(a)
                
Equity Funds (41.0%)
                
NVIT Multi-Manager International Growth Fund, Class Y
     160,785     $ 1,302,356  
NVIT Multi-Manager International Value Fund, Class Y
     130,017       1,304,073  
NVIT Multi-Manager Large Cap Growth Fund, Class Y
     301,256       2,639,000  
NVIT Multi-Manager Large Cap Value Fund, Class Y
     317,131       2,660,731  
NVIT Multi-Manager Mid Cap Growth Fund, Class Y
     150,091       1,308,795  
NVIT Multi-Manager Mid Cap Value Fund, Class Y
     142,799       1,306,608  
 
              
 
             10,521,563  
 
              
Fixed Income Funds (50.6%)
                
Lehman Brothers NVIT Core Plus Bond Fund, Class Y
     453,660       4,368,748  
NVIT Core Bond Fund, Class Y
     449,968       4,369,191  
NVIT Short-Term Bond Fund, Class Y
     430,542       4,270,978  
 
              
 
             13,008,917  
 
              
Money Market Fund (7.9%)
                
NVIT Money Market Fund, Class Y
     2,022,029       2,022,029  
 
              
Total Investments
                
(Cost $27,340,782) (b) — 99.5%
             25,552,509  
Other assets in excess of liabilities — 0.5%
             128,251  
 
              
NET ASSETS — 100.0%
           $ 25,680,760  
 
              
 
(a)   Investment in affiliate.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Multi-Manager International Growth Fund
                 
    Shares     Value  
Common Stocks (86.1%)
                
ARGENTINA (0.0%)
                
Internet Software & Services (0.0%)
                
MercadoLibre, Inc.*
     5,532     $ 112,576  
 
              
AUSTRALIA (3.0%)
                
Biotechnology (0.3%)(a)
                
CSL Ltd.
     31,600       957,018  
 
              
Chemicals (0.1%)
                
Incitec Pivot Ltd.*
     47,500       190,252  
 
              
Construction & Engineering (0.0%)(a)
                
Boart Longyear Group
     136,600       123,176  
 
              
Health Care Equipment & Supplies (0.9%)(a)
                
Cochlear Ltd.
     56,305       2,697,196  
 
              
Health Care Providers & Services (0.2%)(a)
                
Sonic Healthcare Ltd.
     45,200       480,660  
 
              
Metals & Mining (1.3%)(a)
                
BHP Billiton Ltd.
     133,185       3,444,496  
MacArthur Coal Ltd.
     15,855       134,193  
OneSteel Ltd.
     60,800       224,835  
 
              
 
             3,803,524  
 
              
Oil, Gas & Consumable Fuels (0.1%)(a)
                
Arrow Energy Ltd.*
     91,000       213,504  
Textiles, Apparel & Luxury Goods (0.1%)(a)
                
Billabong International Ltd.
     20,700       231,068  
 
              
 
             8,696,398  
 
              
BELGIUM (1.7%)(a)
                
Beverages (1.2%)
                
InBev NV
     57,550       3,423,429  
 
              
Commercial Banks (0.4%)
                
KBC Groep NV
     12,730       1,107,244  
 
              
Electrical Equipment (0.1%)
                
Bekaert SA
     3,600       480,594  
 
              
 
             5,011,267  
 
              
BERMUDA (0.3%)(a)
                
Energy Equipment & Services (0.3%)
                
Seadrill Ltd.
     35,300       731,681  
 
              
BRAZIL (0.9%)
                
Diversified Telecommunication Services (0.2%)
                
Global Village Telecom Holding SA*
     38,500       571,712  
 
              
Oil, Gas & Consumable Fuels (0.7%)
                
Petroleo Brasileiro SA ADR
     58,144       2,175,749  
 
              
 
             2,747,461  
 
              
CANADA (3.8%)
                
Chemicals (0.2%)
                
Agrium, Inc.
     7,600       426,208  
Nova Chemicals Corp.
     9,200       207,920  
 
              
 
             634,128  
 
              
Food & Beverage (0.0%)
                
Saputo, Inc.
     2,400       56,955  
 
              
Internet Software & Services (0.3%)
                
Open Text Corp.*
     27,100       937,118  
 
              
Metals & Mining (0.3%)
                
Agnico-Eagle Mines Ltd.
     12,000       655,263  
 
              
Oil, Gas & Consumable Fuels (2.0%)
                
Canadian Natural Resources Ltd.
     32,400       2,222,932  
Crescent Point Energy Trust
     5,200       151,993  
Oilexco, Inc.
     31,200       306,429  
Suncor Energy, Inc.
     75,500       3,122,180  
 
              
 
             5,803,534  
 
              
Road & Rail (0.8%)
                
Canadian National Railway Co.
     45,100       2,152,423  
 
              
Textiles, Apparel & Luxury Goods (0.2%)
                
Gildan Activewear, Inc.
     14,400       320,075  
Lululemon Athletica, Inc.*
     13,400       308,602  
 
              
 
             628,677  
 
              
 
             10,868,098  
 
              
CHINA (0.6%)
                
Electrical Equipment (0.3%)
                
China High Speed Transmission Equipment Group Co. Ltd.(a)
     365,000       668,044  
Suntech Power Holdings Co. Ltd. ADR*
     6,200       222,394  
 
              
 
             890,438  
 
              
Health Care Equipment & Supplies (0.1%)
                
Mindray Medical International Ltd. ADR
     5,900       199,007  
 
              
Machinery (0.1%)
                
China South Locomotive and Rolling Stock Corp.*
     1,181,382       448,842  
 
              
Media (0.1%)
                
Focus Media Holding Ltd. ADR*
     11,400       325,014  
 
              
 
             1,863,301  
 
              
DENMARK (1.5%)(a)
                
Biotechnology (0.1%)
                
Genmab AS*
     5,700       326,874  
 
              
Chemicals (0.1%)
                
Novozymes AS, Class B
     3,100       276,300  
 
              
Construction & Engineering (0.1%)
                
FLSmidth & Co. AS
     8,500       431,687  
 
              
Insurance (0.1%)
                
Topdanmark AS*
     2,700       386,975  
 
              
Pharmaceuticals (1.1%)
                
Novo Nordisk AS, Class B
     59,000       3,059,215  
 
              
 
             4,481,051  
 
              
FINLAND (0.7%)(a)
                
Auto Components (0.3%)
                
Nokian Renkaat OYJ
     37,000       890,202  
 
              
Communications Equipment (0.4%)
                
Nokia OYJ
     65,492       1,221,345  
 
              
 
             2,111,547  
 
              
FRANCE (5.1%)(a)
                
Commercial Banks (1.6%)
                
BNP Paribas
     49,180       4,693,927  
 
              
Electrical Equipment (0.3%)
                
Nexans SA
     8,100       720,470  
 
              
Information Technology Services (0.7%)
                
Cap Gemini SA
     44,579       2,105,648  
 
              
Insurance (1.1%)
                
AXA SA
     99,541       3,257,944  
 
              
Office Electronics (0.1%)
                
Neopost SA
     2,300       216,849  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager International Growth Fund
                 
    Shares     Value  
Common Stocks (continued)
                
FRANCE(a) (continued)
                
Oil, Gas & Consumable Fuels (1.3%)
                
Total SA
     61,022     $ 3,706,551  
 
              
 
             14,701,389  
 
              
GERMANY (6.2%)
                
Automobiles (0.4%)(a)
                
Daimler AG
     21,413       1,081,084  
 
              
Chemicals (0.1%)(a)
                
K+S AG
     4,900       348,847  
 
              
Diversified Financial Services (0.4%)(a)
                
Deutsche Boerse AG
     13,081       1,211,305  
 
              
Electrical Equipment (0.3%)
                
SGL Carbon AG*(a)
     8,100       321,738  
SMA Solar Technology AG*
     1,400       103,459  
Solarworld AG(a)
     13,000       566,824  
 
              
 
             992,021  
 
              
Industrial Conglomerate (1.1%)(a)
                
Siemens AG
     32,190       3,027,270  
 
              
Pharmaceuticals (2.9%)(a)
                
Bayer AG
     72,175       5,297,378  
Merck KGAA
     27,615       2,944,531  
 
              
 
             8,241,909  
 
              
Textiles, Apparel & Luxury Goods (1.0%)(a)
                
Puma AG Rudolf Dassler Sport
     10,625       2,925,863  
 
              
 
             17,828,299  
 
              
GREECE (0.9%)(a)
                
Commercial Banks (0.4%)
                
Piraeus Bank SA
     47,500       988,902  
 
              
Hotels, Restaurants & Leisure (0.5%)
                
OPAP SA
     47,542       1,459,049  
 
              
Oil, Gas & Consumable Fuels (0.0%)
                
Motor Oil Hellas Corinth Refineries SA
     6,300       94,681  
 
              
 
             2,542,632  
 
              
GUERNSEY (0.1%)
                
Software (0.1%)
                
Amdocs Ltd.*
     15,800       432,604  
 
              
HONG KONG (3.6%)(a)
                
Distributors (0.5%)
                
Li & Fung Ltd.
     648,000       1,585,737  
 
              
Electronic Equipment & Instruments (0.2%)
                
Kingboard Chemical Holdings Ltd.
     156,000       532,677  
 
              
Food Products (0.1%)
                
China Yurun Food Group Ltd.
     180,000       234,724  
 
              
Industrial Conglomerate (1.1%)
                
Hutchison Whampoa Ltd.
     399,000       3,064,635  
 
              
Marine (0.0%)
                
Pacific Basin Shipping Ltd.
     119,000       98,940  
 
              
Real Estate Investment Trusts (0.2%)
                
Link REIT (The)
     355,500       739,026  
 
              
Specialty Retail (0.7%)
                
Esprit Holdings Ltd.
     313,600       1,943,934  
 
              
Trading Companies & Distributors (0.2%)
                
Noble Group Ltd.
     529,200       503,733  
 
              
Wireless Telecommunication Services (0.6%)
                
China Mobile Ltd.
     185,517       1,858,509  
 
              
 
             10,561,915  
 
              
INDIA (2.2%)
                
Electrical Equipment (0.6%)(a)
                
Bharat Heavy Electricals Ltd.
     50,147       1,731,113  
 
              
Information Technology Services (1.6%)
                
Infosys Technologies Ltd. ADR
     136,854       4,558,607  
 
              
 
             6,289,720  
 
              
INDONESIA (0.4%)(a)
                
Automobiles (0.4%)
                
PT Astra International Tbk
     590,500       1,053,869  
 
              
IRELAND (1.0%)
                
Construction Materials (0.5%)(a)
                
CRH PLC
     70,551       1,492,800  
CRH PLC (London Exchange)
     63       1,346  
 
              
 
             1,494,146  
 
              
Life Sciences Tools & Services (0.5%)
                
ICON PLC ADR*
     36,800       1,407,600  
 
              
 
             2,901,746  
 
              
ISRAEL (2.0%)
                
Pharmaceuticals (2.0%)
                
Teva Pharmaceutical Industries Ltd. ADR
     125,111       5,728,833  
 
              
ITALY (2.4%)(a)
                
Aerospace & Defense (0.9%)
                
Finmeccanica SpA
     119,973       2,600,351  
 
              
Electrical Equipment (0.3%)
                
Prysmian SpA
     48,200       947,998  
 
              
Oil, Gas & Consumable Fuels (1.2%)
                
ENI SpA
     123,039       3,260,812  
ERG SpA
     13,400       222,311  
 
             3,483,123  
 
              
 
             7,031,472  
 
              
JAPAN (8.9%)(a)
                
Auto Components (0.1%)
                
Sumitomo Rubber Industries, Inc.
     40,100       357,300  
 
              
Automobiles (1.6%)
                
Suzuki Motor Corp.
     76,600       1,419,535  
Toyota Motor Corp.
     75,100       3,211,166  
 
              
 
             4,630,701  
 
              
Chemicals (0.1%)
                
UBE Industries Ltd.
     166,000       447,653  
 
              
Commercial Services & Supplies (0.1%)
                
Nissha Printing Co. Ltd.
     6,300       304,254  
 
              
Construction & Engineering (0.2%)
                
JGC Corp.
     33,000       529,506  
 
              
Electrical Equipment (0.3%)
                
Furukawa Electric Co. Ltd.
     118,000       521,148  
Toyo Tanso Co. Ltd.
     7,800       418,718  
 
              
 
             939,866  
 
              
Electronic Equipment & Instruments (2.3%)
                
Hosiden Corp.
     15,000       216,085  
Keyence Corp.
     14,500       2,892,913  
Nidec Corp.
     59,500       3,660,880  
 
              
 
             6,769,878  
 
              
Food & Staples Retailing (0.2%)
                
FamilyMart Co. Ltd.
     12,200       516,299  
 
              
Food Products (0.1%)
                
Toyo Suisan Kaisha Ltd.
     13,000       329,609  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager International Growth Fund
                 
    Shares     Value  
Common Stocks (continued)
                
JAPAN(a) (continued)
                
Industrial Conglomerate (0.2%)
                
Hankyu Hanshin Holdings, Inc.
     103,000     $ 473,166  
 
              
Insurance (0.1%)
                
Aioi Insurance Co. Ltd.
     35,000       174,602  
 
              
Leisure Equipment & Products (0.3%)
                
Shimano, Inc.
     21,900       754,034  
 
              
Machinery (1.9%)
                
Fanuc Ltd.
     38,100       2,866,736  
Japan Steel Works Ltd. (The)
     78,000       969,912  
Komatsu Ltd.
     103,800       1,699,602  
 
              
 
             5,536,250  
 
              
Metals & Mining (0.1%)
                
Hitachi Metals Ltd.
     20,000       239,075  
Tokyo Steel Manufacturing Co. Ltd.
     7,800       86,197  
 
              
 
             325,272  
 
              
Real Estate Management & Development (0.2%)
                
Aeon Mall Co. Ltd.
     20,300       605,113  
 
              
Software (0.9%)
                
Capcom Co. Ltd.
     25,800       739,172  
Nintendo Co. Ltd.
     4,300       1,824,204  
 
              
 
             2,563,376  
 
              
Specialty Retail (0.2%)
                
Nitori Co. Ltd.
     8,900       528,863  
 
              
 
             25,785,742  
 
              
LUXEMBOURG (0.3%)
                
Wireless Telecommunication Services (0.3%)
                
Millicom International Cellular SA
     11,000       755,370  
 
              
MALAYSIA (0.1%)(a)
                
Energy Equipment & Services (0.1%)
                
KNM Group Bhd
     471,150       174,693  
MEXICO (3.6%)
                
Household Durables (1.0%)
                
Desarrolladora Homex SAB de CV ADR*
     48,274       2,134,676  
Urbi Desarrollos Urbanos SA de CV*
     300,500       701,643  
 
              
 
             2,836,319  
 
              
Media (1.1%)
                
Grupo Televisa SA ADR
     138,657       3,032,429  
 
              
Wireless Telecommunication Services (1.5%)
                
America Movil SAB de CV, Series L ADR
     96,651       4,480,740  
 
              
 
             10,349,488  
 
              
NETHERLANDS (2.3%)(a)
                
Air Freight & Logistics (0.9%)
                
TNT NV
     92,934       2,574,529  
 
              
Beverages (0.9%)
                
Heineken Holding NV
     64,502       2,531,906  
 
              
Energy Equipment & Services (0.4%)
                
Fugro NV CVA
     18,800       1,110,027  
 
              
Life Sciences Tools & Services (0.1%)
                
Qiagen NV*
     19,800       390,091  
 
              
 
             6,606,553  
 
              
NORWAY (0.7%)(a)
                
Energy Equipment & Services (0.6%)
                
Petroleum Geo-Services ASA*
     122,829       1,623,835  
 
              
Pharmaceuticals (0.1%)
                
Pronova BioPharma AS*
     115,000       380,318  
 
              
 
             2,004,153  
 
              
PORTUGAL (0.1%)(a)
                
Food & Staples Retailing (0.1%)
                
Jeronimo Martins SGPS SA
     39,300       335,121  
 
              
REPUBLIC OF KOREA (0.3%)
                
Beverages (0.1%)
                
Hite Brewery Co. Ltd.*
     1,400       255,220  
 
              
Household Products (0.1%)(a)
                
LG Household & Health Care Ltd.
     1,800       301,062  
 
              
Machinery (0.1%)(a)
                
Taewoong Co. Ltd.
     5,500       366,150  
 
              
 
             922,432  
 
              
RUSSIAN FEDERATION (0.0%)
                
Food Products (0.0%)
                
Wimm-Bill-Dann Foods OJSC ADR*
     1,700       120,700  
 
              
SINGAPORE (2.3%)(a)
                
Commercial Banks (1.2%)
                
United Overseas Bank Ltd.
     308,000       3,682,984  
 
              
Industrial Conglomerate (1.0%)
                
Keppel Corp. Ltd.
     523,000       2,890,699  
 
              
Road & Rail (0.1%)
                
SMRT Corp. Ltd.
     166,000       230,853  
 
              
 
             6,804,536  
 
              
SOUTH AFRICA (0.8%)(a)
                
Commercial Banks (0.7%)
                
Standard Bank Group Ltd.
     166,534       1,917,151  
 
              
Pharmaceuticals (0.1%)
                
Aspen Pharmacare Holdings Ltd.*
     59,600       309,776  
 
              
 
             2,226,927  
 
              
SPAIN (2.8%)(a)
                
Biotechnology (0.2%)
                
Grifols SA
     15,400       393,435  
 
              
Commercial Banks (0.5%)
                
Banco Santander SA — London International Exchange
     102,817       1,541,450  
 
              
Diversified Telecommunication Services (1.7%)
                
Telefonica SA
     209,940       4,991,148  
 
              
Energy Equipment & Services (0.2%)
                
Tecnicas Reunidas SA
     11,600       495,207  
 
              
Natural Gas Utility (0.2%)
                
Enagas
     26,000       560,580  
 
              
 
             7,981,820  
 
              
SWEDEN (0.2%)(a)
                
Metals & Mining (0.2%)
                
Ssab Svenskt Stal AB, Series A
     37,300       593,324  
 
              
SWITZERLAND (8.8%)
                
Biotechnology (0.4%)(a)
                
Actelion Ltd.*
     9,400       484,498  
Basilea Pharmaceutica*
     5,700       844,536  
 
              
 
             1,329,034  
 
              
Capital Markets (0.1%)
                
Partners Group Holding AG
     1,400       175,388  
 
              
Chemicals (1.5%)(a)
                
Syngenta AG
     20,466       4,317,104  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager International Growth Fund
                 
    Shares     Value  
Common Stocks (continued)
                
SWITZERLAND (continued)
                
Food Products (2.2%)
                
Aryzta AG*
     6,033     $ 244,240  
Nestle SA(a)
     139,656       6,037,200  
 
              
 
             6,281,440  
 
              
Health Care Equipment & Supplies (0.8%)(a)
                
Sonova Holding AG
     33,858       2,208,040  
 
              
Life Sciences Tools & Services (0.6%)(a)
                
Lonza Group AG
     14,900       1,870,020  
 
              
Machinery (0.1%)(a)
                
Sulzer AG
     2,700       287,349  
 
              
Pharmaceuticals (2.3%)(a)
                
Roche Holding AG
     42,615       6,672,814  
 
              
Software (0.1%)(a)
                
Temenos Group AG*
     15,700       299,375  
 
              
Textiles, Apparel & Luxury Goods (0.7%)(a)
                
Compagnie Financiere Richemont SA
     47,713       2,108,688  
 
              
 
             25,549,252  
 
              
TAIWAN (1.8%)(a)
                
Computers & Peripherals (0.3%)
                
Acer, Inc.
     333,000       567,177  
Quanta Computer, Inc.
     257,650       322,806  
 
              
 
             889,983  
 
              
Electronic Equipment & Instruments (0.6%)
                
Hon Hai Precision Industry Co. Ltd.
     486,550       1,743,215  
 
              
Leisure Equipment & Products (0.1%)
                
Largan Precision Co. Ltd.
     28,000       293,791  
 
              
Semiconductors & Semiconductor Equipment (0.8%)
                
Taiwan Semiconductor Manufacturing Co. Ltd.
     1,289,880       2,163,842  
 
              
 
             5,090,831  
 
              
THAILAND (0.1%)
                
Oil, Gas & Consumable Fuels (0.1%)
                
Banpu PCL(a)
     25,700       230,506  
Banpu PCL NVDR
     1,900       16,751  
 
              
 
             247,257  
 
              
TURKEY (0.6%)(a)
                
Commercial Banks (0.6%)
                
Akbank TAS
     354,405       1,815,103  
 
              
UNITED ARAB EMIRATES (0.1%)(a)
                
Energy Equipment & Services (0.1%)
                
Lamprell PLC
     56,500       325,965  
 
              
UNITED KINGDOM (15.9%)(a)
                
Aerospace & Defense (0.3%)
                
Cobham PLC
     75,900       257,968  
VT Group PLC
     59,200       554,745  
 
              
 
             812,713  
 
              
Capital Markets (0.0%)
                
Schroders PLC
     6,100       112,516  
 
              
Commercial Services & Supplies (1.3%)
                
Aggreko PLC
     51,800       509,443  
Capita Group PLC (The)
     190,456       2,370,001  
Serco Group PLC
     129,100       841,839  
 
              
 
             3,721,283  
 
              
Containers & Packaging (0.1%)
                
Rexam PLC
     50,600       359,454  
 
              
Diversified Financial Services (0.2%)
                
IG Group Holdings PLC
     95,064       540,237  
 
              
Diversified Telecommunication Services (0.1%)
                
Inmarsat PLC
     30,000       262,236  
 
              
Electronic Equipment & Instruments (0.1%)
                
Rotork PLC
     19,900       332,429  
 
              
Energy Equipment & Services (0.3%)
                
Subsea 7, Inc.*
     34,000       460,401  
Wellstream Holdings PLC
     28,268       520,469  
 
              
 
             980,870  
 
              
Food & Staples Retailing (1.5%)
                
Tesco PLC
     623,672       4,336,993  
 
              
Hotels, Restaurants & Leisure (1.0%)
                
Compass Group PLC
     485,487       3,010,551  
 
              
Household Products (1.4%)
                
Reckitt Benckiser Group PLC
     80,235       3,889,613  
 
              
Independent Power Producers & Energy Traders (0.9%)
                
International Power PLC
     403,862       2,612,878  
 
              
Insurance (0.7%)
                
Admiral Group PLC
     17,600       323,597  
Amlin PLC
     29,628       169,509  
Aviva PLC
     189,003       1,643,749  
 
              
 
             2,136,855  
 
              
Media (2.6%)
                
Informa PLC
     301,892       1,702,312  
Reed Elsevier PLC
     286,803       2,855,488  
WPP Group PLC
     379,238       3,067,037  
 
              
 
             7,624,837  
 
              
Metals & Mining (0.1%)
                
Ferrexpo PLC
     85,400       242,018  
 
              
Oil, Gas & Consumable Fuels (0.3%)
                
Imperial Energy Corp. PLC*
     41,600       760,979  
 
              
Pharmaceuticals (1.1%)
                
Shire Ltd.
     200,118       3,164,029  
 
              
Road & Rail (0.5%)
                
Firstgroup PLC
     90,100       860,038  
National Express Group PLC
     41,200       595,676  
 
              
 
             1,455,714  
 
              
Semiconductors & Semiconductor Equipment (0.1%)
                
ARM Holdings PLC
     122,838       213,434  
 
              
Software (0.2%)
                
Aveva Group PLC
     24,600       507,163  
 
              
Tobacco (2.2%)
                
Imperial Tobacco Group PLC
     197,874       6,350,969  
 
              
Wireless Telecommunication Services (0.9%)
                
Vodafone Group PLC
     1,169,506       2,582,393  
 
              
 
             46,010,164  
 
              
Total Common Stocks
             249,395,290  
 
              
Preferred Stocks (2.3%)(a)
                
GERMANY (2.3%)
                
Automobiles (1.5%)
                
Porsche Automobil Holding SE
     39,025       4,326,732  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager International Growth Fund
                 
    Shares     Value  
Preferred Stocks(a) (continued)
                
GERMANY (continued)
                
Household Products (0.8%)
                
Henkel AG & Co. KGaA
     66,883     $ 2,443,996  
 
              
Total Preferred Stocks
             6,770,728  
 
              
Exchange Traded Funds (0.1%)
                
UNITED STATES (0.1%)
                
iShares MSCI Japan Index Fund
     22,000       234,520  
iShares MSCI Taiwan Index Fund
     12,800       137,856  
 
              
Total Exchange Traded Funds
             372,376  
 
              
Mutual Funds (11.5%)
                
UNITED STATES (11.5%)
                
Fidelity Institutional Prime
     33,175,638       33,175,638  
iShares MSCI EAFE Growth Index Fund
     3,900       220,779  
 
              
Total Mutual Funds
             33,396,417  
 
              
Total Investments
(Cost $337,888,219) (b) — 100.0%
             289,934,811  
Liabilities in excess of other assets — 0.0%
             (96,518 )
 
              
NET ASSETS — 100.0%
           $ 289,838,293  
 
              
 
*   Denotes a non-income producing security.
 
(a)   Fair Valued Security.
 
    Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on September 30, 2008. The maturity date represents the actual maturity date.
 
(b)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities. Receipt
 
ADR   American Depositary Receipt
 
NVDR   Non Voting Depositary Receipt
 
PCL   Public Company Limited
 
REIT   Real Estate Investment Trust
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Multi-Manager Large Cap Growth Fund
                 
    Shares     Value  
Common Stocks (89.0%)
                
Aerospace & Defense (2.3%)
                
General Dynamics Corp.
     3,393     $ 249,793  
Honeywell International, Inc.
     900       37,395  
Lockheed Martin Corp.
     9,003       987,359  
Northrop Grumman Corp.
     384       23,247  
Raytheon Co.
     7,336       392,549  
 
              
 
             1,690,343  
 
              
Air Freight & Logistics (0.1%)
                
Expeditors International of Washington, Inc.
     1,069       37,244  
United Parcel Service, Inc., Class B
     203       12,767  
 
              
 
             50,011  
 
              
Beverages (2.8%)
                
Anheuser-Busch Cos., Inc.
     2,724       176,733  
Coca-Cola Co. (The)
     12,893       681,782  
Dr. Pepper Snapple Group, Inc. *
     2,329       61,672  
Fomento Economico Mexicano SAB de CV ADR — MX
     6,437       245,507  
PepsiCo, Inc.
     12,211       870,278  
 
              
 
             2,035,972  
 
              
Biotechnology (4.3%)
                
Amgen, Inc. *
     105       6,223  
Biogen Idec, Inc. *
     2,635       132,514  
Celgene Corp. *
     1,251       79,163  
Genentech, Inc. *
     7,334       650,379  
Genzyme Corp. *
     5,985       484,127  
Gilead Sciences, Inc. *
     37,825       1,724,064  
PDL BioPharma, Inc. *
     3,205       29,839  
 
              
 
             3,106,309  
 
              
Building Products (0.0%)
                
Armstrong World Industries, Inc. *
     735       21,241  
Capital Markets (3.0%)
                
Bank of New York Mellon Corp. (The)
     1,504       49,000  
BlackRock, Inc.
     390       75,855  
Eaton Vance Corp.
     1,077       37,943  
Federated Investors, Inc., Class B
     626       18,047  
Franklin Resources, Inc.
     3,709       326,874  
Goldman Sachs Group, Inc. (The)
     1,390       177,920  
Invesco Ltd.
     1,661       34,848  
Northern Trust Corp.
     6,408       462,658  
SEI Investments Co.
     1,534       34,055  
State Street Corp.
     10,060       572,213  
T. Rowe Price Group, Inc.
     7,700       413,567  
 
              
 
             2,202,980  
 
              
Chemicals (1.9%)
                
Air Products & Chemicals, Inc.
     211       14,451  
Airgas, Inc.
     310       15,392  
Ashland, Inc.
     567       16,579  
CF Industries Holdings, Inc.
     563       51,492  
FMC Corp.
     388       19,939  
Minerals Technologies, Inc.
     508       30,155  
Monsanto Co.
     6,409       634,363  
Mosaic Co. (The)
     2,041       138,870  
Praxair, Inc.
     5,800       416,092  
Terra Industries, Inc.
     1,371       40,307  
 
              
 
             1,377,640  
 
              
Commercial Banks (0.1%)
                
Marshall & Ilsley Corp.
     678       13,662  
UnionBanCal Corp.
     612       44,853  
 
              
 
             58,515  
 
              
Commercial Services & Supplies (0.2%)
                
Copart, Inc. *
     1,022       38,836  
Herman Miller, Inc.
     756       18,499  
Manpower, Inc.
     547       23,609  
MPS Group, Inc. *
     2,827       28,496  
 
              
 
             109,440  
 
              
Communications Equipment (4.5%)
                
Brocade Communications Systems, Inc. *
     5,161       30,037  
Cisco Systems, Inc. *
     61,244       1,381,665  
Harris Corp.
     161       7,438  
QUALCOMM, Inc.
     35,499       1,525,392  
Research In Motion Ltd. *
     4,375       298,812  
Tellabs, Inc. *
     4,315       17,519  
 
              
 
             3,260,863  
 
              
Computers & Peripherals (6.3%)
                
Apple, Inc. *
     9,260       1,052,492  
Dell, Inc. *
     5,695       93,854  
EMC Corp. *
     11,248       134,526  
Hewlett-Packard Co.
     28,859       1,334,440  
International Business Machines Corp.
     14,198       1,660,598  
Lexmark International, Inc., Class A *
     750       24,428  
NetApp, Inc. *
     3,729       67,980  
QLogic Corp. *
     1,548       23,777  
Seagate Technology
     5,198       63,000  
Sun Microsystems, Inc. *
     137       1,041  
Teradata Corp. *
     2,101       40,969  
Western Digital Corp. *
     3,848       82,039  
 
              
 
             4,579,144  
 
              
Construction & Engineering (0.1%)
                
Fluor Corp.
     864       48,125  
 
              
Consumer Finance (0.7%)
                
MasterCard, Inc., Class A
     2,810       498,297  
 
              
Containers & Packaging (0.0%)
                
AptarGroup, Inc.
     351       13,728  
 
              
Diversified Financial Services (0.6%)
                
CME Group, Inc.
     68       25,263  
JPMorgan Chase & Co.
     7,343       342,918  
Leucadia National Corp.
     376       17,085  
Moody’s Corp.
     1,176       39,984  
 
             425,250  
Diversified Telecommunication Services (0.1%)
                
AT&T, Inc.
     2,143       59,833  
FairPoint Communications, Inc.
     13       113  
Verizon Communications, Inc.
     961       30,838  
 
              
 
             90,784  
 
              
Electric Utilities (1.0%)
                
Entergy Corp.
     16       1,424  
Exelon Corp.
     7,605       476,225  
FPL Group, Inc.
     4,806       241,742  
PPL Corp.
     1,000       37,020  
 
              
 
             756,411  
 
              
Electrical Equipment (1.6%)
                
ABB Ltd. ADR — CH
     13,255       257,147  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Large Cap Growth Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Electrical Equipment (continued)
                
Emerson Electric Co.
     6,933     $ 282,797  
First Solar, Inc. *
     3,310       625,292  
 
              
 
             1,165,236  
 
              
Electronic Equipment & Instruments (0.1%)
                
Ingram Micro, Inc., Class A *
     3,951       63,493  
Tech Data Corp. *
     1,098       32,775  
Vishay Intertechnology, Inc. *
     1,153       7,633  
 
              
 
             103,901  
 
              
Energy Equipment & Services (5.6%)
                
Baker Hughes, Inc.
     2,117       128,163  
Cameron International Corp. *
     1,082       41,700  
FMC Technologies, Inc. *
     2,770       128,944  
Halliburton Co.
     10,292       333,358  
Helmerich & Payne, Inc.
     462       19,954  
National Oilwell Varco, Inc. *
     7,799       391,744  
Oceaneering International, Inc. *
     215       11,464  
Oil States International, Inc. *
     756       26,725  
Patterson-UTI Energy, Inc.
     2,223       44,504  
Schlumberger Ltd.
     15,286       1,193,684  
SEACOR Holdings, Inc. *
     433       34,185  
Superior Energy Services, Inc. *
     409       12,736  
TETRA Technologies, Inc. *
     1,079       14,944  
Transocean, Inc.
     9,916       1,089,173  
Unit Corp. *
     535       26,654  
Weatherford International Ltd. *
     24,465       615,050  
 
              
 
             4,112,982  
 
              
Food & Staples Retailing (5.7%)
                
BJ’s Wholesale Club, Inc. *
     2,342       91,010  
Costco Wholesale Corp.
     14,681       953,237  
CVS Caremark Corp.
     29,296       986,103  
Kroger Co. (The)
     7,592       208,628  
Ruddick Corp.
     1,200       38,940  
Safeway, Inc.
     1,562       37,051  
Wal-Mart Stores, Inc.
     30,142       1,805,205  
 
              
 
             4,120,174  
 
              
Food Products (0.7%)
                
Archer-Daniels-Midland Co.
     935       20,486  
Bunge Ltd.
     1,277       80,681  
ConAgra Foods, Inc.
     18,229       354,736  
Hormel Foods Corp.
     425       15,419  
Tyson Foods, Inc., Class A
     6,004       71,688  
 
              
 
             543,010  
 
              
Health Care Equipment & Supplies (4.0%)
                
Baxter International, Inc.
     8,045       527,993  
Beckman Coulter, Inc.
     11       781  
Becton, Dickinson & Co.
     7,328       588,145  
Boston Scientific Corp. *
     3,616       44,368  
C.R. Bard, Inc.
     481       45,633  
Covidien Ltd.
     18,150       975,744  
DENTSPLY International, Inc.
     600       22,524  
Edwards Lifesciences Corp. *
     338       19,523  
Gen-Probe, Inc. *
     441       23,395  
IDEXX Laboratories, Inc. *
     400       21,920  
Medtronic, Inc.
     11,023       552,252  
St. Jude Medical, Inc. *
     467       20,310  
Varian Medical Systems, Inc. *
     1,031       58,901  
 
              
 
             2,901,489  
 
              
Health Care Providers & Services (0.8%)
                
Aetna, Inc.
     7,386       266,708  
Express Scripts, Inc. *
     1,283       94,711  
Laboratory Corp. of America Holdings *
     165       11,468  
McKesson Corp.
     1,425       76,679  
Medco Health Solutions, Inc. *
     2,204       99,180  
 
              
 
             548,746  
 
              
Hotels, Restaurants & Leisure (2.2%)
                
Chipotle Mexican Grill, Inc., Class A *
     251       13,928  
McDonald’s Corp.
     24,250       1,496,225  
Panera Bread Co., Class A *
     901       45,861  
Yum! Brands, Inc.
     1,725       56,252  
 
              
 
             1,612,266  
 
              
Household Products (1.9%)
                
Church & Dwight Co., Inc.
     285       17,696  
Colgate-Palmolive Co.
     6,829       514,565  
Procter & Gamble Co.
     12,542       874,052  
 
              
 
             1,406,313  
 
              
Independent Power Producers & Energy Traders (0.0%)
                
Constellation Energy Group, Inc.
     171       4,156  
NRG Energy, Inc. *
     1,151       28,487  
 
              
 
             32,643  
 
              
Industrial Conglomerates (0.6%)
                
McDermott International, Inc. *
     13,763       351,645  
Tyco International Ltd.
     2,658       93,083  
 
              
 
             444,728  
 
              
Information Technology Services (1.0%)
                
Accenture Ltd., Class A
     4,796       182,248  
Acxiom Corp.
     817       10,245  
Broadridge Financial Solutions, Inc.
     2,568       39,522  
Genpact Ltd. *
     1,034       10,743  
Global Payments, Inc.
     936       41,989  
Hewitt Associates, Inc., Class A *
     797       29,043  
SRA International, Inc., Class A *
     1,128       25,527  
Western Union Co. (The)
     16,281       401,652  
 
              
 
             740,969  
 
              
Insurance (1.7%)
                
Chubb Corp.
     5,648       310,075  
Marsh & McLennan Cos., Inc.
     12,633       401,224  
MetLife, Inc.
     9,830       550,480  
 
              
 
             1,261,779  
 
              
Internet & Catalog Retail (0.2%)
                
Amazon.com, Inc. *
     717       52,169  
Netflix, Inc. *
     2,100       64,848  
 
              
 
             117,017  
 
              
Internet Software & Services (3.1%)
                
eBay, Inc. *
     3,454       77,301  
Equinix, Inc. *
     5,050       350,773  
Google, Inc., Class A *
     4,254       1,703,812  
Sohu.com, Inc. *
     601       33,506  
VeriSign, Inc. *
     3,192       83,247  
Yahoo!, Inc. *
     1,454       25,154  
 
              
 
             2,273,793  
 
              
Life Sciences Tools & Services (1.4%)
                
Invitrogen Corp. *
     372       14,062  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Large Cap Growth Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Life Sciences Tools & Services (continued)
                
Thermo Fisher Scientific, Inc. *
     18,830     $ 1,035,650  
 
              
 
             1,049,712  
 
              
Machinery (1.7%)
                
AGCO Corp. *
     1,095       46,658  
Bucyrus International, Inc.,
     2,118       94,632  
Caterpillar, Inc.
     2,326       138,630  
Danaher Corp.
     5,654       392,388  
Deere & Co.
     7,852       388,674  
Flowserve Corp.
     416       36,928  
Graco, Inc.
     38       1,353  
Harsco Corp.
     264       9,818  
Illinois Tool Works, Inc.
     151       6,712  
Imation Corp.
     472       10,662  
John Bean Technologies Corp. *
     460       5,824  
Joy Global, Inc.
     1,549       69,922  
Lincoln Electric Holdings, Inc.
     408       26,238  
SPX Corp.
     53       4,081  
Valmont Industries, Inc.
     132       10,915  
 
              
 
             1,243,435  
 
              
Marine (0.0%)
                
Kirby Corp. *
     589       22,347  
 
              
Media (1.6%)
                
CBS Corp., Class B
     1,668       24,319  
Comcast Corp., Special Class A
     1,852       36,522  
DIRECTV Group, Inc. (The) *
     25,683       672,124  
DISH Network Corp., Class A *
     930       19,530  
Omnicom Group, Inc.
     6,771       261,090  
Time Warner, Inc.
     9,767       128,045  
Walt Disney Co. (The)
     894       27,437  
 
              
 
             1,169,067  
 
              
Metals & Mining (0.4%)
                
Alcoa, Inc.
     691       15,603  
Goldcorp, Inc. — CA
     6,961       220,176  
Reliance Steel & Aluminum Co.
     839       31,857  
Schnitzer Steel Industries, Inc., Class A
     334       13,106  
United States Steel Corp.
     543       42,142  
 
              
 
             322,884  
 
              
Multi-Utility (0.0%)
                
Dominion Resources, Inc.
     4       171  
OGE Energy Corp.
     591       18,250  
 
              
 
             18,421  
 
              
Multiline Retail (1.1%)
                
Big Lots, Inc. *
     4,358       121,283  
Dollar Tree, Inc. *
     4,077       148,240  
Kohl’s Corp. *
     11,350       523,008  
Target Corp.
     520       25,506  
 
              
 
             818,037  
 
              
Oil, Gas & Consumable Fuels (5.0%)
                
Alpha Natural Resources, Inc. *
     2,471       127,083  
Apache Corp.
     904       94,269  
Cabot Oil & Gas Corp.
     899       32,490  
Canadian Natural Resources Ltd.
     7,533       515,709  
Chesapeake Energy Corp.
     17,320       621,095  
ConocoPhillips
     68       4,981  
Denbury Resources, Inc. *
     400       7,616  
Devon Energy Corp.
     943       86,002  
Encore Acquisition Co. *
     299       12,492  
EOG Resources, Inc.
     339       30,327  
Exxon Mobil Corp.
     1,056       82,009  
Hess Corp.
     1,792       147,087  
Mariner Energy, Inc. *
     130       2,665  
Murphy Oil Corp.
     1,490       95,569  
Noble Energy, Inc.
     279       15,510  
Occidental Petroleum Corp.
     7,252       510,903  
Petroleo Brasileiro SA ADR — BR
     7,129       313,319  
Pioneer Natural Resources Co.
     7,385       386,088  
Range Resources Corp.
     6,262       268,452  
Southwestern Energy Co. *
     507       15,484  
St. Mary Land & Exploration Co.
     339       12,085  
Ultra Petroleum Corp. *
     420       23,243  
W&T Offshore, Inc.
     1,300       35,477  
XTO Energy, Inc.
     5,030       233,996  
 
              
 
             3,673,951  
 
              
Personal Products (0.2%)
                
Avon Products, Inc.
     1,986       82,558  
Herbalife Ltd.
     1,723       68,093  
 
              
 
             150,651  
 
              
Pharmaceuticals (3.7%)
                
Abbott Laboratories
     11,810       680,020  
Bristol-Myers Squibb Co.
     3,394       70,765  
Eli Lilly & Co.
     2,662       117,208  
Forest Laboratories, Inc. *
     1,110       31,391  
Johnson & Johnson
     11,777       815,910  
Merck & Co., Inc.
     4,179       131,889  
Perrigo Co.
     1,239       47,652  
Pfizer, Inc.
     8,548       157,625  
Schering-Plough Corp.
     1,504       27,779  
Teva Pharmaceutical Industries Ltd. ADR — IL
     12,320       564,133  
Wyeth
     1,792       66,196  
 
              
 
             2,710,568  
 
              
Real Estate Investment Trusts (0.4%)
                
AMB Property Corp.
     525       23,783  
AvalonBay Communities, Inc.
     247       24,310  
Equity Residential
     681       30,243  
Essex Property Trust, Inc.
     166       19,643  
Federal Realty Investment Trust
     262       22,427  
Nationwide Health Properties, Inc.
     1,727       62,137  
Simon Property Group, Inc.
     904       87,688  
SL Green Realty Corp.
     120       7,776  
 
              
 
             278,007  
 
              
Real Estate Management & Development (0.1%)
                
Jones Lang LaSalle, Inc.
     800       34,784  
 
              
Road & Rail (1.4%)
                
Burlington Northern Santa Fe Corp.
     756       69,877  
CSX Corp.
     2,613       142,592  
J.B. Hunt Transport Services, Inc.
     3,641       121,500  
Landstar System, Inc.
     1,204       53,048  
Norfolk Southern Corp.
     248       16,420  
Union Pacific Corp.
     7,361       523,809  
Werner Enterprises, Inc.
     2,284       49,586  
YRC Worldwide, Inc. *
     1,316       15,739  
 
              
 
             992,571  
 
              
Semiconductors & Semiconductor Equipment (2.2%)
                
Altera Corp.
     1,706       35,280  
Applied Materials, Inc.
     29,808       450,995  
Broadcom Corp., Class A *
     1,936       36,068  
Intel Corp.
     47,568       890,949  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Large Cap Growth Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Semiconductors & Semiconductor Equipment (continued)
                
LSI Corp. *
     5,379     $ 28,831  
MEMC Electronic Materials, Inc. *
     9       254  
Texas Instruments, Inc.
     6,211       133,537  
 
              
 
             1,575,914  
 
              
Software (5.2%)
                
Activision Blizzard, Inc. *
     4,888       75,422  
Adobe Systems, Inc. *
     27,606       1,089,609  
Advent Software, Inc. *
     1,022       36,005  
Amdocs Ltd. *
     12,697       347,644  
ANSYS, Inc. *
     555       21,018  
Autodesk, Inc. *
     1,683       56,464  
Electronic Arts, Inc. *
     5,713       211,324  
Mentor Graphics Corp. *
     1,105       12,542  
Microsoft Corp.
     40,773       1,088,231  
Oracle Corp. *
     37,327       758,111  
Salesforce.com, Inc. *
     1,047       50,675  
Symantec Corp. *
     2,353       46,072  
Synopsys, Inc. *
     2       40  
 
              
 
             3,793,157  
 
              
Specialty Retail (1.3%)
                
Aeropostale, Inc. *
     4,550       146,100  
Best Buy Co., Inc.
     285       10,688  
GameStop Corp., Class A *
     2,647       90,554  
Ross Stores, Inc.
     2,943       108,332  
Staples, Inc.
     21,755       489,487  
TJX Cos., Inc.
     1,701       51,915  
Urban Outfitters, Inc. *
     922       29,384  
 
              
 
             926,460  
 
              
Textiles, Apparel & Luxury Goods (1.1%)
                
Coach, Inc. *
     1,053       26,367  
Nike, Inc., Class B
     11,713       783,600  
 
              
 
             809,967  
 
              
Thrifts & Mortgage Finance (0.1%)
                
Hudson City Bancorp, Inc.
     1,930       35,608  
 
              
Tobacco (1.7%)
                
Altria Group, Inc.
     15,118       299,941  
Lorillard, Inc.
     2,459       174,958  
Philip Morris International, Inc.
     15,880       763,828  
Reynolds American, Inc.
     103       5,008  
Universal Corp.
     360       17,672  
 
              
 
             1,261,407  
 
              
Wireless Telecommunication Services (3.2%)
                
American Tower Corp., Class A *
     39,626       1,425,347  
Leap Wireless International, Inc. *
     303       11,545  
NII Holdings, Inc. *
     23,450       889,224  
Sprint Nextel Corp.
     1,622       9,894  
 
             2,336,010  
 
              
Total Common Stocks
             64,933,057  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreements (13.2%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $9,636,997, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $9,829,302
   $ 9,636,571     $ 9,636,571  
 
              
Total Investments
(Cost $82,444,243) (a) — 102.2%
             74,569,628  
Liabilities in excess of other assets — (2.2)%
             (1,577,233 )
 
              
NET ASSETS — 100.0%
           $ 72,992,395  
 
              
 
*   Denotes a non-income producing security.
 
(a)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
ADR   American Depositary Receipt
 
BR   Brazil
 
CA   Canada
 
CH   Switzerland
 
IL   Israel
 
MX   Mexico
At September 30, 2008, the Fund’s open futures contracts were as follows:
                                 
Number               Market Value   Unrealized
of Contracts   Long Contracts   Expiration   Covered By Contracts   Appreciation/Depreciation
  45    
S&P 500 Futures
     12/19/08     $ 2,656,650     $ 11,664  
                 
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Multi-Manager Large Cap Value Fund
                 
    Shares     Value  
Common Stocks (92.7%)
                
BERMUDA (2.1%)
                
Insurance (2.1%)
                
Allied World Assurance Co. Holdings Ltd.
     2,100     $ 74,592  
Everest Re Group Ltd.
     13,597       1,176,548  
PartnerRe Ltd.
     4,913       328,238  
 
              
 
             1,579,378  
 
              
BRAZIL (0.2%)
                
Food Products (0.2%)
                
Perdigao SA ADR
     4,200       164,388  
CANADA (0.9%)
                
Oil, Gas & Consumable Fuels (0.9%)
                
Cameco Corp.
     9,700       216,407  
Canadian Natural Resources Ltd.
     2,600       177,996  
Talisman Energy, Inc.
     20,400       290,088  
 
              
 
             684,491  
 
              
CAYMAN ISLANDS (0.3%)
                
Computers & Peripherals (0.3%)
                
Seagate Technology
     19,600       237,552  
 
              
FRANCE (0.5%)
                
Oil, Gas & Consumable Fuels (0.5%)
                
Total SA ADR
     6,500       394,420  
 
              
JAPAN (0.3%)(a)
                
Tobacco (0.3%)
                
Japan Tobacco, Inc.
     61       229,947  
 
              
NETHERLANDS (2.9%)
                
Energy Equipment & Services (0.2%)(a)
                
SBM Offshore NV
     6,354       136,009  
 
              
Food Products (2.7%)
                
Unilever NV
     70,083       1,973,537  
 
              
 
             2,109,546  
 
              
SINGAPORE (0.4%)
                
Electronic Equipment & Instruments (0.4%)
                
Flextronics International Ltd.*
     36,200       256,296  
 
              
SWITZERLAND (1.9%)
                
Capital Markets (0.3%)
                
UBS AG*
     15,066       264,258  
 
              
Chemicals (0.3%)
                
Syngenta AG ADR
     5,100       215,832  
 
              
Insurance (1.3%)
                
ACE Ltd.
     17,400       941,862  
 
              
 
             1,421,952  
 
              
UNITED KINGDOM (0.5%)(a)
                
Commercial Banks (0.3%)
                
Royal Bank of Scotland Group PLC
     64,763       208,889  
 
              
Containers & Packaging (0.2%)
                
Rexam PLC
     17,581       124,892  
 
              
 
             333,781  
 
              
UNITED STATES (82.7%)
                
Aerospace & Defense (2.4%)
                
Alliant Techsystems, Inc.*
     3,500       328,790  
Boeing Co.
     11,977       686,881  
General Dynamics Corp.
     4,500       331,290  
Honeywell International, Inc.
     3,980       165,369  
Northrop Grumman Corp.
     1,600       96,864  
United Technologies Corp.
     2,947       176,997  
 
              
 
             1,786,191  
 
              
Air Freight & Logistics (0.7%)
                
United Parcel Service, Inc., Class B
     8,241       518,276  
 
              
Airline (0.6%)
                
Southwest Airlines Co.
     28,400       412,084  
 
              
Auto Components (0.6%)
                
Autoliv, Inc.
     1,100       37,125  
Goodyear Tire & Rubber Co. (The)*
     9,200       140,852  
Johnson Controls, Inc.
     8,861       268,754  
 
              
 
             446,731  
 
              
Automobiles (0.5%)
                
Ford Motor Co.*
     75,109       390,567  
 
              
Beverages (0.3%)
                
Pepsi Bottling Group, Inc.
     8,900       259,613  
 
              
Biotechnology (2.4%)
                
Amgen, Inc.*
     22,537       1,335,768  
Genentech, Inc.*
     5,462       484,370  
 
              
 
             1,820,138  
 
              
Capital Markets (3.8%)
                
Ameriprise Financial, Inc.
     11,300       431,660  
Bank of New York Mellon Corp. (The)
     6,700       218,286  
Goldman Sachs Group, Inc. (The)
     2,000       256,000  
Invesco Ltd.
     32,678       685,584  
Morgan Stanley
     2,300       52,900  
Northern Trust Corp.
     500       36,100  
Raymond James Financial, Inc.
     4,200       138,516  
State Street Corp.
     8,517       484,447  
TD Ameritrade Holding Corp.*
     33,939       549,812  
 
              
 
             2,853,305  
 
              
Chemicals (1.3%)
                
Air Products & Chemicals, Inc.
     9,268       634,765  
Ashland, Inc.
     5,600       163,744  
Celanese Corp., Series A
     7,100       198,161  
 
              
 
             996,670  
 
              
Commercial Banks (2.6%)
                
Huntington Bancshares, Inc.
     7,000       55,930  
M&T Bank Corp.
     3,346       298,631  
PNC Financial Services Group, Inc.
     4,300       321,210  
SunTrust Banks, Inc.
     9,161       412,153  
U.S. Bancorp
     5,100       183,702  
Wells Fargo & Co.
     17,400       653,022  
 
              
 
             1,924,648  
 
              
Commercial Services & Supplies (0.8%)
                
Waste Management, Inc.
     18,376       578,660  
 
              
Communications Equipment (1.3%)
                
Cisco Systems, Inc.*
     22,100       498,576  
Corning, Inc.
     25,650       401,166  
JDS Uniphase Corp.*
     4,800       40,608  
 
              
 
             940,350  
 
              
Computers & Peripherals (1.8%)
                
Hewlett-Packard Co.
     19,229       889,149  
International Business Machines Corp.
     3,346       391,348  
Lexmark International, Inc., Class A*
     1,300       42,341  
 
              
 
             1,322,838  
 
              
Consumer Finance (1.1%)
                
Capital One Financial Corp.
     6,210       316,710  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Large Cap Value Fund
                 
    Shares     Value  
Common Stocks (continued)
                
UNITED STATES (continued)
                
Consumer Finance (continued)
                
SLM Corp.*
     38,893     $ 479,940  
 
              
 
             796,650  
 
              
Containers & Packaging (0.9%)
                
Owens-Illinois, Inc.*
     21,700       637,980  
Diversified Financial Services (6.2%)
                
Bank of America Corp.
     46,313       1,620,955  
CIT Group, Inc.
     5,100       35,496  
Citigroup, Inc.
     28,746       589,581  
JPMorgan Chase & Co.
     49,263       2,300,582  
Nasdaq OMX Group, Inc. (The)*
     2,200       67,254  
 
              
 
             4,613,868  
 
              
Diversified Telecommunication Services (1.6%)
                
AT&T, Inc.
     23,975       669,382  
Embarq Corp.
     200       8,110  
Verizon Communications, Inc.
     16,700       535,903  
 
              
 
             1,213,395  
 
              
Electric Utilities (4.3%)
                
American Electric Power Co., Inc.
     8,200       304,056  
Edison International
     7,700       307,230  
Entergy Corp.
     11,784       1,048,894  
FirstEnergy Corp.
     10,483       702,256  
Northeast Utilities
     14,700       377,055  
Progress Energy, Inc.
     10,500       452,865  
 
              
 
             3,192,356  
 
              
Electronic Equipment & Instruments (0.9%)
                
Arrow Electronics, Inc.*
     12,700       332,994  
Avnet, Inc.*
     3,800       93,594  
Jabil Circuit, Inc.
     24,300       231,822  
 
              
 
             658,410  
 
              
Energy Equipment & Services (1.2%)
                
Baker Hughes, Inc.
     5,650       342,051  
Smith International, Inc.
     3,820       224,005  
Weatherford International Ltd.*
     11,977       301,102  
 
              
 
             867,158  
 
              
Food & Staples Retailing (2.0%)
                
BJ’s Wholesale Club, Inc.*
     5,200       202,072  
Kroger Co. (The)
     1,400       38,472  
SUPERVALU, Inc.
     16,211       351,779  
Wal-Mart Stores, Inc.
     15,158       907,812  
 
              
 
             1,500,135  
 
              
Food Products (0.7%)
                
Bunge Ltd.
     2,800       176,904  
General Mills, Inc.
     2,700       185,544  
Tyson Foods, Inc., Class A
     11,300       134,922  
 
              
 
             497,370  
 
              
Health Care Equipment & Supplies (2.3%)
                
Baxter International, Inc.
     13,587       891,715  
Covidien Ltd.
     8,300       446,208  
Zimmer Holdings, Inc.*
     6,232       402,338  
 
              
 
             1,740,261  
 
              
Health Care Providers & Services (3.3%)
                
Aetna, Inc.
     7,300       263,603  
Community Health Systems, Inc.*
     2,500       73,275  
Humana, Inc.*
     8,200       337,840  
Laboratory Corp. of America Holdings*
     7,870       546,965  
LifePoint Hospitals, Inc.*
     4,700       151,058  
McKesson Corp.
     800       43,048  
UnitedHealth Group, Inc.
     20,300       515,417  
Universal Health Services, Inc., Class B
     1,500       84,045  
WellPoint, Inc.*
     8,897       416,113  
 
              
 
             2,431,364  
 
              
Hotels, Restaurants & Leisure (0.1%)
                
Carnival Corp.
     2,200       77,770  
 
              
Household Durables (0.6%)
                
Newell Rubbermaid, Inc.
     22,817       393,821  
Whirlpool Corp.
     700       55,503  
 
              
 
             449,324  
 
              
Household Products (0.7%)
                
Procter & Gamble Co.
     7,500       522,675  
 
              
Industrial Conglomerate (1.2%)
                
General Electric Co.
     34,147       870,748  
 
              
Information Technology Services (0.7%)
                
Computer Sciences Corp.*
     3,800       152,494  
SAIC, Inc.*
     2,600       52,598  
Visa, Inc., Class A
     4,929       302,591  
 
              
 
             507,683  
 
              
Insurance (3.0%)
                
Fidelity National Financial, Inc., Class A
     15,900       233,730  
First American Corp.
     2,100       61,950  
Hartford Financial Services Group, Inc.
     12,190       499,668  
MetLife, Inc.
     6,000       336,000  
Progressive Corp. (The)
     3,600       62,640  
Prudential Financial, Inc.
     6,046       435,312  
Reinsurance Group of America, Inc., Class A
     600       32,400  
Travelers Cos., Inc. (The)
     12,810       579,012  
 
              
 
             2,240,712  
 
              
Machinery (1.0%)
                
AGCO Corp.*
     200       8,522  
Deere & Co.
     9,600       475,200  
Flowserve Corp.
     1,400       124,278  
Gardner Denver, Inc.*
     4,900       170,128  
 
              
 
             778,128  
 
              
Media (4.8%)
                
CBS Corp., Class B
     13,700       199,746  
Comcast Corp., Class A
     93,474       1,834,894  
Liberty Global, Inc., Class A*
     400       12,120  
Time Warner, Inc.
     71,606       938,755  
Viacom, Inc., Class B*
     8,951       222,343  
Virgin Media, Inc.
     47,500       375,250  
 
              
 
             3,583,108  
 
              
Metals & Mining (0.5%)
                
Alcoa, Inc.
     6,100       137,738  
Reliance Steel & Aluminum Co.
     5,100       193,647  
Steel Dynamics, Inc.
     2,400       41,016  
 
              
 
             372,401  
 
              
Multi-Utility (0.9%)
                
CenterPoint Energy, Inc.
     1,600       23,312  
Dominion Resources, Inc.
     1,500       64,170  
PG&E Corp.
     8,462       316,902  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Large Cap Value Fund
                 
    Shares     Value  
Common Stocks (continued)
                
UNITED STATES (continued)
                
Multi-Utility (continued)
                
Sempra Energy
     1,800     $ 90,846  
TECO Energy, Inc.
     10,200       160,446  
 
              
 
             655,676  
 
              
Multiline Retail (0.6%)
                
J.C. Penney Co., Inc.
     2,230       74,348  
Macy’s, Inc.
     11,600       208,568  
Target Corp.
     3,455       169,468  
 
              
 
             452,384  
 
              
Natural Gas Utility (0.2%)
                
Oneok, Inc.
     3,700       127,280  
UGI Corp.
     600       15,468  
 
              
 
             142,748  
 
              
Oil, Gas & Consumable Fuels (12.9%)
                
Chevron Corp.
     6,200       511,376  
Cimarex Energy Co.
     4,800       234,768  
ConocoPhillips
     7,300       534,725  
Devon Energy Corp.
     11,787       1,074,974  
Encore Acquisition Co.*
     2,000       83,560  
EOG Resources, Inc.
     9,764       873,488  
Exxon Mobil Corp.
     20,740       1,610,668  
Hess Corp.
     9,813       805,451  
Marathon Oil Corp.
     16,177       644,977  
Newfield Exploration Co.*
     17,750       567,823  
Noble Energy, Inc.
     14,700       817,173  
Occidental Petroleum Corp.
     11,167       786,715  
Range Resources Corp.
     9,192       394,061  
Williams Cos., Inc.
     17,808       421,159  
XTO Energy, Inc.
     4,400       204,688  
 
              
 
             9,565,606  
 
              
Paper & Forest Products (0.4%)
                
Weyerhaeuser Co.
     4,740       287,149  
 
              
Personal Products (0.2%)
                
Avon Products, Inc.
     3,100       128,867  
 
              
Pharmaceuticals (5.6%)
                
Abbott Laboratories
     4,375       251,913  
Johnson & Johnson
     18,451       1,278,285  
Merck & Co., Inc.
     5,300       167,268  
Pfizer, Inc.
     34,500       636,180  
Schering-Plough Corp.
     29,900       552,253  
Wyeth
     33,784       1,247,981  
 
              
 
             4,133,880  
 
              
Real Estate Investment Trusts (0.4%)
                
Annaly Capital Management, Inc.
     600       8,070  
Apartment Investment & Management Co., Class A
     212       7,424  
AvalonBay Communities, Inc.
     300       29,526  
Boston Properties, Inc.
     300       28,098  
Equity Residential
     1,900       84,379  
HCP, Inc.
     200       8,026  
Hospitality Properties Trust
     800       16,416  
Host Hotels & Resorts, Inc.
     1,700       22,593  
Kimco Realty Corp.
     800       29,552  
ProLogis
     800       33,016  
Vornado Realty Trust
     200       18,190  
 
              
 
             285,290  
 
              
Road & Rail (0.3%)
                
Ryder System, Inc.
     3,200       198,400  
 
              
                 
    Shares or        
    Principal        
    Amount     Value  
Common Stocks (continued)
                
UNITED STATES (continued)
                
Semiconductors & Semiconductor Equipment (0.1%)
                
Applied Materials, Inc.
     6,400     $ 96,832  
 
              
Software (0.7%)
                
Microsoft Corp.
     18,500       493,765  
Symantec Corp.*
     1,400       27,412  
 
              
 
             521,177  
 
              
Specialty Retail (1.0%)
                
Gap, Inc. (The)
     900       16,002  
Home Depot, Inc.
     19,140       495,535  
RadioShack Corp.
     12,200       210,816  
 
              
 
             722,353  
 
              
Textiles, Apparel & Luxury Goods (0.0%)
                
Jones Apparel Group, Inc.
     800       14,808  
 
              
Thrifts & Mortgage Finance (0.4%)
                
Astoria Financial Corp.
     2,300       47,679  
Hudson City Bancorp, Inc.
     7,100       130,995  
New York Community Bancorp, Inc.
     2,000       33,580  
Sovereign Bancorp, Inc.*
     22,900       90,455  
 
              
 
             302,709  
 
              
Tobacco (1.2%)
                
Altria Group, Inc.
     3,800       75,392  
Philip Morris International, Inc.
     17,709       851,803  
 
              
 
             927,195  
 
              
Trading Companies & Distributors (0.2%)
                
United Rentals, Inc.*
     11,200       170,688  
 
              
Wireless Telecommunication Services (1.4%)
                
Sprint Nextel Corp.
     172,617       1,052,964  
 
              
 
             61,460,293  
 
              
Total Common Stocks
             68,872,044  
 
              
U.S. Government Agency & Obligations (0.3%)(b)
                
UNITED STATES (0.3%)
                
U.S. Treasury Bill 0.01%, 10/16/08
   $ 30,000       29,985  
1.35%, 10/16/08
     160,000       159,921  
1.60%, 10/16/08
     35,000       34,983  
1.65%, 10/16/08
     25,000       24,988  
 
              
Total U.S. Government Agency & Obligations
             249,877  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreements (4.2%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $3,107,660, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $3,169,673
     3,107,523       3,107,523  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Large Cap Value Fund
         
Total Investments
        
(Cost $79,080,251) (c) — 97.2%
     72,229,444  
Other assets in excess of liabilities — 2.8%
     2,071,426  
 
      
NET ASSETS — 100.0%
   $ 74,300,870  
 
      
 
*   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 statements of investments for tax unrealized appreciation (depreciation) of securities.
 
ADR   American Depositary Receipt
 
BR   Brazil
 
CH   Switzerland
 
FR   France
At September 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:
                                        
British Sterling Pound
     10/31/08       (55,000 )   $ (108,123 )   $ (97,978 )   $ 10,145  
                                 
Total Short Contracts
                   $ (108,123 )   $ (97,978 )   $ 10,145  
                     
At September 30, 2008, the Fund’s open futures contracts were as follows:
                                 
                    Market Value   Unrealized
Number of               Covered by   Appreciation
Contracts   Long Contracts   Expiration   Contracts     (Depreciation)
  30     S&P 500 EMINI     12/19/08     $ 1,751,250     $ (6,265 )
                   
                    $ 1,751,250     $ (6,265 )
                   
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Multi-Manager Mid Cap Growth Fund
                 
    Shares     Value  
Common Stocks (89.2%)
                
AUSTRALIA (0.3%)(a)
                
Biotechnology (0.3%)
                
CSL Ltd.
     12,153     $ 368,058  
 
              
BERMUDA (1.8%)
                
Capital Markets (1.1%)
                
Lazard Ltd., Class A
     33,875       1,448,495  
 
              
Internet Software & Services (0.7%)
                
VistaPrint Ltd. *
     26,500       870,260  
 
              
 
             2,318,755  
 
              
CANADA (1.5%)
                
Aerospace & Defense (0.4%)
                
CAE, Inc.
     65,000       522,600  
 
              
Food & Staples Retailing (0.8%)
                
Shoppers Drug Mart Corp.
     21,000       1,013,487  
 
              
Food Products (0.3%)
                
Viterra, Inc.
     48,000       458,797  
 
              
 
             1,994,884  
 
              
CHINA (0.6%)
                
Electrical Equipment (0.1%)
                
JA Solar Holdings Co. Ltd. ADR – CN*
     10,138       107,260  
 
              
Energy Companies (0.2%)
                
LDK Solar Co. Ltd. *
     10,096       303,082  
 
              
Internet Software & Services (0.3%)
                
NetEase.com, Inc. ADR – CN*
     16,201       369,383  
 
              
 
             779,725  
 
              
DENMARK (0.3%)(a)
                
Electrical Equipment (0.3%)
                
Vestas Wind Systems AS *
     4,518       394,420  
 
              
NETHERLANDS (0.4%)
                
Energy Equipment & Services (0.4%)
                
Core Laboratories NV *
     5,500       557,260  
 
              
SWITZERLAND (0.6%)(a)
                
Chemicals (0.6%)
                
Syngenta AG
     3,584       756,010  
 
              
UNITED STATES (83.7%)
                
Aerospace & Defense (0.6%)
                
Precision Castparts Corp.
     9,000       709,020  
 
              
Air Freight & Logistics (1.0%)
                
CH Robinson Worldwide, Inc.
     13,000       662,480  
Expeditors International of Washington, Inc.
     17,000       592,280  
 
              
 
             1,254,760  
 
              
Airlines (0.3%)
                
AMR Corp. *
     10,049       98,681  
Continental Airlines, Inc., Class B *
     4,142       69,089  
Delta Air Lines, Inc. *
     13,426       100,024  
Northwest Airlines Corp. *
     11,339       102,391  
UAL Corp.
     3,655       32,127  
 
              
 
             402,312  
 
              
Beverages (0.5%)
                
Central European Distribution Corp. *
     15,410       699,768  
 
              
Biotechnology (2.6%)
                
Alexion Pharmaceuticals, Inc. *
     12,083       474,862  
Cephalon, Inc. *
     8,618       667,809  
Myriad Genetics, Inc. *
     17,650       1,145,132  
United Therapeutics Corp. *
     7,500       788,775  
Vertex Pharmaceuticals, Inc. *
     10,000       332,400  
 
              
 
             3,408,978  
 
              
Capital Markets (1.8%)
                
Affiliated Managers Group, Inc. *
     9,550       791,217  
BlackRock, Inc.
     1,223       237,874  
Northern Trust Corp.
     13,500       974,700  
Raymond James Financial, Inc.
     8,218       271,030  
Stifel Financial Corp. *
     1,018       50,798  
 
              
 
             2,325,619  
 
              
Chemicals (2.8%)
                
Airgas, Inc.
     19,000       943,350  
Ecolab, Inc.
     23,500       1,140,220  
FMC Corp.
     4,066       208,952  
Intrepid Potash, Inc. *
     4,224       125,537  
Monsanto Co.
     10,079       997,619  
Solutia, Inc. *
     15,500       217,000  
 
              
 
             3,632,678  
 
              
Commercial Banks (0.2%)
                
Hancock Holding Co.
     2,224       113,424  
TCF Financial Corp.
     10,456       188,208  
 
              
 
             301,632  
 
              
Commercial Services & Supplies (5.5%)
                
Clean Harbors, Inc. *
     6,550       442,453  
Copart, Inc. *
     11,250       427,500  
Corrections Corp. of America *
     37,500       931,875  
CoStar Group, Inc. *
     12,750       578,723  
Covanta Holding Corp. *
     25,500       610,470  
FTI Consulting, Inc. *
     21,063       1,521,591  
Iron Mountain, Inc. *
     37,000       903,170  
Stericycle, Inc. *
     21,500       1,266,565  
Waste Connections, Inc. *
     13,578       465,725  
 
              
 
             7,148,072  
 
              
Communications Equipment (1.2%)
                
Harris Corp.
     20,000       924,000  
Juniper Networks, Inc. *
     31,000       653,170  
 
              
 
             1,577,170  
 
              
Construction & Engineering (1.7%)
                
Fluor Corp.
     12,000       668,400  
Jacobs Engineering Group, Inc. *
     5,000       271,550  
Quanta Services, Inc. *
     47,655       1,287,162  
 
              
 
             2,227,112  
 
              
Consumer Finance (0.6%)
                
MasterCard, Inc., Class A
     4,238       751,525  
 
              
Containers & Packaging (0.8%)
                
Crown Holdings, Inc. *
     28,597       635,140  
Temple-Inland, Inc.
     21,970       335,262  
 
              
 
             970,402  
 
              
Distributors (0.5%)
                
LKQ Corp. *
     38,000       644,860  
 
              
Diversified Consumer Services (3.2%)
                
Corinthian Colleges, Inc. *
     22,175       332,625  
DeVry, Inc.
     29,151       1,444,140  
ITT Educational Services, Inc. *
     9,665       781,995  
Strayer Education, Inc.
     7,545       1,510,962  
 
              
 
             4,069,722  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Mid Cap Growth Fund
                 
    Shares     Value  
Common Stocks (continued)
                
UNITED STATES (continued)
                
Diversified Financial Services (0.3%)
                
Nasdaq OMX Group, Inc. (The) *
     12,500     $ 382,125  
 
              
Electrical Equipment (1.3%)
                
Ametek, Inc.
     23,500       958,095  
Energy Conversion Devices, Inc. *
     7,340       427,555  
First Solar, Inc. *
     1,808       341,549  
 
              
 
             1,727,199  
 
              
Electronic Equipment & Instruments (2.9%)
                
Amphenol Corp., Class A
     9,087       364,752  
Dolby Laboratories, Inc., Class A *
     24,500       862,155  
FLIR Systems, Inc. *
     27,000       1,037,340  
Itron, Inc. *
     7,150       632,990  
Mettler-Toledo International, Inc. *
     3,000       294,000  
Trimble Navigation Ltd. *
     23,500       607,710  
 
              
 
             3,798,947  
 
              
Energy Equipment & Services (3.8%)
                
CARBO Ceramics, Inc.
     14,000       722,540  
Dresser-Rand Group, Inc. *
     10,898       342,960  
Helmerich & Payne, Inc.
     5,272       227,698  
IHS, Inc., Class A *
     17,000       809,880  
ION Geophysical Corp. *
     29,900       424,281  
National Oilwell Varco, Inc. *
     11,000       552,530  
Smith International, Inc.
     22,918       1,343,911  
Weatherford International Ltd. *
     21,035       528,820  
 
              
 
             4,952,620  
 
              
Food & Staples Retailing (0.3%)
                
BJ’s Wholesale Club, Inc. *
     11,550       448,833  
 
              
Food Products (2.1%)
                
Dean Foods Co. *
     10,906       254,764  
H.J. Heinz Co.
     20,077       1,002,043  
Kellogg Co.
     4,393       246,447  
Ralcorp Holdings, Inc. *
     17,483       1,178,529  
TreeHouse Foods, Inc. *
     841       24,978  
 
              
 
             2,706,761  
 
              
Health Care Equipment & Supplies (5.4%)
                
C.R. Bard, Inc.
     7,500       711,525  
Covidien Ltd.
     18,711       1,005,904  
Edwards Lifesciences Corp. *
     6,263       361,751  
Gen-Probe, Inc. *
     17,000       901,850  
IDEXX Laboratories, Inc. *
     7,500       411,000  
Intuitive Surgical, Inc. *
     3,350       807,283  
Masimo Corp. *
     15,500       576,600  
St. Jude Medical, Inc. *
     6,082       264,506  
Varian Medical Systems, Inc. *
     12,870       735,263  
Wright Medical Group, Inc. *
     38,500       1,171,940  
 
              
 
             6,947,622  
 
              
Health Care Providers & Services (3.8%)
                
Express Scripts, Inc. *
     29,178       2,153,920  
Medco Health Solutions, Inc. *
     24,017       1,080,765  
Omnicare, Inc.
     24,138       694,450  
Psychiatric Solutions, Inc. *
     12,000       455,400  
VCA Antech, Inc. *
     19,000       559,930  
 
              
 
             4,944,465  
 
              
Hotels, Restaurants & Leisure (1.9%)
                
Panera Bread Co., Class A *
     10,596       539,336  
Penn National Gaming, Inc. *
     12,500       332,125  
Scientific Games Corp., Class A *
     17,000       391,340  
WMS Industries, Inc. *
     37,000       1,131,090  
 
              
 
             2,393,891  
 
              
Household Durables (0.6%)
                
KB Home
     4,311       84,840  
Meritage Homes Corp. *
     7,435       183,645  
NVR, Inc. *
     323       184,756  
Pulte Homes, Inc.
     6,060       84,658  
Toll Brothers, Inc. *
     7,587       191,420  
 
              
 
             729,319  
 
              
Household Products (0.3%)
                
Church & Dwight Co., Inc.
     7,000       434,630  
 
              
Information Technology Services (2.5%)
                
Alliance Data Systems Corp. *
     18,000       1,140,840  
Cognizant Technology Solutions Corp., Class A *
     37,500       856,125  
SAIC, Inc. *
     10,500       212,415  
VeriFone Holdings, Inc. *
     13,935       230,485  
Visa, Inc., Class A
     12,250       752,027  
 
              
 
             3,191,892  
 
              
Insurance (0.6%)
                
Aon Corp.
     5,307       238,603  
Marsh & McLennan Cos., Inc.
     7,632       242,392  
Reinsurance Group of America, Inc.
     5,000       270,000  
 
              
 
             750,995  
 
              
Internet Software & Services (0.9%)
                
Ariba, Inc. *
     23,500       332,055  
Equinix, Inc. *
     7,150       496,639  
Sohu.com, Inc. *
     6,776       377,762  
 
              
 
             1,206,456  
 
              
Life Sciences Tools & Services (2.8%)
                
Charles River Laboratories International, Inc. *
     13,000       721,890  
Illumina, Inc. *
     16,100       652,533  
PAREXEL International Corp. *
     16,746       479,941  
Pharmaceutical Product Development, Inc.
     6,355       262,779  
Thermo Fisher Scientific, Inc. *
     27,618       1,518,990  
 
              
 
             3,636,133  
 
              
Machinery (1.9%)
                
Bucyrus International, Inc.,
     5,393       240,959  
Cummins, Inc.
     9,000       393,480  
Danaher Corp.
     14,000       971,600  
Flowserve Corp.
     10,010       888,588  
 
              
 
             2,494,627  
 
              
Media (0.6%)
                
Cablevision Systems Corp., Class A
     13,500       339,660  
Scripps Networks Interactive, Inc., Class A
     10,500       381,255  
 
              
 
             720,915  
 
              
Metals & Mining (0.2%)
                
Cleveland-Cliffs, Inc.
     3,739       197,943  
 
              
Multiline Retail (1.6%)
                
Big Lots, Inc. *
     17,389       483,936  
Dollar Tree, Inc. *
     31,068       1,129,632  
Kohl’s Corp. *
     9,000       414,720  
 
              
 
             2,028,288  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Mid Cap Growth Fund
                 
    Shares     Value  
Common Stocks (continued)
                
UNITED STATES (continued)
                
Oil, Gas & Consumable Fuels (3.8%)
                
Alpha Natural Resources, Inc. *
     4,707     $ 242,081  
Concho Resources, Inc. *
     26,500       731,665  
Continental Resources, Inc. *
     15,511       608,496  
Denbury Resources, Inc. *
     26,500       504,560  
PetroHawk Energy Corp. *
     29,850       645,655  
Range Resources Corp.
     10,000       428,700  
Southwestern Energy Co. *
     24,805       757,545  
Whiting Petroleum Corp. *
     2,929       208,721  
XTO Energy, Inc.
     17,000       790,840  
 
              
 
             4,918,263  
 
              
Personal Products (0.3%)
                
Chattem, Inc. *
     5,336       417,169  
 
              
Pharmaceuticals (1.6%)
                
Perrigo Co.
     53,605       2,061,648  
 
              
Road & Rail (2.2%)
                
CSX Corp.
     9,104       496,805  
J.B. Hunt Transport Services, Inc.
     23,426       781,726  
Kansas City Southern *
     11,302       501,357  
Norfolk Southern Corp.
     5,996       396,995  
Union Pacific Corp.
     8,666       616,672  
 
              
 
             2,793,555  
 
              
Semiconductors & Semiconductor Equipment (2.2%)
                
Altera Corp.
     18,441       381,360  
Broadcom Corp., Class A *
     6,999       130,392  
Microchip Technology, Inc.
     20,500       603,315  
Microsemi Corp. *
     53,084       1,352,580  
PMC — Sierra, Inc. *
     52,357       388,489  
 
              
 
             2,856,136  
 
              
Software (4.8%)
                
Activision Blizzard, Inc. *
     163,533       2,523,314  
ANSYS, Inc. *
     25,500       965,685  
Autodesk, Inc. *
     13,500       452,925  
Blackboard, Inc. *
     25,600       1,031,424  
McAfee, Inc. *
     11,178       379,605  
Salesforce.com, Inc. *
     9,750       471,900  
Symantec Corp. *
     19,502       381,849  
 
              
 
             6,206,702  
 
              
Specialty Retail (5.9%)
                
Advance Auto Parts, Inc.
     6,551       259,813  
Children’s Place Retail Stores, Inc. (The) *
     17,401       580,323  
Collective Brands, Inc. *
     15,363       281,297  
Foot Locker, Inc.
     17,024       275,108  
GameStop Corp., Class A *
     26,771       915,836  
Guess?, Inc.
     17,000       591,430  
Hibbett Sports, Inc. *
     5,462       109,349  
PetSmart, Inc.
     10,295       254,389  
Ross Stores, Inc.
     55,238       2,033,311  
TJX Cos., Inc.
     24,839       758,086  
Urban Outfitters, Inc. *
     49,041       1,562,937  
 
              
 
             7,621,879  
 
              
Textiles, Apparel & Luxury Goods (0.5%)
                
Jones Apparel Group, Inc.
     15,116       279,797  
Under Armour, Inc., Class A *
     3,999       127,008  
Warnaco Group, Inc. (The) *
     5,548       251,269  
 
              
 
             658,074  
 
              
Thrifts & Mortgage Finance (0.5%)
                
Hudson City Bancorp, Inc.
     35,061       646,875  
 
              
                 
    Shares or        
    Principal        
    Amount     Value  
Common Stocks (continued)
                
UNITED STATES (continued)
                
Trading Companies & Distributors (0.9%)
                
Fastenal Co.
     18,000     $ 889,020  
W.W. Grainger, Inc.
     2,895       251,778  
 
              
 
             1,140,798  
 
              
Wireless Telecommunication Services (3.9%)
                
American Tower Corp., Class A *
     24,500       881,265  
NII Holdings, Inc. *
     44,017       1,669,125  
SBA Communications Corp., Class A *
     94,621       2,447,845  
 
              
 
             4,998,235  
 
              
 
             108,136,625  
 
              
Total Common Stocks
             115,305,737  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreements (6.1%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $7,851,939, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $8,008,624
   $ 7,851,592       7,851,592  
 
              
                 
    Shares     Value  
Exchange Traded Funds (2.3%)
                
UNITED STATES (2.3%)
                
iShares Russell Midcap Growth Index Fund
     20,000       868,600  
iShares S&P MidCap 400 Growth Index Fund
     10,000       749,800  
Midcap SPDR Trust, Series 1
     10,286       1,360,324  
Total Exchange Traded Funds
             2,978,724  
 
              
Mutual Funds (2.7%)(b)
                
Money Market Fund (2.7%)
                
AIM Liquid Assets Portfolio
     3,471,692       3,471,692  
 
              
Total Investments
                
(Cost $144,483,752) (c) — 100.3%
             129,607,745  
Liabilities in excess of other assets — (0.3)%
             (435,993 )
 
              
NET ASSETS — 100.0%
           $ 129,171,752  
 
              
 
*   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 September 30, 2008. The maturity date represents the actual maturity date.
 
(c)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
ADR   American Depositary Receipt
 
CN   China
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Multi-Manager Mid Cap Value Fund
                 
    Shares     Value  
Common Stocks (95.2%)
                
Aerospace & Defense (1.1%)
                
Alliant Techsystems, Inc. *
     14,500     $ 1,362,130  
Goodrich Corp.
     15,866       660,026  
Northrop Grumman Corp.
     8,260       500,060  
Spirit Aerosystems Holdings, Inc., Class A *
     13,361       214,711  
 
              
 
             2,736,927  
 
              
Airlines (0.6%)
                
AMR Corp. *
     25,184       247,307  
Continental Airlines, Inc., Class B *
     12,896       215,105  
Delta Air Lines, Inc. *
     23,286       173,481  
Northwest Airlines Corp. *
     19,975       180,374  
Southwest Airlines Co.
     26,185       379,944  
UAL Corp.
     4,898       43,054  
US Airways Group, Inc. *
     27,561       166,193  
 
              
 
             1,405,458  
 
              
Auto Components (0.9%)
                
ArvinMeritor, Inc.
     34,452       449,254  
Autoliv, Inc.
     33,259       1,122,491  
Goodyear Tire & Rubber Co. (The) *
     14,302       218,964  
Johnson Controls, Inc.
     4,885       148,162  
Magna International, Inc., Class A
     154       7,883  
WABCO Holdings, Inc.
     10,241       363,965  
 
              
 
             2,310,719  
 
              
Automobiles (1.2%)
                
Bayerische Motoren Werke AG (a)
     18,463       718,946  
Ford Motor Co. *
     331,567       1,724,149  
General Motors Corp.
     24,097       227,717  
Winnebago Industries, Inc.
     30,533       394,486  
 
              
 
             3,065,298  
 
              
Beverages (1.3%)
                
Coca-Cola Enterprises, Inc.
     86,362       1,448,291  
Molson Coors Brewing Co., Class B
     24,700       1,154,725  
Pepsi Bottling Group, Inc.
     24,348       710,231  
 
              
 
             3,313,247  
 
              
Building Products (0.2%)
                
Masco Corp.
     15,526       278,536  
USG Corp. *
     8,225       210,560  
 
              
 
             489,096  
 
              
Capital Markets (2.2%)
                
AllianceBernstein Holding LP
     48,966       1,812,232  
Ameriprise Financial, Inc.
     29,307       1,119,527  
Invesco Ltd.
     15,354       322,127  
Legg Mason, Inc.
     23,246       884,743  
Northern Trust Corp.
     9,600       693,120  
TD Ameritrade Holding Corp. *
     46,500       753,300  
 
              
 
             5,585,049  
 
              
Chemicals (3.2%)
                
Agrium, Inc.
     9,200       515,936  
Celanese Corp., Series A
     30,600       854,046  
Eastman Chemical Co.
     23,282       1,274,690  
Ecolab, Inc.
     16,972       823,481  
International Flavors & Fragrances, Inc.
     37,443       1,477,501  
Lubrizol Corp.
     14,670       632,864  
Minerals Technologies, Inc.
     6,565       389,698  
PPG Industries, Inc.
     17,115       998,147  
Rohm & Haas Co.
     16,525       1,156,750  
 
              
 
             8,123,113  
 
              
Commercial Banks (1.7%)
                
Associated Banc-Corp
     44,600       889,770  
BancorpSouth, Inc.
     15,009       422,203  
Commerce Bancshares, Inc.
     26,409       1,225,378  
Marshall & Ilsley Corp.
     36,572       736,926  
SunTrust Banks, Inc.
     6,420       288,836  
Synovus Financial Corp.
     16,127       166,914  
United Bankshares, Inc.
     14,164       495,740  
 
              
 
             4,225,767  
 
              
Commercial Services & Supplies (4.0%)
                
Avery Dennison Corp.
     33,784       1,502,712  
Brink’s Co. (The)
     22,200       1,354,644  
Covanta Holding Corp. *
     43,500       1,041,390  
Deluxe Corp.
     10,788       155,239  
Dun & Bradstreet Corp.
     3,096       292,139  
HNI Corp.
     33,281       843,341  
Pitney Bowes, Inc.
     32,335       1,075,462  
Republic Services, Inc.
     76,602       2,296,528  
Ritchie Bros Auctioneers, Inc.
     25,314       591,335  
Waste Management, Inc.
     32,190       1,013,663  
 
              
 
             10,166,453  
 
              
Communications Equipment (1.0%)
                
EchoStar Corp., A Shares *
     40,700       980,870  
Emulex Corp. *
     64,388       687,020  
Harris Corp.
     14,800       683,760  
Tellabs, Inc. *
     63,325       257,099  
 
              
 
             2,608,749  
 
              
Computers & Peripherals (0.8%)
                
Diebold, Inc.
     40,061       1,326,420  
Western Digital Corp. *
     34,600       737,672  
 
              
 
             2,064,092  
 
              
Construction & Engineering (0.5%)
                
Chicago Bridge & Iron Co. NV
     17,152       330,004  
Fluor Corp.
     7,358       409,841  
Foster Wheeler Ltd. *
     3,406       122,991  
Insituform Technologies, Inc., Class A *
     4,166       62,323  
Jacobs Engineering Group, Inc. *
     2,676       145,333  
KBR, Inc.
     6,740       102,920  
 
              
 
             1,173,412  
 
              
Containers & Packaging (1.9%)
                
Bemis Co., Inc.
     83,929       2,192,226  
Crown Holdings, Inc. *
     57,800       1,283,738  
Owens-Illinois, Inc. *
     20,600       605,640  
Pactiv Corp. *
     28,829       715,824  
 
              
 
             4,797,428  
 
              
Distributors (0.6%)
                
Genuine Parts Co.
     39,869       1,603,132  
 
              
Diversified Consumer Services (0.1%)
                
Apollo Group, Inc., Class A *
     6,200       367,660  
 
              
Diversified Telecommunication Services (1.5%)
                
CenturyTel, Inc.
     26,295       963,712  
Embarq Corp.
     44,329       1,797,541  
Frontier Communications Corp.
     32,074       368,851  
Qwest Communications International, Inc.
     113,009       365,019  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Mid Cap Value Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Diversified Telecommunication Services (continued)
                
Windstream Corp.
     39,047     $ 427,174  
 
              
 
             3,922,297  
 
              
Electric Utilities (3.7%)
                
Allegheny Energy, Inc.
     4,482       164,803  
Empire District Electric Co. (The)
     70,110       1,496,849  
IDACORP, Inc.
     58,793       1,710,288  
Pinnacle West Capital Corp.
     6,094       209,695  
Portland General Electric Co.
     78,288       1,852,294  
PPL Corp.
     39,900       1,477,098  
Sierra Pacific Resources
     84,867       813,026  
Westar Energy, Inc.
     80,102       1,845,550  
 
              
 
             9,569,603  
 
              
Electrical Equipment (1.3%)
                
A.O. Smith Corp.
     12,143       475,884  
Cooper Industries Ltd., Class A
     24,498       978,695  
Hubbell, Inc., Class B
     44,094       1,545,495  
Rockwell Automation, Inc.
     9,490       354,357  
 
              
 
             3,354,431  
 
              
Electronic Equipment & Instruments (2.2%)
                
Agilent Technologies, Inc. *
     25,510       756,627  
AVX Corp.
     18,582       189,351  
Celestica, Inc. *
     85,923       553,344  
Flextronics International Ltd. *
     75,804       536,692  
Littelfuse, Inc. *
     13,021       387,114  
Molex, Inc.
     71,786       1,611,596  
Tyco Electronics Ltd.
     39,718       1,098,600  
Vishay Intertechnology, Inc. *
     63,883       422,905  
 
              
 
             5,556,229  
 
              
Energy Equipment & Services (2.3%)
                
BJ Services Co.
     49,808       952,827  
Cameron International Corp. *
     19,545       753,264  
ENSCO International, Inc.
     3,915       225,621  
Helix Energy Solutions Group, Inc. *
     26,400       640,992  
Nabors Industries Ltd. *
     8,432       210,125  
National Oilwell Varco, Inc. *
     4,774       239,798  
Noble Corp.
     19,800       869,220  
Smith International, Inc.
     6,987       409,718  
Tidewater, Inc.
     10,000       553,600  
Transocean, Inc.
     4,950       543,708  
Weatherford International Ltd. *
     22,554       567,008  
 
              
 
             5,965,881  
 
              
Food & Staples Retailing (0.6%)
                
Kroger Co. (The)
     59,500       1,635,060  
 
              
Food Products (2.8%)
                
Campbell Soup Co.
     11,728       452,701  
ConAgra Foods, Inc.
     114,163       2,221,612  
H.J. Heinz Co.
     38,500       1,921,535  
Hershey Co. (The)
     17,954       709,901  
Hormel Foods Corp.
     7,759       281,497  
Kellogg Co.
     10,928       613,061  
Maple Leaf Foods, Inc.
     73,779       592,867  
Reddy Ice Holdings, Inc.
     13,910       50,771  
Tyson Foods, Inc., Class A
     30,916       369,137  
 
              
 
             7,213,082  
 
              
Health Care Equipment & Supplies (2.3%)
                
Beckman Coulter, Inc.
     28,015       1,988,785  
Boston Scientific Corp. *
     32,724       401,523  
Hospira, Inc. *
     59,400       2,269,080  
Symmetry Medical, Inc. *
     25,235       468,362  
Zimmer Holdings, Inc. *
     11,915       769,232  
 
              
 
             5,896,982  
 
              
Health Care Providers & Services (1.7%)
                
LifePoint Hospitals, Inc. *
     15,109       485,603  
McKesson Corp.
     5,572       299,829  
Patterson Cos., Inc. *
     11,302       343,694  
Quest Diagnostics, Inc.
     29,000       1,498,430  
Universal Health Services, Inc., Class B
     29,392       1,646,834  
 
              
 
             4,274,390  
 
              
Health Care Technology (0.2%)
                
IMS Health, Inc.
     32,595       616,371  
 
              
Hotels, Restaurants & Leisure (1.7%)
                
International Speedway Corp., Class A *
     46,780       1,820,210  
Royal Caribbean Cruises Ltd.
     46,542       965,746  
Speedway Motorsports, Inc.
     83,997       1,636,262  
 
              
 
             4,422,218  
 
              
Household Durables (1.2%)
                
Centex Corp.
     4,618       74,812  
D.R. Horton, Inc.
     7,258       94,499  
KB Home
     4,505       88,658  
Mohawk Industries, Inc. *
     5,885       396,590  
Pulte Homes, Inc.
     6,375       89,059  
Stanley Works (The)
     23,260       970,872  
Whirlpool Corp.
     18,502       1,467,024  
 
              
 
             3,181,514  
 
              
Household Products (1.9%)
                
Clorox Co.
     13,980       876,406  
Kimberly-Clark Corp.
     60,116       3,897,922  
 
              
 
             4,774,328  
 
              
Independent Power Producers & Energy Traders (0.0%)
                
Mirant Corp. *
     6,235       114,038  
 
              
Industrial Conglomerates (0.2%)
                
McDermott International, Inc. *
     12,308       314,469  
Textron, Inc.
     7,978       233,596  
 
              
 
             548,065  
 
              
Information Technology Services (1.7%)
                
Automatic Data Processing, Inc.
     9,560       408,690  
Computer Sciences Corp. *
     14,498       581,805  
Global Payments, Inc.
     25,400       1,139,444  
Hewitt Associates, Inc., Class A *
     42,600       1,552,344  
Total System Services, Inc.
     46,000       754,400  
 
              
 
             4,436,683  
 
              
Insurance (10.3%)
                
ACE Ltd.
     11,216       607,122  
Allstate Corp. (The)
     42,372       1,954,197  
Aon Corp.
     37,555       1,688,473  
Arch Capital Group Ltd. *
     17,700       1,292,631  
Arthur J. Gallagher & Co.
     34,645       888,991  
Assurant, Inc.
     33,866       1,862,630  
Axis Capital Holdings Ltd.
     24,071       763,291  
Chubb Corp.
     37,914       2,081,479  
Everest Re Group Ltd.
     21,820       1,888,085  
Hartford Financial Services Group, Inc.
     6,924       283,815  
HCC Insurance Holdings, Inc.
     22,090       596,430  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Mid Cap Value Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Insurance (continued)
                
Horace Mann Educators Corp.
     71,129     $ 915,430  
Lincoln National Corp.
     31,399       1,344,191  
Loews Corp.
     6,507       256,961  
Marsh & McLennan Cos., Inc.
     87,745       2,786,781  
PartnerRe Ltd.
     40,665       2,716,829  
RenaissanceRe Holdings Ltd.
     22,100       1,149,200  
W.R. Berkley Corp.
     25,600       602,880  
Willis Group Holdings Ltd.
     49,073       1,583,095  
XL Capital Ltd., Class A
     64,142       1,150,707  
 
              
 
             26,413,218  
 
              
Leisure Equipment & Products (0.3%)
                
Hasbro, Inc.
     12,988       450,943  
RC2 Corp. *
     18,550       371,000  
 
              
 
             821,943  
 
              
Life Sciences Tools & Services (0.6%)
                
PerkinElmer, Inc.
     66,100       1,650,517  
 
              
Machinery (3.2%)
                
AGCO Corp. *
     9,756       415,703  
Altra Holdings, Inc. *
     73,440       1,083,974  
Cummins, Inc.
     23,566       1,030,306  
Dover Corp.
     16,750       679,213  
Eaton Corp.
     22,496       1,263,825  
Ingersoll-Rand Co. Ltd., Class A
     32,560       1,014,895  
Kaydon Corp.
     13,444       605,787  
Manitowoc Co., Inc. (The)
     21,991       341,960  
Pall Corp.
     30,100       1,035,139  
Parker Hannifin Corp.
     2,891       153,223  
Terex Corp. *
     12,529       382,385  
Timken Co.
     6,409       181,695  
 
              
 
             8,188,105  
 
              
Media (1.1%)
                
Cablevision Systems Corp., Class A
     28,200       709,512  
Interpublic Group of Cos., Inc. *
     51,953       402,636  
McGraw-Hill Cos., Inc. (The)
     24,628       778,491  
National CineMedia, Inc.
     29,739       328,616  
Regal Entertainment Group, Class A
     37,213       587,221  
 
              
 
             2,806,476  
 
              
Metals & Mining (0.7%)
                
Alcoa, Inc.
     21,743       490,957  
Freeport-McMoRan Copper & Gold, Inc.
     7,688       437,063  
Newmont Mining Corp.
     11,790       456,980  
Nucor Corp.
     8,623       340,609  
 
              
 
             1,725,609  
 
              
Multi-Utility (5.2%)
                
Ameren Corp.
     25,733       1,004,359  
CenterPoint Energy, Inc.
     99,500       1,449,715  
Consolidated Edison, Inc.
     23,177       995,684  
DTE Energy Co.
     5,465       218,327  
NiSource, Inc.
     12,091       178,463  
OGE Energy Corp.
     39,900       1,232,112  
PG&E Corp.
     10,950       410,077  
Puget Energy, Inc.
     27,380       731,046  
Sempra Energy
     37,710       1,903,224  
TECO Energy, Inc.
     98,500       1,549,405  
Wisconsin Energy Corp.
     44,586       2,001,911  
Xcel Energy, Inc.
     83,239       1,663,948  
 
              
 
             13,338,271  
 
              
Multiline Retail (1.5%)
                
Dollar Tree, Inc. *
     19,800       719,928  
Family Dollar Stores, Inc.
     52,257       1,238,491  
J.C. Penney Co., Inc.
     5,347       178,269  
Kohl’s Corp. *
     18,978       874,506  
Macy’s, Inc.
     37,973       682,755  
Nordstrom, Inc.
     6,456       186,062  
 
              
 
             3,880,011  
 
              
Natural Gas Utility (2.8%)
                
AGL Resources, Inc.
     24,554       770,504  
Equitable Resources, Inc.
     69,509       2,550,285  
Oneok, Inc.
     36,900       1,269,360  
Questar Corp.
     24,676       1,009,742  
Southwest Gas Corp.
     29,015       877,994  
WGL Holdings, Inc.
     24,940       809,303  
 
              
 
             7,287,188  
 
              
Oil, Gas & Consumable Fuels (4.8%)
                
Apache Corp.
     13,622       1,420,502  
Chesapeake Energy Corp.
     8,373       300,256  
CONSOL Energy, Inc.
     10,200       468,078  
El Paso Corp.
     115,130       1,469,059  
Enbridge, Inc.
     27,817       1,059,550  
Forest Oil Corp. *
     16,700       828,320  
Frontier Oil Corp.
     3,002       55,297  
Hess Corp.
     3,894       319,619  
Murphy Oil Corp.
     16,441       1,054,526  
Newfield Exploration Co. *
     21,869       699,589  
Noble Energy, Inc.
     11,250       625,387  
PetroHawk Energy Corp. *
     21,400       462,882  
Pioneer Natural Resources Co.
     32,754       1,712,379  
Southwestern Energy Co. *
     19,680       601,027  
Sunoco, Inc.
     7,324       260,588  
Talisman Energy, Inc.
     24,151       343,427  
Tesoro Corp.
     6,777       111,753  
Ultra Petroleum Corp. *
     1,576       87,216  
Walter Industries, Inc.
     6,300       298,935  
 
              
 
             12,178,390  
 
              
Paper & Forest Products (1.1%)
                
International Paper Co.
     17,487       457,810  
MeadWestvaco Corp.
     58,773       1,369,999  
Weyerhaeuser Co.
     16,842       1,020,288  
 
              
 
             2,848,097  
 
              
Pharmaceuticals (1.1%)
                
Bristol-Myers Squibb Co.
     42,033       876,388  
King Pharmaceuticals, Inc. *
     25,790       247,068  
Mylan, Inc. *
     77,085       880,311  
Watson Pharmaceuticals, Inc. *
     24,139       687,961  
 
              
 
             2,691,728  
 
              
Real Estate Investment Trusts (4.8%)
                
AvalonBay Communities, Inc.
     5,861       576,840  
Boston Properties, Inc.
     22,073       2,067,357  
Equity Residential
     17,274       767,138  
Health Care REIT, Inc.
     31,100       1,655,453  
Host Hotels & Resorts, Inc.
     34,642       460,392  
Nationwide Health Properties, Inc.
     36,000       1,295,280  
Plum Creek Timber Co., Inc.
     25,100       1,251,486  
ProLogis
     15,908       656,523  
Public Storage
     5,988       592,872  
Rayonier, Inc.
     43,332       2,051,770  
Simon Property Group, Inc.
     6,575       637,775  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Multi-Manager Mid Cap Value Fund
                 
    Shares     Value  
Common Stocks (continued)
                
Real Estate Investment Trusts (continued)
                
Ventas, Inc.
     4,470     $ 220,908  
 
              
 
             12,233,794  
 
              
Real Estate Management & Development (0.2%)
                
St. Joe Co. (The) *
     10,829       423,306  
 
              
Road & Rail (1.7%)
                
Canadian Pacific Railway Ltd.
     13,000       700,180  
CSX Corp.
     39,299       2,144,547  
Heartland Express, Inc.
     20,714       321,481  
Kansas City Southern *
     23,676       1,050,267  
 
              
 
             4,216,475  
 
              
Semiconductors & Semiconductor Equipment (2.0%)
                
Applied Materials, Inc.
     31,018       469,302  
Intersil Corp., Class A
     22,856       378,953  
KLA-Tencor Corp.
     27,790       879,554  
LSI Corp. *
     128,156       686,916  
Maxim Integrated Products, Inc.
     35,413       640,975  
Microchip Technology, Inc.
     23,790       700,140  
Micron Technology, Inc. *
     82,130       332,627  
National Semiconductor Corp.
     34,130       587,377  
Teradyne, Inc. *
     51,951       405,737  
 
              
 
             5,081,581  
 
              
Software (1.9%)
                
BMC Software, Inc. *
     58,885       1,685,877  
McAfee, Inc. *
     20,675       702,123  
Sybase, Inc. *
     34,900       1,068,638  
Symantec Corp. *
     37,600       736,208  
Synopsys, Inc. *
     35,429       706,809  
 
              
 
             4,899,655  
 
              
Specialty Retail (1.4%)
                
Bed Bath & Beyond, Inc. *
     15,015       471,621  
Lowe’s Cos., Inc.
     28,917       685,044  
Ross Stores, Inc.
     33,900       1,247,859  
Sherwin-Williams Co. (The)
     4,446       254,133  
TJX Cos., Inc.
     33,100       1,010,212  
 
              
 
             3,668,869  
 
              
Textiles, Apparel & Luxury Goods (0.7%)
                
Liz Claiborne, Inc.
     15,991       262,732  
V.F. Corp.
     19,951       1,542,412  
 
              
 
             1,805,144  
 
              
Thrifts & Mortgage Finance (1.9%)
                
New York Community Bancorp, Inc.
     37,800       634,662  
People’s United Financial, Inc.
     164,700       3,170,475  
Washington Federal, Inc.
     55,195       1,018,348  
 
              
 
             4,823,485  
 
              
Tobacco (1.0%)
                
Lorillard, Inc.
     37,300       2,653,895  
 
              
Trading Companies & Distributors (0.1%)
                
Interline Brands, Inc. *
     21,987       356,409  
 
              
Water Utility (0.2%)
                
American Water Works Co., Inc.
     22,122       475,623  
 
              
Total Common Stocks
             243,984,561  
 
              
Mutual Funds (2.0%)
                
AIM Liquid Assets Portfolio (b)
     944,754       944,754  
                 
    Shares or        
    Principal        
    Amount     Value  
Mutual Funds (continued)
                
iShares Russell Midcap Value Index Fund
     105,703     $ 4,145,672  
Total Mutual Funds
             5,090,426  
 
              
Exchange Traded Fund (0.1%)
                
iShares S&P MidCap 400 Index Fund
     3,851       278,658  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreements (2.6%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $6,761,614, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $6,896,541
   $ 6,761,315       6,761,315  
 
              
Total Investments
                
(Cost $279,104,338) (c) — 99.9%
             256,114,960  
Other assets in excess of liabilities — 0.1%
             263,738  
 
              
NET ASSETS — 100.0%
           $ 256,378,698  
 
              
 
*   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 September 30, 2008. The maturity date represents the actual maturity date.
 
(c)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
LP   Limited Partnership
 
REIT   Real Estate Investment Trust
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
NVIT Core Bond Fund
                 
    Principal        
    Amount     Value  
Asset-Backed Securities (3.7%)
                
Auto Loans (0.6%)(a)
                
Superior Wholesale Inventory Financing Trust, 2.59%, Series 2007-AE1, Class A, 01/15/12
   $ 500,000     $ 460,005  
 
              
Credit Card Loans (1.8%)
                
Golden Credit Card Trust, 3.49%, Series 2008-3, Class A, 07/15/17(a)
     1,000,000       1,000,000  
National City Credit Card Master Trust, 4.65%, Series 2008-2, Class A, 11/15/11
     375,000       370,702  
 
              
 
             1,370,702  
 
              
Student Loans (1.3%)(a)
                
Access Group, Inc., 2.98%, Series 2002-1, Class A2, 09/25/25
     968,797       944,879  
 
              
Total Asset-Backed Securities
             2,775,586  
 
              
Commercial Mortgage Backed Securities (12.4%)
                
Diversified Financial Services (12.4%)
                
Banc of America Commercial Mortgage, Inc.
                
4.13%, Series 2004-4, Class A3, 07/10/42
     515,000       506,698  
4.91%, Series 2005-2, Class AM, 07/10/43
     700,000       587,575  
Bear Stearns Commercial Mortgage Securities
                
5.63%, Series 2006-T22, Class AM, 04/12/38(a)
     500,000       408,182  
4.32%, Series 2004-T16, Class A4, 02/13/46
     600,000       574,631  
Commercial Mortgage Pass-Through Certificates, 6.83%, Series 2001-J1A, Class C, 02/14/34(b)
     375,000       378,571  
Greenwich Capital Commerical Funding Corp., 5.48%, Series 2007-GG9, Class AM, 03/10/39
     750,000       573,489  
GS Mortgage Securities Corp. II, 5.99%, 08/10/45(a)
     600,000       512,248  
JPMorgan Chase Commercial Mortgage Securities Corp.
                
6.26%, Series 2001-CIBC, Class A3, 03/15/33
     350,327       350,189  
6.07%, Series 2008-C2, Class A4, 02/12/51
     500,000       438,301  
LB-UBS Commercial Mortgage Trust
                
5.14%, Series 2004-C4, Class A3, 06/15/29(a)
     600,000       586,711  
4.58%, Series 2004-C6, Class A4, 08/15/29
     350,000       335,292  
5.85%, Series 2007-C6, Class A2, 07/15/40
     750,000       704,279  
6.32%, Series 2008-C1, Class A2, 04/15/41(a)
     500,000       438,058  
Morgan Stanley Capital I
                
5.71%, Series 2006-HQ9, Class A3, 07/12/44
     1,000,000       936,504  
4.83%, Series 2005-T19, Class A3, 06/12/47
     750,000       712,087  
4.99%, Series 2005-T19, Class AJ, 06/12/47
     1,000,000       785,906  
Morgan Stanley Dean Witter Capital I, 6.39%, Series 2001-TOP5, Class A4, 10/15/35
     500,000       498,767  
Total Commercial Mortgage Backed Securities
             9,327,488  
 
              
Corporate Bonds (31.6%)
                
Banks (3.3%)
                
Bank of America Corp., 8.13%, 12/29/49
     1,000,000       791,867  
JPMorgan Chase & Co., 7.90%, 04/29/49
     1,000,000       841,880  
Wells Fargo Capital XIII, 7.70%, 12/29/49(a)
     1,000,000       872,010  
 
              
 
             2,505,757  
 
              
Beverages (1.1%)(b)
                
Dr Pepper Snapple Group, Inc.
                
6.82%, 05/01/18
     500,000       482,628  
7.45%, 05/01/38
     350,000       337,848  
 
              
 
             820,476  
 
              
Consumer Goods (0.9%)(b)
                
SABMiller PLC, 6.50%, 07/15/18
     750,000       710,465  
 
              
Diversified Financial Services (3.0%)
                
Caterpillar Financial Services Corp., 6.20%, 09/30/13
     1,000,000       999,972  
John Deere Capital Corp., 4.50%, 04/03/13
     500,000       477,233  
Textron Financial Corp., 5.13%, 11/01/10
     750,000       755,341  
 
              
 
             2,232,546  
 
              
Electric Utilities (3.9%)
                
Florida Power Corp., 5.65%, 06/15/18
     750,000       717,292  
Ohio Power Co., 5.75%, 09/01/13
     1,000,000       973,890  
PacifiCorp, 5.65%, 07/15/18
     750,000       710,265  
Public Service Co. of Colorado, 4.88%, 03/01/13
     500,000       493,140  
 
              
 
             2,894,587  
 
              
Food Products (0.6%)
                
General Mills, Inc., 5.20%, 03/17/15
     500,000       479,768  
 
              
Healthcare (1.3%)
                
Covidien International Finance SA, 6.55%, 10/15/37
     1,000,000       961,395  
 
              
Insurance (1.0%)
                
Principal Life Income Funding Trusts, 5.30%, 12/14/12
     750,000       724,655  
 
              
Manufacturing (1.2%)
                
General Electric Co., 5.25%, 12/06/17
     1,000,000       875,032  
 
              
Media (2.6%)
                
Comcast Cable Communications Holdings, Inc., 8.38%, 03/15/13
     1,000,000       1,048,790  
Time Warner Cable, Inc., 7.30%, 07/01/38
     1,000,000       889,560  
 
              
 
             1,938,350  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
NVIT Core Bond Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Metals & Mining (0.8%)
                
WMC Finance USA Ltd., 5.13%, 05/15/13
   $ 600,000     $ 592,674  
 
              
Oil, Gas & Consumable Fuels (3.5%)
                
Energy Transfer Partners LP, 6.00%, 07/01/13
     750,000       732,425  
EOG Resources, Inc., 6.13%, 10/01/13
     1,000,000       1,002,080  
Kinder Morgan Energy Partners LP, 5.95%, 02/15/18
     1,000,000       890,741  
 
              
 
             2,625,246  
 
              
Oilfield Machinery & Services (1.0%)
                
Weatherford International Ltd., 5.15%, 03/15/13
     750,000       722,287  
 
              
Other Financial (2.6%)
                
American Honda Finance Corp., 6.70%, 10/01/13(b)
     1,000,000       994,140  
HSBC Finance Corp., 6.38%, 10/15/11
     1,000,000       989,499  
 
              
 
             1,983,639  
 
              
Pipelines (1.3%)(b)
                
Northwest Pipeline Corp., 6.05%, 06/15/18
     1,000,000       979,772  
 
              
Specialty Retail (0.6%)(b)
                
CVS Pass-Through Trust, 6.94%, 01/10/30
     493,607       467,421  
 
              
Telecommunications (2.9%)
                
AT&T, Inc., 4.95%, 01/15/13
     1,000,000       958,000  
Telecom Italia Capital SA, 5.25%, 11/15/13
     600,000       532,314  
Verizon Communications, Inc., 5.50%, 02/15/18
     750,000       662,970  
 
              
 
             2,153,284  
 
              
Total Corporate Bonds
             23,667,354  
 
              
U.S. Government Sponsored & Agency Obligations (34.6%)
                
Federal Home Loan Mortgage Corp., 5.75%, 01/15/12
     2,500,000       2,669,265  
Federal National Mortgage Association
                
3.25%, 04/09/13
     2,500,000       2,433,410  
6.00%, 05/01/36
     2,640,279       2,677,320  
6.00%, 08/01/37
     2,342,065       2,374,790  
6.00%, 12/01/37
     2,968,468       3,009,947  
U.S. Treasury Bond
                
5.00%, 05/15/37
     250,000       278,106  
4.38%, 02/15/38
     225,000       227,865  
U.S. Treasury Notes
                
2.00%, 02/28/10
     1,175,000       1,175,918  
2.13%, 04/30/10
     1,500,000       1,507,149  
3.50%, 05/31/13
     1,500,000       1,536,797  
3.13%, 08/31/13
     2,000,000       2,015,312  
3.88%, 05/15/18
     3,500,000       3,522,967  
4.00%, 08/15/18
     2,500,000       2,535,547  
 
              
Total U.S. Government Sponsored & Agency Obligations
             25,964,393  
 
              
U.S. Government Sponsored Mortgage-Backed Obligations (9.4%)
                
Fannie Mae Pool, 6.00%, Pool # 983668, 08/01/38
     6,951,750       7,048,192  
 
              
Yankee Dollar (1.4%)
                
Metals & Mining (1.4%)
                
Potash Corp. of Saskatchewan, 4.88%, 03/01/13
     1,135,000       1,066,174  
 
              
Repurchase Agreements (5.2%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $3,908,784, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $3,986,783
     3,908,611       3,908,611  
 
              
Total Investments
                
(Cost $75,671,561) (c) — 98.3%
             73,757,798  
Other assets in excess of liabilities — 1.7%
             1,297,469  
 
              
NET ASSETS — 100.0%
           $ 75,055,267  
 
              
 
(a)   Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on September 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 September 30, 2008, all such securities in total represented 5.70% of net assets.
 
(c)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
LP   Limited Partnership
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
Van Kampen NVIT Real Estate Fund
                 
    Shares     Value  
Common Stocks (92.4%)
                
Health Care Providers & Services (1.3%)
                
Assisted Living Concepts, Inc., Class A *
     2,980     $ 18,983  
Brookdale Senior Living, Inc.
     3,461       76,107  
 
              
 
             95,090  
 
              
Hotels, Restaurants & Leisure (4.3%)
                
Starwood Hotels & Resorts Worldwide, Inc.
     11,144       313,592  
 
              
Real Estate Investment Trusts (80.9%)
                
Acadia Realty Trust
     1,215       30,715  
AMB Property Corp.
     3,229       146,274  
AvalonBay Communities, Inc.
     5,047       496,726  
Boston Properties, Inc.
     4,078       381,946  
Brandywine Realty Trust
     360       5,771  
Camden Property Trust
     4,834       221,687  
Care Investment Trust, Inc.
     281       3,226  
DCT Industrial Trust, Inc.
     4,808       36,012  
Developers Diversified Realty Corp.
     1,351       42,813  
DiamondRock Hospitality Co.
     1,297       11,803  
Douglas Emmett, Inc.
     2,090       48,216  
Duke Realty Corp.
     3,894       95,715  
Equity Lifestyle Properties, Inc.
     1,710       90,681  
Equity Residential
     10,384       461,153  
Federal Realty Investment Trust
     2,812       240,707  
General Growth Properties, Inc.
     5,220       78,822  
HCP, Inc.
     3,584       143,826  
Healthcare Realty Trust, Inc.
     6,482       188,950  
Hersha Hospitality Trust
     2,430       18,079  
Highwoods Properties, Inc.
     586       20,838  
Host Hotels & Resorts, Inc.
     25,018       332,489  
Kilroy Realty Corp.
     1,203       57,491  
Liberty Property Trust
     3,795       142,882  
Macerich Co. (The)
     1,957       124,563  
Mack-Cali Realty Corp.
     4,377       148,249  
Maguire Properties, Inc.
     16       95  
National Health Investors, Inc.
     764       26,114  
Plum Creek Timber Co., Inc.
     4,434       221,079  
Post Properties, Inc.
     4,228       118,257  
ProLogis
     6,087       251,211  
PS Business Parks, Inc.
     1,333       76,781  
Public Storage
     2,072       205,149  
Regency Centers Corp.
     4,600       306,774  
Senior Housing Properties Trust
     6,069       144,624  
Simon Property Group, Inc.
     6,396       620,412  
Sovran Self Storage, Inc.
     1,338       60,116  
Strategic Hotels & Resorts, Inc.
     3,585       27,067  
Taubman Centers, Inc.
     1,217       60,850  
Vornado Realty Trust
     2,433       221,281  
 
              
 
             5,909,444  
 
              
Real Estate Management & Development (5.9%)
                
Brookfield Properties Corp.
     15,470       245,045  
Forest City Enterprises, Inc., Class A
     6,143       188,406  
 
              
 
             433,451  
 
              
Total Common Stocks
             6,751,577  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreements (1.2%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $91,825, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $93,657
   $ 91,821     $ 91,821  
 
              
Total Investments
                
(Cost $7,239,793) (a) — 93.6%
             6,843,398  
Other assets in excess of liabilities — 6.4%
             464,552  
 
              
NET ASSETS — 100.0%
           $ 7,307,950  
 
              
 
*   Denotes a non-income producing security.
 
(a)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
Lehman Brothers NVIT Core Plus Bond Fund
                 
    Principal        
    Amount     Value  
Asset-Backed Securities (0.4%)(a)
                
Auto Loans (0.1%)
                
AmeriCredit Automobile Receivables Trust, 5.80%, 01/12/12
   $ 100,000     $ 97,367  
 
              
Credit Card Receivables (0.1%)
                
Citibank Credit Card Issuance Trust, 2.89%, 11/22/10
     40,000       39,967  
 
              
Student Loans (0.2%)
                
SLM Student Loan Trust, 3.36%, 10/25/14
     100,000       99,461  
 
              
Total Asset-Backed Securities
             236,795  
 
              
Commercial Mortgage Backed Securities (9.3%)
                
Banks (5.3%)
                
Banc of America Commercial Mortgage, Inc.
                
5.36%, Series 2006-6, Class A4, 10/10/45
     535,000       467,640  
5.66%, 06/10/49(a)
     295,000       250,711  
JPMorgan Chase Commercial Mortgage Securities Corp.
                
4.96%, 08/15/42(a)
     295,000       276,085  
4.87%, 10/15/42
     465,000       445,699  
6.07%, Series 2006-LDP7, Class A4, 04/15/45(a)
     180,000       162,771  
5.28%, 05/15/47(a)
     137,552       131,028  
5.82%, 02/12/49(a)
     225,000       210,641  
6.01%, 06/15/49(a)
     305,000       260,978  
5.79%, 02/12/51
     200,000       169,261  
5.88%, 02/15/51(a)
     200,000       170,480  
Wachovia Bank Commercial Mortgage Trust
                
5.51%, 04/15/47
     100,000       83,199  
6.05%, 02/15/51(a)
     250,000       235,128  
 
              
 
             2,863,621  
 
              
Diversified Financial Services (4.0%)
                
Commercial Mortgage Loan Trust, 6.02%, 09/10/17(a)
     700,000       611,701  
Credit Suisse Mortgage Capital Certificates(a)
                
6.00%, 09/15/39
     160,000       137,732  
5.45%, 01/15/49
     350,000       327,843  
CS First Boston Mortgage Securities Corp., 5.12%, 08/15/38(a)
     200,000       189,790  
Greenwich Capital Commercial Funding Corp., 5.74%, 12/10/49
     175,000       148,541  
GS Mortgage Securities Corp. II, 5.80%, 08/10/45(a)
     300,000       256,136  
Merrill Lynch/Countrywide Commercial Mortgage Trust, 6.16%, 08/12/49(a)
     250,000       217,053  
Morgan Stanley Capital I, 5.81%, 04/12/49(a)
     335,000       287,988  
 
              
 
             2,176,784  
 
              
Total Commercial Mortgage Backed Securities
             5,040,405  
 
              
Corporate Bonds (28.1%)
                
Airlines (0.3%)
                
Northwest Airlines, Inc., 7.03%, 11/01/19
     25,000       20,129  
UAL Pass Through Trust Series 2007-1, 6.64%, 07/02/22(b)
     214,078       164,845  
 
              
 
             184,974  
 
              
Banks (1.8%)
                
Bank of America Corp., 5.75%, 12/01/17
     125,000       106,001  
Citigroup, Inc.
                
5.00%, 09/15/14
     570,000       437,028  
6.88%, 03/05/38
     125,000       102,248  
JPMorgan Chase & Co., 6.40%, 05/15/38
     400,000       345,822  
 
              
 
             991,099  
 
              
Capital Markets (0.5%)
                
Morgan Stanley, 6.63%, 04/01/18
     440,000       291,197  
 
              
Commercial Banks (1.7%)
                
Bank of America Corp., 5.65%, 05/01/18
     550,000       463,265  
Citigroup, Inc., 5.50%, 04/11/13
     525,000       458,256  
 
              
 
             921,521  
 
              
Diversified Financial Services (7.6%)
                
Bear Sterns Cos., Inc., 7.25%, 02/01/18
     395,000       380,140  
CDX North America High Yield
                
8.75%, 12/29/12
     742,500       672,892  
8.88%, 06/29/13(b)
     1,750,000       1,566,251  
Goldman Sachs Group, Inc. (The), 6.75%, 10/01/37
     925,000       617,522  
Merrill Lynch & Co., Inc.
                
5.45%, 02/05/13
     305,000       274,752  
6.88%, 04/25/18
     500,000       442,376  
6.11%, 01/29/37
     250,000       173,555  
 
              
 
             4,127,488  
 
              
Diversified Manufacturing (0.5%)
                
Exelon Corp., 4.90%, 06/15/15
     295,000       259,768  
 
              
Electric Power (0.3%)
                
Dominion Resources, Inc., 7.00%, 06/15/38
     150,000       141,142  
 
              
Electric Utility (0.4%)
                
FirstEnergy Corp., 6.45%, 11/15/11
     225,000       226,082  
 
              
Energy Companies (0.4%)
                
XTO Energy, Inc., 6.75%, 08/01/37
     220,000       195,219  
 
              
Food Processors (0.2%)
                
Kraft Foods, Inc., 6.13%, 02/01/18
     125,000       117,106  
 
              
Information Technology Services (0.4%)
                
Oracle Corp., 6.50%, 04/15/38
     250,000       227,294  
 
              
Leasing (0.4%)
                
International Lease Finance Corp., 5.63%, 09/15/10
     340,000       228,634  
 
              
Machinery (0.3%)
                
Cameron International Corp., 6.38%, 07/15/18
     165,000       154,107  
 
              
Manufacturing (0.6%)
                
Exelon Generation Co. LLC, 6.20%, 10/01/17
     125,000       109,855  
International Paper Co., 8.70%, 06/15/38
     20,000       20,040  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Lehman Brothers NVIT Core Plus Bond Fund
                 
    Principal        
    Amount     Value  
Corporate Bonds (continued)
                
Manufacturing (continued)
                
Xerox Corp., 5.50%, 05/15/12
   $ 215,000     $ 204,993  
 
              
 
             334,888  
 
              
Media (2.8%)
                
Comcast Corp., 6.30%, 11/15/17
     505,000       464,351  
Time Warner Cable, Inc.
                
5.40%, 07/02/12
     525,000       499,391  
6.75%, 07/01/18
     385,000       359,565  
7.30%, 07/01/38
     245,000       217,944  
 
              
 
             1,541,251  
 
              
Metals & Mining (0.6%)
                
Alcoa, Inc., 6.00%, 07/15/13
     155,000       152,092  
ArcelorMittal, 6.13%, 06/01/18(b)
     220,000       194,949  
 
              
 
             347,041  
 
              
Oil, Gas & Consumable Fuels (1.3%)
                
DCP Midstream LLC, 6.75%, 09/15/37(b)
     10,000       8,312  
Enbridge Energy Partners LP, 7.50%, 04/15/38(b)
     90,000       86,617  
Enbridge Energy Partners LP, Series B, 7.50%, 04/15/38
     200,000       182,704  
EnCana Corp., 6.63%, 08/15/37
     200,000       162,407  
Kinder Morgan Energy Partners LP, 5.95%, 02/15/18
     200,000       178,150  
TEPPCO Partners LP, 7.55%, 04/15/38
     85,000       75,564  
 
              
 
             693,754  
 
              
Oilfield Machinery & Services (0.3%)(b)
                
Nabors Industries Ltd., 6.15%, 02/15/18
     180,000       171,623  
 
              
Other Financial (5.8%)
                
American Express Credit Corp., 5.88%, 05/02/13
     340,000       313,361  
American Express Credit Corp., Series C, 7.30%, 08/20/13
     225,000       217,019  
Continental Airlines, Inc., 5.98%, 04/19/22
     400,000       308,001  
Delta Air Lines, Inc., 7.57%, 11/18/10
     490,000       443,451  
ERAC USA Finance Co., 7.00%, 10/15/37
     300,000       211,295  
General Electric Capital Corp.
               
5.63%, 05/01/18
     440,000       371,922  
5.88%, 01/14/38
     150,000       110,588  
HKCG Finance Ltd., 6.25%, 08/07/18(b)
     100,000       98,371  
HSBC Finance Corp., 4.13%, 11/16/09
     480,000       464,091  
Ingersoll-Rand Co. Ltd., 6.00%, 08/15/13
     245,000       244,164  
NGPL PipeCo LLC, 6.51%, 12/15/12(b)
     235,000       235,381  
Rio Tinto Finance USA Ltd., 7.13%, 07/15/28
     165,000       157,862  
 
              
 
             3,175,506  
 
              
Pipelines (0.2%)
                
ONEOK Partners LP, 6.85%, 10/15/37
     100,000       89,690  
 
              
Telecommunications (1.7%)
                
New Cingular Wireless Services, Inc., 7.88%, 03/01/11
     390,000       410,571  
Qwest Corp., 8.88%, 03/15/12
     180,000       176,403  
Rogers Communications, Inc., 6.80%, 08/15/18
     330,000       312,193  
 
              
 
             899,167  
 
              
Total Corporate Bonds
             15,318,551  
 
              
U.S. Government Mortgage Backed Agencies (51.3%)
                
Federal National Mortgage Association
                
5.00%, Pool #982885, 05/01/23
     89,584       89,041  
5.00%, Pool #975884, 06/01/23
     99,991       99,385  
5.00%, Pool #987214, 07/01/23
     60,000       59,637  
5.00%, Pool #987456, 08/01/23
     165,000       163,998  
5.00%, Pool #976243, 08/01/23
     164,999       163,998  
5.00%, Pool #965102, 09/01/23
     57,999       57,649  
5.50%, Pool #42342, 10/15/35
     1,440,000       1,435,953  
6.00%, Pool #745826, 07/01/36
     179,211       181,727  
5.50%, Pool #745259, 11/01/36
     193,794       193,436  
6.00%, Pool #888222, 02/01/37
     368,217       373,386  
5.50%, Pool #899528, 05/01/37
     1,184,368       1,182,100  
5.50%, Pool #917141, 06/01/37
     192,833       192,476  
5.50%, Pool #938175, 07/01/37
     197,393       197,017  
6.00%, Pool #899598, 07/01/37
     148,774       150,855  
6.00%, Pool #956411, 11/01/37
     499,224       506,202  
6.00%, Pool #929018, 12/01/37
     1,150,651       1,166,732  
6.00%, Pool #965719, 01/01/38
     449,131       455,365  
5.50%, Pool #972701, 02/01/38
     198,146       197,749  
5.00%, Pool #933409, 03/01/38
     813,465       793,162  
5.50%, Pool #974674, 03/01/38
     299,244       298,642  
5.00%, Pool #929515, 05/01/38
     174,209       169,863  
5.00%, Pool #962874, 05/01/38
     148,769       145,057  
5.50%, Pool #933927, 06/01/38
     411,878       411,050  
5.00%, Pool #934108, 07/01/38
     619,052       603,602  
5.50%, Pool #986264, 07/01/38
     2,731,565       2,726,057  
5.00%, Pool #988029, 08/01/38
     609,138       593,935  
6.00%, Pool #925973, 08/01/38
     249,739       253,206  
Federal National Mortgage Association TBA
                
5.00%, 10/15/36
     300,000       292,315  
6.00%, 10/15/37
     300,000       303,846  
Freddie Mac, 5.77%, Pool #1K1238, 07/01/36
     93,964       95,917  
Freddie Mac Gold
                
5.00%, Pool #G13072, 04/01/23
     119,970       119,045  
5.00%, Pool #G13122, 04/01/23
     100,000       99,219  
5.00%, Pool #J07940, 05/01/23
     766,003       760,007  
5.00%, Pool #J07942, 06/01/23
     95,077       94,334  
5.00%, Pool #G13225, 06/01/23
     1,167,015       1,157,879  
5.00%, Pool #J08443, 07/01/23
     187,110       185,647  
6.00%, Pool #G02379, 10/01/36
     230,000       233,049  
5.50%, Pool #G08204, 06/01/37
     139,987       139,391  
5.50%, Pool #26917, 10/15/37
     500,000       497,346  
5.50%, Pool #G03432, 11/01/37
     119,988       119,478  
6.00%, Pool #A72499, 02/01/38
     120,000       121,592  
5.50%, Pool #G04220, 03/01/38
     337,886       336,362  
5.50%, Pool #G08256, 03/01/38
     149,986       149,310  
6.00%, Pool #G04156, 03/01/38
     289,972       293,815  
5.50%, Pool #G08263, 04/01/38
     174,983       174,195  
5.50%, Pool #A77208, 05/01/38
     295,587       294,255  
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Lehman Brothers NVIT Core Plus Bond Fund
                 
    Principal        
    Amount     Value  
U.S. Government Mortgage Backed Agencies (continued)
                
5.50%, Pool #A76939, 05/01/38
   $ 350,000     $ 348,421  
5.50%, Pool #A77937, 06/01/38
     1,375,911       1,369,699  
5.50%, Pool #A77648, 06/01/38
     124,988       124,426  
6.00%, Pool #A78076, 06/01/38
     199,999       202,651  
6.00%, Pool #A78454, 06/01/38
     549,946       557,234  
5.00%, Pool #A79197, 07/01/38
     244,977       238,788  
5.50%, Pool #A78982, 07/01/38
     498,745       496,494  
5.50%, Pool #A79806, 07/01/38
     299,971       298,618  
5.50%, Pool #G04471, 07/01/38
     1,109,891       1,104,880  
Government National Mortgage Association
                
6.50%, TBA, 10/01/32
     1,000,000       1,023,440  
5.50%, Pool #603581, 04/15/33
     119,988       120,446  
6.00%, Pool #618988, 06/15/34
     198,909       202,401  
6.00%, Pool #658029, 07/15/36
     57,702       58,661  
6.00%, Pool #617456, 03/15/37
     84,316       85,692  
5.50%, Pool #600658, 05/15/37
     199,101       199,609  
5.50%, Pool #657732, 05/15/37
     199,676       200,186  
5.50%, Pool #675407, 07/15/37
     149,441       149,823  
6.00%, Pool #782185, 09/15/37
     47,760       48,505  
6.00%, TBA, 10/18/37
     575,000       583,448  
6.00%, Pool #670824, 12/15/37
     112,577       114,413  
6.00%, Pool #671189, 12/15/37
     149,160       151,592  
5.50%, Pool #686034, 04/15/38
     124,852       125,172  
6.00%, Pool #674084, 05/15/38
     298,630       293,257  
6.00%, Pool #686342, 05/15/38
     99,719       101,346  
5.50%, Pool #690847, 06/15/38
     149,516       149,899  
5.50%, Pool #632219, 07/15/38
     119,877       120,184  
5.50%, Pool #689694, 07/15/38
     179,783       180,242  
5.50%, Pool #690435, 07/15/38
     279,441       280,154  
6.00%, Pool #690310, 07/15/38
     129,714       131,830  
6.00%, Pool #687727, 07/15/38
     139,843       142,124  
6.50%, Pool #689575, 07/15/38
     389,613       399,461  
 
              
Total U.S. Government Mortgage Backed Agencies
             27,931,378  
 
              
U.S. Government Sponsored & Agency Obligations (8.1%)
                
Federal Home Loan Bank, 4.00%, 09/06/13
     150,000       148,729  
Federal Home Loan Bank System, 3.63%, 05/29/13
     1,630,000       1,596,086  
U.S. Treasury Inflation Protected Security, 1.88%, 07/15/13
     2,240,000       2,674,810  
 
              
Total U.S. Government Sponsored & Agency Obligations
             4,419,625  
 
              
Sovereign Bonds (0.6%)
                
Republic of Argentina, Series V, 7.00%, 03/28/11
     25,000       18,748  
Republic of Argentina, Series VII, 7.00%, 09/12/13
     25,000       17,073  
Republic of Indonesia, 6.75%, 03/10/14
     50,000       48,477  
Republic of Turkey
                
7.38%, 02/05/25
     25,000       24,023  
8.00%, 02/14/34
     50,000       49,898  
Republic of Venezuela, 5.38%, 08/07/10
     25,000       22,611  
Russian Federation, 7.50%, 03/31/30(b)
     49,000       49,513  
Ukrainian MTN Finance PLC, 9.25%, 08/04/11(b)
     100,000       78,023  
 
              
Total Sovereign Bonds
             308,366  
 
              
Yankee Dollars (0.5%)(b)
                
Banks (0.5%)
                
HBOS PLC, 6.75%, 05/21/18
     300,000       251,727  
 
              
Total Yankee Dollars
             251,727  
 
              
Repurchase Agreements (2.7%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $1,457,938, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $1,487,031
     1,458,058       1,458,058  
 
              
Total Investments
                
(Cost $56,676,042) (c) — 101.0%
             54,964,905  
Liabilities in excess of other assets — (1.0)%
             (541,715 )
 
              
NET ASSETS — 100.0%
           $ 54,423,190  
 
              
 
(a)   Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on September 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 September 30, 2008, all such securities in total represented 5.34% of net assets.
 
(c)   See notes to statements of investments for tax unrealized appreciation (depreciation) of securities.
 
LP   Limited Partnership
 
MTN   Medium Term Note
 
TBA   To Be Announced.
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
Neuberger Berman NVIT Multi Cap Opportunities Fund
                 
    Shares     Value  
Common Stocks (96.8%)
                
Aerospace & Defense (2.0%)
                
L-3 Communications Holdings, Inc.
     330     $ 32,446  
 
              
Beverages (3.9%)
                
Constellation Brands, Inc., Class A *
     1,580       33,907  
Dr. Pepper Snapple Group, Inc. *
     1,125       29,790  
 
              
 
             63,697  
 
              
Capital Markets (5.1%)
                
Goldman Sachs Group, Inc. (The)
     245       31,360  
Invesco Ltd.
     1,620       33,988  
Morgan Stanley
     770       17,710  
 
              
 
             83,058  
 
              
Construction & Engineering (2.4%)
                
Chicago Bridge & Iron Co. NV
     1,440       27,705  
KBR, Inc.
     770       11,758  
 
              
 
             39,463  
 
              
Consumer Finance (1.7%)
                
American Express Co.
     770       27,281  
 
              
Diversified Financial Services (4.6%)
                
Citigroup, Inc.
     1,580       32,406  
Moody’s Corp.
     1,250       42,500  
 
              
 
             74,906  
 
              
Electric Utility (2.2%)
                
FirstEnergy Corp.
     530       35,505  
 
              
Energy Equipment & Services (5.1%)
                
Halliburton Co.
     860       27,855  
National Oilwell Varco, Inc. *
     570       28,631  
Noble Corp.
     620       27,218  
 
              
 
             83,704  
 
              
Food Products (0.7%)
                
ConAgra Foods, Inc.
     570       11,092  
 
              
Health Care Providers & Services (3.3%)
                
Aetna, Inc.
     860       31,054  
WellPoint, Inc. *
     505       23,619  
 
              
 
             54,673  
 
              
Household Durables (2.3%)
                
NVR, Inc. *
     65       37,180  
 
              
Household Products (1.5%)
                
Energizer Holdings, Inc. *
     315       25,373  
 
              
Independent Power Producers & Energy Traders (1.4%)
                
NRG Energy, Inc. *
     910       22,523  
 
              
Industrial Conglomerates (2.2%)
                
General Electric Co.
     570       14,535  
McDermott International, Inc. *
     860       21,973  
 
              
 
             36,508  
 
              
Information Technology Services (3.9%)
                
Affiliated Computer Services, Inc., Class A *
     630       31,897  
Fidelity National Information Services, Inc.
     1,000       18,460  
Lender Processing Services, Inc.
     430       13,123  
 
              
 
             63,480  
 
              
Insurance (6.0%)
                
Assurant, Inc.
     670       36,850  
Berkshire Hathaway, Inc., Class B *
     14       61,530  
 
              
 
             98,380  
 
              
Machinery (1.8%)
                
Terex Corp. *
     960       29,299  
 
              
Marine (1.1%)
                
DryShips, Inc.
     490       17,390  
 
              
Media (1.9%)
                
McGraw-Hill Cos., Inc. (The)
     1,010       31,926  
 
              
Metals & Mining (7.3%)
                
Cleveland-Cliffs, Inc.
     160       8,470  
Freeport-McMoRan Copper & Gold, Inc.
     630       35,816  
Sterlite Industries India Ltd. ADR – IN
     1,050       9,461  
Teck Cominco Ltd., Class B
     885       25,771  
United States Steel Corp.
     300       23,283  
Xstrata PLC (a)
     550       17,138  
 
              
 
             119,939  
 
              
Multiline Retail (3.4%)
                
J.C. Penney Co., Inc.
     810       27,005  
Macy’s, Inc.
     1,630       29,308  
 
              
 
             56,313  
 
              
Oil, Gas & Consumable Fuels (17.8%)
                
Canadian Natural Resources Ltd.
     555       37,995  
Denbury Resources, Inc. *
     1,200       22,848  
EOG Resources, Inc.
     265       23,707  
Exxon Mobil Corp.
     100       7,766  
Frontline Ltd. (a)
     250       11,812  
Peabody Energy Corp.
     455       20,475  
Petroleo Brasileiro SA ADR – BR
     960       42,192  
Ship Finance International Ltd.
     480       10,349  
Southwestern Energy Co. *
     960       29,318  
Suncor Energy, Inc.
     700       29,589  
Talisman Energy, Inc.
     1,250       17,775  
Walter Industries, Inc.
     250       11,863  
XTO Energy, Inc.
     570       26,516  
 
              
 
             292,205  
 
              
Personal Products (2.3%)
                
NBTY, Inc. *
     1,290       38,081  
 
              
Pharmaceuticals (2.4%)
                
Shire Ltd. ADR – GB
     835       39,871  
 
              
Real Estate Investment Trusts (1.0%)
                
Annaly Capital Management, Inc.
     1,250       16,813  
 
              
Semiconductors & Semiconductor Equipment (2.1%)
                
International Rectifier Corp. *
     770       14,645  
Texas Instruments, Inc.
     910       19,565  
 
              
 
             34,210  
 
              
Software (4.5%)
                
Check Point Software Technologies Ltd. *
     480       10,915  
Microsoft Corp.
     1,050       28,024  
Oracle Corp. *
     1,050       21,326  
Symantec Corp. *
     670       13,119  
 
              
 
             73,384  
 
              
Specialty Retail (1.5%)
                
Best Buy Co., Inc.
     670       25,125  
 
              
Wireless Telecommunication Services (1.4%)
                
China Mobile Ltd. ADR – HK
     460       23,037  
 
              
See accompanying notes to statements of investments

 

 

Statement of Investments (Continued)
September 30, 2008 (Unaudited)
Neuberger Berman NVIT Multi Cap Opportunities Fund
                 
Total Investments
                
(Cost $1,976,189) (b) — 96.8%
             1,586,862  
Other assets in excess of liabilities — 3.2%
             52,282  
 
              
NET ASSETS — 100.0%
           $ 1,639,144  
 
              
 
*   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
 
BR   Brazil
 
GB   United Kingdom
 
HK   Hong Kong
 
IN   India
See accompanying notes to statements of investments

 

 

Statement of Investments
September 30, 2008 (Unaudited)
Neuberger Berman NVIT Socially Responsible Fund
                 
    Shares     Value  
Common Stocks (96.3%)
                
Auto Components (1.4%)
                
BorgWarner, Inc.
     161,400     $ 5,289,078  
 
              
Automobiles (1.8%)
                
Toyota Motor Corp. ADR — JP
     78,940       6,773,052  
 
              
Biotechnology (4.5%)
                
Genzyme Corp. *
     187,635       15,177,795  
Medarex, Inc. *
     212,175       1,372,772  
 
              
 
             16,550,567  
 
              
Capital Markets (5.6%)
                
Bank of New York Mellon Corp. (The)
     347,505       11,321,713  
Charles Schwab Corp. (The)
     363,325       9,446,450  
 
              
 
             20,768,163  
 
              
Commercial Services & Supplies (2.3%)
                
Manpower, Inc.
     194,335       8,387,499  
 
              
Consumer Finance (2.8%)
                
American Express Co.
     289,460       10,255,568  
 
              
Diversified Financial Services (1.8%)
                
IntercontinentalExchange, Inc. *
     83,410       6,729,519  
 
              
Electronic Equipment & Instruments (9.0%)
                
Anixter International, Inc. *
     296,600       17,650,666  
National Instruments Corp.
     509,815       15,319,941  
 
              
 
             32,970,607  
 
              
Energy Equipment & Services (2.5%)
                
Smith International, Inc.
     159,415       9,348,096  
 
              
Health Care Providers & Services (1.8%)
                
UnitedHealth Group, Inc.
     256,255       6,506,314  
 
              
Industrial Conglomerate (3.0%)
                
3M Co.
     158,690       10,840,114  
 
              
Insurance (6.6%)
                
Progressive Corp. (The)
     690,145       12,008,523  
Willis Group Holdings Ltd.
     382,790       12,348,805  
 
              
 
             24,357,328  
 
              
Life Sciences Tools & Services (1.0%)
                
Millipore Corp. *
     53,665       3,692,152  
 
              
Machinery (4.2%)
                
Danaher Corp.
     220,860       15,327,684  
 
              
Media (16.1%)
                
Comcast Corp., Special Class A
     910,880       17,962,553  
Liberty Global, Inc., Class A *
     357,760       10,840,128  
Liberty Global, Inc., Series C *
     61,240       1,720,232  
Scripps Networks Interactive, Inc., Class A
     474,965       17,245,979  
Washington Post Co. (The), Class B
     20,970       11,675,257  
 
              
 
             59,444,149  
 
              
Multi-Utility (5.0%)
                
National Grid PLC (a)
     565,241       7,173,604  
National Grid PLC ADR — GB
     176,889       11,359,812  
 
              
 
             18,533,416  
 
              
Oil, Gas & Consumable Fuels (7.2%)
                
BG Group PLC (a)
     454,930       8,249,419  
BG Group PLC ADR — GB
     520       46,800  
Cimarex Energy Co.
     163,790       8,010,969  
Newfield Exploration Co. *
     319,405       10,217,766  
 
              
 
             26,524,954  
 
              
                 
    Shares or        
    Principal        
    Amount     Value  
Common Stocks (continued)
                
Pharmaceuticals (1.6%)
                
Novo Nordisk AS ADR — DK
     115,650     $ 5,921,280  
Novo Nordisk AS, Class B (a)
     430       22,296  
 
              
 
             5,943,576  
 
              
Real Estate Investment Trusts (4.4%)
                
General Growth Properties, Inc.
     251,060       3,791,006  
Weingarten Realty Investors
     344,410       12,285,105  
 
              
 
             16,076,111  
 
              
Road & Rail (2.9%)
                
Canadian National Railway Co.
     222,645       10,649,110  
 
              
Semiconductors & Semiconductor Equipment (7.8%)
                
Altera Corp.
     872,020       18,033,374  
Texas Instruments, Inc.
     493,600       10,612,400  
 
              
 
             28,645,774  
 
              
Software (3.0%)
                
Intuit, Inc. *
     351,825       11,121,188  
 
              
Total Common Stocks
             354,734,019  
 
              
                 
    Principal        
    Amount     Value  
Repurchase Agreements (2.9%)
                
CS First Boston, 1.59%, dated 09/30/08, due 10/01/08, repurchase price $10,659,804, collateralized by Treasury Notes and U.S. Government Agency Mortgages ranging 4.50% - 5.50%, maturing 08/15/17 - 09/01/38; total market value of $10,872,520
   $ 10,659,333       10,659,333  
 
              
Total Investments
                
(Cost $408,229,358) (b) — 99.2%
             365,393,352  
Other assets in excess of liabilities — 0.8%
             2,982,405  
 
              
NET ASSETS — 100.0%
           $ 368,375,757  
 
              
 
*   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
 
DK   Denmark
 
GB   United Kingdom
 
JP   Japan
See accompanying notes to statements of investments

 

 

Notes to Statement of Investments
As of September 30, 2008, the following Funds had securities with the following value on loan:
                                 
    Value of Loaned                    
    Securities   Value of Collateral                
NVIT Nationwide Fund
   $ 35,645,112     $ 36,575,436       (a )        
NVIT Growth Fund
     3,263,894       3,340,919       (b )        
NVIT Government Bond Fund*
     49,212,590       50,448,235                  
Gartmore NVIT Worldwide Leaders Fund
     1,835,472       1,969,781                  
Van Kampen NVIT Comstock Value Fund
     6,781,061       6,933,163       (c )        
Van Kampen NVIT Multi Sector Bond Fund**
     12,046,399       12,197,618                  
NVIT Mid Cap Index Fund
     32,452,824       33,374,014                  
NVIT Multi-Manager Small Cap Growth Fund
     6,575,475       6,757,291                  
NVIT Technology and Communications Fund
     3,254,965       3,352,395       (d )        
NVIT Health Sciences Fund
     216,182       222,283                  
Gartmore NVIT Emerging Markets Fund***
     3,219,180       3,433,359                  
NVIT S&P 500 Index Fund
     52,894,547       54,873,154       (e )        
NVIT Multi-Manager International Value Fund
     13,478,258       14,221,658                  
 
*   Includes $14,763,517 of collateral in the form of U.S. Government Securities, interest rates ranging from 2.38% to 5.88% and maturity dates ranging from 4/15/11 to 4/1/36.
 
**   Includes $55,595 of collateral in the form of U.S. Government Securities, interest rates ranging from 0.00% to 4.50% and a maturity dates ranging from 8/15/27 to 2/15/36.
 
***   Includes $1,369,029 of collateral in the form of U.S. Government Securities, interest rates ranging from 0.00% to 8.875% and maturity dates ranging from 12/31/08 to 2/15/36.
 
(a)   Includes $2,348,742 of collateral in the form of cash.
 
(b)   Includes $20,079 of collateral in the form of cash.
 
(c)   Includes $59,442 of collateral in the form of cash.
 
(d)   Includes $18,602 of collateral in the form of cash.
 
(e)   Includes $836,529 of collateral in the form cash.

 

Notes to Statement of Investments
                                 
                            Net Unrealized
    Tax Cost of   Unrealized   Unrealized   Appreciation
Fund   Securities   Appreciation   Depreciation   (Depreciation)*
NVIT Small Cap Index
     349,448,162       16,375,930       (82,959,848 )     (66,583,918 )
NVIT International Index
     1,048,348,011       1,514,982       (179,133,892 )     (177,618,910 )
NVIT Bond Index
     1,502,309,488       8,177,944       (47,272,502 )     (39,094,558 )
NVIT Enhanced Income
     215,438,017       404,407       (1,521,504 )     (1,117,097 )
Gartmore NVIT Developing Markets Fund
     252,201,736       1,020,272       (80,192,782 )     (79,172,510 )
NVIT Nationwide Fund
     1,716,629,753       17,393,138       (292,165,719 )     (274,772,581 )
Nationwide NVIT Growth Fund
     154,524,542       3,599,874       (20,448,371 )     (16,848,497 )
Nationwide NVIT Government Bond Fund
     1,425,088,437       18,627,832       (5,602,759 )     13,025,073  
Nationwide NVIT Money Market Fund
     2,617,055,538       —       —       —  
Gartmore NVIT Worldwide Leaders Fund
     35,506,559       622,284       (4,936,527 )     (4,314,243 )
J.P. Morgan NVIT Balanced Fund
     173,741,352       909,856       (18,748,688 )     (17,838,832 )
Van Kampen NVIT Comstock Value Fund
     270,169,724       3,943,313       (52,252,880 )     (48,309,567 )
Van Kampen NVIT Multi Sector Bond Fund
     232,842,834       7,191,614       (28,293,106 )     (21,101,492 )
Federated NVIT High Income Bond Fund
     198,103,734       390,888       (36,307,260 )     (35,916,372 )
NVIT Mid Cap Index Fund
     1,327,620,993       76,762,118       (223,443,806 )     (146,681,688 )
Nationwide Mulit-Manager NVIT Small Cap Growth Fund
     101,217,180       8,229,957       (8,406,965 )     (177,008 )
Naitonwide Multi-Manager NVIT Small Company Fund
     618,379,184       46,429,765       (113,570,928 )     (67,141,163 )
Nationwide NVIT Global Technology and Communications Fund
     40,894,248       175,188       (7,653,320 )     (7,478,132 )
Nationwide NVIT Global Health Sciences Fund
     71,808,714       1,270,407       (7,527,122 )     (6,256,715 )
NVIT Nationwide Leaders Fund
     24,448,001       27,138       (5,630,015 )     (5,602,877 )
Gartmore NVIT Emerging Markets Fund
     315,050,467       10,478,868       (75,237,367 )     (64,758,499 )
Gartmore NVIT International Growth Fund
     85,981,464       486,496       (10,559,553 )     (10,073,057 )
Nationwide NVIT U.S. Growth Leaders Fund
     47,033,527       647,354       (6,431,263 )     (5,783,909 )
Gartmore NVIT Global Utilities Fund
     42,772,576       206,540       (8,179,792 )     (7,973,252 )
Nationwide NVIT Global Financial Services Fund
     26,811,110       726,426       (4,098,375 )     (3,371,949 )
Nationwide NVIT Money Market II Fund
     351,216,686       —       —       —  
Nationwide Multi-Manager NVIT Small Cap Value Fund
     413,042,083       16,296,220       (71,334,170 )     (55,037,950 )
Nationwide NVIT Short Term Bond Fund
     77,740,106       96,191       (937,312 )     (841,121 )
American Funds NVIT Growth
     240,500,339       —       (68,586,389 )     (68,586,389 )
American Funds NVIT Global Growth
     131,790,111       —       (31,685,089 )     (31,685,089 )
American Funds NVIT Asset Allocation
     826,612,108       —       (143,344,249 )     (143,344,249 )
American Funds NVIT Bond
     346,418,578       —       (28,153,823 )     (28,153,823 )
American Funds NVIT Growth-Income
     283,487,035       —       (56,931,855 )     (56,931,855 )
Nationwide NVIT Investor Destinations Aggressive Fund
     720,090,177       —       (140,047,532 )     (140,047,532 )
Nationwide NVIT Investor Destinations Moderately Aggressive Fund
     2,308,096,636       —       (391,727,245 )     (391,727,245 )
Nationwide NVIT Investor Destinations Moderate Fund
     2,965,674,813       —       (371,663,304 )     (371,663,304 )
Nationwide NVIT Investor Destinations Moderately Conservative Fund
     828,233,781       —       (77,852,333 )     (77,852,333 )
Nationwide NVIT Investor Destinations Conservative Fund
     362,253,564       —       (18,719,957 )     (18,719,957 )
NVIT S&P500 Index Fund
     2,658,471,356       68,998,241       (505,277,966 )     (436,279,725 )
Nationwide NVIT Mid Cap Growth Fund
     171,568,076       4,381,583       (26,437,093 )     (22,055,510 )
NVIT International Value Fund
     415,405,098       778,469       (109,752,845 )     (108,974,376 )
Nationwide NVIT Cardinal Aggressive Fund
     7,887,928       —       (1,322,456 )     (1,322,456 )
Nationwide NVIT Cardinal Balanced Fund
     95,221,805       —       (7,699,577 )     (7,699,577 )
Nationwide NVIT Cardinal Capital Appreciation Fund
     101,712,210       —       (11,365,756 )     (11,365,756 )
Nationwide NVIT Cardinal Conservative Fund
     33,690,726       —       (1,205,525 )     (1,205,525 )
Nationwide NVIT Cardinal Moderate Fund
     86,546,651       —       (8,504,037 )     (8,504,037 )
Nationwide NVIT Cardinal Moderately Aggressive Fund
     88,733,987       —       (11,286,742 )     (11,286,742 )
Nationwide NVIT Cardinal Moderately Conservative Fund
     27,385,114       —       (1,832,605 )     (1,832,605 )
NVIT Multi-Manager International Growth Fund
     339,174,163       864,727       (50,104,079 )     (49,239,352 )
NVIT Multi-Manager Large Cap Growth Fund
     83,468,307       424,969       (9,323,648 )     (8,898,679 )
NVIT Multi-Manager Large Cap Value Fund
     80,197,597       37,956       (8,006,109 )     (7,968,153 )
NVIT Multi-Manager Mid Cap Growth Fund
     145,821,825       1,268,688       (17,482,768 )     (16,214,080 )
NVIT Multi-Manager Mid Cap Value Fund
     281,177,480       6,331,275       (31,393,795 )     (25,062,520 )
NVIT Core Bond Fund
     75,677,097       350,596       (2,269,895 )     (1,919,299 )
Van Kampen NVIT Real Estate Fund
     7,259,990       170,524       (587,116 )     (416,592 )
Lehman Brothers NVIT Core Plus Bond Fund
     56,755,959       164,612       (1,955,666 )     (1,791,054 )
Neuberger Berman NVIT Multi Cap Opportunities Fund
     1,997,153       11,785       (422,076 )     (410,291 )
Neuberger Berman NVIT Socially Responsible Fund
     408,277,318       2,778,248       (45,662,214 )     (42,883,966 )
 
*   The differences between the book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral of losses on wash sales.

 

 

Financial Accounting Standards No. 157
                                                                 
                    Level 2 - Other Significant     Level 3 - Significant        
    Level 1 - Quoted Prices     Observable Inputs     Unobservable Inputs     Total  
    Investments     Other*     Investments     Other*     Investments     Other*     Investments     Other*  
NVIT Nationwide Fund
   $ 1,407,630,478     $ —     $ 34,226,694     $ —     $ —     $ —     $ 1,441,857,172     $ —  
NVIT Growth Fund
     134,315,197       —       3,360,848       —       —       —       137,676,045       —  
NVIT Government Bond Fund
     —       —       1,438,113,510       —       —       —       1,438,113,510       —  
NVIT Multi-Manager Small Company Fund
     462,298,136       —       87,003,773       —       1,936,112       —       551,238,021       —  
NVIT Money Market Fund
     —       —       2,617,055,538       —       —       —       2,617,055,538       —  
NVIT Money Market Fund II
     —       —       351,216,686       —       —       —       351,216,686       —  
JPMorgan NVIT Balanced Fund
     66,365,213       140,455       89,537,307       (30,911 )     —       —       155,902,520       109,544  
NVIT Mid Cap Growth Fund
     145,673,199       —       3,839,367       —       —       —       149,512,566       —  
Van Kampen NVIT Comstock Value Fund
     207,596,438       —       14,263,719       —       —       —       221,860,157       —  
Federated NVIT High Income Bond Fund
     44,635       —       162,142,727       —       —       —       162,187,362       —  
NVIT S&P500 Index Fund
     2,101,564,490       (308,635 )     120,627,141       —       —       —       2,222,191,631       (308,635 )
Van Kampen NVIT Multi Sector Bond Fund
     102       (1,360,674 )     211,738,240       203,320       —       —       211,738,342       (1,157,354 )
NVIT Multi-Manager Small Cap Value Fund
     357,328,509       (181,587 )     675,624       —       —       —       358,004,133       (181,587 )
NVIT Multi-Manager Small Cap Growth Fund
     88,136,496       —       12,903,676       —       —       —       101,040,172       —  
Gartmore NVIT Worldwide Leaders Fund
     14,508,487       —       16,683,829       —       —       —       31,192,316       —  
NVIT Mid Cap Index Fund
     1,099,872,046       (291,839 )     81,067,259       —       —       —       1,180,939,305       (291,839 )
NVIT Technology and Communications Fund
     25,964,490       —       7,451,626       —       —       —       33,416,116       —  
NVIT Health Sciences Fund
     65,329,716       —       222,283       —       —       —       65,551,999       —  
NVIT Nationwide Leaders Fund
     18,845,124       —       —       —       —       —       18,845,124       —  
Gartmore NVIT Emerging Markets Fund
     57,017,586       —       193,274,382       —       —       —       250,291,968       —  
Gartmore NVIT International Equity Fund
     11,079,689       —       64,828,718       —       —       —       75,908,407       —  
NVIT Multi-Manager International Value Fund
     15,026,544       —       291,404,178       (739,269 )     —       —       306,430,722       (739,269 )
NVIT Investor Destinations Aggressive Fund
     580,042,645       —       —       —       —       —       580,042,645       —  
NVIT Investor Destinations Moderately Aggressive Fund
     1,916,369,391       —       —       —       —       —       1,916,369,391       —  
NVIT Investor Destinations Moderate Fund
     2,594,011,509       —       —       —       —       —       2,594,011,509       —  
NVIT Investor Destinations Moderately Conservative Fund
     750,381,448       —       —       —       —       —       750,381,448       —  
NVIT Investor Destinations Conservative Fund
     343,533,607       —       —       —       —       —       343,533,607       —  
NVIT U.S. Growth Leaders Fund
     41,249,618       —       —       —       —       —       41,249,618       —  
Gartmore NVIT Global Utilities Fund
     11,291,398       —       23,507,926       —       —       —       34,799,324       —  
NVIT Global Financial Services Fund
     11,285,069       —       12,154,092       —       —       —       23,439,161       —  
Gartmore NVIT Developing Markets Fund
     36,853,640       —       136,175,586       —       —       —       173,029,226       —  
American Funds NVIT Growth Fund
     171,913,950       —       —       —       —       —       171,913,950       —  
American Funds NVIT Growth-Income Fund
     226,555,180       —       —       —       —       —       226,555,180       —  
American Funds NVIT Global Growth Fund
     100,105,022       —       —       —       —       —       100,105,022       —  
American Funds NVIT Asset Allocation Fund
     683,267,859       —       —       —       —       —       683,267,859       —  
American Funds NVIT Bond Fund
     318,264,755       —       —       —       —       —       318,264,755       —  
NVIT Bond Index
     —       —       1,463,214,930       —       —       —       1,463,214,930       —  
NVIT Enhanced Income
     —       —       214,320,920       —       —       —       214,320,920       —  
NVIT International Index
     3,945,223       (245,934 )     866,783,878       (172,113 )     —       —       870,729,101       (418,047 )
NVIT Small Cap Index
     282,864,244       (160,578 )     —       —       —       —       282,864,244       (160,578 )
NVIT Short Term Bond Fund
     —       —       76,898,985       —       —       —       76,898,985       —  
NVIT Cardinal Aggressive Fund
     6,565,472       —       —       —       —       —       6,565,472       —  
NVIT Cardinal Balanced Fund
     87,522,228       —       —       —       —       —       87,522,228       —  
NVIT Cardinal Capital Appreciation Fund
     90,346,454       —       —       —       —       —       90,346,454       —  
NVIT Cardinal Conservative Fund
     32,485,201       —       —       —       —       —       32,485,201       —  
NVIT Cardinal Moderate Fund
     78,042,614       —       —       —       —       —       78,042,614       —  
NVIT Cardinal Moderately Aggressive Fund
     77,447,245       —       —       —       —       —       77,447,245       —  
NVIT Cardinal Moderately Conservative Fund
     25,552,509       —       —       —       —       —       25,552,509       —  
NVIT Multi-Manager International Growth Fund
     70,114,242       —       219,820,569       —       —       —       289,934,811       —  
NVIT Multi-Manager Large Cap Growth Fund
     64,933,057       11,664       9,636,571       —       —       —       74,569,628       11,664  
NVIT Multi-Manager Large Cap Value Fund
     68,172,307       (6,265 )     4,057,137       10,145       —       —       72,229,444       3,880  
NVIT Multi-Manager Mid Cap Growth Fund
     120,237,665       —       9,370,080       —       —       —       129,607,745       —  
NVIT Multi-Manager Mid Cap Value Fund
     248,634,699       —       7,480,261       —       —       —       256,114,960       —  
NVIT Core Bond Fund
     —       —       73,757,798       —       —       —       73,757,798       —  
Van Kampen NVIT Real Estate Fund
     6,751,577       —       91,821       —       —       —       6,843,398       —  
Lehman Brothers NVIT Core Plus Bond Fund
     —       —       54,964,905       —       —       —       54,964,905       —  
Neuberger Berman NVIT Multi Cap Opportunities Fund
     1,557,912       —       28,950       —       —       —       1,586,862       —  
Neuberger Berman NVIT Socially Responsible Fund
     339,241,899       —       26,151,453       —       —       —       365,393,352       —  
 
                                                
Total
   $ 15,668,136,214     $ (2,403,393 )   $ 9,000,052,987     $ (728,828 )   $ 1,936,112     $ —     $ 24,670,125,313     $ (3,132,221 )
 
                                                
 
*   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.
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
                                 
    NVIT Multi-Manager Small   Federated NVIT High
    Company Fund   Income Bond
    Investments   Other Financial   Investments   Other Financial
    in Securities   Instruments*   in Securities   Instruments*
Balance as of 12/31/2007
   $ 584,294     $ —     $ 2     $ —  
Accrued Accretion / (Amortization)
     —       —       —       —  
Change in Unrealized Appreciation / (Depreciation)
     537,550       —       (2 )     —  
Net Purchase / (Sales)
     814,268       —       —       —  
Transfers In / (Out) of Level 3
     —       —       —       —  
         
Balance as of 9/30/2008
   $ 1,936,112     $ —     $ —     $ —  
         

 

 

Item 2. Controls and Procedures.
(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)).
Certifications pursuant to Rule 30a-2(a) are attached hereto.

 

 

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
(Registrant)   NATIONWIDE VARIABLE INSURANCE TRUST
 
        
By (Signature and Title)*
  /s/   JOSEPH FINELLI
 
  Name:   Joseph Finelli
 
  Title:   Treasurer & Principal Financial Officer
 
  Date:   December 1, 2008
     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
By (Signature and Title)*
  /s/   MICHAEL S. SPANGLER
 
  Name:   Michael S. Spangler
 
  Title:   Principal Executive Officer
 
  Date:   December 1, 2008
 
        
By (Signature and Title)*
  /s/   JOSEPH FINELLI
 
  Name:   Joseph Finelli
 
  Title:   Treasurer & Principal Financial Officer
 
  Date:   December 1, 2008
 
*   Print the name and title of each signing officer under his or her signature.