N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03213

NATIONWIDE VARIABLE INSURANCE TRUST

(Exact name of registrant as specified in charter)

1000 CONTINENTAL DRIVE, SUITE 400, KING OF PRUSSIA, PA
(Address of principal executive offices) 19406
(Zip code)

Eric E. Miller, Esq.
1000 Continental Drive
Suite 400
King of Prussia, Pennsylvania 19406
(Name and address of agent for service)

Registrant’s telephone number, including area code: (610) 230-2800

Date of fiscal year end: December 31, 2009

Date of reporting period: January 1, 2009 through June 30, 2009

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

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

Item 1. Reports to Stockholders.

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

NVIT Nationwide Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
8	Statement of Assets and Liabilities
9	Statement of Operations
10	Statements of Changes in Net Assets
12	Financial Highlights
14	Notes to Financial Statements
22	Supplemental Information
24	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-NAT (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Nationwide Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Nationwide Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,052.00		4.25		0.84
	Hypothetical	b		1,000.00		1,020.65		4.20		0.84
Class II	Actual			1,000.00		1,049.50		5.52		1.09
	Hypothetical	b		1,000.00		1,019.41		5.45		1.09
Class III	Actual			1,000.00		1,051.80		4.26		0.84
	Hypothetical	b		1,000.00		1,020.64		4.20		0.84
Class IV	Actual			1,000.00		1,052.00		4.25		0.84
	Hypothetical	b		1,000.00		1,020.65		4.20		0.84

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Nationwide Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	98	.1%
Repurchase Agreements	4	.0%
Liabilities in excess of other assets	(2	.1)%
	100	.0%

Top Industries
Oil, Gas & Consumable Fuels	8	.7%
Pharmaceuticals	5	.8%
Software	4	.6%
Food & Staples Retailing	4	.4%
Capital Markets	4	.2%
Computers & Peripherals	4	.2%
Health Care Providers & Services	4	.2%
Aerospace & Defense	3	.9%
Specialty Retail	3	.6%
Energy Equipment & Services	3	.4%
Other Industries*	53	.0%
	100	.0%

Top Holdings
Exxon Mobil Corp.	3	.3%
Johnson & Johnson	2	.6%
Microsoft Corp.	2	.6%
Philip Morris International, Inc.	2	.2%
Procter & Gamble Co. (The)	2	.2%
Gilead Sciences, Inc.	2	.0%
United Technologies Corp.	2	.0%
Oracle Corp.	2	.0%
JPMorgan Chase & Co.	2	.0%
PepsiCo, Inc.	1	.9%
Other Holdings*	77	.2%
	100	.0%

* For purposes of listing top holdings and industries, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Nationwide Fund

Common Stocks 98.1%
	Shares		Market Value
Aerospace & Defense 3.9%
Boeing Co.	73,300	$	3,115,250
Honeywell International, Inc.	91,200		2,863,680
ITT Corp.	253,800		11,294,100
Lockheed Martin Corp.	32,900		2,653,385
United Technologies Corp.	408,200		21,210,072
			41,136,487
Air Freight & Logistics 0.2%
FedEx Corp.	40,400		2,247,048
Auto Components 0.5%
BorgWarner, Inc.	143,200		4,887,416
Beverages 2.4%
Coca-Cola Co. (The)	102,600		4,923,774
PepsiCo, Inc.	372,700		20,483,592
			25,407,366
Biotechnology 2.4%
Amgen, Inc.*	74,700		3,954,618
Gilead Sciences, Inc.*	463,500		21,710,340
			25,664,958
Capital Markets 4.2%
Charles Schwab Corp. (The)	426,400		7,479,056
Franklin Resources, Inc.	37,800		2,721,978
Goldman Sachs Group, Inc. (The)	118,800		17,515,872
Morgan Stanley	142,400		4,059,824
State Street Corp.	208,700		9,850,640
T. Rowe Price Group, Inc.	68,300		2,846,061
			44,473,431
Chemicals 1.9%
E.I. Du Pont de Nemours & Co.	115,900		2,969,358
Eastman Chemical Co.	46,700		1,769,930
Monsanto Co.	83,500		6,207,390
Praxair, Inc.	131,800		9,367,026
			20,313,704
Commercial Banks 2.5%
PNC Financial Services Group, Inc.	76,000		2,949,560
Royal Bank of Canada	266,100		10,885,181
Wells Fargo & Co.	514,200		12,474,492
			26,309,233
Communications Equipment 3.2%
Cisco Systems, Inc.*	946,843		17,649,154
QUALCOMM, Inc.	357,900		16,177,080
			33,826,234
Computers & Peripherals 4.2%
Apple, Inc.*	51,800		7,377,874
Dell, Inc.*	277,300		3,807,329
EMC Corp.*	1,001,000		13,113,100
Hewlett-Packard Co.	184,000		7,111,600
International Business Machines Corp.	97,994		10,232,533
NCR Corp.*	174,900		2,069,067
			43,711,503
Consumer Finance 0.6%
Capital One Financial Corp.	293,300		6,417,404
Distributors 0.2%
Genuine Parts Co.	63,300		2,124,348
Diversified Financial Services 2.7%
Bank of America Corp.	590,635		7,796,382
JPMorgan Chase & Co.	609,843		20,801,745
			28,598,127
Diversified Telecommunication Services 2.3%
AT&T, Inc.	296,000		7,352,640
TELUS Corp.	357,617		9,487,045
Verizon Communications, Inc.	223,700		6,874,301
			23,713,986
Electric Utilities 1.9%
Edison International	93,700		2,947,802
Northeast Utilities	119,000		2,654,890
PPL Corp.	418,800		13,803,648
			19,406,340
Electrical Equipment 0.9%
Emerson Electric Co.	304,200		9,856,080
Electronic Equipment & Instruments 0.3%
Corning, Inc.	180,400		2,897,224
Energy Equipment & Services 3.4%
ENSCO International, Inc.	363,300		12,668,271
Halliburton Co.	157,300		3,256,110
Schlumberger Ltd.	370,800		20,063,988
			35,988,369
Food & Staples Retailing 4.4%
Costco Wholesale Corp.	51,900		2,371,830
CVS Caremark Corp.	586,420		18,689,205
Kroger Co. (The)	122,700		2,705,535
Safeway, Inc.	114,400		2,330,328
SYSCO Corp.	547,900		12,316,792
Wal-Mart Stores, Inc.	156,500		7,580,860
			45,994,550
Food Products 3.0%
Archer-Daniels-Midland Co.	78,000		2,088,060
Kellogg Co.	292,000		13,598,440

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Nationwide Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Food Products (continued)
Kraft Foods, Inc., Class A	608,500	$	15,419,390
			31,105,890
Health Care Equipment & Supplies 1.1%
St. Jude Medical, Inc.*	281,568		11,572,445
Health Care Providers & Services 4.2%
Aetna, Inc.	617,661		15,472,408
AmerisourceBergen Corp.	82,000		1,454,680
Express Scripts, Inc.*	51,500		3,540,625
McKesson Corp.	59,200		2,604,800
Medco Health Solutions, Inc.*	41,200		1,879,132
Quest Diagnostics, Inc.	248,200		14,005,926
UnitedHealth Group, Inc.	109,500		2,735,310
Universal Health Services, Inc., Class B	41,100		2,007,735
			43,700,616
Hotels, Restaurants & Leisure 0.4%
Starwood Hotels & Resorts Worldwide, Inc.	179,400		3,982,680
Household Durables 1.3%
Black & Decker Corp.	90,000		2,579,400
Toll Brothers, Inc.*	529,600		8,987,312
Whirlpool Corp.	49,800		2,119,488
			13,686,200
Household Products 2.2%
Procter & Gamble Co. (The)	452,190		23,106,909
Independent Power Producers & Energy Traders 0.3%
AES Corp. (The)*	253,400		2,941,974
Industrial Conglomerates 2.4%
3M Co.	291,000		17,489,100
General Electric Co.	665,715		7,802,180
			25,291,280
Information Technology Services 2.8%
Alliance Data Systems Corp.* (a)	252,500		10,400,475
Cognizant Technology Solutions Corp., Class A*	553,000		14,765,100
Computer Sciences Corp.*	53,600		2,374,480
SAIC, Inc.*	120,700		2,238,985
			29,779,040
Insurance 1.5%
Aflac, Inc.	179,500		5,580,655
MetLife, Inc.	334,034		10,024,360
			15,605,015
Internet Software & Services 0.5%
Google, Inc., Class A*	13,150		5,543,909
Leisure Equipment & Products 0.3%
Mattel, Inc.	165,500		2,656,275
Machinery 2.7%
Caterpillar, Inc.	81,500		2,692,760
Cummins, Inc.	103,900		3,658,319
Deere & Co.	247,029		9,868,809
Eaton Corp.	57,500		2,565,075
PACCAR, Inc.	287,200		9,336,872
			28,121,835
Media 1.8%
Comcast Corp., Class A	780,400		11,307,996
DISH Network Corp., Class A*	181,200		2,937,252
Walt Disney Co. (The)	190,300		4,439,699
			18,684,947
Metals & Mining 0.5%
Allegheny Technologies, Inc.	58,500		2,043,405
Nucor Corp.	62,400		2,772,432
			4,815,837
Multi-Utility 0.2%
CenterPoint Energy, Inc.	203,400		2,253,672
Multiline Retail 0.3%
J.C. Penney Co., Inc.	109,300		3,138,003
Natural Gas Utility 0.7%
Atmos Energy Corp.	84,500		2,115,880
UGI Corp.	184,900		4,713,101
			6,828,981
Oil, Gas & Consumable Fuels 8.7%
Apache Corp.	247,300		17,842,695
Chevron Corp.	139,544		9,244,790
ConocoPhillips	81,214		3,415,861
EOG Resources, Inc.	114,400		7,770,048
Exxon Mobil Corp.	489,643		34,230,942
Hess Corp.	201,470		10,829,012
Marathon Oil Corp.	64,900		1,955,437
Murphy Oil Corp.	82,700		4,492,264
Sunoco, Inc.	66,000		1,531,200
			91,312,249
Pharmaceuticals 5.8%
Abbott Laboratories	84,900		3,993,696
Bristol-Myers Squibb Co.	177,500		3,605,025
Johnson & Johnson	483,640		27,470,752
Merck & Co., Inc.	114,700		3,207,012
Pfizer, Inc.	1,041,901		15,628,515
Schering-Plough Corp.	96,400		2,421,568
Wyeth	99,300		4,507,227
			60,833,795

6 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Professional Services 0.8%
FTI Consulting, Inc.*	157,900	$	8,008,688
Real Estate Investment Trusts 0.4%
Plum Creek Timber Co., Inc. (a)	84,500		2,516,410
Rayonier, Inc.	52,700		1,915,645
			4,432,055
Road & Rail 1.0%
Canadian National Railway Co.	249,400		10,714,224
Semiconductors & Semiconductor Equipment 2.7%
Intel Corp.	1,038,668		17,189,955
NVIDIA Corp.*	644,500		7,276,405
Texas Instruments, Inc.	203,900		4,343,070
			28,809,430
Software 4.6%
Microsoft Corp.	1,136,894		27,023,970
Oracle Corp.	975,900		20,903,778
			47,927,748
Specialty Retail 3.6%
Best Buy Co., Inc.	85,100		2,849,999
Lowe’s Cos., Inc.	175,800		3,412,278
Staples, Inc.	501,040		10,105,977
TJX Cos., Inc.	408,400		12,848,264
Urban Outfitters, Inc.*	392,800		8,197,736
			37,414,254
Tobacco 2.2%
Philip Morris International, Inc.	538,300		23,480,646
Total Common Stocks (cost $1,031,133,244)			1,028,722,405

Repurchase Agreements 4.0%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $13,778,604, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $14,054,141	$	13,778,570	$	13,778,570
Morgan Stanley, 0.07%, dated 06/30/09, due 07/01/09, repurchase price $11,363,485, collateralized by U.S. Government Agency Mortgages ranging 3.50% – 8.50%, maturing 06/01/11 – 06/01/39; total market value of $11,590,732 (b)		11,363,463		11,363,463
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $6,745,459, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $6,880,359		6,745,450		6,745,450
Total Repurchase Agreements (cost $31,887,483)				31,887,483
Total Investments (cost $1,063,020,727) (c) — 102.1%				1,060,609,888
Liabilities in excess of other assets — (2.1)%				(12,694,052	)
NET ASSETS — 100.0%			$	1,047,915,836

*	Denotes a non-income producing security.
(a)	The security or a partial position of this security is on loan at June 30, 2009. The total value of securities on loan at June 30, 2009 was 11,110,973.
(b)	The security was purchased with cash collateral held from securities on loan (See Note 2). The total value of this security as of June 30, 2009 was $11,363,463.
(c)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

Ltd Limited

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT
	Nationwide Fund
Assets:
Investments, at value (cost $1,031,133,244)*	$	1,028,722,405
Repurchase agreements, at value and cost		31,887,483
Total Investments		1,060,609,888
Cash		50,920
Interest and dividends receivable		1,492,612
Receivable for capital shares issued		164,332
Prepaid expenses and other assets		15,271
Total Assets		1,062,333,023
Liabilities:
Payable for investments purchased		1,737,406
Payable upon return of securities loaned (Note 2)		11,363,463
Payable for capital shares redeemed		371,980
Accrued expenses and other payables:
Investment advisory fees		504,426
Fund administration fees		41,007
Distribution fees		66,734
Administrative services fees		146,816
Custodian fees		24,375
Trustee fees		3,034
Compliance program costs (Note 3)		20,949
Professional fees		50,598
Printing fees		73,462
Other		12,937
Total Liabilities		14,417,187
Net Assets	$	1,047,915,836
Represented by:
Capital	$	1,771,650,254
Accumulated undistributed net investment income		608,146
Accumulated net realized losses from investment and foreign currency transactions		(721,926,553	)
Net unrealized appreciation/(depreciation) from investments		(2,410,839	)
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		(5,172	)
Net Assets	$	1,047,915,836
Net Assets:
Class I Shares	$	638,161,197
Class II Shares		321,521,979
Class III Shares		368,931
Class IV Shares		87,863,729
Total	$	1,047,915,836
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		93,818,135
Class II Shares		47,479,567
Class III Shares		54,093
Class IV Shares		12,920,485
Total		154,272,280
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	6.80
Class II Shares	$	6.77
Class III Shares	$	6.82
Class IV Shares	$	6.80

* Includes value of securities on loan of 11,110,973 (note 2).

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT
	Nationwide Fund
INVESTMENT INCOME:
Interest income	$	6,679
Dividend income		11,360,713
Income from securities lending (Note 2)		100,550
Foreign tax withholding		(84,858	)
Total Income		11,383,084
EXPENSES:
Investment advisory fees		2,803,712
Fund administration fees		235,291
Distribution fees Class II Shares		364,115
Administrative services fees Class I Shares		443,924
Administrative services fees Class II Shares		218,638
Administrative services fees Class III Shares		279
Administrative services fees Class IV Shares		61,180
Custodian fees		31,813
Trustee fees		20,493
Compliance program costs (Note 3)		5,249
Professional fees		92,710
Printing fees		82,559
Other		38,881
Total expenses before earnings credit		4,398,844
Earnings credit (Note 5)		(4	)
Net Expenses		4,398,840
NET INVESTMENT INCOME		6,984,244
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(130,425,285	)
Net realized gains from foreign currency transactions		993
Net realized losses from investment and foreign currency transactions		(130,424,292	)
Net change in unrealized appreciation/(depreciation) from investments		172,929,657
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		(7,052	)
Net change in unrealized appreciation/(depreciation) from investments and foreign currency translations		172,922,605
Net realized/unrealized losses from investments and foreign currency translations		42,498,313
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	49,482,557

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statements of Changes in Net Assets

	NVIT Nationwide Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	6,984,244		$	21,808,702
Net realized losses from investment and foreign currency transactions		(130,424,292	)		(545,947,041	)
Net change in unrealized appreciation/(depreciation) from investments and foreign currency translations		172,922,605			(226,541,620	)
Change in net assets resulting from operations		49,482,557			(750,679,959	)
Distributions to Shareholders From:
Net investment income:
Class I		(5,114,080	)		(13,887,512	)
Class II		(2,234,298	)		(4,712,233	)
Class III		(3,006	)		(16,042	)
Class IV		(707,518	)		(1,870,511	)
Net realized gains:
Class I		–			(158,802,771	)
Class II		–			(66,029,975	)
Class III		–			(172,036	)
Class IV		–			(21,297,402	)
Change in net assets from shareholder distributions		(8,058,902	)		(266,788,482	)
Change in net assets from capital transactions		(6,693,841	)		183,543,600
Change in net assets		34,729,814			(833,924,841	)
Net Assets:
Beginning of period		1,013,186,022			1,847,110,863
End of period	$	1,047,915,836		$	1,013,186,022
Accumulated undistributed net investment income at end of period	$	608,146		$	1,682,804
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	3,989,142		$	5,067,006
Dividends reinvested		5,114,080			172,690,283
Cost of shares redeemed		(38,118,598	)		(147,099,203	)
Total Class I		(29,015,376	)		30,658,086
Class II Shares
Proceeds from shares issued		36,667,342			92,369,626
Dividends reinvested		2,234,298			70,742,208
Cost of shares redeemed		(12,825,267	)		(20,713,794	)
Total Class II		26,076,373			142,398,040
Class III Shares
Proceeds from shares issued		22,764			924,845
Dividends reinvested		3,006			188,078
Cost of shares redeemed (a)		(95,166	)		(1,292,303	)
Total Class III		(69,396	)		(179,380	)

Amounts designated as “–” are zero or have been rounded to zero.

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

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

	NVIT Nationwide Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
CAPITAL TRANSACTIONS: (continued)
Class IV Shares
Proceeds from shares issued	$	1,453,197		$	3,351,933
Dividends reinvested		707,518			23,167,913
Cost of shares redeemed		(5,846,157	)		(15,852,992	)
Total Class IV		(3,685,442	)		10,666,854
Change in net assets from capital transactions	$	(6,693,841	)	$	183,543,600
SHARE TRANSACTIONS:
Class I Shares
Issued		656,767			510,067
Reinvested		823,353			18,514,665
Redeemed		(6,289,406	)		(14,074,000	)
Total Class I Shares		(4,809,286	)		4,950,732
Class II Shares
Issued		5,960,315			7,984,696
Reinvested		362,369			7,627,096
Redeemed		(2,133,302	)		(2,350,411	)
Total Class II Shares		4,189,382			13,261,381
Class III Shares
Issued		3,502			74,566
Reinvested		484			19,966
Redeemed		(16,242	)		(126,507	)
Total Class III Shares		(12,256	)		(31,975	)
Class IV Shares
Issued		239,792			352,680
Reinvested		114,045			2,484,303
Redeemed		(941,767	)		(1,512,680	)
Total Class IV Shares		(587,930	)		1,324,303
Total change in shares		(1,220,090	)		19,504,441

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Financial Highlights

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

NVIT Nationwide Fund

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)			Turnover (c)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.52		0	.04		0	.29		0	.33		(0	.05)		–			(0	.05)		–	$	6	.80		5	.20%	$	638,161,197		0	.84%		1	.52%		0	.84%(d)		41	.97%
Year Ended December 31, 2008	$	13	.59		0	.16		(5	.22)		(5	.06)		(0	.15)		(1	.86)		(2	.01)		–	$	6	.52		(41	.55%)	$	643,454,394		0	.82%		1	.50%		0	.82%(d)		373	.58%
Year Ended December 31, 2007	$	13	.32		0	.16		0	.93		1	.09		(0	.15)		(0	.67)		(0	.82)		–	$	13	.59		8	.18%	$	1,273,466,977		0	.79%		1	.08%		0	.79%(e)		377	.04%
Year Ended December 31, 2006	$	11	.85		0	.14		1	.47		1	.61		(0	.14)		–			(0	.14)		–	$	13	.32		13	.63%	$	1,484,346,294		0	.82%		1	.08%		0	.82%(d)		222	.16%
Year Ended December 31, 2005	$	11	.13		0	.10		0	.72		0	.82		(0	.10)		–			(0	.10)		–	$	11	.85		7	.44%	$	1,506,357,815		0	.83%		0	.88%		0	.83%(d)		179	.84%
Year Ended December 31, 2004	$	10	.27		0	.12		0	.88		1	.00		(0	.14)		–			(0	.14)		–	$	11	.13		9	.75%	$	1,402,753,414		0	.83%		1	.07%		0	.83%(d)		131	.43%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.50		0	.04		0	.28		0	.32		(0	.05)		–			(0	.05)		–	$	6	.77		4	.95%	$	321,521,979		1	.09%		1	.27%		1	.09%(d)		41	.97%
Year Ended December 31, 2008	$	13	.54		0	.14		(5	.19)		(5	.05)		(0	.13)		(1	.86)		(1	.99)		–	$	6	.50		(41	.61%)	$	281,190,716		1	.05%		1	.30%		1	.05%(d)		373	.58%
Year Ended December 31, 2007	$	13	.28		0	.11		0	.94		1	.05		(0	.12)		(0	.67)		(0	.79)		–	$	13	.54		7	.89%	$	406,704,896		1	.07%		0	.83%		1	.08%(e)		377	.04%
Year Ended December 31, 2006	$	11	.82		0	.10		1	.48		1	.58		(0	.12)		–			(0	.12)		–	$	13	.28		13	.40%	$	187,747,190		1	.06%		0	.88%		1	.06%(d)		222	.16%
Year Ended December 31, 2005	$	11	.12		0	.07		0	.71		0	.78		(0	.08)		–			(0	.08)		–	$	11	.82		7	.04%	$	24,550,224		1	.08%		0	.66%		1	.08%(d)		179	.84%
Year Ended December 31, 2004	$	10	.26		0	.08		0	.89		0	.97		(0	.11)		–			(0	.11)		–	$	11	.12		9	.53%	$	11,210,366		1	.08%		0	.95%		1	.08%(d)		131	.43%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	There were no fee reductions during the period.
(e)	During the period, certain fees were waived and/or reimbursed. If such waiver/reimbursements had not occurred, the ratios would have been as indicated.

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

Financial Highlights

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

NVIT Nationwide Fund (Continued)

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)			Turnover (c)
Class III Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.54		0	.05		0	.28		0	.33		(0	.05)		–			(0	.05)		–	$	6	.82		5	.18%	$	368,931		0	.84%		1	.58%		0	.84%(d)		41	.97%
Year Ended December 31, 2008	$	13	.62		0	.18		(5	.24)		(5	.06)		(0	.16)		(1	.86)		(2	.02)		–	$	6	.54		(41	.54%)	$	434,001		0	.79%		1	.47%		0	.79%(d)		373	.58%
Year Ended December 31, 2007	$	13	.34		0	.14		0	.95		1	.09		(0	.14)		(0	.67)		(0	.81)		–	$	13	.62		8	.22%	$	1,339,269		0	.81%		1	.04%		0	.81%(e)		377	.04%
Year Ended December 31, 2006	$	11	.86		0	.13		1	.49		1	.62		(0	.14)		–			(0	.14)		–	$	13	.34		13	.71%	$	1,780,755		0	.82%		1	.02%		0	.82%(d)		222	.16%
Year Ended December 31, 2005	$	11	.15		0	.09		0	.73		0	.82		(0	.11)		–			(0	.11)		–	$	11	.86		7	.35%	$	1,594,526		0	.83%		0	.86%		0	.83%(d)		179	.84%
Year Ended December 31, 2004	$	10	.28		0	.11		0	.89		1	.00		(0	.13)		–			(0	.13)		–	$	11	.15		9	.84%	$	847,020		0	.83%		1	.05%		0	.83%(d)		131	.43%
Class IV Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.52		0	.04		0	.29		0	.33		(0	.05)		–			(0	.05)		–	$	6	.80		5	.20%	$	87,863,729		0	.84%		1	.52%		0	.84%(d)		41	.97%
Year Ended December 31, 2008	$	13	.59		0	.17		(5	.22)		(5	.05)		(0	.16)		(1	.86)		(2	.02)		–	$	6	.52		(41	.55%)	$	88,106,911		0	.81%		1	.51%		0	.81%(d)		373	.58%
Year Ended December 31, 2007	$	13	.32		0	.15		0	.94		1	.09		(0	.15)		(0	.67)		(0	.82)		–	$	13	.59		8	.18%	$	165,599,721		0	.80%		1	.08%		0	.80%(e)		377	.04%
Year Ended December 31, 2006	$	11	.85		0	.14		1	.47		1	.61		(0	.14)		–			(0	.14)		–	$	13	.32		13	.63%	$	166,541,627		0	.82%		1	.09%		0	.82%(d)		222	.16%
Year Ended December 31, 2005	$	11	.13		0	.10		0	.72		0	.82		(0	.10)		–			(0	.10)		–	$	11	.85		7	.44%	$	162,547,141		0	.83%		0	.86%		0	.83%(d)		179	.84%
Year Ended December 31, 2004	$	10	.27		0	.12		0	.88		1	.00		(0	.14)		–			(0	.14)		–	$	11	.13		9	.75%	$	167,050,976		0	.83%		1	.06%		0	.83%(d)		131	.43%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	There were no fee reductions during the period.
(e)	During the period, certain fees were waived and/or reimbursed. If such waiver/reimbursements had not occurred, the ratios would have been as indicated.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Nationwide Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

14 Semiannual Report 2009

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009 are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stocks	$	1,028,722,405	$	—	$	—	$	1,028,722,405
Repurchse Aggreements		—		31,887,483		—		31,887,483
Total	$	1,028,722,405	$	31,887,483	$	—	$	1,060,609,888

Amounts designated as “—” are zero.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

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

(d)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(e)        Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the contract amount. Subsequent payments, known as “variation margin” payments, are made each day, depending on the daily fluctuations

16 Semiannual Report 2009

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

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

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets. For the period ended June 30, 2009, the Fund did not hold any futures contracts.

(f)        Security Transactions and Investment Income

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

(g)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receive payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2009, the Fund had securities with the following value on loan:

Value of Loaned Securities		Value of Collateral
$	11,110,973	$	11,363,463

(h)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(i)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 and 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Aberdeen Asset Management, Inc. (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

18 Semiannual Report 2009

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
Up to $250 million		0.60%
$250 million up to $1 billion		0.575%
$1 billion up to $2 billion		0.55%
$2 billion up to $5 billion		0.525%
$5 billion and more		0.50%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $1,400,434 for the six months ended June 30, 2009.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

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

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II shares of the Fund. NFD is a majority-owned subsidiary of NFSDI.

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

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II, and Class III shares of the Fund and 0.20% of the average daily net assets of Class IV of the Fund.

For the six months ended June 30, 2009, NFS received $712,267 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $5,249.

4. Short-Term Trading Fees

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

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $88 from Class III.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $3,285 from Class III.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

20 Semiannual Report 2009

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $398,450,591 and sales of $404,311,091 (excluding short-term securities).

7. Indemnifications

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

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	1,109,521,479	$	81,985,109	$	(130,896,700)	$	(48,911,591)

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 21

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

22 Semiannual Report 2009

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Aberdeen Asset Management (“Aberdeen”), the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for each of the one-, three-, and five-year periods ended September 30, 2008, the Fund’s performance for Class II shares placed it in the fourth quintile of its peer group and below the performance of the Fund’s benchmark, the S&P 500^® Index. In this regard, the Trustees noted that Aberdeen had replaced the lead portfolio manager for the Fund’s fundamental sleeves with the Aberdeen Equity Team effective October 28, 2008. The Trustees reviewed the qualifications and experience of the members of the Aberdeen Equity Team as well as the Aberdeen Equity Team’s historical performance track record managing investment strategies similar to the Fund. The Trustees considered the Aberdeen Equity Team’s overall track record with respect to this type of fund.

The Trustees noted that the Fund’s contractual advisory fee and actual advisory fee for Class II shares were both in the third quintile and slightly above the median of its peer group. The Trustees also noted that, although the Fund’s total expenses (including 12b-1 and administrative service fees) were in the fifth quintile of its peer group, total expenses (excluding 12b-1 and administrative service fees) were in the second quintile of its peer universe. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the advisory fee schedule includes breakpoints, and that the second breakpoint has been reached. The Trustees concluded that the shareholders of the Fund have appropriately benefited from economies of scale under the proposed advisory fee schedule, in light of such breakpoints.

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

2009 Semiannual Report 23

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

24 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 25

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A

26 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 27

NVIT Growth Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
8	Statement of Assets and Liabilities
9	Statement of Operations
10	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements
19	Supplemental Information
21	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-GR (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Growth Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Growth Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,108.90		4.64		0.89
	Hypothetical	b		1,000.00		1,020.39		4.46		0.89
Class IV	Actual			1,000.00		1,108.90		4.64		0.89
	Hypothetical	b		1,000.00		1,020.39		4.46		0.89

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Growth Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	98	.8%
Repurchase Agreements	0	.6%
Other assets in excess of liabilities	0	.6%
	100	.0%

Top Industries
Computers & Peripherals	8	.8%
Software	7	.7%
Communications Equipment	6	.1%
Pharmaceuticals	5	.9%
Semiconductors & Semiconductor Equipment	5	.1%
Hotels, Restaurants & Leisure	4	.5%
Specialty Retail	4	.4%
Food & Staples Retailing	4	.3%
Health Care Equipment & Supplies	3	.9%
Capital Markets	3	.4%
Other Industries*	45	.9%
	100	.0%

Top Holdings
Microsoft Corp	3	.1%
Apple, Inc.	3	.1%
PepsiCo, Inc.	2	.8%
Oracle Corp.	2	.8%
Hewlett-Packard Co.	2	.7%
Wal-Mart Stores, Inc.	2	.5%
Google, Inc., Class A	2	.5%
QUALCOMM, Inc.	2	.5%
Cisco Systems, Inc.	2	.5%
Gilead Sciences, Inc.	2	.1%
Other Holdings*	73	.4%
	100	.0%

* For purposes of listing top holdings and industries, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Growth Fund

Common Stocks 98.8%
	Shares		Market Value
Aerospace & Defense 2.6%
Alliant Techsystems, Inc.*	3,700	$	304,732
Honeywell International, Inc.	40,200		1,262,280
Raytheon Co.	19,550		868,607
United Technologies Corp.	8,170		424,513
			2,860,132
Beverages 3.1%
Coca-Cola Co. (The)	6,110		293,219
PepsiCo, Inc.	56,070		3,081,607
			3,374,826
Biotechnology 2.7%
Biogen Idec, Inc.*	5,900		266,385
Cephalon, Inc.*	7,580		429,407
Gilead Sciences, Inc.*	48,090		2,252,536
			2,948,328
Capital Markets 3.4%
BlackRock, Inc.	2,350		412,237
Charles Schwab Corp. (The)	61,400		1,076,956
Goldman Sachs Group, Inc. (The)	7,580		1,117,595
Northern Trust Corp.	5,750		308,660
State Street Corp.	11,890		561,208
TD Ameritrade Holding Corp.*	10,400		182,416
			3,659,072
Chemicals 3.2%
Air Products & Chemicals, Inc.	12,400		800,916
Monsanto Co.	14,026		1,042,693
Praxair, Inc.	15,050		1,069,603
Valspar Corp.	24,850		559,871
			3,473,083
Communications Equipment 6.1%
Brocade Communications Systems, Inc.*	107,100		837,522
Cisco Systems, Inc.*	144,830		2,699,631
QUALCOMM, Inc.	59,870		2,706,124
Research In Motion Ltd.*	6,700		476,035
			6,719,312
Computers & Peripherals 8.8%
Apple, Inc.*	23,850		3,396,955
Dell, Inc.*	40,150		551,260
EMC Corp.*	69,800		914,380
Hewlett-Packard Co.	75,840		2,931,216
International Business Machines Corp.	7,200		751,824
Synaptics, Inc.*	21,150		817,447
Western Digital Corp.*	7,900		209,350
			9,572,432
Diversified Financial Services 1.0%
JPMorgan Chase & Co.	31,350		1,069,349
Electrical Equipment 2.1%
Ametek, Inc.	25,875		894,758
Emerson Electric Co.	28,400		920,160
First Solar, Inc.*	3,250		526,890
			2,341,808
Electronic Equipment & Instruments 0.9%
Corning, Inc.	19,650		315,579
FLIR Systems, Inc.*	31,400		708,384
			1,023,963
Energy Equipment & Services 3.0%
Cameron International Corp.*	18,400		520,720
Schlumberger Ltd.	20,100		1,087,611
Transocean Ltd.*	15,885		1,180,097
Weatherford International Ltd.*	27,700		541,812
			3,330,240
Food & Staples Retailing 4.3%
CVS Caremark Corp.	56,579		1,803,173
Wal-Mart Stores, Inc.	57,060		2,763,986
Walgreen Co.	5,700		167,580
			4,734,739
Food Products 1.0%
Kellogg Co.	23,700		1,103,709
Health Care Equipment & Supplies 3.9%
Baxter International, Inc.	42,060		2,227,498
Medtronic, Inc.	14,300		498,927
St. Jude Medical, Inc.*	36,450		1,498,095
			4,224,520
Health Care Providers & Services 2.8%
Aetna, Inc.	21,600		541,080
Express Scripts, Inc.*	13,050		897,187
Medco Health Solutions, Inc.*	14,300		652,223
Quest Diagnostics, Inc.	17,000		959,310
			3,049,800
Hotels, Restaurants & Leisure 4.5%
Darden Restaurants, Inc.	32,350		1,066,903
International Game Technology	14,200		225,780
McDonald’s Corp.	23,250		1,336,642
Starwood Hotels & Resorts Worldwide, Inc.	45,600		1,012,320
WMS Industries, Inc.*	41,088		1,294,683
			4,936,328
Household Products 2.3%
Clorox Co.	5,250		293,107
Colgate-Palmolive Co.	20,800		1,471,392

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Growth Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Household Products (continued)
Energizer Holdings, Inc.*	3,750	$	195,900
Procter & Gamble Co. (The)	10,770		550,347
			2,510,746
Industrial Conglomerate 0.4%
3M Co.	6,900		414,690
Information Technology Services 2.2%
Cognizant Technology Solutions Corp., Class A*	21,520		574,584
Paychex, Inc.	20,000		504,000
SAIC, Inc.*	11,700		217,035
Visa, Inc., Class A	17,710		1,102,625
			2,398,244
Internet & Catalog Retail 0.2%
Amazon.com, Inc.*	2,600		217,516
Internet Software & Services 2.5%
Google, Inc., Class A*	6,450		2,719,255
Leisure Equipment & Products 0.2%
Hasbro, Inc.	9,700		235,128
Life Sciences Tools & Services 1.6%
Covance, Inc.*	11,400		560,880
Mettler-Toledo International, Inc.*	2,750		212,163
Thermo Fisher Scientific, Inc.*	24,250		988,672
			1,761,715
Machinery 2.7%
Deere & Co.	24,200		966,790
Joy Global, Inc.	22,400		800,128
PACCAR, Inc.	7,400		240,574
SPX Corp.	20,050		981,848
			2,989,340
Media 0.8%
Comcast Corp., Class A	46,500		673,785
Marvel Entertainment, Inc.*	4,650		165,494
			839,279
Metals & Mining 0.9%
Alcoa, Inc.	22,050		227,777
Freeport-McMoRan Copper & Gold, Inc.	4,300		215,473
Nucor Corp.	11,614		516,010
			959,260
Multiline Retail 0.8%
Target Corp.	20,750		819,003
Oil, Gas & Consumable Fuels 2.9%
Apache Corp.	11,860		855,699
Hess Corp.	20,300		1,091,125
Peabody Energy Corp.	15,600		470,496
Range Resources Corp.	19,350		801,283
			3,218,603
Pharmaceuticals 5.9%
Abbott Laboratories	42,000		1,975,680
Allergan, Inc.	14,050		668,499
Bristol-Myers Squibb Co.	77,600		1,576,056
Johnson & Johnson	34,900		1,982,320
Schering-Plough Corp.	8,500		213,520
			6,416,075
Professional Services 0.4%
FTI Consulting, Inc.*	8,500		431,120
Road & Rail 1.9%
Canadian National Railway Co.	13,300		571,368
Con-way, Inc.	19,600		692,076
Union Pacific Corp.	15,900		827,754
			2,091,198
Semiconductors & Semiconductor Equipment 5.1%
Altera Corp.	14,200		231,176
Applied Materials, Inc.	49,650		544,660
Intel Corp.	125,380		2,075,039
Marvell Technology Group Ltd.*	87,450		1,017,918
MEMC Electronic Materials, Inc.*	15,950		284,070
Silicon Laboratories, Inc.*	22,600		857,444
Texas Instruments, Inc.	27,900		594,270
			5,604,577
Software 7.7%
Adobe Systems, Inc.*	27,700		783,910
McAfee, Inc.*	28,900		1,219,291
Microsoft Corp.	143,160		3,402,913
Oracle Corp.	142,300		3,048,066
			8,454,180
Specialty Retail 4.4%
Advance Auto Parts, Inc.	18,650		773,788
Aeropostale, Inc.*	25,800		884,166
GameStop Corp., Class A*	22,400		493,024
Gap, Inc. (The)	12,750		209,100
Lowe’s Cos., Inc.	70,100		1,360,641
Staples, Inc.	26,500		534,505
Urban Outfitters, Inc.*	26,400		550,968
			4,806,192
Tobacco 1.8%
Philip Morris International, Inc.	44,700		1,949,814

6 Semiannual Report 2009

Common Stocks (continued)
		Shares		Market Value
Trading Companies & Distributors 0.7%
W.W. Grainger, Inc.		9,600	$	786,048
Total Common Stocks (cost $107,107,870)				108,043,624
Repurchase Agreements 0.6%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $440,900, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $449,717	$	440,899	$	440,899
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $215,847, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $220,164	$	215,847		215,847
Total Repurchase Agreements (cost $656,746)				656,746
Total Investments (cost $107,764,616) (a) — 99.4%				108,700,370
Other assets in excess of liabilities — 0.6%				666,661
NET ASSETS — 100.0%			$	109,367,031

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

Ltd Limited

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT
	Growth Fund
Assets:
Investments, at value (cost $107,107,870)	$	108,043,624
Repurchase agreements, at value and cost		656,746
Total Investments		108,700,370
Cash		2,715
Interest and dividends receivable		88,016
Receivable for capital shares issued		42,691
Receivable for investments sold		5,831,270
Prepaid expenses and other assets		1,565
Total Assets		114,666,627
Liabilities:
Payable for investments purchased		5,081,854
Payable for capital shares redeemed		116,291
Accrued expenses and other payables:
Investment advisory fees		54,197
Fund administration fees		4,256
Administrative services fees		14,805
Custodian fees		641
Compliance program costs (Note 3)		669
Professional fees		5,545
Printing fees		20,106
Other		1,232
Total Liabilities		5,299,596
Net Assets	$	109,367,031
Represented by:
Capital	$	413,431,361
Accumulated undistributed net investment income		14,112
Accumulated net realized losses from investment transactions		(305,014,196	)
Net unrealized appreciation/(depreciation) from investments		935,754
Net Assets	$	109,367,031
Net Assets:
Class I Shares	$	89,435,894
Class IV Shares		19,931,137
Total	$	109,367,031
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		9,130,894
Class IV Shares		2,035,187
Total		11,166,081
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	9.79
Class IV Shares	$	9.79

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT
	Growth Fund
INVESTMENT INCOME:
Interest income	$	438
Dividend income		736,544
Foreign tax withholding		(458	)
Total Income		736,524
EXPENSES:
Investment advisory fees		305,202
Fund administration fees		24,816
Administrative services fees Class I Shares		62,319
Administrative services fees Class IV Shares		13,997
Custodian fees		1,828
Trustee fees		1,648
Compliance program costs (Note 3)		694
Professional fees		9,983
Printing fees		26,251
Other		5,610
Total expenses before earnings credit		452,348
Earnings credit (Note 4)		(41	)
Net Expenses		452,307
NET INVESTMENT INCOME		284,217
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(14,927,520	)
Net change in unrealized appreciation/(depreciation) from investments		25,294,354
Net realized/unrealized losses from investments		10,366,834
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,651,051

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statements of Changes in Net Assets

	NVIT Growth Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	284,217		$	507,573
Net realized losses from investment		(14,927,520	)		(30,426,905	)
Net change in unrealized appreciation/(depreciation) from investments		25,294,354			(42,394,786	)
Change in net assets resulting from operations		10,651,051			(72,314,118	)
Distributions to Shareholders From:
Net investment income:
Class I		(298,719	)		(348,350	)
Class IV		(67,339	)		(70,682	)
Change in net assets from shareholder distributions		(366,058	)		(419,032	)
Change in net assets from capital transactions		(5,803,610	)		(29,454,604	)
Change in net assets		4,481,383			(102,187,754	)
Net Assets:
Beginning of period		104,885,648			207,073,402
End of period	$	109,367,031		$	104,885,648
Accumulated undistributed net investment income at end of period	$	14,112		$	95,953
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	2,583,283		$	2,484,025
Dividends reinvested		298,719			348,350
Cost of shares redeemed		(7,561,870	)		(29,166,505	)
Total Class I		(4,679,868	)		(26,334,130	)
Class IV Shares
Proceeds from shares issued		559,263			1,265,138
Dividends reinvested		67,339			70,682
Cost of shares redeemed		(1,750,344	)		(4,456,294	)
Total Class IV		(1,123,742	)		(3,120,474	)
Change in net assets from capital transactions	$	(5,803,610	)	$	(29,454,604	)
SHARE TRANSACTIONS:
Class I Shares
Issued		280,039			209,117
Reinvested		33,009			32,202
Redeemed		(858,275	)		(2,423,878	)
Total Class I Shares		(545,227	)		(2,182,559	)
Class IV Shares
Issued		63,358			112,760
Reinvested		7,447			6,641
Redeemed		(197,276	)		(379,160	)
Total Class IV Shares		(126,471	)		(259,759	)
Total change in shares		(671,698	)		(2,442,318	)

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Financial Highlights

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

NVIT Growth Fund

				Operations									Distributions												Ratios / Supplemental Data
							Net Realized																										Ratio of
							and																							Ratio of Net			Expenses
	Net Asset						Unrealized																				Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Total			Value, End			Total			at End		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Distributions			of Period			Return (a)			of Period		Net Assets (b)			Net Assets (b)			Net Assets (b)			Turnover (c)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	8	.86		0	.02		0	.94		0	.96		(0	.03)		(0	.03)	$	9	.79		10	.89%	$	89,435,894		0	.89%		0	.56%		0	.89%(d)		85	.85%
Year Ended December 31, 2008	$	14	.50		0	.04		(5	.65)		(5	.61)		(0	.03)		(0	.03)	$	8	.86		(38	.71%)	$	85,735,294		0	.85%		0	.33%		0	.85%(d)		209	.42%
Year Ended December 31, 2007	$	12	.15		0	.02		2	.35		2	.37		(0	.02)		(0	.02)	$	14	.50		19	.54%	$	171,965,942		0	.86%		0	.17%		0	.86%(e)		244	.42%
Year Ended December 31, 2006	$	11	.45		0	.01		0	.70		0	.71		(0	.01)		(0	.01)	$	12	.15		6	.17%	$	171,610,375		0	.87%		0	.04%		0	.87%(d)		294	.57%
Year Ended December 31, 2005	$	10	.76		0	.01		0	.69		0	.70		(0	.01)		(0	.01)	$	11	.45		6	.50%	$	199,445,881		0	.87%		0	.05%		0	.87%(d)		275	.31%
Year Ended December 31, 2004	$	9	.98		0	.02		0	.79		0	.81		(0	.03)		(0	.03)	$	10	.76		8	.16%	$	224,300,888		0	.85%		0	.26%		0	.85%(d)		282	.41%
Class IV Shares
Six Months Ended June 30, 2009 (Unaudited)	$	8	.86		0	.02		0	.94		0	.96		(0	.03)		(0	.03)	$	9	.79		10	.89%	$	19,931,137		0	.89%		0	.56%		0	.89%(d)		85	.85%
Year Ended December 31, 2008	$	14	.50		0	.04		(5	.65)		(5	.61)		(0	.03)		(0	.03)	$	8	.86		(38	.72%)	$	19,150,354		0	.86%		0	.31%		0	.86%(d)		209	.42%
Year Ended December 31, 2007	$	12	.15		0	.03		2	.35		2	.38		(0	.03)		(0	.03)	$	14	.50		19	.56%	$	35,107,460		0	.84%		0	.18%		0	.85%(e)		244	.42%
Year Ended December 31, 2006	$	11	.45		0	.01		0	.70		0	.71		(0	.01)		(0	.01)	$	12	.15		6	.17%	$	33,938,770		0	.87%		0	.05%		0	.87%(d)		294	.57%
Year Ended December 31, 2005	$	10	.76		0	.01		0	.69		0	.70		(0	.01)		(0	.01)	$	11	.45		6	.50%	$	36,208,702		0	.87%		0	.05%		0	.87%(d)		275	.31%
Year Ended December 31, 2004	$	9	.98		0	.02		0	.79		0	.81		(0	.03)		(0	.03)	$	10	.76		8	.16%	$	38,066,848		0	.85%		0	.27%		0	.85%(d)		282	.41%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	There were no fee reductions during the period.
(e)	During the period, certain fees were waived and/or reimbursed. If such waiver/reimbursements had not occurred, the ratios would have been as indicated.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Growth Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

12 Semiannual Report 2009

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009 are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stock	$	108,043,624	$	—	$	—	$	108,043,624
Repurchase Agreements		—		656,746		—		656,746
Total	$	108,043,624	$	656,746	$	—	$	108,700,370

Amounts designated as “—” are zero.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

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

(d)        Security Transactions and Investment Income

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

(e)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies

14 Semiannual Report 2009

the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. As of June 30, 2009, the Fund did not have Securities on Loan.

(f)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(g)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 and 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Aberdeen Asset Management, Inc. (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
Up to $250 million		0.60%
$250 million up to $1 billion		0.575%
$1 billion up to $2 billion		0.55%
$2 billion up to $5 billion		0.525%
$5 billion and more		0.50%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $176,542 for the six months ended June 30, 2009.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

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

16 Semiannual Report 2009

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

For the six months ended June 30, 2009, NFS received $75,404 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $694.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $87,153,567 and sales of $93,237,434(excluding short-term securities).

6. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

7. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

8. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

							Net
							Unrealized
		Unrealized		Unrealized			Appreciation
Tax Cost of Securities		Appreciation		Depreciation			(Depreciation)
$	116,005,763	$	5,808,838	$	(13,114,231	)	$	(7,305,393	)

9. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

18 Semiannual Report 2009

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to

2009 Semiannual Report 19

Supplemental Information (Continued)

(Unaudited)

the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Aberdeen Asset Management, the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for each of the one-, three-, and five-year periods ended September 30, 2008, the Fund’s performance for Class I shares was in the first, second, and first quintiles of its peer group, respectively. With respect to the one-year period ended September 30, 2008, the Fund underperformed its benchmark, the Russell 1000 Growth Index, but outperformed the benchmark for the three- and five-year periods ended September 30, 2008.

The Trustees noted that the Fund’s contractual advisory fee for Class I shares was in the first quintile of its peer group, while the Fund’s actual advisory fee was in the second quintile of its peer group. The Trustees also noted that the Fund’s total expenses were in the first quintile of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the breakpoints included in the Fund’s proposed investment advisory fee schedule are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

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

20 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 21

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

22 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, whichincludes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

24 Semiannual Report 2009

NVIT Government Bond Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements
20	Supplemental Information
22	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-GB (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Government Bond Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
NVIT Government			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Bond Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,004.30		3.61		0.73
	Hypothetical	b		1,000.00		1,021.20		3.64		0.73
Class II	Actual			1,000.00		1,003.10		4.85		0.98
	Hypothetical	b		1,000.00		1,019.96		4.90		0.98
Class III	Actual			1,000.00		1,004.30		3.60		0.73
	Hypothetical	b		1,000.00		1,021.20		3.64		0.73
Class IV	Actual			1,000.00		1,005.10		3.61		0.73
	Hypothetical	b		1,000.00		1,021.20		3.64		0.73

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Government Bond Fund

June 30, 2009 (Unaudited)

Asset Allocation
U.S. Government Sponsored & Agency Obligations	49	.6%
U.S. Government Sponsored Mortgage-Backed Obligations	29	.0%
Collateralized Mortgage Obligations	19	.0%
U.S. Treasury Bonds	1	.0%
Repurchase Agreements	0	.7%
Other assets in excess of liabilities	0	.7%
	100	.0%

Top Holdings
U.S. Treasury Bond, 8.13%, 08/15/21	6	.0%
Fannie Mae Pool, Pool # 360500, 6.26%, 09/01/13	5	.5%
GMAC LLC, 2.20%, 12/19/12	4	.6%
Fannie Mae Pool, Pool # 555505, 4.65%, 05/01/13	4	.2%
Fannie Mae Pool, Pool # 384773, 6.08%, 02/01/12	2	.8%
United States Treasury Note, 2.00%, 11/30/13	2	.7%
Private Export Funding Corp., 5.00%, 12/15/16	2	.5%
Federal Home Loan Mortgage Corp., 2.13%, 03/16/11	2	.4%
Fannie Mae Grantor Trust, 5.34%, 04/25/12	2	.3%
Federal Home Loan Mortgage Corp., 1.75%, 06/15/12	2	.3%
Other Holdings*	64	.7%
	100	.0%

* For purposes of listing top holdings, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Government Bond Fund

U.S. Government Sponsored & Agency Obligations 49.6%
		Principal Amount		Market Value
Farmer Mac Guaranteed Notes Trust 2006-2, 5.50%, 07/15/11 (a)	$	27,700,000	$	29,549,529
Federal Farm Credit Bank
5.00%, 03/03/14		12,146,000		13,332,433
4.55%, 03/04/15		25,475,000		27,162,286
Federal Home Loan Banks, 4.80%, 12/18/13		8,350,000		9,053,078
Federal Home Loan Mortgage Corp.
2.13%, 03/16/11		30,000,000		30,235,080
1.75%, 06/15/12		30,000,000		29,890,920
Federal National Mortgage Association, 8.20%, 03/10/16		10,000,000		12,677,560
Financing Corp. FICO
10.70%, 10/06/17		5,000,000		7,200,265
10.35%, 08/03/18		16,000,000		22,498,400
9.65%, 11/02/18		8,740,000		12,058,097
GMAC LLC, 2.20%, 12/19/12		59,000,000		58,762,171
Government Trust Certificate, 4.75%, 04/01/15 (b)		6,072,000		4,856,823
Israel Government AID Bond, 5.50%, 09/18/23		25,000,000		26,728,925
Lightship Tankers LLC
6.50%, 06/14/24		26,475,910		29,773,485
6.50%, 06/14/24		22,302,000		24,902,636
Pooled Funding Trust II, 2.63%, 03/30/12, FDIC Backed (a)		25,000,000		25,039,375
Private Export Funding Corp., 5.00%, 12/15/16		30,000,000		32,633,460
Tennessee Valley Authority
4.75%, 08/01/13		20,000,000		21,190,860
5.50%, 07/18/17		25,000,000		27,265,650
5.88%, 04/01/36		20,000,000		21,286,240
U.S. Treasury Bond, 8.13%, 08/15/21		55,000,000		76,321,080
United States Treasury Note, 2.00%, 11/30/13		35,000,000		34,485,920
US Department of Housing and Urban Development
7.08%, 08/01/16		1,725,000		1,730,189
4.56%, 08/01/17		21,069,000		22,229,523
4.96%, 08/01/20		15,967,000		16,623,643
5.05%, 08/01/21		16,852,000		17,564,233
Total U.S. Government Sponsored & Agency Obligations (cost $616,810,543)				635,051,861
Collateralized Mortgage Obligations 19.0%
		Principal Amount		Market Value
Fannie Mae Grantor Trust
Series 2001-T11, Class B, 5.50%, 09/25/11		11,215,000		11,864,895
5.34%, 04/25/12		28,300,000		29,967,405
Fannie Mae REMICS
Series 2003-64, Class HQ, 5.00%, 07/25/23		6,000,000		6,188,916
Series 1993-149, Class M, 7.00%, 08/25/23		3,281,900		3,553,699
Series 2005-109, Class AG, 5.50%, 04/25/24		12,486,462		13,131,322
Series 2003-66, Class AP, 3.50%, 11/25/32		1,747,979		1,727,064
FHLMC Multifamily Structured Pass Through Certificates, 5.47%, 01/25/12 (c)		14,143,359		14,958,134
Freddie Mac REMICS
Series 2580, Class VA, 5.50%, 09/15/10		1,387,582		1,405,510
Series 2468, Class TE, 5.50%, 07/15/17		5,647,231		5,992,890
Series 2509, Class LK, 5.50%, 10/15/17		14,342,287		15,190,267
Series 2517, Class BH, 5.50%, 10/15/17		9,013,301		9,563,997
Series 2677, Class LE, 4.50%, 09/15/18		27,119,132		28,386,121
Series 2498, Class VB, 5.50%, 01/15/20		6,873,044		7,013,284
Series 2985, Class JR, 4.50%, 06/15/25		22,000,000		22,302,570
Series 2751, Class ND, 5.00%, 04/15/29		26,000,000		27,061,804
Series 2922, Class GA, 5.50%, 05/15/34		9,176,887		9,711,652
Series 3356, Class PD, 6.00%, 03/15/36		26,365,666		27,701,385
Vendee Mortgage Trust, Series 1996-2, Class IZ, 6.75%, 06/15/26		6,947,598		7,383,998
Total Collateralized Mortgage Obligations (cost $233,200,423)				243,104,913

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Government Bond Fund (Continued)

U.S. Government Sponsored Mortgage-Backed Obligations 29.0%
		Principal Amount		Market Value
Fannie Mae Pool
Pool # 384773, 6.08%, 02/01/12	$	32,792,458	$	35,153,669
Pool # 555505, 4.65%, 05/01/13		51,551,989		53,644,510
Pool # 360500, 6.26%, 09/01/13		64,000,000		69,761,747
Pool # 383661, 6.62%, 06/01/16		10,289,674		11,522,627
Pool # 462260, 5.60%, 09/01/18		10,997,421		11,672,850
Pool # 874142, 5.56%, 12/01/21		11,400,000		11,887,391
Pool # 745684, 4.49%, 04/01/34 (c)		23,151,377		24,063,687
Pool # 790760, 4.96%, 09/01/34 (c)		9,780,971		10,178,740
Pool # 799144, 4.70%, 04/01/35		6,307,037		6,533,043
Pool # 822705, 4.77%, 04/01/35 (c)		9,791,103		10,095,751
Pool # 815217, 4.80%, 05/01/35 (c)		8,945,360		9,240,644
Pool # 783609, 4.91%, 05/01/35 (c)		11,324,154		11,685,584
Pool # 821377, 5.27%, 05/01/35 (c)		6,706,672		6,980,085
Pool # 826181, 4.83%, 07/01/35 (c)		24,426,405		25,165,278
Pool # 873932, 6.31%, 08/01/36		8,227,626		8,847,477
Pool # 745866, 4.97%, 09/01/36 (c)		22,860,155		22,977,970
Freddie Mac Non Gold Pool
Pool # 847558, 3.82%, 06/01/35 (c)		12,823,301		13,075,794
Pool # 1G2082, 5.71%, 07/01/37		27,226,368		28,470,354
Total U.S. Government Sponsored Mortgage-Backed Obligations (cost $358,459,243)				370,957,201
U.S. Treasury Bonds 1.0%
U.S. Treasury Bonds, 6.13%, 11/15/27		10,000,000		12,321,880
Total U.S. Treasury Bonds  (cost $12,071,740)				12,321,880
Repurchase Agreements 0.7%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $6,274,274, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $6,399,743		6,274,258		6,274,258
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $3,071,636, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $3,133,065		3,071,632		3,071,632
Total Repurchase Agreements (cost $9,345,890)				9,345,890
Total Investments (cost $1,229,887,839) (d) — 99.3%				1,270,781,745
Other assets in excess of liabilities — 0.7%				8,590,990
NET ASSETS — 100.0%			$	1,279,372,735

(a)	Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at June 30, 2009 was $54,588,904 which represents 4.27% of net assets.
(b)	Rate represents the effective yield at purchase.
(c)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2009. The maturity date represents the actual maturity date.
(d)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

AG	Stock Corporation
FHLMC	Federal Home Loan Mortgage Corporation
FICO	Fair Isaac Corporation
LLC	Limited Liability Company
REMICS	Real Estate Mortgage Investment Conduits

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Government
	Bond Fund
Assets:
Investments, at value (cost $1,220,541,949)	$	1,261,435,855
Repurchase agreements, at value and cost		9,345,890
Total Investments		1,270,781,745
Interest and dividends receivable		10,617,267
Receivable for capital shares issued		613,673
Prepaid expenses and other assets		23,176
Total Assets		1,282,035,861
Liabilities:
Payable for capital shares redeemed		1,741,263
Accrued expenses and other payables:
Investment advisory fees		498,470
Fund administration fees		49,477
Distribution fees		2,395
Administrative services fees		167,182
Custodian fees		42,366
Trustee fees		4,274
Compliance program costs (Note 3)		30,012
Professional fees		80,555
Printing fees		35,033
Other		12,099
Total Liabilities		2,663,126
Net Assets	$	1,279,372,735
Represented by:
Capital	$	1,229,990,393
Accumulated undistributed net investment income		1,479,647
Accumulated net realized gains from investment transactions		7,008,789
Net unrealized appreciation/(depreciation) from investments		40,893,906
Net Assets	$	1,279,372,735
Net Assets:
Class I Shares	$	1,214,579,466
Class II Shares		11,626,946
Class III Shares		20,134,208
Class IV Shares		33,032,115
Total	$	1,279,372,735
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		102,401,384
Class II Shares		983,344
Class III Shares		1,697,279
Class IV Shares		2,785,351
Total		107,867,358
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	11.86
Class II Shares	$	11.82
Class III Shares	$	11.86
Class IV Shares	$	11.86

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Government
	Bond Fund
INVESTMENT INCOME:
Interest income	$	27,279,776
Total Income		27,279,776
EXPENSES:
Investment advisory fees		3,152,368
Fund administration fees		325,632
Distribution fees Class II Shares		15,285
Administrative services fees Class I Shares		950,159
Administrative services fees Class II Shares		9,180
Administrative services fees Class III Shares		15,521
Administrative services fees Class IV Shares		25,042
Custodian fees		49,571
Trustee fees		29,615
Compliance program costs (Note 3)		10,291
Professional fees		140,450
Printing fees		71,184
Other		50,548
Total expenses before earnings credit		4,844,846
Earnings credit (Note 5)		(28	)
Net Expenses		4,844,818
NET INVESTMENT INCOME		22,434,958
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		9,020,239
Net change in unrealized appreciation/(depreciation) from investments		(25,595,686	)
Net realized/unrealized gains from investments		(16,575,447	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,859,511

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statements of Changes in Net Assets

	NVIT Government Bond Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	22,434,958		$	59,279,170
Net realized gains from investment transactions		9,020,239			8,300,524
Net change in unrealized appreciation/(depreciation) from investments		(25,595,686	)		35,777,477
Change in net assets resulting from operations		5,859,511			103,357,171
Distributions to Shareholders From:
Net investment income:
Class I		(20,864,176	)		(56,586,787	)
Class II		(186,714	)		(529,072	)
Class III		(345,453	)		(904,554	)
Class IV		(560,310	)		(1,476,412	)
Change in net assets from shareholder distributions		(21,956,653	)		(59,496,825	)
Change in net assets from capital transactions		(135,828,666	)		83,641,207
Change in net assets		(151,925,808	)		127,501,553
Net Assets:
Beginning of period		1,431,298,543			1,303,796,990
End of period	$	1,279,372,735		$	1,431,298,543
Accumulated undistributed net investment income at end of period	$	1,479,647		$	1,001,342
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	44,473,197		$	402,589,670
Dividends reinvested		20,864,176			56,586,787
Cost of shares redeemed		(200,005,303	)		(372,077,460	)
Total Class I		(134,667,930	)		87,098,997
Class II Shares
Proceeds from shares issued		282,005			1,536,893
Dividends reinvested		186,714			529,072
Cost of shares redeemed		(1,745,111	)		(3,441,789	)
Total Class II		(1,276,392	)		(1,375,824	)
Class III Shares
Proceeds from shares issued		5,846,762			14,160,844
Dividends reinvested		345,453			904,554
Cost of shares redeemed (a)		(5,886,074	)		(14,149,288	)
Total Class III		306,141			916,110
Class IV Shares
Proceeds from shares issued		3,304,916			6,664,056
Dividends reinvested		560,310			1,476,412
Cost of shares redeemed		(4,055,711	)		(11,138,544	)
Total Class IV		(190,485	)		(2,998,076	)
Change in net assets from capital transactions	$	(135,828,666	)	$	83,641,207

(a)  Includes redemption fee — see Note 4 to Financial Statements
The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statements of Changes in Net Assets (Continued)

	NVIT Government Bond Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
SHARE TRANSACTIONS:
Class I Shares
Issued		3,720,762			34,383,266
Reinvested		1,758,007			4,830,389
Redeemed		(16,726,724	)		(31,847,594	)
Total Class I Shares		(11,247,955	)		7,366,061
Class II Shares
Issued		23,604			131,695
Reinvested		15,781			45,314
Redeemed		(146,894	)		(294,925	)
Total Class II Shares		(107,509	)		(117,916	)
Class III Shares
Issued		488,842			1,207,770
Reinvested		29,094			77,281
Redeemed		(495,001	)		(1,208,793	)
Total Class III Shares		22,935			76,258
Class IV Shares
Issued		277,000			570,962
Reinvested		47,213			126,063
Redeemed		(339,912	)		(946,415	)
Total Class IV Shares		(15,699	)		(249,390	)
Total change in shares		(11,348,228	)		7,075,013

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

NVIT Government Bond Fund

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)			Turnover (c)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	12	.01		0	.20		(0	.15)		0	.05		(0	.20)		–			(0	.20)		–	$	11	.86		0	.43%	$	1,214,579,466		0	.73%		3	.37%		0	.73%(d)		47	.19%
Year Ended December 31, 2008	$	11	.63		0	.50		0	.38		0	.88		(0	.50)		–			(0	.50)		–	$	12	.01		7	.72%	$	1,364,508,386		0	.70%		4	.24%		0	.70%(d)		55	.58%
Year Ended December 31, 2007	$	11	.35		0	.51		0	.28		0	.79		(0	.51)		–			(0	.51)		–	$	11	.63		7	.16%	$	1,235,739,182		0	.72%		4	.52%		0	.72%(e)		87	.90%
Year Ended December 31, 2006	$	11	.54		0	.48		(0	.11)		0	.37		(0	.47)		(0	.09)		(0	.56)		–	$	11	.35		3	.34%	$	1,067,945,373		0	.73%		4	.16%		0	.73%(d)		93	.01%
Year Ended December 31, 2005	$	11	.62		0	.43		(0	.06)		0	.37		(0	.43)		(0	.02)		(0	.45)		–	$	11	.54		3	.26%	$	1,117,512,481		0	.73%		3	.65%		0	.73%(d)		87	.79%
Year Ended December 31, 2004	$	12	.13		0	.47		(0	.08)		0	.39		(0	.66)		(0	.24)		(0	.90)		–	$	11	.62		3	.26%	$	1,222,615,349		0	.73%		3	.75%		0	.73%(d)		69	.37%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	11	.97		0	.19		(0	.15)		0	.04		(0	.19)		–			(0	.19)		–	$	11	.82		0	.31%	$	11,626,946		0	.98%		3	.12%		0	.98%(d)		47	.19%
Year Ended December 31, 2008	$	11	.59		0	.47		0	.38		0	.85		(0	.47)		–			(0	.47)		–	$	11	.97		7	.48%	$	13,057,446		0	.94%		4	.00%		0	.94%(d)		55	.58%
Year Ended December 31, 2007	$	11	.32		0	.49		0	.26		0	.75		(0	.48)		–			(0	.48)		–	$	11	.59		6	.91%	$	14,013,343		0	.97%		4	.27%		0	.97%(e)		87	.90%
Year Ended December 31, 2006	$	11	.51		0	.45		(0	.11)		0	.34		0	.44		(0	.09)		(0	.53)		–	$	11	.32		3	.00%	$	14,469,737		0	.98%		3	.91%		0	.98%(d)		93	.01%
Year Ended December 31, 2005	$	11	.59		0	.40		(0	.06)		0	.34		(0	.40)		(0	.02)		(0	.42)		–	$	11	.51		3	.01%	$	15,765,561		0	.98%		3	.40%		0	.98%(d)		87	.79%
Year Ended December 31, 2004	$	12	.10		0	.44		(0	.08)		0	.36		(0	.63)		(0	.24)		(0	.87)		–	$	11	.59		3	.01%	$	17,642,682		0	.98%		3	.50%		0	.98%(d)		69	.37%
Class III Shares
Six Months Ended June 30, 2009 (Unaudited)	$	12	.01		0	.20		(0	.15)		0	.05		(0	.20)		–			(0	.20)		–	$	11	.86		0	.43%	$	20,134,208		0	.73%		3	.40%		0	.73%(d)		47	.19%
Year Ended December 31, 2008	$	11	.63		0	.50		0	.38		0	.88		(0	.50)		–			(0	.50)		–	$	12	.01		7	.73%	$	20,106,128		0	.69%		4	.25%		0	.69%(d)		55	.58%
Year Ended December 31, 2007	$	11	.35		0	.49		0	.30		0	.79		(0	.51)		–			(0	.51)		–	$	11	.63		7	.15%	$	18,582,814		0	.73%		4	.51%		0	.73%(e)		87	.90%
Year Ended December 31, 2006	$	11	.54		0	.47		(0	.10)		0	.37		0	.47		(0	.09)		(0	.56)		–	$	11	.35		3	.35%	$	13,164,278		0	.72%		4	.21%		0	.72%(d)		93	.01%
Year Ended December 31, 2005	$	11	.63		0	.40		(0	.04)		0	.36		(0	.43)		(0	.02)		(0	.45)		–	$	11	.54		3	.18%	$	10,604,399		0	.73%		3	.66%		0	.73%(d)		87	.79%
Year Ended December 31, 2004	$	12	.14		0	.46		(0	.07)		0	.39		(0	.66)		(0	.24)		(0	.90)		–	$	11	.63		3	.27%	$	6,853,682		0	.73%		3	.72%		0	.73%(d)		69	.37%
Class IV Shares
Six Months Ended June 30, 2009 (Unaudited)	$	12	.00		0	.20		(0	.14)		0	.06		(0	.20)		–			(0	.20)		–	$	11	.86		0	.51%	$	33,032,115		0	.73%		3	.37%		0	.73%(d)		47	.19%
Year Ended December 31, 2008	$	11	.63		0	.50		0	.37		0	.87		(0	.50)		–			(0	.50)		–	$	12	.00		7	.62%	$	33,626,583		0	.71%		4	.23%		0	.71%(d)		55	.58%
Year Ended December 31, 2007	$	11	.35		0	.52		0	.27		0	.79		(0	.51)		–			(0	.51)		–	$	11	.63		7	.26%	$	35,461,651		0	.70%		4	.53%		0	.71%(e)		87	.90%
Year Ended December 31, 2006	$	11	.53		0	.48		(0	.10)		0	.38		(0	.47)		(0	.09)		(0	.56)		–	$	11	.35		3	.34%	$	35,962,429		0	.73%		4	.16%		0	.73%(d)		93	.01%
Year Ended December 31, 2005	$	11	.62		0	.43		(0	.07)		0	.36		(0	.43)		(0	.02)		(0	.45)		–	$	11	.53		3	.17%	$	39,264,028		0	.73%		3	.65%		0	.73%(d)		87	.79%
Year Ended December 31, 2004	$	12	.13		0	.46		(0	.07)		0	.39		(0	.66)		(0	.24)		(0	.90)		–	$	11	.62		3	.27%	$	41,019,467		0	.73%		3	.74%		0	.73%(d)		69	.37%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	There were no fee reductions during the period.
(e)	During the period, certain fees were waived and/or reimbursed. If such waiver/reimbursements had not occurred, the ratios would have been as indicated.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Government Bond Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

12 Semiannual Report 2009

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009 are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
U.S. Government Sponsored & Agency Obligations	$	—	$	635,051,861	$	—	$	635,051,861
Collateralized Mortgage Obligations		—		243,104,913		—		243,104,913
U.S. Government Sponsored Mortgage-Backed Obligations		—		370,957,201		—		370,957,201
U.S. Treasury Bonds		—		12,321,880		—		12,321,880
Repurchase Agreements		—		9,345,890		—		9,345,890
Total	$	—	$	1,270,781,745	$	—	$	1,270,781,745

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

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

14 Semiannual Report 2009

(d)        Security Transactions and Investment Income

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

(e)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receive payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. As of June 30, 2009, the Fund did not have securities on loan.

(f)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(g)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

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

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 and 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Nationwide Asset Management LLC (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
Up to $250 million		0.50%
$250 million up to $1 billion		0.475%
$1 billion up to $2 billion		0.45%
$2 billion up to $5 billion		0.425%
$5 billion and more		0.40%

From such fees, pursuant to the subadvisory agreement, NFA paid the affiliated subadviser $978,224 for the six months ended June 30, 2009.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated

16 Semiannual Report 2009

proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

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

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II shares of the Fund. NFD is a majority-owned subsidiary of NFSDI.

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

For the six months ended June 30, 2009, NFS received $1,017,257 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $10,291.

4. Short-Term Trading Fees

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

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be redeemed first.

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $6,591 from Class III.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of 54,059 from Class III.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $619,741,655 and sales of $733,194,951 (excluding short-term securities).

For the six months ended June 30, 2009, the Fund had short-term purchases of $168,521,888 and sales of $111,283,760 of U.S. government securities.

7. Indemnifications

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

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When

18 Semiannual Report 2009

the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	1,229,919,968	$	42,976,814	$	(2,115,037)	$	40,861,777

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 19

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement

20 Semiannual Report 2009

with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Nationwide Asset Management (“NWAM”), the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that the Fund’s performance for Class II shares for each of the one- and three-year periods ended September 30, 2008 was in the second quintile of the peer group, while the Fund’s performance for Class II shares for the five-year period ended September 30, 2008 was in the third quintile and slightly above the median of its peer group. The Trustees noted that for each period, the Fund underperformed its benchmark, the Merrill Lynch Government Master Index. The Trustees noted that NWAM had recently added new portfolio managers for the Fund, increasing the resources devoted to the Fund.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was in the third quintile and at the median of its peer group, and that the Fund’s actual advisory fee was in the second quintile of its peer group. The Trustees also noted that, although the Fund’s total expenses (including 12b-1 and administrative service fees) were in the fifth quintile of its peer group, total expenses (excluding 12b-1 and administrative service fees) were in the second quintile of the Fund’s peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the advisory fee schedule includes breakpoints, and that the second breakpoint has been reached. The Trustees concluded that the shareholders of the Fund have appropriately benefited from economies of scale under the proposed advisory fee schedule, in light of such breakpoints.

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

2009 Semiannual Report 21

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group,
1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

22 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group,
1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

24 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 25

NVIT Multi-Manager Small Company Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
22	Statement of Assets and Liabilities
24	Statement of Operations
25	Statements of Changes in Net Assets
27	Financial Highlights
29	Notes to Financial Statements
38	Supplemental Information
41	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-MM-SCO (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Multi-Manager Small Company Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Multi-Manager Small Company Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,080.40		6.28		1.22
	Hypothetical	b		1,000.00		1,018.76		6.11		1.22
Class II	Actual			1,000.00		1,078.90		7.57		1.47
	Hypothetical	b		1,000.00		1,017.52		7.37		1.47
Class III	Actual			1,000.00		1,079.30		6.27		1.22
	Hypothetical	b		1,000.00		1,018.76		6.11		1.22
Class IV	Actual			1,000.00		1,079.50		6.28		1.22
	Hypothetical	b		1,000.00		1,018.76		6.11		1.22
Class Y	Actual			1,000.00		1,080.20		5.52		1.07
	Hypothetical	b		1,000.00		1,019.49		5.37		1.07

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Multi-Manager Small Company Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	97	.6%
Repurchase Agreement	3	.0%
Mutual Fund	2	.7%
Exchange Traded Funds	0	.2%
Preferred Stocks	0	.1%
Liabilities in excess of other assets	(3	.6)%
	100	.0%

Top Industries
Software	6	.5%
Machinery	4	.6%
Insurance	4	.3%
Hotels, Restaurants & Leisure	4	.4%
Commercial Banks	4	.0%
Internet Software & Services	3	.8%
Oil, Gas & Consumable Fuels	3	.8%
Health Care Equipment & Supplies	3	.7%
Specialty Retail	3	.0%
Communications Equipment	2	.9%
Other Industries*	59	.0%
	100	.0%

Top Holdings
AIM Liquid Assets Portfolio	2	.7%
Athenahealth, Inc.	1	.1%
MICROS Systems, Inc.	0	.8%
Blackboard, Inc.	0	.8%
Riverbed Technology, Inc.	0	.8%
Omniture, Inc.	0	.7%
O’Reilly Automotive, Inc.	0	.7%
CoStar Group, Inc.	0	.7%
Hanover Insurance Group, Inc. (The)	0	.7%
Alberto-Culver Co.	0	.6%
Other Holdings*	90	.4%
	100	.0%

Top Countries
United States	76	.8%
Japan	6	.5%
United Kingdom	2	.8%
Bermuda	1	.8%
China	1	.4%
Australia	1	.0%
Germany	1	.0%
France	0	.8%
Italy	0	.7%
Hong Kong	0	.7%
Other Countries*	6	.5%
	100	.0%

* For purposes of listing top holdings, industries and countries, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Multi-Manager Small Company Fund

Common Stocks 97.6%
	Shares		Market Value
ARGENTINA 0.2%
Internet Software & Services 0.2%
MercadoLibre, Inc.*	20,932	$	562,652
AUSTRALIA 0.9% (a)
Automobiles 0.1%
Fleetwood Corp. Ltd.	42,960		203,716
Capital Markets 0.0%
eircom Holdings Ltd.	93,412		86,036
Commercial Services & Supplies 0.1%
Mineral Resources Ltd.	41,151		140,885
Construction & Engineering 0.2%
Ausenco Ltd.	1,462		4,750
Monadelphous Group Ltd.	87,751		839,636
			844,386
Energy Equipment & Services 0.1%
Neptune Marine Services Ltd.*	349,713		151,320
Health Care Providers & Services 0.3%
Healthscope Ltd.	97,498		344,456
Sigma Pharmaceuticals Ltd.	655,257		642,690
			987,146
Insurance 0.0%
Tower Australia Group Ltd.	37,729		84,790
Metals & Mining 0.0%
Panoramic Resources Ltd.	47,744		86,571
Multiline Retail 0.1%
David Jones Ltd.	121,268		442,585
Oil, Gas & Consumable Fuels 0.0%
Beach Petroleum Ltd.	184,544		116,648
Real Estate Management & Development 0.0%
FKP Ltd.	124,222		51,914
Sunland Group Ltd.	63,299		33,839
			85,753
Trading Companies & Distributors 0.0%
Emeco Holdings Ltd.	369,156		120,102
			3,349,938
AUSTRIA 0.1% (a)
Real Estate Management & Development 0.1%
Immofinanz Immobilien Anlagen AG	137,958		284,236
BELGIUM 0.2% (a)
Food Products 0.1%
SIPEF SA NV	10,523		504,279
Oil, Gas & Consumable Fuels 0.1%
Euronav NV	22,573		421,638
			925,917
BERMUDA 1.8%
Insurance 1.3%
Allied World Assurance Co. Holdings Ltd.	6,136		250,533
Arch Capital Group Ltd.*	7,400		433,492
Aspen Insurance Holdings Ltd.	96,548		2,156,882
Assured Guaranty Ltd.	14,400		178,272
Endurance Specialty Holdings Ltd.	13,600		398,480
IPC Holdings Ltd.	13,385		365,946
Lancashire Holdings Ltd.*(a)	110,732		851,180
Platinum Underwriters Holdings Ltd.	4,400		125,796
Validus Holdings Ltd.	5,100		112,098
			4,872,679
Internet Software & Services 0.5%
VistaPrint Ltd.*	49,001		2,089,893
			6,962,572
BRAZIL 0.2%
Household Durables 0.1% (b)
Gafisa SA ADR	29,082		479,853
Real Estate Management & Development 0.1%
Brookfield Incorporacoes SA	152,862		333,157
			813,010
BRITISH VIRGIN ISLANDS 0.3%
Air Freight & Logistics 0.3%
UTi Worldwide, Inc.*	97,530		1,111,842
CANADA 0.6%
Commercial Services & Supplies 0.1%
Ritchie Bros Auctioneers, Inc.	17,400		408,030
Communications Equipment 0.0%
Sierra Wireless, Inc.*	5,603		32,049
Electronic Equipment & Instruments 0.1%
Celestica, Inc.*	45,967		313,495
Internet Software & Services 0.0%
Open Text Corp.*	3,383		123,209
Metals & Mining 0.1%
Thompson Creek Metals Co., Inc.*	46,200		472,164
Oil, Gas & Consumable Fuels 0.1%
Petrobank Energy & Resources Ltd.*	14,500		422,994
Textiles, Apparel & Luxury Goods 0.2%
Lululemon Athletica, Inc.*	41,402		539,468
			2,311,409

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
CAYMAN ISLANDS 0.4%
Computers & Peripherals 0.0%
Seagate Technology	4,029	$	42,143
Insurance 0.2%
Greenlight Capital Re Ltd., Class A*	46,060		797,299
Personal Products 0.2%
Herbalife Ltd.	18,300		577,182
			1,416,624
CHINA 1.4%
Automobiles 0.0% (a)
Dongfeng Motor Corp.	156,000		130,851
Diversified Consumer Services 0.1%
New Oriental Education & Technology Group ADR*	7,219		486,272
Electrical Equipment 0.1% (a)
Harbin Power Equipment Co. Ltd., Class H	482,000		451,185
Energy Equipment & Services 0.1% (a)
Anhui Tianda Oil Pipe Co. Ltd.,	739,000		315,889
Food Products 0.0%
Zhongpin, Inc.*	2,376		24,616
Hotels, Restaurants & Leisure 0.3% (b)
Ctrip.com International Ltd. ADR*	23,969		1,109,765
Internet Software & Services 0.1%
SINA Corp.*	10,436		307,653
Personal Products 0.0%
American Oriental Bioengineering, Inc.*	25,200		133,308
Real Estate Management & Development 0.1% (a)
Shui On Land Ltd.	203,550		138,427
Software 0.2% (b)
Longtop Financial Technologies Ltd. ADR*	32,177		790,267
Textiles, Apparel & Luxury Goods 0.1% (a)
Weiqiao Textile Co.	472,000		243,095
Transportation Infrastructure 0.3% (a)
Sichuan Expressway Co. Ltd.*	926,000		380,776
Zhejiang Expressway Co. Ltd., Class H	768,000		606,360
			987,136
			5,118,464
DENMARK 0.2% (a)
Chemicals 0.0%
Auriga Industries AS, Class B	3,736		64,830
Construction & Engineering 0.0%
Per Aarsleff AS, Class B	1,310		149,366
Food Products 0.1%
East Asiatic Co. Ltd. AS	11,349		378,274
Marine 0.0%
D/S Norden AS	3,150		107,899
Real Estate Management & Development 0.1%
TK Development*	36,611		182,783
			883,152
FINLAND 0.2% (a)
Containers & Packaging 0.0%
Huhtamaki OYJ	11,725		121,098
Real Estate Management & Development 0.1%
Citycon OYJ	120,000		313,352
Software 0.1%
F-Secure OYJ	60,654		210,385
Tekla OYJ	3,893		30,096
			240,481
			674,931
FRANCE 0.8% (a)
Chemicals 0.0%
Societe Internationale de Plantations d’Heveas	1,486		55,224
Electrical Equipment 0.2%
Nexans SA	12,926		690,306
Hotels, Restaurants & Leisure 0.0%
Pierre & Vacances	2,227		155,090
Household Durables 0.2%
Nexity	22,178		665,309
Industrial Conglomerate 0.0%
Wendel	4,991		161,867
Information Technology Services 0.1%
Groupe Steria SCA	15,358		282,943
Sopra Group SA	1,765		65,602
			348,545
Media 0.1%
Havas SA	135,087		332,831
Natural Gas Utility 0.1%
Rubis	2,678		199,695
Oil, Gas & Consumable Fuels 0.1%
Esso S.A. Francaise	2,385		316,628
Total Gabon	233		69,440
			386,068
Professional Services 0.0%
Teleperformance	2,379		72,608

6 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
FRANCE (continued)
Trading Companies & Distributors 0.0%
IMS International Metal Service*	1	$	16
			3,067,559
GERMANY 0.9% (a)
Aerospace & Defense 0.2%
MTU Aero Engines Holding AG	21,002		767,330
Machinery 0.3%
Demag Cranes AG	16,093		365,214
Duerr AG	1,725		27,454
Gesco AG	2,307		118,564
Gildemeister AG	30,075		290,196
Heidelberger Druckmaschinen AG	36,975		209,056
			1,010,484
Media 0.1%
CTS Eventim AG	7,725		311,870
Metals & Mining 0.2%
Aurubis AG	21,939		645,528
Real Estate Management & Development 0.0%
DIC Asset AG*	22,869		161,851
Thrifts & Mortgage Finance 0.1%
Aareal Bank AG*	46,136		505,232
Trading Companies & Distributors 0.0%
Phoenix Solar AG	1,320		60,684
			3,462,979
GREECE 0.2% (a)
Commercial Banks 0.2%
Piraeus Bank SA*	62,490		622,084
HONG KONG 0.7% (a)
Communications Equipment 0.3%
VTech Holdings Ltd.	161,000		1,096,520
Distributors 0.0%
Integrated Distribution Services Group Ltd.	140,900		188,888
Food Products 0.1%
China Fishery Group Ltd.*	86,700		60,763
First Pacific Co.	434,000		248,558
			309,321
Hotels, Restaurants & Leisure 0.1%
Mandarin Oriental International Ltd.	185,042		244,956
Marine 0.0%
Chu Kong Shipping Development	934,000		137,094
Jinhui Shipping & Transportation Ltd.	1		2
			137,096
Pharmaceuticals 0.1%
China Pharmaceutical Group Ltd.	416,000		213,277
Real Estate Investment Trusts 0.0%
GZI Real Estate Investment Trust	394,000		127,707
Water Utility 0.1%
Guangdong Investment Ltd.	442,000		217,003
			2,534,768
INDIA 0.0% (b)
Internet Software & Services 0.0%
Rediff.com India Ltd. ADR*	23,787		65,176
IRELAND 0.6%
Food & Staples Retailing 0.0% (a)
Fyffes PLC	224,824		104,163
Hotels, Restaurants & Leisure 0.2% (a)
Paddy Power PLC	27,660		644,266
Life Sciences Tools & Services 0.2%
ICON PLC ADR*	25,300		545,974
Oil, Gas & Consumable Fuels 0.2% (a)
Dragon Oil PLC*	134,455		807,036
			2,101,439
ISRAEL 0.2%
Communications Equipment 0.1%
Ceragon Networks Ltd.*	57,100		378,573
Semiconductors & Semiconductor Equipment 0.1%
Mellanox Technologies Ltd.*	44,000		529,320
			907,893
ITALY 0.7% (a)
Commercial Banks 0.0%
Banca Popolare di Milano Scarl	1		6
Credito Emiliano SpA*	32,339		155,297
			155,303
Construction & Engineering 0.0%
Trevi Finanziaria SpA	6,064		70,751
Construction Materials 0.0%
Buzzi Unicem SpA	5,623		79,650
Electronic Equipment & Instruments 0.1%
Esprinet SpA	57,361		517,514
Household Durables 0.1%
Indesit Co. SpA*	55,160		282,540
Machinery 0.2%
Danieli & Co. SpA	61,395		567,254
Multi-Utility 0.1%
ACEA SpA	32,295		394,317

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
ITALY (continued)
Oil, Gas & Consumable Fuels 0.2%
ERG SpA	42,527	$	590,172
			2,657,501
JAPAN 6.5% (a)
Air Freight & Logistics 0.2%
Kintetsu World Express, Inc.	34,700		829,843
Auto Components 0.2%
Futaba Industrial Co. Ltd.	18,500		66,438
Press Kogyo Co. Ltd.	280,000		497,859
Sanden Corp.	46,000		115,072
Teikoku Piston Ring Co. Ltd.	900		4,253
			683,622
Automobiles 0.1%
Isuzu Motors Ltd.	320,000		513,459
Building Products 0.0%
Takasago Thermal Engineering Co. Ltd.	16,000		144,381
Chemicals 0.3%
Kanto Denka Kogyo Co. Ltd.	18,000		92,763
Nippon Soda Co. Ltd.	183,000		820,336
Taiyo Ink Manufacturing Co. Ltd.	6,600		145,633
			1,058,732
Commercial Banks 0.1%
Musashino Bank Ltd. (The)	9,200		309,147
Commercial Services & Supplies 0.0%
Matsuda Sangyo Co. Ltd.	5,100		81,399
Communications Equipment 0.1%
Mitsui Knowledge Industry Co. Ltd.	1,609		321,924
Computers & Peripherals 0.1%
MegaChips Corp.	4,000		91,984
Melco Holdings, Inc.	12,500		155,145
			247,129
Construction & Engineering 0.5%
NEC Networks & System Integration Corp.	59,700		733,284
Taikisha Ltd.	43,100		507,069
Toyo Engineering Corp.	198,000		669,123
			1,909,476
Consumer Finance 0.1%
Hitachi Capital Corp.	27,700		374,754
Distributors 0.0%
Canon Marketing Japan, Inc.	5,300		74,105
Diversified Financial Services 0.0%
Ricoh Leasing Co. Ltd.	4,300		84,570
Electrical Equipment 0.1%
Furukawa Electric Co. Ltd.	49,000		220,469
Electronic Equipment & Instruments 0.2%
Mitsumi Electric Co. Ltd.	6,600		141,008
Nihon Dempa Kogyo Co. Ltd.	8,600		181,071
Sanshin Electronics Co. Ltd.	15,100		116,299
Siix Corp.	32,500		155,959
Tamura Corp.	30,000		125,908
			720,245
Food & Staples Retailing 0.4%
Arcs Co. Ltd.	19,500		279,178
Circle K Sunkus Co. Ltd.	35,300		550,717
Cosmos Pharmaceutical Corp.	14,800		266,314
Maruetsu, Inc. (The)	2,000		10,354
Ministop Co. Ltd.	16,600		267,233
Okuwa Co. Ltd.	18,000		211,645
			1,585,441
Food Products 0.1%
Q.P. Corp.	6,700		69,758
Yonekyu Corp.	13,500		140,656
			210,414
Health Care Equipment & Supplies 0.5%
Aloka Co. Ltd.	29,500		319,287
Eiken Chemical Co. Ltd.	47,600		406,348
Hogy Medical Co. Ltd.	11,100		564,310
Miraca Holdings, Inc.	16,600		405,833
Nihon Kohden Corp.	17,500		229,973
			1,925,751
Health Care Providers & Services 0.1%
BML, Inc.	24,300		539,938
Hotels, Restaurants & Leisure 0.1%
Ohsho Food Service Corp.	7,400		152,185
Pacific Golf Group International Holdings KK	276		171,289
			323,474
Household Durables 0.2%
Rinnai Corp.	18,400		813,355
Information Technology Services 0.1%
INES Corp.	22,000		149,760
NET One Systems Co. Ltd.	96		169,261
			319,021
Internet & Catalog Retail 0.1%
Dena Co. Ltd.	83		277,168
Internet Software & Services 0.0%
Zappallas, Inc.	30		61,489
Leisure Equipment & Products 0.3%
Aruze Corp.*	26,000		198,190
Fields Corp.	170		229,995
Mars Engineering Corp.	1,300		37,352
Tomy Co. Ltd.	70,200		474,669
			940,206

8 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
JAPAN (continued)
Machinery 0.3%
Aichi Corp.	36,400	$	169,539
Hosokawa Micron Corp.	52,000		228,005
Namura Shipbuilding Co. Ltd.	43,900		273,638
Nitta Corp.	5,400		79,094
Tsugami Corp.	185,000		408,022
			1,158,298
Media 0.3%
Daiichikosho Co. Ltd.	11,800		128,388
SKY Perfect JSAT Holdings, Inc.	1,629		621,262
Wowow, Inc.	250		428,219
			1,177,869
Metals & Mining 0.7%
Kyoei Steel Ltd.	29,400		830,556
Mitsubishi Steel Manufacturing Co. Ltd.	154,000		361,033
Nippon Coke & Engineering Co. Ltd.	61,000		78,809
Osaka Steel Co. Ltd.	19,800		360,251
Pacific Metals Co. Ltd.	63,000		486,645
Yamato Kogyo Co. Ltd.	16,700		491,720
			2,609,014
Office Electronics 0.1%
Brother Industries Ltd.	3,400		30,077
Toshiba TEC Corp.	55,000		223,991
			254,068
Oil, Gas & Consumable Fuels 0.0%
Nippon Mining Holdings, Inc.	2,000		10,337
Personal Products 0.0%
Mandom Corp.	5,300		119,987
Pharmaceuticals 0.3%
Kaken Pharmaceutical Co. Ltd.	41,000		365,547
Nippon Shinyaku Co. Ltd.	62,000		709,858
			1,075,405
Real Estate Management & Development 0.1%
Tokyu Livable, Inc.	54,200		514,799
Semiconductors & Semiconductor Equipment 0.1%
Ferrotec Corp.	6,400		71,156
Sumco Corp.	17,300		245,821
			316,977
Software 0.4%
Capcom Co. Ltd.	3,600		64,756
DTS, Inc.	8,500		88,340
Fuji Soft, Inc.	14,500		286,417
Hitachi Software Engineering Co. Ltd.	37,200		635,160
MTI Ltd.	161		341,900
Sumisho Computer Systems Corp.	4,900		76,507
			1,493,080
Specialty Retail 0.2%
Alpen Co. Ltd.	4,100		74,352
GEO Corp.	753		621,542
			695,894
Textiles, Apparel & Luxury Goods 0.1%
Fujibo Holdings, Inc.	7,000		7,895
Gunze Ltd.	82,000		365,264
Sanei International Co. Ltd.	13,000		112,002
			485,161
Trading Companies & Distributors 0.0%
Hanwa Co. Ltd.	42,000		157,227
			24,637,628
MEXICO 0.2%
Transportation Infrastructure 0.2%
Grupo Aeroportuario del Pacifico SAB de CV ADR	27,155		696,797
NETHERLANDS 0.6%
Capital Markets 0.2% (a)
BinckBank NV	58,170		740,314
Construction & Engineering 0.3%
Chicago Bridge & Iron Co. NV	81,400		1,009,360
Electrical Equipment 0.0% (a)
Draka Holding NV*	11,169		149,876
Professional Services 0.0% (a)
USG People NV	9,158		105,441
Semiconductors & Semiconductor Equipment 0.0%
ASM International NV*	9,211		135,494
Software 0.1% (a)
Exact Holding NV	5,679		137,786
Unit 4 Agresso NV*	8,309		136,260
			274,046
			2,414,531
NEW ZEALAND 0.0% (a)
Airline 0.0%
Air New Zealand Ltd.	41,957		24,373
NORWAY 0.4% (a)
Capital Markets 0.1%
ABG Sundal Collier Holding ASA	293,431		320,206
Commercial Banks 0.1%
Sparebank 1 Nord-Norge	9,540		117,939
Sparebank 1 SR Bank	36,494		186,880
			304,819
Construction & Engineering 0.1%
Veidekke ASA	61,700		304,596

2009 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
NORWAY (continued)
Energy Equipment & Services 0.1%
Fred Olsen Energy ASA	9,090	$	310,519
Petroleum Geo-Services ASA*	23,050		143,788
			454,307
Internet Software & Services 0.0%
Opera Software ASA	38,151		196,034
			1,579,962
PANAMA 0.1%
Airline 0.1%
Copa Holdings SA Class A	12,700		518,414
PORTUGAL 0.3% (a)
Commercial Banks 0.1%
Banco BPI SA	123,548		316,040
Food & Staples Retailing 0.1%
Jeronimo Martins SGPS SA	40,482		276,096
Paper & Forest Products 0.1%
Semapa-Sociedade de Investimento e Gestao	72,992		593,065
			1,185,201
RUSSIAN FEDERATION 0.0%
Media 0.0%
CTC Media, Inc.*	2,492		29,455
SINGAPORE 0.3% (a)
Computers & Peripherals 0.0%
Creative Technology Ltd.*	24,750		61,472
Construction & Engineering 0.1%
Rotary Engineering Ltd.	511,000		245,745
Distributors 0.1%
Jardine Cycle & Carriage Ltd.	27,000		356,450
Diversified Financial Services 0.0%
Macquarie International Infrastructure Fund Ltd.	455,000		114,168
Industrial Conglomerate 0.1%
Hong Leong Asia Ltd.	294,000		303,521
Machinery 0.0%
Jaya Holdings Ltd.	369,000		87,402
Wireless Telecommunication Services 0.0%
MobileOne Ltd.	92,000		97,138
			1,265,896
SPAIN 0.6% (a)
Airline 0.0%
Iberia Lineas Aereas de Espana*	1		2
Diversified Financial Services 0.2%
Corporacion Financiera Alba	15,888		766,086
Machinery 0.3%
Construcciones y Auxiliar de Ferrocarriles SA	1,773		796,205
Duro Felguera SA	13,094		118,731
			914,936
Metals & Mining 0.1%
Tubos Reunidos SA	149,238		416,075
Paper & Forest Products 0.0%
Miquel y Costas & Miquel SA	3,829		74,528
			2,171,627
SWEDEN 0.6%
Auto Components 0.0%
Autoliv, Inc.	632		18,183
Hotels, Restaurants & Leisure 0.2% (a)
Betsson AB	54,000		611,966
Household Durables 0.0% (a)
JM AB*	1		7
Metals & Mining 0.1% (a)
Boliden AB	63,667		483,189
Professional Services 0.0% (a)
AF AB, B Shares	7,900		146,529
Real Estate Management & Development 0.3% (a)
Kungsleden AB	107,184		496,173
Wihlborgs Fastigheter AB	49,500		667,478
			1,163,651
			2,423,525
SWITZERLAND 0.6% (a)
Capital Markets 0.2%
Partners Group Holding AG	6,166		599,915
Commercial Banks 0.1%
Banque Cantonale Vaudoise	1,870		590,144
Electronic Equipment & Instruments 0.0%
Inficon Holding AG	345		30,175
Insurance 0.1%
Helvetia Holding AG	1,745		463,502
Machinery 0.0%
Kardex AG*	151		4,453
Pharmaceuticals 0.1%
Acino Holding AG	1,145		211,812
Specialty Retail 0.1%
Valora Holding AG	1,346		243,591
			2,143,592
UNITED KINGDOM 2.8% (a)
Air Freight & Logistics 0.0%
Wincanton PLC	36,099		115,585

10 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
UNITED KINGDOM (continued)
Capital Markets 0.2%
Close Brothers Group PLC	6,769	$	73,288
Tullett Prebon PLC	163,717		799,651
			872,939
Commercial Services & Supplies 0.2%
Babcock International Group	43,305		343,513
RPS Group PLC	113,228		373,739
			717,252
Construction & Engineering 0.1%
Galliford Try PLC	133,166		105,997
Keller Group PLC	22,279		203,642
Severfield-Rowen PLC	19,133		60,942
			370,581
Diversified Financial Services 0.0%
Climate Exchange PLC*	6,324		89,158
Diversified Telecommunication Services 0.1%
COLT Telecom Group SA*	118,108		211,274
Telcom Plus PLC	25,112		118,904
			330,178
Energy Equipment & Services 0.3%
Petrofac Ltd.	96,329		1,063,254
Food Products 0.2%
Dairy Crest Group PLC	119,716		633,468
Health Care Equipment & Supplies 0.0%
SSL International PLC	1		9
Hotels, Restaurants & Leisure 0.2%
Domino’s Pizza UK & IRL PLC	83,045		281,641
Punch Taverns PLC*	33,773		56,355
Restaurant Group PLC	68,489		161,191
Sportingbet PLC*	188,832		177,661
			676,848
Household Durables 0.1%
Pace PLC	112,402		367,876
Independent Power Producers & Energy Traders 0.1%
Drax Group PLC	87,464		633,046
Industrial Conglomerate 0.0%
Tomkins PLC	33,324		81,278
Information Technology Services 0.1%
Computacenter PLC	88,897		300,770
Insurance 0.2%
Beazley PLC	376,135		603,005
Chesnara PLC	26,656		64,143
			667,148
Internet & Catalog Retail 0.2%
Home Retail Group PLC	179,313		769,633
Media 0.1%
St. Ives PLC	159,023		135,512
Yell Group PLC	156,862		67,991
			203,503
Multiline Retail 0.0%
Debenhams PLC	106,118		141,862
Oil, Gas & Consumable Fuels 0.1%
Infinity Bio-Energy Ltd.*(a)	94,500		945
Venture Production PLC	36,909		493,345
			494,290
Professional Services 0.1%
ITE Group PLC	131,154		217,438
Road & Rail 0.0%
Go-Ahead Group PLC (The)	5,813		114,338
Semiconductors & Semiconductor Equipment 0.1%
ARM Holdings PLC	224,505		443,002
Software 0.1%
Micro Focus International PLC	76,645		473,249
Specialty Retail 0.2%
Game Group PLC	157,012		425,973
HMV Group PLC	115,340		214,342
			640,315
Thrifts & Mortgage Finance 0.1%
Paragon Group of Cos PLC	168,174		210,242
			10,627,262
UNITED STATES 74.0%
Aerospace & Defense 1.0%
Aerovironment, Inc.*	47,100		1,453,506
American Science & Engineering, Inc.	1,217		84,119
Applied Signal Technology, Inc.	1,792		45,714
Argon ST, Inc.*	5,900		121,363
Ceradyne, Inc.*	3,365		59,426
Cubic Corp.	2,210		79,096
DigitalGlobe, Inc.*	15,469		297,005
Esterline Technologies Corp.*	4,011		108,577
Innovative Solutions & Support, Inc.	50,464		225,574
Moog, Inc., Class A*	5,180		133,696
Orbital Sciences Corp.*	19,517		296,073
Teledyne Technologies, Inc.*	18,239		597,327
TransDigm Group, Inc.*	2,570		93,034
Triumph Group, Inc.	2,318		92,720
			3,687,230
Air Freight & Logistics 0.2%
Atlas Air Worldwide Holdings, Inc.*	10,069		233,500
Forward Air Corp.	6,900		147,108
HUB Group, Inc., Class A*	10,433		215,337
			595,945

2009 Semiannual Report 11

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
UNITED STATES (continued)
Airline 0.1%
SkyWest, Inc.	30,906	$	315,241
Auto Components 0.3%
BorgWarner, Inc.	11,760		401,369
Drew Industries, Inc.*	43,400		528,178
Gentex Corp.	13,500		156,600
Hawk Corp., Class A*	6,798		94,152
Superior Industries International, Inc.	2,711		38,225
TRW Automotive Holdings Corp.*	3,723		42,070
WABCO Holdings, Inc.	2,239		39,630
			1,300,224
Beverages 0.2%
Boston Beer Co., Inc., Class A*	4,500		133,155
Constellation Brands, Inc., Class A*	56,300		713,884
			847,039
Biotechnology 0.5%
Alkermes, Inc.*	521		5,637
Alnylam Pharmaceuticals, Inc.*(b)	29,913		666,163
Cephalon, Inc.*	8,150		461,697
Cubist Pharmaceuticals, Inc.*	10,194		186,856
Emergent Biosolutions, Inc.*	2,100		30,093
Enzon Pharmaceuticals, Inc.*	4,306		33,888
Martek Biosciences Corp.	8,370		177,026
Pacific Biosciences of California* (a) (e)	51,877		290,511
			1,851,871
Building Products 0.3%
Apogee Enterprises, Inc.	3,953		48,622
Gibraltar Industries, Inc.	6,571		45,143
Lennox International, Inc.	1,799		57,820
NCI Building Systems, Inc.*	2,824		7,455
Quanex Building Products Corp.	34,500		387,090
Simpson Manufacturing Co., Inc.	5,123		110,759
Universal Forest Products, Inc.	14,800		489,732
			1,146,621
Capital Markets 2.2%
Calamos Asset Management, Inc., Class A	15,648		220,793
Capital Southwest Corp.	1,506		108,959
E*Trade Financial Corp.*	110,500		141,440
Evercore Partners, Inc., Class A	17,992		353,363
GFI Group, Inc.	46,912		316,187
GLG Partners, Inc.(b)	58,620		239,756
Greenhill & Co., Inc.(b)	27,691		1,999,567
Hercules Technology Growth Capital, Inc.	57,469		480,441
Investment Technology Group, Inc.*	21,182		431,901
Knight Capital Group, Inc., Class A*	4,607		78,549
LaBranche & Co., Inc.*	1,360		5,848
optionsXpress Holdings, Inc.	6,190		96,131
Riskmetrics Group, Inc.*	128,793		2,274,484
Stifel Financial Corp.*	831		39,963
SWS Group, Inc.	30,243		422,495
TD Ameritrade Holding Corp.*	337		5,911
TradeStation Group, Inc.*	79,969		676,538
Waddell & Reed Financial, Inc., Class A	14,400		379,728
			8,272,054
Chemicals 0.9%
A. Schulman, Inc.	3,788		57,237
CF Industries Holdings, Inc.	1,319		97,791
Innophos Holdings, Inc.	2,176		36,753
Intrepid Potash, Inc.*	24,949		700,568
Koppers Holdings, Inc.	11,227		296,056
Landec Corp.*	17,500		118,825
Minerals Technologies, Inc.	342		12,319
OM Group, Inc.*	3,820		110,856
Omnova Solutions, Inc.*	92,000		299,920
Rockwood Holdings, Inc.*	23,936		350,423
RPM International, Inc.	21,900		307,476
Scotts Miracle-Gro Co. (The), Class A	627		21,976
Solutia, Inc.*	70,014		403,280
Valspar Corp.	29,500		664,635
			3,478,115
Commercial Banks 3.4%
Bank of Hawaii Corp.	5,443		195,023
Bank of the Ozarks, Inc.	68,060		1,472,138
Boston Private Financial Holdings, Inc.	2,590		11,603
Cadence Financial Corp.	22,519		50,217
CapitalSource, Inc.	319,546		1,559,385
Central Pacific Financial Corp.	3,993		14,974
City National Corp.	8,289		305,284
Columbia Banking System, Inc.	11,800		120,714
Commerce Bancshares, Inc.	3,752		119,426
Community Bank System, Inc.	4,884		71,111
CVB Financial Corp.	6,725		40,148
First Citizens BancShares, Inc.	4,000		534,600
First Commonwealth Financial Corp.	98,090		621,891
First Community Bancshares, Inc.	31,800		408,312
First Financial Bancorp	40,700		306,064
FirstMerit Corp.	2,684		45,574
Glacier Bancorp, Inc.	16,653		245,965
NBT Bancorp, Inc.	4,856		105,424
PacWest Bancorp	25,115		330,513

12 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
UNITED STATES (continued)
Commercial Banks (continued)
Prosperity Bancshares, Inc.	5,805	$	173,163
Seacoast Banking Corp. of Florida	16,900		41,067
Signature Bank*	4,171		113,118
Sterling Bancshares, Inc.	80,676		510,679
SVB Financial Group*	19,115		520,310
TCF Financial Corp.	66,717		892,006
Tompkins Financial Corp.	820		39,319
Trustmark Corp.	16,048		310,047
UMB Financial Corp.	15,775		599,608
United Bankshares, Inc.	2,434		47,560
Valley National Bancorp	7,497		87,715
Westamerica Bancorp	9,976		494,909
Western Alliance Bancorp*	189,024		1,292,924
Whitney Holding Corp.	14,500		132,820
Wilshire Bancorp, Inc.	3,078		17,699
Wintrust Financial Corp.	74,510		1,198,121
			13,029,431
Commercial Services & Supplies 1.2%
ABM Industries, Inc.	6,196		111,962
ATC Technology Corp.*	27,702		401,679
Brink’s Co. (The)	15,100		438,353
Comfort Systems USA, Inc.	5,310		54,428
Deluxe Corp.	11,300		144,753
EnergySolutions, Inc.	109,170		1,004,364
Healthcare Services Group, Inc.	9,800		175,224
Knoll, Inc.	33,268		252,171
PRG-Schultz International, Inc.*	4,743		12,806
Rollins, Inc.	18,550		321,101
TETRA Tech, Inc.*	7,163		205,220
Waste Connections, Inc.*	49,330		1,278,140
			4,400,201
Communications Equipment 2.4%
Acme Packet, Inc.*	34,100		345,092
ADC Telecommunications, Inc.*	33,800		269,048
Arris Group, Inc.*	61,260		744,922
Avocent Corp.*	3,365		46,975
Blue Coat Systems, Inc.*	5,267		87,116
Brocade Communications Systems, Inc.*	78,000		609,960
Comtech Telecommunications Corp.*	3,472		110,687
F5 Networks, Inc.*	13,100		453,129
Harmonic, Inc.*	13,207		77,789
InterDigital, Inc.*	3,200		78,208
IXIA*	52,085		351,053
Netgear, Inc.*	27,100		390,511
Oplink Communications, Inc.*	56,400		642,960
PC-Tel, Inc.*	2,786		14,905
Riverbed Technology, Inc.*	121,332		2,813,689
Symmetricom, Inc.*	6,421		37,049
Tekelec*	7,901		132,974
Tellabs, Inc.*	355,920		2,039,422
Tollgrade Communications, Inc.*	720		3,773
			9,249,262
Computers & Peripherals 0.3%
Adaptec, Inc.*	11,691		30,981
BancTec, Inc.*(e)	36,134		251,131
Hutchinson Technology, Inc.*	2,936		5,725
Lexmark International, Inc., Class A*	4,217		66,840
Novatel Wireless, Inc.*	50,935		459,434
Synaptics, Inc.*	7,702		297,682
			1,111,793
Construction & Engineering 0.2%
EMCOR Group, Inc.*	19,158		385,459
Furmanite Corp.*	1,673		7,461
Insituform Technologies, Inc., Class A*	4,733		80,319
Layne Christensen Co.*	7,700		157,465
Michael Baker Corp.*	3,405		144,236
			774,940
Construction Materials 0.5%
Eagle Materials, Inc.	45,226		1,141,504
Texas Industries, Inc.(b)	24,531		769,292
			1,910,796
Consumer Finance 0.1%
Cash America International, Inc.	4,004		93,653
First Cash Financial Services, Inc.*	3,517		61,618
World Acceptance Corp.*	2,380		47,386
			202,657
Containers & Packaging 1.4%
AptarGroup, Inc.	22,900		773,333
Crown Holdings, Inc.*	513		12,384
Greif, Inc., Class A	11,700		517,374
Pactiv Corp.*	57,900		1,258,167
Rock-Tenn Co., Class A	30,668		1,170,291
Silgan Holdings, Inc.	35,255		1,728,552
			5,460,101
Distributors 0.6%
LKQ Corp.*	138,612		2,280,167
Diversified Consumer Services 1.3%
American Public Education, Inc.*	38,050		1,507,160
Capella Education Co.*	29,569		1,772,662
Career Education Corp.*	18,900		470,421
Hillenbrand, Inc.	8,476		141,041
Lincoln Educational Services Corp.*	11,700		244,881
Matthews International Corp., Class A	11,000		342,320
Pre-Paid Legal Services, Inc.	1,095		47,731

2009 Semiannual Report 13

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
UNITED STATES (continued)
Diversified Consumer Services (continued)
Strayer Education, Inc.	2,091	$	456,068
Universal Technical Institute, Inc.*	2,593		38,713
			5,020,997
Diversified Financial Services 0.6%
Financial Federal Corp.	85,379		1,754,539
Interactive Brokers Group, Inc., Class A*	5,580		86,657
Pico Holdings, Inc.*	13,193		378,639
			2,219,835
Diversified Telecommunication Services 0.3%
CenturyTel, Inc.	5,506		169,034
Cogent Communications Group, Inc.*(b)	65,629		534,876
Neutral Tandem, Inc.*	2,388		70,494
NTELOS Holdings Corp.	9,400		173,148
			947,552
Electric Utilities 1.0%
Brookfield Infrastructure Partners LP	76,539		943,726
Central Vermont Public Service Corp.	19,971		361,475
Cleco Corp.	7,987		179,068
Great Plains Energy, Inc.	39,800		618,890
Maine & Maritimes Corp.	593		20,607
UIL Holdings Corp.	26,000		583,700
UniSource Energy Corp.	35,396		939,410
			3,646,876
Electrical Equipment 0.6%
Acuity Brands, Inc.	5,673		159,128
Brady Corp., Class A	8,698		218,494
Energy Conversion Devices, Inc.*(b)	23,260		329,129
EnerSys*	24,600		447,474
General Cable Corp.*	16,600		623,828
GrafTech International Ltd.*	9,718		109,910
Hubbell, Inc., Class B	3,129		100,316
Thomas & Betts Corp.*	15,240		439,369
			2,427,648
Electronic Equipment & Instruments 1.3%
Benchmark Electronics, Inc.*	28,211		406,239
Brightpoint, Inc.*	7,364		46,172
Cognex Corp.	4,700		66,411
CTS Corp.	4,352		28,506
Dolby Laboratories, Inc., Class A*	2,442		91,038
DTS, Inc.*	39,350		1,065,205
Electro Scientific Industries, Inc.*	4,852		54,245
FLIR Systems, Inc.*	16,300		367,728
Gerber Scientific, Inc.*	4,160		10,400
GSI Group, Inc.*	42,751		41,896
Insight Enterprises, Inc.*	4,190		40,475
Itron, Inc.*	2,026		111,572
Keithley Instruments, Inc.	2,045		8,180
Littelfuse, Inc.*	27,600		550,896
LoJack Corp.*	1,507		6,314
Mercury Computer Systems, Inc.*	2,289		21,173
Methode Electronics, Inc.	33,341		234,054
Newport Corp.*	5,294		30,652
RadiSys Corp.*	3,217		28,985
Rofin-Sinar Technologies, Inc.*	12,900		258,129
Smart Modular Technologies WWH, Inc.*	149,984		340,464
SYNNEX Corp.*	2,596		64,874
Tech Data Corp.*	9,000		294,390
Trimble Navigation Ltd.*	13,100		257,153
TTM Technologies, Inc.*	49,394		393,176
			4,818,327
Energy Equipment & Services 1.1%
Atwood Oceanics, Inc.*	5,114		127,390
Basic Energy Services, Inc.*	14,882		101,644
Carbo Ceramics, Inc.	10,787		368,915
Dril-Quip, Inc.*	3,567		135,903
ENGlobal Corp.*	1,427		7,021
Lufkin Industries, Inc.	634		26,660
Matrix Service Co.*	3,727		42,786
Natco Group, Inc., Class A*	11,700		385,164
National Oilwell Varco, Inc.*	2,404		78,515
Oceaneering International, Inc.*	11,100		501,720
Oil States International, Inc.*	13,629		329,958
Pioneer Drilling Co.*	33,965		162,692
T-3 Energy Services, Inc.*	1,842		21,938
Tidewater, Inc.	41,600		1,783,392
Unit Corp.*	6,447		177,744
			4,251,442
Food & Staples Retailing 0.4%
Nash Finch Co.	1,969		53,281
Ruddick Corp.	31,600		740,388
Spartan Stores, Inc.	28,024		347,778
United Natural Foods, Inc.*	6,033		158,366
Weis Markets, Inc.	10,400		348,608
			1,648,421
Food Products 0.6%
Chiquita Brands International, Inc.*	24,700		253,422
Darling International, Inc.*	16,098		106,247
Diamond Foods, Inc.	2,319		64,700
Flowers Foods, Inc.	5,000		109,200
Green Mountain Coffee Roasters, Inc.*	3,141		185,696
J&J Snack Foods Corp.	5,561		199,640

14 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
UNITED STATES (continued)
Food Products (continued)
Lancaster Colony Corp.	1,941	$	85,540
Overhill Farms, Inc.*	11,256		59,319
Sanderson Farms, Inc.	2,083		93,735
Smithfield Foods, Inc.*	54,910		767,093
TreeHouse Foods, Inc.*	8,115		233,468
			2,158,060
Health Care Equipment & Supplies 3.2%
Abaxis, Inc.*	7,500		154,050
ABIOMED, Inc.*	97,900		863,478
American Medical Systems Holdings, Inc.*	37,452		591,742
CONMED Corp.*	20,766		322,288
Cooper Cos., Inc. (The)	6,097		150,779
Cutera, Inc.*	41,200		355,144
Cyberonics, Inc.*	4,704		78,227
Edwards Lifesciences Corp.*	574		39,049
Greatbatch, Inc.*	3,162		71,493
Haemonetics Corp.*	13,909		792,813
Hologic, Inc.*	38,200		543,586
I-Flow Corp.*	103,780		720,233
ICU Medical, Inc.*	1,763		72,547
IDEXX Laboratories, Inc.*	10,804		499,145
Immucor, Inc.*	14,600		200,896
Invacare Corp.	13,646		240,852
Inverness Medical Innovations, Inc.*	42,170		1,500,409
Kensey Nash Corp.*	3,899		102,193
Meridian Bioscience, Inc.	8,100		182,898
NuVasive, Inc.*	35,200		1,569,920
Palomar Medical Technologies, Inc.*	33,000		483,780
Sirona Dental Systems, Inc.*	10,400		207,896
STERIS Corp.	1,259		32,835
SurModics, Inc.*	9,200		208,196
Teleflex, Inc.	24,440		1,095,645
Thoratec Corp.*	3,719		99,595
Volcano Corp.*	40,000		559,200
Wright Medical Group, Inc.*	14,900		242,274
			11,981,163
Health Care Providers & Services 2.4%
Air Methods Corp.*	13,370		365,803
AMERIGROUP Corp.*	17,917		481,071
AMN Healthcare Services, Inc.*	19,027		121,392
Amsurg Corp.*	11,774		252,435
Catalyst Health Solutions, Inc.*	4,627		115,397
Centene Corp.*	14,315		286,014
Emergency Medical Services Corp., Class A*	4,135		152,251
Gentiva Health Services, Inc.*	3,766		61,988
Health Management Associates, Inc., Class A*	85,332		421,540
HealthSpring, Inc.*	7,103		77,139
Healthways, Inc.*	66,750		897,787
Henry Schein, Inc.*	8,500		407,575
HMS Holdings Corp.*	19,184		781,172
Hooper Holmes, Inc.*	16,584		7,297
IPC The Hospitalist Co., Inc.*	11,800		314,942
Landauer, Inc.	1,300		79,742
LHC Group, Inc.*	59,811		1,328,402
Lincare Holdings, Inc.*	15,400		362,208
Magellan Health Services, Inc.*	4,486		147,231
Molina Healthcare, Inc.*	2,074		49,610
MWI Veterinary Supply, Inc.*	10,332		360,174
NightHawk Radiology Holdings, Inc.*	1,589		5,879
Owens & Minor, Inc.	11,700		512,694
PharMerica Corp.*	4,474		87,825
PSS World Medical, Inc.*	8,838		163,591
RehabCare Group, Inc.*	2,292		54,848
Sun Healthcare Group, Inc.*	141,990		1,198,396
VCA Antech, Inc.*	5,100		136,170
			9,230,573
Health Care Technology 1.8%
Allscripts-Misys Healthcare Solutions, Inc.	127,900		2,028,494
athenahealth, Inc.*	111,099		4,111,774
Omnicell, Inc.*	81,350		874,513
			7,014,781
Hotels, Restaurants & Leisure 3.3%
AFC Enterprises, Inc.*	14,108		95,229
Ambassadors Group, Inc.	33,914		466,996
Bally Technologies, Inc.*	27,821		832,404
BJ’s Restaurants, Inc.*	34,611		583,887
CEC Entertainment, Inc.*	10,781		317,824
Choice Hotels International, Inc.	5,872		156,254
Cracker Barrel Old Country Store, Inc.	3,044		84,928
Domino’s Pizza, Inc.*	26,713		200,080
Einstein Noah Restaurant Group, Inc.*	1,161		10,043
Gaylord Entertainment Co.*(b)	98,214		1,248,300
Isle of Capri Casinos, Inc.*	1,722		22,937
Lakes Entertainment, Inc.(b)	46,938		136,590
Las Vegas Sands Corp.*(b)	47,642		374,466
P.F. Chang’s China Bistro, Inc.*(b)	64,123		2,055,783
Panera Bread Co., Class A*	3,771		188,022
Penn National Gaming, Inc.*	23,960		697,476
Premier Exhibitions, Inc.*	28,282		20,603
Ruth’s Hospitality Group, Inc.*	2,608		9,571
Scientific Games Corp., Class A*	117,100		1,846,667

2009 Semiannual Report 15

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
UNITED STATES (continued)
Hotels, Restaurants & Leisure (continued)
Vail Resorts, Inc.*	51,801	$	1,389,303
WMS Industries, Inc.*	52,894		1,666,690
			12,404,053
Household Durables 0.5%
Harman International Industries, Inc.	4,180		78,584
iRobot Corp.*	23,350		303,083
M/I Homes, Inc.*	23,400		229,086
Meritage Homes Corp.*	4,246		80,079
Newell Rubbermaid, Inc.	38,000		395,580
Toll Brothers, Inc.*	54,770		929,447
Universal Electronics, Inc.*	927		18,698
			2,034,557
Household Products 0.5%
Central Garden & Pet Co., Class A*	9,882		97,338
Church & Dwight Co., Inc.	13,300		722,323
Energizer Holdings, Inc.*	24,248		1,266,715
			2,086,376
Industrial Conglomerate 0.1%
Raven Industries, Inc.	8,037		205,747
Information Technology Services 2.1%
Acxiom Corp.	17,779		156,989
Alliance Data Systems Corp.*(b)	40,200		1,655,838
Broadridge Financial Solutions, Inc.	6,834		113,308
CACI International, Inc., Class A*	17,103		730,469
CIBER, Inc.*	12,270		38,037
CSG Systems International, Inc.*	38,548		510,375
CyberSource Corp.*	6,654		101,806
Forrester Research, Inc.*	38,046		934,029
Global Cash Access Holdings, Inc.*	16,353		130,170
Heartland Payment Systems, Inc.	2,990		28,614
Hewitt Associates, Inc., Class A*	4,893		145,714
Information Services Group, Inc.*	78,831		237,281
Mantech International Corp., Class A*	8,800		378,752
NCI, Inc., Class A*	9,600		292,032
NeuStar, Inc., Class A*	19,100		423,256
Perot Systems Corp., Class A*	78,790		1,129,061
SAIC, Inc.*	5,915		109,723
Total System Services, Inc.	53,720		719,311
Wright Express Corp.*	9,244		235,445
			8,070,210
Insurance 2.5%
American Equity Investment Life Holding Co.	36,104		201,460
American Financial Group, Inc.	9,457		204,082
Amerisafe, Inc.*	62,120		966,587
Brown & Brown, Inc.	9,100		181,363
Delphi Financial Group, Inc., Class A	5,761		111,936
FBL Financial Group, Inc., Class A	11,400		94,164
Hanover Insurance Group, Inc. (The)	68,330		2,604,056
Harleysville Group, Inc.	4,500		126,990
HCC Insurance Holdings, Inc.	82,980		1,992,350
Infinity Property & Casualty Corp.	12,100		441,166
Navigators Group, Inc.*	14,820		658,453
Reinsurance Group of America, Inc.	44,928		1,568,437
RLI Corp.	3,100		138,880
Safety Insurance Group, Inc.	3,900		119,184
Tower Group, Inc.	5,002		123,950
Zenith National Insurance Corp.	5,100		110,874
			9,643,932
Internet & Catalog Retail 0.6%
Blue Nile, Inc.*(b)	35,679		1,533,840
NutriSystem, Inc.	4,086		59,247
PetMed Express, Inc.*	25,214		378,967
Stamps.com, Inc.*	34,700		294,256
Ticketmaster Entertainment, Inc.*	5,710		36,658
			2,302,968
Internet Software & Services 3.0%
Bankrate, Inc.*(b)	64,126		1,618,540
comScore, Inc.*	17,779		236,816
Constant Contact, Inc.*	111,650		2,215,136
DealerTrack Holdings, Inc.*	29,050		493,850
Dice Holdings, Inc.*	1,888		8,779
EarthLink, Inc.*	85,385		632,703
GSI Commerce, Inc.*	34,786		495,701
j2 Global Communications, Inc.*	8,077		182,217
LogMeIn, Inc.	1,664		26,624
Ning, Inc.* (a) (e)	63,095		555,867
Omniture, Inc.*	216,727		2,722,091
OpenTable, Inc.*(b)	17,539		529,152
United Online, Inc.	111,805		727,851
Vocus, Inc.*	53,300		1,053,208
			11,498,535
Leisure Equipment & Products 0.2%
JAKKS Pacific, Inc.*	34,733		445,624
Polaris Industries, Inc.	5,586		179,422
RC2 Corp.*	3,881		51,346
Sport Supply Group, Inc.	1,971		16,931
			693,323

16 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
UNITED STATES (continued)
Life Sciences Tools & Services 0.9%
Bio-Rad Laboratories, Inc., Class A*	1,152	$	86,953
Charles River Laboratories International, Inc.*	7,800		263,250
Covance, Inc.*	9,400		462,480
Dionex Corp.*	10,310		629,219
Life Technologies Corp.*	2,100		87,612
Techne Corp.	31,166		1,988,703
			3,518,217
Machinery 3.5%
Altra Holdings, Inc.*	2,612		19,564
Astec Industries, Inc.*	7,300		216,737
Blount International, Inc.*	5,114		44,032
Bucyrus International, Inc.	47,300		1,350,888
Chart Industries, Inc.*	38,267		695,694
CIRCOR International, Inc.	2,289		54,043
Clarcor, Inc.	19,600		572,124
Dynamic Materials Corp.	44,747		862,722
EnPro Industries, Inc.*	7,253		130,626
ESCO Technologies, Inc.*	2,009		90,003
FreightCar America, Inc.	91,370		1,535,930
Gardner Denver, Inc.*	10,940		275,360
Graco, Inc.	6,200		136,524
Hardinge, Inc.	2,032		8,636
Harsco Corp.	38,570		1,091,531
Kennametal, Inc.	37,900		726,922
Lindsay Corp.	4,400		145,640
Lydall, Inc.*	2,503		8,510
Middleby Corp.*	21,639		950,385
Nordson Corp.	9,241		357,257
Robbins & Myers, Inc.	33,798		650,611
Terex Corp.*	53,037		640,157
Timken Co.	9,636		164,583
Titan International, Inc.	8,925		66,670
Toro Co.	8,020		239,798
Valmont Industries, Inc.	3,600		259,488
Wabtec Corp.	57,840		1,860,713
Watts Water Technologies, Inc., Class A	4,273		92,040
			13,247,188
Marine 0.1%
Kirby Corp.*	11,735		373,056
Media 0.6%
CKX, Inc.*	37,112		263,124
DreamWorks Animation SKG, Inc., Class A*	479		13,216
Interactive Data Corp.	24,853		575,098
Marvel Entertainment, Inc.*	32,028		1,139,877
Mediacom Communications Corp., Class A*	3,962		20,246
Morningstar, Inc.*(b)	10,941		451,097
			2,462,658
Metals & Mining 0.4%
Allegheny Technologies, Inc.	9,080		317,165
Brush Engineered Materials, Inc.*	2,759		46,213
Century Aluminum Co.*	36,100		224,903
Cliffs Natural Resources, Inc.	1,296		31,713
Compass Minerals International, Inc.	16,522		907,223
			1,527,217
Multi-Utility 0.4%
Avista Corp.	39,500		703,495
CH Energy Group, Inc.	1,336		62,391
CMS Energy Corp.	48,370		584,310
			1,350,196
Multiline Retail 0.1%
Dollar Tree, Inc.*	4,416		185,913
Fred’s, Inc., Class A	5,853		73,748
			259,661
Natural Gas Utility 0.8%
Atmos Energy Corp.	11,299		282,927
Energen Corp.	15,200		606,480
Laclede Group, Inc. (The)	5,379		178,206
New Jersey Resources Corp.	12,633		467,926
Northwest Natural Gas Co.	3,014		133,581
South Jersey Industries, Inc.	5,101		177,974
Southwest Gas Corp.	35,067		778,838
UGI Corp.	9,330		237,822
			2,863,754
Office Electronics 0.1%
Zebra Technologies Corp., Class A*	13,847		327,620
Oil, Gas & Consumable Fuels 3.0%
Alpha Natural Resources, Inc.*	11,626		305,415
Approach Resources, Inc.*	32,800		226,320
Arena Resources, Inc.*	18,900		601,965
Berry Petroleum Co., Class A	32,000		594,880
Bill Barrett Corp.*	63,850		1,753,321
Cabot Oil & Gas Corp.	22,427		687,163
Carrizo Oil & Gas, Inc.*	83,841		1,437,873
Concho Resources, Inc.*	20,200		579,538
Contango Oil & Gas Co.*	26,573		1,129,087
Foundation Coal Holdings, Inc.	11,000		309,210
GMX Resources, Inc.*	42,885		456,296
Penn Virginia Corp.	22,042		360,828
PetroHawk Energy Corp.*	14,690		327,587
Petroleum Development Corp.*	2,183		34,251

2009 Semiannual Report 17

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
UNITED STATES (continued)
Oil, Gas & Consumable Fuels (continued)
PetroQuest Energy, Inc.*	49,368	$	182,168
Rex Energy Corp.*	62,078		353,845
Rosetta Resources, Inc.*	27,200		238,000
St. Mary Land & Exploration Co.	27,727		578,663
Stone Energy Corp.*	4,658		34,562
USEC, Inc.*	65,700		349,524
Whiting Petroleum Corp.*	21,090		741,524
World Fuel Services Corp.	4,195		172,960
			11,454,980
Paper & Forest Products 0.0%
Buckeye Technologies, Inc.*	14,109		63,350
Clearwater Paper Corp.*	2,077		52,527
KapStone Paper and Packaging Corp.*	6,690		31,376
			147,253
Personal Products 0.9%
Alberto-Culver Co.	104,800		2,665,064
Chattem, Inc.*	5,937		404,310
Elizabeth Arden, Inc.*	27,931		243,837
NBTY, Inc.*	7,600		213,712
			3,526,923
Pharmaceuticals 0.9%
King Pharmaceuticals, Inc.*	17,219		165,819
Matrixx Initiatives, Inc.*	1,443		8,066
Medicis Pharmaceutical Corp., Class A	11,102		181,185
Ironwood Pharmaceuticals* (a) (e)	93,487		1,121,844
Noven Pharmaceuticals, Inc.*	19,194		274,474
Par Pharmaceutical Cos., Inc.*	24,700		374,205
Questcor Pharmaceuticals, Inc.*	44,108		220,540
Sucampo Pharmaceuticals, Inc., Class A*	760		4,689
ViroPharma, Inc.*	112,007		664,202
XenoPort, Inc.*	11,449		265,273
			3,280,297
Professional Services 2.0%
Advisory Board Co. (The)*	37,091		953,239
COMSYS IT Partners, Inc.*	14,058		82,239
Corporate Executive Board Co. (The)	12,409		257,611
CoStar Group, Inc.*	67,506		2,691,464
Exponent, Inc.*	13,500		330,885
FTI Consulting, Inc.*	13,890		704,501
Heidrick & Struggles International, Inc.	2,362		43,107
Manpower, Inc.	16,910		715,969
On Assignment, Inc.*	1,487		5,814
School Specialty, Inc.*	16,021		323,785
Spherion Corp.*	1,920		7,910
Watson Wyatt Worldwide, Inc., Class A	40,015		1,501,763
			7,618,287
Real Estate Investment Trusts 2.2%
Chimera Investment Corp.	156,500		546,185
Colonial Properties Trust	9,034		66,852
Corporate Office Properties Trust SBI MD	2,618		76,786
DCT Industrial Trust, Inc.	76,400		311,712
DiamondRock Hospitality Co.	50,500		316,130
Digital Realty Trust, Inc.	3,800		136,230
Douglas Emmett, Inc.	14,100		126,759
Equity Lifestyle Properties, Inc.	8,851		329,080
Essex Property Trust, Inc.	3,700		230,251
Extra Space Storage, Inc.	4,860		40,581
Getty Realty Corp.	18,567		350,359
Healthcare Realty Trust, Inc.	54,730		921,106
Home Properties, Inc.	4,378		149,290
Kilroy Realty Corp.	4,583		94,135
LaSalle Hotel Properties	21,300		262,842
Macerich Co. (The)(b)	88,938		1,566,198
Mack-Cali Realty Corp.	1,485		33,858
MFA Financial, Inc.	63,570		439,904
Mid-America Apartment Communities, Inc.	4,019		147,538
National Health Investors, Inc.	9,700		259,087
National Retail Properties, Inc.	17,306		300,259
PS Business Parks, Inc.	3,203		155,153
Realty Income Corp.	9,426		206,618
Senior Housing Properties Trust	15,678		255,865
SL Green Realty Corp.	4,500		103,230
Sovran Self Storage, Inc.	3,188		78,425
Tanger Factory Outlet Centers	9,451		306,496
Taubman Centers, Inc.	25,400		682,244
			8,493,173
Real Estate Management & Development 0.3%
Consolidated-Tomoka Land Co.	4,382		153,721
Jones Lang LaSalle, Inc.	28,010		916,767
Market Leader, Inc.*	34,921		64,604
			1,135,092
Road & Rail 2.0%
Arkansas Best Corp.	2,976		78,418
Celadon Group, Inc.*	124,200		1,042,038
Con-way, Inc.	26,780		945,602
Dollar Thrifty Automotive Group, Inc.*	6,286		87,690
Heartland Express, Inc.	6,813		100,287
J.B. Hunt Transport Services, Inc.	83,700		2,555,361
Kansas City Southern*	113,050		1,821,235

18 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
UNITED STATES (continued)
Road & Rail (continued)
Knight Transportation, Inc.	53,903	$	892,095
Old Dominion Freight Line, Inc.*	3,253		109,203
			7,631,929
Semiconductors & Semiconductor Equipment 1.6%
Actel Corp.*	1,617		17,350
Advanced Energy Industries, Inc.*	2,479		22,286
Atmel Corp.*	105,000		391,650
Cirrus Logic, Inc.*	926		4,167
Cohu, Inc.	1,289		11,575
Cymer, Inc.*	13,670		406,409
Cypress Semiconductor Corp.*	34,165		314,318
Exar Corp.*	7,955		57,197
FEI Co.*	5,216		119,446
Integrated Device Technology, Inc.*	10,546		63,698
Lam Research Corp.*	42,950		1,116,700
Micrel, Inc.	34,187		250,249
MKS Instruments, Inc.*	5,994		79,061
Novellus Systems, Inc.*	39,420		658,314
Pericom Semiconductor Corp.*	3,425		28,839
Rudolph Technologies, Inc.*	4,169		23,013
Silicon Image, Inc.*	25,494		58,636
Silicon Laboratories, Inc.*	1,992		75,577
Skyworks Solutions, Inc.*	39,762		388,872
Standard Microsystems Corp.*	9,017		184,398
Tessera Technologies, Inc.*	56,270		1,423,068
Ultra Clean Holdings*	93,205		223,692
Ultratech, Inc.*	1,820		22,404
Varian Semiconductor Equipment Associates, Inc.*	8,894		213,367
Volterra Semiconductor Corp.*	6,756		88,774
			6,243,060
Software 5.6%
Blackbaud, Inc.	149,950		2,331,722
Blackboard, Inc.*	99,505		2,871,714
Commvault Systems, Inc.*	120,450		1,997,061
Concur Technologies, Inc.*	64,468		2,003,665
Epicor Software Corp.*	6,496		34,429
EPIQ Systems, Inc.*	95,530		1,466,385
FactSet Research Systems, Inc.	51,300		2,558,331
Informatica Corp.*	10,401		178,793
Jack Henry & Associates, Inc.	4,000		83,000
JDA Software Group, Inc.*	4,038		60,408
Manhattan Associates, Inc.*	1,666		30,355
Mentor Graphics Corp.*	9,586		52,435
MICROS Systems, Inc.*	118,640		3,003,965
Monotype Imaging Holdings, Inc.*	37,834		257,650
NetScout Systems, Inc.*	4,212		39,509
NetSuite, Inc.*(b)	13,850		163,569
Progress Software Corp.*	5,553		117,557
Quest Software, Inc.*	2,962		41,290
Rosetta Stone, Inc.*	21,583		592,238
S1 Corp.*	37,800		260,820
Soapstone Networks, Inc.	6,783		28,353
Solera Holdings, Inc.*	78,340		1,989,836
SPSS, Inc.*	6,053		201,989
Sybase, Inc.*	7,839		245,674
Synopsys, Inc.*	13,196		257,454
Take-Two Interactive Software, Inc.	11,297		106,983
Taleo Corp., Class A*	4,136		75,565
TeleCommunication Systems, Inc., Class A*	33,600		238,896
Tyler Technologies, Inc.*	3,904		60,980
			21,350,626
Specialty Retail 2.5%
Aaron’s, Inc.	6,899		205,728
Aeropostale, Inc.*	4,228		144,893
AnnTaylor Stores Corp.*	31,700		252,966
Cabela’s, Inc.*	5,402		66,445
Cato Corp. (The), Class A	4,119		71,835
Children’s Place Retail Stores, Inc. (The)*	3,427		90,576
Citi Trends, Inc.*	28,566		739,288
Coldwater Creek, Inc.*	39,400		238,764
Conn’s, Inc.*	15,500		193,750
Dress Barn, Inc.*	30,308		433,404
Finish Line (The), Class A	7,543		55,969
Genesco, Inc.*	7,965		149,822
Haverty Furniture Cos., Inc.	18,200		166,530
Hibbett Sports, Inc.*	14,358		258,444
HOT Topic, Inc.*	12,818		93,700
Jo-Ann Stores, Inc.*	11,067		228,755
Jos. A. Bank Clothiers, Inc.*	12,600		434,196
Midas, Inc.*	669		7,011
O’Reilly Automotive, Inc.*	71,380		2,718,150
OfficeMax, Inc.	54,400		341,632
Pier 1 Imports, Inc.*	191,901		383,802
Stage Stores, Inc.	30,648		340,193
Tractor Supply Co.*	32,863		1,357,899
Urban Outfitters, Inc.*	26,880		560,986
			9,534,738
Textiles, Apparel & Luxury Goods 1.2%
American Apparel, Inc.*	25,026		91,095
Carter’s, Inc.*	7,832		192,746
Fossil, Inc.*	6,151		148,116
Iconix Brand Group, Inc.*	36,400		559,832
Liz Claiborne, Inc.	8,325		23,976
Maidenform Brands, Inc.*	2,743		31,462
Phillips-Van Heusen Corp.	78,860		2,262,493
Steven Madden Ltd.*	19,670		500,601
Timberland Co. (The) Class A*	23,500		311,845
True Religion Apparel, Inc.*	2,560		57,088

2009 Semiannual Report 19

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Small Company Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
UNITED STATES (continued)
Textiles, Apparel & Luxury Goods (continued)
UniFirst Corp.	2,207	$	82,034
Volcom, Inc.*	2,494		31,175
Wolverine World Wide, Inc.	6,896		152,126
			4,444,589
Thrifts & Mortgage Finance 0.8%
Brookline Bancorp, Inc.	21,800		203,176
Charter Financial Corp.	421		4,947
Dime Community Bancshares	16,750		152,592
ESSA Bancorp, Inc.	15,969		218,296
First Niagara Financial Group, Inc.	6,825		77,942
MGIC Investment Corp.	44,500		195,800
NewAlliance Bancshares, Inc.	33,000		379,500
Provident Financial Services, Inc.	5,458		49,668
Trustco Bank Corp.	12,249		72,392
United Financial Bancorp, Inc.	5,154		71,228
ViewPoint Financial Group	8,200		124,886
Westfield Financial, Inc.	145,670		1,319,770
			2,870,197
Trading Companies & Distributors 0.9%
Applied Industrial Technologies, Inc.	13,800		271,860
Beacon Roofing Supply, Inc.*	77,670		1,123,108
H&E Equipment Services, Inc.*	28,519		266,653
Rush Enterprises, Inc., Class A*	91,900		1,070,635
WESCO International, Inc.*	20,929		524,062
			3,256,318
Wireless Telecommunication Services 0.0%
Syniverse Holdings, Inc.*	2,162		34,657
			281,170,750
Total Common Stocks (cost $395,649,136)			370,723,159
Exchange Traded Funds 0.2%
AUSTRALIA 0.1% (a)
Multi-Utility 0.0%
Hastings Diversified Utilities Fund	3,014		2,867
Transportation Infrastructure 0.1%
Australian Infrastructure Fund	460,308		499,720
			502,587
UNITED STATES 0.1%
Equity Fund 0.1%
SPDR KBW Regional Banking	23,139		424,138
Total Exchange Traded Funds (cost $1,822,182)			926,725
Preferred Stocks 0.1% (a)
GERMANY 0.1%
Biotechnology 0.1%
Biotest AG	5,352		269,032
Media 0.0%
ProSiebenSat.1 Media AG	29,155		160,571
Total Preferred Stocks (cost $474,651)			429,603
Rights 0.0%
AUSTRALIA 0.0%
Real Estate Management & Development 0.0%
FKP Ltd. Expiring 07/20/09*	285,710		27,620
Transportation Infrastructure 0.0% (a)
Australian Infrastructure Fund Expiring 07/13/09	230,154		46,353
			73,973
UNITED KINGDOM 0.0% (a)
Restaurants 0.0%
Punch Taverns PLC Expiring 07/06/09*	33,773		2,860
Total Rights (cost $30,593)			76,833
Warrants 0.0% (a)
	Shares		Market Value
UNITED STATES 0.0%
Health Care Providers & Services 0.0%
Hythiam, Inc., Expiring 11/06/12*	43,900	$	0
Total Warrants (cost $0)			0
Mutual Fund 2.7%
UNITED STATES 2.7%
AIM Liquid Assets Portfolio, 0.52%	10,393,683		10,393,683
Total Mutual Fund (cost $10,393,683)			10,393,683

20 Semiannual Report 2009

Repurchase Agreement 3.0% (c)
		Principal Amount		Market Value
Morgan Stanley, 0.07%, dated 06/30/09, due 07/01/09, repurchase price $11,234,090 collateralized by U.S. Government Agency Mortgages ranging 3.50% – 8.50%, maturing 06/01/11 – 06/01/39; total market value of $11,458,749	$	11,234,068	$	11,234,068
Total Repurchase Agreement (cost $11,234,068)				11,234,068
Total Investments (cost $419,604,313) (d) — 103.6%				393,784,071
Liabilities in excess of other assets — (3.6)%				(13,768,204	)
NET ASSETS — 100.0%			$	380,015,867

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	The security or a partial position of this security is on loan at June 30, 2009. The total value of securities on loan at June 30, 2009 was 10,972,915.
(c)	The security was purchased with cash collateral held from securities on loan (See Note 2). The total value of this security as of June 30, 2009 was $11,234,068.
(d)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.
(e)	Rule 144A, Section 4(2), or other security which is restricted to resale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at June 30, 2009 was $2,219,353 which represents 0.58% of net assets.

AB	Stock Company
ADR	American Depositary Receipt
AG	Stock Corporation
AS	Stock Corporation
ASA	Stock Corporation
KK	Joint Stock Company
LP	Limited Partnership
Ltd	Limited
NV	Public Traded Company
OYJ	Public Traded Company
PLC	Public Limited Company
SA	Stock Company
SCA	Limited partnership with share capital
SGPS	Holding Enterprise
SpA	Limited share company

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 21

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Multi-Manager
	Small Company Fund
Assets:
Investments, at value (cost $408,370,245)*	$	382,550,003
Repurchase agreements, at value and cost		11,234,068
Total Investments		393,784,071
Foreign currencies, at value (cost $98,870)		98,594
Interest and dividends receivable		303,332
Receivable for capital shares issued		197,428
Receivable for investments sold		1,163,993
Reclaims receivable		101,252
Prepaid expenses and other assets		4,882
Total Assets		395,653,552
Liabilities:
Cash overdraft		1,913,052
Payable for investments purchased		1,840,822
Payable upon return of securities loaned (Note 2)		11,234,068
Payable for capital shares redeemed		177,514
Accrued expenses and other payables:
Investment advisory fees		293,385
Fund administration fees		26,150
Distribution fees		8,567
Administrative services fees		50,149
Custodian fees		5,189
Trustee fees		871
Compliance program costs (Note 3)		8,426
Professional fees		20,069
Printing fees		54,041
Other		5,382
Total Liabilities		15,637,685
Net Assets	$	380,015,867
Represented by:
Capital	$	575,986,931
Accumulated undistributed net investment income		626,340
Accumulated net realized losses from investment and foreign currency transactions		(170,780,511	)
Net unrealized appreciation/(depreciation) from investments		(25,820,242	)
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		3,349
Net Assets	$	380,015,867
Net Assets:
Class I Shares	$	306,650,997
Class II Shares		41,243,926
Class III Shares		1,654,763
Class IV Shares		20,297,606
Class Y Shares		10,168,575
Total	$	380,015,867

*  Includes value of securities on loan of 10,972,915 (note 2).

The accompanying notes are an integral part of these financial statements.

22 Semiannual Report 2009

	NVIT Multi-Manager
	Small Company Fund
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		26,468,258
Class II Shares		3,636,511
Class III Shares		142,624
Class IV Shares		1,752,488
Class Y Shares		878,197
Total		32,878,078
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	11.59
Class II Shares	$	11.34
Class III Shares	$	11.60
Class IV Shares	$	11.58
Class Y Shares	$	11.58

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 23

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Multi-Manager
	Small Company Fund
INVESTMENT INCOME:
Interest income	$	2,552
Dividend income		3,505,386
Income from securities lending (Note 2)		43,634
Foreign tax withholding		(132,630	)
Total Income		3,418,942
EXPENSES:
Investment advisory fees		1,617,380
Fund administration fees		84,730
Distribution fees Class II Shares		50,113
Administrative services fees Class I Shares		210,217
Administrative services fees Class II Shares		30,068
Administrative services fees Class III Shares		1,101
Administrative services fees Class IV Shares		14,023
Custodian fees		14,099
Trustee fees		7,283
Compliance program costs (Note 3)		2,404
Professional fees		35,708
Printing fees		65,482
Other		33,494
Total expenses before earnings credit		2,166,102
Earnings credit (Note 5)		(4,879	)
Net Expenses		2,161,223
NET INVESTMENT INCOME		1,257,719
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(67,418,827	)
Net realized gains from foreign currency transactions		24,398
Net realized losses from investment and foreign currency transactions		(67,394,429	)
Net change in unrealized appreciation/(depreciation) from investments		90,315,380
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		(483	)
Net change in unrealized appreciation/(depreciation) from investments and foreign currency translations		90,314,897
Net realized/unrealized losses from investments and foreign currency translations		22,920,468
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	24,178,187

The accompanying notes are an integral part of these financial statements.

24 Semiannual Report 2009

Statements of Changes in Net Assets

	NVIT Multi-Manager Small Company Fund
	Six Months Ended			Year Ended
	June 30, 2009 (Unaudited)			December 31, 2008
Operations:
Net investment income	$	1,257,719		$	4,833,053
Net realized losses from investment and foreign currency transactions		(67,394,429	)		(97,020,769	)
Net change in unrealized appreciation/(depreciation) from investments and foreign currency translations		90,314,897			(178,148,122	)
Change in net assets resulting from operations		24,178,187			(270,335,838	)
Distributions to Shareholders From:
Net investment income:
Class I		(843,536	)		(3,821,759	)
Class II		(66,463	)		(584,518	)
Class III		(4,381	)		(19,725	)
Class IV		(56,449	)		(248,051	)
Class Y		(30,514	)		(40,615	)
Net realized gains:
Class I		–			(96,172,925	)
Class II		–			(20,667,812	)
Class III		–			(491,781	)
Class IV		–			(6,419,731	)
Class Y		–			(717,560	)
Change in net assets from shareholder distributions		(1,001,343	)		(129,184,477	)
Change in net assets from capital transactions		(49,603,087	)		25,002,061
Change in net assets		(26,426,243	)		(374,518,254	)
Net Assets:
Beginning of period		406,442,110			780,960,364
End of period	$	380,015,867		$	406,442,110
Accumulated undistributed net investment income at end of period	$	626,340		$	369,964
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	7,880,889		$	19,535,415
Dividends reinvested		843,536			99,994,684
Cost of shares redeemed		(33,773,151	)		(124,461,598	)
Total Class I		(25,048,726	)		(4,931,499	)
Class II Shares
Proceeds from shares issued		2,025,846			11,537,407
Dividends reinvested		66,463			21,252,330
Cost of shares redeemed		(29,125,899	)		(11,673,896	)
Total Class II		(27,033,590	)		21,115,841
Class III Shares
Proceeds from shares issued		417,027			925,875
Dividends reinvested		4,381			511,506
Cost of shares redeemed (a)		(372,174	)		(1,338,952	)
Total Class III		49,234			98,429

Amounts designated as “–” are zero or have been rounded to zero.

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

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 25

Statements of Changes in Net Assets (Continued)

	NVIT Multi-Manager Small Company Fund
	Six Months Ended			Year Ended
	June 30, 2009 (Unaudited)			December 31, 2008
CAPITAL TRANSACTIONS: (continued)
Class IV Shares
Proceeds from shares issued	$	479,052		$	1,400,360
Dividends reinvested		56,449			6,667,782
Cost of shares redeemed		(2,135,722	)		(6,358,072	)
Total Class IV		(1,600,221	)		1,710,070
Class Y Shares
Proceeds from shares issued		4,833,530			6,295,127
Dividends reinvested		30,514			758,175
Cost of shares redeemed		(833,828	)		(44,082	)
Total Class Y		4,030,216			7,009,220
Change in net assets from capital transactions	$	(49,603,087	)	$	25,002,061
SHARE TRANSACTIONS:
Class I Shares
Issued		780,050			1,294,878
Reinvested		81,973			6,617,203
Redeemed		(3,401,762	)		(7,193,115	)
Total Class I Shares		(2,539,739	)		718,966
Class II Shares
Issued		202,778			603,236
Reinvested		6,595			1,438,044
Redeemed		(2,948,818	)		(718,789	)
Total Class II Shares		(2,739,445	)		1,322,491
Class III Shares
Issued		40,016			52,414
Reinvested		423			33,750
Redeemed		(36,242	)		(81,958	)
Total Class III Shares		4,197			4,206
Class IV Shares
Issued		47,828			82,156
Reinvested		5,492			441,571
Redeemed		(207,380	)		(386,897	)
Total Class IV Shares		(154,060	)		136,830
Class Y Shares
Issued		475,071			425,385
Reinvested		2,923			50,748
Redeemed		(72,566	)		(3,364	)
Total Class Y Shares		405,428			472,769
Total change in shares		(5,023,619	)		2,655,262

The accompanying notes are an integral part of these financial statements.

26 Semiannual Report 2009

Financial Highlights

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

NVIT Multi-Manager Small Company Fund

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset			Net			Unrealized																									Ratio of			Investment			(Prior to
	Value,			Investment			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income (Loss)			Reimbursements)
	Beginning			Income			(Losses) from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			(Loss)			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	10	.76		0	.04		0	.82		0	.86		(0	.03)		–			(0	.03)		–	$	11	.59		8	.04%	$	306,650,997		1	.22%		0	.74%		1	.22%		40	.52%
Year Ended December 31, 2008	$	22	.21		0	.14		(7	.45)		(7	.31)		(0	.14)		(4	.00)		(4	.14)		–	$	10	.76		(38	.19%)	$	312,192,179		1	.19%		0	.85%		1	.19%		113	.50%
Year Ended December 31, 2007	$	24	.99		0	.06		0	.67		0	.73		(0	.02)		(3	.49)		(3	.51)		–	$	22	.21		2	.13%	$	628,302,006		1	.19%		0	.24%		1	.19%		115	.83%
Year Ended December 31, 2006	$	22	.78		0	.03		2	.67		2	.70		(0	.03)		(0	.46)		(0	.49)		–	$	24	.99		12	.04%	$	749,047,903		1	.19%		0	.11%		1	.19%		104	.59%
Year Ended December 31, 2005	$	22	.96		(0	.03)		2	.84		2	.81		–			(2	.99)		(2	.99)		–	$	22	.78		12	.32%	$	831,778,341		1	.20%		(0	.12%)		1	.20%		128	.34%
Year Ended December 31, 2004	$	21	.73		(0	.04)		4	.17		4	.13		–			(2	.90)		(2	.90)		–	$	22	.96		19	.02%	$	815,584,790		1	.19%		(0	.17%)		1	.19%		131	.75%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	10	.53		0	.04		0	.79		0	.83		(0	.02)		–			(0	.02)		–	$	11	.34		7	.89%	$	41,243,926		1	.47%		0	.58%		1	.47%		40	.52%
Year Ended December 31, 2008	$	21	.84		0	.09		(7	.30)		(7	.21)		(0	.10)		(4	.00)		(4	.10)		–	$	10	.53		(38	.35%)	$	67,160,569		1	.45%		0	.57%		1	.45%		113	.50%
Year Ended December 31, 2007	$	24	.66		–			0	.67		0	.67		–			(3	.49)		(3	.49)		–	$	21	.84		1	.89%	$	110,373,399		1	.42%		0	.01%		1	.42%		115	.83%
Year Ended December 31, 2006	$	22	.53		(0	.03)		2	.63		2	.60		(0	.01)		(0	.46)		(0	.47)		–	$	24	.66		11	.75%	$	106,813,380		1	.45%		(0	.12%)		1	.45%		104	.59%
Year Ended December 31, 2005	$	22	.80		(0	.07)		2	.79		2	.72		–			(2	.99)		(2	.99)		–	$	22	.53		12	.01%	$	74,165,283		1	.45%		(0	.37%)		1	.45%		128	.34%
Year Ended December 31, 2004	$	21	.64		(0	.07)		4	.13		4	.06		–			(2	.90)		(2	.90)		–	$	22	.80		18	.78%	$	46,906,210		1	.44%		(0	.42%)		1	.44%		131	.75%
Class III Shares
Six Months Ended June 30, 2009 (Unaudited)	$	10	.78		0	.04		0	.81		0	.85		(0	.03)		–			(0	.03)		–	$	11	.60		7	.93%	$	1,654,763		1	.22%		0	.74%		1	.22%		40	.52%
Year Ended December 31, 2008	$	22	.24		0	.16		(7	.47)		(7	.31)		(0	.15)		(4	.00)		(4	.15)		–	$	10	.78		(38	.16%)	$	1,491,946		1	.16%		0	.90%		1	.16%		113	.50%
Year Ended December 31, 2007	$	25	.01		0	.06		0	.67		0	.73		(0	.01)		(3	.49)		(3	.50)		–	$	22	.24		2	.11%	$	2,984,655		1	.21%		0	.19%		1	.21%		115	.83%
Year Ended December 31, 2006	$	22	.80		0	.03		2	.68		2	.71		(0	.04)		(0	.46)		(0	.50)		–	$	25	.01		12	.06%	$	4,880,884		1	.18%		0	.16%		1	.18%		104	.59%
Year Ended December 31, 2005	$	22	.98		(0	.02)		2	.83		2	.81		–			(2	.99)		(2	.99)		–	$	22	.80		12	.31%	$	2,548,033		1	.22%		(0	.14%)		1	.22%		128	.34%
Year Ended December 31, 2004	$	21	.74		(0	.03)		4	.17		4	.14		–			(2	.90)		(2	.90)		–	$	22	.98		19	.06%	$	1,680,783		1	.19%		(0	.15%)		1	.19%		131	.75%
Class IV Shares
Six Months Ended June 30, 2009 (Unaudited)	$	10	.76		0	.04		0	.81		0	.85		(0	.03)		–			(0	.03)		–	$	11	.58		7	.95%	$	20,297,606		1	.22%		0	.74%		1	.22%		40	.52%
Year Ended December 31, 2008	$	22	.21		0	.14		(7	.45)		(7	.31)		(0	.14)		(4	.00)		(4	.14)		–	$	10	.76		(38	.19%)	$	20,512,653		1	.20%		0	.83%		1	.20%		113	.50%
Year Ended December 31, 2007	$	24	.99		0	.07		0	.67		0	.74		(0	.03)		(3	.49)		(3	.52)		–	$	22	.21		2	.15%	$	39,300,304		1	.17%		0	.26%		1	.17%		115	.83%
Year Ended December 31, 2006	$	22	.78		0	.03		2	.67		2	.70		(0	.03)		(0	.46)		(0	.49)		–	$	24	.99		12	.04%	$	42,375,147		1	.19%		0	.12%		1	.19%		104	.59%
Year Ended December 31, 2005	$	22	.96		(0	.03)		2	.84		2	.81		–			(2	.99)		(2	.99)		–	$	22	.78		12	.32%	$	43,205,522		1	.20%		(0	.12%)		1	.20%		128	.34%
Year Ended December 31, 2004	$	21	.73		(0	.04)		4	.17		4	.13		–			(2	.90)		(2	.90)		–	$	22	.96		19	.02%	$	44,818,813		1	.19%		(0	.18%)		1	.19%		131	.75%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	There were no fee reductions during the period.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 27

Financial Highlights

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

NVIT Multi-Manager Small Company Fund (Continued)

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset			Net			Unrealized																									Ratio of			Investment			(Prior to
	Value,			Investment			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income (Loss)			Reimbursements)
	Beginning			Income			(Losses) from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			(Loss)			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited)	$	10	.76		0	.03		0	.83		0	.86		(0	.04)		–			(0	.04)		–	$	11	.58		8	.02%	$	10,168,575		1	.07%		0	.70%		1	.07%		40	.52%
Period Ended December 31, 2008 (e)	$	20	.20		0	.12		(5	.39)		(5	.27)		(0	.17)		(4	.00)		(4	.17)		–	$	10	.76		(32	.67%)	$	5,084,763		1	.08%		0	.99%		1	.08%		113	.50%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	There were no fee reductions during the period.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from March 27, 2008 (commencement of operations) through December 31, 2008

The accompanying notes are an integral part of these financial statements.

28 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Multi-Manager Small Company Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

2009 Semiannual Report 29

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

30 Semiannual Report 2009

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stock	$	298,056,953	$	70,697,039	$	1,969,167	$	370,723,159
Exchange Traded Funds		424,138		502,587		—		926,725
Preferred Stocks		—		429,603		—		429,603
Rights		—		49,213		27,620		76,833
Warrants		—		—		—		—
Mutual Funds		10,393,683		—		—		10,393,683
Repurchase Agreement		—		11,234,068		—		11,234,068
Total	$	308,874,774	$	82,912,510	$	1,996,787	$	393,784,071

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

		NVIT Multi-Manager Small Company Fund
		Common Stocks		Rights		Total
	Balance as of 12/31/2008	$	1,728,146	$	—	$	1,728,146
	Accrued Accretion/(Amortization)		—		—		—
	Change in Unrealized Appreciation/(Depreciation)		240,076		—		240,076
	Net Purchase/(Sales)		—		—		—
	Transfers In/(Out) of Level 3		945		27,620		28,565
	Balance as of 06/30/2009	$	1,969,167	$	27,620	$	1,996,787
The total change in unrealized appreciation/(depreciation) included in the statement of operations attributable to level 3 investments still held at June 30, 2009 includes
		$	240,076	$	—	$	240,076

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

2009 Semiannual Report 31

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(c)        Repurchase Agreements

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

(d)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(e)        Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

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

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

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets. For the six month period ending June 30, 2009, the Fund did not hold any futures contracts.

32 Semiannual Report 2009

(f)        Security Transactions and Investment Income

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

(g)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receive payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2009, the Fund had securities with the following value on loan:

Value of Loaned Securities		Value of Collateral
$	10,972,915	$	11,234,068

(h)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(i)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the

2009 Semiannual Report 33

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 through 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

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

Subadvisers

- Morgan Stanley Investment Management Inc.

- American Century Investment Management, Inc.

- Putnam Investment Management, LLC

- Neuberger Berman Management LLC

- Waddell & Reed Investment Management Company

- Aberdeen Asset Management Inc.

- Gartmore Global Partners

34 Semiannual Report 2009

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.93%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisers $1,020,947 for the six months ended June 30, 2009.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

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

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement a third party service provider to provide sub-transfer agency services to the Fund.

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

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

For the six months ended June 30, 2009, NFS received $256,796 in Administrative Services fees from the Fund.

2009 Semiannual Report 35

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $2,404.

4. Short-Term Trading Fees

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

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $2,402 from Class III.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $2,438 from Class III.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $137,683,795 and sales of $172,317,051 (excluding short-term securities).

36 Semiannual Report 2009

7. Indemnifications

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

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	429,978,371	$	40,384,852	$	(76,579,152)	$	(36,194,300)

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standing Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 37

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement

38 Semiannual Report 2009

with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and the Fund’s sub-advisers (i.e., Aberdeen Asset Management (“Aberdeen”), American Century Investment Management, Inc., Gartmore Global Partners, Morgan Stanley Investment Management, Inc., Neuberger Berman Management Inc. (“Neuberger Berman”) Putnam Investment Management, LLC, and Waddell & Reed Investment Management Company), and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the one-year period ended September 30, 2008, the Fund’s overall performance for Class II shares was in the fifth quintile of its peer group, and that, for each of the three- and five-year periods ended September 30, 2008, the Fund’s overall performance for Class II shares was in the fourth quintile of its peer group. The Trustees noted that, for each period, the Fund underperformed its benchmark, the Russell 2000 Index. The Trustees noted that three of the Fund’s sleeves are under both close review and on the watch list, while one is on the watch list. The Trustees reviewed the responses to the close review and watch list questionnaires as well as a performance analysis report that had been prepared by NFA regarding certain sleeves of the Fund. The Trustees considered that Aberdeen, a sub-adviser that manages a sleeve that is under close review and on the watch list, recently replaced the portfolio manager for its sleeve. The Trustees reviewed the qualifications and experience of the new portfolio managers for the sleeve managed by Aberdeen.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was in the fourth quintile of its peer group. The Trustees also noted that the Fund’s actual advisory fee and total expenses were in the fifth quintile of its peer group. In this regard, the Trustees considered that the Fund’s peer group is not specifically limited to multi-manager funds. The Trustees also took into account issues specific to multi-managed funds, including the fact that oversight, monitoring, and reporting of investments is more extensive when dealing with multiple managers, and operations and compliance efforts increase incrementally as the number of managers increase. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. With respect to economies of scale, the Trustees noted that the Fund invests in a capacity-constrained asset class, which necessarily limits profitability.

2009 Semiannual Report 39

Supplemental Information (Continued)

(Unaudited)

B. Approval of New Subadvisory Agreement

Neuberger Berman Holdings LLC, the parent company of Neuberger Berman, was sold to Neuberger Berman Group LLC, a newly independent company (the “Transaction”). The Transaction constituted an “assignment” of Neuberger Berman’s subadvisory agreement with the Fund. As a result, the subadvisory agreement terminated automatically upon the completion of the Transaction. At a regular meeting of the Board on March 12, 2009, the Board, including the Independent Trustees, discussed and unanimously approved a new subadvisory agreement (the “New Subadvisory Agreement”) among the Trust, on behalf of the Fund, NFA and Neuberger Berman. The Board reviewed and considered materials provided by Neuberger Berman in advance of the meeting, and advice from the Trust’s legal counsel and the Independent Legal Counsel to the Independent Trustees. The material factors and conclusions that formed the basis for the approval are discussed below.

Neuberger Berman represented to the Board: (i) that there would be no material changes in the fees or terms of the prior subadvisory agreement and (ii) that key personnel, including portfolio management personnel, at Neuberger Berman are expected to remain in place following the closing of the Transaction. The Board reviewed the nature, extent, and quality of the services that would be provided to the Fund by Neuberger Berman and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the New Subadvisory Agreement and mutual fund industry norms.

The Board evaluated the Fund’s investment performance and considered the performance of the portfolio managers who were expected to manage the Fund on behalf of Neuberger Berman. The Board also reviewed comparative performance, based on data provided by Lipper. The Board also noted that the performance record of the portfolio managers who were expected to manage the Fund on behalf of Neuberger Berman, in combination with various other factors, supported a decision to approve the New Subadvisory Agreement.

The Board considered the Fund’s overall fee level and noted that the overall expenses of the Fund would remain the same under the New Subadvisory Agreement, as Neuberger Berman’s fees are paid out of the advisory fee that NFA receives from the Fund. The Board concluded that the subadvisory fees to be paid to Neuberger Berman were fair and reasonable.

The Board also noted that the Fund invests in a capacity-constrained asset class, which necessarily limits profitability. The Board considered the factor of profitability to Neuberger Berman as a result of the subadvisory relationship with the Fund. In addition, the Board considered whether any “fall-out” or ancillary benefits would accrue to Neuberger Berman as a result of its relationship with the Fund.

The Board reviewed the terms of the New Subadvisory Agreement and noted that the terms are identical in all material respects as the terms of the subadvisory agreements that the Trust currently has in place with other unaffiliated sub-advisers. The Board concluded that the terms were fair and reasonable.

Based on this information, the Board, including all of the Independent Trustees, concluded that the nature, extent and quality of the subadvisory services to be provided by Neuberger Berman were appropriate for the Fund in light of its investment objectives. The totality of multiple factors taken together, instead of any single factor, informed the Board’s decision. The Board concluded that the approval of the New Subadvisory Agreement was in the best interests of the Fund and its shareholders and unanimously approved the New Subadvisory Agreement.

40 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
			Nationwide Fund
	Position(s) Held		Complex
Name and	with the Trust and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 41

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
			Nationwide Fund
	Position(s) Held		Complex
Name and	with the Trust and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

42 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

	Position(s) Held
	with Fund		Number of Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includesNFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide FundsGroup3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A

2009 Semiannual Report 43

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

	Position(s) Held
	with Fund		Number of Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWDInvestments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

44 Semiannual Report 2009

NVIT Money Market Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
6	Statement of Investments
9	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements
22	Supplemental Information
25	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-MMKT (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets — particularly those in some emerging market countries — are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency except as stated below. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

The Treasury Department has extended the U.S. Department of the Treasury’s Temporary Guarantee Program (the “Program”) for Money Market Funds until September 18, 2009. The Board of Trustees of Nationwide Variable Insurance Trust approved the continued participation of the NVIT Money Market Fund and the NVIT Money Market Fund II in the Program on April 8, 2009.

Here are some reminders about the Program:

•  Only shareholders who held shares in the NVIT Money Market Fund and/or the NVIT Money Market Fund II on September 19, 2008, are eligible for protection under the Program.

•  The Program currently in place provides a guarantee to these shareholders based on the number of shares invested in the Funds at the close of business on September 19, 2008.

•  Any increase in the number of shares an eligible shareholder holds after the close of business on September 19, 2008, will not be guaranteed by the Program.

•  If a customer closes his or her account with a fund or broker-dealer, any future investment in the fund will not be guaranteed.

•  If the number of shares an investor holds fluctuates during the period, the investor will be covered for either the number of shares held as of the close of business on September 19, 2008, or the current amount, whichever is less.

•  The Program is not part of the U.S. Treasury Department’s Troubled Asset Relief Program (TARP). The Program is intended to provide relief for investors in the event the per-share value of any of the money market funds falls below $0.995 and a fund liquidates its holdings. The Program will provide coverage to a fund’s shareholders of record at the close of business on September 19, 2008, up to $1.00 per share for the lesser of either the number of shares the investor held in that fund or the number of shares the investor held the date the per-share value fell below $0.995. This is commonly referred to as “breaking the buck.”

•  The U.S. Treasury Department, through the Exchange Stabilization Fund (“ESF”), is providing this guarantee. In the event that a participating fund breaks the buck and liquidates, a guarantee payment should be made to investors through their fund within approximately 30 days, subject to possible extensions at the discretion of the Treasury. Payments to investors under the Program will depend on the availability of assets in the ESF, which currently totals approximately $50 billion. The U.S. Department of the Treasury and the Secretary of the Treasury have the authority to use assets from the ESF for purposes other than those of the Program.

•  Participation in each period of the Program requires a payment to the U.S. Department of the Treasury in the amount of 0.015% based on the net asset value of the Fund as of September 19, 2008. Each Fund individually bears this expense without regard to any expense limitation currently in effect for the Fund.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide

2 Semiannual Report 2009

Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2009 Semiannual Report 3

Shareholder NVIT Money Market Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Money Market Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,000.40		3.04		0.61
	Hypothetical	b		1,000.00		1,021.75		3.08		0.61
Class IV	Actual			1,000.00		1,000.90		2.55		0.51
	Hypothetical	b		1,000.00		1,022.25		2.58		0.51
Class V	Actual			1,000.00		1,000.60		2.90		0.58
	Hypothetical	b		1,000.00		1,021.90		2.93		0.58
Class Y	Actual			1,000.00		1,000.90		2.59		0.52
	Hypothetical	b		1,000.00		1,022.21		2.62		0.52

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

4 Semiannual Report 2009

Portfolio Summary NVIT Money Market Fund

June 30, 2009 (Unaudited)

Asset Allocation
Commercial Paper	68	.4%
Certificates of Deposit	10	.8%
Mutual Funds	8	.0%
U.S. Government Sponsored & Agency Obligations	5	.6%
Corporate Bonds	4	.2%
Government Mortgage Backed Agencies	2	.2%
Other assets in excess of liabilities	0	.8%
	100	.0%

Top Industries
Diversified Financial Services	54	.5%
Banks — Foreign	14	.3%
Chemicals- Diversified	5	.5%
Pharmaceutical Preparations	3	.0%
Food — Diversified	1	.5%
Oil & Gas	1	.5%
Transportation	1	.4%
Household Products	1	.2%
Retail	0	.4%
Sovereign	0	.1%
Other Industries	16	.6%
	100	.0%

Top Holdings
Blackrock Liquidity Funds Tempcash Portfolio, 0.49%	4	.5%
Clipper Receivables Co. LLC, 1.30%, 07/10/09	4	.1%
FCAR Owners Trust I, 1.25%, 08/14/09	3	.7%
Blackrock Liquidity Funds Tempfund Portfolio, 0.44%	3	.5%
Edison Asset Securitization LLC, 0.40%, 10/01/09	3	.3%
Chariot Funding LLC, 0.40%, 07/28/09	3	.3%
Starbird Funding Corp., 0.35%, 09/23/09	3	.3%
General Electric Capital Corp., Series A, 0.75%, 08/31/09	3	.0%
Bank of Tokyo — Mitsubishi, 1.05%, 07/15/09	3	.1%
Fairway Financial Corp., 0.47%, 07/24/09	3	.1%
Other Holdings	65	.1%
	100	.0%

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Money Market Fund

Certificates of Deposit 10.8%
		Principal Amount		Market Value
Banks — Foreign 10.8%
Banco Bilbao Vizcaya Argentaria SA 0.97%, 07/06/09	$	50,000,000	$	50,000,035
1.06%, 11/02/09		25,000,000		25,000,856
Bank of Tokyo — Mitsubishi 1.05%, 07/15/09		75,000,000		75,000,000
0.95%, 07/20/09		25,000,000		25,000,000
Barclays Bank PLC,
1.12%, 07/14/09		25,000,000		25,000,000
Calyon North America, Inc.,
0.42%, 08/26/09		20,000,000		20,000,000
Security Life of Denver Insurance Co., 2.91%, 08/14/09		20,000,000		20,000,000
Societe Generale Paris,
0.62%, 11/23/09		25,000,000		25,000,000
Total Certificates of Deposit (cost $265,000,891)				265,000,891
Commercial Paper 68.4% (a)
Banks — Foreign 3.5%
Landesbank Baden-Wuerttemberg 1.15%, 07/14/09		50,000,000		49,979,236
1.00%, 07/16/09		25,000,000		24,989,583
0.74%, 08/05/09		10,000,000		9,992,806
				84,961,625
Chemicals-Diversified 5.5% (b)
Abbott Laboratories,
0.16%, 07/20/09		4,000,000		3,999,662
BASF SE
0.37%, 08/27/09		37,230,000		37,208,189
0.55%, 09/25/09		40,000,000		39,947,445
0.80%, 11/16/09		40,000,000		39,877,333
0.37%, 11/23/09		4,000,000		3,994,039
E.I. du Pont de Nemours & Co., 0.18%, 07/30/09		6,089,000		6,088,117
0.23%, 07/07/09		5,200,000		5,199,808
				136,314,593
Diversified Financial Services 50.6%
Alpine Securitization Corp. (b) 0.60%, 07/06/09		50,000,000		49,995,833
0.35%, 08/10/09		25,000,000		24,990,278
Barton Capital LLC, 0.33%, 07/08/09 (b)		20,000,000		19,998,717
Chariot Funding LLC (b)
0.25%, 07/10/09		41,000,000		40,997,437
0.40%, 07/28/09		80,300,000		80,275,910
Clipper Receivables Co. LLC, 1.30%, 07/10/09 (b)		100,000,000		99,967,500
Edison Asset Securitization LLC (b) 0.40%, 10/01/09		82,000,000		81,916,178
0.60%, 12/11/09		39,700,000		39,592,148
Enterprise Funding Group LLC, 0.45%, 07/07/09 (b)		40,000,000		39,997,000
Fairway Financial Corp. (b)
0.40%, 07/07/09		45,000,000		44,997,000
0.47%, 07/24/09		75,000,000		74,977,479
Falcon Asset Securitization Corp., 0.40%, 07/27/09 (b)		50,000,000		49,985,556
FCAR Owners Trust I
1.25%, 08/14/09		91,730,000		91,589,857
1.40%, 09/01/09		10,000,000		9,975,889
General Electric Capital Corp. 0.53%, 07/20/09		25,000,000		24,993,007
0.80%, 07/20/09		10,000,000		9,995,778
0.17%, 07/29/09		18,941,000		18,938,496
Gotham Funding Corp.,
0.50%, 08/04/09		26,000,000		25,987,722
Grampian Funding LLC,
0.40%, 07/01/09 (b)		54,370,000		54,370,000
Salisbury Receivables Co. (b) 0.47%, 07/01/09		25,000,000		25,000,000
0.32%, 08/12/09		25,000,000		24,990,667
0.33%, 08/21/09		24,000,000		23,988,780
Salisbury Receivables Co. LLC, 0.40%, 07/07/09 (b)		40,000,000		39,997,333
Sheffield Receivables Corp. (b) 0.38%, 07/02/09		15,000,000		14,999,842
0.50%, 07/06/09		20,000,000		19,998,611
0.28%, 07/17/09		15,000,000		14,998,133
0.27%, 07/29/09		15,000,000		14,996,850
Starbird Funding Corp. (b)
0.55%, 08/06/09		10,000,000		9,994,500
0.35%, 09/10/09		15,000,000		14,989,646
0.35%, 09/23/09		80,000,000		79,934,667
Yorktown Capital LLC,
0.43%, 08/03/09 (b)		75,000,000		74,970,437
				1,242,401,251
Food-Diversified 1.5% (b)
Coca-Cola Co. (The),
0.30%, 11/02/09		25,200,000		25,173,960
Nestle Capital Corp.,
0.70%, 10/09/09 (a)		12,500,000		12,475,694
				37,649,654

6 Semiannual Report 2009

Commercial Paper (continued)
Household Products 0.9% (b)
Procter & Gamble Co. (The)
0.20%, 08/03/09	$	5,000,000	$	4,999,083
0.16%, 08/05/09		11,500,000		11,498,211
0.18%, 09/02/09		4,646,000		4,644,537
				21,141,831
Oil & Gas 1.5% (b)
BP Capital Markets PLC
0.42%, 07/09/09		3,488,000		3,487,675
0.44%, 07/13/09		27,400,000		27,395,981
0.35%, 08/10/09		4,675,000		4,673,182
				35,556,838
Pharmaceutical Preparations 3.0%
Johnson & Johnson (b)
0.25%, 09/28/09		20,000,000		19,987,639
0.25%, 10/26/09		25,000,000		24,979,687
Merck & Co., Inc.
0.17%, 07/24/09		22,000,000		21,997,611
0.15%, 07/29/09		7,217,000		7,216,158
				74,181,095
Retail 0.4% (b)
Wal-Mart Stores, Inc.,
0.75%, 09/08/09		10,000,000		9,985,625
Sovereign 0.1%
Province of British Columbia Canada, 0.55%, 07/13/09		2,933,000		2,932,462
Transportation 1.4% (b)
United Parcel Service, Inc.,
0.15%, 08/03/09		35,400,000		35,395,133
Total Commercial Paper (cost $1,680,520,107)				1,680,520,107
Corporate Bonds 4.2% (c)
Diversified Financial Services 3.9%
American Honda Finance Corp., 0.81%, 08/26/09 (b)		15,000,000		15,000,000
General Electric Capital Corp.
Series A, 0.75%, 08/31/09		75,000,000		75,041,078
1.02%, 05/10/10		7,000,000		6,828,474
				96,869,552
Household Products 0.3%
Procter & Gamble International Funding SCA, 1.22%, 02/08/10		6,000,000		6,000,000
Total Corporate Bonds (cost $102,869,552)				102,869,552
Government Mortgage Backed Agencies 2.2%
U.S. Government Agencies 2.2%
Federal Farm Credit Bank, Series 1, 1.10%, 11/20/09 (c)		20,000,000		20,000,000
Federal Home Loan Banks,
1.17%, 11/05/09 (c)		15,000,000		15,000,000
Federal Home Loan Mortgage Corp., 4.13%, 11/30/09		20,000,000		20,261,492
Total Government Mortgage Backed Agencies (cost $55,261,492)				55,261,492
U.S. Government Sponsored & Agency Obligations 5.6%
Fannie Mae, 0.50%, 11/16/09 (a)		16,890,000		16,857,627
Federal Home Loan Banks Series 1, 1.05%, 02/23/10		20,000,000		19,986,804
0.85%, 03/11/10 (c)		11,000,000		10,999,006
0.80%, 06/18/10		30,000,000		30,000,000
0.70%, 06/25/10		24,430,000		24,430,000
0.72%, 06/28/10		35,000,000		35,000,000
Total U.S. Government Sponsored & Agency Obligations (cost $137,273,437)				137,273,437

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Money Market Fund (Continued)

Mutual Funds 8.0% (c)
	Shares		Market Value
Money Market Funds 8.0%
Blackrock Liquidity Fund Tempcash Portfolio, 0.49%	110,159,571	$	110,159,571
Blackrock Liquidity Fund Tempfund Portfolio, 0.44%	87,224,067		87,224,067
Total Mutual Funds (cost $197,383,638)			197,383,638
Total Investments (cost $2,438,309,117) (d) — 99.2%			2,438,309,117
Other assets in excess of liabilities — 0.8%			19,282,840
NET ASSETS — 100.0%		$	2,457,591,957

(a)	The rate reflected in the Statement of Investments is the discount rate at the time of purchase.
(b)	Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at June 30, 2009 was $1,396,931,502 which represents 56.84% of net assets.
(c)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2009. The maturity date represents the actual maturity date.
(d)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

LLC	Limited Liability Company
PLC	Public Limited Company
SA	Stock Company
SCA	Limited partnership with share capital
SE	Sweden

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Money
	Market Fund
Assets:
Investments, at value (cost $2,438,309,117)	$	2,438,309,117
Cash		58,450
Interest and dividends receivable		953,880
Receivable for capital shares issued		20,515,196
Prepaid expenses and other assets		260,874
Total Assets		2,460,097,517
Liabilities:
Payable for capital shares redeemed		1,314,959
Accrued expenses and other payables:
Investment advisory fees		761,019
Fund administration fees		94,438
Administrative services fees		166,823
Custodian fees		10,761
Trustee fees		10,910
Compliance program costs (Note 3)		30,383
Professional fees		58,740
Printing fees		31,229
Other		26,298
Total Liabilities		2,505,560
Net Assets	$	2,457,591,957
Represented by:
Capital	$	2,459,147,532
Accumulated undistributed net investment income		665
Accumulated net realized losses from investment transactions		(1,556,240	)
Net Assets	$	2,457,591,957
Net Assets:
Class I Shares	$	1,557,205,245
Class IV Shares		79,117,033
Class V Shares		640,452,141
Class Y Shares		180,817,538
Total	$	2,457,591,957
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		1,558,197,350
Class IV Shares		79,169,529
Class V Shares		640,863,829
Class Y Shares		180,920,465
Total		2,459,151,173
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	1.00
Class IV Shares	$	1.00
Class V Shares	$	1.00
Class Y Shares	$	1.00

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Money
	Market Fund
INVESTMENT INCOME:
Interest income	$	8,573,907
Dividend income		361,036
Total Income		8,934,943
EXPENSES:
Investment advisory fees		4,887,548
Fund administration fees		649,522
Administrative services fees Class I Shares		1,262,641
Administrative services fees Class IV Shares		62,235
Administrative services fees Class V Shares		275,329
Custodian fees		56,947
Trustee fees		58,317
Compliance program costs (Note 3)		26,502
Professional fees		295,637
Printing fees		100,299
Other		605,640
Total expenses before earnings credit and expenses waived/reimbursed		8,280,617
Earnings credit (Note 4)		(4,010	)
Administrative Services fees voluntarily waived Class I (Note 3)		(469,627	)
Administrative Services fees voluntarily waived Class V (Note 3)		(77,522	)
Investment advisory fees voluntarily waived (Note 3)		(47,878	)
Expenses reimbursed by Adviser (Note 3)		(65,280	)
Net Expenses		7,616,300
NET INVESTMENT INCOME		1,318,643
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		11,773
Net realized/unrealized gains from investments		11,773
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,330,416

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Statements of Changes in Net Assets

	NVIT Money Market Fund
	Six Months Ended			Year Ended
	June 30, 2009 (Unaudited)			December 31, 2008
Operations:
Net investment income	$	1,318,643		$	52,004,555
Net realized gains (losses) from investment transactions		11,773			(1,539,284	)
Change in net assets resulting from operations		1,330,416			50,465,271
Distributions to Shareholders From:
Net investment income:
Class I		(757,904	)		(34,046,282	)
Class IV		(75,934	)		(1,705,912	)
Class V		(349,766	)		(12,141,125	)
Class Y		(134,962	)		(4,110,648	)
Change in net assets from shareholder distributions		(1,318,566	)		(52,003,967	)
Change in net assets from capital transactions		(322,128,214	)		453,002,703
Change in net assets		(322,116,364	)		451,464,007
Net Assets:
Beginning of period		2,779,708,321			2,328,244,314
End of period	$	2,457,591,957		$	2,779,708,321
Accumulated undistributed net investment income at end of period	$	665		$	588
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	229,405,678		$	1,102,753,792
Dividends reinvested		757,904			34,046,282
Cost of shares redeemed		(522,896,360	)		(841,449,356	)
Total Class I		(292,732,778	)		295,350,718
Class IV Shares
Proceeds from shares issued		17,096,775			29,511,874
Dividends reinvested		75,934			1,705,912
Cost of shares redeemed		(20,956,371	)		(26,561,881	)
Total Class IV		(3,783,662	)		4,655,905
Class V Shares
Proceeds from shares issued		205,418,379			495,763,363
Dividends reinvested		349,766			12,141,125
Cost of shares redeemed		(242,510,766	)		(341,988,677	)
Total Class V		(36,742,621	)		165,915,811
Class Y Shares
Proceeds from shares issued		71,914,889			70,987,082
Dividends reinvested		134,962			4,110,648
Cost of shares redeemed		(60,919,004	)		(88,017,461	)
Total Class Y		11,130,847			(12,919,731	)
Change in net assets from capital transactions	$	(322,128,214	)	$	453,002,703

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Statements of Changes in Net Assets (Continued)

	NVIT Money Market Fund
	Six Months Ended			Year Ended
	June 30, 2009 (Unaudited)			December 31, 2008
SHARE TRANSACTIONS:
Class I Shares
Issued		229,405,678			1,102,753,792
Reinvested		757,904			34,046,282
Redeemed		(522,896,360	)		(841,449,356	)
Total Class I Shares		(292,732,778	)		295,350,718
Class IV Shares
Issued		17,096,775			29,511,874
Reinvested		75,934			1,705,912
Redeemed		(20,956,371	)		(26,561,881	)
Total Class IV Shares		(3,783,662	)		4,655,905
Class V Shares
Issued		205,418,379			495,763,363
Reinvested		349,766			12,141,125
Redeemed		(242,510,766	)		(341,988,677	)
Total Class V Shares		(36,742,621	)		165,915,811
Class Y Shares
Issued		71,914,889			70,987,082
Reinvested		134,962			4,110,648
Redeemed		(60,919,004	)		(88,017,461	)
Total Class Y Shares		11,130,847			(12,919,731	)
Total change in shares		(322,128,214	)		453,002,703

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

Financial Highlights

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

NVIT Money Market Fund

				Operations						Distributions																Ratios / Supplemental Data
																																		Ratio of
																															Ratio of Net			Expenses
	Net Asset																											Ratio of			Investment			(Prior to
	Value,			Net			Total			Net						Capital				Net Asset						Net Assets at		Expenses			Income			Reimbursements)
	Beginning			Investment			from			Investment			Total			Contributions				Value, End			Total			End of		to Average			to Average			to Average
	of Period			Income			Operations			Income			Distributions			from Advisor				of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	1	.00		–			–			–			–			–			$	1	.00		0	.04%	$	1,557,205,245		0	.61%		0	.09%		0	.68%(e)
Year Ended December 31, 2008	$	1	.00		0	.02		0	.02		(0	.02)		(0	.02)		–	(i	)	$	1	.00		2	.05%(c)	$	1,849,909,902		0	.59%		2	.00%		0	.60%(e)
Year Ended December 31, 2007	$	1	.00		0	.05		0	.05		(0	.05)		(0	.05)		–	(i	)	$	1	.00		4	.79%(d)	$	1,555,557,742		0	.64%		4	.69%		0	.64%(e)
Year Ended December 31, 2006	$	1	.00		0	.04		0	.04		(0	.04)		(0	.04)		–			$	1	.00		4	.53%	$	1,269,500,302		0	.64%		4	.46%		0	.64%(f)
Year Ended December 31, 2005	$	1	.00		0	.03		0	.03		(0	.03)		(0	.03)		–			$	1	.00		2	.67%	$	1,173,300,924		0	.65%		2	.63%		0	.65%(f)
Year Ended December 31, 2004	$	1	.00		0	.01		0	.01		(0	.01)		(0	.01)		–			$	1	.00		0	.81%	$	1,223,530,331		0	.62%		0	.79%		0	.62%(f)
Class IV Shares
Six Months Ended June 30, 2009 (Unaudited)	$	1	.00		–			–			–			–			–	(i	)	$	1	.00		0	.09%	$	79,117,033		0	.51%		0	.19%		0	.68%(e)
Year Ended December 31, 2008	$	1	.00		0	.02		0	.02		(0	.02)		(0	.02)		–	(i	)	$	1	.00		2	.15%(c)	$	82,903,026		0	.50%		2	.12%		0	.62%(e)
Year Ended December 31, 2007	$	1	.00		0	.05		0	.05		(0	.05)		(0	.05)		–			$	1	.00		4	.94%(d)	$	78,295,421		0	.50%		4	.83%		0	.62%(e)
Year Ended December 31, 2006	$	1	.00		0	.05		0	.05		(0	.05)		(0	.05)		–			$	1	.00		4	.67%	$	76,972,805		0	.50%		4	.58%		0	.64%(e)
Year Ended December 31, 2005	$	1	.00		0	.03		0	.03		(0	.03)		(0	.03)		–			$	1	.00		2	.82%	$	74,115,275		0	.50%		2	.76%		0	.65%(e)
Year Ended December 31, 2004	$	1	.00		0	.01		0	.01		(0	.01)		(0	.01)		–			$	1	.00		0	.94%	$	84,415,229		0	.50%		0	.91%		0	.62%(e)
Class V Shares
Six Months Ended June 30, 2009 (Unaudited)	$	1	.00		–			–			–			–			–	(i	)	$	1	.00		0	.06%	$	640,452,141		0	.58%		0	.12%		0	.61%(e)
Year Ended December 31, 2008	$	1	.00		0	.02		0	.02		(0	.02)		(0	.02)		–	(i	)	$	1	.00		2	.14%(c)	$	677,242,363		0	.51%		2	.07%		0	.52%(e)
Year Ended December 31, 2007	$	1	.00		0	.05		0	.05		(0	.05)		(0	.05)		–			$	1	.00		4	.87%(d)	$	511,681,426		0	.57%		4	.76%		0	.57%(e)
Year Ended December 31, 2006	$	1	.00		0	.05		0	.05		(0	.05)		(0	.05)		–			$	1	.00		4	.61%	$	466,192,183		0	.56%		4	.56%		0	.56%(f)
Year Ended December 31, 2005	$	1	.00		0	.03		0	.03		(0	.03)		(0	.03)		–			$	1	.00		2	.75%	$	318,972,875		0	.57%		2	.69%		0	.57%(f)
Year Ended December 31, 2004	$	1	.00		0	.01		0	.01		(0	.01)		(0	.01)		–			$	1	.00		0	.89%	$	479,705,985		0	.55%		0	.92%		0	.55%(f)
Class Y Shares(g)
Six Months Ended June 30, 2009 (Unaudited)	$	1	.00		–			–			–			–			–	(i	)	$	1	.00		0	.09%	$	180,817,538		0	.52%		0	.18%		0	.53%(e)
Year Ended December 31, 2008	$	1	.00		0	.02		0	.02		(0	.02)		(0	.02)		–	(i	)	$	1	.00		2	.18%(c)	$	169,653,030		0	.47%		2	.19%		0	.47%(e)
Year Ended December 31, 2007	$	1	.00		0	.05		0	.05		(0	.05)		(0	.05)		–			$	1	.00		4	.97%(d)	$	182,709,725		0	.45%		4	.79%		0	.45%(e)
Period Ended December 31, 2006 (h)	$	1	.00		0	.03		0	.03		(0	.03)		(0	.03)		–			$	1	.00		3	.26%	$	15,448,182		0	.48%		4	.81%		0	.48%(f)

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Includes payment from Adviser which increased the total return by 0.03%. (Note 3)
(d)	Includes payment from the Adviser which increased the total return by 0.25%. (Note 3)
(e)	During the period, certain fees were waived and/or reimbursed. If such waiver/reimbursements had not occurred, the ratios would have been as indicated.
(f)	There were no fee waivers/reimbursements during the period.
(g)	Effective May 1, 2008, Class ID Shares were renamed Class Y shares.
(h)	For the period from May 1, 2006 (commencement of operations) through October 31, 2006.
(i)	The amount is less than $0.005 per share.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Money Market Fund (the “Fund”) (formerly “Nationwide NVIT Money Market Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Investments of the Fund are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security. The Fund’s use of amortized cost is subject to compliance with certain conditions as specified by Rule 2a-7 of the 1940 Act.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

14 Semiannual Report 2009

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Certificates of Deposit	$	20,000,000	$	245,000,891	$	—	$	265,000,891
Commercial Paper		—		1,680,520,107		—		1,680,520,107
Corporate Bonds		—		102,869,552		—		102,869,552
U.S. Government Sponsored & Agency Obligations		—		192,534,929		—		192,534,929
Mutual Funds		197,383,638		—		—		197,383,638
Total	$	217,383,638	$	2,220,925,479	$	—	$	2,438,309,117

     Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty. As of June 30, 2009, the Fund did not hold any repurchase agreements.

(d)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(e)        Distributions to Shareholders

Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(f)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

16 Semiannual Report 2009

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Federated Investment Management Company (“Federated”) (the “subadviser”) became subadviser to the Fund effective April 2, 2009. Nationwide Asset Management, LLC (“NWAM”), an affiliate of NFA, was subadvisor to the Fund through April 1, 2009. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
Up to $1 billion		0.40%
$1 billion up to $2 billion		0.38%
$2 billion up to $5 billion		0.36%
$5 billion or more		0.34%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisers $584,664, of which $425,083 was paid to affiliated subadvisors, for the six months ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.50% for the Fund’s Class IV shares until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Fiscal Year		Fiscal Year		Six Months Ended
2007		2008		June 30, 2009
Amount		Amount		Amount
$	89,226	$	91,053	$	65,280

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

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

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

For the six months ended June 30, 2009, NFS received $1,159,097 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $26,502.

In the prior year, NWAM, the subadviser to the Fund, made a capital contribution of $900,000 to the Fund in connection with a $900,000 loss realized by the Fund on sale of securities.

For the year ended December 31, 2008, NFA agreed to reimburse the Fund for $249,450 for certain expenses.

During the six month period ending June 30, 2009, NFA voluntarily waived investment advisory fees payable by the Fund in an amount equal to $47,878. Nationwide Financial Services, Inc. (“NFS”), the parent company of NFA, NFD and NFM, waived an amount equal to $547,149 in fees payable to it by Class I and Class V shares of the Fund during the same period pursuant to the Trust’s Administrative Services Plan. Each of these fee waivers was agreed to voluntarily, and neither NFA, NFD nor NFS shall be entitled to reimbursement by the Fund of any of the amounts waived. Such waivers may be discontinued at any time, and neither of NFA, NFD nor NFS represents that any of these voluntary waivers will be continued or repeated.

18 Semiannual Report 2009

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had short-term purchases of $624,860,682 and sales of $6,763,023 of U.S. government securities.

6. Indemnifications

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

7. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

8. Other

In response to credit market instability, the United States Department of the Treasury (the “Treasury Department”), on September 22, 2008, made available certain funds from its Exchange Stabilization Fund on a temporary basis to assist money market funds in paying redeeming shareholders $1.00 per share. The Treasury Department’s Temporary Guarantee for Money Market Funds (the “Program”) is limited to assets in money market funds as of the close of business on September 19, 2008 and to shareholders of record as of that date. Participating money market funds are required to pay premiums to participate in the Program. The guarantee would be triggered if a participating money market fund liquidated within thirty days of its net asset value per share falling below $0.995. Upon such a liquidation, the Program would make up the difference between the liquidation net asset value per share and $1.00. The Program is currently set to expire on April 30, 2009. The Treasury Department is authorized to further extend the program until September 18, 2009.

On October 3, 2008, the Board approved the participation of the Fund in the Program for the Program’s initial three-month period. The Fund paid the required premium of $259,826, equivalent to 0.01% of the Fund’s NAV as of September 19, 2008 required for the Fund to participate in the Program.

On December 3, 2008, the Board approved the extension until April 30, 2009, of the participation of the Fund in the Program. The Fund paid the required premium of $389,739, equivalent to 0.015% of the Fund’s NAV as of September 19, 2008, to participate in the Program extension.

On April 8, 2009, the Board approved the extension until September 18, 2009, of the participation of the Fund in the Program. The Fund paid the required premium of $389,739, equivalent to 0.015% of the Fund’s NAV as of September 19, 2008, to participate in the Program extension. During the six months ended June 30, 2009, the Fund paid total premiums equivalent to 0.015% of the Fund’s NAV as of September 19, 2008.

On October 10, 2008, the Securities and Exchange Commission issued a no-action relief letter to the Investment Company Institute to temporarily allow money market funds to value certain securities at amortized cost for shadow pricing purposes (the process of periodically comparing a fund’s amortized cost valuations to valuations derived by reference to available market quotations) under Rule 2a-7 of the 1940 Act. The relief is limited to first tier securities with maturities of 60 days or less that a money market fund reasonably expects to hold to maturity. The relief expired on January 12, 2009. On October 22, 2008, the Board approved a new valuation methodology, pursuant to which the new amortized cost valuation was first applied to the assets of the Fund on October 22, 2008, in accordance with this no-action relief. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant (straight line) basis to the maturity of the security.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net Unrealized
Tax Cost of		Unrealized		Unrealized		Appreciation
Securities		Appreciation		Depreciation		(Depreciation)
$	2,438,309,117	$	—	$	—	$	—

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

On June 23, 2009, a post-effective amendment to the Trust’s registration statement was filed with the Securities and Exchange Commission to register new Class II shares of the NVIT Money Market Fund. The Trust’s

20 Semiannual Report 2009

registration statement in respect of the new Class II shares is anticipated to become effective on or about August 24, 2009.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 21

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

22 Semiannual Report 2009

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Nationwide Asset Management LLC (“NWAM”), the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that the Fund’s performance for Class I shares was in the fourth quintile of its peer group for the one-year period ended September 30, 2008, in the third quintile and below the median of its peer group for the three-year period ended September 30, 2008, and in the second quintile of its peer group for the five-year period ended September 30, 2008. The Trustees noted that for each period, the Fund underperformed the iMoneyNet First Tier Retail Index, the Fund’s benchmark. In this regard, the Trustees noted that the Fund’s underperformance was attributable to the conservative positioning of the Fund’s portfolio in response to the 2008 credit crisis.

The Trustees noted that the Fund’s contractual advisory fee and actual advisory fee for Class I shares were in the fourth quintile of its peer group, but the Fund’s total expenses were in the third quintile and slightly below the median of its peer group. In this regard, the Trustees noted that shareholders of the Fund received the benefit of an expense cap (excluding 12b-1 and administrative service fees). The Trustees also noted that current market conditions had increased the time and resources that NFA and NWAM dedicated to supporting the Fund. The Trustees also considered recent non-contractual support provided by affiliates of NFA to the Fund, including the purchase of certain SIVs from the Fund’s portfolio and a contribution of capital related to certain Morgan Stanley commercial paper. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that advisory fee schedule included breakpoints, and that the second breakpoint has been reached. The Trustees concluded that the shareholders of the Fund have appropriately benefited from economies of scale under the proposed advisory fee schedule, in light of such breakpoints.

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

B. New Subadvisory Agreement

At a Board meeting held in-person on March 12, 2009, the Board, including the Independent Trustees, discussed and unanimously accepted the resignation of NWAM as subadviser to the Fund and the hiring of Federated Investment Management Company (“Federated”) as subadviser to the Fund. The Trustees were provided with

2009 Semiannual Report 23

Supplemental Information (Continued)

(Unaudited)

detailed materials relating to Federated in advance of and at the meeting. The Independent Trustees met in executive session with their Independent Legal Counsel prior to the meeting to discuss information relating to the replacement of NWAM with Federated and the possible effect on the Fund. The material factors and conclusions that formed the basis for the approval are discussed below.

The Board reviewed Federated’s investment strategy, as well as Federated’s credit review process and performance record with respect to money market instruments. The Board also examined and considered the experience of Federated’s investment personnel who would be managing the Fund. The Board also considered that Federated already serves as subadviser to another NVIT Fund.

The Board evaluated the Fund’s investment performance and considered the performance of the portfolio managers who were expected to manage the Fund on behalf of Federated. The Board also reviewed the comparative performance for money market funds managed by Federated, based on data provided by Lipper. The Board concluded that the historical investment performance record of the portfolio managers who were expected to manage the Fund on behalf of Federated, in combination with various other factors, supported a decision to approve the subadvisory agreement.

The Board considered the Fund’s overall fee level and noted that the overall expenses of the Fund would remain the same under the subadvisory agreement, as Federated’s fees are paid out of the advisory fee that NFA receives from the Fund. The Board concluded that the subadvisory fees to be paid to Federated were fair and reasonable. The Board noted that the Fund’s current advisory and subadvisory fee schedules include breakpoints that are intended to result in fee reductions to shareholders over time as assets increase. The Board considered the factor of profitability to Federated as a result of the subadvisory relationship with the Fund. In addition, the Board considered whether any “fall-out” or ancillary benefits would accrue to Federated as a result of its relationship with the Fund. However, since Federated’s subadvisory relationship is new with respect to the Fund, it was not possible to accurately assess either factor at this time.

The Board reviewed the terms of the subadvisory agreement and noted that the terms are identical in all material respects as the terms of the subadvisory agreements that the Trust currently has in place with other unaffiliated subadvisers. The Board concluded that the terms were fair and reasonable.

Based on this information, the Board, including all of the Independent Trustees, concluded that the nature, extent and quality of the subadvisory services to be provided by Federated were appropriate for the Fund in light of its investment objective. The totality of multiple factors taken together, instead of any single factor, informed the Board’s decision. The Board concluded that the approval of the subadvisory agreement was in the best interests of the Fund and its shareholders and unanimously approved the subadvisory agreement.

24 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 25

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

26 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3 , Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3 , and is a Senior Vice President of NFS3 . From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3 , a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3 . From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3 .		N/A	N/A

2009 Semiannual Report 27

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3 .		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3 . From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

28 Semiannual Report 2009

NVIT Money Market Fund II

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
6	Statement of Investments
8	Statement of Assets and Liabilities
9	Statement of Operations
10	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements
19	Supplemental Information
22	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-MMKT2 (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets — particularly those in some emerging market countries — are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency except as stated below. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

The Treasury Department has extended the U.S. Department of the Treasury’s Temporary Guarantee Program (the “Program”) for Money Market Funds until September 18, 2009. The Board of Trustees of Nationwide Variable Insurance Trust approved the continued participation of the NVIT Money Market Fund and the NVIT Money Market Fund II in the Program on April 8, 2009.

Here are some reminders about the Program:

•  Only shareholders who held shares in the NVIT Money Market Fund and/or the NVIT Money Market Fund II on September 19, 2008, are eligible for protection under the Program.

•  The Program currently in place provides a guarantee to these shareholders based on the number of shares invested in the Funds at the close of business on September 19, 2008.

•  Any increase in the number of shares an eligible shareholder holds after the close of business on September 19, 2008, will not be guaranteed by the Program.

•  If a customer closes his or her account with a fund or broker-dealer, any future investment in the fund will not be guaranteed.

•  If the number of shares an investor holds fluctuates during the period, the investor will be covered for either the number of shares held as of the close of business on September 19, 2008, or the current amount, whichever is less.

•  The Program is not part of the U.S. Treasury Department’s Troubled Asset Relief Program (TARP). The Program is intended to provide relief for investors in the event the per-share value of any of the money market funds falls below $0.995 and a fund liquidates its holdings. The Program will provide coverage to a fund’s shareholders of record at the close of business on September 19, 2008, up to $1.00 per share for the lesser of either the number of shares the investor held in that fund or the number of shares the investor held the date the per-share value fell below $0.995. This is commonly referred to as “breaking the buck.”

•  The U.S. Treasury Department, through the Exchange Stabilization Fund (“ESF”), is providing this guarantee. In the event that a participating fund breaks the buck and liquidates, a guarantee payment should be made to investors through their fund within approximately 30 days, subject to possible extensions at the discretion of the Treasury. Payments to investors under the Program will depend on the availability of assets in the ESF, which currently totals approximately $50 billion. The U.S. Department of the Treasury and the Secretary of the Treasury have the authority to use assets from the ESF for purposes other than those of the Program.

•  Participation in each period of the Program requires a payment to the U.S. Department of the Treasury in the amount of 0.015% based on the net asset value of the Fund as of September 19, 2008. Each Fund individually bears this expense without regard to any expense limitation currently in effect for the Fund.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide

2 Semiannual Report 2009

Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2009 Semiannual Report 3

Shareholder NVIT Money Market Fund II

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Money Market Fund II			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,000.10		2.47		0.50
	Hypothetical	b		1,000.00		1,022.33		2.50		0.50

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

4 Semiannual Report 2009

Portfolio Summary NVIT Money Market Fund II

June 30, 2009 (Unaudited)

Asset Allocation
Commercial Paper	78	.0%
Certificates of Deposit	9	.0%
Mutual Funds	4	.7%
U.S. Government Sponsored & Agency Obligations	4	.0%
Corporate Bonds	2	.5%
Other assets in excess of liabilities	1	.8%
	100	.0%

Top Industries
Diversified Financial Services	53	.3%
Chemicals — Diversified	14	.3%
Banks — Foreign	11	.9%
Pharmaceutical Preparations	6	.6%
Household Products	2	.3%
Transportation	0	.8%
Retail	0	.3%
Other Industries	10	.5%
	100	.0%

Top Holdings
Alpine Securitization Corp., 0.60%, 07/06/09	5	.2%
Merck & Co., Inc., 0.17%, 07/24/09	5	.2%
FCAR Owners Trust I, 1.25%, 08/14/09	4	.8%
General Electric Capital Corp., 0.17%, 07/29/09	4	.5%
Blackrock Liquidity Funds Tempcash Portfolio, 0.49%	4	.4%
Enterprise Funding Group LLC, 0.45%, 07/07/09	4	.3%
Abbott Laboratories, 0.16%, 07/20/09	4	.3%
Falcon Asset Securitization Corp., 0.30%, 09/02/09	4	.0%
Edison Asset Securitization LLC, 0.60%, 12/11/09	3	.7%
E.I. du Pont de Nemours & Co., 0.17%, 07/28/09	3	.3%
Other Holdings	56	.3%
	100	.0%

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Money Market Fund II

Certificates of Deposit 9.0%
		Principal Amount		Market Value
Banks — Foreign 9.0%
Banco Bilbao Vizcaya Argentaria SA
0.97%, 07/06/09	$	10,000,000	$	10,000,007
1.06%, 11/02/09		4,000,000		4,000,137
Bank of Tokyo — Mitsubishi, 0.64%, 08/11/09		5,000,000		5,000,000
Barclays Bank PLC, 1.12%, 07/14/09		5,000,000		5,000,000
Societe Generale Paris, 0.62%, 11/23/09		7,000,000		7,000,000
Total Certificates of Deposit (cost $31,000,144)				31,000,144
Commercial Paper 78.0% (a)
Banks — Foreign 2.9%
Landesbank Baden—Wuerttemberg, 1.15%, 07/14/09		10,000,000		9,995,847
Chemicals-Diversified 14.3%
Abbott Laboratories, 0.16%, 07/20/09		15,000,000		14,998,733
BASF SE
0.60%, 09/25/09		6,000,000		5,991,400
0.52%, 10/13/09		9,000,000		8,986,480
0.80%, 11/16/09		2,000,000		1,993,867
E.I. du Pont de Nemours & Co.
0.17%, 07/28/09		11,400,000		11,398,546
0.18%, 07/30/09		6,223,000		6,222,098
				49,591,124
Diversified Financial Services 52.0%
Alpine Securitization Corp., 0.60%, 07/06/09		18,000,000		17,998,500
Chariot Funding LLC
0.25%, 07/10/09		4,000,000		3,999,750
0.40%, 07/28/09		10,000,000		9,997,000
Clipper Receivables Co. LLC, 1.30%, 07/10/09		10,000,000		9,996,750
Edison Asset Securitization LLC
0.55%, 07/15/09		4,000,000		3,999,144
0.25%, 07/29/09		900,000		899,825
0.60%, 12/11/09		12,750,000		12,715,362
Enterprise Funding Group LLC
0.45%, 07/07/09		15,000,000		14,998,875
0.38%, 09/02/09		3,000,000		2,998,005
Falcon Asset Securitization Corp., 0.30%, 09/02/09		14,000,000		13,992,650
FCAR Owners Trust I, 1.25%, 08/14/09		16,750,000		16,724,410
General Electric Capital Corp.
0.53%, 07/20/09		10,000,000		9,997,203
0.23%, 07/23/09		2,000,000		1,999,719
0.17%, 07/29/09		15,650,000		15,647,931
Gotham Funding Corp., 0.40%, 07/06/09		8,000,000		7,999,556
Grampian Funding LLC, 0.40%, 07/01/09		5,770,000		5,770,000
Jupiter Securitization Co. LLC
0.28%, 07/20/09		1,000,000		999,852
0.28%, 07/22/09		6,500,000		6,498,938
Salisbury Receivables Co.
0.47%, 07/01/09		3,000,000		3,000,000
0.32%, 08/12/09		5,000,000		4,998,133
0.33%, 08/21/09		1,000,000		999,533
Sheffield Receivables Corp., 0.50%, 07/06/09		10,000,000		9,999,306
Starbird Funding Corp., 0.40%, 09/03/09		3,600,000		3,597,440
				179,827,882
Household Products 1.4%
Procter & Gamble Co. (The)
0.20%, 08/03/09		3,000,000		2,999,450
0.20%, 09/22/09		1,800,000		1,799,170
				4,798,620
Pharmaceutical Preparations 6.6%
Johnson & Johnson, 0.25%, 09/28/09		5,000,000		4,996,910
Merck & Co., Inc., 0.17%, 07/24/09		18,000,000		17,998,045
				22,994,955
Transportation 0.8%
United Parcel Service, Inc., 0.15%, 08/03/09		2,900,000		2,899,601
Total Commercial Paper (cost $270,108,029)				270,108,029
Corporate Bonds 2.5%
Diversified Financial Services 1.3%
General Electric Capital Corp.
Series A, 0.75%, 08/31/09 (b)		2,000,000		2,001,095
Series A, 1.12%, 10/26/09 (b)		1,000,000		993,770
Series A, 3.75%, 12/15/09		1,500,000		1,510,553
				4,505,418

6 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
Household Products 0.9% (b)
Procter & Gamble International Funding SCA, 1.22%, 02/08/10	$	3,000,000	$	3,000,000
Retail 0.3%
Wal-Mart Stores, Inc., 6.88%, 08/10/09		1,065,000		1,072,491
Total Corporate Bonds (cost $8,577,909)				8,577,909
U.S. Government Sponsored & Agency Obligations 4.0%
Federal Home Loan Banks
Series 1,
1.05%, 02/23/10		5,000,000		4,996,701
0.85%, 03/11/10(b)		4,000,000		3,999,638
0.72%, 06/28/10		5,000,000		5,000,000
Total U.S. Government Sponsored & Agency Obligations (cost $13,996,339)				13,996,339
Mutual Funds 4.7% (b)
		Shares		Market Value
Money Market Funds 4.7%
Blackrock Liquidity Fund Tempcash Portfolio, 0.49%		15,271,148	$	15,271,148
Blackrock Liquidity Fund Tempfund Portfolio, 0.44%		912,352		912,352
Total Mutual Funds (cost $16,183,500)				16,183,500
Total Investments (cost $339,865,921) (c) — 98.2%				339,865,921
Other assets in excess of liabilities — 1.8%				6,300,069
NET ASSETS — 100.0%			$	346,165,990

(a)	The rate reflected in the Statement of Investments is the discount rate at the time of purchase.
(b)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2009. The maturity date represents the actual maturity date.
(c)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

LLC	Limited Liability Company
PLC	Public Limited Company
SA	Stock Company
SCA	Limited partnership with share capital
SE	Sweden

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Money
	Market Fund II
Assets:
Investments, at value (cost $339,865,921)	$	339,865,921
Cash		8,971
Interest and dividends receivable		123,062
Receivable for capital shares issued		6,296,004
Prepaid expenses and other assets		37,051
Total Assets		346,331,009
Liabilities:
Accrued expenses and other payables:
Investment advisory fees		75,856
Fund administration fees		13,681
Distribution fees		4,900
Administrative services fees		41,088
Custodian fees		107
Trustee fees		3,037
Compliance program costs (Note 3)		2,233
Professional fees		15,367
Printing fees		8,191
Other		559
Total Liabilities		165,019
Net Assets	$	346,165,990
Represented by:
Capital	$	346,160,982
Accumulated undistributed net investment income		3,818
Accumulated net realized gains from investment transactions		1,190
Net Assets	$	346,165,990
Shares Outstanding (unlimited number of shares authorized):		346,160,983
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):	$	1.00

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Money
	Market Fund II
INVESTMENT INCOME:
Interest income	$	904,177
Dividend income		46,180
Total Income		950,357
EXPENSES:
Investment advisory fees		927,140
Fund administration fees		101,532
Distribution fees		463,832
Administrative services fees		301,271
Custodian fees		6,716
Trustee fees		5,907
Compliance program costs (Note 3)		3,985
Professional fees		25,724
Printing fees		13,966
Other		102,604
Total expenses before earnings credit and expenses waived		1,952,677
Earnings credit (Note 4)		(3,315	)
Administrative Services fees voluntarily waived (Note 3)		(67,266	)
Investment advisory fees voluntarily waived (Note 3)		(598,900	)
Distribution fees voluntarily waived (Note 3)		(359,487	)
Net Expenses		923,709
NET INVESTMENT INCOME		26,648
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		1,190
Net realized/unrealized gains from investments		1,190
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	27,838

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statements of Changes in Net Assets

	NVIT Money Market Fund II
	Six Months Ended			Year Ended
	June 30, 2009 (Unaudited)			December 31, 2008
Operations:
Net investment income	$	26,648		$	3,701,655
Net realized gains from investment transactions		1,190			537
Change in net assets resulting from operations		27,838			3,702,192
Distributions to Shareholders From:
Net investment income:		(26,648	)		(3,701,655	)
Change in net assets from shareholder distributions		(26,648	)		(3,701,655	)
Change in net assets from capital transactions		(40,744,565	)		120,618,236
Change in net assets		(40,743,375	)		120,618,773
Net Assets:
Beginning of period		386,909,365			266,290,592
End of period	$	346,165,990		$	386,909,365
Accumulated undistributed net investment income at end of period	$	3,818		$	3,818
CAPITAL TRANSACTIONS:
Fund level
Proceeds from shares issued	$	325,256,490		$	1,189,592,230
Dividends reinvested		26,648			3,701,655
Cost of shares redeemed		(366,027,703	)		(1,072,675,649	)
Total Fund level		(40,744,565	)		120,618,236
Change in net assets from capital transactions	$	(40,744,565	)	$	120,618,236
SHARE TRANSACTIONS:
Fund level
Issued		325,256,490			1,189,592,230
Reinvested		26,648			3,701,655
Redeemed		(366,027,703	)		(1,072,675,649	)
Total Fund Level Shares		(40,744,565	)		120,618,236
Total change in shares		(40,744,565	)		120,618,236

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Financial Highlights

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

NVIT Money Market Fund II

				Operations						Distributions												Ratios / Supplemental Data
																														Ratio of
																											Ratio of Net			Expenses
	Net Asset																							Ratio of			Investment			(Prior to
	Value,			Net			Total			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			from			Investment			Total			Value, End			Total			at End		to Average			to Average			to Average
	of Period			Income			Operations			Income			Distributions			of Period			Return (a)			of Period		Net Assets (b)			Net Assets (b)			Net Assets (b)
Six Months Ended June 30, 2009 (Unaudited)	$	1	.00		–			–			–			–		$	1	.00		0	.01%	$	346,165,990		0	.50%		0	.01%		1	.05%(c)
Year Ended December 31, 2008	$	1	.00		0	.01		0	.01		(0	.01)		(0	.01)	$	1	.00		1	.24%	$	386,909,365		0	.94%		1	.15%		1	.00%(c)
Year Ended December 31, 2007	$	1	.00		0	.04		0	.04		(0	.04)		(0	.04)	$	1	.00		4	.25%	$	266,290,592		0	.96%		4	.18%		0	.96%(c)
Year Ended December 31, 2006	$	1	.00		0	.04		0	.04		(0	.04)		(0	.04)	$	1	.00		4	.11%	$	232,144,075		1	.01%		4	.06%		1	.01%(d)
Year Ended December 31, 2005	$	1	.00		0	.20		0	.02		(0	.02)		(0	.02)	$	1	.00		2	.26%	$	260,556,547		1	.01%		2	.24%		1	.01%(d)
Year Ended December 31, 2004	$	1	.00		–			–			–			–		$	1	.00		0	.41%	$	192,820,091		0	.96%		0	.43%		0	.99%(c)

Amounts designated as “–” are zero or have been rounded to zero.

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

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Money Market II Fund (the “Fund”) (formerly “Nationwide NVIT Money Market Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Investments of the Fund are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security. The Fund’s use of amortized cost is subject to compliance with certain conditions as specified by Rule 2a-7 of the 1940 Act.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

12 Semiannual Report 2009

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Certificates of Deposit	$	—	$	31,000,144	$	—	$	31,000,144
Commercial Paper		—		270,108,029		—		270,108,029
Corporate Bonds		—		8,577,909		—		8,577,909
U.S. Government Sponsored & Agency Obligations		—		13,996,339		—		13,996,339
Mutual Funds		16,183,500		—		—		16,183,500
Total	$	16,183,500	$	323,682,421	$	—	$	339,865,921

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty. As of June 30, 2009, the Fund did not hold any repurchase agreements.

(d)        Security Transactions and Investment Income

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

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(e)        Distributions to Shareholders

Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(f)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

14 Semiannual Report 2009

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Federated Investment Management Company (“Federated”) (the “subadviser”) became subadviser to the Fund effective April 2, 2009. Nationwide Asset Management, LLC (“NWAM”), an affiliate of NFA, was subadvisor to the Fund through April 1, 2009. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
Up to $1 billion		0.50%
$1 billion up to $2 billion		0.48%
$2 billion up to $5 billion		0.46%
$5 billion or more		0.44%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisers $84,875, of which $61,574 was paid to affiliated subadvisors, for the six months ended June 30, 2009.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

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

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II shares of the Fund. NFD is a majority-owned subsidiary of NFSDI.

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

For the six months ended June 30, 2009, NFS received $229,645 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $3,985.

During the six month period ending June 30, 2009, NFA voluntarily waived investment advisory fees payable by the Fund in an amount equal to $598,900. During the same period, NFD voluntarily waived rule 12b-1 fees payable by the Fund in an amount equal to $359,487. Nationwide Financial Services, Inc. (“NFS”), the parent company of NFA, NFD and NFM, waived an amount equal to $67,266 in fees payable to the Fund during the same period pursuant to the Trust’s Administrative Services Plan. Each of these fee waivers was agreed to voluntarily, and neither NFA, NFD nor NFS shall be entitled to reimbursement by the Fund of any of the amounts waived. Such waivers may be discontinued at any time, and neither of NFA, NFD nor NFS represents that any of these voluntary waivers will be continued or repeated.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had short-term purchases of $131,473,767 of U.S. government securities.

16 Semiannual Report 2009

6. Indemnifications

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

7. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

8. Other

In response to credit market instability, the United States Department of the Treasury (the “Treasury Department”), on September 22, 2008, made available certain funds from its Exchange Stabilization Fund on a temporary basis to assist money market funds in paying redeeming shareholders $1.00 per share. The Treasury Department’s Temporary Guarantee for Money Market Funds (the “Program”) is limited to assets in money market funds as of the close of business on September 19, 2008 and to shareholders of record as of that date. Participating money market funds are required to pay premiums to participate in the Program. The guarantee would be triggered if a participating money market fund liquidated within thirty days of its net asset value per share falling below $0.995. Upon such a liquidation, the Program would make up the difference between the liquidation net asset value per share and $1.00. The Program is currently set to expire on April 30, 2009. The Treasury Department is authorized to further extend the program until September 18, 2009.

On October 3, 2008, the Board approved the participation of the Fund in the Program for the Program’s initial three-month period. The Fund paid the required premium of $35,439, equivalent to 0.01% of the Fund’s NAV as of September 19, 2008 required for the Fund to participate in the Program.

On December 3, 2008, the Board approved the extension until April 30, 2009, of the participation of the Fund in the Program. The Fund paid the required premium of $53,158, equivalent to 0.015% of the Fund’s NAV as of September 19, 2008, to participate in the Program extension.

On April 8, 2009, the Board approved the extension until September 18, 2009, of the participation of the Fund in the Program. The Fund paid the required premium of $53,158, equivalent to 0.015% of the Fund’s NAV as of September 19, 2008, to participate in the Program extension. During the six months ended June 30, 2009, the Fund paid total premiums equivalent to 0.015% of the Fund’s NAV as of September 19, 2008.

On October 10, 2008, the Securities and Exchange Commission issued a no-action relief letter to the Investment Company Institute to temporarily allow money market funds to value certain securities at amortized cost for shadow pricing purposes (the process of periodically comparing a fund’s amortized cost valuations to valuations derived by reference to available market quotations) under Rule 2a-7 of the 1940 Act. The relief is limited to first tier securities with maturities of 60 days or less that a money market fund reasonably expects to hold to

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

maturity. The relief expired on January 12, 2009. On October 22, 2008, the Board approved a new valuation methodology, pursuant to which the new amortized cost valuation was first applied to the assets of the Fund on October 22, 2008, in accordance with this no-action relief. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant (straight line) basis to the maturity of the security.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	339,865,921	$	—	$	—	$	—

Amounts designated as “—” are zero.

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

18 Semiannual Report 2009

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to

2009 Semiannual Report 19

Supplemental Information (Continued)

(Unaudited)

the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Nationwide Asset Management LLC (“NWAM”), the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that the Fund’s performance for each of the one-, three-, and five-year period ended September 30, 2008 was in the fourth, fifth, and fifth quintiles, respectively, in its peer group. The Trustees noted that for each period, the Fund underperformed the iMoneyNet First Tier Retail Index, the Fund’s benchmark. In this regard, the Trustees noted that the Fund’s underperformance was attributable to the conservative positioning of the Fund’s portfolio in response to the 2008 credit crisis.

The Trustees noted that the Fund’s contractual advisory fee and actual advisory fee were in the fourth quintile of its peer group, while the Fund’s total expenses were in the fifth quintile of its peer group. The Trustees discussed the distribution strategy with respect to this Fund. The Trustees also noted that current market conditions had increased the time and resources that NFA and NWAM dedicated to supporting the Fund. The Trustees also considered recent non-contractual support provided by NFA and its affiliates to the Fund, including the purchase of certain SIVs from the Fund’s portfolio and a contribution of capital related to certain Morgan Stanley commercial paper. The Trustees took into account recent ongoing fee waivers that NFA had put in place in order to keep the Fund’s net yield positive, and considered that the Fund was a specialized product. The Trustees concluded that the Fund’s investment advisory fee and total expense ratio fell within an acceptable range as compared to its peer group. The Trustees also concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the proposed investment advisory fee schedule for the Fund contains breakpoints that are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

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

20 Semiannual Report 2009

B. New Subadvisory Agreement

At a Board meeting held in-person on March 12, 2009, the Board, including the Independent Trustees, discussed and unanimously accepted the resignation of NWAM as subadviser to the Fund and the hiring of Federated Investment Management Company (“Federated”) as subadviser to the Fund. The Trustees were provided with detailed materials relating to Federated in advance of and at the meeting. The Independent Trustees met in executive session with their Independent Legal Counsel prior to the meeting to discuss information relating to the replacement of NWAM with Federated and the possible effect on the Fund. The material factors and conclusions that formed the basis for the approval are discussed below.

The Board reviewed Federated’s investment strategy, as well as Federated’s credit review process and performance record with respect to money market instruments. The Board also examined and considered the experience of Federated’s investment personnel who would be managing the Fund. The Board also considered that Federated already serves as subadviser to another NVIT Fund.

The Board evaluated the Fund’s investment performance and considered the performance of the portfolio managers who were expected to manage the Fund on behalf of Federated. The Board also reviewed the comparative performance for money market funds managed by Federated, based on data provided by Lipper. The Board concluded that the historical investment performance record of the portfolio managers who were expected to manage the Fund on behalf of Federated, in combination with various other factors, supported a decision to approve the subadvisory agreement.

The Board considered the Fund’s overall fee level and noted that the overall expenses of the Fund would remain the same under the subadvisory agreement, as Federated’s fees are paid out of the advisory fee that NFA receives from the Fund. The Board concluded that the subadvisory fees to be paid to Federated were fair and reasonable. The Board noted that the Fund’s current advisory and subadvisory fee schedules include breakpoints that are intended to result in fee reductions to shareholders over time as assets increase. The Board considered the factor of profitability to Federated as a result of the subadvisory relationship with the Fund. In addition, the Board considered whether any “fall-out” or ancillary benefits would accrue to Federated as a result of its relationship with the Fund. However, since Federated’s subadvisory relationship is new with respect to the Fund, it was not possible to accurately assess either factor at this time.

The Board reviewed the terms of the subadvisory agreement and noted that the terms are identical in all material respects as the terms of the subadvisory agreements that the Trust currently has in place with other unaffiliated subadvisers. The Board concluded that the terms were fair and reasonable.

Based on this information, the Board, including all of the Independent Trustees, concluded that the nature, extent and quality of the subadvisory services to be provided by Federated were appropriate for the Fund in light of its investment objective. The totality of multiple factors taken together, instead of any single factor, informed the Board’s decision. The Board concluded that the approval of the subadvisory agreement was in the best interests of the Fund and its shareholders and unanimously approved the subadvisory agreement.

2009 Semiannual Report 21

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

22 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

24 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 25

Van Kampen NVIT Comstock Value Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements
19	Supplemental Information
21	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-CVAL (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder Van Kampen NVIT Comstock Value Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Van Kampen NVIT Comstock Value Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,035.40		4.91		0.97
	Hypothetical	b		1,000.00		1,019.97		4.88		0.97
Class II	Actual			1,000.00		1,034.10		6.47		1.28
	Hypothetical	b		1,000.00		1,018.43		6.44		1.28
Class IV	Actual			1,000.00		1,035.40		4.91		0.97
	Hypothetical	b		1,000.00		1,019.97		4.88		0.97

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary Van Kampen NVIT Comstock Value Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	97	.4%
Repurchase Agreements	2	.5%
Other assets in excess of liabilities	0	.1%
	100	.0%

Top Industries
Media	15	.2%
Pharmaceuticals	11	.6%
Insurance	9	.8%
Food Products	6	.9%
Computers & Peripherals	4	.7%
Diversified Telecommunication Services	4	.0%
Food & Staples Retailing	3	.7%
Paper & Forest Products	3	.5%
Diversified Financial Services	3	.3%
Internet Software & Services	3	.2%
Other Industries*	34	.1%
	100	.0%

Top Holdings
Chubb Corp.	4	.6%
Viacom, Inc., Class B	4	.3%
Comcast Corp., Class A	4	.0%
International Paper Co.	3	.5%
eBay, Inc.	2	.8%
Cadbury PLC ADR	2	.8%
Time Warner, Inc.	2	.7%
Schering-Plough Corp.	2	.7%
Verizon Communications, Inc.	2	.6%
Wal-Mart Stores, Inc.	2	.4%
Other Holdings*	67	.6%
	100	.0%

* For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

Van Kampen NVIT Comstock Value Fund

Common Stocks 97.4%
	Shares		Market Value
Beverages 2.6%
Coca-Cola Co. (The)	61,000	$	2,927,390
Dr Pepper Snapple Group, Inc.*	62,360		1,321,408
			4,248,798
Capital Markets 3.0%
Bank of New York Mellon Corp. (The)	124,921		3,661,435
Goldman Sachs Group, Inc. (The)	8,600		1,267,984
			4,929,419
Chemicals 1.1%
E.I. Du Pont de Nemours & Co.	69,495		1,780,462
Commercial Banks 2.4%
PNC Financial Services Group, Inc.	41,900		1,626,139
U.S. Bancorp	54,500		976,640
Wells Fargo & Co.	58,200		1,411,932
			4,014,711
Communications Equipment 1.2%
Cisco Systems, Inc.*	107,300		2,000,072
Computers & Peripherals 4.7%
Dell, Inc.*	272,775		3,745,201
Hewlett-Packard Co.	48,400		1,870,660
International Business Machines Corp.	21,200		2,213,704
			7,829,565
Diversified Financial Services 3.3%
Bank of America Corp.	133,909		1,767,599
JPMorgan Chase & Co.	110,800		3,779,388
			5,546,987
Diversified Telecommunication Services 4.0%
AT&T, Inc.	94,000		2,334,960
Verizon Communications, Inc.	139,710		4,293,288
			6,628,248
Electrical Equipment 0.5%
Emerson Electric Co.	24,600		797,040
Energy Equipment & Services 1.1%
Halliburton Co.	91,000		1,883,700
Food & Staples Retailing 3.7%
CVS Caremark Corp.	66,300		2,112,981
Wal-Mart Stores, Inc.	83,500		4,044,740
			6,157,721
Food Products 6.9%
Cadbury PLC ADR — GB	135,480		4,660,512
Kraft Foods, Inc., Class A	131,211		3,324,887
Unilever NV	148,400		3,588,312
			11,573,711
Health Care Equipment & Supplies 1.3%
Boston Scientific Corp.*	214,000		2,169,960
Health Care Providers & Services 3.1%
Cardinal Health, Inc.	97,900		2,990,845
UnitedHealth Group, Inc.	37,500		936,750
WellPoint, Inc.*	22,900		1,165,381
			5,092,976
Household Products 0.6%
Kimberly-Clark Corp.	10,600		555,758
Procter & Gamble Co. (The)	9,400		480,340
			1,036,098
Industrial Conglomerate 1.0%
General Electric Co.	148,600		1,741,592
Information Technology Services 1.1%
Accenture Ltd., Class A	24,600		823,116
Computer Sciences Corp.*	11,600		513,880
Western Union Co. (The)	24,800		406,720
			1,743,716
Insurance 9.8%
Aflac, Inc.	18,800		584,492
Berkshire Hathaway, Inc., Class B*	490		1,418,908
Chubb Corp.	190,980		7,616,282
MetLife, Inc.	63,600		1,908,636
Torchmark Corp.	32,100		1,188,984
Travelers Cos., Inc. (The)	90,000		3,693,600
			16,410,902
Internet & Catalog Retail 0.4%
Liberty Media Corp. — Interactive, Series A*	138,974		696,260
Internet Software & Services 3.2%
eBay, Inc.*	274,400		4,700,472
Yahoo!, Inc.*	42,100		659,286
			5,359,758
Media 15.2%
Comcast Corp., Class A	456,315		6,612,004
Liberty Media Corp. — Entertainment, Series A*	103,756		2,775,473
News Corp., Class B	246,700		2,607,619
Time Warner Cable, Inc.*	50,126		1,587,491
Time Warner, Inc.	182,000		4,584,580
Viacom, Inc., Class B*	313,500		7,116,450
			25,283,617
Metals & Mining 1.2%
Alcoa, Inc.	200,100		2,067,033
Multiline Retail 2.0%
J.C. Penney Co., Inc.	50,500		1,449,855

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Van Kampen NVIT Comstock Value Fund (Continued)

Common Stocks (continued)
		Shares		Market Value
Multiline Retail (continued)
Macy’s, Inc.		106,458	$	1,251,946
Target Corp.		16,400		647,308
				3,349,109
Oil, Gas & Consumable Fuels 2.6%
BP PLC ADR — GB		21,800		1,039,424
Chevron Corp.		13,200		874,500
ConocoPhillips		23,700		996,822
Total SA ADR — FR		25,900		1,404,557
				4,315,303
Paper & Forest Products 3.5%
International Paper Co.		385,564		5,833,583
Pharmaceuticals 11.6%
Abbott Laboratories		25,900		1,218,336
Bristol-Myers Squibb Co.		167,800		3,408,018
Eli Lilly & Co.		58,500		2,026,440
GlaxoSmithKline PLC ADR — GB		21,400		756,276
Pfizer, Inc.		224,400		3,366,000
Roche Holding AG ADR — CH		34,400		1,173,384
Schering-Plough Corp.		181,800		4,566,816
Wyeth		62,300		2,827,797
				19,343,067
Semiconductors & Semiconductor Equipment 2.0%
Intel Corp.		122,400		2,025,720
KLA-Tencor Corp.		53,900		1,360,975
				3,386,695
Software 0.8%
Microsoft Corp.		55,900		1,328,743
Specialty Retail 1.7%
Home Depot, Inc.		63,100		1,491,053
Lowe’s Cos., Inc.		70,300		1,364,523
				2,855,576
Tobacco 1.8%
Altria Group, Inc.		78,150		1,280,878
Philip Morris International, Inc.		40,350		1,760,067
				3,040,945
Total Common Stocks (cost $196,532,760)				162,445,367
Repurchase Agreements 2.5%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $2,769,418, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $2,824,799	$	2,769,411		2,769,411
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $1,355,798, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $1,382,912		1,355,796		1,355,796
Total Repurchase Agreements (cost $4,125,207)				4,125,207
Total Investments (cost $200,657,967) (a) — 99.9%				166,570,574
Other assets in excess of liabilities — 0.1%				125,502
NET ASSETS — 100.0%			$	166,696,076

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation / (depreciation) of securities.

ADR	American Depositary Receipt
AG	Stock Corporation
CH	Switzerland
FR	France
GB	United Kingdom
Ltd	Limited
NV	Public Traded Company
PLC	Public Limited Company
SA	Stock Company

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	Van Kampen
	NVIT
	Comstock Value Fund
Assets:
Investments, at value (cost $196,532,760)	$	162,445,367
Repurchase agreements, at value and cost		4,125,207
Total Investments		166,570,574
Interest and dividends receivable		249,069
Receivable for capital shares issued		40,028
Receivable for investments sold		172,425
Prepaid expenses and other assets		2,021
Total Assets		167,034,117
Liabilities:
Payable for investments purchased		65,996
Payable for capital shares redeemed		58,495
Accrued expenses and other payables:
Investment advisory fees		95,853
Fund administration fees		6,500
Distribution fees		22,377
Administrative services fees		55,194
Custodian fees		3,799
Trustee fees		50
Compliance program costs (Note 3)		3,224
Professional fees		7,790
Printing fees		17,043
Other		1,720
Total Liabilities		338,041
Net Assets	$	166,696,076
Represented by:
Capital	$	291,399,120
Accumulated undistributed net investment income		90,321
Accumulated net realized losses from investment transactions		(90,705,972	)
Net unrealized appreciation/(depreciation) from investments		(34,087,393	)
Net Assets	$	166,696,076
Net Assets:
Class I Shares	$	39,352,793
Class II Shares		108,642,322
Class IV Shares		18,700,961
Total	$	166,696,076
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		5,490,230
Class II Shares		15,224,657
Class IV Shares		2,608,533
Total		23,323,420
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	7.17
Class II Shares	$	7.14
Class IV Shares	$	7.17

The accompanying notes are an integral part of the financial statements.

2009 Semiannual Report 7

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	Van Kampen
	NVIT
	Comstock Value Fund
INVESTMENT INCOME:
Interest income	$	4,958
Dividend income		2,253,459
Foreign tax withholding		(12,212	)
Total Income		2,246,205
EXPENSES:
Investment advisory fees		543,649
Fund administration fees		38,014
Distribution fees Class II Shares		120,719
Administrative services fees Class I Shares		28,903
Administrative services fees Class II Shares		102,384
Administrative services fees Class IV Shares		15,507
Custodian fees		4,924
Trustee fees		2,882
Compliance program costs (Note 3)		1,027
Professional fees		14,582
Printing fees		27,616
Other		8,019
Total expenses before earnings credit		908,226
Earnings credit (Note 4)		(11	)
Net Expenses		908,215
NET INVESTMENT INCOME		1,337,990
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(21,421,527	)
Net change in unrealized appreciation/(depreciation) from investments		25,651,625
Net realized/unrealized gains from investments		4,230,098
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,568,088

The accompanying notes are an integral part of the financial statements.

8 Semiannual Report 2009

Statements of Changes in Net Assets

	Van Kampen NVIT Comstock Value Fund
	Six Months Ended			Year Ended
	June 30, 2009 (Unaudited)			December 31, 2008
Operations:
Net investment income	$	1,337,990		$	5,172,830
Net realized losses from investment transactions		(21,421,527	)		(68,366,940	)
Net change in unrealized appreciation/(depreciation) from investments		25,651,625			(57,249,781	)
Change in net assets resulting from operations		5,568,088			(120,443,891	)
Distributions to Shareholders From:
Net investment income:
Class I		(350,081	)		(1,325,267	)
Class II		(795,018	)		(2,957,984	)
Class IV		(202,028	)		(790,122	)
Net realized gains:
Class I		–			(894,784	)
Class II		–			(1,837,122	)
Class IV		–			(548,563	)
Change in net assets from shareholder distributions		(1,347,127	)		(8,353,842	)
Change in net assets from capital transactions		4,394,446			(172,274,833	)
Change in net assets		8,615,407			(301,072,566	)
Net Assets:
Beginning of period		158,080,669			459,153,235
End of period	$	166,696,076		$	158,080,669
Accumulated undistributed net investment income at end of period	$	90,321		$	99,458
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	4,065,151		$	21,469,237
Dividends reinvested		350,081			2,220,051
Cost of shares redeemed		(9,933,070	)		(41,373,750	)
Total Class I		(5,517,838	)		(17,684,462	)
Class II Shares
Proceeds from shares issued		23,321,206			26,223,035
Dividends reinvested		795,018			4,795,106
Cost of shares redeemed		(6,002,884	)		(182,026,764	)
Total Class II		18,113,340			(151,008,623	)
Class IV Shares
Proceeds from shares issued		399,678			1,731,075
Dividends reinvested		202,028			1,338,685
Cost of shares redeemed		(8,802,762	)		(6,651,508	)
Total Class IV		(8,201,056	)		(3,581,748	)
Change in net assets from capital transactions	$	4,394,446		$	(172,274,833	)

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of the financial statements.

2009 Semiannual Report 9

Statements of Changes in Net Assets (Continued)

	Van Kampen NVIT Comstock Value Fund
	Six Months Ended			Year Ended
	June 30, 2009 (Unaudited)			December 31, 2008
SHARE TRANSACTIONS:
Class I Shares
Issued		636,653			2,559,214
Reinvested		53,700			240,133
Redeemed		(1,573,436	)		(4,542,177	)
Total Class I Shares		(883,083	)		(1,742,830	)
Class II Shares
Issued		3,641,810			2,541,127
Reinvested		122,501			510,446
Redeemed		(942,057	)		(18,304,899	)
Total Class II Shares		2,822,254			(15,253,326	)
Class IV Shares
Issued		61,533			187,896
Reinvested		31,215			145,101
Redeemed		(1,379,102	)		(696,788	)
Total Class IV Shares		(1,286,354	)		(363,791	)
Total change in shares		652,817			(17,359,947	)

The accompanying notes are an integral part of the financial statements.

10 Semiannual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Van Kampen NVIT Comstock Value Fund

				Operations									Distributions															Ratios / Supplemental Data
							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)			of Period		Net Assets (b)			Net Assets (b)			Net Assets (b)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.99		0	.07		0	.17		0	.24		(0	.06)		–			(0	.06)	$	7	.17		3	.54%	$	39,352,793		0	.97%		1	.91%		0	.97%(c)		8	.23%
Year Ended December 31, 2008	$	11	.50		0	.20		(4	.38)		(4	.18)		(0	.19)		(0	.14)		(0	.33)	$	6	.99		(36	.99%)	$	44,542,409		0	.94%		2	.03%		0	.94%(c)		44	.30%
Year Ended December 31, 2007	$	12	.54		0	.23		(0	.49)		(0	.26)		(0	.22)		(0	.56)		(0	.78)	$	11	.50		(2	.22%)	$	93,367,104		0	.87%		1	.78%		0	.87%(c)		29	.74%
Year Ended December 31, 2006	$	11	.53		0	.23		1	.55		1	.78		(0	.21)		(0	.56)		(0	.77)	$	12	.54		15	.91%	$	112,029,051		0	.93%		1	.84%		0	.93%(c)		25	.62%
Year Ended December 31, 2005	$	11	.53		0	.20		0	.29		0	.49		(0	.19)		(0	.30)		(0	.49)	$	11	.53		4	.25%	$	103,564,811		0	.94%		1	.65%		0	.94%(c)		33	.13%
Year Ended December 31, 2004	$	9	.94		0	.14		1	.59		1	.73		(0	.14)		–			(0	.14)	$	11	.53		17	.50%	$	112,201,962		0	.94%		1	.41%		0	.94%(c)		31	.95%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.96		0	.05		0	.18		0	.23		(0	.05)		–			(0	.05)	$	7	.14		3	.41%	$	108,642,322		1	.28%		1	.58%		1	.28%(c)		8	.23%
Year Ended December 31, 2008	$	11	.45		0	.16		(4	.35)		(4	.19)		(0	.16)		(0	.14)		(0	.30)	$	6	.96		(37	.22%)	$	86,316,563		1	.28%		1	.68%		1	.28%(c)		44	.30%
Year Ended December 31, 2007	$	12	.50		0	.17		(0	.48)		(0	.31)		(0	.18)		(0	.56)		(0	.74)	$	11	.45		(2	.61%)	$	316,794,259		1	.21%		1	.42%		1	.21%(c)		29	.74%
Year Ended December 31, 2006	$	11	.50		0	.16		1	.58		1	.74		(0	.18)		(0	.56)		(0	.74)	$	12	.50		15	.56%	$	204,233,443		1	.26%		1	.45%		1	.26%(c)		25	.62%
Year Ended December 31, 2005	$	11	.50		0	.14		0	.31		0	.45		(0	.15)		(0	.30)		(0	.45)	$	11	.50		3	.95%	$	60,617,204		1	.28%		1	.31%		1	.31%(e)		33	.13%
Year Ended December 31, 2004	$	9	.93		0	.11		1	.58		1	.69		(0	.12)		–			(0	.12)	$	11	.50		17	.08%	$	34,312,189		1	.20%		1	.20%		1	.28%(e)		31	.95%
Class IV Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.99		0	.07		0	.17		0	.24		(0	.06)		–			(0	.06)	$	7	.17		3	.54%	$	18,700,961		0	.97%		1	.97%		0	.97%(c)		8	.23%
Year Ended December 31, 2008	$	11	.50		0	.20		(4	.37)		(4	.17)		(0	.20)		(0	.14)		(0	.34)	$	6	.99		(36	.96%)	$	27,221,697		0	.90%		2	.07%		0	.90%(c)		44	.30%
Year Ended December 31, 2007	$	12	.54		0	.23		(0	.49)		(0	.26)		(0	.22)		(0	.56)		(0	.78)	$	11	.50		(2	.19%)	$	48,991,872		0	.83%		1	.81%		0	.83%(c)		29	.74%
Year Ended December 31, 2006	$	11	.53		0	.23		1	.55		1	.78		(0	.21)		(0	.56)		(0	.77)	$	12	.54		15	.94%	$	58,521,276		0	.90%		1	.86%		0	.90%(c)		25	.62%
Year Ended December 31, 2005	$	11	.52		0	.19		0	.31		0	.50		(0	.19)		(0	.30)		(0	.49)	$	11	.53		4	.36%	$	55,297,136		0	.93%		1	.67%		0	.93%(c)		33	.13%
Year Ended December 31, 2004	$	9	.94		0	.15		1	.57		1	.72		(0	.14)		–			(0	.14)	$	11	.52		17	.42%	$	55,683,208		0	.91%		1	.42%		0	.91%(c)		31	.95%

Amounts designated as “-” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	There were no fee reductions during the period.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	During the period certain fees were waived and/or reimbursed. If such waivers /reimbursements had not occurred, the ratios would have been as indicated.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Van Kampen NVIT Comstock Value Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

12 Semiannual Report 2009

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other		Level 3 — Significant
	Level 1 — Quoted		Significant		Unobservable
Asset Type	Prices		Observable Inputs		Inputs		Total
Common Stocks	$	162,445,367	$	—	$	—	$	162,445,367
Repurchase Agreements		—		4,125,207		—		4,125,207
	$	162,445,367	$	4,125,207	$	—	$	166,570,574

Amounts designated as “—” are zero.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

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

(d)        Security Transactions and Investment Income

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

(e)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receive payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the

14 Semiannual Report 2009

Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. As of June 30, 2009, the Fund did not have securities on loan.

(f)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(g)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 through 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Van Kampen Asset Management (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
Up to $50 million		0.80%
$50 million up to $250 million		0.65%
$250 million up to $500 million		0.60%
$500 million or more		0.55%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $243,488 for the six months ended June 30, 2009.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

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

16 Semiannual Report 2009

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

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

For the six months ended June 30, 2009, NFS received $112,691 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $1,027.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $12,488,475 and sales of $46,825,847 (excluding short-term securities).

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

6. Indemnifications

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

7. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

8. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net Unrealized
Tax Cost of		Unrealized		Unrealized		Appreciation/
Securities		Appreciation		Depreciation		(Depreciation)
$	218,849,647	$	2,587,464	$	(54,866,537)	$	(52,279,073)

9. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

18 Semiannual Report 2009

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,“ copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

2009 Semiannual Report 19

Supplemental Information (Continued)

(Unaudited)

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Van Kampen Asset Management, the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for each of the one-, three-, and five-year periods ended September 30, 2008, the Fund’s performance for Class II shares placed the Fund in the fourth, fifth, and fifth quintiles of its peer group, respectively. The Trustees noted that, with respect to the one-year period ended September 30, 2008, the Fund’s Class II shares outperformed the Fund’s benchmark, the Russell 1000 Value Index, but that, for each of the three- and five-year periods ended September 30, 2008, the Fund’s Class II shares underperformed its benchmark. The Trustees noted that the Fund is under close review, but also discussed improvements in the Fund’s recent performance.

The Trustees noted that the Fund’s contractual advisory fee and actual advisory fee for Class II shares were in the third quintile and below the median of its peer group. The Trustees also noted that, although the Fund’s total expenses (including 12b-1 and administrative services fees) were in the fifth quintile of its peer group, the Fund’s total expenses (excluding 12b-1 and administrative services fees) placed the Fund in the first quintile of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the advisory fee schedule includes breakpoints, and that the first breakpoint has been reached. The Trustees concluded that the shareholders of the Fund have appropriately benefited from economies of scale under the proposed advisory fee schedule, in light of such breakpoints.

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

20 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 21

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association- College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

22 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in
	Position(s) Held		Fund Complex
Name and	with Fund	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	and Length of Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in
	Position(s) Held		Fund Complex
Name and	with Fund	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	and Length of Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

24 Semiannual Report 2009

Federated NVIT High Income Bond Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
14	Statement of Assets and Liabilities
15	Statement of Operations
16	Statements of Changes in Net Assets
17	Financial Highlights
18	Notes to Financial Statements
26	Supplemental Information
28	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-FHI (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder Federated NVIT High Income Bond Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
Federated NVIT			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
High Income Bond Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,225.70		5.31		0.96
	Hypothetical	b		1,000.00		1,020.02		4.82		0.96
Class III	Actual			1,000.00		1,226.00		5.30		0.96
	Hypothetical	b		1,000.00		1,020.02		4.82		0.96

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary Federated NVIT High Income Bond Fund

June 30, 2009 (Unaudited)

Asset Allocation
Corporate Bonds	90	.8%
Repurchase Agreements	4	.0%
Yankee Dollars	3	.0%
Convertible Corporate Bonds	0	.6%
Preferred Stocks	0	.1%
Other assets in excess of liabilities	1	.5%
	100	.0%

Top Industries
Diversified Financial Services	0	.1%
Media	0	.0%
Consumer Goods	0	.0%
Containers & Packaging	0	.0%
Media — Non-Cable	0	.0%
Packaging	0	.0%
Wireless Telecommunication Services	0	.0%
Other Industries*	99	.9%
	100	.0%

Top Holdings*
GMAC LLC, 6.88%, 09/15/11	1	.6%
HCA, Inc. PIK, 9.63%, 11/15/16	1	.3%
Intelsat Jackson Holdings Ltd., 11.25%, 06/15/16	1	.2%
Biomet, Inc., 11.63%, 10/15/17	1	.1%
Sprint Capital Corp., 6.90%, 05/01/19	1	.1%
Visant Holding Corp., 10.25%, 12/01/13	1	.0%
ARAMARK Corp., 8.50%, 02/01/15	1	.0%
L-3 Communications Corp., 6.13%, 01/15/14	1	.0%
Intelsat Intermediate Holding Co. Ltd., 0.00%, 02/01/15	0	.9%
Ford Motor Credit Co. LLC, 7.25%, 10/25/11	0	.9%
Other Holdings*	88	.9%
	100	.0%

* For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

Federated NVIT High Income Bond Fund

Corporate Bonds 90.8%
		Principal Amount		Market Value
Aerospace/Defense 2.7%
Alliant Techsystems, Inc., 6.75%, 04/01/16	$	1,025,000	$	945,562
Hawker Beechcraft Acquisition Co. LLC, 9.75%, 04/01/17		350,000		148,750
L-3 Communications Corp.
6.13%, 01/15/14		2,400,000		2,244,000
6.38%, 10/15/15		775,000		707,188
Sequa Corp., 11.75%, 12/01/15 (a)		775,000		451,438
Sequa Corp. PIK, 13.50%, 12/01/15 (a)		428,244		216,263
TransDigm, Inc., 7.75%, 07/15/14		350,000		334,250
US Investigations Services, Inc. (a)
10.50%, 11/01/15		725,000		594,500
11.75%, 05/01/16		875,000		678,125
				6,320,076
Automotive 2.7%
Cooper-Standard Automotive, Inc., 8.38%, 12/15/14* (b) (c)		700,000		45,500
Ford Motor Credit Co. LLC
9.88%, 08/10/11		975,000		902,335
7.25%, 10/25/11		2,450,000		2,120,162
3.89%, 01/13/12 (d)		1,125,000		871,875
8.00%, 12/15/16		1,100,000		842,062
General Motors Corp., 7.40%, 09/01/25* (b)		2,500,000		312,500
Tenneco, Inc., 8.63%, 11/15/14		500,000		362,500
United Components, Inc., 9.38%, 06/15/13		1,350,000		864,000
				6,320,934
Building Materials 0.5%
Norcraft Holdings LP, 9.75%, 09/01/12 (e)		500,000		470,000
Nortek, Inc.
10.00%, 12/01/13		325,000		262,438
8.50%, 09/01/14		425,000		123,250
Panolam Industries International, Inc., 10.75%, 10/01/13* (b)		625,000		34,375
Ply Gem Industries, Inc., 11.75%, 06/15/13		425,000		276,250
				1,166,313
Chemicals 2.3%
Ashland, Inc., 9.13%, 06/01/17 (a)		200,000		208,500
Chemtura Corp., 6.88%, 06/01/16* (b) (c)		1,050,000		766,500
Hexion US Finance Corp., 9.75%, 11/15/14		1,075,000		489,125
Mosaic Co. (The), 7.63%, 12/01/16 (a)		525,000		532,966
Nalco Co.
8.88%, 11/15/13		1,700,000		1,742,500
8.25%, 05/15/17 (a)		200,000		202,000
Nalco Finance Holdings, Inc., 9.00%, 02/01/14 (e)		481,000		473,785
Terra Capital, Inc., 7.00%, 02/01/17		600,000		551,250
Union Carbide Corp.
7.88%, 04/01/23		225,000		158,953
7.50%, 06/01/25		350,000		235,670
				5,361,249
Construction Machinery 0.5%
Clark Material Handling Co., 10.75%, 11/15/06 (b) (c) (f)*		100,000		0
RSC Equipment Rental, Inc.
9.50%, 12/01/14		1,125,000		908,438
10.00%, 07/15/17 (a) (f)		275,000		272,250
				1,180,688
Consumer Products 5.1%
AAC Group Holding Corp., 10.25%, 10/01/12 (a) (e)		1,400,000		1,022,000
American Achievement Corp., 8.25%, 04/01/12 (a)		725,000		681,500
American Achievement Group Holding Corp. PIK, 12.75%, 10/01/12		483,442		132,947
Central Garden & Pet Co., 9.13%, 02/01/13		1,075,000		1,033,344
Jarden Corp.
8.00%, 05/01/16		625,000		598,437
7.50%, 05/01/17		1,475,000		1,298,000
Sealy Mattress Co.
8.25%, 06/15/14		1,275,000		1,055,062
10.88%, 04/15/16 (a)		400,000		421,000
True Temper Sports, Inc., 8.38%, 09/15/11* (b) (c)		750,000		11,250
Visant Corp., 7.63%, 10/01/12		2,000,000		2,005,000
Visant Holding Corp.
8.75%, 12/01/13		925,000		913,437

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

Federated NVIT High Income Bond Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Market Value
Consumer Products (continued)
10.25%, 12/01/13 (e)	$	2,450,000	$	2,443,875
Yankee Acquisition Corp., 8.50%, 02/15/15		575,000		487,313
				12,103,165
Energy 4.9%
Basic Energy Services, Inc., 7.13%, 04/15/16		550,000		440,000
Chesapeake Energy Corp.
7.50%, 09/15/13		375,000		360,937
9.50%, 02/15/15		1,000,000		1,012,500
6.88%, 01/15/16		1,750,000		1,553,125
Cie Generale de Geophysique-Veritas
7.50%, 05/15/15		550,000		507,375
7.75%, 05/15/17		400,000		366,000
Complete Production Services, Inc., 8.00%, 12/15/16		500,000		430,000
Denbury Resources, Inc., 9.75%, 03/01/16		675,000		696,937
Forest Oil Corp.
8.50%, 02/15/14 (a)		325,000		320,937
7.25%, 06/15/19		700,000		630,000
Hilcorp Energy I LP, 7.75%, 11/01/15 (a)		925,000		786,250
Linn Energy LLC, 11.75%, 05/15/17 (a)		500,000		488,750
Petroplus Finance Ltd. (a)
6.75%, 05/01/14		350,000		302,750
7.00%, 05/01/17		500,000		417,500
Plains Exploration & Production Co.
7.75%, 06/15/15		750,000		705,000
7.00%, 03/15/17		375,000		330,000
7.63%, 06/01/18		250,000		225,625
Range Resources Corp.
6.38%, 03/15/15		250,000		231,563
7.50%, 05/15/16		300,000		289,500
Regency Energy Partners LP, 9.38%, 06/01/16 (a)		225,000		218,813
SandRidge Energy, Inc. (a)
9.88%, 05/15/16		900,000		873,000
8.00%, 06/01/18		275,000		236,500
Southwestern Energy Co., 7.50%, 02/01/18 (a)		175,000		168,875
				11,591,937
Entertainment 1.0%
Cinemark USA, Inc., 8.63%, 06/15/19 (a)		975,000		967,687
HRP Myrtle Beach Operations LLC, 7.38%, 04/01/12* (a) (b) (c) (d)		675,000		10,125
Universal City Development Partners Ltd., 11.75%, 04/01/10		1,125,000		1,074,375
Universal City Florida Holding Co. I/II, 5.78%, 05/01/10 (d)		250,000		205,625
				2,257,812
Environmental 0.3%
Browning-Ferris Industries, Inc., 9.25%, 05/01/21		575,000		602,789
Financial Institutions 3.4%
Ford Motor Credit Co. LLC, 8.00%, 06/01/14		125,000		101,236
GMAC LLC (a)
6.88%, 09/15/11		4,242,000		3,754,170
7.00%, 02/01/12		348,000		298,584
8.00%, 11/01/31		690,000		489,900
Icahn Enterprises LP, 7.13%, 02/15/13		625,000		567,187
iPayment, Inc., 9.75%, 05/15/14		950,000		517,750
Lender Processing Services, Inc.,
8.13%, 07/01/16		975,000		960,375
Nuveen Investments, Inc., 10.50%, 11/15/15 (a)		1,775,000		1,233,625
				7,922,827
Food & Beverage 5.9%
ARAMARK Corp., 8.50%, 02/01/15		2,500,000		2,437,500
ASG Consolidated LLC, 11.50%, 11/01/11 (e)		1,175,000		1,081,000
B&G Foods, Inc.
8.00%, 10/01/11		1,100,000		1,097,250
12.00%, 10/30/16 (f)		277,420		241,147
Constellation Brands, Inc., 8.38%, 12/15/14		1,250,000		1,259,375
Dean Foods Co., 7.00%, 06/01/16		800,000		734,000
M-Foods Holdings, Inc., 9.75%, 10/01/13 (a)		650,000		628,875
Michael Foods, Inc., 8.00%, 11/15/13		1,201,000		1,176,980
Pilgrim’s Pride Corp., 8.38%, 05/01/17* (b)		1,150,000		879,750
Pinnacle Foods Finance LLC
9.25%, 04/01/15		925,000		841,750

6 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
Food & Beverage (continued)
10.63%, 04/01/17	$	650,000	$	552,500
Reddy Ice Holdings, Inc., 10.50%, 11/01/12 (e)		1,300,000		812,500
Smithfield Foods, Inc.
7.75%, 05/15/13		575,000		474,375
10.00%, 07/15/14 (a)		200,000		198,500
7.75%, 07/01/17		900,000		659,250
Tyson Foods, Inc., 10.50%, 03/01/14 (a)		700,000		763,000
				13,837,752
Food & Staples Retailing 0.4%
Jitney-Jungle Stores of America, Inc., 10.38%, 09/15/07* (b) (c) (f)		100,000		0
SUPERVALU, Inc., 8.00%, 05/01/16		925,000		901,875
				901,875
Gaming 5.0%
Ameristar Casinos, Inc., 9.25%, 06/01/14 (a)		950,000		973,750
Fontainebleau Las Vegas Holdings LLC, 10.25%, 06/15/15* (a) (b)		975,000		41,438
Global Cash Access LLC, 8.75%, 03/15/12		1,025,000		953,250
Great Canadian Gaming Corp., 7.25%, 02/15/15 (a)		950,000		840,750
Harrahs Operating Escrow LLC, 11.25%, 06/01/17 (a)		600,000		570,000
Herbst Gaming, Inc.,
7.00%, 11/15/14 (b)		850,000		4,250
Indianapolis Downs LLC & Capital Corp., 11.00%, 11/01/12 (a)		1,450,000		1,131,000
Indianapolis Downs LLC & Capital Corp. PIK, 15.50%, 11/01/13 (a)		219,008		122,644
Jacobs Entertainment, Inc., 9.75%, 06/15/14		1,025,000		855,875
MGM Mirage, Inc.
8.38%, 02/01/11		700,000		563,500
13.00%, 11/15/13 (a)		150,000		165,000
5.88%, 02/27/14		1,300,000		841,750
10.38%, 05/15/14 (a)		125,000		130,313
7.50%, 06/01/16		1,350,000		882,562
11.13%, 11/15/17 (a)		200,000		213,000
Penn National Gaming, Inc., 6.75%, 03/01/15		500,000		457,500
San Pasqual Casino, 8.00%, 09/15/13 (a)		800,000		652,000
Shingle Springs Tribal Gaming Authority, 9.38%, 06/15/15 (a)		1,020,000		617,100
Tunica-Biloxi Gaming Authority, 9.00%, 11/15/15 (a)		575,000		508,875
Wynn Las Vegas LLC, 6.63%, 12/01/14		1,275,000		1,128,375
				11,652,932
Healthcare 9.7%
Accellent, Inc., 10.50%, 12/01/13		1,050,000		895,125
AMR HoldCo, Inc., 10.00%, 02/15/15		825,000		841,500
Bausch & Lomb, Inc., 9.88%, 11/01/15		425,000		408,000
Bio-Rad Laboratories, Inc.
6.13%, 12/15/14		525,000		480,375
8.00%, 09/15/16 (a)		375,000		372,188
Biomet, Inc., 11.63%, 10/15/17		2,675,000		2,634,875
CRC Health Corp., 10.75%, 02/01/16		875,000		590,625
Fresenius US Finance II, Inc., 9.00%, 07/15/15 (a)		1,000,000		1,047,500
HCA, Inc.
9.25%, 11/15/16		1,275,000		1,259,062
9.88%, 02/15/17 (a)		1,050,000		1,065,750
7.50%, 11/06/33		650,000		373,750
HCA, Inc. PIK, 9.63%, 11/15/16		3,050,000		3,027,125
Inverness Medical Innovations, Inc., 9.00%, 05/15/16		675,000		654,750
National Mentor Holdings, Inc., 11.25%, 07/01/14		1,125,000		978,750
Omnicare, Inc.
6.13%, 06/01/13		250,000		227,500
6.88%, 12/15/15		950,000		862,125
Psychiatric Solutions, Inc., 7.75%, 07/15/15 (a)		225,000		207,000
United Surgical Partners International, Inc. PIK, 9.25%, 05/01/17		1,250,000		1,025,000
Universal Hospital Services, Inc., 4.64%, 06/01/15 (d)		375,000		303,750
Universal Hospital Services, Inc. PIK, 8.50%, 06/01/15		750,000		710,625
Vanguard Health Holding Co. I, 11.25%, 10/01/15 (e)		300,000		294,000

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

Federated NVIT High Income Bond Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Market Value
Healthcare (continued)
Vanguard Health Holding Co. II LLC, 9.00%, 10/01/14	$	975,000	$	938,438
Ventas Realty LP
7.13%, 06/01/15		450,000		436,500
Series 1, 6.50%, 06/01/16		725,000		653,406
Viant Holdings, Inc., 10.13%, 07/15/17 (a)		1,410,000		1,113,900
VWR Funding, Inc. PIK, 10.25%, 07/15/15		1,825,000		1,450,875
				22,852,494
Industrial — Other 5.1%
ALH Finance LLC, 8.50%, 01/15/13		1,075,000		946,000
American Tire Distributors, Inc., 10.75%, 04/01/13		475,000		391,281
Baker & Taylor, Inc., 11.50%, 07/01/13 (a)		1,000,000		285,000
Baldor Electric Co., 8.63%, 02/15/17		500,000		465,000
Belden, Inc., 7.00%, 03/15/17		375,000		333,750
Da-Lite Screen Co., Inc., 9.50%, 05/15/11		525,000		461,344
Education Management LLC, 10.25%, 06/01/16		1,675,000		1,645,687
ESCO Corp. (a)
4.50%, 12/15/13 (d)		250,000		196,563
8.63%, 12/15/13		500,000		435,000
General Cable Corp., 7.13%, 04/01/17		1,650,000		1,505,625
Hawk Corp., 8.75%, 11/01/14		625,000		622,656
Interface, Inc., 11.38%, 11/01/13 (a)		75,000		78,000
Interline Brands, Inc., 8.13%, 06/15/14		800,000		792,000
Knowledge Learning Corp., Inc., 7.75%, 02/01/15 (a)		875,000		818,125
Koppers Holdings, Inc., 9.88%, 11/15/14 (e)		775,000		699,437
Mueller Water Products, Inc., 7.38%, 06/01/17		325,000		241,313
Sensus Metering Systems, Inc., 8.63%, 12/15/13		550,000		519,750
SPX Corp., 7.63%, 12/15/14		950,000		921,500
Valmont Industries, Inc., 6.88%, 05/01/14		525,000		510,563
				11,868,594
Lodging 0.6%
Host Hotels & Resorts LP
7.13%, 11/01/13		450,000		425,250
6.88%, 11/01/14		800,000		724,000
6.38%, 03/15/15		350,000		304,500
				1,453,750
Media — Cable 0.6%
Kabel Deutschland GmbH, 10.63%, 07/01/14		1,125,000		1,165,782
Videotron Ltee, 6.38%, 12/15/15		325,000		292,906
				1,458,688
Media — Non-Cable 8.7%
Affinity Group Holding, Inc. PIK, 10.88%, 02/15/12		869,758		352,252
Affinity Group, Inc., 9.00%, 02/15/12		425,000		291,125
CCH II LLC, 10.25%, 09/15/10*		525,000		556,500
CCO Holdings LLC, 8.75%, 11/15/13*		1,225,000		1,169,875
Dex Media West LLC, 9.88%, 08/15/13*		1,216,000		188,480
Dex Media, Inc., 9.00%, 11/15/13*		600,000		93,000
DirecTV Holdings LLC, 8.38%, 03/15/13		1,825,000		1,838,687
DISH DBS Corp., 6.63%, 10/01/14		1,750,000		1,618,750
Fox Acquisition Sub LLC, 13.38%, 07/15/16 (a)		850,000		388,875
Idearc, Inc., 8.00%, 11/15/16*		1,375,000		42,969
Intelsat Jackson Holdings Ltd., 11.25%, 06/15/16		2,800,000		2,870,000
Interpublic Group Cos., Inc., 10.00%, 07/15/17 (a)		650,000		658,125
Lamar Media Corp.
7.25%, 01/01/13		200,000		191,250
9.75%, 04/01/14 (a)		100,000		103,875
6.63%, 08/15/15		1,350,000		1,147,500
Series C, 6.63%, 08/15/15		375,000		318,750

8 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
Media — Non-Cable (continued)
MediMedia USA, Inc., 11.38%, 11/15/14 (a)	$	1,650,000	$	998,250
Newport Television LLC PIK, 13.00%, 03/15/17 (a)		1,150,000		97,750
Nexstar Broadcasting, Inc., 7.00%, 01/15/14		204,000		75,990
Nexstar Broadcasting, Inc. PIK, 7.00%, 01/15/14 (a) (e)		915,468		265,486
Nielsen Finance Co. LLC
11.63%, 02/01/14 (a)		1,000,000		997,500
11.50%, 05/01/16 (a)		350,000		342,125
0.00%, 08/01/16 (e)		275,000		178,062
Quebecor Media, Inc., 7.75%, 03/15/16		1,025,000		934,031
Rainbow National Services LLC, 10.38%, 09/01/14 (a)		1,675,000		1,744,094
Reader’s Digest Association, Inc. (The), 9.00%, 02/15/17		1,525,000		76,250
RH Donnelley Corp. (b)
8.88%, 01/15/16		775,000		43,594
8.88%, 10/15/17		1,250,000		70,313
SGS International, Inc., 12.00%, 12/15/13		1,675,000		1,105,500
Truvo Subsidiary Corp., 8.38%, 12/01/14 (a)		1,250,000		271,875
Univision Communications, Inc., 12.00%, 07/01/14 (a)		125,000		123,437
Univision Communications, Inc. PIK, 9.75%, 03/15/15 (a)		975,000		572,812
XM Satellite Radio, Inc. (a)
11.25%, 06/15/13		75,000		74,813
13.00%, 08/01/13		775,000		634,531
				20,436,426
Metals & Mining 0.7%
Aleris International, Inc., 10.00%, 12/15/16 (b)		475,000		12,469
Aleris International, Inc. PIK, 9.00%, 12/15/14 (b)		600,000		9,750
Compass Minerals International, Inc., 8.00%, 06/01/19 (a)		350,000		348,687
Freeport-McMoRan Copper & Gold, Inc., 8.38%, 04/01/17		1,175,000		1,185,479
				1,556,385
Packaging 2.0%
Berry Plastics Corp., 8.88%, 09/15/14		1,025,000		868,687
Crown Americas LLC
7.75%, 11/15/15		775,000		761,438
7.63%, 05/15/17 (a)		750,000		727,500
Owens Brockway Glass Container, Inc., 8.25%, 05/15/13		800,000		808,000
Owens-Brockway Glass Container, Inc., 7.38%, 05/15/16 (a)		650,000		633,750
Rock-Tenn Co.
9.25%, 03/15/16		125,000		127,813
9.25%, 03/15/16 (a)		775,000		792,437
Russell-Stanley Holdings, Inc., 9.00%, 11/30/08* (a) (b) (c) (f)		14,589		0
				4,719,625
Paper 1.8%
Clearwater Paper Corp., 10.63%, 06/15/16 (a)		225,000		230,625
Georgia-Pacific LLC, 8.25%, 05/01/16 (a)		1,000,000		975,000
Graphic Packaging International, Inc.
9.50%, 08/15/13		1,800,000		1,728,000
9.50%, 06/15/17 (a)		175,000		173,250
NewPage Corp.
10.00%, 05/01/12		500,000		242,500
12.00%, 05/01/13		1,125,000		320,625
Sealed Air Corp., 7.88%, 06/15/17 (a)		200,000		198,504
Solo Cup Co., 10.50%, 11/01/13 (a)		125,000		125,937
Verso Paper Holdings LLC, 11.50%, 07/01/14 (a)		200,000		184,000
				4,178,441
Restaurants 0.9%
Dave & Buster’s, Inc., 11.25%, 03/15/14		575,000		529,000
NPC International, Inc., 9.50%, 05/01/14		1,150,000		1,052,250
Seminole Hard Rock Entertainment, Inc., 3.13%, 03/15/14 (a) (d)		900,000		625,500
				2,206,750
Retailers 3.0%
Dollar General Corp. PIK, 11.88%, 07/15/17		1,400,000		1,519,000
General Nutrition Centers, Inc., 6.40%, 03/15/14 (d)		1,775,000		1,428,875

2009 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

Federated NVIT High Income Bond Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Market Value
Retailers (continued)
JC Penney Corp., Inc., 7.40%, 04/01/37	$	350,000	$	276,916
Limited Brands, Inc., 8.50%, 06/15/19 (a)		375,000		359,871
Macy’s Retail Holdings, Inc.
6.65%, 07/15/24		150,000		99,539
7.00%, 02/15/28		225,000		165,390
6.90%, 04/01/29		275,000		193,424
6.90%, 01/15/32		125,000		82,175
NBC Acquisition Corp., 11.00%, 03/15/13 (e)		1,000,000		255,000
Nebraska Book Co., Inc., 8.63%, 03/15/12		1,475,000		1,069,375
Penske Auto Group, Inc., 7.75%, 12/15/16		650,000		528,125
Yankee Acquisition Corp., 9.75%, 02/15/17		1,350,000		1,059,750
				7,037,440
Services 2.1%
Ceridian Corp., 11.25%, 11/15/15		1,050,000		883,312
KAR Holdings, Inc., 10.00%, 05/01/15		1,700,000		1,402,500
West Corp.
9.50%, 10/15/14		1,575,000		1,386,000
11.00%, 10/15/16		1,550,000		1,302,000
				4,973,812
Specialty Retail 0.9%
Phillips-Van Heusen Corp., 8.13%, 05/01/13		875,000		864,063
Sally Holdings LLC, 10.50%, 11/15/16		1,150,000		1,144,250
U.S. Office Products Co., 9.75%, 12/31/49 (b) (c) (f)*		455,359		0
				2,008,313
Technology 4.2%
Activant Solutions, Inc., 9.50%, 05/01/16		1,100,000		855,250
Compucom Systems, Inc., 12.50%, 10/01/15 (a)		1,450,000		1,212,563
First Data Corp., 9.88%, 09/24/15		875,000		625,625
Freescale Semiconductor, Inc., 8.88%, 12/15/14		875,000		446,250
Freescale Semiconductor, Inc. PIK, 9.13%, 12/15/14		682,093		255,785
Open Solutions, Inc., 9.75%, 02/01/15 (a)		975,000		404,625
Serena Software, Inc., 10.38%, 03/15/16		975,000		780,000
Smart Modular Technologies WWH, Inc., 6.71%, 04/01/12 (d)		405,000		354,375
SS&C Technologies, Inc., 11.75%, 12/01/13		1,000,000		985,000
SunGard Data Systems, Inc.
9.13%, 08/15/13		1,270,000		1,206,500
10.63%, 05/15/15 (a)		225,000		221,625
10.25%, 08/15/15		1,650,000		1,532,437
Terremark Worldwide, Inc., 12.00%, 06/15/17 (a)		775,000		747,875
Unisys Corp., 12.50%, 01/15/16		600,000		357,000
				9,984,910
Textiles, Apparel & Luxury Goods 0.0% (b) (c) (f)
Glenoit Corp. 0.00%, 12/31/49*		125,000		0
Tobacco 0.4%
Alliance One International, Inc., 10.00%, 07/15/16 (a)		725,000		690,562
Reynolds American, Inc., 7.75%, 06/01/18		375,000		361,583
				1,052,145
Transportation 1.6%
CEVA Group PLC, 10.00%, 09/01/14 (a)		1,100,000		753,500
Hertz Corp. (The)
8.88%, 01/01/14		700,000		647,500
10.50%, 01/01/16		1,050,000		939,750
Holt Group, Inc. (The), 9.75%, 01/15/06* (b) (c) (f)		50,000		0
Kansas City Southern Railway, 8.00%, 06/01/15		375,000		350,625
Kansas City Southern Railway Co., 13.00%, 12/15/13		400,000		442,000
Stena AB, 7.50%, 11/01/13		825,000		699,187
				3,832,562
Utility — Electric 3.3%
Dynegy Holdings, Inc., 7.75%, 06/01/19		1,325,000		1,038,469
Edison Mission Energy, 7.75%, 06/15/16		1,125,000		922,500
Energy Future Holdings Corp., 10.88%, 11/01/17		250,000		183,750

10 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
Utility — Electric (continued)
FPL Energy National Wind Portfolio LLC, 6.13%, 03/25/19 (a)	$	321,566	$	313,215
Intergen NV, 9.00%, 06/30/17 (a)		700,000		666,750
NRG Energy, Inc.
7.38%, 02/01/16		1,100,000		1,043,625
7.38%, 01/15/17		1,075,000		1,015,875
NV Energy, Inc., 6.75%, 08/15/17		800,000		728,665
Teco Finance, Inc., 6.75%, 05/01/15		150,000		144,678
Texas Competitive Electric Holdings Co. LLC
Series A, 10.25%, 11/01/15		2,225,000		1,396,187
Series B, 10.25%, 11/01/15		500,000		313,750
				7,767,464
Utility — Natural Gas 4.3%
Amerigas Partners LP, 7.25%, 05/20/15		775,000		730,438
AmeriGas Partners LP, 7.13%, 05/20/16		875,000		805,000
Holly Energy Partners LP, 6.25%, 03/01/15		1,475,000		1,279,562
Inergy LP, 6.88%, 12/15/14		1,750,000		1,601,250
MarkWest Energy Partners LP, 8.75%, 04/15/18		1,525,000		1,326,750
Pacific Energy Partners LP, 6.25%, 09/15/15		150,000		144,059
Regency Energy Partners LP, 8.38%, 12/15/13		1,150,000		1,115,500
Southern Star Central Corp., 6.75%, 03/01/16		600,000		537,750
Tennessee Gas Pipeline Co., 8.38%, 06/15/32		1,675,000		1,830,326
Williams Cos., Inc. (The), 7.88%, 09/01/21		750,000		740,175
				10,110,810
Wireless Communications 5.0%
CC Holdings GS V LLC, 7.75%, 05/01/17 (a)		775,000		759,500
Centennial Communications Corp., 6.96%, 01/01/13 (d)		1,200,000		1,200,000
Digicel Group Ltd., 8.88%, 01/15/15 (a)		1,075,000		897,625
Digicel Group Ltd. PIK, 9.13%, 01/15/15 (a)		896,000		748,160
Digicel Ltd., 9.25%, 09/01/12 (a)		925,000		901,875
Digicel SA, 12.00%, 04/01/14 (a)		300,000		298,500
MetroPCS Wireless, Inc.
9.25%, 11/01/14		2,025,000		2,022,469
9.25%, 11/01/14 (a)		200,000		199,000
Nextel Communications, Inc., 7.38%, 08/01/15		1,675,000		1,344,187
Sprint Capital Corp., 6.90%, 05/01/19		3,075,000		2,559,937
Sprint Nextel Corp., 6.00%, 12/01/16		1,125,000		925,313
				11,856,566
Wireline Communications 1.2%
Qwest Corp.
8.88%, 03/15/12		700,000		708,750
8.38%, 05/01/16 (a)		1,400,000		1,358,000
Valor Telecommunications Enterprises Finance Corp., 7.75%, 02/15/15		650,000		637,493
				2,704,243
Total Corporate Bonds (cost $245,698,999)				213,279,767
Convertible Corporate Bonds 0.6% (e)
Services 0.6%
School Specialty, Inc., 3.75%, 08/01/23		1,475,000		1,397,562
Total Convertible Corporate Bonds (cost $1,215,280)				1,397,562
Common Stocks 0.0%
		Shares		Market Value
Consumer Goods 0.0% (a) (b) (f)
Sleepmaster LLC Membership Units*		185		0
				0
Media 0.0%
Virgin Media, Inc.		5,650		52,828

2009 Semiannual Report 11

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

Federated NVIT High Income Bond Fund (Continued)

Common Stocks (continued)
		Shares		Market Value
Wireless Telecommunication Services 0.0% (b) (c) (f)
Pegasus Satellite Communications, Inc.*		15,640	$	0
Total Common Stocks (cost $488,702)				52,828
Warrants 0.0%
Media 0.0%
Sirius XM Radio, Inc., expiring 03/15/10*		300		60
Media — Non-Cable 0.0% (b) (c) (f)
Ziff Davis Media, Inc., expiring 08/12/12*		2,200		0
Total Warrants (cost $40,690)				60
Preferred Stocks 0.1%
Financial Institutions 0.1% (a)
Preferred Blocker, Inc., 7.00%, 17.11%		678		291,625
Media — Non-Cable 0.0% (b) (c) (f)*
Ziff Davis Holdings, Inc. 0.00%		12		0
Total Preferred Stocks (cost $328,382)				291,625
Yankee Dollars 3.0%
		Principal Amount		Market Value
Lodging 0.4%
Royal Caribbean Cruises Ltd.
7.00%, 06/15/13	$	875,000		768,906
7.25%, 06/15/16		300,000		238,500
				1,007,406
Media — Non-Cable 1.4%
Intelsat Intermediate Holding Co. Ltd. 0.00%, 02/01/15 (e)		2,450,000		2,205,000
Videotron Ltee, 9.13%, 04/15/18 (a)		200,000		204,250
Virgin Media Finance PLC, 9.50%, 08/15/16		950,000		940,500
				3,349,750
Metals & Mining 0.7% (a)
Teck Resources Ltd.
9.75%, 05/15/14	$	275,000	$	284,899
10.25%, 05/15/16		1,000,000		1,048,787
10.75%, 05/15/19		325,000		349,913
				1,683,599
Technology 0.5%
Seagate Technology HDD Holdings, 6.80%, 10/01/16		975,000		840,937
Seagate Technology International, 10.00%, 05/01/14 (a)		250,000		259,063
				1,100,000
Total Yankee Dollars (cost $7,202,032)				7,140,755
Repurchase Agreements 4.0%
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $6,220,343, collateralized by U.S. Government Agency Mortgage ranging from 4.50%-5.00%, maturing 02/15/39-06/20/39; total market value of $6,344,735		6,220,328		6,220,328
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $3,045,234, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09-12/01/09; total market value of $3,106,135		3,045,230		3,045,230
Total Repurchase Agreements (cost $9,265,558)				9,265,558
Total Investments (cost $264,239,643) (g) — 98.5%				231,428,155
Other assets in excess of liabilities — 1.5%				3,556,305
NET ASSETS — 100.0%			$	234,984,460

*	Denotes a non-income producing security.
(a)	Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate

12 Semiannual Report 2009

	value of these securities at June 30, 2009 was $54,283,800 which represents 23.10% of net assets.
(b)	Security in default.
(c)	Illiquid security.
(d)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2009. The maturity date represents the actual maturity date.
(e)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at June 30, 2009.
(f)	Fair Valued Security.
(g)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

LLC	Limited Liability Company
LP	Limited Partnership
Ltd	Limited
NV	Public Traded Company
PIK	Paid-In-Kind
PLC	Public Limited Company
SA	Stock Company

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	Federated NVIT
	High Income
	Bond Fund
Assets:
Investments, at value (cost $254,974,085)	$	222,162,597
Repurchase agreements, at value and cost		9,265,558
Total Investments		231,428,155
Cash		29,313
Interest and dividends receivable		5,228,336
Receivable for capital shares issued		223,373
Receivable for investments sold		329,750
Prepaid expenses and other assets		2,405
Total Assets		237,241,332
Liabilities:
Payable for investments purchased		1,899,108
Interest payable		14,625
Payable for capital shares redeemed		138,554
Accrued expenses and other payables:
Investment advisory fees		130,742
Fund administration fees		9,031
Administrative services fees		30,758
Custodian fees		3,057
Compliance program costs (Note 3)		1,812
Professional fees		8,358
Printing fees		17,688
Other		3,139
Total Liabilities		2,256,872
Net Assets	$	234,984,460
Represented by:
Capital	$	290,512,402
Accumulated undistributed net investment income		678,474
Accumulated net realized losses from investment transactions		(23,394,928	)
Net unrealized appreciation/(depreciation) from investments		(32,811,488	)
Net Assets	$	234,984,460
Net Assets:
Class I Shares	$	74,870,363
Class III Shares		160,114,097
Total	$	234,984,460
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		12,954,297
Class III Shares		27,738,142
Total		40,692,439
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	5.78
Class III Shares	$	5.77

The accompanying notes are an integral part of these financial statements.

14 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	Federated NVIT
	High Income
	Bond Fund
INVESTMENT INCOME:
Interest income	$	11,262,272
Dividend income		18,853
Total Income		11,281,125
EXPENSES:
Investment advisory fees		649,101
Fund administration fees		45,840
Administrative services fees Class I Shares		50,847
Administrative services fees Class III Shares		90,654
Custodian fees		6,843
Trustee fees		3,186
Compliance program costs (Note 3)		1,342
Professional fees		15,814
Printing fees		20,741
Other		22,256
Total expenses before earnings credit		906,624
Earnings credit (Note 5)		(208	)
Net Expenses		906,416
NET INVESTMENT INCOME		10,374,709
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(7,093,426	)
Net change in unrealized appreciation/(depreciation) from investments		36,934,879
Net realized/unrealized gains from investments		29,841,453
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	40,216,162

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 15

Statements of Changes in Net Assets

	Federated NVIT High Income Bond Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	10,374,709		$	16,336,096
Net realized losses from investment transactions		(7,093,426	)		(4,362,143	)
Net change in unrealized appreciation/(depreciation) from investments		36,934,879			(63,141,486	)
Change in net assets resulting from operations		40,216,162			(51,167,533	)
Distributions to Shareholders From:
Net investment income:
Class I		(3,789,040	)		(8,567,200	)
Class III		(6,283,724	)		(7,684,229	)
Change in net assets from shareholder distributions		(10,072,764	)		(16,251,429	)
Change in net assets from capital transactions		47,500,180			(6,362,556	)
Change in net assets		77,643,578			(73,781,518	)
Net Assets:
Beginning of period		157,340,882			231,122,400
End of period	$	234,984,460		$	157,340,882
Accumulated undistributed net investment income at end of period	$	678,474		$	376,529
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	5,200,530		$	11,480,902
Dividends reinvested		3,789,040			8,567,200
Cost of shares redeemed		(10,242,719	)		(38,662,689	)
Total Class I		(1,253,149	)		(18,614,587	)
Class III Shares
Proceeds from shares issued		100,029,513			87,443,490
Dividends reinvested		6,283,724			7,684,229
Cost of shares redeemed (a)		(57,559,908	)		(82,875,688	)
Total Class III		48,753,329			12,252,031
Change in net assets from capital transactions	$	47,500,180		$	(6,362,556	)
SHARE TRANSACTIONS:
Class I Shares
Issued		964,869			1,687,151
Reinvested		718,490			1,354,258
Redeemed		(1,950,376	)		(5,679,812	)
Total Class I Shares		(267,017	)		(2,638,403	)
Class III Shares
Issued		19,205,313			14,576,147
Reinvested		1,168,744			1,213,273
Redeemed		(11,033,344	)		(11,813,824	)
Total Class III Shares		9,340,713			3,975,596
Total change in shares		9,073,696			1,337,193

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

The accompanying notes are an integral part of these financial statements.

16 Semiannual Report 2009

Financial Highlights

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

Federated NVIT High Income Bond Fund

				Operations									Distributions															Ratios / Supplemental Data
							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net									Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Total			Redemption			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Distributions			Fees			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	4	.98		0	.30		0	.80		1	.10		(0	.30)		(0	.30)		–		$	5	.78		22	.57%	$	74,870,363		0	.96%		11	.12%		0	.96%		24	.35%
Year Ended December 31, 2008	$	7	.64		0	.62		(2	.66)		(2	.04)		(0	.62)		(0	.62)		–		$	4	.98		(28	.13%)	$	65,854,240		0	.90%		8	.80%		0	.90%		30	.09%
Year Ended December 31, 2007	$	7	.98		0	.60		(0	.36)		0	.24		(0	.59)		(0	.59)		0	.01	$	7	.64		3	.13%	$	121,100,406		0	.95%		7	.24%		0	.95%		42	.02%
Year Ended December 31, 2006	$	7	.77		0	.60		0	.19		0	.79		(0	.58)		(0	.58)		–		$	7	.98		10	.60%	$	155,024,233		0	.94%		7	.38%		0	.94%		42	.91%
Year Ended December 31, 2005	$	8	.20		0	.64		(0	.46)		0	.18		(0	.61)		(0	.61)		–		$	7	.77		2	.38%	$	181,905,380		0	.96%		7	.35%		0	.96%		37	.06%
Year Ended December 31, 2004	$	8	.02		0	.60		0	.18		0	.78		(0	.60)		(0	.60)		–		$	8	.20		10	.10%	$	302,284,576		0	.94%		7	.46%		0	.94%		61	.24%
Class III Shares
Six Months Ended June 30, 2009 (Unaudited)	$	4	.97		0	.30		0	.80		1	.10		(0	.30)		(0	.30)		–		$	5	.77		22	.60%	$	160,114,097		0	.96%		10	.92%		0	.96%		24	.35%
Year Ended December 31, 2008	$	7	.63		0	.62		(2	.67)		(2	.05)		(0	.61)		(0	.61)		–		$	4	.97		(28	.24%)	$	91,486,642		1	.04%		8	.61%		1	.04%		30	.09%
Year Ended December 31, 2007	$	7	.97		0	.60		(0	.36)		0	.24		(0	.59)		(0	.59)		0	.01	$	7	.63		3	.17%	$	110,021,994		0	.91%		7	.28%		0	.91%		42	.02%
Year Ended December 31, 2006	$	7	.76		0	.57		0	.22		0	.79		(0	.58)		(0	.58)		–		$	7	.97		10	.60%	$	103,857,357		0	.96%		7	.37%		0	.96%		42	.91%
Period Ended December 31, 2005 (e)	$	7	.83		0	.39		0	.01		0	.40		(0	.47)		(0	.47)		–		$	7	.76		5	.14%	$	63,264,112		0	.95%		7	.23%		0	.95%		37	.06%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	There were no fee reductions during the period.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from April 28, 2005 (commencement of operations) through December 31, 2005.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 17

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Federated NVIT High Income Bond Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

18 Semiannual Report 2009

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
			Significant		Level 3 — Significant
	Level 1 — Quoted		Observable		Unobservable
Asset Type	Prices		Inputs		Inputs		Total
Corporate Bonds	$	—	$	213,279,767	$	—	$	213,279,767
Convertible Corporate Bonds		—		1,397,562		—		1,397,562
Common Stocks		52,828		—		—		52,828
Warrants		60		—		—		60
Preferred Stocks		—		291,625		—		291,625
Yankee Dollars		—		7,140,755		—		7,140,755
Repurchase Agreements		—		9,265,558		—		9,265,558
Total	$	52,888	$	231,375,267	$	—	$	231,428,155

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Federated NVIT
	High Income
	Bond Fund
	Preferred
	Stocks
Balance as of 12/31/2008	$	328,381
Accrued Accretion/ (Amortization)		—
Change in Unrealized Appreciation/(Depreciation)		—
Net Purchase/(Sales)		—
Transfers In/(Out) of Level 3		(328,381	)
Balance as of 06/30/2009	$	—

– Amounts designated as “–” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

20 Semiannual Report 2009

(c)        Repurchase Agreements

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

(d)        Security Transactions and Investment Income

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

(e)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(f)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an

2009 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 through 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Federated Investment Management Company (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
Up to $50 million		0.80%
$50 million up to $250 million		0.65%
$250 million up to $500 million		0.60%
$500 million or more		0.55%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $251,303 for the six months ended June 30, 2009.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

22 Semiannual Report 2009

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

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

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

For the six months ended June 30, 2009, NFS received $128,916 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $1,342.

4. Short-Term Trading Fees

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

For the period ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $148,192 from Class III.

2009 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $110,638,159 and sales of $42,788,227 (excluding short-term securities).

7. Indemnifications

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

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

24 Semiannual Report 2009

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for the Fund were as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation/
Securities		Appreciation		Depreciation			(Depreciation)
$	265,675,913	$	6,189,983	$	(40,437,741	)		(34,247,758	)

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 25

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a Fund-by-Fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

26 Semiannual Report 2009

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Federated Investment Management Company, the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that the Fund’s performance for Class I shares for each of the one- and five-year periods ended September 30, 2008 was in the fourth quintile of the peer group, while the Fund’s performance for Class I shares for the three-year period ended September 30, 2008 was in the third quintile and slightly above the median of its peer group. The Trustees noted that for each of the one- and three-year periods ended September 30, 2008, the Fund outperformed its benchmark, the Barclays Capital U.S. Corporate High Yield 2% Issuer Cap Index. For the five-year period ended September 30, 2008, the Trustees noted that the Fund underperformed its benchmark.

The Trustees noted that the Fund’s contractual advisory fee and actual advisory fee for Class I shares were in the fifth quintile of its peer group. The Trustees noted, however, that the Fund’s total expenses were in the third quintile, but only slightly above the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the advisory fee schedule includes breakpoints, and that the first breakpoint has been reached. The Trustees concluded that the shareholders of the Fund have appropriately benefited from economies of scale under the proposed advisory fee schedule, in light of such breakpoints.

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

2009 Semiannual Report 27

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund		Other
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

28 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund		Other
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 29

Management Information (Continued)

June 30, 2008 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

	Position(s) Held		Number of
	with Fund		Portfolios in Fund		Other
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

30 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

	Position(s) Held		Number of
	with Fund		Portfolios in Fund		Other
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 31

NVIT S&P 500 Index Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
13	Statement of Assets and Liabilities
14	Statement of Operations
15	Statements of Changes in Net Assets
16	Financial Highlights
17	Notes to Financial Statements
26	Supplemental Information
28	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-S&P (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT S&P 500 Index Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT S&P 500 Index Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class IV	Actual			1,000.00		1,030.00		1.73		0.34
	Hypothetical	b		1,000.00		1,023.09		1.73		0.34
Class Y	Actual			1,000.00		1,030.60		1.16		0.23
	Hypothetical	b		1,000.00		1,023.65		1.15		0.23

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT S&P 500 Index Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	99	.1%
Repurchase Agreements	1	.8%
Liabilities in excess of other assets	(0	.9)%
	100	.0%

Top Industries
Oil, Gas & Consumable Fuels	10	.5%
Pharmaceuticals	7	.4%
Computers & Peripherals	5	.4%
Software	4	.2%
Diversified Financial Services	3	.7%
Diversified Telecommunication Services	3	.1%
Food & Staples Retailing	3	.0%
Capital Markets	3	.0%
Aerospace & Defense	2	.8%
Communications Equipment	2	.7%
Other Industries*	54	.2%
	100	.0%

Top Holdings
Exxon Mobil Corp.	4	.2%
Microsoft Corp.	2	.2%
Johnson & Johnson	1	.9%
Procter & Gamble Co. (The)	1	.8%
AT&T, Inc.	1	.8%
International Business Machines Corp.	1	.7%
JPMorgan Chase & Co.	1	.6%
Chevron Corp.	1	.6%
Apple, Inc.	1	.6%
General Electric Co.	1	.5%
Other Holdings*	80	.1%
	100	.0%

* For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT S&P 500 Index Fund

Common Stocks 99.1%
	Shares		Market Value
Aerospace & Defense 2.8%
Boeing Co.	162,350	$	6,899,875
General Dynamics Corp.	86,870		4,811,729
Goodrich Corp.	28,161		1,407,205
Honeywell International, Inc.	165,256		5,189,038
ITT Corp.	40,001		1,780,044
L-3 Communications Holdings, Inc.	26,854		1,863,131
Lockheed Martin Corp.	74,165		5,981,407
Northrop Grumman Corp.	73,654		3,364,515
Precision Castparts Corp.	30,832		2,251,661
Raytheon Co. (a)	90,109		4,003,543
Rockwell Collins, Inc.	34,824		1,453,206
United Technologies Corp.	210,647		10,945,218
			49,950,572
Air Freight & Logistics 1.0%
CH Robinson Worldwide, Inc.	38,450		2,005,167
Expeditors International of Washington, Inc.	48,100		1,603,654
FedEx Corp.	70,078		3,897,738
United Parcel Service, Inc., Class B	222,840		11,139,772
			18,646,331
Airline 0.1%
Southwest Airlines Co.	167,680		1,128,486
Auto Components 0.2%
Goodyear Tire & Rubber Co. (The)*	55,343		623,162
Johnson Controls, Inc.	133,888		2,908,048
			3,531,210
Automobiles 0.3%
Ford Motor Co.*	714,207		4,335,236
Harley-Davidson, Inc. (a)	52,956		858,417
			5,193,653
Beverages 2.6%
Brown-Forman Corp., Class B	20,173		867,035
Coca-Cola Co. (The)	445,134		21,361,981
Coca-Cola Enterprises, Inc.	69,880		1,163,502
Constellation Brands, Inc., Class A*	42,276		536,060
Dr Pepper Snapple Group, Inc.*	55,000		1,165,450
Molson Coors Brewing Co., Class B	32,982		1,396,128
Pepsi Bottling Group, Inc.	29,901		1,011,850
PepsiCo, Inc.	348,437		19,150,097
			46,652,103
Biotechnology 1.9%
Amgen, Inc.*	226,311		11,980,904
Biogen Idec, Inc.*	66,238		2,990,646
Celgene Corp.*	103,303		4,942,016
Cephalon, Inc.*	15,700		889,405
Genzyme Corp.*	61,197		3,406,837
Gilead Sciences, Inc.*	202,597		9,489,643
			33,699,451
Building Products 0.0%
Masco Corp.	79,860		765,059
Capital Markets 3.0%
Ameriprise Financial, Inc.	58,201		1,412,538
Bank of New York Mellon Corp. (The)	267,298		7,834,504
Charles Schwab Corp. (The)	210,226		3,687,364
E*Trade Financial Corp.* (a)	278,884		356,972
Federated Investors, Inc., Class B	19,633		472,959
Franklin Resources, Inc.	34,196		2,462,454
Goldman Sachs Group, Inc. (The)	112,544		16,593,487
Invesco Ltd.	89,700		1,598,454
Janus Capital Group, Inc.	36,362		414,527
Legg Mason, Inc.	32,697		797,153
Morgan Stanley	302,209		8,615,979
Northern Trust Corp.	53,844		2,890,346
State Street Corp.	109,221		5,155,231
T. Rowe Price Group, Inc.	57,714		2,404,942
			54,696,910
Chemicals 1.8%
Air Products & Chemicals, Inc.	46,115		2,978,568
CF Industries Holdings, Inc.	10,500		778,470
Dow Chemical Co. (The)	237,981		3,841,013
E.I. Du Pont de Nemours & Co.	202,734		5,194,045
Eastman Chemical Co.	15,906		602,837
Ecolab, Inc.	37,557		1,464,347
International Flavors & Fragrances, Inc.	14,873		486,645
Monsanto Co.	122,006		9,069,926
PPG Industries, Inc.	37,295		1,637,251
Praxair, Inc.	67,539		4,799,997
Sigma-Aldrich Corp.	27,209		1,348,478
			32,201,577
Commercial Banks 2.7%
BB&T Corp.	144,492		3,175,934
Comerica, Inc.	34,540		730,521
Fifth Third Bancorp	156,425		1,110,618
First Horizon National Corp.*	49,163		589,952
Huntington Bancshares, Inc.	118,318		494,569
KeyCorp	167,781		879,172
M&T Bank Corp. (a)	17,760		904,517
Marshall & Ilsley Corp.	76,655		367,944
PNC Financial Services Group, Inc.	102,878		3,992,695
Regions Financial Corp.	263,731		1,065,473
SunTrust Banks, Inc.	107,476		1,767,980
U.S. Bancorp	425,840		7,631,053

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Commercial Banks (continued)
Wells Fargo & Co.	1,040,910	$	25,252,477
Zions Bancorporation (a)	27,057		312,779
			48,275,684
Commercial Services & Supplies 0.5%
Avery Dennison Corp.	23,054		592,027
Cintas Corp.	28,931		660,784
Iron Mountain, Inc.*	38,900		1,118,375
Pitney Bowes, Inc.	45,425		996,170
Republic Services, Inc.	72,999		1,781,906
RR Donnelley & Sons Co.	44,533		517,473
Stericycle, Inc.*	18,800		968,764
Waste Management, Inc.	110,842		3,121,311
			9,756,810
Communications Equipment 2.7%
Ciena Corp.* (a)	21,276		220,207
Cisco Systems, Inc.*	1,289,387		24,034,174
Harris Corp.	29,400		833,784
JDS Uniphase Corp.*	45,693		261,364
Juniper Networks, Inc.*	117,599		2,775,336
Motorola, Inc.	502,519		3,331,701
QUALCOMM, Inc.	370,035		16,725,582
Tellabs, Inc.*	85,585		490,402
			48,672,550
Computers & Peripherals 5.4%
Apple, Inc.*	199,461		28,409,230
Dell, Inc.*	388,913		5,339,775
EMC Corp.*	444,700		5,825,570
Hewlett-Packard Co.	533,429		20,617,031
International Business Machines Corp.	295,426		30,848,383
Lexmark International, Inc., Class A*	18,077		286,520
NetApp, Inc.*	74,847		1,475,983
QLogic Corp.*	28,153		356,980
SanDisk Corp.*	51,482		756,271
Sun Microsystems, Inc.*	161,107		1,485,407
Teradata Corp.*	38,100		892,683
Western Digital Corp.*	50,700		1,343,550
			97,637,383
Construction & Engineering 0.2%
Fluor Corp.	40,966		2,101,146
Jacobs Engineering Group, Inc.*	27,100		1,140,639
Quanta Services, Inc.*	44,400		1,026,972
			4,268,757
Construction Materials 0.1%
Vulcan Materials Co.	26,777		1,154,089
Consumer Finance 0.6%
American Express Co.	263,128		6,115,095
Capital One Financial Corp.	102,622		2,245,369
Discover Financial Services	109,332		1,122,839
SLM Corp.*	101,295		1,040,300
			10,523,603
Containers & Packaging 0.2%
Ball Corp.	20,814		939,960
Bemis Co., Inc.	21,639		545,303
Owens-Illinois, Inc.*	36,200		1,013,962
Pactiv Corp.*	30,183		655,877
Sealed Air Corp.	34,287		632,595
			3,787,697
Distributors 0.1%
Genuine Parts Co.	35,128		1,178,896
Diversified Consumer Services 0.2%
Apollo Group, Inc., Class A*	24,247		1,724,447
DeVry, Inc.	14,000		700,560
H&R Block, Inc.	77,050		1,327,571
			3,752,578
Diversified Financial Services 3.7%
Bank of America Corp.	1,808,000		23,865,600
CIT Group, Inc.	78,381		168,519
Citigroup, Inc. (a)	1,214,343		3,606,599
CME Group, Inc.	14,663		4,561,806
IntercontinentalExchange, Inc.*	15,800		1,804,992
JPMorgan Chase & Co.	872,144		29,748,832
Leucadia National Corp.*	39,926		842,039
Moody’s Corp.	43,203		1,138,399
Nasdaq OMX Group, Inc. (The)*	30,300		645,693
NYSE Euronext	58,500		1,594,125
			67,976,604
Diversified Telecommunication Services 3.1%
AT&T, Inc.	1,318,926		32,762,122
CenturyTel, Inc.	23,268		714,328
Embarq Corp.	29,654		1,247,247
Frontier Communications Corp.	65,137		465,078
Qwest Communications International, Inc. (a)	323,446		1,342,301
Verizon Communications, Inc.	635,961		19,543,081
Windstream Corp.	97,805		817,650
			56,891,807
Electric Utilities 2.3%
Allegheny Energy, Inc.	37,306		956,899
American Electric Power Co., Inc.	105,176		3,038,535
Duke Energy Corp.	288,363		4,207,216
Edison International	73,769		2,320,773
Entergy Corp.	42,792		3,317,236
Exelon Corp.	145,627		7,457,559

6 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Electric Utilities (continued)
FirstEnergy Corp.	68,834	$	2,667,317
FPL Group, Inc.	90,180		5,127,635
Northeast Utilities	34,900		778,619
Pepco Holdings, Inc.	56,300		756,672
Pinnacle West Capital Corp.	22,710		684,706
PPL Corp.	82,627		2,723,386
Progress Energy, Inc.	62,366		2,359,306
Southern Co. (The)	174,788		5,446,394
			41,842,253
Electrical Equipment 0.4%
Cooper Industries Ltd., Class A	37,538		1,165,555
Emerson Electric Co.	166,351		5,389,773
Rockwell Automation, Inc.	32,252		1,035,934
			7,591,262
Electronic Equipment & Instruments 0.5%
Agilent Technologies, Inc.*	77,465		1,573,314
Amphenol Corp., Class A	38,800		1,227,632
Corning, Inc.	344,694		5,535,786
FLIR Systems, Inc.*	33,200		748,992
Jabil Circuit, Inc.	42,197		313,102
Molex, Inc.	26,686		414,967
			9,813,793
Energy Equipment & Services 1.8%
Baker Hughes, Inc.	69,638		2,537,609
BJ Services Co.	66,671		908,726
Cameron International Corp.*	49,200		1,392,360
Diamond Offshore Drilling, Inc.	15,800		1,312,190
ENSCO International, Inc.	32,302		1,126,371
FMC Technologies, Inc.*	28,500		1,071,030
Halliburton Co.	201,677		4,174,714
Nabors Industries Ltd.*	64,280		1,001,482
National Oilwell Varco, Inc.*	93,968		3,068,995
Rowan Cos., Inc.	26,172		505,643
Schlumberger Ltd.	267,448		14,471,611
Smith International, Inc.	49,708		1,279,981
			32,850,712
Food & Staples Retailing 3.0%
Costco Wholesale Corp.	97,426		4,452,368
CVS Caremark Corp.	325,496		10,373,557
Kroger Co. (The)	147,099		3,243,533
Safeway, Inc.	94,376		1,922,439
SUPERVALU, Inc.	46,659		604,234
SYSCO Corp.	129,835		2,918,691
Wal-Mart Stores, Inc.	498,932		24,168,266
Walgreen Co.	221,604		6,515,158
Whole Foods Market, Inc.* (a)	32,066		608,613
			54,806,859
Food Products 1.8%
Archer-Daniels-Midland Co.	141,186		3,779,549
Campbell Soup Co.	45,120		1,327,430
ConAgra Foods, Inc.	101,216		1,929,177
Dean Foods Co.*	39,086		750,060
General Mills, Inc.	73,801		4,134,332
H.J. Heinz Co.	71,071		2,537,235
Hershey Co. (The)	36,545		1,315,620
Hormel Foods Corp.	15,400		531,916
J.M. Smucker Co. (The)	26,100		1,270,026
Kellogg Co.	57,014		2,655,142
Kraft Foods, Inc., Class A	329,899		8,359,641
McCormick & Co., Inc., Non-Voting Shares	26,195		852,123
Sara Lee Corp.	153,266		1,495,876
Tyson Foods, Inc., Class A	65,524		826,258
			31,764,385
Health Care Equipment & Supplies 2.0%
Baxter International, Inc.	135,574		7,179,999
Becton, Dickinson & Co.	52,787		3,764,241
Boston Scientific Corp.*	330,435		3,350,611
C.R. Bard, Inc.	21,923		1,632,167
DENTSPLY International, Inc.	32,700		998,004
Hospira, Inc.*	33,874		1,304,827
Intuitive Surgical, Inc.* (a)	8,824		1,444,136
Medtronic, Inc.	250,302		8,733,037
St. Jude Medical, Inc.*	78,044		3,207,608
Stryker Corp.	52,508		2,086,668
Varian Medical Systems, Inc.*	28,376		997,133
Zimmer Holdings, Inc.*	49,564		2,111,426
			36,809,857
Health Care Providers & Services 2.2%
Aetna, Inc.	102,151		2,558,883
AmerisourceBergen Corp.	69,218		1,227,927
Cardinal Health, Inc.	79,300		2,422,615
CIGNA Corp.	59,648		1,436,920
Coventry Health Care, Inc.*	32,743		612,621
DaVita, Inc.*	22,900		1,132,634
Express Scripts, Inc.*	61,008		4,194,300
Humana, Inc.*	38,314		1,236,010
Laboratory Corp. of America Holdings*	24,623		1,669,193
McKesson Corp.	61,793		2,718,892
Medco Health Solutions, Inc.*	109,796		5,007,796
Patterson Cos., Inc.*	20,775		450,817
Quest Diagnostics, Inc.	34,360		1,938,935
Tenet Healthcare Corp.*	81,463		229,726
UnitedHealth Group, Inc.	263,393		6,579,557
WellPoint, Inc.*	109,843		5,589,910
			39,006,736

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Health Care Technology 0.0%
IMS Health, Inc.	35,754	$	454,076
Hotels, Restaurants & Leisure 1.5%
Carnival Corp.	98,582		2,540,458
Darden Restaurants, Inc.	31,012		1,022,776
International Game Technology	65,115		1,035,328
Marriott International, Inc., Class A	66,849		1,475,365
McDonald’s Corp.	246,659		14,180,426
Starbucks Corp.*	165,677		2,301,253
Starwood Hotels & Resorts Worldwide, Inc.	41,608		923,698
Wyndham Worldwide Corp.	41,287		500,398
Wynn Resorts Ltd.* (a)	15,300		540,090
Yum! Brands, Inc.	103,579		3,453,324
			27,973,116
Household Durables 0.4%
Black & Decker Corp.	13,901		398,403
Centex Corp.*	28,415		240,391
D.R. Horton, Inc.	62,758		587,415
Fortune Brands, Inc.	34,126		1,185,537
Harman International Industries, Inc.	12,694		238,647
KB Home (a)	17,153		234,653
Leggett & Platt, Inc.	33,963		517,256
Lennar Corp., Class A	33,130		321,030
Newell Rubbermaid, Inc.	63,795		664,106
Pulte Homes, Inc.	46,399		409,703
Snap-on, Inc.	12,456		357,985
Stanley Works (The)	17,112		579,070
Whirlpool Corp.	16,828		716,200
			6,450,396
Household Products 2.6%
Clorox Co.	31,517		1,759,594
Colgate-Palmolive Co.	112,572		7,963,343
Kimberly-Clark Corp.	93,084		4,880,394
Procter & Gamble Co. (The)	651,653		33,299,469
			47,902,800
Independent Power Producers & Energy Traders 0.2%
AES Corp. (The)*	146,844		1,704,859
Constellation Energy Group, Inc.	47,096		1,251,812
Dynegy, Inc., Class A*	139,241		316,077
			3,272,748
Industrial Conglomerates 2.1%
3M Co.	155,317		9,334,552
General Electric Co.	2,367,434		27,746,326
Textron, Inc.	55,530		536,420
			37,617,298
Information Technology Services 1.0%
Affiliated Computer Services, Inc., Class A*	21,495		954,808
Automatic Data Processing, Inc.	113,663		4,028,217
Cognizant Technology Solutions Corp., Class A*	66,038		1,763,215
Computer Sciences Corp.*	33,347		1,477,272
Convergys Corp.*	22,149		205,543
Fidelity National Information Services, Inc.	43,577		869,797
Fiserv, Inc.*	35,507		1,622,670
MasterCard, Inc., Class A	15,850		2,651,863
Paychex, Inc.	72,713		1,832,367
Total System Services, Inc.	38,900		520,871
Western Union Co. (The)	159,825		2,621,130
			18,547,753
Insurance 2.3%
Aflac, Inc.	105,167		3,269,642
Allstate Corp. (The)	120,706		2,945,226
American International Group, Inc. (a)	610,948		708,700
Aon Corp.	61,780		2,339,609
Assurant, Inc.	26,004		626,436
Chubb Corp.	79,426		3,167,509
Cincinnati Financial Corp.	35,790		799,906
Genworth Financial, Inc., Class A	100,405		701,831
Hartford Financial Services Group, Inc.	74,132		879,947
Lincoln National Corp.	62,617		1,077,639
Loews Corp.	79,495		2,178,163
Marsh & McLennan Cos., Inc.	116,255		2,340,213
MBIA, Inc.* (a)	40,939		177,266
MetLife, Inc.	181,123		5,435,501
Principal Financial Group, Inc.	70,923		1,336,189
Progressive Corp. (The)*	152,769		2,308,340
Prudential Financial, Inc.	102,952		3,831,873
Torchmark Corp.	18,891		699,723
Travelers Cos., Inc. (The)	131,491		5,396,391
Unum Group	72,907		1,156,305
XL Capital Ltd., Class A	71,836		823,240
			42,199,649
Internet & Catalog Retail 0.4%
Amazon.com, Inc.*	71,382		5,971,818
Expedia, Inc.*	45,500		687,505
			6,659,323
Internet Software & Services 1.8%
Akamai Technologies, Inc.*	38,811		744,395
eBay, Inc.*	242,005		4,145,546
Google, Inc., Class A*	53,677		22,629,686

8 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Internet Software & Services (continued)
VeriSign, Inc.*	43,783	$	809,110
Yahoo!, Inc.*	312,980		4,901,267
			33,230,004
Leisure Equipment & Products 0.1%
Eastman Kodak Co.	58,347		172,707
Hasbro, Inc.	28,462		689,919
Mattel, Inc.	80,880		1,298,124
			2,160,750
Life Sciences Tools & Services 0.4%
Life Technologies Corp.*	38,292		1,597,542
Millipore Corp.*	12,220		857,966
PerkinElmer, Inc.	25,672		446,693
Thermo Fisher Scientific, Inc.*	92,058		3,753,205
Waters Corp.*	21,409		1,101,921
			7,757,327
Machinery 1.4%
Caterpillar, Inc.	135,192		4,466,744
Cummins, Inc.	45,564		1,604,309
Danaher Corp.	57,451		3,547,025
Deere & Co.	95,046		3,797,088
Dover Corp.	42,333		1,400,799
Eaton Corp.	37,407		1,668,726
Flowserve Corp.	12,800		893,568
Illinois Tool Works, Inc.	86,700		3,237,378
Manitowoc Co., Inc. (The)	30,900		162,534
PACCAR, Inc.	81,732		2,657,107
Pall Corp.	25,647		681,184
Parker Hannifin Corp.	36,348		1,561,510
			25,677,972
Media 2.5%
CBS Corp., Class B, Non-Voting	149,493		1,034,492
Comcast Corp., Class A	620,047		8,984,481
Comcast Corp., Special Class A	24,800		349,680
DIRECTV Group, Inc. (The)*	117,580		2,905,402
Gannett Co., Inc.	49,618		177,136
Interpublic Group of Cos., Inc.*	103,375		522,044
McGraw-Hill Cos., Inc. (The)	69,179		2,082,980
Meredith Corp.	8,337		213,010
New York Times Co. (The), Class A (a)	27,663		152,423
News Corp., Class A	506,306		4,612,448
Omnicom Group, Inc.	70,305		2,220,232
Scripps Networks Interactive, Inc., Class A	18,000		500,940
Time Warner Cable, Inc.*	79,496		2,517,638
Time Warner, Inc.	268,580		6,765,530
Viacom, Inc., Class B*	133,469		3,029,746
Walt Disney Co. (The)	414,950		9,680,783
Washington Post Co. (The), Class B	1,137		400,429
			46,149,394
Metals & Mining 0.9%
AK Steel Holding Corp.	26,000		498,940
Alcoa, Inc.	214,245		2,213,151
Allegheny Technologies, Inc.	21,525		751,868
Freeport-McMoRan Copper & Gold, Inc.	92,455		4,632,920
Newmont Mining Corp.	110,084		4,499,133
Nucor Corp.	70,623		3,137,780
Titanium Metals Corp.	17,300		158,987
United States Steel Corp.	32,016		1,144,252
			17,037,031
Multi-Utility 1.4%
Ameren Corp.	46,855		1,166,221
CenterPoint Energy, Inc.	76,627		849,027
CMS Energy Corp.	52,649		636,000
Consolidated Edison, Inc.	61,853		2,314,539
Dominion Resources, Inc.	131,354		4,389,851
DTE Energy Co.	35,969		1,151,008
Integrys Energy Group, Inc.	17,195		515,678
NiSource, Inc.	59,619		695,158
PG&E Corp.	82,423		3,168,340
Public Service Enterprise Group, Inc.	111,356		3,633,546
SCANA Corp.	25,700		834,479
Sempra Energy	53,607		2,660,515
TECO Energy, Inc.	46,264		551,930
Wisconsin Energy Corp.	25,800		1,050,318
Xcel Energy, Inc.	100,052		1,841,957
			25,458,567
Multiline Retail 0.8%
Big Lots, Inc.*	18,848		396,373
Family Dollar Stores, Inc.	31,806		900,110
J.C. Penney Co., Inc.	50,259		1,442,936
Kohl’s Corp.*	68,654		2,934,959
Macy’s, Inc.	95,205		1,119,611
Nordstrom, Inc.	36,260		721,211
Sears Holdings Corp.* (a)	12,072		803,029
Target Corp.	168,993		6,670,154
			14,988,383
Natural Gas Utility 0.1%
EQT Corp.	28,800		1,005,408
Nicor, Inc.	11,181		387,086
Questar Corp.	38,249		1,189,927
			2,582,421
Office Electronics 0.1%
Xerox Corp.	187,564		1,215,415

2009 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT S&P 500 Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Oil, Gas & Consumable Fuels 10.5%
Anadarko Petroleum Corp.	110,814	$	5,029,847
Apache Corp.	73,719		5,318,826
Cabot Oil & Gas Corp.	22,800		698,592
Chesapeake Energy Corp.	126,573		2,509,942
Chevron Corp.	448,119		29,687,884
ConocoPhillips	331,377		13,937,717
CONSOL Energy, Inc.	40,902		1,389,032
Denbury Resources, Inc.*	55,300		814,569
Devon Energy Corp.	99,814		5,439,863
El Paso Corp.	153,720		1,418,836
EOG Resources, Inc.	56,178		3,815,610
Exxon Mobil Corp.	1,090,923		76,266,427
Hess Corp.	63,844		3,431,615
Marathon Oil Corp.	158,987		4,790,278
Massey Energy Co.	20,100		392,754
Murphy Oil Corp.	41,938		2,278,072
Noble Energy, Inc.	39,000		2,299,830
Occidental Petroleum Corp.	181,186		11,923,851
Peabody Energy Corp.	60,302		1,818,708
Pioneer Natural Resources Co.	26,500		675,750
Range Resources Corp.	35,400		1,465,914
Southwestern Energy Co.*	76,400		2,968,140
Spectra Energy Corp.	141,621		2,396,227
Sunoco, Inc.	26,639		618,025
Tesoro Corp.	31,800		404,814
Valero Energy Corp.	124,949		2,110,389
Williams Cos., Inc. (The)	131,030		2,045,378
XTO Energy, Inc.	130,382		4,972,769
			190,919,659
Paper & Forest Products 0.2%
International Paper Co.	97,064		1,468,578
MeadWestvaco Corp.	37,124		609,205
Weyerhaeuser Co.	46,519		1,415,573
			3,493,356
Personal Products 0.2%
Avon Products, Inc.	93,877		2,420,149
Estee Lauder Cos., Inc. (The), Class A	25,599		836,319
			3,256,468
Pharmaceuticals 7.4%
Abbott Laboratories	345,534		16,253,920
Allergan, Inc.	67,658		3,219,168
Bristol-Myers Squibb Co.	443,129		8,999,950
Eli Lilly & Co.	226,369		7,841,422
Forest Laboratories, Inc.*	66,428		1,668,007
Johnson & Johnson	616,030		34,990,504
King Pharmaceuticals, Inc.*	56,805		547,032
Merck & Co., Inc.	471,845		13,192,786
Mylan, Inc.* (a)	69,167		902,629
Pfizer, Inc.	1,510,051		22,650,765
Schering-Plough Corp.	364,084		9,145,790
Watson Pharmaceuticals, Inc.*	22,744		765,563
Wyeth	298,179		13,534,345
			133,711,881
Professional Services 0.2%
Dun & Bradstreet Corp.	12,200		990,762
Equifax, Inc.	28,982		756,430
Monster Worldwide, Inc.*	26,795		316,449
Robert Half International, Inc.	33,701		796,018
			2,859,659
Real Estate Investment Trusts 1.0%
Apartment Investment & Management Co., Class A	32,314		285,979
AvalonBay Communities, Inc.	18,185		1,017,269
Boston Properties, Inc.	31,118		1,484,329
Equity Residential	61,865		1,375,259
HCP, Inc.	61,900		1,311,661
Health Care REIT, Inc.	25,400		866,140
Host Hotels & Resorts, Inc.	133,051		1,116,298
Kimco Realty Corp.	71,070		714,253
Plum Creek Timber Co., Inc. (a)	37,489		1,116,422
ProLogis	95,650		770,939
Public Storage	28,448		1,862,775
Simon Property Group, Inc.	62,058		3,191,643
Ventas, Inc.	35,500		1,060,030
Vornado Realty Trust (a)	35,268		1,588,118
			17,761,115
Real Estate Management & Development 0.0%
CB Richard Ellis Group, Inc., Class A*	53,050		496,548
Road & Rail 0.9%
Burlington Northern Santa Fe Corp.	62,673		4,608,973
CSX Corp.	89,951		3,115,003
Norfolk Southern Corp.	82,577		3,110,676
Ryder System, Inc.	12,471		348,190
Union Pacific Corp.	113,104		5,888,194
			17,071,036
Semiconductors & Semiconductor Equipment 2.5%
Advanced Micro Devices, Inc.*	132,214		511,668
Altera Corp.	67,052		1,091,607
Analog Devices, Inc.	66,283		1,642,493
Applied Materials, Inc.	299,532		3,285,866
Broadcom Corp., Class A*	95,918		2,377,807
Intel Corp.	1,248,612		20,664,529
KLA-Tencor Corp.	38,761		978,715
Linear Technology Corp.	50,616		1,181,884
LSI Corp.*	139,948		638,163
MEMC Electronic Materials, Inc.*	50,958		907,562
Microchip Technology, Inc.	41,800		942,590

10 Semiannual Report 2009

Common Stocks (continued)
		Shares		Market Value
Semiconductors & Semiconductor Equipment (continued)
Micron Technology, Inc.*		187,072	$	946,584
National Semiconductor Corp.		44,937		563,959
Novellus Systems, Inc.*		22,749		379,908
NVIDIA Corp.*		121,424		1,370,877
Teradyne, Inc.*		36,763		252,194
Texas Instruments, Inc.		287,044		6,114,037
Xilinx, Inc.		62,432		1,277,359
				45,127,802
Software 4.2%
Adobe Systems, Inc.*		117,980		3,338,834
Autodesk, Inc.*		51,326		974,168
BMC Software, Inc.*		41,841		1,413,807
CA, Inc.		89,494		1,559,881
Citrix Systems, Inc.*		40,988		1,307,107
Compuware Corp.*		53,326		365,816
Electronic Arts, Inc.*		72,873		1,582,802
Intuit, Inc.*		72,771		2,049,231
McAfee, Inc.*		35,000		1,476,650
Microsoft Corp.		1,710,951		40,669,305
Novell, Inc.*		70,254		318,251
Oracle Corp.		846,608		18,134,343
Salesforce.com, Inc.*		24,000		916,080
Symantec Corp.*		184,735		2,874,477
				76,980,752
Specialty Retail 1.9%
Abercrombie & Fitch Co., Class A		20,031		508,587
AutoNation, Inc.* (a)		26,087		452,610
AutoZone, Inc.*		8,590		1,298,035
Bed Bath & Beyond, Inc.*		58,665		1,803,949
Best Buy Co., Inc.		76,247		2,553,512
GameStop Corp., Class A*		37,100		816,571
Gap, Inc. (The)		105,423		1,728,937
Home Depot, Inc.		380,402		8,988,899
Lowe’s Cos., Inc.		329,052		6,386,899
Ltd. Brands, Inc.		59,636		713,843
O’Reilly Automotive, Inc.*		30,700		1,169,056
Office Depot, Inc.*		57,872		263,896
RadioShack Corp.		29,132		406,683
Sherwin-Williams Co. (The)		22,365		1,202,119
Staples, Inc.		160,705		3,241,420
Tiffany & Co.		28,123		713,199
TJX Cos., Inc.		93,857		2,952,741
				35,200,956
Textiles, Apparel & Luxury Goods 0.5%
Coach, Inc.		72,454		1,947,563
Nike, Inc., Class B		84,901		4,396,174
Polo Ralph Lauren Corp.		12,972		694,521
VF Corp.		19,437		1,075,838
				8,114,096
Thrifts & Mortgage Finance 0.2%
Hudson City Bancorp, Inc.		118,576		1,575,875
People’s United Financial, Inc.		79,300		1,192,672
				2,768,547
Tobacco 1.7%
Altria Group, Inc.		463,893		7,603,206
Lorillard, Inc.		38,000		2,575,260
Philip Morris International, Inc.		438,493		19,127,065
Reynolds American, Inc.		36,636		1,414,882
				30,720,413
Trading Companies & Distributors 0.1%
Fastenal Co. (a)		29,400		975,198
W.W. Grainger, Inc.		14,529		1,189,635
				2,164,833
Wireless Telecommunication Services 0.4%
American Tower Corp., Class A*		89,600		2,825,088
MetroPCS Communications, Inc.*		57,700		767,987
Sprint Nextel Corp.*		630,893		3,034,595
				6,627,670
Total Common Stocks (cost $2,596,277,520)				1,799,436,881
Repurchase Agreements 1.8%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $10,575,809, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $10,787,299	$	10,575,783		10,575,783
Morgan Stanley, 0.07%, dated 06/30/09, due 07/01/09, repurchase price $17,382,678, collateralized by U.S. Government Agency Mortgages ranging 3.50% – 8.50%, maturing 06/01/11 – 06/01/39; total market value of $17,730,296 (b)		17,382,644		17,382,644

2009 Semiannual Report 11

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT S&P 500 Index Fund (Continued)

Repurchase Agreements (continued)
		Principal Amount		Market Value
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $5,177,498, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $5,281,041	$	5,177,491	$	5,177,491
Total Repurchase Agreements (cost $33,135,918)				33,135,918
Total Investments (cost $2,629,413,438) (c) — 100.9%				1,832,572,799
Liabilities in excess of other assets — (0.9)%				(15,584,617	)
NET ASSETS — 100.0%			$	1,816,988,182

*	Denotes a non-income producing security.
(a)	The security or a partial position of this security is on loan at June 30, 2009. The total value of securities on loan at June 30, 2009 was 16,661,073.
(b)	The security was purchased with cash collateral held from securities on loan (See Note 2). The total value of this security as of June 30, 2009 was $17,382,644.
(c)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

Ltd	Limited
REIT	Real Estate Investment Trust

At June 30, 2009, the Fund’s open futures contracts were as follows (Note 2):

				Notional Value		Unrealized
Number of	Long			Covered by		Appreciation
Contracts	Contracts	Expiration		Contracts		(Depreciation)
78	S&P 500 Futures		09/16/09	$	17,852,250	$	(397,925	)

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT S&P 500
	Index Fund
Assets:
Investments, at value (cost $2,596,277,520)*	$	1,799,436,881
Repurchase agreements, at value and cost		33,135,918
Total Investments		1,832,572,799
Cash		1,816,531
Interest and dividends receivable		2,688,675
Receivable for capital shares issued		464,009
Receivable for investments sold		1,509,465
Prepaid expenses and other assets		70,174
Total Assets		1,839,121,653
Liabilities:
Payable for variation margin on futures contracts		118,365
Payable for investments purchased		3,190,326
Payable upon return of securities loaned (Note 2)		17,382,644
Payable for capital shares redeemed		1,029,918
Accrued expenses and other payables:
Investment advisory fees		147,546
Fund administration fees		71,472
Administrative services fees		22,031
Custodian fees		32,003
Trustee fees		3,491
Compliance program costs (Note 3)		36,212
Professional fees		88,436
Printing fees		10,202
Other		825
Total Liabilities		22,133,471
Net Assets	$	1,816,988,182
Represented by:
Capital	$	2,755,247,188
Accumulated undistributed net investment income		1,578,071
Accumulated net realized losses from investment and futures transactions		(142,598,513	)
Net unrealized appreciation/(depreciation) from investments		(796,840,639	)
Net unrealized appreciation/(depreciation) from futures (Note 2)		(397,925	)
Net Assets	$	1,816,988,182
Net Assets:
Class IV Shares	$	139,900,473
Class Y Shares		1,677,087,709
Total	$	1,816,988,182
Shares Outstanding (unlimited number of shares authorized):
Class IV Shares		21,879,790
Class Y Shares		262,411,553
Total		284,291,343
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class IV Shares	$	6.39
Class Y Shares	$	6.39

* Includes value of securities on loan of $16,661,073 (Note 2).

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT S&P 500
	Index Fund
INVESTMENT INCOME:
Interest income	$	8,187
Dividend income		21,845,174
Income from securities lending (Note 2)		719,354
Total Income		22,572,715
EXPENSES:
Investment advisory fees		1,052,316
Fund administration fees		397,552
Administrative services fees Class IV Shares		75,087
Custodian fees		43,915
Trustee fees		32,944
Compliance program costs (Note 3)		11,243
Professional fees		157,818
Printing fees		54,628
Other		149,563
Total expenses before earnings credit and expenses reimbursed		1,975,066
Earnings credit (Note 4)		(1,101	)
Expenses reimbursed by adviser (Note 3)		(47,273	)
Net Expenses		1,926,692
NET INVESTMENT INCOME		20,646,023
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(18,237,722	)
Net realized gains from futures transactions (Note 2)		993,333
Net realized losses from investment transactions and futures		(17,244,389	)
Net change in unrealized appreciation/(depreciation) from investments		61,345,413
Net change in unrealized appreciation/(depreciation) from futures (Note 2)		(964,708	)
Net change in unrealized appreciation/(depreciation) from investments and futures		60,380,705
Net realized/unrealized gains from investments and futures		43,136,316
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	63,782,339

The accompanying notes are an integral part of these financial statements.

14 Semiannual Report 2009

Statements of Changes in Net Assets

	NVIT S&P 500 Index Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	20,646,023		$	44,689,735
Net realized losses from investment and futures transactions		(17,244,389	)		(69,544,145	)
Net change in unrealized appreciation/(depreciation) from investments and futures		60,380,705			(925,924,055	)
Change in net assets resulting from operations		63,782,339			(950,778,465	)
Distributions to Shareholders From:
Net investment income:
Class IV		(1,603,635	)		(3,883,354	)
Class Y		(19,368,370	)		(39,203,491	)
Net realized gains:
Class IV		–			–
Class Y		–			–
Change in net assets from shareholder distributions		(20,972,005	)		(43,086,845	)
Change in net assets from capital transactions		151,888,469			143,149,465
Change in net assets		194,698,803			(850,715,845	)
Net Assets:
Beginning of period		1,622,289,379			2,473,005,224
End of period	$	1,816,988,182		$	1,622,289,379
Accumulated undistributed net investment income at end of period	$	1,578,071		$	1,904,053
CAPITAL TRANSACTIONS:
Class IV Shares
Proceeds from shares issued	$	2,962,376		$	6,801,046
Dividends reinvested		1,603,635			3,883,354
Cost of shares redeemed		(11,263,284	)		(28,018,645	)
Total Class IV		(6,697,273	)		(17,334,245	)
Class Y Shares
Proceeds from shares issued		219,022,679			311,345,757
Dividends reinvested		19,368,370			39,203,491
Cost of shares redeemed		(79,805,307	)		(190,065,538	)
Total Class Y		158,585,742			160,483,710
Change in net assets from capital transactions	$	151,888,469		$	143,149,465
SHARE TRANSACTIONS:
Class IV Shares
Issued		505,909			835,071
Reinvested		270,826			482,030
Redeemed		(1,914,329	)		(3,324,509	)
Total Class IV Shares		(1,137,594	)		(2,007,408	)
Class Y Shares
Issued		37,017,986			35,804,054
Reinvested		3,264,909			4,894,704
Redeemed		(13,261,900	)		(22,409,315	)
Total Class Y Shares		27,020,995			18,289,443
Total change in shares		25,883,401			16,282,035

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 15

Financial Highlights

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

NVIT S&P 500 Index Fund

				Operations									Distributions									Ratios / Supplemental Data
							Net Realized																										Ratio of
							and																							Ratio of Net			Expenses
	Net Asset						Unrealized																				Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class IV Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.28		0	.07		0	.11		0	.18		(0	.07)		(0	.07)	$	6	.39		3	.00%	$	139,900,473		0	.34%		2	.44%		0	.35%		1	.57%
Year Ended December 31, 2008	$	10	.22		0	.17		(3	.95)		(3	.78)		(0	.16)		(0	.16)	$	6	.28		(37	.29%)	$	144,568,725		0	.34%		1	.99%		0	.34%(e)		5	.47%
Year Ended December 31, 2007	$	9	.88		0	.19		0	.32		0	.51		(0	.17)		(0	.17)	$	10	.22		5	.11%	$	255,677,256		0	.32%		1	.77%		0	.32%(e)		4	.93%
Year Ended December 31, 2006	$	8	.71		0	.17		1	.15		1	.32		(0	.15)		(0	.15)	$	9	.88		15	.32%	$	270,585,372		0	.31%		1	.80%		0	.38%		5	.40%
Year Ended December 31, 2005	$	8	.45		0	.14		0	.26		0	.40		(0	.14)		(0	.14)	$	8	.71		4	.75%	$	265,571,021		0	.28%		1	.58%		0	.47%		4	.29%
Year Ended December 31, 2004	$	7	.85		0	.14		0	.68		0	.82		(0	.22)		(0	.22)	$	8	.45		10	.59%	$	286,933,434		0	.28%		1	.74%		0	.43%		3	.10%
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.28		0	.08		0	.11		0	.19		(0	.08)		(0	.08)	$	6	.39		3	.06%	$	1,677,087,709		0	.23%		2	.55%		0	.24%		1	.57%
Year Ended December 31, 2008	$	10	.21		0	.18		(3	.94)		(3	.76)		(0	.17)		(0	.17)	$	6	.28		(37	.15%)	$	1,477,720,654		0	.22%		2	.12%		0	.22%(e)		5	.47%
Year Ended December 31, 2007	$	9	.88		0	.18		0	.33		0	.51		(0	.18)		(0	.18)	$	10	.21		5	.13%	$	2,217,327,968		0	.20%		1	.87%		0	.20%(e)		4	.93%
Period Ended December 31, 2006 (f)(g)	$	9	.15		0	.13		0	.72		0	.85		(0	.12)		(0	.12)	$	9	.88		9	.42%	$	282,751,481		0	.23%		1	.99%		0	.23%		5	.40%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	There were no fee reductions during the period.
(f)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(g)	Per share calculations were performed using average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements.

16 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT S&P 500 Index Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) and Jefferson National Life Insurance Co. currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

				Level 2 — Other		Level 3 — Significant
	Level 1 — Quoted			Significant		Unobservable
Asset Type	Prices			Observable Inputs		Inputs		Total
Common Stocks	$	1,799,436,881		$	—	$	—	$	1,799,436,881
Repurchase Agreements		—			33,135,918		—		33,135,918
Futures		(397,925	)		—		—		(397,925	)
	$	1,799,038,956		$	33,135,918	$	—	$	1,832,174,874

Amounts designated as “—” are zero.

18 Semiannual Report 2009

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

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

(d)        Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its investment objective. The Fund may enter into financial futures contracts (“futures contracts”) to gain exposure to, or hedge against changes in, the value of equities. The Fund may also enter into futures contracts for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to enter into and maintain futures contracts may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such futures contracts.

Futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price. Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, know as “variation margin” receipts or payments, are made each day, depending on the fluctuations in the fair value/market value of the futures contract and are recognized by the Fund as unrealized gains or losses. Futures contracts are valued daily at their last quoted sale price.

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

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and the value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. Futures contracts involve minimal counterparty credit risk to the Fund because futures contracts are exchange-traded, and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees futures contracts against default.

Futures contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Net unrealized appreciation/(depreciation) from futures,” and in the Statement of Operations under “Net realized gains from futures transactions” and “Net change in unrealized appreciation/(depreciation) from futures.”

Fair Values of Derivative Instruments as of June 30, 2009

	Asset Derivatives				Liability Derivatives
Derivatives not	Statement of Assets				Statement of Assets
accounted for as	and Liabilities				and Liabilities
hedging instruments	Location		Fair Value		Location	Fair Value
Equity contracts*		Net Assets - Net Unrealized Appreciation from futures	$	—	Net Assets - Net Unrealized Depreciation from futures	$	(397,925	)
Total			$	—		$	(397,925	)

*	Includes cumulative appreciation/(depreciation) of futures contracts as reported in Statement of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities.
	Amounts designated as “–” are zero.

The Effect of Derivative Instruments on the Statement of Operations
For the Six Months Ended June 30, 2009

Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations

Derivatives not accounted for as hedging instruments under FAS 133	Futures
Equity contracts	$	993,333
Total	$	993,333

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations

Derivatives not accounted for as hedging instruments under FAS 133	Futures
Equity contracts	$	(964,708	)
Total	$	(964,708	)

Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the period ending June 30, 2009.

(e)        Security Transactions and Investment Income

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

20 Semiannual Report 2009

(f)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receive payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2009, the Fund had securities with the following value on loan:

Value of Loaned Securities		Value of Collateral
$	16,661,073	$	17,382,644

(g)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(h)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and

2009 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 through 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. BlackRock Investment Management, LLC (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
Up to $1.5 billion		0.13%
$1.5 billion up to $3 billion		0.12%
$3 billion or more		0.11%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $156,522 for the six months ended June 30, 2009.

Effective May 1, 2009, the Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.23% for all share classes until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will

22 Semiannual Report 2009

be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Fiscal Year		Fiscal Year		Six Months Ended
2007		2008		June 30, 2009
Amount		Amount		Amount
$	—	$	—	$	47,273

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

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

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

For the six months ended June 30, 2009, NFS received $66,029 in Administrative Services fees from the Fund.

2009 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $11,243.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $188,366,702 and sales of $25,462,562 (excluding short-term securities).

6. Indemnifications

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

7. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim

24 Semiannual Report 2009

and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

8. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation/
Securities		Appreciation		Depreciation			(Depreciation)
$	2,669,876,267	$	33,139,765	$	(870,443,233	)	$	(837,303,468	)

9. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material charges to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 25

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,“ copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

26 Semiannual Report 2009

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and BlackRock Investment Management, the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for each of the one- and two-year periods ended September 30, 2008, the Fund’s performance for Class Y shares was in the fifth quintile of its peer group, but in the second quintile of its peer universe, which includes the Fund and all S&P 500 index funds underlying variable insurance products, regardless of asset size or primary channel of distribution. The Trustees noted that for each period, the Fund slightly underperformed its benchmark, the S&P 500^® Index, which, because of the effect of expenses, was to be expected. The Trustees noted that the Fund had achieved its objective of closely tracking the performance of the S&P 500^® Index.

The Trustees noted that the Fund’s contractual advisory fee for Class Y shares was in the first quintile of its peer group, and that its actual advisory fee placed the Fund in the second quintile of its peer universe. The Trustees also noted that the Fund’s total expenses were in the first quintile of its peer group. The Trustees noted that shareholders of the Fund received the benefit of an expense cap (excluding 12b-1 fees). The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the advisory fee schedule includes breakpoints, and that the first breakpoint has been reached. The Trustees concluded that the shareholders of the Fund have appropriately benefited from economies of scale under the proposed advisory fee schedule, in light of such breakpoints.

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

2009 Semiannual Report 27

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

28 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 29

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

	Position(s) Held		Number of
	with Fund		Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments.3		N/A	N/A

30 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

	Position(s) Held		Number of
	with Fund		Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments.3		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 31

NVIT Multi Sector Bond Fund

(formerly Van Kampen NVIT Multi Sector Bond Fund)

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
20	Statement of Assets and Liabilities
21	Statement of Operations
22	Statements of Changes in Net Assets
23	Financial Highlights
24	Notes to Financial Statements
37	Supplemental Information
40	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-MSB (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Multi Sector Bond Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
NVIT Multi Sector			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Bond Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,111.90		5.24		1.00
	Hypothetical	b		1,000.00		1,019.83		5.03		1.00

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Multi Sector Bond Fund

June 30, 2009 (Unaudited)

Asset Allocation
Corporate Bonds	41	.0%
Sovereign Bonds	18	.9%
U.S. Government Mortgage Backed Agencies	14	.7%
Yankee Dollars	7	.0%
Collateralized Mortgage Obligations	5	.9%
U.S. Government Sponsored & Agency Obligations	4	.4%
Repurchase Agreements	4	.3%
Asset-Backed Securities	3	.0%
Commercial Mortgage Backed Securities	2	.5%
Convertible Corporate Bonds	0	.2%
Preferred Stocks	0	.1%
Liabilities in excess of other assets	(2	.0)%
	100	.0%

Top Industries
Telecommunications	7	.8%
Diversified Financial Services	5	.3%
Oil & Gas	4	.2%
Banks	3	.9%
Insurance	2	.3%
Electric	2	.2%
Media	1	.9%
Healthcare-Services	1	.8%
Mining	1	.8%
Retail	1	.5%
Other Industries*	67	.3%
	100	.0%

Top Holdings
Freddie Mac, Gold, Pool # G05087, 5.00%, 01/01/37	2	.7%
Freddie Mac, Gold, Pool # C02851, 5.50%, 05/01/37	2	.5%
Fannie Mae Pool, Pool # 257231, 5.50%, 06/01/38	2	.4%
Federal National Mortgage Association TBA, 4.50%, 07/13/39	2	.4%
Spain Government Bond, 5.15%, 07/30/09	2	.1%
Bundesrepublik Deutschland, Series 05, 4.00%, 01/04/37	2	.0%
U.S. Treasury Bonds, 3.50%, 02/15/39	1	.4%
Bundesrepublik Deutschland, Series 08, 4.25%, 07/04/18	1	.3%
Federal National Mortgage Association TBA, 4.00%, 07/13/39	1	.3%
United Kingdom Gilt, 5.00%, 09/07/14	1	.1%
Other Holdings*	80	.8%
	100	.0%

* For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Multi Sector Bond Fund

Asset-Backed Securities 3.0%
		Principal Amount		Market Value
Automobile ABS 1.0%
Capital Auto Receivables Asset Trust (a)
Series 2007-SN1, Class A3B, 0.38%, 07/15/10	$	278,502	$	274,056
Series 2006-2, Class A3B, 0.38%, 05/15/11		619,516		617,984
Honda Auto Receivables Owner Trust, Series 2009-2, Class A3, 2.79%, 01/15/13		185,000		186,296
Nissan Auto Receivables Owner Trust, Series 2009-A, Class A3, 3.20%, 02/15/13		125,000		126,642
World Omni Auto Receivables Trust, Series 2009-A, Class A3, 3.33%, 05/15/13		235,000		238,170
				1,443,148
Credit Card ABS 1.2%
Chase Issuance Trust
Series 2005-A7, Class A7, 4.55%, 03/15/13		595,000		614,974
Series 2009-A2, Class A2, 1.87%, 04/15/14 (a)		430,000		432,032
Discover Card Master Trust I (a)
Series 1996-4, Class A, 0.69%, 10/16/13		400,000		391,347
Series 2005-4, Class A2, 0.41%, 06/16/15		400,000		374,569
				1,812,922
Home Equity ABS 0.5% (a)
Carrington Mortgage Loan Trust
Series 2005-NC5, Class A2, 0.63%, 10/25/35		204,354		158,296
Series 2006-NC5, Class A1, 0.36%, 01/25/37		193,077		160,421
Credit-Based Asset Servicing and Securitization LLC, Series 2002-CB2, Class A2, 1.41%, 04/25/32		585,837		335,156
Provident Bank Home Equity Loan Trust, Series 2000-2, Class A1, 0.85%, 08/25/31		113,356		41,748
Residential Asset Mortgage Products, Inc., Series 2006-RZ3, Class A1, 0.38%, 06/25/29		48,229		47,539
				743,160
Manufactured Housing ABS 0.1%
Mid-State Trust, Series 4, Class A, 8.33%, 04/01/30		280,182		224,590
Student Loan ABS 0.2% (a)
SLM Student Loan Trust, Series 2007-3, Class A1, 1.08%, 10/27/14		351,890		350,119
Total Asset-Backed Securities (cost $4,317,244)				4,573,939
Corporate Bonds 41.0%
Advertising 0.1%
Visant Holding Corp., 10.25%, 12/01/13		105,000		104,212
Aerospace & Defense 0.1% (b)
Systems 2001 AT LLC, 6.66%, 09/15/13		193,417		193,844
Agriculture 1.2%
Altria Group, Inc.
7.75%, 02/06/14		295,000		325,183
9.70%, 11/10/18		450,000		515,901
10.20%, 02/06/39		250,000		295,392
Lorillard Tobacco Co., 8.13%, 06/23/19		50,000		51,738
Philip Morris International, Inc.
6.88%, 03/17/14		200,000		225,664
5.65%, 05/16/18		195,000		204,397
6.38%, 05/16/38		125,000		132,992
				1,751,267
Airlines 0.4%
Continental Airlines, Inc., 6.55%, 02/02/19		191,810		177,424
Delta Air Lines, Inc., 7.57%, 11/18/10		460,000		439,300
				616,724
Auto Manufacturers 0.1%
Daimler Finance North America LLC, 8.50%, 01/18/31		180,000		189,354
Auto Parts & Equipment 0.2%
Goodyear Tire & Rubber Co. (The), 10.50%, 05/15/16		300,000		303,000

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi Sector Bond Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Market Value
Banks 3.3%
Bank of America Corp., 5.75%, 12/01/17	$	575,000	$	511,996
Bank of New York Mellon Corp. (The)
Series G, 4.50%, 04/01/13		90,000		91,586
5.13%, 08/27/13		245,000		257,885
Citigroup, Inc.
6.50%, 08/19/13		110,000		106,852
6.13%, 05/15/18		205,000		179,305
8.50%, 05/22/19		295,000		300,085
Credit Suisse USA, Inc., 6.00%, 02/15/18		150,000		149,749
GMAC LLC, 6.88%, 09/15/11 (b)		1,022,000		894,250
Goldman Sachs Group, Inc. (The)
6.00%, 05/01/14		105,000		109,584
6.15%, 04/01/18		225,000		219,055
7.50%, 02/15/19		165,000		176,677
6.75%, 10/01/37		355,000		315,593
Morgan Stanley
6.00%, 05/13/14		200,000		202,494
10.09%, 05/03/17 (b)		900,000		385,872
6.63%, 04/01/18		345,000		343,933
Wachovia Bank NA, 6.60%, 01/15/38		600,000		584,891
Wachovia Corp., 5.50%, 05/01/13		140,000		144,621
				4,974,428
Beverages 1.4%
Anheuser-Busch InBev Worldwide, Inc. (b)
7.20%, 01/15/14		600,000		645,073
7.75%, 01/15/19		950,000		1,038,973
8.20%, 01/15/39		130,000		144,778
Constellation Brands, Inc., Series B, 8.13%, 01/15/12		100,000		100,000
Dr Pepper Snapple Group, Inc., 6.82%, 05/01/18		135,000		142,765
				2,071,589
Biotechnology 0.1%
Amgen, Inc.
5.85%, 06/01/17		60,000		63,666
5.70%, 02/01/19		80,000		84,401
				148,067
Building Materials 0.3%
Cemex Finance Europe BV, 4.75%, 03/05/14		210,000		190,400
Masco Corp., 0.94%, 03/12/10 (a)		325,000		313,487
				503,887
Chemicals 0.4%
CPG International I, Inc., 8.56%, 07/01/12 (a)		95,000		52,725
MacDermid, Inc., 9.50%, 04/15/17 (b)		305,000		222,650
Nalco Co., 8.25%, 05/15/17 (b)		180,000		180,900
Praxair, Inc., 4.38%, 03/31/14		75,000		77,654
				533,929
Commerical Services 0.6%
Corrections Corp. of America, 7.75%, 06/01/17		195,000		192,075
Education Management LLC, 10.25%, 06/01/16		250,000		244,375
Iron Mountain, Inc., 7.75%, 01/15/15		180,000		172,800
RSC Equipment Rental, Inc., 10.00%, 07/15/17 (b)		100,000		99,000
Ticketmaster Entertainment, Inc., 10.75%, 08/01/16 (b)		195,000		173,550
				881,800
Computers 0.2%
Hewlett-Packard Co., 5.50%, 03/01/18		130,000		136,655
SunGard Data Systems, Inc., 10.63%, 05/15/15 (b)		150,000		147,000
				283,655
Containers & Packaging 0.3%
Graphic Packaging International, Inc.,
9.50%, 08/15/13		165,000		157,575
Sealed Air Corp., 7.88%, 06/15/17 (b)		165,000		163,528
Solo Cup Co.
10.50%, 11/01/13 (b)		25,000		25,063
8.50%, 02/15/14		170,000		139,400
				485,566
Cosmetics/Personal Care 0.0%
Procter & Gamble Co. (The), 4.60%, 01/15/14		70,000		73,618
Distribution/Wholesale 0.1%
KAR Holdings, Inc., 8.75%, 05/01/14		250,000		214,375
Diversified Financial Services 4.2%
AIG SunAmerica Global Financing VI,
6.30%, 05/10/11 (b)		395,000		371,085

6 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
Diversified Financial Services (continued)
American Express Credit Corp., Series C, 7.30%, 08/20/13	$	130,000	$	135,162
Ameriprise Financial, Inc., 7.30%, 06/28/19		540,000		552,587
Bear Stearns Cos., LLC (The), 5.55%, 01/22/17		260,000		240,956
CME Group, Inc., 5.75%, 02/15/14		75,000		79,981
Credit Suisse USA, Inc., 5.13%, 08/15/15		40,000		41,017
Discover Financial Services, 1.17%, 06/11/10 (a)		460,000		433,102
E*Trade Financial Corp., PIK, 12.50%, 11/30/17		425,000		471,750
Farmers Exchange Capital, 7.05%, 07/15/28 (b)		285,000		197,298
Ford Motor Credit Co. LLC, 7.25%, 10/25/11		1,470,000		1,271,459
General Electric Capital Corp.
Series A, 5.45%, 01/15/13		40,000		41,052
5.88%, 01/14/38		115,000		91,010
Icahn Enterprises LP, 8.13%, 06/01/12		200,000		184,000
International Lease Finance Corp.
4.38%, 11/01/09		100,000		95,513
Series Q, 5.75%, 06/15/11		370,000		306,827
John Hancock Global Funding II, Series II, 7.90%, 07/02/10 (b)		155,000		158,930
LaBranche & Co., Inc., 11.00%, 05/15/12		200,000		182,250
Merrill Lynch & Co., Inc., 6.88%, 04/25/18		470,000		435,011
Nuveen Investments, Inc., 5.00%, 09/15/10		585,000		535,275
Pinnacle Foods Finance LLC, 10.63%, 04/01/17		250,000		211,250
SLM Corp., 8.45%, 06/15/18		205,000		175,374
Vanguard Health Holding Co. I 0.00%, 10/01/15		200,000		195,000
				6,405,889
Electric 1.5%
AES Corp. (The), 9.75%, 04/15/16 (b)		260,000		263,250
Alabama Power Co., 5.80%, 11/15/13		65,000		70,423
CMS Energy Corp., 8.75%, 06/15/19		25,000		25,293
Detroit Edison Co. (The), 6.13%, 10/01/10		200,000		207,218
Entergy Gulf States, Inc., 1.07%, 12/01/09 (a)		105,000		104,435
Georgia Power Co., 6.00%, 11/01/13		50,000		54,532
Nisource Finance Corp., 1.23%, 11/23/09 (a)		120,000		119,047
NRG Energy, Inc., 7.38%, 01/15/17		325,000		306,313
Ohio Power Co., 6.00%, 06/01/16		225,000		229,165
Peco Energy Co., 5.35%, 03/01/18		165,000		168,761
Texas Competitive Electric Holdings Co. LLC, Series A, 10.25%, 11/01/15		870,000		541,575
Union Electric Co., 6.70%, 02/01/19		100,000		104,509
Virginia Electric and Power Co., 8.88%, 11/15/38		10,000		13,402
				2,207,923
Electrical Components & Equipment 0.1%
Belden, Inc., 9.25%, 06/15/19 (b)		100,000		96,875
Emerson Electric Co., 4.88%, 10/15/19		125,000		125,041
				221,916
Electronics 0.2%
Jabil Circuit, Inc., 8.25%, 03/15/18		350,000		315,000
Entertainment 0.2% (b)
Pokagon Gaming Authority, 10.38%, 06/15/14		175,000		171,500
Speedway Motorsports, Inc., 8.75%, 06/01/16		60,000		60,750
				232,250
Environmental Control 0.3%
Casella Waste Systems, Inc., 9.75%, 02/01/13		225,000		202,500
Waste Management, Inc., 6.38%, 03/11/15		75,000		77,703
WCA Waste Corp., 9.25%, 06/15/14		200,000		181,500
				461,703

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi Sector Bond Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Market Value
Food 0.6%
ConAgra Foods, Inc., 8.25%, 09/15/30	$	100,000	$	111,543
Delhaize America, Inc., 9.00%, 04/15/31		109,000		132,319
JBS USA LLC, 11.63%, 05/01/14 (b)		165,000		155,925
Kraft Foods, Inc.
6.75%, 02/19/14		35,000		38,387
6.13%, 08/23/18		135,000		139,806
Kroger Co. (The)
5.00%, 04/15/13		70,000		71,610
6.40%, 08/15/17		100,000		106,018
Smithfield Foods, Inc., 10.00%, 07/15/14 (b)		150,000		148,125
Tyson Foods, Inc., 10.50%, 03/01/14 (b)		45,000		48,825
				952,558
Forest Products & Paper 0.2%
Georgia-Pacific LLC, 9.50%, 12/01/11		130,000		133,900
International Paper Co., 9.38%, 05/15/19		110,000		112,130
Pindo Deli Finance BV (a)(b)
3.05%, 04/28/15		5,884		1,177
0.00%, 04/28/25		901,231		18,025
Tjiwi Kimia Finance BV (a)
3.05%, 04/28/15		17,072		3,414
0.00%, 04/28/27 (b)		473,111		9,462
				278,108
Healthcare-Products 0.8%
Baxter International, Inc.
4.00%, 03/01/14		75,000		75,759
4.63%, 03/15/15		35,000		35,894
Biomet, Inc., 10.38%, 10/15/17		195,000		188,662
Covidien International Finance SA
6.00%, 10/15/17		100,000		106,345
6.55%, 10/15/37		90,000		99,680
Hospira, Inc., 1.71%, 03/30/10 (a)		490,000		485,616
Medtronic, Inc., 4.50%, 03/15/14		50,000		51,793
Reable Therapeutics Finance, 11.75%, 11/15/14		150,000		108,750
Universal Hospital Services, Inc., 4.64%, 06/01/15 (a)		100,000		80,500
				1,232,999
Healthcare-Services 1.8%
Aetna, Inc., 6.75%, 12/15/37		95,000		88,088
CRC Health Corp., 10.75%, 02/01/16		250,000		167,500
HCA, Inc.
5.75%, 03/15/14		175,000		140,000
9.13%, 11/15/14		75,000		74,250
8.50%, 04/15/19 (b)		175,000		171,500
Health Net, Inc., 6.38%, 06/01/17		450,000		340,875
HealthSouth Corp.
7.22%, 06/15/14 (a)		385,000		351,312
10.75%, 06/15/16		245,000		246,225
Psychiatric Solutions, Inc., 7.75%, 07/15/15 (b)		130,000		118,950
Roche Holdings, Inc. (b)
5.00%, 03/01/14		325,000		339,919
6.00%, 03/01/19		315,000		335,879
7.00%, 03/01/39		90,000		104,340
US Oncology Holdings, Inc., 6.90%, 03/15/12 (a)		125,000		105,312
US Oncology, Inc., 9.13%, 08/15/17 (b)		150,000		148,875
				2,733,025
Holding Companies-Diversfied 0.0%
Kansas City Southern Railway Co., 13.00%, 12/15/13		50,000		55,000
Home Builder 0.0%
K Hovnanian Enterprises, Inc., 11.50%, 05/01/13		70,000		60,550
Household Products/Wares 0.2%
Jarden Corp., 8.00%, 05/01/16		185,000		176,675
Prestige Brands Holdings, Inc., 9.25%, 04/15/12		85,000		84,150
				260,825
Insurance 2.3%
ACE INA Holdings, Inc., 5.60%, 05/15/15		135,000		136,657
Berkshire Hathaway Finance Corp.
4.00%, 04/15/12 (b)		210,000		217,033
5.40%, 05/15/18		205,000		211,260
Chubb Corp., 5.75%, 05/15/18		45,000		46,676
Farmers Insurance Exchange, 8.63%, 05/01/24 (b)		250,000		201,705
HUB International Holdings, Inc., 10.25%, 06/15/15 (b)		225,000		165,656
Lincoln National Corp.
6.20%, 12/15/11		750,000		745,717
8.75%, 07/01/19		100,000		100,847

8 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
Insurance (continued)
Marsh & McLennan Cos., Inc., 5.15%, 09/15/10	$	40,000	$	40,086
MetLife, Inc., 7.72%, 02/15/19		235,000		251,365
Nationwide Life Global Funding I, 1.06%, 08/27/10 (a)(b)		1,095,000		1,086,547
Pacific Life Insurance Co., 9.25%, 06/15/39 (b)		80,000		77,642
USI Holdings Corp., 4.76%, 11/15/14 (a)(b)		200,000		130,000
Willis North America, Inc., 5.13%, 07/15/10		150,000		144,161
				3,555,352
Iron/Steel 0.1% (b)
Steel Dynamics, Inc., 7.75%, 04/15/16		200,000		188,500
Lodging 0.8%
Caesars Entertainment, Inc., 7.88%, 03/15/10		130,000		118,950
Galaxy Entertainment Finance Co. Ltd., 9.88%, 12/15/12 (b)		500,000		420,000
Harrahs Operating Escrow LLC, 11.25%, 06/01/17 (b)		100,000		94,500
Las Vegas Sands Corp., 6.38%, 02/15/15		275,000		203,500
Mandalay Resort Group, 9.38%, 02/15/10		150,000		142,500
MGM Mirage, Inc., 10.38%, 05/15/14 (b)		205,000		212,687
				1,192,137
Media 1.9%
CBS Corp., 8.88%, 05/15/19		110,000		107,207
CCH I LLC, 11.00%, 10/01/15 (c)		210,000		25,200
CCO Holdings LLC, 8.75%, 11/15/13 (c)*		170,000		161,500
Charter Communications Operating LLC, 10.88%, 09/15/14 (b)(c)		225,000		232,875
Comcast Corp.
6.30%, 11/15/17		110,000		116,421
5.70%, 07/01/19		250,000		247,731
6.50%, 11/15/35		200,000		202,179
CSC Holdings, Inc., 8.63%, 02/15/19 (b)		100,000		97,250
Dex Media West LLC, 9.88%, 08/15/13*		75,000		11,437
DISH DBS Corp., 7.00%, 10/01/13		120,000		114,000
Idearc, Inc., 8.00%, 11/15/16*		825,000		21,656
Mediacom LLC, 9.50%, 01/15/13		250,000		238,125
Time Warner Cable, Inc.
6.75%, 07/01/18		200,000		208,314
8.75%, 02/14/19		140,000		163,092
6.55%, 05/01/37		70,000		67,120
Time Warner, Inc., 5.88%, 11/15/16		155,000		152,754
Univision Communications, Inc., 12.00%, 07/01/14 (b)		60,000		58,950
Viacom, Inc.
6.25%, 04/30/16		325,000		320,177
6.88%, 04/30/36		315,000		290,212
				2,836,200
Mining 1.3%
Freeport-McMoRan Copper & Gold, Inc., 8.38%, 04/01/17		725,000		730,438
Rio Tinto Finance USA Ltd.
5.88%, 07/15/13		405,000		407,538
7.13%, 07/15/28		295,000		281,497
Southern Copper Corp., 7.50%, 07/27/35		620,000		560,524
				1,979,997
Miscellaneous Manufacturing 0.9%
General Electric Co., 5.25%, 12/06/17		890,000		874,020
Honeywell International, Inc., 5.30%, 03/01/18		140,000		146,210
Ingersoll-Rand Global Holding Co. Ltd., 9.50%, 04/15/14		310,000		339,477
				1,359,707
Multi-National 0.4%
Corp. Andina de Fomento
Series 1, 1.67%, 11/16/11 (a)		100,000		124,578
8.13%, 06/04/19		465,000		492,657
				617,235
Oil & Gas 3.8%
Berry Petroleum Co., 10.25%, 06/01/14		115,000		116,150
Chesapeake Energy Corp., 9.50%, 02/15/15		70,000		70,525

2009 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi Sector Bond Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Market Value
Oil & Gas (continued)
ConocoPhillips
4.60%, 01/15/15	$	90,000	$	92,488
5.20%, 05/15/18		135,000		136,327
6.50%, 02/01/39		360,000		383,196
Devon Energy Corp., 5.63%, 01/15/14		500,000		526,762
EQT Corp., 6.50%, 04/01/18		230,000		222,241
Forest Oil Corp., 8.50%, 02/15/14 (b)		155,000		152,287
Gaz Capital SA, Series 2, 6.58%, 10/31/13		795,000		1,124,692
Linn Energy LLC (b)
11.75%, 05/15/17		70,000		68,075
9.88%, 07/01/18		210,000		185,850
Marathon Oil Corp.
6.50%, 02/15/14		95,000		101,560
6.00%, 10/01/17		185,000		188,372
5.90%, 03/15/18		95,000		95,250
7.50%, 02/15/19		180,000		196,461
Pemex Project Funding Master Trust, 6.63%, 06/15/38		300,000		259,500
Petrohawk Energy Corp., 9.13%, 07/15/13		175,000		174,125
Quicksilver Resources, Inc., 11.75%, 01/01/16		105,000		108,675
Ras Laffan Liquefied Natural Gas Co. Ltd. III, 5.83%, 09/30/16 (b)		750,000		735,442
SandRidge Energy, Inc., 9.88%, 05/15/16 (b)		150,000		144,750
Tesoro Corp., 9.75%, 06/01/19		115,000		113,563
XTO Energy, Inc., 5.50%, 06/15/18		570,000		571,175
				5,767,466
Oil & Gas Services 0.1%
Weatherford International Ltd., 6.00%, 03/15/18		140,000		137,481
Pharmaceuticals 0.7%
Abbott Laboratories, 6.00%, 04/01/39		90,000		95,035
Express Scripts, Inc.
6.25%, 06/15/14		130,000		137,554
7.25%, 06/15/19		50,000		55,137
Medco Health Solutions, Inc.
6.13%, 03/15/13		10,000		10,311
7.25%, 08/15/13		255,000		273,511
7.13%, 03/15/18		195,000		205,350
Merck & Co., Inc., 5.00%, 06/30/19		90,000		91,128
Novartis Securities Investment Ltd., 5.13%, 02/10/19		85,000		86,962
Pfizer, Inc., 6.20%, 03/15/19		60,000		65,617
				1,020,605
Pipelines 1.2%
CenterPoint Energy Resources Corp.
7.88%, 04/01/13		45,000		48,000
6.25%, 02/01/37		70,000		52,668
Consolidated Natural Gas Co., Series C, 6.25%, 11/01/11		155,000		165,403
El Paso Corp., 8.25%, 02/15/16		160,000		155,600
MarkWest Energy Partners LP, 8.75%, 04/15/18		125,000		108,125
Regency Energy Partners LP, 9.38%, 06/01/16 (b)		195,000		188,662
Sonat, Inc., 7.63%, 07/15/11		80,000		78,387
Texas Eastern Transmission LP, 7.00%, 07/15/32		215,000		226,152
TransCanada PipeLines Ltd., 6.50%, 08/15/18		145,000		157,750
Williams Cos., Inc. (The)
7.63%, 07/15/19		90,000		88,875
8.75%, 01/15/20 (b)		170,000		177,225
7.88%, 09/01/21		355,000		349,675
				1,796,522
Real Estate 0.1%
Realogy Corp., 10.50%, 04/15/14		200,000		86,500
Real Estate Investment Trusts 0.2%
Developers Diversified Realty Corp.
5.00%, 05/03/10		65,000		58,855
4.63%, 08/01/10		335,000		302,889
				361,744
Retail 1.5%
Burlington Coat Factory Warehouse Corp., 11.13%, 04/15/14		135,000		107,325
Carrols Corp., 9.00%, 01/15/13		150,000		140,625
CVS Pass-Through Trust, 6.04%, 12/10/28 (b)		404,662		345,751
Denny’s Holdings, Inc., 10.00%, 10/01/12		150,000		145,500

10 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
Retail (continued)
McDonald’s Corp., Series I, 5.00%, 02/01/19	$	35,000	$	35,882
Rite Aid Corp., 9.75%, 06/12/16 (b)		110,000		110,000
Staples, Inc.
7.75%, 04/01/11		130,000		137,475
9.75%, 01/15/14		320,000		357,418
Wal-Mart Stores, Inc.
4.25%, 04/15/13		230,000		238,974
4.13%, 02/01/19		210,000		204,381
Wendy’s/Arby’s Restaurants LLC, 10.00%, 07/15/16 (b)		175,000		167,344
Yum! Brands, Inc., 8.88%, 04/15/11		295,000		322,018
				2,312,693
Semiconductors 0.1%
Freescale Semiconductor, Inc., 8.88%, 12/15/14		225,000		113,625
Software 0.3%
First Data Corp., 9.88%, 09/24/15		275,000		195,250
Oracle Corp.
3.75%, 07/08/14 (d)		130,000		130,000
5.00%, 07/08/19		190,000		189,291
				514,541
Telecommunications 6.1%
Alltel Corp.
7.00%, 07/01/12		115,000		124,209
7.88%, 07/01/32		200,000		232,235
American Tower Corp., 7.25%, 05/15/19 (b)		85,000		82,238
AT&T Corp., 8.00%, 11/15/31 (a)		295,000		340,484
AT&T, Inc.
4.85%, 02/15/14		140,000		145,208
5.80%, 02/15/19		290,000		294,439
British Telecommunications PLC, 8.63%, 12/15/30		110,000		121,953
Centennial Communications Corp., 6.96%, 01/01/13 (a)		250,000		248,750
Cricket Communications, Inc., 9.38%, 11/01/14		275,000		270,875
Crown Castle International Corp., 9.00%, 01/15/15		150,000		152,625
Deutsche Telekom International Finance BV, 8.13%, 05/29/12		160,000		254,044
Digicel Group Ltd. PIK, 9.13%, 01/15/15 (b)		850,000		705,500
Digicel SA, 12.00%, 04/01/14 (b)		460,000		455,400
France Telecom SA
5.38%, 07/08/19		170,000		171,229
8.50%, 03/01/31		40,000		51,373
8.13%, 01/28/33		90,000		165,334
Frontier Communications Corp.
8.25%, 05/01/14		70,000		66,150
9.00%, 08/15/31		220,000		181,500
Hughes Network Systems LLC, 9.50%, 04/15/14		135,000		131,625
Intelsat Corp., 9.25%, 08/15/14 (b)		150,000		145,125
Level 3 Financing, Inc., 8.75%, 02/15/17		70,000		53,200
MetroPCS Wireless, Inc., 9.25%, 11/01/14 (b)		65,000		64,350
Qwest Capital Funding, Inc., 7.25%, 02/15/11		330,000		320,100
Qwest Corp.
7.88%, 09/01/11		500,000		500,000
8.38%, 05/01/16 (b)		240,000		231,600
6.88%, 09/15/33		150,000		109,500
Rogers Communications, Inc., 8.00%, 12/15/12		200,000		206,000
Sprint Capital Corp.
7.63%, 01/30/11		300,000		296,625
6.88%, 11/15/28		360,000		255,600
8.75%, 03/15/32		340,000		273,700
Telecom Italia Capital SA, 7.00%, 06/04/18		360,000		364,196
Telesat Canada, 12.50%, 11/01/17 (b)		200,000		197,000
tw telecom holdings, Inc., 9.25%, 02/15/14		200,000		198,500
Verizon Communications, Inc.
5.50%, 02/15/18		100,000		99,311
8.75%, 11/01/18		320,000		379,033
6.35%, 04/01/19		165,000		171,648
6.90%, 04/15/38		90,000		93,888
Verizon Wireless Capital LLC, 8.50%, 11/15/18 (b)		270,000		322,675
VIP Finance Ireland Ltd. for OJSC Vimpel Communications, 9.13%, 04/30/18 (b)		320,000		271,200
Virgin Media Finance PLC, 8.75%, 04/15/14		405,000		394,875
Wind Acquisition Finance SA, 10.75%, 12/01/15 (b)		200,000		200,000
				9,343,297

2009 Semiannual Report 11

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi Sector Bond Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Market Value
Toys, Games & Hobbies 0.2%
Hasbro, Inc.
6.13%, 05/15/14	$	145,000	$	149,053
6.30%, 09/15/17		80,000		77,900
				226,953
Transportation 0.1%
Union Pacific Corp., 7.88%, 01/15/19		185,000		211,767
Wireless Telecommunication Services 0.0% (c)(d)*
Nextlink Communications
0.00%, 06/01/09		350,000		0
0.00%, 06/01/09		500,000		0
				0
Total Corporate Bonds (cost $60,807,567)				62,369,383
Collateralized Mortgage Obligations 5.9%
American Home Mortgage Assets, Series 2007-5, Class A3, 0.61%, 06/25/47 (a)		649,593		80,457
American Home Mortgage Investment Trust (a)
Series 2004-1, Class 1A, 0.66%, 04/25/44		235,552		174,940
Series 2005-4, Class 3A3, 0.75%, 11/25/45		1,453,634		176,427
Series 2006-3, Class 12A1, 0.50%, 12/25/46		944,020		411,266
Banc of America Mortgage Securities
Series 2005-8, Class A7, 5.50%, 09/25/35		16,004		15,964
Series 2007-3, Class 1A1, 6.00%, 09/25/37		439,701		345,097
Bear Stearns Structured Products, Inc. (a)(d)
Series 2007-N3, Class 10C, 0.02%, 06/26/36		15,228,758		1,523
Series 2007-N2, Class 13C, 0.00%, 01/27/37		15,104,013		1,510
Series 2007-N2, Class 12C, 0.02%, 01/27/37		11,280,590		1,128
Series 2007-N2, Class 14C, 0.43%, 01/27/37		22,090,854		2,209
Series 2007-N5, Class 5C, 1.63%, 04/25/37		19,609,565		1,961
Chase Issuance Trust, Series 2007-A15, Class A, 4.96%, 09/17/12		500,000		517,615
Countrywide Alternative Loan Trust (a)
0.60%, 10/25/35		32,648		29,801
0.69%, 11/20/35		573,702		96,501
Series 2005-59, Class M, 0.91%, 11/20/35		1,363,941		47,058
Series 2005-72, Class M2, 1.13%, 01/25/36		2,210,000		41,116
0.62%, 07/25/46		371,427		50,001
Series 2006-0A22, Class Cp, 0.39%, 02/25/47 (d)*		11,113,520		1,111
0.60%, 03/20/47		491,369		73,706
Series 2007-0A7, Class Cp, 0.07%, 05/25/47 (d)*		5,668,080		567
0.81%, 06/25/47		716,661		78,853
Countrywide Home Loans
Series 2005-11, Class 5A1, 0.61%, 03/25/35 (a)		374,677		173,616
Series 2005-29, Class A1, 5.75%, 12/25/35		366,709		309,812
CS First Boston Mortgage Securities Corp., Series 2005-C6, Class A4, 5.23%, 12/15/40 (a)		170,000		145,704
Deutsche ALT-A Securities NIM Trust, 6.75%, 02/25/47 (a)(d)*		15,160		2
Deutsche ALT-A Securities, Inc. Alternate Loan Trust, 2.27%, 02/25/47 (a)		538,148		73,656
DLJ Commerical Mortgage Corp., Series 2000-CKP1, Class A1B, 7.18%, 11/10/33		28,767		29,335
Downey Savings & Loan Association Mortgage Loan Trust (a)
Series 2005-AR4, Class 2A2, 1.47%, 08/19/45		1,604,017		270,781
2.38%, 04/19/47		1,011,587		449,519
Fannie Mae,
Series 2009-39, Class LB, 4.50%, 06/25/29		125,000		122,018
Fannie Mae REMICS
Series 1997-61, Class PK, 8.00%, 08/18/27		337,772		56,955
Series 2003-82, Class IA, 6.00%, 08/25/32		182,213		11,402
Series 2003-32, Class UI, 6.00%, 05/25/33		862,374		119,143
Series 2003-35, Class UI, 6.50%, 05/25/33 (a)		261,219		36,909
Series 2003-41, Class IB, 7.00%, 05/25/33		647,584		87,250

12 Semiannual Report 2009

Collateralized Mortgage Obligations (continued)
		Principal Amount		Market Value
Fannie Mae REMICS (continued)
Series 2003-44, Class IB, 6.00%, 06/25/33	$	309,272	$	43,266
Fannie Mae STRIP
Series 207, Class 2, 8.00%, 02/01/23		201,003		40,997
Series 264, Class 2, 8.00%, 07/01/24		517,953		106,440
Series 267, Class 2, 8.50%, 10/01/24		489,082		107,085
Series 274, Class 2, 8.50%, 10/01/25		447,905		99,018
Series 277, Class 2, 7.50%, 04/01/27		248,059		50,507
Fannie Mae-Aces, Series 2006-M2, Class A2F, 5.26%, 05/25/20		40,000		41,487
First Horizon Alternative Mortgage Securities Trust, Series 2005-AA7, Class 2A1, 5.40%, 09/25/35 (a)		166,598		81,653
Freddie Mac REMICS
Series 1103, Class N, 1, 156.50%, 06/15/21 (a)		7		164
Series 2129, Class SG, 6.63%, 06/17/27 (a)		885,956		106,369
Series 2557, Class IW, 6.00%, 04/15/32		567,381		32,203
Series 2649, Class IM, 7.00%, 07/15/33		309,743		40,979
Harborview Mortgage Loan Trust (a)
Series 2005-8, Class 1A2A, 0.64%, 09/19/35		605,736		259,902
0.54%, 07/19/46		894,662		199,325
Indymac Index Mortgage Loan Trust (a)
Series 2005-AR4, Class 2A1A, 0.59%, 03/25/35		615,505		268,821
0.56%, 06/25/47		1,035,266		213,064
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2003-C1, Class A2, 5.05%, 01/12/37		45,000		41,997
Mastr Adjustable Rate Mortgages Trust, Series 2007-1, Class IM2, 0.71%, 01/25/47 (a)		5,350,000		33,341
Merrill Lynch Mortgage Trust, Series 2008-C1, Class A4, 5.69%, 02/12/51		200,000		132,190
Nomura Asset Acceptance Corp., Series 2004-AR2, Class 3A3, 0.77%, 10/25/34 (a)		179,646		94,617
Residential Accredit Loans, Inc. (a)
Series 2005-Q05, Class M2, 1.06%, 01/25/46		1,264,296		11,054
Series 2006-QO1, Class 2A2, 0.64%, 02/25/46		106,076		16,708
0.50%, 03/25/47 (d)*		3,644,936		365
0.06%, 05/25/47 (d)*		949,222		95
Structured Asset Mortgage Investments, Inc. (a)
0.59%, 07/25/36		485,130		83,241
Series 2006-AR7, Class B1, 0.68%, 08/25/36		2,450,000		90,848
Series 2005-AR2, Class 2A1, 0.54%, 05/25/45		592,390		265,754
Structured Asset Securities Corp., Series 2005-6, Class B2, 5.40%, 05/25/35		164,710		27,557
WaMu Mortgage Pass Through Certificates (a)
Series 2006-AR10, Class 1A1, 5.93%, 09/25/36		771,496		496,405
Series 2005-AR6, Class 2AB3, 0.58%, 04/25/45		900,290		280,038
Series 2005-AR8, Class 2AB3, 0.67%, 07/25/45		482,898		128,372
0.57%, 10/25/45		45,732		45,297
Series 2006-AR7, Class 2A, 2.42%, 07/25/46		786,707		313,479
Washington Mutual Mortgage Pass-Through Certificates (a)
Series 2007-OA1, Class CA1B, 0.51%, 12/25/46		584,225		118,207
Series 2007-OA2, Class CA1B, 0.49%, 01/25/47		609,550		118,211
Wells Fargo Mortgage Backed Securities Trust
Series 2006-2, Class 3A1, 5.75%, 03/25/36		479,575		336,751
Series 2006-AR11, Class A7, 5.51%, 08/25/36		725,121		206,940
Series 2007-14, Class 1A1, 6.00%, 10/25/37		441,741		351,115
Total Collateralized Mortgage Obligations (cost $15,694,217)				8,918,775
Commercial Mortgage Backed Securities 2.5%
Banc of America Commercial Mortgage, Inc.
Series 2003-1, Class SBE, 6.77%, 03/11/32 (b)		164,683		186,549

2009 Semiannual Report 13

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi Sector Bond Fund (Continued)

Commercial Mortgage Backed Securities (continued)
		Principal Amount		Market Value
Banc of America Commercial Mortgage, Inc. (continued)
Series 2004-3, Class A3, 5.30%, 06/10/39	$	23,122	$	23,093
Series 2005-2, Class A3, 4.61%, 07/10/43 (a)		201,095		199,796
Series 2006-2, Class A4, 5.74%, 05/10/45 (a)		455,000		379,454
Series 2007-2, Class A2, 5.63%, 04/10/49		100,000		90,794
Bear Stearns Commercial Mortgage Securities
Series 2001-TOP2, Class A2, 6.48%, 02/15/35		150,000		152,135
Series 2003-T12, Class A4, 4.68%, 08/13/39		75,000		69,110
Series 2005-T20, Class A1, 4.94%, 10/12/42		75,001		75,339
Citigroup Commercial Mortgage Trust, Series 2006-C5, Class A4, 5.43%, 10/15/49		15,000		11,997
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class A5, 5.62%, 10/15/48		50,000		40,694
Commercial Mortgage Pass Through Certificates, Series 2006-C7, Class A2, 5.77%, 06/10/46		20,000		18,827
Crown Castle Towers LLC (b)
Series 2005-1A, Class AFL, 0.70%, 06/15/35 (a)		170,000		162,350
Series 2005-1A, Class AFX, 4.64%, 06/15/35 (a)		220,000		214,500
Series 2005-1A, Class C, 5.07%, 06/15/35		60,000		58,200
Series 2006-1A, Class B, 5.36%, 11/15/36		25,000		23,843
Series 2006-1A, Class C, 5.47%, 11/15/36		80,000		78,400
Series 2006-1A, Class D, 5.77%, 11/15/36		60,000		58,800
CS First Boston Mortgage Securities Corp., Series 2001-CK1, Class C, 6.73%, 12/18/35		65,000		62,243
First Union National Bank Commercial Mortgage Trust, Series 1999-C4, Class A2, 7.39%, 12/15/31		6,533		6,574
First Union National Bank-Bank of America Commercial Mortgage Trust, Series 2001-C1, Class C, 6.40%, 03/15/33 (b)		25,000		22,997
GE Capital Commercial Mortgage Corp.
Series 2001-1, Class B, 6.72%, 05/15/33		80,000		81,372
Series 2002-1A, Class A3, 6.27%, 12/10/35		525,000		535,217
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2002-C1, Class A3, 5.38%, 07/12/37		305,000		302,167
Series 2006-LDP7, Class ASB, 5.88%, 04/15/45 (a)		45,000		42,082
Series 2007-CB20, Class AJ, 6.10%, 02/12/51 (a)		40,000		12,047
LB-UBS Commercial Mortgage Trust
Series 2003-C8, Class A2, 4.21%, 08/15/10		58,849		58,430
Series 2000-C5, Class A2, 6.51%, 12/15/26		51,151		52,759
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class A2, 4.96%, 07/12/38		425,000		417,572
Series 2005-CIP1, Class AM, 5.11%, 07/12/38 (a)		100,000		62,855
Morgan Stanley Capital I, Series 1999-LIFE, Class A2, 6.98%, 04/15/33		34,263		34,214
Morgan Stanley Dean Witter Capital I, Series 2001-DFMA, Class A, 6.00%, 03/14/11 (b)		177,890		178,074
Total Commercial Mortgage Backed Securities (cost $3,497,729)				3,712,484
Common Stock 0.0%
		Shares		Market Value
Telecommunications 0.0%
XO Holdings*		248		76
Total Common Stock (cost $—)				76
Preferred Stock 0.1% (b)
Diversified Financial Services 0.1%
Preferred Blocker, Inc., 7.00%		216		92,893
Total Preferred Stock (cost $104,795)				92,893

14 Semiannual Report 2009

Sovereign Bonds 18.9%
		Principal Amount		Market Value
ARGENTINA 0.9%
Argentina Government International Bond, 8.28%, 12/31/33	$	1,953,567	$	1,025,623
Republic of Argentina, 1.68%, 08/03/12 (a)		1,250,000		303,125
				1,328,748
BRAZIL 1.1%
Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/17		2,955,000		1,388,014
Brazilian Government International Bond
8.00%, 01/15/18		172,000		192,640
8.88%, 04/15/24		100,000		124,250
				1,704,904
CANADA 0.7%
Canada Housing Trust, Series 22, 3.55%, 09/15/13		780,000		692,294
Canadian Government Bond, 5.25%, 06/01/12		330,000		310,993
				1,003,287
COLOMBIA 0.8%
Colombia Government International Bond, 7.38%, 01/27/17		100,000		107,650
Republic of Colombia, 9.85%, 06/28/27		1,660,000,000		785,389
Republic of Columbia, 7.38%, 03/18/19		235,000		250,863
				1,143,902
ECUADOR 0.1%
Ecuador Government International Bond, 9.38%, 12/15/15		192,000		138,240
EL SALVADOR 0.1%
El Salvador Government International Bond, 7.65%, 06/15/35		105,000		88,200
FRANCE 0.4%
France Government Bond OAT, 4.00%, 04/25/18		450,000		649,862
GERMANY 4.3%
Bundesrepublik Deutschland
4.50%, 01/04/13		1,000,000		1,512,814
Series 08, 4.25%, 07/04/18		1,365,000		2,058,691
Series 05, 4.00%, 01/04/37		2,250,000		3,035,832
				6,607,337
INDONESIA 0.5% (b)
Indonesia Government International Bond, 7.75%, 01/17/38		290,000		263,900
Republic of Indonesia, 8.80%, 04/23/14		500,000		527,195
				791,095
JAPAN 0.3%
Japan Government Ten Year Bond, 0.80%, 03/20/13		50,000,000		524,037
MEXICO 1.3%
Mexican Bonos
8.00%, 12/19/13		8,385,000		655,963
8.00%, 12/17/15		10,570,000		813,250
Mexico Government International Bond
8.38%, 01/14/11		235,000		257,325
6.75%, 09/27/34		225,000		226,913
				1,953,451
PANAMA 0.1%
Panama Government International Bond, 7.25%, 03/15/15		105,000		114,450
PERU 0.3%
Peruvian Government International Bond, 6.55%, 03/14/37		270,000		261,900
Republic of Peru, 7.13%, 03/30/19		155,000		165,463
				427,363
POLAND 0.6%
Poland Government Bond
Series 0413, 5.25%, 04/25/13		1,360,000		423,684
Series 1019, 5.50%, 10/25/19		1,400,000		412,206
				835,890
RUSSIAN FEDERATION 0.9%
Russia Government International Bond, 7.50%, 03/31/30		1,411,150		1,389,277

2009 Semiannual Report 15

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi Sector Bond Fund (Continued)

Sovereign Bonds (continued)
		Principal Amount		Market Value
SOUTH AFRICA 0.1%
South Africa Government International Bond, 6.88%, 05/27/19	$	180,000	$	184,950
SPAIN 2.4%
Spain Government Bond
5.15%, 07/30/09		2,250,000		3,164,347
6.15%, 01/31/13		330,000		520,383
				3,684,730
TURKEY 0.7%
Republic of Turkey, 7.50%, 11/07/19		135,000		140,400
Turkey Government Bond, 14.00%, 01/19/11		1,465,000		980,411
				1,120,811
UKRAINE 0.3% (a)
Ukraine Government International Bond, 5.15%, 08/05/09		455,000		443,625
UNITED KINGDOM 1.8%
United Kingdom Gilt
5.00%, 09/07/14		928,000		1,679,178
4.50%, 03/07/19		570,000		998,367
5.00%, 03/07/25		55,000		98,498
				2,776,043
VENEZUELA 1.2%
Venezuela Government International Bond
10.75%, 09/19/13		440,000		363,000
5.75%, 02/26/16		2,645,000		1,514,262
				1,877,262
Total Sovereign Bonds (cost $26,179,873)				28,787,464
U.S. Government Sponsored & Agency Obligations 4.4%
Federal Home Loan Mortgage Corp.
3.00%, 07/28/14		135,000		135,273
5.13%, 11/17/17		265,000		289,891
Federal National Mortgage Association
1.75%, 03/23/11		675,000		681,417
5.00%, 05/11/17		1,050,000		1,140,230
U.S. Treasury Bonds, 3.50%, 02/15/39		2,410,000		2,083,903
U.S. Treasury Notes
2.25%, 05/31/14		1,550,000		1,529,168
2.63%, 06/30/14		100,000		100,313
3.13%, 05/15/19		580,000		560,970
United States Treasury Note, 3.75%, 11/15/18		176,000		179,040
Total U.S. Government Sponsored & Agency Obligations (cost $6,566,711)				6,700,205
U.S. Government Mortgage Backed Agencies 14.7%
Fannie Mae Pool
Pool # 50946, 6.50%, 12/01/23		17,025		18,159
Pool # 346286, 6.50%, 05/01/26		47,124		50,835
Pool # 370191, 6.50%, 01/01/27		3,127		3,373
Pool # 251752, 6.50%, 06/01/28		78,779		84,935
Pool # 252009, 6.50%, 07/01/28		203,993		219,934
Pool # 415967, 6.50%, 10/01/28		72,816		78,507
Pool # 457953, 6.50%, 01/01/29		62,204		67,065
Pool # 482616, 6.50%, 02/01/29		144,243		155,335
Pool # 323591, 6.50%, 03/01/29		139,146		150,020
Pool # 540017, 8.00%, 05/01/30		5,818		6,348
Pool # 564363, 8.00%, 01/01/31		1,660		1,812
Pool # 564993, 7.50%, 03/01/31		14,185		15,486
Pool # 606566, 7.50%, 10/01/31		12,566		13,717
Pool # 642656, 7.00%, 07/01/32		55,264		60,491
Pool # 555533, 6.50%, 04/01/33		64,129		68,920
Pool # 741875, 6.50%, 09/01/33		28,214		30,260
Pool # 886574, 3.99%, 08/01/36 (a)		776,337		792,840
Pool # 968154, 6.00%, 01/01/38		164,997		172,683
Pool # 257231, 5.50%, 06/01/38		3,475,944		3,592,680

16 Semiannual Report 2009

U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value
Federal National Mortgage Association TBA
4.00%, 07/13/39	$	2,000,000	$	1,939,375
4.50%, 07/13/39		3,590,000		3,582,145
5.00%, 07/13/39		365,000		371,616
Freddie Mac
Pool # 170271, 12.00%, 08/01/15		112,103		126,514
Gold, Pool # C90381, 7.50%, 11/01/20		1,022		1,109
Gold, Pool # C00712, 6.50%, 02/01/29		21,273		22,869
Gold, Pool # C39060, 8.00%, 06/01/30		484		532
Gold, Pool # C41531, 8.00%, 08/01/30		2,232		2,456
Gold, Pool # C42327, 8.00%, 09/01/30		1,813		1,994
Gold, Pool # C01104, 8.00%, 12/01/30		25,129		27,640
Gold, Pool # C48997, 8.00%, 03/01/31		85,137		93,646
Gold, Pool # C49587, 8.00%, 03/01/31		19,038		20,854
Gold, Pool # C50477, 8.00%, 04/01/31		33,382		36,567
Gold, Pool # C53381, 8.00%, 06/01/31		4,674		5,141
Pool # C69951, 6.50%, 08/01/32		26,715		28,635
Gold, Pool # G02170, 6.00%, 04/01/36		845,576		884,172
Gold, Pool # G05087, 5.00%, 01/01/37		4,032,583		4,117,487
Gold, Pool # C02851, 5.50%, 05/01/37		3,631,564		3,754,094
Gold, Pool # A66094, 6.00%, 09/01/37		367,881		384,386
Gold, Pool # A70365, 6.00%, 09/01/37		61,993		64,774
Gold, Pool # A78751, 6.00%, 06/01/38		220,875		230,772
Gold, Pool # A80985, 6.00%, 08/01/38		743,046		776,340
Gold, Pool # G04674, 6.00%, 08/01/38		291,498		304,559
Total U.S. Government Mortgage Backed Agencies (cost $21,902,328)				22,361,077
Yankee Dollars 7.0%
		Principal Amount		Market Value
Advertising 0.1%
WPP Finance UK, 8.00%, 09/15/14		215,000		218,338
Agriculture 0.2%
Ciliandra Perkasa Finance Co. Pte Ltd., 10.75%, 12/08/11		270,000		251,663
Apparel 0.2%
Polo Ralph Lauren Corp., 4.50%, 10/04/13		250,000		317,704
Banks 0.6% (b)
Industrial Bank of Korea, 7.13%, 04/23/14		245,000		252,633
Resona Bank Ltd., 5.85%, 09/15/49 (a)		625,000		471,875
RSHB Capital SA, 9.00%, 06/11/14		140,000		141,400
				865,908
Commerical Services 0.1% (b)
DP World Ltd., 6.85%, 07/02/37		170,000		113,050
Computers 0.1%
Seagate Technology HDD Holdings, 6.38%, 10/01/11		35,000		33,469
Seagate Technology International, 10.00%, 05/01/14 (b)		165,000		170,156
				203,625
Diversified Financial Services 1.0%
BP Capital Markets PLC, 4.75%, 03/10/19		165,000		164,134
TDIC Finance Ltd., 6.50%, 07/02/14		735,000		736,837
TransCapitalInvest Ltd. for OJSC AK Transneft
5.67%, 03/05/14 (b)		350,000		301,000
5.67%, 03/05/14		405,000		349,313
				1,551,284
Electric 0.7% (b)
Majapahit Holding BV, 7.88%, 06/29/37		1,330,000		997,500
Energy-Alternate Sources 0.1% (b)
Power Sector Assets & Liabilities Management Corp., 7.25%, 05/27/19		180,000		181,350

2009 Semiannual Report 17

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi Sector Bond Fund (Continued)

Yankee Dollars (continued)
		Principal Amount		Market Value
Forest Products & Paper 0.4%
Catalyst Paper Corp., Series D, 8.63%, 06/15/11	$	350,000	$	210,000
Norske Skogindustrier ASA, 6.13%, 10/15/15 (b)		175,000		103,250
Sappi Papier Holding AG, 6.75%, 06/15/12		350,000		234,500
				547,750
Iron/Steel 0.2%
ArcelorMittal, 9.85%, 06/01/19		305,000		329,160
Metals & Mining 0.0% (c)(d)*
Murrin Holdings, 9.38%, 08/31/07		125,000		0
Mining 0.5%
Rio Tinto Finance USA Ltd., 9.00%, 05/01/19		465,000		516,849
Teck Resources Ltd., 9.75%, 05/15/14 (b)		180,000		186,300
				703,149
Oil & Gas 0.3%
Empresa Nacional del Petroleo SA, 6.25%, 07/08/19 (b)		185,000		183,416
OPTI Canada, Inc., 8.25%, 12/15/14		260,000		171,600
Petro-Canada, 6.05%, 05/15/18		45,000		44,780
Transocean, Inc., 6.00%, 03/15/18		35,000		36,387
				436,183
Real Estate 0.1% (b)
Atlantic Finance Ltd., 8.75%, 05/27/14		180,000		177,316
Regional(state/province) 0.3%
New South Wales Treasury Corp., Series 17RG, 5.50%, 03/01/17		665,000		514,756
Telecommunications 1.6%
America Movil SAB de CV, 6.13%, 11/15/37		184,000		168,222
France Telecom SA, 4.38%, 07/08/14		265,000		267,062
Inmarsat Finance II PLC, 10.38%, 11/15/12		200,000		207,000
Nokia Corp.
5.38%, 05/15/19		110,000		111,291
6.63%, 05/15/39		145,000		153,110
Qtel International Finance Ltd., 7.88%, 06/10/19 (b)		685,000		696,903
Telemar Norte Leste SA, 9.50%, 04/23/19 (b)		555,000		604,256
Vodafone Group PLC
5.63%, 02/27/17		175,000		177,743
5.45%, 06/10/19		105,000		103,252
				2,488,839
Transportation 0.5%
Canadian National Railway Co., 5.55%, 05/15/18		45,000		47,010
Kansas City Southern de Mexico SA de CV
9.38%, 05/01/12		450,000		427,500
12.50%, 04/01/16 (b)		250,000		253,750
				728,260
Total Yankee Dollars (cost $9,737,566)				10,625,835
Convertible Corporate Bonds 0.2%
Coal 0.1%
International Coal Group, Inc., 9.00%		135,000		112,050
Transportation 0.1%
Horizon Lines, Inc., 4.25%		215,000		150,769
Total Convertible Corporate Bonds (cost $200,470)				262,819
Warrants 0.0%
Banks 0.0%
Central Bank of Nigeria (d)		500		5
Telecommunications 0.0%
XO Holdings, Inc., 01/16/10*		499		3
XO Holdings, Inc., 01/16/10*		374		0
XO Holdings, Inc., 01/16/10*		374		1
				4
Total Warrants (cost $—)				9

18 Semiannual Report 2009

Repurchase Agreements 4.3%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $4,412,204 collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $4,500,437	$	4,412,193	$	4,412,193
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $2,160,040, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $2,203,238		2,160,037		2,160,037
Total Repurchase Agreements (cost $6,572,230)				6,572,230
Total Investments (cost $155,580,730) (e) — 102.0%				154,977,189
Liabilities in excess of other assets — (2.0)%				(3,001,862	)
NET ASSETS — 100.0%			$	151,975,327

*	Denotes a non-income producing security.
(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2009. The maturity date represents the actual maturity date.
(b)	Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at June 30, 2009 was $22,070,846 which represents 14.52% of net assets.
(c)	Security in default.
(d)	Fair Valued Security.
(e)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

AG	Stock Corporation
ASA	Stock Corporation
JP	Japan
LLC	Limited Liability Company
LP	Limited Partnership
Ltd	Limited
NA	National Association
PIK	Paid-In-Kind
PLC	Public Limited Company
REMICS	Real Estate Mortgage Investment Conduits
SA	Stock Company
SA de CV	Public Traded Company with Variable Capital
TBA	To Be Announced.
UK	United Kingdom

At June 30, 2009, the Fund’s open futures contracts were as follows (Note 2):

				Notional Value		Unrealized
Number of				Covered by		Appreciation
Contracts	Short Contracts	Expiration		Contracts		(Depreciation)
18	U.S. Treasury Bonds		09/21/09	$	2,130,469	$	(23,789	)
				$	2,130,469	$	(23,789	)

				Notional Value		Unrealized
Number of				Covered by		Appreciation
Contracts	Long Contracts	Expiration		Contracts		(Depreciation)
18	U.S. Treasury 10 Year Note		09/23/09	$	2,092,781	$	9,680
2	JPN 10 Year Bond		09/30/09		2,867,525		51,822
79	U.S. Treasury 2 Year Note		09/30/09		17,081,281		(12,786	)
142	U.S. Treasury 5 Year Note		09/30/09		16,290,063		(164,493	)
				$	38,331,650	$	(115,777	)

At June 30, 2009, the Fund’s open forward foreign currency contracts against the United States Dollar were as follows (Note 2):

		Currency									Unrealized
	Delivery	Received/			Contract			Market			Appreciation/
Currency	Date	(Delivered)			Value			Value			(Depreciation)
Short Contracts:
Australian Dollar	07/30/09		(355,000	)	$	(279,715	)	$	(285,292	)	$	(5,577	)
Brazilian Real	07/02/09		(190,000	)		(95,814	)		(96,978	)		(1,164	)
British Pound	07/30/09		(180,000	)		(296,424	)		(296,092	)		332
British Pound	07/30/09		(460,000	)		(757,528	)		(756,678	)		850
British Pound	07/30/09		(1,055,000	)		(1,737,374	)		(1,735,426	)		1,948
British Pound	07/30/09		(244,345	)		(399,271	)		(401,936	)		(2,665	)
Canadian Dollar	07/30/09		(710,000	)		(617,325	)		(610,642	)		6,683
Euro	07/31/09		(105,870	)		(136,640	)		(148,504	)		(11,864	)
Euro	07/31/09		(70,580	)		(91,093	)		(99,002	)		(7,909	)
Euro	07/31/09		(15,000	)		(21,023	)		(21,040	)		(17	)
Euro	07/31/09		(210,000	)		(295,628	)		(294,567	)		1,061
Euro	07/31/09		(70,000	)		(98,106	)		(98,189	)		(83	)
Euro	07/31/09		(3,375,000	)		(4,751,156	)		(4,734,106	)		17,050
Japanese Yen	07/30/09		(6,684,650	)		(70,000	)		(69,426	)		574
Japanese Yen	07/30/09		(1,432,425	)		(15,000	)		(14,877	)		123
Total Short Contracts					$	(9,662,097	)	$	(9,662,755	)	$	(658	)
Long Contracts:
British Pound	07/30/09		23,203		$	37,944		$	38,168		$	224
Japanese Yen	07/30/09		28,145,000			295,998			292,312			(3,686	)
Japanese Yen	07/30/09		5,290,000			55,635			54,942			(693	)
Japanese Yen	07/30/09		227,031,375			2,391,886			2,357,934			(33,952	)
Total Long Contracts					$	2,781,463		$	2,743,356		$	(38,107	)

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 19

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Multi
	Sector Bond Fund
Assets:
Investments, at value (cost $149,008,500)	$	148,404,959
Repurchase agreements, at value and cost		6,572,230
Total Investments		154,977,189
Cash		146,529
Deposits with broker for futures		17,442
Foreign currencies, at value (cost $142,952)		143,085
Interest and dividends receivable		2,365,331
Receivable for capital shares issued		156,522
Receivable for investments sold		4,862,886
Unrealized appreciation on forward foreign currency contracts (Note 2)		28,845
Reclaims receivable		6,781
Prepaid expenses and other assets		2,232
Total Assets		162,706,842
Liabilities:
Payable for variation margin on futures contracts		19,807
Payable for investments purchased		10,462,430
Unrealized depreciation on forward foreign currency contracts (Note 2)		67,610
Interest payable		44,185
Payable for capital shares redeemed		4,382
Accrued expenses and other payables:
Investment advisory fees		78,075
Fund administration fees		5,915
Administrative services fees		19,424
Custodian fees		2,969
Trustee fees		291
Compliance program costs (Note 3)		3,093
Professional fees		9,377
Printing fees		10,689
Other		3,268
Total Liabilities		10,731,515
Net Assets	$	151,975,327
Represented by:
Capital	$	187,846,798
Accumulated undistributed net investment income		354,947
Accumulated net realized losses from investments, futures, options and foreign currency transactions		(35,476,925	)
Net unrealized appreciation/(depreciation) from investments		(603,541	)
Net unrealized appreciation/(depreciation) from futures (Note 2)		(139,566	)
Net unrealized appreciation/(depreciation) from forward foreign currency contracts (Note 2)		(38,765	)
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		32,379
Net Assets	$	151,975,327
Net Assets:
Class I Shares	$	151,975,327
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		19,386,753
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	7.84

The accompanying notes are an integral part of these financial statements.

20 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Multi
	Sector Bond Fund
INVESTMENT INCOME:
Interest income	$	5,571,867
Dividend income		5,954
Foreign tax withholding		(5,364	)
Total Income		5,572,457
EXPENSES:
Investment advisory fees		539,611
Fund administration fees		35,147
Administrative services fees Class I Shares		108,852
Custodian fees		9,732
Trustee fees		2,882
Compliance program costs (Note 3)		1,006
Professional fees		15,498
Printing fees		25,651
Other		31,527
Total expenses before earnings credit and expenses waived/reimbursed		769,906
Earnings credit (Note 4)		(2,701	)
Investment advisory fees waived		(23,381	)
Expenses reimbursed by adviser (Note 3)		(25,515	)
Net Expenses		718,309
NET INVESTMENT INCOME		4,854,148
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(1,435,257	)
Net realized gains from futures transactions (Note 2)		30,159
Net realized gains from options transactions (Note 2)		51,472
Net realized losses from forward foreign currency transactions (Note 2)		(278,669	)
Net realized losses from investment, futures, options and foreign currency transactions		(1,632,295	)
Net change in unrealized appreciation/(depreciation) from investments		13,297,638
Net change in unrealized appreciation/(depreciation) from futures (Note 2)		(556,597	)
Net change in unrealized appreciation(depreciation) from options (Note 2)		(62,349	)
Net change in unrealized appreciation/(depreciation) from forward foreign currency contracts (Note 2)		(467,154	)
Net change in unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		59,625
Net change in unrealized appreciation/(depreciation) from investments, futures, options, foreign currency translations and foreign currency transactions		12,271,163
Net realized/unrealized gains from investments, futures, options, foreign currency translations and foreign currency transactions		10,638,868
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,493,016

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 21

Statements of Changes in Net Assets

	NVIT Multi Sector Bond Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	4,854,148		$	10,188,110
Net realized losses from investment, futures, options and foreign currency		(1,632,295	)		(32,094,262	)
Net change in unrealized appreciation/(depreciation) from investments, futures, options and translation of assets and liabilities denominated in foreign currencies		12,271,163			(15,518,340	)
Change in net assets resulting from operations		15,493,016			(37,424,492	)
Distributions to Shareholders From:
Net investment income:
Class I		(5,389,304	)		(13,395,303	)
Net realized gains:
Class I		–			(4,621,373	)
Change in net assets from shareholder distributions		(5,389,304	)		(18,016,676	)
Change in net assets from capital transactions		(1,497,717	)		(41,426,047	)
Change in net assets		8,605,995			(96,867,215	)
Net Assets:
Beginning of period		143,369,332			240,236,547
End of period	$	151,975,327		$	143,369,332
Accumulated undistributed net investment income at end of period	$	354,947		$	890,103
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	25,289,297		$	35,934,209
Dividends reinvested		5,389,304			18,016,676
Cost of shares redeemed		(32,176,318	)		(95,376,932	)
Total Class I	$	(1,497,717	)	$	(41,426,047	)
SHARE TRANSACTIONS:
Class I Shares
Issued		3,355,274			4,083,898
Reinvested		721,222			2,255,941
Redeemed		(4,280,711	)		(11,124,380	)
Total Class I Shares		(204,215	)		(4,784,541	)
Total change in shares		(204,215	)		(4,784,541	)

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

22 Semiannual Report 2009

Financial Highlights

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

NVIT Multi Sector Bond Fund

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(d)			Turnover (c)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	7	.32		0	.25		0	.55		0	.80		(0	.28)		–			(0	.28)	$	7	.84		11	.19%	$	151,975,327		1	.00%		6	.74%		1	.07%		141	.92%
Year Ended December 31, 2008	$	9	.86		0	.50		(2	.17)		(1	.67)		(0	.65)		(0	.22)		(0	.87)	$	7	.32		(17	.29%)	$	143,369,332		0	.98%		5	.20%		1	.01%		85	.31%
Year Ended December 31, 2007	$	9	.81		0	.46		(0	.02)		0	.44		(0	.39)		–			(0	.39)	$	9	.86		4	.62%	$	240,236,547		1	.01%		4	.65%		1	.01%(e)		101	.00%
Year Ended December 31, 2006	$	9	.78		0	.43		0	.02		0	.45		(0	.40)		(0	.02)		(0	.42)	$	9	.81		4	.84%	$	241,027,210		1	.02%		4	.24%		1	.02%(e)		100	.56%
Year Ended December 31, 2005	$	10	.00		0	.42		(0	.20)		0	.22		(0	.39)		(0	.05)		(0	.44)	$	9	.78		2	.18%	$	258,958,396		1	.03%		4	.26%		1	.03%(e)		157	.82%
Year Ended December 31, 2004	$	9	.86		0	.42		0	.21		0	.63		(0	.49)		–			(0	.49)	$	10	.00		6	.53%	$	238,502,452		1	.01%		4	.23%		1	.01%(e)		212	.84%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	There were no fee reductions during the period.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 23

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Multi Sector Bond Fund (the “Fund”) (formerly “Van Kampen NVIT Multi Sector Bond Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

24 Semiannual Report 2009

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

2009 Semiannual Report 25

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

				Level 2 — Other
	Level 1 — Quoted			Significant			Level 3 — Significant
Asset Type	Prices			Observable Inputs			Unobservable Inputs		Total
Asset-Backed Securities	$	—		$	4,573,939		$	—	$	4,573,939
Corporate Bonds		—			62,369,383			—		62,369,383
Collateralized Mortgage Obligations		—			8,908,305			10,470		8,918,775
Commercial Mortgage Backed Securities		—			3,712,484			—		3,712,484
Preferred Stock		—			92,893			—		92,893
Sovereign Bonds		—			28,787,464			—		28,787,464
U.S. Government Sponsored & Agency Obligations		—			6,700,205			—		6,700,205
U.S. Government Mortgage Backed Securities		—			22,361,077			—		22,361,077
Yankee Dollars		—			10,625,835			—		10,625,835
Convertible Corporate Bonds		—			262,819			—		262,819
Warrants		80			—			5		85
Repurchase Agreements		—			6,572,230			—		6,572,230
Futures		(139,566	)		—			—		(139,566	)
Forward Foreign Currency Contracts		—			(38,765	)		—		(38,765	)
	$	(139,486	)	$	154,927,869		$	10,475	$	154,798,858

Amounts designated as “—” are zero.

26 Semiannual Report 2009

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

		NVIT Multi Sector Bond Fund
		Collateralized Mortgage
		Obligations			Warrants		Total
	Balance as of 12/31/2008	$	193,002		$	—	$	193,002
	Accrued Accretion / (Amortization)		—			—		—
	Change in Unrealized Appreciation / (Depreciation)		(1,989	)		—		(1,989	)
	Net Purchase / (Sales)		(104,794	)		5		(104,789	)
	Transfers In / (Out) of Level 3		(75,749	)		—		(75,749	)
	Balance as of 6/30/2009	$	10,470		$	5	$	10,475
The total change in unrealized appreciation/(depreciation) included in the Statement of Operations attributable to level 3 investments still held at June 30, 2009 includes:
		$	(1,989	)	$	—	$	(1,989	)

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Forward Foreign Currency Contracts

The Fund is subject to foreign currency exchange risk in the normal course of pursuing its objective. The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency or to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. A forward foreign currency contract is adjusted daily by the exchange rate of the underlying currency, and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement rate. When the Fund enters into a forward foreign currency contract, it is exposed to risks from unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contract may be unable to meet their obligations under the contracts.

Forward foreign currency contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Unrealized appreciation/(depreciation) from forward foreign currency contracts,” and in the Statement of

2009 Semiannual Report 27

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Operations under “Net realized losses from forward foreign currency transactions” and “Net change in unrealized appreciation/(depreciation) from forward foreign currency contracts.”

(d)        Futures Contracts

The Fund is subject to credit risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objective. The Fund may enter into financial futures contracts (“futures contracts”) to gain exposure to, or hedge against changes in, the value of fixed income securities, interest rates or foreign currencies. The Fund may also enter into futures contracts for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to enter into and maintain futures contracts may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such futures contracts.

Futures contracts are contracts for delayed delivery of securities or currencies at a specific future date and at a specific price or currency amount. Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, know as “variation margin” receipts or payments, are made each day, depending on the fluctuations in the fair value/market value of the futures contract and are recognized by the Fund as unrealized gains or losses. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price or amount at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and the value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. Futures contracts involve minimal counterparty credit risk to the Fund because futures contracts are exchange-traded, and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees futures contracts against default.

Futures contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Net unrealized appreciation/(depreciation) from futures,” and in the Statement of Operations under “Net realized gains from futures transactions” and “Net change in unrealized appreciation/(depreciation) from futures.”

(e)        Written Options Contracts

The Fund is subject to foreign currency exchange risk, credit risk and interest rate risk in the normal course of pursuing its objective. The Fund may purchase or write put and call options on foreign currencies, securities or interest rates to gain exposure to, or to hedge against changes in, the value of foreign currencies, securities or interest rates. The Fund may also write put or call options in order to enhance income by reason of premiums paid by the purchasers of such options. A call option gives the purchaser the right (but not the obligation) to buy, and obligates the writer to sell (if the option is exercised by the purchaser), the underlying position at a predetermined exercise price. A put option gives the purchaser the right (but not the obligation) to sell, and obligates the writer to buy (if the option is exercised by the purchaser), the underlying position at a predetermined exercise price. When the Fund purchases an option, it pays the writer a premium as consideration for the option. When the Fund writes an option, it receives a premium.

28 Semiannual Report 2009

When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. If a call option the Fund has written is exercised, the premium is added to the proceeds from the sale of the underlying position in determining whether the Fund has realized a gain or loss. If a put option the Fund has written is exercised, the premium reduces the cost basis of the assets purchased by the Fund. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a last quoted sale price, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes.

When the Fund writes an option, it bears the market risk of an unfavorable change in the price of the security [or currency] underlying the written option. When the Fund buys an option, it bears the risk of loss of the premium if the Fund chooses not to exercise the option. There is minimal counterparty credit risk to the Fund with respect to exchange-traded options, because such options are issued by a clearing organization affiliated with the exchange on which the options are listed that, in effect, guarantees completion of every exchange-traded option transaction. Over-the-counter option transactions are contracts between the Fund and the counterparty with no clearing organization guarantee. Therefore, failure of the counterparty to fulfill its obligations under an over-the-counter option would cause the Fund to lose any premium paid as well as any expected benefit of the transaction.

Options, if any, are disclosed in the Statement of Assets and Liabilities under “Unrealized appreciation/(depreciation) on options,” and in the Statement of Operations under “Net realized gains from option transactions” and “Net change in unrealized appreciation/(depreciation) from options.”

Fair Values of Derivative Instruments as of June 30, 2009

Derivatives not	Asset Derivatives			Liability Derivatives
accounted for as	Statement of Assets and			Statement of Assets and
hedging instruments	Liabilities Location	Fair Value		Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	28,845	Unrealized depreciation on forward foreign currency contracts	$	(67,610	)
Interest Rate Contracts*	Net Assets - Net Unrealized Appreciation from futures		61,502	Net Assets - Net Unrealized Depreciation from futures		(201,068	)
Total		$	90,347		$	(268,678	)

* Includes cumulative appreciation/(depreciation) of futures contracts as reported in the Statement of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations
For the Six Months Ended June 30, 2009

Amount of Realized Gain of (Loss) on Derivatives Recognized in Operations

Derivatives not accounted
for as hedging					Forward Foreign
instruments under FAS 133	Options		Futures		Currency Contracts			Total
Interest rate contracts	$	51,472	$	30,159	$	—		$	81,631
Foreign exchange contracts		—		—		(408,937	)		(408,937	)
Total	$	51,472	$	30,159	$	(408,937	)	$	(327,306	)

2009 Semiannual Report 29

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations

Derivatives not accounted
for as hedging							Forward Foreign
instruments under FAS 133	Options			Futures			Currency Contracts			Total
Interest rate contracts	$	(62,349	)	$	(556,597	)	$	—		$	(618,946	)
Foreign exchange contracts		—			—			(467,154	)		(467,154	)
Total	$	(62,349	)	$	(556,597	)	$	(467,154	)	$	(1,086,100	)

Amounts designated as “—” are zero.

Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the period ending June 30, 2009.

The fund values its derivatives at fair value, as described above and in Note 2, and recognizes changes in fair value currently in its results of operations. Accordingly, the fund does not follow hedge accounting as prescribed by FAS 133, even for derivatives employed as economic hedges.

The following is a summary of written option activity for the six months ended June 30, 2009, by the Fund (dollar amounts in thousands):

				Premiums
Written Options	Contracts			Received
Balance at beginning of period		131		$	65
Options written		264			73
Options expired		—			—
Options terminated in closing purchase transactions		(395	)		(138	)
Options outstanding at end of period		—		$	—

Amounts designated as “—” are zero.

(f)        Repurchase Agreements

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

(g)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate

30 Semiannual Report 2009

that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(h)        Mortgage Dollar Rolls

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

(i)        Security Transactions and Investment Income

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

(j)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receive payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

(k)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications

2009 Semiannual Report 31

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(l)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. On January 16, 2009, Logan Circle Partners L.P. (the “subadviser”) became the subadviser to the Fund. Prior to January 16, 2009, Morgan Stanley Investment Management, Inc. was subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

32 Semiannual Report 2009

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
Up to $200 million		0.75%
$200 million or more		0.70%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $214,003 for the six months ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.85% for all share classes until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Fiscal Year		Fiscal Year		Six Months Ended
2007		2008		June 30, 2009
Amount		Amount		Amount
$	—	$	—	$	25,515

The Trust and the Adviser have entered into a written agreement waiving management fees in the amount of 0.05%, as a percentage of the Fund’s daily average net assets, for all share classes of the Fund. This agreement was in effect through April 30, 2009. The Adviser may not collect on, or make claim for, such waived fees at any time in the future.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

2009 Semiannual Report 33

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

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

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

For the six months ended June 30, 2009, NFS received $106,906 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $1,006.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

34 Semiannual Report 2009

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $229,543,743 and sales of $185,069,266 (excluding short-term securities).

For the six months ended June 30, 2009, the Fund had purchases of $42,741,875 and sales of $43,048,152 of U.S. Government Securities.

6. Portfolio Investment Risks

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

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

7. Indemnifications

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

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	156,186,203	$	10,342,298	$	(11,551,312	)	$	(1,209,014	)

2009 Semiannual Report 35

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

36 Semiannual Report 2009

Supplemental Information

(Unaudited)

A. Renewal of Advisory Agreement

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

2009 Semiannual Report 37

Supplemental Information (Continued)

(Unaudited)

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

After noting that the Board was scheduled to consider the termination of Morgan Stanley Investment Management Inc. (“Morgan Stanley”) as sub-adviser to the Fund and the proposed appointment of Logan Circle Partners, L.P. (“Logan Circle”) as the new sub-adviser to the Fund later in the meeting, the Trustees agreed that, in addition to considering the continuation of the investment advisory agreement with NFA, it was prudent to consider the continuation of the Fund’s sub-advisory agreement with Morgan Stanley in order to allow for the scheduling of an orderly sub-adviser transition. The Trustees took these factors into account when considering the continuation of the Fund’s Advisory Agreement with Morgan Stanley. The Trustees also reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Morgan Stanley, the Fund’s current sub-adviser. Turning to performance, the Trustees noted that the Fund’s performance for Class I shares for each of the one-, three-, and five-year periods ended September 30, 3008 was in the fifth quintile of its peer group and below the performance of the Fund’s benchmark, which is a 60%/15%/15%/10% blend of the Citigroup U.S. Broad Investment-Grade Bond Index, the Citigroup U.S. High-Yield Market Index, the Citigroup World Government Bond Index (Unhedged), and the J.P. Morgan Emerging Markets Bond Index. The Trustees noted recent declines in value of non-agency mortgages and its impact on the Fund. The Trustees noted that the Fund is on the watch list and under close review, and in this regard, considered that a new sub-adviser had been proposed for the Fund.

The Trustees noted that the Fund’s contractual advisory fee and actual advisory for Class I shares were in the fifth quintile of its peer group, but also considered that the fees were only 2 basis points above the median. The Trustees also noted that the Fund’s total expenses were in the third quintile and above the median of its peer group. In this regard, the Trustees noted that Fund management proposed expense caps for the Fund at current expense levels in light of recent asset declines. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the proposed investment advisory fee schedule for the Fund contains breakpoints that are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared had not yet been achieved.

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

38 Semiannual Report 2009

B. Approval of New Subadvisory Agreement

At the December 3, 2008 and January 16, 2009 meetings, the Board, including the Independent Trustees, discussed and unanimously approved the replacement of Morgan Stanley as a sub-adviser to the Fund with Logan Circle as sub-adviser to the Fund. The Trustees were provided with detailed materials relating to Logan Circle in advance of and at these meetings. The Independent Trustees met in executive session with their Independent Legal Counsel prior to the meetings to discuss information relating to the replacement of Morgan Stanley with Logan Circle and the possible effect on the Fund. The material factors and conclusions that formed the basis for the approval are discussed below.

The Board reviewed Morgan Stanley’s performance record for the 1-, 3- and 5-year periods, noting that returns continued on a downward trend relative to both the Fund’s benchmark and fixed-income funds peer group. The Board reviewed Logan Circle’s investment strategy for multi-sector fixed income products, as well as Logan Circle’s process and performance record with respect to non-agency securities. The Board also examined and considered the experience of the investment personnel of Logan Circle that would be managing the Fund.

The Board evaluated the Fund’s investment performance and considered the performance of the portfolio managers who were expected to manage the Fund on behalf of Logan Circle. The Board also reviewed the comparative performance of the Fund based on data provided by Lipper. The Trustees concluded that the historical investment performance record of the portfolio managers who were expected to manage the Fund, in combination with various other factors, supported a decision to approve the subadvisory agreement. The Board considered the Fund’s overall fee level and noted that the overall expenses of the Fund would remain the same under the subadvisory agreement, as Logan Circle’s fee are paid out of the advisory fee that NFA receives from the Fund. The Board concluded that the subadvisory fees to be paid to Logan Circle were fair and reasonable. The Board noted that the Fund’s current advisory and subadvisory fee schedules include breakpoints that are intended to result in fee reductions to shareholders over time as assets increase. The Board considered the factor of profitability to Logan Circle as a result of the subadvisory relationship with the Fund. In addition, the Board considered whether any “fall-out” or ancillary benefits would accrue to Logan Circle as a result of its relationship with the Fund. However, since the subadvisory relationship with Logan Circle is new, the Board determined that it was not possible to accurately assess either factor at this time.

The Board reviewed the terms of the subadvisory agreement and noted that the terms are identical in all material respects as the terms of the subadvisory agreements that the Trust currently has in place with other unaffiliated subadvisers. The Board concluded that the terms were fair and reasonable.

Based on this information, the Board, including all of the Independent Trustees, concluded that the nature, extent and quality of the subadvisory services to be provided by Logan Circle were appropriate for the Fund in light of its investment objective. The totality of multiple factors taken together, instead of any single factor, informed the Board’s decision. The Board of Trustees concluded that the approval of the subadvisory agreement was in the best interests of the Fund and its shareholders and unanimously approved the subadvisory agreement.

2009 Semiannual Report 39

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

40 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 41

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

	Position(s) Held		Number of
	with Fund		Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

42 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

	Position(s) Held		Number of
	with Fund		Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 43

NVIT Multi-Manager Small Cap Growth Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
8	Statement of Assets and Liabilities
9	Statement of Operations
10	Statements of Changes in Net Assets
12	Financial Highlights
14	Notes to Financial Statements
22	Supplemental Information
25	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-MM-SCG (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Multi-Manager Small Cap Growth Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Multi-Manager Small Cap Growth Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,054.90		6.58		1.29
	Hypothetical	b		1,000.00		1,018.40		6.48		1.29
Class II	Actual			1,000.00		1,053.70		7.84		1.54
	Hypothetical	b		1,000.00		1,017.16		7.73		1.54
Class III	Actual			1,000.00		1,055.30		6.57		1.29
	Hypothetical	b		1,000.00		1,018.40		6.48		1.29
Class Y	Actual			1,000.00		1,055.90		5.80		1.14
	Hypothetical	b		1,000.00		1,019.16		5.71		1.14

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Multi-Manager Small Cap Growth Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	92	.2%
Repurchase Agreements	6	.0%
Other assets in excess of liabilities	1	.8%
	100	.0%

Top Industries
Software	13	.8%
Internet Software & Services	6	.9%
Health Care Providers & Services	5	.5%
Hotels, Restaurants & Leisure	5	.2%
Specialty Retail	4	.7%
Health Care Equipment & Supplies	4	.6%
Semiconductors & Semiconductor Equipment	4	.3%
Health Care Technology	4	.2%
Oil, Gas & Consumable Fuels	3	.4%
Machinery	3	.3%
Other Industries*	44	.1%
	100	.0%

Top Holdings
athenahealth, Inc.	2	.2%
Riverbed Technology, Inc.	2	.0%
NuVasive, Inc.	1	.7%
HMS Holdings Corp.	1	.6%
O’Reilly Automotive, Inc.	1	.5%
Constant Contact, Inc.	1	.5%
American Public Education, Inc.	1	.4%
Concur Technologies, Inc.	1	.4%
MICROS Systems, Inc.	1	.3%
VistaPrint Ltd.	1	.3%
Other Holdings*	84	.1%
	100	.0%

* For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Multi-Manager Small Cap Growth Fund

Common Stocks 92.2%
	Shares		Market Value
Aerospace & Defense 0.8%
Aerovironment, Inc.*	19,900	$	614,114
Biotechnology 1.0%
Alexion Pharmaceuticals, Inc.*	19,340		795,261
Capital Markets 2.9%
Greenhill & Co., Inc.	3,910		282,341
optionsXpress Holdings, Inc.	16,540		256,866
Riskmetrics Group, Inc.*	24,600		434,436
Stifel Financial Corp.*	12,050		579,485
Waddell & Reed Financial, Inc., Class A	23,800		627,606
			2,180,734
Chemicals 0.4%
Intrepid Potash, Inc.*	9,810		275,465
Commercial Banks 0.6%
Signature Bank*	17,460		473,515
Commercial Services & Supplies 2.6%
Clean Harbors, Inc.*	4,410		238,096
Copart, Inc.*	12,780		443,083
Stericycle, Inc.*	10,050		517,876
TETRA Tech, Inc.*	15,280		437,772
Waste Connections, Inc.*	12,730		329,834
			1,966,661
Communications Equipment 3.0%
Aruba Networks, Inc.*	31,810		278,019
F5 Networks, Inc.*	12,240		423,382
Riverbed Technology, Inc.*	67,450		1,564,165
			2,265,566
Computers & Peripherals 1.2%
3PAR, Inc.*	42,450		526,380
Synaptics, Inc.*	10,530		406,985
			933,365
Construction & Engineering 1.6%
Aecom Technology Corp.*	12,590		402,880
Chicago Bridge & Iron Co. NV	34,350		425,940
MYR Group, Inc.*	20,970		424,013
			1,252,833
Containers & Packaging 0.4%
Rock-Tenn Co., Class A	7,880		300,701
Distributors 1.2%
LKQ Corp.*	56,688		932,518
Diversified Consumer Services 2.8%
American Public Education, Inc.*	27,490		1,088,879
Capella Education Co.*	10,950		656,452
Strayer Education, Inc.	1,850		403,504
			2,148,835
Diversified Financial Services 1.7%
Financial Federal Corp.	33,725		693,049
MSCI, Inc., Class A*	24,550		600,002
			1,293,051
Electrical Equipment 0.6%
Regal-Beloit Corp.	11,620		461,546
Electronic Equipment & Instruments 0.7%
DTS, Inc.*	18,900		511,623
Energy Equipment & Services 0.4%
Core Laboratories NV	3,710		323,327
Food Products 1.2%
Diamond Foods, Inc.	14,550		405,945
Smart Balance, Inc.*	27,230		185,436
TreeHouse Foods, Inc.*	11,940		343,514
			934,895
Health Care Equipment & Supplies 4.6%
ABIOMED, Inc.*	39,100		344,862
Haemonetics Corp.*	11,360		647,520
IDEXX Laboratories, Inc.*	4,810		222,222
Masimo Corp.*	8,700		209,757
Neogen Corp.*	5,510		159,680
NuVasive, Inc.*	29,810		1,329,526
Thoratec Corp.*	14,160		379,205
Volcano Corp.*	16,800		234,864
			3,527,636
Health Care Providers & Services 5.5%
Bio-Reference Labs, Inc.*	13,880		438,747
CardioNet, Inc.*	17,190		280,541
Genoptix, Inc.*	18,720		598,853
Hanger Orthopedic Group, Inc.*	36,990		502,694
Healthways, Inc.*	27,130		364,899
HMS Holdings Corp.*	29,570		1,204,090
IPC The Hospitalist Co., Inc.*	4,710		125,710
Mednax, Inc.*	10,970		462,166
Sun Healthcare Group, Inc.*	25,980		219,271
			4,196,971
Health Care Technology 4.2%
Allscripts-Misys Healthcare Solutions, Inc.	56,650		898,469
athenahealth, Inc.*	45,330		1,677,663
Medidata Solutions, Inc.*	8,490		139,066
Omnicell, Inc.*	33,750		362,813

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Small Cap Growth Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Health Care Technology (continued)
Phase Forward, Inc.*	6,280	$	94,891
			3,172,902
Hotels, Restaurants & Leisure 5.2%
Buffalo Wild Wings, Inc.*	12,660		411,703
Cheesecake Factory, Inc. (The)*	17,870		309,151
Chipotle Mexican Grill, Inc., Class A*	4,220		337,600
Gaylord Entertainment Co.*	35,350		449,299
Panera Bread Co., Class A*	8,560		426,802
Penn National Gaming, Inc.*	11,020		320,792
Scientific Games Corp., Class A*	44,750		705,707
Vail Resorts, Inc.*	18,850		505,557
WMS Industries, Inc.*	15,650		493,131
			3,959,742
Insurance 0.5%
RenaissanceRe Holdings Ltd.	7,610		354,169
Internet Software & Services 6.9%
Bankrate, Inc.*	20,800		524,992
Constant Contact, Inc.*	56,810		1,127,110
DealerTrack Holdings, Inc.*	12,100		205,700
Equinix, Inc.*	7,130		518,636
LogMeIn, Inc.	8,500		136,000
MercadoLibre, Inc.*	14,470		388,954
Omniture, Inc.*	45,700		573,992
Switch & Data Facilities Co., Inc.*	27,510		322,692
VistaPrint Ltd.*	24,240		1,033,836
Vocus, Inc.*	22,050		435,708
			5,267,620
Life Sciences Tools & Services 1.6%
AMAG Pharmaceuticals, Inc.*	2,050		112,074
ICON PLC ADR – IE*	16,600		358,228
Illumina, Inc.*	10,460		407,312
Luminex Corp.*	17,670		327,602
			1,205,216
Machinery 3.3%
Bucyrus International, Inc.	20,810		594,334
Chart Industries, Inc.*	11,320		205,798
Gardner Denver, Inc.*	11,320		284,924
Kaydon Corp.	6,440		209,686
Middleby Corp.*	7,690		337,745
Nordson Corp.	8,390		324,357
Wabtec Corp.	16,470		529,840
			2,486,684
Media 0.3%
Marvel Entertainment, Inc.*	6,650		236,674
Metals & Mining 0.6%
Steel Dynamics, Inc.	20,380		300,197
Thompson Creek Metals Co., Inc.*	19,230		196,531
			496,728
Multiline Retail 0.7%
Dollar Tree, Inc.*	12,480		525,408
Oil, Gas & Consumable Fuels 3.4%
Arena Resources, Inc.*	10,550		336,017
Bill Barrett Corp.*	26,000		713,960
Carrizo Oil & Gas, Inc.*	48,120		825,258
Concho Resources, Inc.*	17,430		500,067
PetroHawk Energy Corp.*	8,640		192,672
			2,567,974
Personal Products 1.2%
Alberto-Culver Co.	37,100		943,453
Pharmaceuticals 0.3%
Perrigo Co.	8,100		225,018
Professional Services 2.2%
CoStar Group, Inc.*	15,000		598,050
FTI Consulting, Inc.*	7,620		386,486
ICF International, Inc.*	12,290		339,081
IHS, Inc., Class A*	6,800		339,116
			1,662,733
Real Estate Investment Trusts 0.5%
Digital Realty Trust, Inc.	11,220		402,237
Real Estate Management & Development 0.4%
Jones Lang LaSalle, Inc.	10,360		339,083
Road & Rail 3.1%
Con-way, Inc.	6,340		223,865
J.B. Hunt Transport Services, Inc.	33,450		1,021,228
Kansas City Southern*	34,450		554,990
Knight Transportation, Inc.	18,750		310,313
Old Dominion Freight Line, Inc.*	7,060		237,004
			2,347,400
Semiconductors & Semiconductor Equipment 4.3%
Cavium Networks, Inc.*	32,240		541,954
Cymer, Inc.*	7,770		231,002
Diodes, Inc.*	23,320		364,725
Monolithic Power Systems, Inc.*	19,940		446,855
NetLogic Microsystems, Inc.*	15,130		551,640
Silicon Laboratories, Inc.*	14,300		542,542
Teradyne, Inc.*	30,480		209,093
Varian Semiconductor Equipment Associates, Inc.*	18,030		432,540
			3,320,351

6 Semiannual Report 2009

Common Stocks (continued)
		Shares		Market Value
Software 13.8%
Advent Software, Inc.*		6,560	$	215,102
ANSYS, Inc.*		7,220		224,975
ArcSight, Inc.*		23,930		425,236
AsiaInfo Holdings, Inc.*		18,400		316,664
Blackbaud, Inc.		52,150		810,933
Blackboard, Inc.*		34,150		985,569
Commvault Systems, Inc.*		49,300		817,394
Concur Technologies, Inc.*		34,790		1,081,273
EPIQ Systems, Inc.*		46,615		715,540
FactSet Research Systems, Inc.		19,875		991,166
Longtop Financial Technologies Ltd. ADR — CN*		16,650		408,924
MICROS Systems, Inc.*		40,850		1,034,322
NetSuite, Inc.*		4,600		54,326
Nuance Communications, Inc.*		25,100		303,459
Rosetta Stone, Inc.*		9,284		254,753
Solera Holdings, Inc.*		14,390		365,506
Sourcefire, Inc.*		29,130		360,921
Sybase, Inc.*		9,060		283,940
Synchronoss Technologies, Inc.*		22,580		277,057
Taleo Corp., Class A*		18,920		345,669
Ultimate Software Group, Inc.*		10,600		256,944
				10,529,673
Specialty Retail 4.7%
Aaron’s, Inc.		12,320		367,382
Aeropostale, Inc.*		13,420		459,904
Citi Trends, Inc.*		13,600		351,968
hhgregg, Inc.*		18,010		273,032
Hibbett Sports, Inc.*		16,760		301,680
J Crew Group, Inc.*		14,970		404,489
O’Reilly Automotive, Inc.*		30,200		1,150,016
Urban Outfitters, Inc.*		13,090		273,188
				3,581,659
Textiles, Apparel & Luxury Goods 0.5%
Warnaco Group, Inc. (The)*		12,950		419,580
Transportation Infrastructure 0.4%
Aegean Marine Petroleum Network, Inc.		19,840		299,584
Wireless Telecommunication Services 0.9%
SBA Communications Corp., Class A*		28,820		707,243
Total Common Stocks (cost $66,951,543)				70,439,748
Repurchase Agreements 6.0%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $3,055,139, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $3,116,234	$	3,055,131		3,055,131
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $1,495,676, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $1,525,587		1,495,674		1,495,674
Total Repurchase Agreements (cost $4,550,805)				4,550,805
Total Investments (cost $71,502,348) (a) — 98.2%				74,990,553
Other assets in excess of liabilities — 1.8%				1,379,929
NET ASSETS — 100.0%			$	76,370,482

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

ADR	American Depositary Receipt
CN	China
IE	Ireland
Ltd	Limited
NV	Public Traded Company
PLC	Public Limited Company

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Multi-Manager
	Small Cap
	Growth Fund
Assets:
Investments, at value (cost $66,951,543)	$	70,439,748
Repurchase agreements, at value and cost		4,550,805
Total Investments		74,990,553
Cash		2,331,776
Interest and dividends receivable		9,874
Receivable for capital shares issued		93,092
Receivable for investments sold		362,636
Prepaid expenses and other assets		1,637
Total Assets		77,789,568
Liabilities:
Payable for investments purchased		1,203,783
Payable for capital shares redeemed		60,905
Accrued expenses and other payables:
Investment advisory fees		58,186
Fund administration fees		2,789
Distribution fees		2,274
Administrative services fees		58,296
Custodian fees		1,440
Compliance program costs (Note 3)		589
Professional fees		3,351
Printing fees		26,978
Other		495
Total Liabilities		1,419,086
Net Assets	$	76,370,482
Represented by:
Capital	$	119,136,052
Accumulated undistributed net investment loss		(322,289	)
Accumulated net realized losses from investment transactions		(45,931,486	)
Net unrealized appreciation/(depreciation) from investments		3,488,205
Net Assets	$	76,370,482
Net Assets:
Class I Shares	$	47,342,316
Class II Shares		11,090,773
Class III Shares		329,930
Class Y Shares		17,607,463
Total	$	76,370,482
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		4,652,417
Class II Shares		1,109,262
Class III Shares		32,594
Class Y Shares		1,726,314
Total		7,520,587
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	10.18
Class II Shares	$	10.00
Class III Shares	$	10.12
Class Y Shares	$	10.20

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Multi-Manager
	Small Cap
	Growth Fund
INVESTMENT INCOME:
Interest income	$	1,046
Dividend income		91,933
Income from securities lending (Note 2)		7,280
Total Income		100,259
EXPENSES:
Investment advisory fees		308,568
Fund administration fees		15,735
Distribution fees Class II Shares		12,426
Administrative services fees Class I Shares		31,917
Administrative services fees Class II Shares		7,456
Administrative services fees Class III Shares		174
Custodian fees		3,021
Trustee fees		993
Compliance program costs (Note 3)		425
Professional fees		6,142
Printing fees		32,450
Other		3,538
Total expenses before earnings credit		422,845
Earnings credit (Note 5)		(297	)
Net Expenses		422,548
NET INVESTMENT LOSS		(322,289	)
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(11,643,862	)
Net change in unrealized appreciation/(depreciation) from investments		15,690,809
Net realized/unrealized gains from investments		4,046,947
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,724,658

The accompanying notes are an integral part of these financial statements.

2008 Semiannual Report 9

Statements of Changes in Net Assets

	NVIT Multi-Manager Small Cap Growth Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment loss	$	(322,289	)	$	(526,539	)
Net realized losses from investment		(11,643,862	)		(19,476,149	)
Net change in unrealized appreciation/(depreciation) from investments		15,690,809			(43,172,771	)
Change in net assets resulting from operations		3,724,658			(63,175,459	)
Change in net assets from capital transactions		5,989,303			(10,236,565	)
Change in net assets		9,713,961			(73,412,024	)
Net Assets:
Beginning of period		66,656,521			140,068,545
End of period	$	76,370,482		$	66,656,521
Accumulated undistributed net investment income (loss) at end of period	$	(322,289	)	$	–
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	9,740,698		$	14,170,566
Dividends reinvested		–			–
Cost of shares redeemed		(11,165,800	)		(27,676,517	)
Total Class I		(1,425,102	)		(13,505,951	)
Class II Shares
Proceeds from shares issued		942,227			6,278,450
Dividends reinvested		–			–
Cost of shares redeemed		(1,141,813	)		(13,792,628	)
Total Class II		(199,586	)		(7,514,178	)
Class III Shares
Proceeds from shares issued		109,648			52,156
Dividends reinvested		–			–
Cost of shares redeemed (b)		(40,843	)		(169,108	)
Total Class III		68,805			(116,952	)
Class Y Shares
Proceeds from shares issued		8,154,263			10,984,965	(a)
Dividends reinvested		–			–
Cost of shares redeemed		(609,077	)		(84,449	)(a)
Total Class Y		7,545,186			10,900,516	(a)
Change in net assets from capital transactions	$	5,989,303		$	(10,236,565	)
SHARE TRANSACTIONS:
Class I Shares
Issued		1,059,350			1,033,553
Reinvested		–			–
Redeemed		(1,269,482	)		(2,179,016	)
Total Class I Shares		(210,132	)		(1,145,463	)

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from May 1, 2008 (commencement of operations) through December 31, 2008.

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

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

	NVIT Multi-Manager Small Cap Growth Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
SHARE TRANSACTIONS: (continued)
Class II Shares
Issued		103,055			449,575
Reinvested		–			–
Redeemed		(129,812	)		(1,073,308	)
Total Class II Shares		(26,757	)		(623,733	)
Class III Shares
Issued		11,147			3,667
Reinvested		–			–
Redeemed		(4,409	)		(12,011	)
Total Class III Shares		6,738			(8,344	)
Class Y Shares
Issued		883,916			911,250	(a)
Reinvested		–			–
Redeemed		(61,349	)		(7,503	)(a)
Total Class Y Shares		822,567			903,747	(a)
Total change in shares		592,416			(873,793	)

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from May 1, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Financial Highlights

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

NVIT Multi-Manager Small Cap Growth Fund

				Operations									Distributions														Ratios / Supplemental Data
							Net Realized																												Ratio of
							and																									Ratio of Net			Expenses
	Net Asset			Net			Unrealized																						Ratio of			Investment			(Prior to
	Value,			Investment			Gains			Total			Net		Net						Net Asset						Net Assets		Expenses			Income (Loss)			Reimbursements)
	Beginning			Income			(Losses) from			from			Investment		Realized		Total		Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			(Loss)			Investments			Operations			Income		Gains		Distributions		Fees		of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)			Turnover (c)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	9	.65		(0	.04)		0	.57		0	.53		–		–		–		–	$	10	.18		5	.49%	$	47,342,316		1	.29%		(0	.98%)		1	.29%(e)		76	.43%
Year Ended December 31, 2008	$	18	.01		(0	.08)		(8	.28)		(8	.36)		–		–		–		–	$	9	.65		(46	.42%)	$	46,899,774		1	.26%		(0	.50%)		1	.26%(e)		103	.33%
Year Ended December 31, 2007	$	16	.41		(0	.16)		1	.76		1	.60		–		–		–		–	$	18	.01		9	.75%	$	108,218,694		1	.22%		(0	.83%)		1	.22%(e)		63	.09%
Year Ended December 31, 2006	$	15	.90		(0	.14)		0	.65		0	.51		–		–		–		–	$	16	.41		3	.21%	$	123,771,355		1	.25%		(0	.81%)		1	.25%(e)		58	.45%
Year Ended December 31, 2005	$	14	.71		(0	.13)		1	.32		1	.19		–		–		–		–	$	15	.90		8	.09%	$	141,684,344		1	.22%		(0	.83%)		1	.22%(e)		58	.28%
Year Ended December 31, 2004	$	12	.97		(0	.12)		1	.86		1	.74		–		–		–		–	$	14	.71		13	.42%	$	156,535,003		1	.21%		(0	.90%)		1	.21%(e)		112	.22%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	9	.49		(0	.06)		0	.57		0	.51		–		–		–		–	$	10	.00		5	.37%	$	11,090,773		1	.54%		(1	.23%)		1	.54%(e)		76	.43%
Year Ended December 31, 2008	$	17	.75		(0	.14)		(8	.12)		(8	.26)		–		–		–		–	$	9	.49		(46	.54%)	$	10,778,869		1	.52%		(0	.78%)		1	.52%(d)		103	.33%
Year Ended December 31, 2007	$	16	.21		(0	.13)		1	.67		1	.54		–		–		–		–	$	17	.75		9	.50%	$	31,237,254		1	.47%		(1	.07%)		1	.47%(e)		63	.09%
Year Ended December 31, 2006	$	15	.74		(0	.18)		0	.65		0	.47		–		–		–		–	$	16	.21		2	.99%	$	19,047,491		1	.51%		(1	.07%)		1	.51%(e)		58	.45%
Year Ended December 31, 2005	$	14	.61		(0	.14)		1	.27		1	.13		–		–		–		–	$	15	.74		7	.73%	$	19,521,332		1	.46%		(1	.08%)		1	.46%(e)		58	.28%
Year Ended December 31, 2004	$	12	.91		(0	.12)		1	.82		1	.70		–		–		–		–	$	14	.61		13	.17%	$	15,917,089		1	.47%		(1	.16%)		1	.47%(e)		112	.22%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	There were no fee reductions during the period.
(f)	For the period from March 27, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

Financial Highlights

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

NVIT Multi-Manager Small Cap Growth Fund (Continued)

				Operations									Distributions														Ratios / Supplemental Data
							Net Realized																												Ratio of
							and																									Ratio of Net			Expenses
	Net Asset			Net			Unrealized																						Ratio of			Investment			(Prior to
	Value,			Investment			Gains			Total			Net		Net						Net Asset						Net Assets		Expenses			Income (Loss)			Reimbursements)
	Beginning			Income			(Losses) from			from			Investment		Realized		Total		Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			(Loss)			Investments			Operations			Income		Gains		Distributions		Fees		of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)			Turnover (c)
Class III Shares
Six Months Ended June 30, 2009 (Unaudited)	$	9	.59		(0	.04)		0	.57		0	.53		–		–		–		–	$	10	.12		5	.53%	$	329,930		1	.29%		(0	.98%)		1	.29%(e)		76	.43%
Year Ended December 31, 2008	$	17	.91		(0	.08)		(8	.24)		(8	.32)		–		–		–		–	$	9	.59		(46	.45%)	$	248,071		1	.24%		(0	.50%)		1	.24%(e)		103	.33%
Year Ended December 31, 2007	$	16	.31		(0	.15)		1	.75		1	.60		–		–		–		–	$	17	.91		9	.81%	$	612,597		1	.20%		(0	.80%)		1	.20%(e)		63	.09%
Year Ended December 31, 2006	$	15	.80		(0	.16)		0	.67		0	.51		–		–		–		–	$	16	.31		3	.23%	$	666,901		1	.24%		(0	.80%)		1	.24%(e)		58	.45%
Year Ended December 31, 2005	$	14	.63		(0	.14)		1	.31		1	.17		–		–		–		–	$	15	.80		8	.00%	$	832,688		1	.23%		(0	.84%)		1	.23%(e)		58	.28%
Year Ended December 31, 2004	$	12	.90		(0	.14)		1	.87		1	.73		–		–		–		–	$	14	.63		13	.41%	$	996,441		1	.21%		(0	.91%)		1	.21%(e)		112	.22%
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited)	$	9	.66		(0	.03)		0	.57		0	.54		–		–		–		–	$	10	.20		5	.59%	$	17,607,463		1	.14%		(0	.83%)		1	.14%(e)		76	.43%
Period Ended December 31, 2008 (f)	$	14	.36		–			(4	.70)		(4	.70)		–		–		–		–	$	9	.66		(32	.73%)	$	8,729,807		1	.20%		(0	.09%)		1	.20%(e)		103	.33%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	There were no fee reductions during the period.
(f)	For the period from March 27, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Multi-Manager Small Cap Growth Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

14 Semiannual Report 2009

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stocks	$	70,439,748	$	—	$	—	$	70,439,748
Repurchase Agreements		—		4,550,805		—		4,550,805
	$	70,439,748	$	4,550,805	$	—	$	74,990,553

Amounts designated as “—” are zero.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

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

(d)        Security Transactions and Investment Income

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

(e)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the

16 Semiannual Report 2009

Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. As of June 30, 2009, the Fund did not have securities on loan.

(f)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(g)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 through 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

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

3. Transactions with Affiliates

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

Subadvisers

- Waddell & Reed Investment Management Company

- Oberweis Asset Management, Inc.*

- OppenheimerFunds, Inc.

* Effective January 26, 2009, Oberweis Asset Management, Inc. was terminated as a Fund subadviser.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.95%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisers $184,648 for the six months ended June 30, 2009.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the

18 Semiannual Report 2009

“Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

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

For the six months ended June 30, 2009, NFS received $39,394 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $425.

4. Short-Term Trading Fees

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

For the period ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $54 from Class III.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $145 from Class III.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $50,404,444 and sales of $46,837,739 (excluding short-term securities).

7. Portfolio Investment Risks

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

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

8. Indemnifications

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

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

20 Semiannual Report 2009

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation/
Tax Cost of Securities		Appreciation		Depreciation		Depreciation
$	72,456,100	$	8,209,056	$	(5,674,603)	$	2,534,453

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 21

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

22 Semiannual Report 2009

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Waddell & Reed Investment Management Company, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that the Fund’s overall performance for Class II shares for each of the one-, three-, and five-year periods ended September 30, 2008 was in the fifth quintile of its peer group, and below the performance of the Fund’s benchmark, the Russell 2000 Growth Index. In this regard, the Trustees considered the underperformance of the sleeve managed by Oberweis Asset Management, Inc., a sub-adviser during the periods under review, and its impact on the Fund’s overall underperformance. The Trustees also noted that OppenheimerFunds, Inc. (“Oppenheimer”) was added as a sub-adviser to the Fund in October 2008 and that the Fund had outperformed its benchmark in October and November 2008.

The Trustees noted that the Fund’s contractual advisory fee, actual advisory fee, and total expenses for Class II shares were in the fifth quintile of its peer group. The Trustees considered that the Fund’s peer group is not specifically limited to multi-manager funds. The Trustees also took into account issues specific to multi-managed funds, including the fact that oversight, monitoring, and reporting of investments is more extensive when dealing with multiple managers, and operations and compliance efforts increase incrementally as the number of managers increase. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. With respect to economies of scale, the Trustees noted that the Fund invests in a capacity-constrained asset class, which necessarily limits profitability.

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

B. Approval of New Subadvisory Agreement

At an in-person Board meeting held on September 18, 2008, the Board, including the Independent Trustees, discussed and unanimously approved the subadvisory agreement among the Trust, NFA, and Oppenheimer, on behalf of the Fund. The Trustees had been provided with detailed materials relating to Oppenheimer in advance of the meeting. The Independent Trustees met in executive session with their Independent Legal

2009 Semiannual Report 23

Supplemental Information (Continued)

(Unaudited)

Counsel prior to the meeting to discuss information relating to the change and the possible effect on the Fund. The material factors and conclusions that formed the basis for the approval are discussed below.

The Board believed that increased strategy diversification in the management of the Fund could increase Fund performance. The Board noted Oppenheimer’s investment experience and positive performance with small cap growth portfolios. The Board also examined and considered the investment personnel of Oppenheimer that would be managing the portion of the Fund allocated to Oppenheimer. The Board then considered whether to approve the subadvisory agreement with Oppenheimer. The Board considered that the addition of Oppenheimer as a sub-adviser to a portion of the Fund and Oppenheimer’s investment style could reduce volatility and increase Fund performance. The Board noted that NFA proposed to pay Oppenheimer’s subadvisory fees out of the advisory fee that NFA receives. As a result, there would be no change in the advisory fees paid by the Fund.

Based on this information, the Board concluded that the nature, extent, and quality of the subadvisory services to be provided by Oppenheimer were appropriate for the Fund in light of its investment objective.

The Board evaluated the Fund’s investment performance and considered the performance of the portfolio manager who is expected to manage the Fund on behalf of Oppenheimer. The Board also reviewed the comparative performance of the Fund based on data provided by Lipper. The Trustees concluded that the historical investment performance record of the portfolio manager who is expected to manage the Fund, in combination with various other factors, supported a decision to approve the subadvisory agreement.

The Board concluded that the subadvisory fees to be paid to Oppenheimer were fair and reasonable. The Board noted that the Fund’s current advisory and subadvisory fee schedules do not include breakpoints. The Board considered whether economies of scale would likely be realized as the Fund grows and whether a reduction in the advisory fees paid by the Fund by means of breakpoints would be appropriate. The Board concluded that the asset levels of the Fund were currently not so large as to warrant formal contractual breakpoints at this time. The Board considered the factor of profitability to Oppenheimer as a result of the subadvisory relationship with the Fund. In addition, the Board considered the factor of whether or not any “fall-out” or ancillary benefits would accrue to Oppenheimer as a result of its relationship with the Fund. However, since the subadvisory relationship with Oppenheimer is new, the Board determined that it was not possible to accurately assess either factor at this time.

The Board reviewed the terms of the subadvisory agreement and noted that the terms are identical in all material respects as the terms of the subadvisory agreements that the Trust currently has in place with its other unaffiliated subadvisers. The Board concluded that the terms were fair and reasonable.

The Board, including all of the Independent Trustees, having considered each of the foregoing factors, concluded that each factor supported a determination to approve the subadvisory agreement. The totality of multiple factors taken together, instead of any single factor, informed the Board’s decision. The Board of Trustees concluded that the approval of the subadvisory agreement was in the best interests of the Fund and its respective shareholders and unanimously approved the subadvisory agreement.

24 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None

2009 Semiannual Report 25

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

26 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 27

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

28 Semiannual Report 2009

NVIT Multi-Manager Small Cap Value Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
15	Statement of Assets and Liabilities
17	Statement of Operations
18	Statements of Changes in Net Assets
20	Financial Highlights
22	Notes to Financial Statements
32	Supplemental Information
34	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-MM-SCV (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Multi-Manager Small Cap Value Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
NVIT Multi-Manager			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Small Cap Value Fund			1/1/2009		6/30/2009		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		999.10		5.85		1.18
	Hypothetical	b		1,000.00		1,018.98		5.92		1.18
Class II	Actual			1,000.00		998.60		7.09		1.43
	Hypothetical	b		1,000.00		1,017.76		7.18		1.43
Class III	Actual			1,000.00		999.10		5.85		1.18
	Hypothetical	b		1,000.00		1,018.98		5.92		1.18
Class IV	Actual			1,000.00		1,000.60		5.85		1.18
	Hypothetical	b		1,000.00		1,018.98		5.92		1.18
Class Y	Actual			1,000.00		1,000.90		5.04		1.02
	Hypothetical	b		1,000.00		1,019.76		5.10		1.02

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Multi-Manager Small Cap Value Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	97	.4%
Repurchase Agreement	3	.8%
Mutual Fund	2	.5%
U.S. Government Sponsored & Agency Obligations	0	.2%
Liabilities in excess of other assets	(3	.9)%
	100	.0%

Top Industries
Commercial Banks	8	.2%
Insurance	6	.3%
Health Care Equipment & Supplies	4	.5%
Real Estate Investment Trusts	4	.4%
Software	4	.0%
Machinery	3	.7%
Health Care Providers & Services	3	.4%
Capital Markets	3	.3%
Information Technology Services	2	.9%
Communications Equipment	2	.6%
Other Industries*	56	.7%
	100	.0%

Top Holdings
AIM Liquid Assets Portfolio	2	.5%
Silgan Holdings, Inc.	1	.7%
Solera Holdings, Inc.	1	.3%
Perot Systems Corp., Class A	1	.2%
Inverness Medical Innovations, Inc.	1	.1%
Aspen Insurance Holdings Ltd.	1	.0%
Westar Energy, Inc.	1	.0%
Teleflex, Inc.	0	.9%
Cal Dive International, Inc.	0	.9%
Sybase, Inc.	0	.8%
Other Holdings*	87	.6%
	100	.0%

* For purposes of listing top industries and top holdings, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund

Common Stocks 97.4%
	Shares		Market Value
Aerospace & Defense 2.2%
Alliant Techsystems, Inc.*	22,450	$	1,848,982
Ceradyne, Inc.*	7,600		134,216
Curtiss-Wright Corp.	33,450		994,468
DigitalGlobe, Inc.*	16,200		311,040
Ducommun, Inc.	8,600		161,594
Dyncorp International, Inc., Class A*	35,100		589,329
Esterline Technologies Corp.*	9,600		259,872
Hexcel Corp.*	78,290		746,104
Moog, Inc., Class A*	4,975		128,405
Triumph Group, Inc.	7,300		292,000
			5,466,010
Air Freight & Logistics 0.6%
Atlas Air Worldwide Holdings, Inc.*	9,300		215,667
Pacer International, Inc.	34,100		76,043
UTi Worldwide, Inc.*	102,420		1,167,588
			1,459,298
Airlines 0.4%
AirTran Holdings, Inc.*	12,600		77,994
Alaska Air Group, Inc.*	5,300		96,778
Hawaiian Holdings, Inc.*	29,300		176,386
JetBlue Airways Corp.*	13,800		58,926
Republic Airways Holdings, Inc.*	40,400		263,812
SkyWest, Inc.	28,600		291,720
			965,616
Auto Components 0.7%
BorgWarner, Inc.	12,340		421,164
Drew Industries, Inc.*	45,600		554,952
Lear Corp.* (a)	43,500		21,750
Spartan Motors, Inc.	6,600		74,778
WABCO Holdings, Inc.	29,650		524,805
			1,597,449
Beverages 0.3%
Constellation Brands, Inc., Class A*	59,140		749,895
Biotechnology 0.9%
Alexion Pharmaceuticals, Inc.*	4,700		193,264
Alkermes, Inc.*	74,751		808,806
Arena Pharmaceuticals, Inc.*	2,500		12,475
Celera Corp.*	5,300		40,439
Cephalon, Inc.*	8,550		484,357
Emergent Biosolutions, Inc.*	8,900		127,537
Halozyme Therapeutics, Inc.*	6,100		42,517
Incyte Corp Ltd.*	13,400		44,086
InterMune, Inc.* (a)	1,500		22,800
Maxygen, Inc.*	8,800		59,136
Medivation, Inc.*	2,200		49,302
Pharmasset, Inc.*	2,100		23,625
Protalix BioTherapeutics, Inc.*	10,400		47,008
Savient Pharmaceuticals, Inc.*	8,600		119,196
Seattle Genetics, Inc.*	6,100		59,292
United Therapeutics Corp.*	1,300		108,329
			2,242,169
Building Products 0.6%
Ameron International Corp.	3,900		261,456
Apogee Enterprises, Inc.	9,100		111,930
Armstrong World Industries, Inc.*	37,350		615,902
Gibraltar Industries, Inc.	23,000		158,010
NCI Building Systems, Inc.* (a)	11,800		31,152
Quanex Building Products Corp.	13,100		146,982
Trex Co., Inc.* (a)	1,800		24,066
Universal Forest Products, Inc. (a)	6,800		225,012
			1,574,510
Capital Markets 3.3%
BGC Partners, Inc., Class A	30,600		115,974
Duff & Phelps Corp., Class A	114,045		2,027,720
Federated Investors, Inc., Class B	32,800		790,152
Kayne Anderson Energy Development Co.	5,800		76,908
Knight Capital Group, Inc., Class A*	33,000		562,650
MCG Capital Corp.*	34,772		84,496
Patriot Capital Funding, Inc.	28,765		49,188
Penson Worldwide, Inc.*	30,300		271,185
Piper Jaffray Cos.*	2,900		126,643
Prospect Capital Corp.	14,038		129,150
Stifel Financial Corp.*	5,900		283,731
SWS Group, Inc.	132,250		1,847,532
TICC Capital Corp. (a)	8,600		37,926
Virtus Investment Partners, Inc.*	305		4,480
Waddell & Reed Financial, Inc., Class A	61,750		1,628,348
			8,036,083
Chemicals 2.3%
A. Schulman, Inc.	8,900		134,479
H.B. Fuller Co.	22,400		420,672
Innophos Holdings, Inc.	10,800		182,412
Innospec, Inc.	9,900		106,425
Koppers Holdings, Inc.	3,100		81,747
Methanex Corp.	67,948		831,683
Minerals Technologies, Inc.	3,700		133,274

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Chemicals (continued)
Nalco Holding Co.	73,400	$	1,236,056
NewMarket Corp.	3,300		222,189
Olin Corp.	6,100		72,529
OM Group, Inc.*	6,600		191,532
Rockwood Holdings, Inc.*	10,900		159,576
Sensient Technologies Corp.	29,410		663,784
Spartech Corp.	43,500		399,765
Valspar Corp.	30,900		696,177
Zep, Inc.	5,900		71,095
			5,603,395
Commercial Banks 8.2%
1st Source Corp.	5,600		96,712
Alliance Financial Corp. (a)	1,300		36,868
Ameris Bancorp	7,480		47,274
Bancfirst Corp.	3,100		107,198
Banco Latinoamericano de Exportaciones SA	11,800		146,674
Bank of the Ozarks, Inc.	75,840		1,640,419
Banner Corp. (a)	3,300		12,606
Boston Private Financial Holdings, Inc. (a)	30,000		134,400
Cadence Financial Corp.	21,537		48,028
CapitalSource, Inc.	335,287		1,636,201
Cathay General Bancorp (a)	5,600		53,256
Central Pacific Financial Corp.	17,100		64,125
Chemical Financial Corp.	7,855		156,393
Citizens Republic Bancorp, Inc.*	76,947		54,632
City Holding Co.	16,200		491,832
Colonial BancGroup, Inc. (The)* (a)	42,300		26,226
Columbia Banking System, Inc. (a)	9,530		97,492
Community Bank System, Inc.	9,000		131,040
Community Trust Bancorp, Inc.	15,770		421,848
CVB Financial Corp. (a)	85,300		509,241
East West Bancorp, Inc.	13,600		88,264
Farmers Capital Bank Corp.	3,000		75,510
Financial Institutions, Inc.	5,000		68,300
First Bancorp, North Carolina (a)	3,500		54,880
First Bancorp, Puerto Rico (a)	29,400		116,130
First Commonwealth Financial Corp.	102,970		652,830
First Community Bancshares, Inc.	18,500		237,540
First Financial Bancorp	32,300		242,896
First Merchants Corp.	7,100		57,013
First South Bancorp, Inc. (a)	2,300		26,680
FirstMerit Corp.	20,051		340,466
FNB Corp.	63,700		394,303
Guaranty Bancorp*	12,500		23,875
Hanmi Financial Corp.* (a)	29,100		50,925
Heartland Financial USA, Inc. (a)	3,100		44,268
IBERIABANK Corp.	14,700		579,327
Independent Bank Corp.	15,600		307,320
Integra Bank Corp. (a)	8,800		10,120
Lakeland Bancorp, Inc. (a)	11,100		99,789
Lakeland Financial Corp.	6,700		127,300
MainSource Financial Group, Inc.	11,910		88,372
Nara Bancorp, Inc.	12,300		63,714
National Penn Bancshares, Inc.	39,045		179,997
NBT Bancorp, Inc.	13,300		288,743
Old Second Bancorp, Inc. (a)	1,600		9,440
Oriental Financial Group, Inc.	10,100		97,970
Pacific Capital Bancorp NA	16,800		35,952
Pacific Continental Corp.	3,500		42,455
PacWest Bancorp	5,500		72,380
Park National Corp. (a)	1,800		101,664
Peoples Bancorp, Inc.	8,800		150,040
Prosperity Bancshares, Inc.	11,400		340,062
Renasant Corp.	18,000		270,360
Republic Bancorp, Inc., Class A (a)	5,655		127,746
S&T Bancorp, Inc. (a)	7,800		94,848
Shore Bancshares, Inc.	1,200		21,528
Sierra Bancorp (a)	5,300		66,939
Simmons First National Corp., Class A	4,300		114,896
Southside Bancshares, Inc.	9,675		221,267
Southwest Bancorp, Inc.	8,900		86,864
Sterling Bancorp	8,100		67,635
Sterling Bancshares, Inc.	144,579		915,185
Sterling Financial Corp. (a)	35,305		102,738
Suffolk Bancorp	2,800		71,792
TCF Financial Corp. (a)	66,450		888,436
Texas Capital Bancshares, Inc.*	97,150		1,502,910
Trico Bancshares (a)	6,800		105,400
Trustmark Corp.	12,800		247,296
UCBH Holdings, Inc. (a)	25,600		32,256
Umpqua Holdings Corp. (a)	17,596		136,545
Union Bankshares Corp. (a)	3,450		51,647
United Bankshares, Inc. (a)	4,500		87,930
United Community Banks, Inc.* (a)	15,762		94,417
Washington Trust Bancorp, Inc.	5,800		103,414
WesBanco, Inc.	8,200		119,228
West Bancorp, Inc.	9,100		45,500
West Coast Bancorp (a)	5,100		10,404
Western Alliance Bancorp*	198,338		1,356,632
Wilshire Bancorp, Inc.	138,030		793,673

6 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Commercial Banks (continued)
Wintrust Financial Corp.	77,840	$	1,251,667
Yadkin Valley Financial Corp.	900		6,219
			19,976,362
Commercial Services & Supplies 2.2%
ABM Industries, Inc.	5,600		101,192
ACCO Brands Corp.*	14,500		40,890
American Ecology Corp.	46,080		825,754
ATC Technology Corp.*	23,100		334,950
Comfort Systems USA, Inc.	33,000		338,250
Consolidated Graphics, Inc.*	6,500		113,230
Deluxe Corp.	50,700		649,467
EnergySolutions, Inc.	68,200		627,440
Ennis, Inc.	4,800		59,808
Geo Group, Inc. (The)*	8,600		159,788
Knoll, Inc.	17,900		135,682
Metalico, Inc.* (a)	27,600		128,616
SYKES Enterprises, Inc.*	9,400		170,046
United Stationers, Inc.*	5,500		191,840
Viad Corp.	9,800		168,756
Waste Connections, Inc.*	51,810		1,342,397
Waste Services, Inc.*	3,300		17,094
			5,405,200
Communications Equipment 2.6%
3Com Corp.*	172,400		812,004
ADC Telecommunications, Inc.*	127,390		1,014,024
Arris Group, Inc.*	36,036		438,198
Avocent Corp.*	12,900		180,084
Black Box Corp.	6,300		210,861
DG FastChannel, Inc.*	7,000		128,100
Harmonic, Inc.*	204,110		1,202,208
Harris Stratex Networks, Inc., Class A*	10,600		68,688
Plantronics, Inc.	8,800		166,408
Polycom, Inc.*	5,500		111,485
Symmetricom, Inc.*	9,100		52,507
Tekelec*	13,600		228,888
Tellabs, Inc.*	320,380		1,835,777
			6,449,232
Computers & Peripherals 0.2%
Adaptec, Inc.*	12,700		33,655
Hypercom Corp.*	286,113		429,170
Imation Corp.	2,300		17,503
Quantum Corp.*	79,000		65,570
			545,898
Construction & Engineering 0.6%
EMCOR Group, Inc.*	41,600		836,992
Granite Construction, Inc.	8,600		286,208
MasTec, Inc.*	18,100		212,132
Tutor Perini Corp.*	5,400		93,744
			1,429,076
Construction Materials 0.0%
Headwaters, Inc.*	18,400		61,824
U.S. Concrete, Inc.*	10,700		21,186
			83,010
Consumer Finance 0.6%
Advance America Cash Advance Centers, Inc.	16,400		72,652
Advanta Corp., Class B	8,000		3,360
Cash America International, Inc.	25,100		587,089
CompuCredit Corp.* (a)	8,600		19,780
Dollar Financial Corp.*	24,923		343,688
Nelnet, Inc., Class A*	7,400		100,566
World Acceptance Corp.* (a)	18,800		374,308
			1,501,443
Containers & Packaging 2.6%
Myers Industries, Inc.	10,800		89,856
Pactiv Corp.*	60,770		1,320,532
Rock-Tenn Co., Class A	21,400		816,624
Silgan Holdings, Inc.	84,975		4,166,324
			6,393,336
Distributors 0.1%
Core-Mark Holding Co., Inc.*	10,400		271,024
Diversified Consumer Services 0.6%
Bridgepoint Education, Inc.*	9,900		168,300
Regis Corp.	6,400		111,424
Service Corp. International	175,980		964,370
Stewart Enterprises, Inc., Class A	49,700		239,554
			1,483,648
Diversified Financial Services 0.3%
Compass Diversified Holdings	9,600		77,664
Encore Capital Group, Inc.*	10,400		137,800
Fifth Street Finance Corp.	6,600		66,264
Financial Federal Corp.	9,500		195,225
PHH Corp.*	13,800		250,884
			727,837
Diversified Telecommunication Services 0.8%
Atlantic Tele-Network, Inc.	3,300		129,657
Cincinnati Bell, Inc.*	105,400		299,336
Consolidated Communications Holdings, Inc.	4,300		50,353

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Diversified Telecommunication Services (continued)
NTELOS Holdings Corp.	62,250	$	1,146,645
Premiere Global Services, Inc.*	25,400		275,336
			1,901,327
Electric Utilities 2.4%
Cleco Corp.	16,100		360,962
DPL, Inc.	43,190		1,000,712
El Paso Electric Co.*	26,200		365,752
Portland General Electric Co.	42,600		829,848
UIL Holdings Corp.	7,633		171,361
UniSource Energy Corp.	31,500		836,010
Westar Energy, Inc.	124,350		2,334,050
			5,898,695
Electrical Equipment 1.0%
A.O. Smith Corp.	5,800		188,906
Acuity Brands, Inc. (a)	13,700		384,285
AZZ, Inc.* (a)	5,000		172,050
Belden, Inc.	5,400		90,180
Encore Wire Corp. (a)	4,200		89,670
Energy Conversion Devices, Inc.* (a)	24,410		345,402
GrafTech International Ltd.*	49,100		555,321
PowerSecure International, Inc.*	6,400		27,264
Regal-Beloit Corp.	12,600		500,472
			2,353,550
Electronic Equipment & Instruments 1.9%
Anixter International, Inc.*	8,500		319,515
Benchmark Electronics, Inc.*	16,725		240,840
Brightpoint, Inc.*	10,200		63,954
Checkpoint Systems, Inc.*	9,400		147,486
CPI International, Inc.*	2,700		23,463
DTS, Inc.*	49,110		1,329,407
FLIR Systems, Inc.*	17,100		385,776
Insight Enterprises, Inc.*	13,500		130,410
Littelfuse, Inc.*	28,982		578,481
Mercury Computer Systems, Inc.*	11,600		107,300
Napco Security Technologies*	243,300		287,094
OSI Systems, Inc.*	1,400		29,190
PC Connection, Inc.*	4,100		21,525
PC Mall, Inc.*	4,000		27,040
Plexus Corp.*	4,000		81,840
RadiSys Corp.*	4,500		40,545
SYNNEX Corp.*	15,700		392,343
Technitrol, Inc.	5,100		32,997
TTM Technologies, Inc.*	34,000		270,640
			4,509,846
Energy Equipment & Services 2.4%
Cal Dive International, Inc.*	238,740		2,060,326
Complete Production Services, Inc.*	8,500		54,060
Gulfmark Offshore, Inc.*	20,900		576,840
Helix Energy Solutions Group, Inc.*	18,050		196,204
ION Geophysical Corp.*	89,500		230,015
Lufkin Industries, Inc.	2,700		113,535
Parker Drilling Co.*	12,300		53,382
PHI, Inc., Non-Voting Shares*	100		1,714
Pioneer Drilling Co.*	8,200		39,278
RPC, Inc.	8,287		69,196
SEACOR Holdings, Inc.*	12,750		959,310
TGC Industries, Inc.*	5,800		28,246
Tidewater, Inc.	33,700		1,444,719
			5,826,825
Food & Staples Retailing 0.4%
Casey’s General Stores, Inc.	1,500		38,535
Nash Finch Co.	17,500		473,550
Pantry, Inc. (The)*	16,600		275,560
Spartan Stores, Inc.	24,400		302,804
			1,090,449
Food Products 1.2%
Chiquita Brands International, Inc.*	24,500		251,370
Corn Products International, Inc.	31,000		830,490
Fresh Del Monte Produce, Inc.*	19,500		317,070
Ralcorp Holdings, Inc.*	2,000		121,840
Sanderson Farms, Inc.	6,300		283,500
Smithfield Foods, Inc.* (a)	57,640		805,231
TreeHouse Foods, Inc.*	7,000		201,390
			2,810,891
Health Care Equipment & Supplies 4.5%
CONMED Corp.*	7,900		122,608
Haemonetics Corp.*	24,010		1,368,570
Hologic, Inc.*	39,820		566,639
I-Flow Corp.*	108,980		756,321
Invacare Corp.	16,400		289,460
Inverness Medical Innovations, Inc.*	77,440		2,755,315
IRIS International, Inc.*	71,350		841,930
MAKO Surgical Corp.*	82,500		744,150
SonoSite, Inc.*	58,150		1,166,489
STERIS Corp. (a)	5,600		146,048
Teleflex, Inc.	51,250		2,297,537
			11,055,067
Health Care Providers & Services 3.4%
Air Methods Corp.*	14,040		384,134

8 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Health Care Providers & Services (continued)
Alliance HealthCare Services, Inc.*	4,000	$	29,320
AMERIGROUP Corp.*	13,400		359,790
Assisted Living Concepts, Inc., Class A*	30,865		449,086
Bio-Reference Labs, Inc.*	52,478		1,658,829
Continucare Corp.* (a)	7,100		16,543
Gentiva Health Services, Inc.*	25,800		424,668
HealthSouth Corp.* (a)	13,000		187,720
HealthSpring, Inc.* (a)	17,100		185,706
Landauer, Inc.	15,620		958,131
LHC Group, Inc.*	58,090		1,290,179
Magellan Health Services, Inc.*	7,000		229,740
PSS World Medical, Inc.*	5,600		103,656
RehabCare Group, Inc.*	4,300		102,899
Res-Care, Inc.*	14,700		210,210
Sun Healthcare Group, Inc.*	149,040		1,257,898
Triple-S Management Corp., Class B* (a)	10,100		157,459
WellCare Health Plans, Inc.*	17,500		323,575
			8,329,543
Health Care Technology 0.1%
MedAssets, Inc.*	10,100		196,445
Medidata Solutions, Inc.*	2,800		45,864
			242,309
Hotels, Restaurants & Leisure 2.4%
Bob Evans Farms, Inc.	100		2,874
CEC Entertainment, Inc.*	13,600		400,928
Einstein Noah Restaurant Group, Inc.*	2,700		23,355
Isle of Capri Casinos, Inc.*	8,800		117,216
Jack in the Box, Inc.*	1,200		26,940
Multimedia Games, Inc.*	206,820		1,025,827
P.F. Chang’s China Bistro, Inc.* (a)	23,570		755,654
Penn National Gaming, Inc.*	25,150		732,117
Ruby Tuesday, Inc.*	29,100		193,806
Ruth’s Hospitality Group, Inc.*	8,200		30,094
Shuffle Master, Inc.*	143,071		945,699
WMS Industries, Inc.*	48,080		1,515,001
			5,769,511
Household Durables 2.3%
American Greetings Corp., Class A	10,000		116,800
Brookfield Homes Corp.*	4,600		18,400
Ethan Allen Interiors, Inc.	5,500		56,980
Furniture Brands International, Inc.	25,200		76,356
Helen of Troy Ltd.*	16,000		268,640
Jarden Corp.*	2,672		50,100
KB Home	87,600		1,198,368
Meritage Homes Corp.*	1,800		33,948
Ryland Group, Inc.	66,400		1,115,520
Standard Pacific Corp.*	42,500		86,275
Tempur-Pedic International, Inc. (a)	7,800		101,946
Toll Brothers, Inc.*	57,510		975,945
Tupperware Brands Corp.	59,500		1,548,190
			5,647,468
Household Products 0.9%
Central Garden & Pet Co., Class A*	28,000		275,800
Church & Dwight Co., Inc.	18,500		1,004,735
Energizer Holdings, Inc.*	18,101		945,596
			2,226,131
Industrial Conglomerates 0.1%
Standex International Corp.	3,600		41,760
Tredegar Corp.	7,200		95,904
			137,664
Information Technology Services 2.9%
Alliance Data Systems Corp.* (a)	29,110		1,199,041
CIBER, Inc.*	47,000		145,700
CSG Systems International, Inc.*	8,800		116,512
Forrester Research, Inc.*	600		14,730
Gartner, Inc.*	14,900		227,374
Global Cash Access Holdings, Inc.*	27,800		221,288
infoGROUP, Inc.*	2,900		16,559
Mantech International Corp., Class A*	4,100		176,464
MAXIMUS, Inc.	1,100		45,375
NeuStar, Inc., Class A*	61,850		1,370,596
Perot Systems Corp., Class A*	199,700		2,861,701
Total System Services, Inc.	56,440		755,731
Virtusa Corp.*	2,900		23,287
			7,174,358
Insurance 6.3%
American Equity Investment Life Holding Co.	23,800		132,804
American Physicians Capital, Inc.	5,300		207,548
American Safety Insurance Holdings Ltd.*	1,300		17,693
Amerisafe, Inc.*	100,940		1,570,627
Amtrust Financial Services, Inc.	11,400		129,960
Argo Group International Holdings Ltd.*	11,131		314,117

2009 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Insurance (continued)
Arthur J. Gallagher & Co.	66,800	$	1,425,512
Aspen Insurance Holdings Ltd.	110,480		2,468,123
Assured Guaranty Ltd.	20,900		258,742
Delphi Financial Group, Inc., Class A	20,375		395,886
FPIC Insurance Group, Inc.*	1,100		33,682
Hallmark Financial Services*	8,200		58,630
Hanover Insurance Group, Inc. (The)	43,600		1,661,596
Harleysville Group, Inc.	3,100		87,482
HCC Insurance Holdings, Inc.	71,270		1,711,193
Horace Mann Educators Corp.	1,800		17,946
Infinity Property & Casualty Corp.	2,700		98,442
Max Capital Group Ltd.	21,000		387,660
Meadowbrook Insurance Group, Inc.	11,700		76,401
National Financial Partners Corp.	3,700		27,084
Navigators Group, Inc.*	8,100		359,883
Phoenix Cos, Inc. (The)	5,900		9,853
Platinum Underwriters Holdings Ltd.	22,500		643,275
PMA Capital Corp., Class A*	17,900		81,445
ProAssurance Corp.*	2,700		124,767
Reinsurance Group of America, Inc.	38,665		1,349,795
RLI Corp.	1,600		71,680
Safety Insurance Group, Inc.	5,900		180,304
SeaBright Insurance Holdings, Inc.*	9,200		93,196
Selective Insurance Group	20,400		260,508
Tower Group, Inc. (a)	1,768		43,811
Validus Holdings Ltd.	48,500		1,066,030
			15,365,675
Internet Software & Services 0.9%
EarthLink, Inc.*	33,600		248,976
LogMeIn, Inc.	3,400		54,400
Omniture, Inc.*	107,882		1,354,998
SonicWALL, Inc.*	7,700		42,196
United Online, Inc.	59,738		388,894
			2,089,464
Leisure Equipment & Products 0.5%
JAKKS Pacific, Inc.*	73,190		939,028
RC2 Corp.*	8,800		116,424
Steinway Musical Instruments*	6,100		65,331
			1,120,783
Life Sciences Tools & Services 0.6%
Bio-Rad Laboratories, Inc., Class A*	4,600		347,208
Cambrex Corp.*	150,880		621,626
Covance, Inc.*	9,900		487,080
			1,455,914
Machinery 3.7%
Actuant Corp., Class A	9,300		113,460
Altra Holdings, Inc.*	13,300		99,617
Ampco-Pittsburgh Corp.	1,900		44,555
Barnes Group, Inc.	32,300		384,047
Cascade Corp.	1,200		18,876
Chart Industries, Inc.*	1,400		25,452
CIRCOR International, Inc.	6,000		141,660
Columbus McKinnon Corp.*	4,000		50,600
Commercial Vehicle Group, Inc.*	4,500		6,480
Dynamic Materials Corp.	46,991		905,986
EnPro Industries, Inc.*	23,000		414,230
FreightCar America, Inc.	95,910		1,612,247
Harsco Corp.	40,510		1,146,433
Kadant, Inc.*	900		10,161
Kennametal, Inc.	82,740		1,586,953
Mueller Industries, Inc.	4,800		99,840
Portec Rail Products, Inc.	900		8,865
Tennant Co.	1,300		23,907
Terex Corp.*	55,697		672,263
Wabtec Corp.	51,770		1,665,441
			9,031,073
Marine 0.1%
Horizon Lines, Inc., Class A (a)	29,500		113,870
International Shipholding Corp.	5,200		140,192
			254,062
Media 0.2%
AH Belo Corp., Class A (a)	16,800		16,464
Carmike Cinemas, Inc.*	11,400		95,532
Cumulus Media, Inc., Class A* (a)	37,000		34,410
Entercom Communications Corp., Class A (a)	16,300		24,939
Journal Communications, Inc., Class A	26,800		28,140
Lin TV Corp., Class A*	27,000		45,360
Sinclair Broadcast Group, Inc., Class A	56,600		109,804
Valassis Communications, Inc.*	24,900		152,139
			506,788
Metals & Mining 0.5%
Allegheny Technologies, Inc.	9,530		332,883
Coeur d’Alene Mines Corp.*	5,800		71,340

10 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Metals & Mining (continued)
Compass Minerals International, Inc.	7,600	$	417,316
Royal Gold, Inc. (a)	5,300		221,010
Worthington Industries, Inc.	20,100		257,079
			1,299,628
Multi-Utility 1.2%
CMS Energy Corp.	106,530		1,286,882
Vectren Corp.	74,750		1,751,393
			3,038,275
Natural Gas Utility 1.4%
New Jersey Resources Corp.	26,150		968,596
ONEOK, Inc.	28,150		830,144
Piedmont Natural Gas Co., Inc.	7,600		183,236
South Jersey Industries, Inc.	9,800		341,922
Southwest Gas Corp.	26,700		593,007
WGL Holdings, Inc.	13,000		416,260
			3,333,165
Oil, Gas & Consumable Fuels 2.4%
Berry Petroleum Co., Class A	33,700		626,483
Cabot Oil & Gas Corp.	12,660		387,902
Comstock Resources, Inc.*	9,000		297,450
Delek US Holdings, Inc.	1,100		9,328
Delta Petroleum Corp.*	51,200		98,816
DHT Maritime, Inc.	12,600		65,646
EXCO Resources, Inc.*	34,300		443,156
Foundation Coal Holdings, Inc.	28,370		797,481
Gulfport Energy Corp.*	32,700		223,995
Harvest Natural Resources, Inc.*	18,300		80,703
Infinity Bio-Energy Ltd.*(b)	155,500		1,555
Knightsbridge Tankers Ltd.	10,600		144,584
Nordic American Tanker Shipping	3,900		124,098
Parallel Petroleum Corp.*	13,800		26,772
Rosetta Resources, Inc.*	9,000		78,750
Southern Union Co.	51,850		953,522
Swift Energy Co.*	9,600		159,840
Toreador Resources Corp. (a)	4,600		30,820
USEC, Inc.* (a)	10,300		54,796
VAALCO Energy, Inc.	16,100		68,103
Western Refining, Inc.* (a)	15,900		112,254
Whiting Petroleum Corp.*	22,150		778,794
World Fuel Services Corp.	9,600		395,808
			5,960,656
Paper & Forest Products 0.2%
Buckeye Technologies, Inc.*	47,600		213,724
Schweitzer-Mauduit International, Inc.	9,000		244,890
			458,614
Personal Products 0.1%
Prestige Brands Holdings, Inc.*	26,100		160,515
Pharmaceuticals 0.9%
Auxilium Pharmaceuticals, Inc.* (a)	3,600		112,968
Cypress Bioscience, Inc.*	4,100		38,622
Endo Pharmaceuticals Holdings, Inc.*	67,054		1,201,608
Par Pharmaceutical Cos., Inc.*	3,500		53,025
Valeant Pharmaceuticals International* (a)	4,800		123,456
ViroPharma, Inc.*	98,350		583,215
			2,112,894
Professional Services 1.9%
COMSYS IT Partners, Inc.*	3,200		18,720
FTI Consulting, Inc.*	14,580		739,498
IHS, Inc., Class A*	22,940		1,144,018
Kforce, Inc.*	11,900		98,413
Manpower, Inc.	17,730		750,688
School Specialty, Inc.*	800		16,168
Spherion Corp.*	26,300		108,356
Watson Wyatt Worldwide, Inc., Class A	47,230		1,772,542
			4,648,403
Real Estate Investment Trusts 4.4%
American Campus Communities, Inc.	6,100		135,298
Anthracite Capital, Inc. (a)	106,000		65,720
Anworth Mortgage Asset Corp.	34,500		248,745
Ashford Hospitality Trust, Inc.	26,800		75,308
Associated Estates Realty Corp.	7,300		43,508
BioMed Realty Trust, Inc.	25,100		256,773
CBL & Associates Properties, Inc. (a)	72,100		388,619
Colonial Properties Trust	20,300		150,220
Cypress Sharpridge Investments, Inc.*	8,300		98,770
DCT Industrial Trust, Inc.	74,100		302,328
Developers Diversified Realty Corp.	34,400		167,872
DiamondRock Hospitality Co.	36,900		230,994
Education Realty Trust, Inc.	9,600		41,184
Entertainment Properties Trust	16,000		329,600
Equity Lifestyle Properties, Inc.	8,500		316,030
Extra Space Storage, Inc.	12,800		106,880
First Potomac Realty Trust	16,000		156,000
Glimcher Realty Trust	37,000		107,300
Government Properties Income Trust*	4,400		90,332
Healthcare Realty Trust, Inc.	46,640		784,951

2009 Semiannual Report 11

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Real Estate Investment Trusts (continued)
Hersha Hospitality Trust	11,100	$	27,528
Home Properties, Inc.	3,100		105,710
Inland Real Estate Corp.	19,400		135,800
Invesco Mortgage Capital, Inc.*	2,600		50,648
Lexington Realty Trust	110,581		375,976
LTC Properties, Inc.	13,300		271,985
Macerich Co. (The) (a)	84,899		1,495,071
Maguire Properties, Inc.* (a)	3,200		2,720
MFA Financial, Inc.	111,100		768,812
National Retail Properties, Inc.	42,800		742,580
NorthStar Realty Finance Corp. (a)	46,570		131,793
Omega Healthcare Investors, Inc.	27,700		429,904
Parkway Properties, Inc.	24,000		312,000
Pennsylvania Real Estate Investment Trust (a)	31,400		157,000
PS Business Parks, Inc.	1,200		58,128
Resource Capital Corp.	11,800		37,760
Saul Centers, Inc.	9,600		283,872
Senior Housing Properties Trust	47,500		775,200
Strategic Hotels & Resorts, Inc.	39,400		43,734
Sun Communities, Inc.	12,400		170,872
Sunstone Hotel Investors, Inc.	28,505		152,502
			10,626,027
Real Estate Management & Development 0.4%
Jones Lang LaSalle, Inc.	29,420		962,917
Road & Rail 1.4%
Arkansas Best Corp.	8,400		221,340
Celadon Group, Inc.*	130,400		1,094,056
Con-way, Inc.	28,100		992,211
Heartland Express, Inc.	11,200		164,864
Kansas City Southern*	34,800		560,628
Knight Transportation, Inc.	2,100		34,755
Marten Transport Ltd.*	8,500		176,460
Saia, Inc.*	4,300		77,443
			3,321,757
Semiconductors & Semiconductor Equipment 1.7%
Amkor Technology, Inc.* (a)	26,900		127,237
Applied Micro Circuits Corp.*	19,575		159,145
Brooks Automation, Inc.*	2,300		10,304
DSP Group, Inc.*	11,400		77,064
Entegris, Inc.*	47,138		128,215
FEI Co.*	10,900		249,610
Lam Research Corp.*	45,080		1,172,080
Lattice Semiconductor Corp.*	15,200		28,576
MKS Instruments, Inc.*	12,200		160,918
Novellus Systems, Inc.*	41,340		690,378
PMC — Sierra, Inc.*	38,900		309,644
Semtech Corp.*	8,800		140,008
Silicon Image, Inc.*	156,921		360,918
Skyworks Solutions, Inc.*	66,100		646,458
			4,260,555
Software 4.0%
Actuate Corp.*	222,500		1,063,550
Aspen Technology, Inc.*	33,700		287,461
Concur Technologies, Inc.*	19,648		610,660
JDA Software Group, Inc.*	6,800		101,728
Macrovision Solutions Corp.*	41,500		905,115
NetScout Systems, Inc.*	6,400		60,032
Parametric Technology Corp.*	1,420		16,600
Progress Software Corp.*	6,800		143,956
Quest Software, Inc.*	7,000		97,580
Rosetta Stone, Inc.* (a)	4,600		126,224
Solarwinds, Inc.*	4,700		77,503
Solera Holdings, Inc.*	125,650		3,191,510
SPSS, Inc.*	1,300		43,381
Sybase, Inc.*	65,500		2,052,770
Take-Two Interactive Software, Inc.	11,200		106,064
THQ, Inc.*	113,778		814,650
TIBCO Software, Inc.*	9,900		70,983
			9,769,767
Specialty Retail 2.2%
Asbury Automotive Group, Inc.*	14,100		144,384
Brown Shoe Co., Inc.	15,400		111,496
Cato Corp. (The), Class A	7,600		132,544
Children’s Place Retail Stores, Inc. (The)*	10,000		264,300
Collective Brands, Inc.*	16,100		234,577
Dress Barn, Inc.* (a)	15,000		214,500
Finish Line (The), Class A	23,200		172,144
Group 1 Automotive, Inc.	10,500		273,210
Gymboree Corp.*	5,100		180,948
Jo-Ann Stores, Inc.*	2,600		53,742
Jos. A. Bank Clothiers, Inc.*	18,200		627,172
Rent-A-Center, Inc.*	52,000		927,160
Shoe Carnival, Inc.*	5,200		62,036
Sonic Automotive, Inc., Class A (a)	19,100		194,056
Stage Stores, Inc.	11,275		125,153
Tractor Supply Co.*	25,050		1,035,066
Urban Outfitters, Inc.*	28,220		588,951
Zale Corp.*	32,500		111,800
			5,453,239
Textiles, Apparel & Luxury Goods 1.5%
Carter’s, Inc.*	6,000		147,660
Deckers Outdoor Corp.*	2,300		161,621

12 Semiannual Report 2009

Common Stocks (continued)
		Shares		Market Value
Textiles, Apparel & Luxury Goods (continued)
Maidenform Brands, Inc.*		16,100	$	184,667
Oxford Industries, Inc.		1,000		11,650
Perry Ellis International, Inc.*		15,250		111,020
Phillips-Van Heusen Corp.		65,880		1,890,097
Quiksilver, Inc.*		5,400		9,990
Skechers U.S.A., Inc., Class A*		7,100		69,367
Warnaco Group, Inc. (The)*		30,850		999,540
				3,585,612
Thrifts & Mortgage Finance 2.5%
Bank Mutual Corp.		75,050		654,436
Berkshire Hills Bancorp, Inc.		4,300		89,354
Brookline Bancorp, Inc.		21,100		196,652
Dime Community Bancshares		10,650		97,022
Doral Financial Corp.* (a)		7,800		19,500
Federal Agricultural Mortgage Corp., Class C (a)		6,700		32,361
First Defiance Financial Corp.		2,600		33,800
First Financial Holdings, Inc.		5,600		52,640
First Niagara Financial Group, Inc.		87,346		997,491
First Place Financial Corp.		600		1,866
Flushing Financial Corp.		86,190		805,876
Guaranty Financial Group, Inc.*		16,500		3,135
Ocwen Financial Corp.*		12,600		163,422
Provident Financial Services, Inc.		19,600		178,360
Radian Group, Inc.		53,300		144,976
United Community Financial Corp.*		23,781		25,921
Washington Federal, Inc.		100,850		1,311,050
Waterstone Financial, Inc.* (a)		300		891
Westfield Financial, Inc.		124,560		1,128,514
WSFS Financial Corp.		4,600		125,626
				6,062,893
Trading Companies & Distributors 1.6%
Aceto Corp.		21,000		140,070
Aircastle Ltd.		16,800		123,480
Applied Industrial Technologies, Inc.		42,650		840,205
Beacon Roofing Supply, Inc.*		81,540		1,179,068
Houston Wire & Cable Co.		3,800		45,258
Interline Brands, Inc.*		11,000		150,480
Rush Enterprises, Inc., Class A*		102,000		1,188,300
Watsco, Inc.		3,900		190,827
				3,857,688
Water Utility 0.1%
American States Water Co.		3,900		135,096
California Water Service Group		5,300		195,252
				330,348
Wireless Telecommunication Services 0.7%
Syniverse Holdings, Inc.*		103,950		1,666,319
USA Mobility, Inc.		3,000		38,280
Virgin Mobile USA, Inc., Class A*		22,800		91,656
				1,796,255
Total Common Stocks (cost $284,443,210)				237,797,092
Warrants 0.0% (b)
Health Care Providers & Services 0.0%
Hythiam, Inc., Expiring 11/06/12		19,000		0
Total Warrants (cost $—)				0
U.S. Government Sponsored & Agency Obligations 0.2% (c)
		Principal Amount		Market Value
U.S. Treasury Notes, 3.13%, 11/30/09	$	525,000	$	531,091
Total U.S. Government Sponsored & Agency Obligations (cost $530,428)				531,091
Mutual Fund 2.5%
		Shares		Market Value
Money Market Fund 2.5%
AIM Liquid Assets Portfolio		5,992,828		5,992,828
Total Mutual Fund (cost $5,992,828)				5,992,828

2009 Semiannual Report 13

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Small Cap Value Fund (Continued)

Repurchase Agreement 3.8% (d)
		Principal Amount		Market Value
Morgan Stanley, 0.07%, dated 06/30/09, due 07/01/09, repurchase price $9,409,840, collateralized by U.S. Government Agency Mortgages ranging 3.50% – 8.50%, maturing 06/01/11 – 06/01/39; total market value of $9,598,018	$	9,409,822	$	9,409,822
Total Repurchase Agreement (cost $9,409,822)				9,409,822
Total Investments (cost $300,376,288) (e) — 103.9%				253,730,833
Liabilities in excess of other assets — (3.9)%				(9,535,925	)
NET ASSETS — 100.0%			$	244,194,908

*	Denotes a non-income producing security.
(a)	The security or a partial position of this security is on loan at June 30, 2009. The total value of securities on loan at June 30, 2009 was 9,099,281.
(b)	Fair Valued Security.
(c)	All or a part of the security was pledged as collateral for futures contracts as of June 30, 2009.
(d)	The security was purchased with cash collateral held from securities on loan (See Note 2). The total value of this security as of June 30, 2009 was $9,409,822.
(e)	See notes to financial statements for tax unrealized appreciation / (depreciation) of securities.

Ltd	Limited
NA	National Association
SA	Stock Company

At June 30, 2009, the Fund’s open futures contracts were as follows (Note 2):

				Notional Value		Unrealized
Number of				Covered by		Appreciation
Contracts	Long Contracts	Expiration		Contracts		(Depreciation)
67	Russell 2000 Mini Futures		09/18/09	$	3,398,240	$	68,346

The accompanying notes are an integral part of these financial statements.

14 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT
	Multi-Manager
	Small Cap
	Value Fund
Assets:
Investments, at value (cost $290,966,466)*	$	244,321,011
Repurchase agreements, at value and cost		9,409,822
Total Investments		253,730,833
Interest and dividends receivable		314,856
Receivable for capital shares issued		95,195
Receivable for investments sold		5,061,574
Prepaid expenses and other assets		3,445
Total Assets		259,205,903
Liabilities:
Cash overdraft		73,676
Payable for variation margin on futures contracts		5,360
Payable for investments purchased		5,043,233
Payable upon return of securities loaned (Note 2)		9,409,822
Payable for capital shares redeemed		180,061
Accrued expenses and other payables:
Investment advisory fees		181,582
Fund administration fees		9,608
Distribution fees		5,021
Administrative services fees		39,692
Custodian fees		2,548
Trustee fees		543
Compliance program costs (Note 3)		5,389
Professional fees		13,226
Printing fees		36,733
Other		4,501
Total Liabilities		15,010,995
Net Assets	$	244,194,908
Represented by:
Capital	$	404,440,684
Accumulated undistributed net investment income		736,318
Accumulated net realized losses from investment transactions and futures		(114,404,985	)
Net unrealized appreciation/(depreciation) from investments		(46,645,455	)
Net unrealized appreciation/(depreciation) from futures (Note 2)		68,346
Net Assets	$	244,194,908
Net Assets:
Class I Shares	$	182,024,083
Class II Shares		24,095,715
Class III Shares		394,348
Class IV Shares		20,096,358
Class Y Shares		17,584,404
Total	$	244,194,908

*  Includes value of securities on loan of $9,099,281 (Note 2).

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 15

Statement of Assets and Liabilities (Continued)

	NVIT
	Multi-Manager
	Small Cap
	Value Fund
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		27,703,497
Class II Shares		3,713,950
Class III Shares		59,908
Class IV Shares		3,058,888
Class Y Shares		2,675,808
Total		37,212,051
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	6.57
Class II Shares	$	6.49
Class III Shares	$	6.58
Class IV Shares	$	6.57
Class Y Shares	$	6.57

The accompanying notes are an integral part of these financial statements.

16 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT
	Multi-Manager
	Small Cap
	Value Fund
INVESTMENT INCOME:
Interest income	$	1,683
Dividend income		2,395,299
Income from securities lending (Note 2)		30,264
Foreign tax withholding		(1,995	)
Total Income		2,425,251
EXPENSES:
Investment advisory fees		1,015,854
Fund administration fees		55,417
Distribution fees Class II Shares		25,938
Administrative services fees Class I Shares		137,310
Administrative services fees Class II Shares		16,012
Administrative services fees Class III Shares		331
Administrative services fees Class IV Shares		15,638
Custodian fees		16,672
Trustee fees		4,715
Compliance program costs (Note 3)		1,576
Professional fees		23,500
Printing fees		41,310
Other		16,421
Total expenses before earnings credit and waived expenses		1,370,694
Earnings credit (Note 5)		(11,150	)
Investment advisory fees waived		(6,378	)
Net Expenses		1,353,166
NET INVESTMENT INCOME		1,072,085
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(29,362,120	)
Net realized gains from futures transactions (Note 2)		399,982
Net realized losses from investment and futures transactions		(28,962,138	)
Net change in unrealized appreciation/(depreciation) from investments		26,383,455
Net change in unrealized appreciation/(depreciation) from futures (Note 2)		(94,554	)
Net change in unrealized appreciation/(depreciation) from investments and futures		26,288,901
Net realized/unrealized losses from investments and futures		(2,673,237	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,601,152	)

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 17

Statements of Changes in Net Assets

	NVIT Multi-Manager
	Small Cap Value Fund
	Six Months Ended June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	1,072,085		$	4,691,183
Net realized losses from investment and futures transactions		(28,962,138	)		(77,252,807	)
Net change in unrealized appreciation/(depreciation) from investments and futures		26,288,901			(62,537,414	)
Change in net assets resulting from operations		(1,601,152	)		(135,099,038	)
Distributions to Shareholders From:
Net investment income:
Class I		(1,084,931	)		(3,324,987	)
Class II		(118,433	)		(273,709	)
Class III		(2,656	)		(7,509	)
Class IV		(130,635	)		(359,893	)
Class Y		(75,307	)		(68,434	)
Change in net assets from shareholder distributions		(1,411,962	)		(4,034,532	)
Change in net assets from capital transactions		(10,442,074	)		(93,511,195	)
Change in net assets		(13,455,188	)		(232,644,765	)
Net Assets:
Beginning of period		257,650,096			490,294,861
End of period	$	244,194,908		$	257,650,096
Accumulated undistributed net investment income at end of period	$	736,318		$	1,076,195
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	4,468,668		$	18,269,869
Dividends reinvested		1,084,931			3,324,987
Cost of shares redeemed		(23,651,650	)		(114,576,564	)
Total Class I		(18,098,051	)		(92,981,708	)
Class II Shares
Proceeds from shares issued		4,478,845			4,586,527
Dividends reinvested		118,433			273,709
Cost of shares redeemed		(2,000,404	)		(9,738,590	)
Total Class II		2,596,874			(4,878,354	)
Class III Shares
Proceeds from shares issued		24,766			151,780
Dividends reinvested		2,656			7,509
Cost of shares redeemed (a)		(131,030	)		(380,479	)
Total Class III		(103,608	)		(221,190	)
Class IV Shares
Proceeds from shares issued		510,535			1,188,513
Dividends reinvested		130,635			359,893
Cost of shares redeemed		(3,489,417	)		(7,525,521	)
Total Class IV		(2,848,247	)		(5,977,115	)

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

The accompanying notes are an integral part of these financial statements.

18 Semiannual Report 2009

	NVIT Multi-Manager
	Small Cap Value Fund
	Six Months Ended June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
CAPITAL TRANSACTIONS: (continued)
Class Y Shares
Proceeds from shares issued	$	8,728,971		$	10,775,049
Dividends reinvested		75,307			68,434
Cost of shares redeemed		(793,320	)		(296,311	)
Total Class Y		8,010,958			10,547,172
Change in net assets from capital transactions	$	(10,442,074	)	$	(93,511,195	)
SHARE TRANSACTIONS:
Class I Shares
Issued		738,320			2,088,465
Reinvested		190,339			415,216
Redeemed		(4,041,450	)		(13,195,479	)
Total Class I Shares		(3,112,791	)		(10,691,798	)
Class II Shares
Issued		794,821			535,915
Reinvested		20,998			35,263
Redeemed		(341,937	)		(1,179,956	)
Total Class II Shares		473,882			(608,778	)
Class III Shares
Issued		4,459			18,530
Reinvested		465			953
Redeemed		(21,446	)		(43,247	)
Total Class III Shares		(16,522	)		(23,764	)
Class IV Shares
Issued		85,518			146,213
Reinvested		22,918			45,601
Redeemed		(578,823	)		(878,772	)
Total Class IV Shares		(470,387	)		(686,958	)
Class Y Shares
Issued		1,459,882			1,351,099
Reinvested		13,212			9,674
Redeemed		(122,237	)		(35,822	)
Total Class Y Shares		1,350,857			1,324,951
Total change in shares		(1,774,961	)		(10,686,347	)

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 19

Financial Highlights

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

NVIT Multi-Manager Small Cap Value Fund

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																												Ratio of Net			Ratio of
							and																												Investment			Expenses
	Net Asset			Net			Unrealized																									Ratio of			Income			(Prior to
	Value,			Investment			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			(Loss) to			Reimbursements)
	Beginning			Income			(Losses) from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End of		to Average			Average			to Average			Portfolio
	of Period			(Loss)			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(d)			Turnover (c)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.62		0	.03		(0	.04)		(0	.01)		(0	.04)		–			(0	.04)		–	$	6	.57		(0	.09%)	$	182,024,083		1	.18%		1	.00%		1	.19%		35	.15%
Year Ended December 31, 2008	$	9	.88		0	.12		(3	.28)		(3	.16)		(0	.10)		–			(0	.10)		–	$	6	.62		(32	.15%)	$	203,855,899		1	.08%		1	.29%		1	.10%		119	.80%
Year Ended December 31, 2007	$	12	.45		0	.10		(0	.87)		(0	.77)		(0	.15)		(1	.65)		(1	.80)		–	$	9	.88		(6	.89%)	$	410,073,252		1	.14%		0	.66%		1	.14%		94	.94%
Year Ended December 31, 2006	$	11	.53		0	.07		1	.91		1	.98		(0	.06)		(1	.00)		(1	.06)		–	$	12	.45		17	.29%	$	587,083,741		1	.13%		0	.47%		1	.13%(e)		115	.12%
Year Ended December 31, 2005	$	12	.62		0	.03		0	.35		0	.38		(0	.01)		(1	.46)		(1	.47)		–	$	11	.53		3	.07%	$	634,107,304		1	.12%		0	.09%		1	.12%(e)		188	.69%
Year Ended December 31, 2004	$	11	.56		(0	.01)		2	.01		2	.00		–			(0	.94)		(0	.94)		–	$	12	.62		17	.30%	$	754,412,080		1	.11%		(0	.09%)		1	.11%(e)		132	.11%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.54		0	.02		(0	.03)		(0	.01)		(0	.04)		–			(0	.04)		–	$	6	.49		(0	.14%)	$	24,095,715		1	.43%		0	.60%		1	.44%		35	.15%
Year Ended December 31, 2008	$	9	.76		0	.09		(3	.23)		(3	.14)		(0	.08)		–			(0	.08)		–	$	6	.54		(32	.30%)	$	21,181,023		1	.32%		0	.97%		1	.35%		119	.80%
Year Ended December 31, 2007	$	12	.34		0	.06		(0	.87)		(0	.81)		(0	.12)		(1	.65)		(1	.77)		–	$	9	.76		(7	.23%)	$	37,579,430		1	.39%		0	.38%		1	.39%		94	.94%
Year Ended December 31, 2006	$	11	.43		0	.03		1	.91		1	.94		(0	.03)		(1	.00)		(1	.03)		–	$	12	.34		17	.10%	$	55,228,598		1	.38%		0	.23%		1	.38%(e)		115	.12%
Year Ended December 31, 2005	$	12	.55		(0	.02)		0	.36		0	.34		–			(1	.46)		(1	.46)		–	$	11	.43		2	.78%	$	44,094,071		1	.38%		(0	.15%)		1	.38%(e)		188	.69%
Year Ended December 31, 2004	$	11	.53		(0	.03)		1	.99		1	.96		–			(0	.94)		(0	.94)		–	$	12	.55		17	.00%	$	41,804,271		1	.36%		(0	.30%)		1	.36%(e)		132	.11%

Amounts designated as “–” are zero or have been rounded to zero.
(a)  Not annualized for periods less than one year.
(b) Annualized for periods less than one year.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d) During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e) There were no fee reductions during the period.
(f) For the period from March 27, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

20 Semiannual Report 2009

Financial Highlights

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

NVIT Multi-Manager Small Cap Value Fund (Continued)

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																												Ratio of Net			Ratio of
							and																												Investment			Expenses
	Net Asset			Net			Unrealized																									Ratio of			Income			(Prior to
	Value,			Investment			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			(Loss) to			Reimbursements)
	Beginning			Income			(Losses) from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End of		to Average			Average			to Average			Portfolio
	of Period			(Loss)			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(d)			Turnover (c)
Class III Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.63		0	.04		(0	.05)		(0	.01)		(0	.04)		–			(0	.04)		–	$	6	.58		(0	.09%)	$	394,348		1	.18%		0	.96%		1	.19%		35	.15%
Year Ended December 31, 2008	$	9	.90		0	.12		(3	.29)		(3	.17)		(0	.10)		–			(0	.10)		–	$	6	.63		(32	.21%)	$	506,519		1	.12%		1	.34%		1	.14%		119	.80%
Year Ended December 31, 2007	$	12	.48		0	.10		(0	.88)		(0	.78)		(0	.15)		(1	.65)		(1	.80)		–	$	9	.90		(6	.92%)	$	991,682		1	.11%		0	.68%		1	.12%		94	.94%
Year Ended December 31, 2006	$	11	.55		0	.07		1	.92		1	.99		(0	.06)		(1	.00)		(1	.06)		–	$	12	.48		17	.37%	$	1,485,343		1	.12%		0	.47%		1	.12%(e)		115	.12%
Year Ended December 31, 2005	$	12	.64		0	.03		0	.35		0	.38		(0	.01)		(1	.46)		(1	.47)		–	$	11	.55		3	.06%	$	1,445,191		1	.13%		0	.08%		1	.13%(e)		188	.69%
Year Ended December 31, 2004	$	11	.57		(0	.01)		2	.02		2	.01		–			(0	.94)		(0	.94)		–	$	12	.64		17	.37%	$	2,029,050		1	.11%		(0	.09%)		1	.11%(e)		132	.11%
Class IV Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.61		0	.03		(0	.03)		–			(0	.04)		–			(0	.04)		–	$	6	.57		0	.06%	$	20,096,358		1	.18%		0	.98%		1	.19%		35	.15%
Year Ended December 31, 2008	$	9	.88		0	.11		(3	.28)		(3	.17)		(0	.10)		–			(0	.10)		–	$	6	.61		(32	.27%)	$	23,344,639		1	.11%		1	.21%		1	.14%		119	.80%
Year Ended December 31, 2007	$	12	.45		0	.09		(0	.86)		(0	.77)		(0	.15)		(1	.65)		(1	.80)		–	$	9	.88		(6	.92%)	$	41,650,497		1	.10%		0	.67%		1	.11%		94	.94%
Year Ended December 31, 2006	$	11	.53		0	.07		1	.91		1	.98		(0	.06)		(1	.00)		(1	.06)		–	$	12	.45		17	.40%	$	52,342,646		1	.12%		0	.48%		1	.12%(e)		115	.12%
Year Ended December 31, 2005	$	12	.62		0	.03		0	.35		0	.38		(0	.01)		(1	.46)		(1	.47)		–	$	11	.53		3	.07%	$	52,727,490		1	.12%		0	.10%		1	.12%(e)		188	.69%
Year Ended December 31, 2004	$	11	.56		(0	.01)		2	.01		2	.00		–			(0	.94)		(0	.94)		–	$	12	.62		17	.30%	$	58,521,319		1	.11%		(0	.08%)		1	.11%(e)		132	.11%
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.61		0	.01		(0	.01)		–			(0	.04)		–			(0	.04)		–	$	6	.57		0	.09%	$	17,584,404		1	.02%		0	.59%		1	.03%		35	.15%
Period Ended December 31, 2008 (f)	$	9	.29		0	.06		(2	.65)		(2	.59)		(0	.09)		–			(0	.09)		–	$	6	.61		(28	.01%)	$	8,762,016		0	.98%		1	.19%		1	.01%		119	.80%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	There were no fee reductions during the period.
(f)	For the period from March 27, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 21

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Multi-Manager Small Cap Value Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

22 Semiannual Report 2009

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

2009 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stocks	$	237,795,537	$	—	$	1,555	$	237,797,092
Warrants		—		—		—		—
U.S. Government Sponsored & Agency Obligations		—		531,091		—		531,091
Mutual Fund		5,992,828		—		—		5,992,828
Repurchase Agreement		—		9,409,822		—		9,409,822
Futures Contracts		68,346		—		—		68,346
	$	243,856,711	$	9,940,913	$	1,555	$	253,799,179

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	NVIT Multi-Manager
	Small Cap Value Fund
	Common
	Stock
Balance as of 12/31/2008	$	—
Accrued Accretion/ (Amortization)		—
Change in Unrealized Appreciation/(Depreciation)		—
Net Purchase/(Sales)		—
Transfers In/(Out) of Level 3		1,555
Balance as of 6/30/2009	$	1,555

The total change in unrealized appreciation/(depreciation) included in the Statement of Operations attributable to level 3 investments still held at June 30, 2009 is ($18,660).

Amount designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

24 Semiannual Report 2009

(c)        Repurchase Agreements

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

(d)        Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its investment objective. The Fund may enter into financial futures contracts (“futures contracts”) to gain exposure to, or hedge against changes in, the value of equities. The Fund may also enter into futures contracts for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to enter into and maintain futures contracts may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such futures contracts.

Futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price. Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, know as “variation margin” receipts or payments, are made each day, depending on the fluctuations in the fair value/market value of the futures contract and are recognized by the Fund as unrealized gains or losses. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and the value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. Futures contracts involve minimal counterparty credit risk to the Fund because futures contracts are exchange-traded, and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees futures contracts against default.

2009 Semiannual Report 25

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Futures contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Net unrealized appreciation/(depreciation) from futures,” and in the Statement of Operations under “Net realized gains from futures transactions” and “Net change in unrealized appreciation/(depreciation) from futures.”

Fair Values of Derivative Instruments as of June 30, 2009

Derivatives not	Asset Derivatives			Liability Derivatives
accounted for as	Statement of Assets and			Statement of Assets and
hedging	Liabilities Location	Fair Value		Liabilities Location	Fair Value
Equity contracts*	Net Assets — Net Unrealized Appreciation from futures	$	68,346	Net Assets — Net Unrealized Depreciation from futures	$	—
Total		$	68,346		$	—

* Includes cumulative appreciation/(depreciation) of futures contracts as reported in Statement of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities.

Amounts designated as “—” are zero.

The Effect of Derivative Instruments on the Statement of Operations
For the Six Months Ended June 30, 2009

Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations

Derivatives not accounted for as hedging
instruments under FAS 133	Futures
Equity contracts	$	399,982
Total	$	399,982

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations

Derivatives not accounted for as hedging instruments under FAS 133	Futures
Equity contracts	$	(94,554	)
Total	$	(94,554	)

Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the period ending June 30, 2009.

Amount designated as “—” are zero.

(e)        Security Transactions and Investment Income

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

(f)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the

26 Semiannual Report 2009

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

As of June 30, 2009, the Fund had securities with the following value on loan:

Value of Loaned Securities		Value of Collateral
$	9,099,281	$	9,409,822

(g)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(h)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 through 2008 remain subject to examination by the Internal Revenue Service.

2009 Semiannual Report 27

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

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

Subadvisers

- Aberdeen Asset Management, Inc.

- Epoch Investment Partners, Inc.

- JPMorgan Investment Partners, Inc.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
Up to $200 million		0.90%
$200 million and more		0.85%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisers $567,184 for the six months ended June 30, 2009.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated

28 Semiannual Report 2009

proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

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

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

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

For the six months ended June 30, 2009, NFS received $161,791 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $1,576.

4. Short-Term Trading Fees

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

2009 Semiannual Report 29

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be redeemed first.

For the period ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $184 from Class III.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $41 from Class III.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $77,711,656 and sales of $82,363,351 (excluding short-term securities).

For the six months ended June 30, 2009, the Fund had short-term purchases of $2,999,800 and no sales of U.S. government securities.

7. Indemnifications

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

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the

30 Semiannual Report 2009

volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation/
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	305,091,109	$	16,945,894	$	(68,306,170)	$	(51,360,276)

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 31

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement

32 Semiannual Report 2009

with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and each of the Fund’s sub-advisers (i.e., Aberdeen Asset Management (“Aberdeen”), Epoch Investment Partners, Inc., and JPMorgan Investment Management, Inc.), and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that the Fund’s overall performance for Class II shares for each of the one- and three-year periods ended September 30, 2008 was in the fourth quintile of its peer group, and that, for the five-year period ended September 30, 2008, the Fund’s performance for Class II shares was in the fifth quintile of its peer group. The Trustees noted that for each period, the Fund underperformed its benchmark, the Russell 2000 Growth Index. The Trustees also noted that the sleeve managed by Aberdeen was under close review and on the watch list, and the Trustees reviewed Aberdeen’s response to the close review questionnaire as well as a performance analysis report that had been prepared by NFA regarding Aberdeen’s performance. The Trustees also noted that Aberdeen had replaced the team managing its sleeve of the Fund, with Jason Kotik and Mike Manzo serving as lead portfolio managers. The Trustees reviewed the qualifications and experience of the new Aberdeen portfolio managers.

The Trustees noted that the Fund’s contractual advisory fee, actual advisory fee, and total expenses for Class II shares were in the fifth quintile of its peer group. The Trustees considered that the Fund’s peer group is not specifically limited to multi-manager funds. The Trustees also took into account issues specific to multi-managed funds, including the fact that oversight, monitoring, and reporting of investments is more extensive when dealing with multiple managers, and operations and compliance efforts increase incrementally as the number of managers increase. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the advisory fee schedule includes breakpoints, and that the first breakpoint has been reached. The Trustees concluded that the shareholders of the Fund have appropriately benefited from economies of scale under the proposed advisory fee schedule, in light of such breakpoints.

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

2009 Semiannual Report 33

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

34 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 35

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

36 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 37

Gartmore NVIT Worldwide Leaders Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements
22	Supplemental Information
24	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-WWL (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder Gartmore NVIT Worldwide Leaders Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
Gartmore NVIT Worldwide			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Leaders Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		998.50		5.71		1.15
	Hypothetical	b		1,000.00		1,019.08		5.79		1.15
Class III	Actual			1,000.00		998.50		5.71		1.15
	Hypothetical	b		1,000.00		1,019.08		5.79		1.15
Class VI	Actual			1,000.00		998.70		7.14		1.44
	Hypothetical	b		1,000.00		1,017.65		7.23		1.44

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary Gartmore NVIT Worldwide Leaders Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	96	.6%
Repurchase Agreements	3	.3%
Other assets in excess of liabilities	0	.1%
	100	.0%

Top Industries
Pharmaceuticals	11	.2%
Oil, Gas & Consumable Fuels	9	.5%
Commercial Banks	8	.0%
Food Products	6	.9%
Diversified Financial Services	6	.5%
Metals & Mining	4	.1%
Hotels, Restaurants & Leisure	4	.0%
Real Estate Management & Development	3	.7%
Computers & Peripherals	3	.5%
Automobiles	3	.4%
Other Industries*	39	.2%
	100	.0%

Top Holdings
Teva Pharmaceutical Industries Ltd. ADR	4	.2%
Royal Dutch Shell PLC, B Shares	4	.1%
McDonald’s Corp.	4	.0%
JPMorgan Chase & Co.	3	.9%
Nestle SA	3	.7%
Apple, Inc.	3	.5%
BG Group PLC	3	.4%
Toyota Motor Corp.	3	.4%
Polo Ralph Lauren Corp.	3	.3%
HSBC Holdings PLC	3	.3%
Other Holdings*	63	.2%
	100	.0%

Top Countries
United States	38	.1%
United Kingdom	10	.6%
Japan	10	.1%
Switzerland	6	.2%
Israel	4	.2%
Netherlands	4	.1%
Hong Kong	3	.1%
Germany	3	.0%
Finland	2	.7%
China	2	.6%
Other Countries*	15	.3%
	100	.0%

* For purposes of listing top industries, top holdings and top countries, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

Gartmore NVIT Worldwide Leaders Fund

Common Stocks 96.6%
	Shares		Market Value
CHINA 2.6% (a)
Commercial Banks 2.6%
China Construction Bank Corp., Class H	643,000	$	495,475
FINLAND 2.7% (a)
Communications Equipment 2.7%
Nokia OYJ	35,200		515,523
FRANCE 2.0% (a)
Auto Components 2.0%
Compagnie Generale des Etablissements Michelin, Class B	6,700		383,678
GERMANY 3.0% (a)
Pharmaceuticals 3.0%
Bayer AG	10,600		569,583
HONG KONG 3.1% (a)
Real Estate Management & Development 3.1%
Cheung Kong Holdings Ltd.	52,000		594,593
ISRAEL 4.2%
Pharmaceuticals 4.2%
Teva Pharmaceutical Industries Ltd. ADR	16,100		794,374
JAPAN 10.1% (a)
Automobiles 3.4%
Toyota Motor Corp.	16,800		635,431
Capital Markets 2.5%
Nomura Holdings, Inc.	57,100		482,047
Commercial Banks 0.7%
Sumitomo Mitsui Financial Group, Inc.	3,300		133,556
Marine 2.4%
Mitsui OSK Lines Ltd.	71,000		458,898
Office Electronics 1.1%
Canon, Inc.	6,500		212,349
			1,922,281
LUXEMBOURG 2.6% (a)
Metals & Mining 2.6%
ArcelorMittal	14,751		488,103
NETHERLANDS 4.1% (a)
Oil, Gas & Consumable Fuels 4.1%
Royal Dutch Shell PLC, B Shares	30,800		775,313
SINGAPORE 2.6% (a)
Diversified Telecommunication Services 2.6%
Singapore Telecommunications Ltd.	235,000		484,939
SPAIN 2.6% (a)
Electric Utilities 2.6%
Iberdrola SA*	29,191		229,299
Iberdrola SA(a)	32,100		261,734
			491,033
SWEDEN 2.1% (a)
Building Products 2.1%
Assa Abloy AB, Class B	28,200		394,538
SWITZERLAND 6.2% (a)
Electrical Equipment 2.5%
ABB Ltd.	29,500		465,932
Food Products 3.7%
Nestle SA	18,800		710,022
			1,175,954
UNITED KINGDOM 10.6% (a)
Commercial Banks 4.0%
Barclays PLC	31,104		144,525
HSBC Holdings PLC	75,233		626,706
			771,231
Food Products 3.2%
Unilever PLC	25,600		601,584
Oil, Gas & Consumable Fuels 3.4%
BG Group PLC	38,160		642,528
			2,015,343
UNITED STATES 38.1%
Chemicals 2.5%
Monsanto Co.	6,390		475,033
Commercial Banks 0.7%
Fifth Third Bancorp	18,058		128,212
Computers & Peripherals 3.5%
Apple, Inc.*	4,650		662,299
Diversified Financial Services 6.5%
Bank of America Corp.	37,500		495,000
JPMorgan Chase & Co.	21,796		743,461
			1,238,461
Hotels, Restaurants & Leisure 4.0%
McDonald’s Corp.	13,300		764,617
Household Durables 1.0%
Lennar Corp., Class A	7,000		67,830
Toll Brothers, Inc.*	7,100		120,487
			188,317
Media 1.5%
DIRECTV Group, Inc. (The)*	11,100		274,281
Metals & Mining 1.5%
Freeport-McMoRan Copper & Gold, Inc.	5,570		279,113

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

Gartmore NVIT Worldwide Leaders Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
UNITED STATES (continued)
Oil, Gas & Consumable Fuels 2.0%
ConocoPhillips	8,948	$	376,353
Pharmaceuticals 4.0%
Bristol-Myers Squibb Co.	13,600		276,216
Pfizer, Inc.	31,800		477,000
			753,216
Real Estate Management & Development 0.6%
CB Richard Ellis Group, Inc., Class A*	12,100		113,256
Road & Rail 2.0%
Union Pacific Corp.	7,400		385,244
Software 2.4%
Microsoft Corp.	19,000		451,630
Specialty Retail 2.6%
Home Depot, Inc.	21,200		500,956
Textiles, Apparel & Luxury Goods 3.3%
Polo Ralph Lauren Corp.	11,800		631,772
			7,222,760
Total Common Stocks (cost $17,144,274)			18,323,490

Repurchase Agreements 3.3%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $413,698, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $421,971	$	413,697	$	413,697
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $202,530, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $206,581		202,530		202,530
Total Repurchase Agreements (cost $616,227)				616,227
Total Investments (cost $17,760,501) (b) — 99.9%				18,939,717
Other assets in excess of liabilities — 0.1%				22,634
NET ASSETS — 100.0%			$	18,962,351

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

ADR	American Depositary Receipt
AG	Stock Corporation
Ltd	Limited
OYJ	Public Traded Company
PLC	Public Limited Company
SA	Stock Company

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	Gartmore NVIT
	Worldwide
	Leaders Fund
Assets:
Investments, at value (cost $17,144,274)	$	18,323,490
Repurchase agreements, at value and cost		616,227
Total Investments		18,939,717
Cash		123
Foreign currencies, at value (cost $51,389)		51,045
Interest and dividends receivable		28,863
Receivable for capital shares issued		3,060
Reclaims receivable		18,251
Prepaid expenses and other assets		256
Total Assets		19,041,315
Liabilities:
Payable for investments purchased		44,471
Unrealized depreciation on spot contracts		127
Payable for capital shares redeemed		4,807
Accrued expenses and other payables:
Investment advisory fees		22,811
Fund administration fees		746
Distribution fees		5
Administrative services fees		2,988
Custodian fees		101
Compliance program costs (Note 3)		266
Professional fees		1,118
Printing fees		854
Other		670
Total Liabilities		78,964
Net Assets	$	18,962,351
Represented by:
Capital	$	33,753,049
Accumulated undistributed net investment income		98,136
Accumulated net realized losses from investment and foreign currency transactions		(16,068,654	)
Net unrealized appreciation/(depreciation) from investments		1,179,216
Net unrealized appreciation/(depreciation) from spot contracts		(127	)
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		731
Net Assets	$	18,962,351
Net Assets:
Class I Shares	$	11,083,804
Class III Shares		7,843,131
Class VI Shares		35,416
Total	$	18,962,351
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		1,349,738
Class III Shares		955,345
Class VI Shares		4,312
Total		2,309,395
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	8.21
Class III Shares	$	8.21
Class VI Shares	$	8.21

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	Gartmore NVIT Worldwide
	Leaders Fund
INVESTMENT INCOME:
Interest income	$	122
Dividend income		269,315
Income from securities lending (Note 2)		4,252
Foreign tax withholding		(11,576	)
Total Income		262,113
EXPENSES:
Investment advisory fees		75,226
Fund administration fees		4,428
Distribution fees Class VI Shares		8
Administrative services fees Class I Shares		7,963
Administrative services fees Class III Shares		5,925
Administrative services fees Class VI Shares (a)		5
Custodian fees		1,004
Trustee fees		314
Compliance program costs (Note 3)		123
Professional fees		1,925
Printing fees		14,980
Other		7,131
Total expenses before earnings credit and expenses reimbursed		119,032
Earnings credit (Note 5)		(2	)
Expenses reimbursed by adviser (Note 3)		(14,397	)
Net Expenses		104,633
NET INVESTMENT INCOME		157,480
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(4,077,428	)
Net realized losses from foreign currency transactions		(1,241	)
Net realized losses from investment and foreign currency transactions		(4,078,669	)
Net change in unrealized appreciation/(depreciation) from investments		3,681,283
Net change in unrealized appreciation/(depreciation) from foreign currency contracts		(127	)
Net change in unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		2,408
Net change in unrealized appreciation/(depreciation) from investments, foreign currency translations and foreign currency transactions		3,683,564
Net realized/unrealized losses from investments, foreign currency translations and foreign currency transactions		(395,105	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(237,625	)

(a) For the period from May 1, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statements of Changes in Net Assets

	Gartmore NVIT Worldwide Leaders Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	157,480		$	267,922
Net realized losses from investment and foreign currency transactions		(4,078,669	)		(10,544,029	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		3,683,564			(10,297,802	)
Change in net assets resulting from operations		(237,625	)		(20,573,909	)
Distributions to Shareholders From:
Net investment income:
Class I		(48,893	)		(146,834	)
Class III		(34,062	)		(110,466	)
Class VI (a)		(123	)		–
Net realized gains:
Class I		–			(3,764,300	)
Class III		–			(2,974,089	)
Class VI (a)		–			–
Change in net assets from shareholder distributions		(83,078	)		(6,995,689	)
Change in net assets from capital transactions		(1,965,515	)		(5,918,205	)
Change in net assets		(2,286,218	)		(33,487,803	)
Net Assets:
Beginning of period		21,248,569			54,736,372
End of period	$	18,962,351		$	21,248,569
Accumulated undistributed net investment income at end of period	$	98,136		$	23,734
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	651,560		$	988,881
Dividends reinvested		48,893			3,911,134
Cost of shares redeemed		(1,621,051	)		(6,243,016	)
Total Class I		(920,598	)		(1,343,001	)
Class III Shares
Proceeds from shares issued		216,792			1,376,881
Dividends reinvested		34,062			3,084,555
Cost of shares redeemed (b)		(1,330,586	)		(9,036,640	)
Total Class III		(1,079,732	)		(4,575,204	)
Class VI Shares (a)
Proceeds from shares issued		34,706			–
Dividends reinvested		123			–
Cost of shares redeemed		(14	)		–
Total Class VI		34,815			–
Change in net assets from capital transactions	$	(1,965,515	)	$	(5,918,205	)

Amounts designated as “–” are zero or have been rounded to zero.

(a)	For the period from May 1, 2009 (commencement of operations) through June 30, 2009.
(b)	Includes redemption fees — see Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statements of Changes in Net Assets (Continued)

	Gartmore NVIT Worldwide Leaders Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
SHARE TRANSACTIONS:
Class I Shares
Issued		89,341			71,288
Reinvested		6,271			351,107
Redeemed		(216,785	)		(460,948	)
Total Class I Shares		(121,173	)		(38,553	)
Class III Shares
Issued		27,370			96,297
Reinvested		4,369			276,988
Redeemed		(179,064	)		(644,283	)
Total Class III Shares		(147,325	)		(270,998	)
Class VI Shares (a)
Issued		4,299			–
Reinvested		15
Redeemed		(2	)		–
Total Class VI Shares		4,312			–
Total change in shares		(264,186	)		(309,551	)

Amounts designated as “–” are zero or have been rounded to zero.

(a) For the period from May 1, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Financial Highlights

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

Gartmore NVIT Worldwide Leaders Fund

				Operations									Distributions																			Ratios / Supplemental Data
							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(d)			Turnover (c)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	8	.26		0	.07		(0	.08)		(0	.01)		(0	.04)		–			(0	.04)		–	$	8	.21		(0	.15%)	$	11,083,804		1	.15%		1	.74%		1	.31%		112	.08%
Year Ended December 31, 2008	$	18	.99		0	.12		(7	.75)		(7	.63)		(0	.11)		(2	.99)		(3	.10)		–	$	8	.26		(44	.34%)	$	12,145,914		1	.19%		0	.84%		1	.19%		237	.52%
Year Ended December 31, 2007	$	15	.90		0	.06		3	.10		3	.16		(0	.07)		–			(0	.07)		–	$	18	.99		19	.90%	$	28,659,341		1	.30%		0	.33%		1	.30%		270	.07%
Year Ended December 31, 2006	$	12	.73		0	.13		3	.16		3	.29		(0	.12)		–			(0	.12)		–	$	15	.90		25	.88%	$	29,402,523		1	.21%		0	.96%		1	.21%(e)		269	.37%
Year Ended December 31, 2005	$	10	.78		0	.01		2	.04		2	.05		(0	.10)		–			(0	.10)		–	$	12	.73		19	.34%	$	29,173,437		1	.29%		0	.18%		1	.29%(e)		360	.00%
Year Ended December 31, 2004	$	9	.32		0	.09		1	.37		1	.46		–			–			–			–	$	10	.78		15	.67%	$	28,775,768		1	.25%		0	.95%		1	.25%(e)		452	.01%
Class III Shares
Six Months Ended June 30, 2009 (Unaudited)	$	8	.26		0	.07		(0	.08)		(0	.01)		(0	.04)		–			(0	.04)		–	$	8	.21		(0	.15%)	$	7,843,131		1	.15%		1	.74%		1	.31%		112	.08%
Year Ended December 31, 2008	$	18	.98		0	.12		(7	.75)		(7	.63)		(0	.10)		(2	.99)		(3	.09)		–	$	8	.26		(44	.33%)	$	9,102,655		1	.24%		0	.78%		1	.24%		237	.52%
Year Ended December 31, 2007	$	15	.89		0	.08		3	.09		3	.17		(0	.08)		–			(0	.08)		–	$	18	.98		19	.94%	$	26,077,031		1	.26%		0	.43%		1	.26%		270	.07%
Year Ended December 31, 2006	$	12	.73		0	.12		3	.16		3	.28		(0	.12)		–			(0	.12)		–	$	15	.89		25	.81%	$	23,154,788		1	.20%		0	.93%		1	.20%(e)		269	.37%
Year Ended December 31, 2005	$	10	.78		0	.01		2	.04		2	.05		(0	.10)		–			(0	.10)		–	$	12	.73		19	.34%	$	16,198,379		1	.29%		0	.13%		1	.29%(e)		360	.00%
Year Ended December 31, 2004	$	9	.32		0	.09		1	.37		1	.46		–			–			–			–	$	10	.78		15	.67%	$	7,376,454		1	.25%		0	.94%		1	.25%(e)		452	.01%
Class VI Shares
Period Ended June 30, 2009 (Unaudited) (f)	$	7	.62		0	.01		0	.61		0	.62		(0	.03)		–			(0	.03)		–	$	8	.21		(0	.13%)	$	35,416		1	.44%		0	.84%		2	.13%		112	.08%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	There were no fee reductions during the period.
(f)	For the period from May 1, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Gartmore NVIT Worldwide Leaders Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

12 Semiannual Report 2009

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stocks	$	8,017,134	$	10,306,356	$	—	$	18,323,490
Repurchase Agreements		—		616,227		—		616,227
	$	8,017,134	$	10,922,583	$	—	$	18,939,717

Amounts designated as “—” are zero.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

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

(d)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(e)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receive payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral.

14 Semiannual Report 2009

There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. As of June 30, 2009, the Fund did not have securities on loan.

(f)        Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. For the period ended June 30, 2009, the Fund did not invest in forward foreign currency contracts.

(g)        Security Transactions and Investment Income

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

(h)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(i)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Gartmore Global Partners (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

	Base Fee		Fee rate
	Through April		Effective
Fee Schedule	30, 2009		May 1, 2009
Up to $50 million		0.90%		0.80%
$50 million and more		0.85%		0.75%

The base fee results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly subperiod and that total fee is paid at the end of that most recently completed quarter.

16 Semiannual Report 2009

Prior to May 1, 2009, the Fund paid a performance-based management fee to NFA. This performance-based fee varied depending on the Fund’s performance relative to its benchmark. This fee was intended to reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, the Fund’s benchmark. The Fund’s benchmark for determining these performance-based fees was the MSCI World Index. The actual management fee paid by the Fund for the six months ended June 30, 2009, expressed as a percentage of the Fund’s average daily net assets and taking into account any applicable fee waivers or reimbursements, was 0.82%. NFA pays the subadviser a subadvisory fee from the management fee it receives.

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate applicable to the Fund’s base fee (as such base fee may be adjusted by Base Fee Breakpoints). NFA pays/(charges) the entire performance component of the fee to the subadviser.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage points		+/- 0.04%
+/- 3 percentage points		+/- 0.06%
+/- 4 percentage points		+/- 0.08%
+/- 5 percentage points		+/- 0.10%

These performance-based advisory fees are paid quarterly. Under this performance-based fee arrangement, NFA (and the subadviser) can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage shown above.

At a meeting of the Board of Trustees held in-person on January 16, 2009, the Board of Trustees voted unanimously to eliminate the performance-based management fee and to implement an asset-based management fee equal to the lowest possible management fee at each breakpoint under the previous performance-based fee structure, to take effect May 1, 2009. In eliminating the performance-based fee structure, the Adviser (and subadviser, as applicable) are subject to a six-month transition period. If during this transition period the Fund’s assets are declining and the Fund underperforms its benchmark, the new management fee may be higher than the amount the Adviser would have been entitled to collect under the previous performance-based fee structure. If this occurs during the transition period, the Adviser will reimburse the Fund by the amount of the difference between the new management fee and the amount it would have been entitled to collect under the previous fee structure. Under no circumstances, during this transition period, will the management fee under the new fee structure exceed what the Adviser would have received under the old structure assuming maximum penalty for underperformance.

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisers $46,246 for the six months ended June 30, 2009.

Effective May 1, 2009, the Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.05% for all share classes until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Fiscal Year		Fiscal Year		Six Months Ended
2007		2008		June 30, 2009
Amount		Amount		Amount
$	—	$	—	$	14,397

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

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

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

For the six months ended June 30, 2009, NFS received $24,605 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of

18 Semiannual Report 2009

the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $123.

4. Short-Term Trading Fees

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

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $463 from Class III.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $3,420 from Class III.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $20,268,276 and sales of $22,434,834 (excluding short-term securities).

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

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

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

8. Indemnifications

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

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation/
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	18,917,240	$	1,633,153	$	(1,610,676)	$	22,477

20 Semiannual Report 2009

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 21

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement

22 Semiannual Report 2009

with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Gartmore Global Partners, the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for each of the one- and three-year periods ended September 30, 2008, the Fund’s performance for Class I shares was in the third quintile and at the median of its peer group, while for the five-year period ended September 30, 2008, the Fund was in the first quintile of its peer group. The Trustees noted that, with respect to the one-year period ended September 30, 2008, the Fund underperformed its benchmark, the MSCI World Index, but that, with respect to each of the three-and five-year periods ended September 30, 2008, the Fund outperformed its benchmark. The Trustees considered that the Fund has an overall four-star Morningstar rating as of September 30, 2008.

The Trustees noted that the Fund’s contractual advisory fee for Class I shares was in the first quintile of its peer group, and that the actual advisory fee was in the fourth quintile of its peer group. The Trustees also noted that the Fund’s total expenses were in the third quintile and at the median of its peer group. The Trustees noted that NFA proposed to eliminate the performance-based fee structure applicable to the Fund, which would reduce the Fund’s investment advisory fee to the lowest level possible under the performance fee structure and would improve the Fund’s peer group rankings. The Trustees noted that, based on such adjusted advisory fee structure, the Fund’s actual advisory fee for Class I shares would be in the fourth quintile of its peer group, less than one basis point above the median of the peer group, and the Fund’s total expenses for Class I shares would be in the third quintile and below the median of the peer group. The Trustees noted that shareholders of the Fund received the benefit of an expense cap (excluding 12b-1 and administrative service fees). The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the proposed investment advisory fee schedule for the Fund contains breakpoints that are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

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

2009 Semiannual Report 23

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

24 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 25

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3 , Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3 , and is a Senior Vice President of NFS3 . From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3 , a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3 . From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3 .		N/A	N/A

26 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3 .		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3 . From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 27

NVIT Mid Cap Index Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
11	Statement of Assets and Liabilities
12	Statement of Operations
13	Statements of Changes in Net Assets
15	Financial Highlights
16	Notes to Financial Statements
25	Supplemental Information
27	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-MCX (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Mid Cap Index Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Mid Cap Index Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,082.00		2.39		0.46
	Hypothetical	b		1,000.00		1,022.50		2.33		0.46
Class II	Actual			1,000.00		1,081.10		3.68		0.71
	Hypothetical	b		1,000.00		1,021.26		3.58		0.71
Class Y	Actual			1,000.00		1,082.80		1.62		0.31
	Hypothetical	b		1,000.00		1,023.24		1.58		0.31

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Mid Cap Index Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	98	.8%
Repurchase Agreements	0	.4%
Other assets in excess of liabilities	0	.8%
	100	.0%

Top Industries
Real Estate Investment Trusts	5	.9%
Specialty Retail	5	.0%
Machinery	4	.9%
Insurance	4	.6%
Health Care Equipment & Supplies	4	.0%
Chemicals	3	.7%
Oil, Gas & Consumable Fuels	3	.5%
Information Technology Services	3	.5%
Health Care Providers & Services	3	.3%
Commercial Banks	3	.3%
Other Industries*	58	.3%
	100	.0%

Top Holdings
Vertex Pharmaceuticals, Inc.	0	.9%
Ross Stores, Inc.	0	.7%
priceline.com, Inc.	0	.7%
Everest Re Group Ltd.	0	.6%
Pride International, Inc.	0	.6%
Newfield Exploration Co.	0	.6%
Henry Schein, Inc.	0	.6%
Cerner Corp.	0	.6%
URS Corp.	0	.6%
Roper Industries, Inc.	0	.6%
Other Holdings*	93	.5%
	100	.0%

* For purposse of listing top industries and top holdings, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Mid Cap Index Fund

Common Stocks 98.8%
	Shares		Market Value
Aerospace & Defense 0.6%
Alliant Techsystems, Inc.*	41,200	$	3,393,232
BE Aerospace, Inc.*	125,676		1,804,707
			5,197,939
Airlines 0.3%
AirTran Holdings, Inc.*	152,400		943,356
Alaska Air Group, Inc.*	45,700		834,482
JetBlue Airways Corp.*	257,500		1,099,525
			2,877,363
Auto Components 0.8%
BorgWarner, Inc.	147,300		5,027,349
Gentex Corp.	176,500		2,047,400
			7,074,749
Automobiles 0.1%
Thor Industries, Inc.	44,800		822,976
Beverages 0.5%
Hansen Natural Corp.*	90,000		2,773,800
PepsiAmericas, Inc.	72,400		1,941,044
			4,714,844
Biotechnology 1.4%
OSI Pharmaceuticals, Inc.*	73,600		2,077,728
United Therapeutics Corp.*	29,600		2,466,568
Vertex Pharmaceuticals, Inc.*	219,390		7,819,060
			12,363,356
Building Products 0.2%
Lennox International, Inc.	57,500		1,848,050
Capital Markets 2.1%
Affiliated Managers Group, Inc.*	52,127		3,033,270
Apollo Investment Corp.	179,833		1,078,998
Eaton Vance Corp.	148,500		3,972,375
Jefferies Group, Inc.*	158,000		3,370,140
Raymond James Financial, Inc.	121,925		2,098,329
SEI Investments Co.	168,600		3,041,544
Waddell & Reed Financial, Inc., Class A	108,000		2,847,960
			19,442,616
Chemicals 3.7%
Airgas, Inc.	103,300		4,186,749
Albemarle Corp.	115,200		2,945,664
Ashland, Inc.	84,400		2,367,420
Cabot Corp.	82,700		1,040,366
Cytec Industries, Inc.	59,500		1,107,890
FMC Corp.	92,100		4,356,330
Lubrizol Corp.	86,200		4,078,122
Minerals Technologies, Inc.	23,700		853,674
Olin Corp.	97,100		1,154,519
RPM International, Inc.	162,600		2,282,904
Scotts Miracle-Gro Co. (The), Class A	55,900		1,959,295
Sensient Technologies Corp.	61,100		1,379,027
Terra Industries, Inc.	126,080		3,053,658
Valspar Corp.	126,100		2,841,033
			33,606,651
Commercial Banks 3.3%
Associated Banc-Corp.	161,315		2,016,438
BancorpSouth, Inc.	92,100		1,890,813
Bank of Hawaii Corp.	60,800		2,178,464
Cathay General Bancorp	62,600		595,326
City National Corp.	54,600		2,010,918
Commerce Bancshares, Inc.	84,020		2,674,357
Cullen/Frost Bankers, Inc.	75,560		3,484,827
FirstMerit Corp.	104,264		1,770,403
Fulton Financial Corp.	221,200		1,152,452
International Bancshares Corp.	64,100		660,871
PacWest Bancorp	30,950		407,302
SVB Financial Group*	40,100		1,091,522
Synovus Financial Corp.	354,800		1,060,852
TCF Financial Corp.	143,000		1,911,910
Trustmark Corp.	61,600		1,190,112
Valley National Bancorp	180,495		2,111,791
Webster Financial Corp.	69,400		558,670
Westamerica Bancorporation	36,800		1,825,648
Wilmington Trust Corp.	86,000		1,174,760
			29,767,436
Commercial Services & Supplies 1.7%
Brink’s Co. (The)	51,500		1,495,045
Clean Harbors, Inc.*	25,500		1,376,745
Copart, Inc.*	79,000		2,738,930
Corrections Corp. of America*	148,500		2,523,015
Deluxe Corp.	65,800		842,898
Herman Miller, Inc.	69,000		1,058,460
HNI Corp.	56,800		1,025,808
Mine Safety Appliances Co.	38,200		920,620
Rollins, Inc.	49,950		864,634
Waste Connections, Inc.*	100,700		2,609,137
			15,455,292
Communications Equipment 1.9%
3Com Corp.*	495,700		2,334,747
ADC Telecommunications, Inc.*	121,954		970,754
ADTRAN, Inc.	69,200		1,485,724
Avocent Corp.*	56,600		790,136
CommScope, Inc.*	102,355		2,687,842
F5 Networks, Inc.*	97,800		3,382,902
Palm, Inc.*	171,000		2,833,470
Plantronics, Inc.	61,700		1,166,747
Polycom, Inc.*	106,400		2,156,728
			17,809,050

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Mid Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Computers & Peripherals 0.5%
Diebold, Inc.	83,500	$	2,201,060
Imation Corp.	38,800		295,268
NCR Corp.*	199,410		2,359,020
			4,855,348
Construction & Engineering 1.9%
Aecom Technology Corp.*	114,300		3,657,600
Dycom Industries, Inc.*	50,600		560,142
Granite Construction, Inc.	41,850		1,392,768
KBR, Inc.	204,060		3,762,866
Shaw Group, Inc. (The)*	106,105		2,908,338
URS Corp.*	106,300		5,263,976
			17,545,690
Construction Materials 0.5%
Martin Marietta Materials, Inc.	56,480		4,455,142
Consumer Finance 0.2%
AmeriCredit Corp.*	166,090		2,250,520
Containers & Packaging 1.3%
AptarGroup, Inc.	85,300		2,880,581
Greif, Inc., Class A	43,100		1,905,882
Packaging Corp. of America	129,400		2,096,280
Sonoco Products Co.	126,000		3,017,700
Temple-Inland, Inc.	135,700		1,780,384
			11,680,827
Distributors 0.3%
LKQ Corp.*	176,600		2,905,070
Diversified Consumer Services 2.0%
Brink’s Home Security Holdings, Inc.*	51,500		1,457,965
Career Education Corp.*	93,600		2,329,704
Corinthian Colleges, Inc.*	109,700		1,857,221
ITT Educational Services, Inc.*	38,700		3,895,542
Matthews International Corp., Class A	38,620		1,201,854
Regis Corp.	54,600		950,586
Service Corp. International	323,000		1,770,040
Sotheby’s	85,000		1,199,350
Strayer Education, Inc.	17,900		3,904,169
			18,566,431
Diversified Telecommunication Services 0.1%
Cincinnati Bell, Inc.*	258,000		732,720
Electric Utilities 1.9%
Cleco Corp.	76,600		1,717,372
DPL, Inc.	147,400		3,415,258
Great Plains Energy, Inc.	166,157		2,583,741
Hawaiian Electric Industries, Inc.	113,900		2,170,934
IDACORP, Inc.	57,600		1,505,664
NV Energy, Inc.	295,810		3,191,790
Westar Energy, Inc.	133,700		2,509,549
			17,094,308
Electrical Equipment 1.7%
Ametek, Inc.	135,750		4,694,235
Hubbell, Inc., Class B	70,900		2,273,054
Roper Industries, Inc.	114,400		5,183,464
Thomas & Betts Corp.*	68,200		1,966,206
Woodward Governor Co.	68,900		1,364,220
			15,481,179
Electronic Equipment & Instruments 2.4%
Arrow Electronics, Inc.*	150,700		3,200,868
Avnet, Inc.*	190,900		4,014,627
Ingram Micro, Inc., Class A*	205,700		3,599,750
Itron, Inc.*	50,200		2,764,514
National Instruments Corp.	72,050		1,625,448
Tech Data Corp.*	63,200		2,067,272
Trimble Navigation Ltd.*	151,000		2,964,130
Vishay Intertechnology, Inc.*	236,050		1,602,779
			21,839,388
Energy Equipment & Services 2.6%
Exterran Holdings, Inc.*	79,530		1,275,661
Helix Energy Solutions Group, Inc.*	120,300		1,307,661
Helmerich & Payne, Inc.	133,700		4,127,319
Oceaneering International, Inc.*	69,400		3,136,880
Patterson-UTI Energy, Inc.	194,600		2,502,556
Pride International, Inc.*	220,400		5,523,224
Superior Energy Services, Inc.*	97,970		1,691,942
Tidewater, Inc.	65,600		2,812,272
Unit Corp.*	59,700		1,645,929
			24,023,444
Food & Staples Retailing 0.4%
BJ’s Wholesale Club, Inc.*	68,300		2,201,309
Ruddick Corp.	49,400		1,157,442
			3,358,751
Food Products 1.4%
Corn Products International, Inc.	94,070		2,520,135
Flowers Foods, Inc.	97,600		2,131,584
Lancaster Colony Corp.	25,100		1,106,157
Ralcorp Holdings, Inc.*	71,500		4,355,780
Smithfield Foods, Inc.*	150,190		2,098,154
Tootsie Roll Industries, Inc.	31,757		720,567
			12,932,377
Health Care Equipment & Supplies 4.0%
Beckman Coulter, Inc.	80,300		4,588,342
Edwards Lifesciences Corp.*	70,800		4,816,524
Gen-Probe, Inc.*	66,600		2,862,468
Hill-Rom Holdings, Inc.	79,020		1,281,704
Hologic, Inc.*	325,300		4,629,019
IDEXX Laboratories, Inc.*	75,300		3,478,860
Immucor, Inc.*	88,100		1,212,256
Kinetic Concepts, Inc.*	70,500		1,921,125
Masimo Corp.*	60,500		1,458,655
ResMed, Inc.*	96,400		3,926,372
STERIS Corp.	74,400		1,940,352

6 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Health Care Equipment & Supplies (continued)
Teleflex, Inc.	50,200	$	2,250,466
Thoratec Corp.*	70,800		1,896,024
			36,262,167
Health Care Providers & Services 3.3%
Community Health Systems, Inc.*	116,900		2,951,725
Health Management Associates, Inc., Class A*	313,750		1,549,925
Health Net, Inc.*	128,300		1,995,065
Henry Schein, Inc.*	114,000		5,466,300
Kindred Healthcare, Inc.*	37,890		468,699
LifePoint Hospitals, Inc.*	67,500		1,771,875
Lincare Holdings, Inc.*	84,430		1,985,794
Omnicare, Inc.	132,500		3,413,200
Owens & Minor, Inc.	51,000		2,234,820
Psychiatric Solutions, Inc.*	70,700		1,607,718
Universal Health Services, Inc., Class B	63,200		3,087,320
VCA Antech, Inc.*	106,900		2,854,230
WellCare Health Plans, Inc.*	52,690		974,238
			30,360,909
Health Care Technology 0.6%
Cerner Corp.*	85,530		5,327,664
Hotels, Restaurants & Leisure 1.9%
Bob Evans Farms, Inc.	38,800		1,115,112
Boyd Gaming Corp.*	72,200		613,700
Brinker International, Inc.	129,440		2,204,363
Cheesecake Factory, Inc. (The)*	76,250		1,319,125
Chipotle Mexican Grill, Inc., Class A*	39,620		3,169,600
International Speedway Corp., Class A	35,700		914,277
Life Time Fitness, Inc.*	44,160		883,642
Panera Bread Co., Class A*	38,000		1,894,680
Scientific Games Corp., Class A*	82,100		1,294,717
Wendy’s/Arby’s Group, Inc., Class A	531,350		2,125,400
WMS Industries, Inc.*	61,800		1,947,318
			17,481,934
Household Durables 1.5%
American Greetings Corp., Class A	49,400		576,992
Blyth, Inc.	6,875		225,431
M.D.C. Holdings, Inc.	46,900		1,412,159
Mohawk Industries, Inc.*	71,300		2,543,984
NVR, Inc.*	7,248		3,641,323
Ryland Group, Inc.	54,600		917,280
Toll Brothers, Inc.*	164,800		2,796,656
Tupperware Brands Corp.	78,300		2,037,366
			14,151,191
Household Products 1.0%
Church & Dwight Co., Inc.	89,050		4,836,306
Energizer Holdings, Inc.*	87,560		4,574,134
			9,410,440
Industrial Conglomerate 0.2%
Carlisle Cos., Inc.	77,100		1,853,484
Information Technology Services 3.5%
Acxiom Corp.	85,800		757,614
Alliance Data Systems Corp.*	74,500		3,068,655
Broadridge Financial Solutions, Inc.	178,340		2,956,877
DST Systems, Inc.*	51,400		1,899,230
Gartner, Inc.*	74,900		1,142,974
Global Payments, Inc.	102,090		3,824,291
Hewitt Associates, Inc., Class A*	106,000		3,156,680
Lender Processing Services, Inc.	106,500		2,957,505
Mantech International Corp., Class A*	26,400		1,136,256
Metavante Technologies, Inc.*	113,400		2,932,524
NeuStar, Inc., Class A*	93,860		2,079,938
SAIC, Inc.*	257,700		4,780,335
SRA International, Inc., Class A*	53,200		934,192
			31,627,071
Insurance 4.6%
American Financial Group, Inc.	94,850		2,046,863
Arthur J. Gallagher & Co.	124,000		2,646,160
Brown & Brown, Inc.	147,700		2,943,661
Everest Re Group Ltd.	78,000		5,582,460
Fidelity National Financial, Inc., Class A	293,365		3,969,228
First American Corp.	118,100		3,059,971
Hanover Insurance Group, Inc. (The)	65,200		2,484,772
HCC Insurance Holdings, Inc.	144,350		3,465,844
Horace Mann Educators Corp.	50,200		500,494
Mercury General Corp.	45,000		1,504,350
Old Republic International Corp.	297,937		2,934,679
Protective Life Corp.	104,500		1,195,480
Reinsurance Group of America, Inc.	91,700		3,201,247
StanCorp Financial Group, Inc.	61,800		1,772,424
Unitrin, Inc.	62,800		754,856
W.R. Berkley Corp.	176,550		3,790,529
			41,853,018
Internet & Catalog Retail 0.9%
Netflix, Inc.*	51,250		2,118,675
priceline.com, Inc.*	52,700		5,878,685
			7,997,360
Internet Software & Services 0.7%
Digital River, Inc.*	47,130		1,711,762
Equinix, Inc.*	48,000		3,491,520
ValueClick, Inc.*	109,700		1,154,044
			6,357,326
Leisure Equipment & Products 0.0%
Callaway Golf Co.	83,100		421,317
Life Sciences Tools & Services 2.2%
Affymetrix, Inc.*	90,300		535,479
Bio-Rad Laboratories, Inc., Class A*	24,100		1,819,068
Charles River Laboratories International, Inc.*	84,900		2,865,375
Covance, Inc.*	80,500		3,960,600
Mettler-Toledo International, Inc.*	42,800		3,302,020

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Mid Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Life Sciences Tools & Services (continued)
Pharmaceutical Product Development, Inc.	147,600	$	3,427,272
Techne Corp.	48,000		3,062,880
Varian, Inc.*	36,600		1,443,138
			20,415,832
Machinery 4.9%
AGCO Corp.*	114,900		3,340,143
Bucyrus International, Inc.	95,200		2,718,912
Crane Co.	61,200		1,365,372
Donaldson Co., Inc.	97,200		3,367,008
Federal Signal Corp.	60,900		465,885
Graco, Inc.	75,150		1,654,803
Harsco Corp.	102,200		2,892,260
IDEX Corp.	102,930		2,528,990
Joy Global, Inc.	129,800		4,636,456
Kennametal, Inc.	92,400		1,772,232
Lincoln Electric Holdings, Inc.	54,100		1,949,764
Nordson Corp.	43,100		1,666,246
Oshkosh Corp.	94,100		1,368,214
Pentair, Inc.	124,600		3,192,252
SPX Corp.	63,010		3,085,600
Terex Corp.*	134,500		1,623,415
Timken Co.	107,400		1,834,392
Trinity Industries, Inc.	100,500		1,368,810
Valmont Industries, Inc.	22,300		1,607,384
Wabtec Corp.	61,240		1,970,091
			44,408,229
Marine 0.1%
Alexander & Baldwin, Inc.	52,200		1,223,568
Media 1.0%
DreamWorks Animation SKG, Inc., Class A*	96,400		2,659,676
Harte-Hanks, Inc.	48,950		452,788
John Wiley & Sons, Inc., Class A	54,100		1,798,825
Lamar Advertising Co., Class A*	95,600		1,459,812
Marvel Entertainment, Inc.*	62,000		2,206,580
Scholastic Corp.	34,000		672,860
			9,250,541
Metals & Mining 1.6%
Carpenter Technology Corp.	55,680		1,158,701
Cliffs Natural Resources, Inc.	165,540		4,050,764
Commercial Metals Co.	143,600		2,301,908
Reliance Steel & Aluminum Co.	81,000		3,109,590
Steel Dynamics, Inc.	236,100		3,477,753
Worthington Industries, Inc.	75,700		968,203
			15,066,919
Multi-Utility 2.2%
Alliant Energy Corp.	140,500		3,671,265
Black Hills Corp.	48,600		1,117,314
MDU Resources Group, Inc.	232,750		4,415,267
NSTAR	135,700		4,357,327
OGE Energy Corp.	118,800		3,364,416
PNM Resources, Inc.	113,050		1,210,766
Vectren Corp.	102,300		2,396,889
			20,533,244
Multiline Retail 0.7%
99 Cents Only Stores*	59,200		803,936
Dollar Tree, Inc.*	113,650		4,784,665
Saks, Inc.*	181,700		804,931
			6,393,532
Natural Gas Utility 2.2%
AGL Resources, Inc.	97,000		3,084,600
Energen Corp.	90,600		3,614,940
National Fuel Gas Co.	100,000		3,608,000
ONEOK, Inc.	133,120		3,925,709
UGI Corp.	136,300		3,474,287
WGL Holdings, Inc.	63,100		2,020,462
			19,727,998
Office Electronics 0.2%
Zebra Technologies Corp., Class A*	77,500		1,833,650
Oil, Gas & Consumable Fuels 3.5%
Arch Coal, Inc.	181,500		2,789,655
Bill Barrett Corp.*	46,730		1,283,206
Cimarex Energy Co.	105,990		3,003,757
Comstock Resources, Inc.*	59,100		1,953,255
Encore Acquisition Co.*	66,450		2,049,982
Forest Oil Corp.*	137,970		2,058,512
Frontier Oil Corp.	132,200		1,733,142
Mariner Energy, Inc.*	125,100		1,469,925
Newfield Exploration Co.*	168,500		5,504,895
Overseas Shipholding Group, Inc.	31,330		1,066,473
Patriot Coal Corp.*	87,000		555,060
Plains Exploration & Production Co.*	154,080		4,215,629
Quicksilver Resources, Inc.*	141,400		1,313,606
Southern Union Co.	156,600		2,879,874
			31,876,971
Paper & Forest Products 0.0%
Louisiana-Pacific Corp.*	117,010		400,174
Personal Products 0.5%
Alberto-Culver Co.	107,670		2,738,048
NBTY, Inc.*	69,250		1,947,310
			4,685,358
Pharmaceuticals 1.3%
Endo Pharmaceuticals Holdings, Inc.*	148,360		2,658,611
Medicis Pharmaceutical Corp., Class A	71,700		1,170,144
Perrigo Co.	98,700		2,741,886
Sepracor, Inc.*	137,600		2,383,232
Valeant Pharmaceuticals International*	103,000		2,649,160
			11,603,033

8 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Professional Services 1.4%
Corporate Executive Board Co. (The)	43,500	$	903,060
FTI Consulting, Inc.*	65,000		3,296,800
Kelly Services, Inc., Class A	31,700		347,115
Korn/Ferry International*	57,500		611,800
Manpower, Inc.	99,500		4,212,830
MPS Group, Inc.*	118,700		906,868
Navigant Consulting, Inc.*	59,180		764,606
Watson Wyatt Worldwide, Inc., Class A (b)	54,100		2,030,373
			13,073,452
Real Estate Investment Trusts 5.9%
Alexandria Real Estate Equities, Inc.	50,150		1,794,869
AMB Property Corp.	181,970		3,422,856
BRE Properties, Inc. Class A	65,200		1,549,152
Camden Property Trust	83,200		2,296,320
Corporate Office Properties Trust SBI MD	73,200		2,146,956
Cousins Properties, Inc.	56,862		483,327
Duke Realty Corp.	288,330		2,528,654
Equity One, Inc.	45,440		602,534
Essex Property Trust, Inc.	34,100		2,122,043
Federal Realty Investment Trust	75,100		3,869,152
Highwoods Properties, Inc.	89,200		1,995,404
Hospitality Properties Trust	142,140		1,690,045
Liberty Property Trust	130,500		3,006,720
Macerich Co. (The)	102,420		1,803,616
Mack-Cali Realty Corp.	98,010		2,234,628
Nationwide Health Properties, Inc.	130,120		3,349,289
Omega Healthcare Investors, Inc.	104,000		1,614,080
Potlatch Corp.	49,898		1,212,022
Rayonier, Inc.	100,377		3,648,704
Realty Income Corp.	132,700		2,908,784
Regency Centers Corp.	100,000		3,491,000
SL Green Realty Corp.	95,600		2,193,064
UDR, Inc.	193,883		2,002,811
Weingarten Realty Investors	131,100		1,902,261
			53,868,291
Real Estate Management & Development 0.2%
Jones Lang LaSalle, Inc.	52,430		1,716,034
Road & Rail 1.1%
Con-way, Inc.	58,900		2,079,759
J.B. Hunt Transport Services, Inc.	104,200		3,181,226
Kansas City Southern*	115,300		1,857,483
Landstar System, Inc.	65,800		2,362,878
Werner Enterprises, Inc.	55,050		997,506
			10,478,852
Semiconductors & Semiconductor Equipment 2.2%
Atmel Corp.*	563,500		2,101,855
Cree, Inc.*	112,500		3,306,375
Fairchild Semiconductor International, Inc.*	156,900		1,096,731
Integrated Device Technology, Inc.*	213,630		1,290,325
International Rectifier Corp.*	92,100		1,364,001
Intersil Corp., Class A	155,100		1,949,607
Lam Research Corp.*	159,780		4,154,280
RF Micro Devices, Inc.*	338,400		1,272,384
Semtech Corp.*	76,300		1,213,933
Silicon Laboratories, Inc.*	57,100		2,166,374
			19,915,865
Software 3.0%
ACI Worldwide, Inc.*	44,100		615,636
Advent Software, Inc.*	19,600		642,684
ANSYS, Inc.*	111,500		3,474,340
Cadence Design Systems, Inc.*	328,900		1,940,510
FactSet Research Systems, Inc.	53,300		2,658,071
Fair Isaac Corp.	61,220		946,461
Jack Henry & Associates, Inc.	106,800		2,216,100
Macrovision Solutions Corp.*	104,900		2,287,869
Mentor Graphics Corp.*	118,800		649,836
MICROS Systems, Inc.*	101,900		2,580,108
Parametric Technology Corp.*	146,790		1,715,975
Sybase, Inc.*	104,736		3,282,427
Synopsys, Inc.*	182,100		3,552,771
Wind River Systems, Inc.*	87,300		1,000,458
			27,563,246
Specialty Retail 5.0%
Aaron’s, Inc.	68,000		2,027,760
Advance Auto Parts, Inc.	120,050		4,980,874
Aeropostale, Inc.*	83,450		2,859,832
American Eagle Outfitters, Inc.	261,800		3,709,706
AnnTaylor Stores Corp.*	69,320		553,174
Barnes & Noble, Inc.	47,300		975,799
CarMax, Inc.*	279,800		4,113,060
Chico’s FAS, Inc.*	225,600		2,195,088
Coldwater Creek, Inc.*	61,200		370,872
Collective Brands, Inc.*	80,600		1,174,342
Dick’s Sporting Goods, Inc.*	108,140		1,860,008
Foot Locker, Inc.	196,900		2,061,543
Guess?, Inc.	76,300		1,967,014
J Crew Group, Inc.*	66,100		1,786,022
PetSmart, Inc.	161,500		3,465,790
Rent-A-Center, Inc.*	84,000		1,497,720
Ross Stores, Inc.	160,200		6,183,720
Urban Outfitters, Inc.*	142,400		2,971,888
Williams-Sonoma, Inc.	110,300		1,309,261
			46,063,473
Textiles, Apparel & Luxury Goods 1.0%
Fossil, Inc.*	57,000		1,372,560
Hanesbrands, Inc.*	118,200		1,774,182
Phillips-Van Heusen Corp.	65,500		1,879,195
Timberland Co. (The) Class A*	59,100		784,257
Under Armour, Inc., Class A*	46,100		1,031,718
Warnaco Group, Inc. (The)*	59,120		1,915,488
			8,757,400
Thrifts & Mortgage Finance 1.2%
Astoria Financial Corp.	97,550		836,979
First Niagara Financial Group, Inc.	185,400		2,117,268

2009 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Mid Cap Index Fund (Continued)

Common Stocks (continued)
		Shares		Market Value
Thrifts & Mortgage Finance (continued)
New York Community Bancorp, Inc.		438,128	$	4,683,588
NewAlliance Bancshares, Inc.		135,300		1,555,950
Washington Federal, Inc.		111,189		1,445,457
				10,639,242
Tobacco 0.1%
Universal Corp.		31,600		1,046,276
Trading Companies & Distributors 0.5%
GATX Corp.		61,600		1,584,352
MSC Industrial Direct Co., Class A		57,100		2,025,908
United Rentals, Inc.*		82,881		537,898
				4,148,158
Water Utility 0.3%
Aqua America, Inc.		167,900		3,005,410
Wireless Telecommunication Services 0.5%
Syniverse Holdings, Inc.*		65,700		1,053,171
Telephone & Data Systems, Inc.		122,700		3,472,410
Telephone & Data Systems, Inc. Special Shares		5,800		150,568
				4,676,149
Total Common Stocks (cost $1,223,063,576)				904,176,295
Repurchase Agreements 0.4%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $2,685,827, collateralized by U.S. Government Agency Mortgage ranging from 4.50%-5.00%, maturing 02/15/39-06/20/39; total market value of $2,739,536	$	2,685,820	$	2,685,820
Morgan Stanley, 0.07%, dated 06/30/09, due 07/01/09, repurchase price $12,250, collateralized by U.S. Government Agency Mortgages ranging 3.50%-8.50%, maturing 06/01/11-06/01/39; total market value of $12,495 (c)		12,250		12,250
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $1,314,874, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09-12/01/09; total market value of $1,341,169		1,314,872		1,314,872
Total Repurchase Agreements (cost $4,012,942)				4,012,942
Total Investments (cost $1,227,076,518) (a) — 99.2%				908,189,237
Other assets in excess of liabilities — 0.8%				7,437,757
NET ASSETS — 100.0%			$	915,626,994

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.
(b)	The security or a partial position of this security is on loan at June 30, 2009. The total value of securities on loan at June 30, 2009 was $11,760.
(c)	The security was purchased with cash collateral held from securities on loan (Note 2). The total value of this security as of June 30, 2009 was $12,250.

Ltd Limited

At June 30, 2009, the Fund’s open futures contracts were as follows (Note 2):

				Notional Value		Unrealized
Number of	Long			Covered by		Appreciation
Contracts	Contracts	Expiration		Contracts		(Depreciation)
212	S&P 400 Futures		09/18/09	$	12,226,040	$	(113,640	)

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Mid Cap
	Index Fund
Assets:
Investments, at value (cost $1,223,063,576)*	$	904,176,295
Repurchase agreements, at value and cost		4,012,942
Total Investments		908,189,237
Cash		25,142
Deposits with broker for futures		488,380
Interest and dividends receivable		948,666
Receivable for capital shares issued		178,925
Receivable for investments sold		13,293,687
Prepaid expenses and other assets		10,067
Total Assets		923,134,104
Liabilities:
Payable for investments purchased		6,460,784
Unrealized depreciation on futures contracts		13,768
Payable upon return of securities loaned (Note 2)		12,250
Payable for capital shares redeemed		664,416
Accrued expenses and other payables:
Investment advisory fees		167,536
Fund administration fees		36,019
Distribution fees		2,230
Administrative services fees		35,388
Custodian fees		17,268
Trustee fees		1,199
Compliance program costs (Note 3)		17,529
Professional fees		41,624
Printing fees		30,113
Other		6,986
Total Liabilities		7,507,110
Net Assets	$	915,626,994
Represented by:
Capital	$	1,254,251,456
Accumulated undistributed net investment income		2,278,318
Accumulated net realized losses from investment transactions and futures		(21,901,859	)
Net unrealized appreciation/(depreciation) from investments		(318,887,281	)
Net unrealized appreciation/(depreciation) from futures (Note 2)		(113,640	)
Net Assets	$	915,626,994
Net Assets:
Class I Shares	$	243,922,517
Class II Shares		10,793,713
Class Y Shares		660,910,764
Total	$	915,626,994
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		20,129,981
Class II Shares		894,371
Class Y Shares		54,545,776
Total		75,570,128
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	12.12
Class II Shares	$	12.07
Class Y Shares	$	12.12

*  Includes value of securities on loan of $11,760 (Note 2).

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Mid Cap
	Index Fund
INVESTMENT INCOME:
Interest income	$	3,616
Dividend income		7,669,422
Income from securities lending (Note 2)		10,819
Total Income		7,683,857
EXPENSES:
Investment advisory fees		909,002
Fund administration fees		201,438
Distribution fees Class II Shares		12,600
Administrative services fees Class I Shares		171,149
Administrative services fees Class II Shares		7,498
Custodian fees		22,068
Trustee fees		16,091
Compliance program costs (Note 3)		5,659
Professional fees		77,725
Printing fees		46,384
Other		34,657
Total expenses before earnings credit and expenses reimbursed		1,504,271
Earnings credit (Note 4)		(674	)
Expenses reimbursed by adviser (Note 3)		(37,716	)
Net Expenses		1,465,881
NET INVESTMENT INCOME		6,217,976
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(30,568,388	)
Net realized gains from futures transactions (Note 2)		2,030,049
Net realized losses from investment transactions and futures		(28,538,339	)
Net change in unrealized appreciation/(depreciation) from investments		94,436,880
Net change in unrealized appreciation/(depreciation) from futures (Note 2)		(792,381	)
Net change in unrealized appreciation/(depreciation) from investments and futures		93,644,499
Net realized/unrealized losses from investments and futures		65,106,160
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	71,324,136

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

Statements of Changes in Net Assets

	NVIT Mid Cap Index Fund
	Six Months Ended			Year Ended
	June 30, 2009			December 31, 2008
	(Unaudited)
Operations:
Net investment income	$	6,217,976		$	14,842,928
Net realized gains (losses) from investment and futures		(28,538,339	)		19,260,820
Net change in unrealized appreciation/(depreciation) from investments and futures		93,644,499			(507,509,449	)
Change in net assets resulting from operations		71,324,136			(473,405,701	)
Distributions to Shareholders From:
Net investment income:
Class I		(955,202	)		(4,833,705	)
Class II		(30,994	)		(181,818	)
Class Y		(2,953,462	)		(10,479,806	)
Net realized gains:
Class I		–			(24,499,231	)
Class II		–			(1,110,650	)
Class Y		–			(47,179,421	)
Change in net assets from shareholder distributions		(3,939,658	)		(88,284,631	)
Change in net assets from capital transactions		44,628,283			3,402,546
Change in net assets		112,012,761			(558,287,786	)
Net Assets:
Beginning of period		803,614,233			1,361,902,019
End of period	$	915,626,994		$	803,614,233
Accumulated undistributed net investment income at end of period	$	2,278,318		$	–
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	12,807,346		$	56,048,623
Dividends reinvested		955,202			29,332,936
Cost of shares redeemed		(37,113,575	)		(126,609,887	)
Total Class I		(23,351,027	)		(41,228,328	)
Class II Shares
Proceeds from shares issued		797,142			2,834,822
Dividends reinvested		30,994			1,292,468
Cost of shares redeemed		(2,022,297	)		(5,176,552	)
Total Class II		(1,194,161	)		(1,049,262	)
Class Y Shares
Proceeds from shares issued		104,642,526			91,464,128
Dividends reinvested		2,953,462			57,659,227
Cost of shares redeemed		(38,422,517	)		(103,443,219	)
Total Class Y		69,173,471			45,680,136
Change in net assets from capital transactions	$	44,628,283		$	3,402,546

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Statements of Changes in Net Assets (Continued)

	NVIT Mid Cap Index Fund
	Six Months Ended			Year Ended
	June 30, 2009			December 31, 2008
	(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
Issued		1,168,246			3,427,422
Reinvested		88,748			1,847,787
Redeemed		(3,444,818	)		(7,972,034	)
Total Class I Shares		(2,187,824	)		(2,696,825	)
Class II Shares
Issued		73,521			179,546
Reinvested		2,933			81,837
Redeemed		(189,095	)		(337,341	)
Total Class II Shares		(112,641	)		(75,958	)
Class Y Shares
Issued		9,690,570			5,786,751
Reinvested		273,103			3,644,155
Redeemed		(3,559,439	)		(6,207,639	)
Total Class Y Shares		6,404,234			3,223,267
Total change in shares		4,103,769			450,484

The accompanying notes are an integral part of these financial statements.

14 Semiannual Report 2009

Financial Highlights

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

NVIT Mid Cap Index Fund

				Operations									Distributions															Ratios / Supplemental Data
							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses to			Income to			Reimbursement)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		Average Net			Average Net			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)			Period		Assets (b)			Assets (b)			Net Assets (b)(d)			Turnover (c)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	11	.25		0	.09		0	.83		0	.92		(0	.05)		–			(0	.05)	$	12	.12		8	.20%	$	243,922,517		0	.46%		1	.49%		0	.47%		10	.14%
Year Ended December 31, 2008	$	19	.18		0	.21		(6	.83)		(6	.62)		(0	.21)		(1	.10)		(1	.31)	$	11	.25		(36	.46%)	$	250,979,592		0	.44%		1	.22%		0	.44%		24	.70%
Year Ended December 31, 2007	$	18	.59		0	.27		1	.16		1	.43		(0	.27)		(0	.57)		(0	.84)	$	19	.18		7	.56%	$	479,738,690		0	.46%		1	.34%		0	.47%		23	.90%
Year Ended December 31, 2006	$	17	.36		0	.21		1	.48		1	.69		(0	.21)		(0	.25)		(0	.46)	$	18	.59		9	.89%	$	548,012,004		0	.50%		1	.17%		0	.50%(f)		13	.76%
Year Ended December 31, 2005	$	16	.61		0	.16		1	.82		1	.98		(0	.18)		(1	.05)		(1	.23)	$	17	.36		12	.10%	$	576,338,849		0	.55%		0	.93%		0	.55%(f)		19	.32%
Year Ended December 31, 2004	$	14	.77		0	.09		2	.23		2	.32		(0	.08)		(0	.40)		(0	.48)	$	16	.61		15	.73%	$	532,473,971		0	.60%		0	.62%		0	.60%(f)		15	.90%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	11	.20		0	.07		0	.83		0	.90		(0	.03)		–			(0	.03)	$	12	.07		8	.11%	$	10,793,713		0	.71%		1	.24%		0	.72%		10	.14%
Year Ended December 31, 2008	$	19	.11		0	.18		(6	.81)		(6	.63)		(0	.18)		(1	.10)		(1	.28)	$	11	.20		(36	.61%)	$	11,279,926		0	.64%		1	.02%		0	.64%		24	.70%
Year Ended December 31, 2007	$	18	.53		0	.23		1	.16		1	.39		(0	.24)		(0	.57)		(0	.81)	$	19	.11		7	.37%	$	20,694,631		0	.62%		1	.17%		0	.62%		23	.90%
Year Ended December 31, 2006	$	17	.30		0	.19		1	.47		1	.66		(0	.18)		(0	.25)		(0	.43)	$	18	.53		9	.74%	$	21,522,029		0	.66%		1	.01%		0	.66%(f)		13	.76%
Year Ended December 31, 2005	$	16	.56		0	.13		1	.81		1	.94		(0	.15)		(1	.05)		(1	.20)	$	17	.30		11	.90%	$	21,512,149		0	.72%		0	.76%		0	.72%(f)		19	.32%
Year Ended December 31, 2004	$	14	.73		0	.07		2	.22		2	.29		(0	.06)		(0	.40)		(0	.46)	$	16	.56		15	.50%	$	15,367,073		0	.78%		0	.45%		0	.78%(f)		15	.90%
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited)	$	11	.25		0	.08		0	.84		0	.92		(0	.05)		–			(0	.05)	$	12	.12		8	.28%	$	660,910,764		0	.31%		1	.52%		0	.32%		10	.14%
Year Ended December 31, 2008	$	19	.18		0	.23		(6	.83)		(6	.60)		(0	.23)		(1	.10)		(1	.33)	$	11	.25		(36	.38%)	$	541,354,715		0	.31%		1	.36%		0	.31%		24	.70%
Year Ended December 31, 2007	$	18	.59		0	.28		1	.18		1	.46		(0	.30)		(0	.57)		(0	.87)	$	19	.18		7	.74%	$	861,468,698		0	.29%		1	.28%		0	.29%		23	.90%
Period Ended December 31, 2006 (e)	$	18	.88		0	.16		(0	.01)		0	.15		(0	.19)		(0	.25)		(0	.44)	$	18	.59		0	.94%	$	153,172,267		0	.31%		1	.38%		0	.31%(f)		13	.76%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(f)	There were no fee reductions during the period.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 15

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Mid Cap Index Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”), Great-West Life & Annuity Insurance Co., and Jefferson National Life Insurance Company currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

16 Semiannual Report 2009

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009 are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

				Level 2 — Other
	Level 1 — Quoted			Significant		Level 3 — Significant
Asset Type	Prices			Observable Inputs		Unobservable Inputs		Total
Common Stocks	$	904,176,295		$	—	$	—	$	904,176,295
Repurchase Agreements		—			4,012,942		—		4,012,942
Futures		(113,640	)		—		—		(113,640	)
	$	904,062,655		$	4,012,942	$	—	$	908,075,597

Amounts designated as “—” are zero.

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

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

(d)        Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its investment objective. The Fund may enter into financial futures contracts (“futures contracts”) to gain exposure to, or hedge against changes in, the value of equities. The Fund may also enter into futures contracts for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to enter into and maintain futures contracts may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such futures contracts.

Futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price. Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, know as “variation margin” receipts or payments, are made each day, depending on the fluctuations in the fair value/market value of the futures contract and are recognized by the Fund as unrealized gains or losses. Futures contracts are valued daily at their last quoted sale price.

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

18 Semiannual Report 2009

futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and the value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. Futures contracts involve minimal counterparty credit risk to the Fund because futures contracts are exchange-traded, and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees futures contracts against default.

Futures contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Net unrealized appreciation/(depreciation) from futures,” and in the Statement of Operations under “Net realized gains from futures transactions” and “Net change in unrealized appreciation/(depreciation) from futures.”

Fair Values of Derivative Instruments as of June 30, 2009

	Asset Derivatives			Liability Derivatives
Derivatives not	Statement of Assets			Statement of Assets
accounted for as	and Liabilities			and Liabilities
hedging	Location	Fair Value		Location		Fair Value
Equity contracts*	Net Assets - Net Unrealized Depreciation from futures	$	—		Net Assets - Net Unrealized Depreciation from futures	$	(113,640	)
Total		$	—			$	(113,640	)

*	Includes cumulative appreciation/(depreciation) of futures contracts as reported in Statement of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities.
	Amounts designated as “–” are zero.

The Effect of Derivative Instruments on the Statement of Operations For the Six Months Ended June 30, 2009

Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations

Derivatives not accounted for as
hedging instruments under FAS 133	Futures
Equity contracts	$	2,030,049
Total	$	2,030,049

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations

Derivatives not accounted for as
hedging instruments under FAS 133	Futures
Equity contracts	$	(792,381	)
Total	$	(792,381	)

Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the period ending June 30, 2009.

(e)        Security Transactions and Investment Income

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

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(f)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2009, the Fund had securities with the following value on loan:

Value of Loaned Securities		Value of Collateral
$	11,760	$	12,250

(g)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(h)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and

20 Semiannual Report 2009

those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 through 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. BlackRock Investment Management, LLC (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
Up to $1.5 billion		0.22%
$1.5 billion up to $3 billion		0.21%
$3 billion and more		0.20%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $300,636 for the six months ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.32% for the Fund’s Class I, Class II, Class III, and Class Y shares until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will

2009 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Fiscal Year		Fiscal Year		Six Months Ended
2007		2008		June 30, 2009
Amount		Amount		Amount
$	—	$	—	$	37,716

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

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

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

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

22 Semiannual Report 2009

other such services. These fees are based on an annual rate of up to 0.25% of the daily net assets of Class I and Class II shares of the Fund.

For the six months ended June 30, 2009, NFS received $175,809 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $5,659.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $140,187,048 and sales of $83,298,278 (excluding short-term securities).

6. Indemnifications

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

7. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions

2009 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

8. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation/
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	1,241,789,654	$	34,542,173	$	(368,142,590)	$	(333,600,417)

9. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

24 Semiannual Report 2009

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

2009 Semiannual Report 25

Supplemental Information (Continued)

(Unaudited)

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and BlackRock Investment Management, the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the one-year period ended September 30, 2008, the Fund’s performance for Class Y shares was in first quintile of its peer group, for the three-year period ended September 30, 2008, the Fund’s performance for Class Y shares was in the second quintile of its peer group, and for the five-year period ended September 30, 2008, the Fund’s performance for Class Y shares was in the third quintile and slightly below the median of its peer group. For each period, and the Fund underperformed its benchmark, the S&P MidCap 400^® Index, which was partially attributable to the effect of expenses.

The Trustees noted that the Fund’s contractual advisory fee, actual advisory fee, and total expenses for Class Y shares were in the first quintile of its peer group. The Trustees noted that shareholders of the Fund received the benefit of an expense cap (excluding 12b-1 and administrative service fees). The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the proposed investment advisory fee schedule for the Fund contains breakpoints that are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

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

26 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 27

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group,
1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

28 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 29

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

30 Semiannual Report 2009

NVIT Technology and Communications Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements
21	Supplemental Information
23	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-TC (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Technology and Communications Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
NVIT Technology and			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Communications Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,174.90		6.36		1.18
	Hypothetical	b		1,000.00		1,018.81		5.92		1.18
Class II	Actual			1,000.00		1,177.30		7.72		1.43
	Hypothetical	b		1,000.00		1,017.57		7.18		1.43
Class III	Actual			1,000.00		1,177.80		6.37		1.18
	Hypothetical	b		1,000.00		1,018.81		5.92		1.18
Class IV	Actual			1,000.00		1,176.50		7.72		1.43
	Hypothetical	b		1,000.00		1,017.57		7.18		1.43

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Technology and Communications Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	94	.4%
Preferred Stocks	3	.0%
Repurchase Agreements	2	.9%
Liabilities in excess of other assets	(0	.3)%
	100	.0%

Top Industries
Software	21	.9%
Computers & Peripherals	15	.1%
Information Technology Services	14	.1%
Communications Equipment	12	.8%
Semiconductors & Semiconductor Equipment	8	.8%
Internet Software & Services	7	.9%
Wireless Telecommunication Services	5	.6%
Media	3	.1%
Professional Services	3	.0%
Machinery	2	.1%
Other*	5	.6%
	100	.0%

Top Holdings
Hewlett-Packard Co.	6	.3%
Oracle Corp.	6	.0%
Cognizant Technology Solutions Corp., Class A	5	.2%
QUALCOMM, Inc.	5	.0%
EMC Corp.	4	.1%
Omniture, Inc.	4	.1%
Google, Inc., Class A	3	.8%
Cisco Systems, Inc.	3	.8%
Solera Holdings, Inc.	3	.5%
Alliance Data Systems Corp.	3	.3%
Other*	54	.9%
	100	.0%

Top Countries
United States	81	.6%
Japan	5	.1%
Republic of Korea	3	.0%
Germany	2	.7%
United Kingdom	2	.4%
Israel	1	.7%
Hong Kong	0	.9%
Other*	2	.6%
	100	.0%

* For purposes of listing top holdings, industries and countries, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Technology and Communications Fund

Common Stocks 94.4%
		Shares		Market Value
GERMANY 2.7% (a)
Computers & Peripherals 2.7%
Wincor Nixdorf AG		14,851	$	832,603
HONG KONG 0.9% (a)
Semiconductors & Semiconductor Equipment 0.9%
ASM Pacific Technology Ltd.		52,070		266,282
ISRAEL 1.7%
Software 1.7%
Check Point Software Technologies*		22,070		517,983
JAPAN 5.1% (a)
Electronic Equipment & Instruments 1.4%
Canon, Inc.		13,660		446,260
Machinery 2.1%
Fanuc Ltd.		7,893		632,614
Semiconductors & Semiconductor Equipment 1.6%
Omron Corp.		34,836		504,790
				1,583,664
UNITED KINGDOM 2.4% (a)
Wireless Telecommunication Services 2.4%
Vodafone Group PLC		386,458		751,551
UNITED STATES 81.6%
Communications Equipment 12.8%
Cisco Systems, Inc.*		62,509		1,165,168
F5 Networks, Inc.*		11,620		401,936
QUALCOMM, Inc.		34,257		1,548,416
Tellabs, Inc.*		143,300		821,109
				3,936,629
Computers & Peripherals 12.4%
Apple, Inc.*		4,307		613,446
EMC Corp.*		96,830		1,268,473
Hewlett-Packard Co.		49,800		1,924,770
				3,806,689
Information Technology Services 14.1%
Alliance Data Systems Corp.*		24,660		1,015,745
Cognizant Technology Solutions Corp., Class A*		59,245		1,581,842
Paychex, Inc.		19,701		496,465
SAIC, Inc.*		33,850		627,918
Visa, Inc., Class A		10,040		625,090
				4,347,060
Internet Software & Services 7.9%
Google, Inc., Class A*		2,805		1,182,560
Omniture, Inc.*		100,363		1,260,559
				2,443,119
Media 3.1%
Comcast Corp., Class A		64,900		940,401
Professional Services 3.0%
FTI Consulting, Inc.*		18,200		923,104
Semiconductors & Semiconductor Equipment 4.9%
Intel Corp.		43,901		726,562
NVIDIA Corp.*		69,070		779,800
				1,506,362
Software 20.2%
Adobe Systems, Inc.*		31,940		903,902
Citrix Systems, Inc.*		15,470		493,338
Concur Technologies, Inc.*		9,800		304,584
McAfee, Inc.*		21,310		899,069
Microsoft Corp.		29,094		691,564
Oracle Corp.		85,328		1,827,726
Solera Holdings, Inc.*		42,590		1,081,786
				6,201,969
Wireless Telecommunication Services 3.2%
American Tower Corp., Class A*		31,371		989,128
				25,094,461
Total Common Stocks (cost $28,043,693)				29,046,544
Preferred Stocks 3.0%
REPUBLIC OF KOREA 3.0% (a)
Electronics 3.0%
Samsung Electronics Co. Ltd. GDR		5,994		917,681
Total Preferred Stocks (cost $960,174)				917,681
Repurchase Agreements 2.9%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $597,520, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $609,470	$	597,520		597,520

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Technology and Communications Fund (Continued)

Repurchase Agreements (continued)
		Principal Amount		Market Value
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $292,523, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $298,373	$	292,523	$	292,523
Total Repurchase Agreements (cost $890,043)				890,043
Total Investments (cost $29,893,910) (b) — 100.3%				30,854,268
Liabilities in excess of other assets — (0.3)%				(88,144	)
NET ASSETS — 100.0%			$	30,766,124

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

AG	Stock Corporation
GDR	Global Depositary Receipt
Ltd	Limited
PLC	Public Limited Company

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Technology
	and
	Communications
	Fund
Assets:
Investments, at value (cost $29,003,867)	$	29,964,225
Repurchase agreements, at value and cost		890,043
Total Investments		30,854,268
Interest and dividends receivable		34,378
Receivable for capital shares issued		26,584
Reclaims receivable		3,667
Prepaid expenses and other assets		290
Total Assets		30,919,187
Liabilities:
Payable for capital shares redeemed		73,418
Accrued expenses and other payables:
Investment advisory fees		55,003
Fund administration fees		1,184
Distribution fees		1,689
Administrative services fees		4,995
Custodian fees		1,698
Trustee fees		5
Compliance program costs (Note 3)		430
Professional fees		1,210
Printing fees		12,755
Other		676
Total Liabilities		153,063
Net Assets	$	30,766,124
Represented by:
Capital	$	54,125,071
Accumulated net investment loss		(32,823	)
Accumulated net realized losses from investment transactions and foreign currency transactions		(24,287,108	)
Net unrealized appreciation/(depreciation) from investments		960,358
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		626
Net Assets	$	30,766,124
Net Assets:
Class I Shares	$	7,841,216
Class II Shares		625,344
Class III Shares		14,565,748
Class VI Shares		7,733,816
Total	$	30,766,124
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		2,991,172
Class II Shares		241,742
Class III Shares		5,502,841
Class VI Shares		2,968,940
Total		11,704,695
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	2.62
Class II Shares	$	2.59
Class III Shares	$	2.65
Class VI Shares	$	2.60

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Technology
	and
	Communications
	Fund
INVESTMENT INCOME:
Interest income	$	311
Dividend income		123,519
Foreign tax withholding		(4,874	)
Total Income		118,956
EXPENSES:
Investment advisory fees		90,299
Fund administration fees		5,829
Distribution fees Class II Shares		722
Distribution fees Class VI Shares		7,148
Administrative services fees Class I Shares		5,345
Administrative services fees Class II Shares		433
Administrative services fees Class III Shares		8,255
Administrative services fees Class VI Shares		4,299
Custodian fees		1,228
Trustee fees		401
Compliance program costs (Note 3)		140
Professional fees		2,158
Printing fees		22,183
Other		2,423
Total expenses before earnings credit and expenses reimbursed		150,863
Earnings credit (Note 5)		(16	)
Expenses reimbursed by adviser		(1,159	)
Net Expenses		149,688
NET INVESTMENT LOSS		(30,732	)
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(3,320,783	)
Net realized losses from foreign currency transactions		(50,848	)
Net realized losses from investment transactions and foreign currency transactions		(3,371,631	)
Net change in unrealized appreciation/(depreciation) from investments		7,466,263
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		23,068
Net change in unrealized appreciation/(depreciation) from investments and foreign currency translations		7,489,331
Net realized/unrealized losses from investments and foreign currency translations		4,117,700
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,086,968

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statements of Changes in Net Assets

	NVIT Technology and Communications Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment loss	$	(30,732	)	$	(102,582	)
Net realized losses from investment and foreign currency transactions		(3,371,631	)		(19,030,752	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		7,489,331			(6,195,670	)
Change in net assets resulting from operations		4,086,968			(25,329,004	)
Distributions to Shareholders From:
Net realized gains:
Class I		–			(1,783,820	)
Class II		–			(141,073	)
Class III		–			(2,126,150	)
Class VI		–			(1,280,684	)
Change in net assets from shareholder distributions		–			(5,331,727	)
Change in net assets from capital transactions		5,431,246			(13,020,792	)
Change in net assets		9,518,214			(43,681,523	)
Net Assets:
Beginning of period		21,247,910			64,929,433
End of period	$	30,766,124		$	21,247,910
Accumulated net investment loss at end of period	$	(32,823	)	$	(2,091	)
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,363,505		$	2,962,433
Dividends reinvested		–			1,783,820
Cost of shares redeemed		(1,948,378	)		(5,044,114	)
Total Class I		(584,873	)		(297,861	)
Class II Shares
Proceeds from shares issued		661			10
Dividends reinvested		–			141,073
Cost of shares redeemed		(63,227	)		(295,559	)
Total Class II		(62,566	)		(154,476	)
Class III Shares
Proceeds from shares issued		6,262,865			4,193,894
Dividends reinvested		–			2,126,150
Cost of shares redeemed (a)		(2,261,607	)		(15,076,382	)
Total Class III		4,001,258			(8,756,338	)

Amounts designated as “–” are zero or have been rounded to zero.

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

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statements of Changes in Net Assets (Continued)

	NVIT Technology and Communications Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
CAPITAL TRANSACTIONS: (continued)
Class VI Shares
Proceeds from shares issued	$	3,640,292		$	2,411,963
Dividends reinvested		–			1,280,684
Cost of shares redeemed (a)		(1,562,865	)		(7,504,764	)
Total Class VI		2,077,427			(3,812,117	)
Change in net assets from capital transactions	$	5,431,246		$	(13,020,792	)
SHARE TRANSACTIONS:
Class I Shares
Issued		579,530			813,388
Reinvested		–			569,911
Redeemed		(846,111	)		(1,462,285	)
Total Class I Shares		(266,581	)		(78,986	)
Class II Shares
Issued		84			3
Reinvested		–			45,508
Redeemed		(28,034	)		(76,976	)
Total Class II Shares		(27,950	)		(31,465	)
Class III Shares
Issued		2,568,562			1,242,543
Reinvested		–			672,832
Redeemed		(946,634	)		(3,882,144	)
Total Class III Shares		1,621,928			(1,966,769	)
Class VI Shares
Issued		1,517,805			573,624
Reinvested		–			410,476
Redeemed		(661,828	)		(1,989,022	)
Total Class VI Shares		855,977			(1,004,922	)
Total change in shares		2,183,374			(3,082,142	)

Amounts designated as “–” are zero or have been rounded to zero.

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

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Financial Highlights

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

NVIT Technology and Communications Fund

				Operations									Distributions												Ratios / Supplemental Data
							Net Realized																							Ratio of Net			Ratio of
							and																							Investment			Expenses
	Net Asset			Net			Unrealized																				Ratio of			Income			(Prior to
	Value,			Investment			Gains			Total			Net						Net Asset						Net Assets		Expenses			(Loss)			Reimbursements)
	Beginning			Income			(Losses) from			from			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			(Loss)			Investments			Operations			Gains			Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	2	.23		–			0	.39		0	.39		–			–		$	2	.62		17	.49%	$	7,841,216		1	.18%		(0	.18%)		1	.19%		37	.76%
Year Ended December 31, 2008	$	5	.14		(0	.01)		(2	.32)		(2	.33)		(0	.58)		(0	.58)	$	2	.23		(48	.57%)	$	7,252,063		1	.14%		(0	.20%)		1	.14%(e)		527	.24%
Year Ended December 31, 2007	$	4	.28		(0	.03)		0	.89		0	.86		–			–		$	5	.14		20	.09%	$	17,136,885		1	.22%		(0	.60%)		1	.22%		499	.51%
Year Ended December 31, 2006	$	3	.85		(0	.02)		0	.45		0	.43		–			–		$	4	.28		11	.17%	$	17,630,672		1	.15%		(0	.55%)		1	.15%(e)		352	.39%
Year Ended December 31, 2005	$	3	.87		(0	.02)		–			(0	.02)		–			–		$	3	.85		(0	.52%)	$	15,010,453		1	.28%		(0	.63%)		1	.28%(e)		571	.34%
Year Ended December 31, 2004	$	3	.71		(0	.02)		0	.18		0	.16		–			–		$	3	.87		4	.31%	$	20,144,237		1	.30%		(0	.69%)		1	.30%(e)		728	.29%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	2	.20		(0	.01)		0	.40		0	.39		–			–		$	2	.59		17	.73%	$	625,344		1	.43%		(0	.43%)		1	.44%		37	.76%
Year Ended December 31, 2008	$	5	.10		(0	.02)		(2	.30)		(2	.32)		(0	.58)		(0	.58)	$	2	.20		(48	.79%)	$	593,063		1	.43%		(0	.49%)		1	.43%(e)		527	.24%
Year Ended December 31, 2007	$	4	.25		(0	.04)		0	.89		0	.85		–			–		$	5	.10		20	.00%	$	1,534,524		1	.44%		(0	.83%)		1	.44%		499	.51%
Year Ended December 31, 2006	$	3	.84		(0	.03)		0	.44		0	.41		–			–		$	4	.25		10	.68%	$	1,443,008		1	.39%		(0	.79%)		1	.39%(e)		352	.39%
Year Ended December 31, 2005	$	3	.87		(0	.04)		0	.01		(0	.03)		–			–		$	3	.84		(0	.78%)	$	1,575,017		1	.53%		(0	.89%)		1	.53%(e)		571	.34%
Year Ended December 31, 2004	$	3	.72		(0	.05)		0	.20		0	.15		–			–		$	3	.87		4	.03%	$	2,409,107		1	.53%		(0	.98%)		1	.53%(e)		728	.29%
Class III Shares
Six Months Ended June 30, 2009 (Unaudited)	$	2	.25		–			0	.40		0	.40		–			–		$	2	.65		17	.78%	$	14,565,748		1	.18%		(0	.18%)		1	.19%		37	.76%
Year Ended December 31, 2008	$	5	.18		(0	.01)		(2	.34)		(2	.35)		(0	.58)		(0	.58)	$	2	.25		(48	.59%)	$	8,722,595		1	.21%		(0	.27%)		1	.21%(e)		527	.24%
Year Ended December 31, 2007	$	4	.31		(0	.03)		0	.90		0	.87		–			–		$	5	.18		20	.19%	$	30,289,783		1	.17%		(0	.57%)		1	.17%		499	.51%
Year Ended December 31, 2006	$	3	.88		(0	.02)		0	.45		0	.43		–			–		$	4	.31		11	.08%	$	23,256,307		1	.14%		(0	.55%)		1	.14%(e)		352	.39%
Year Ended December 31, 2005	$	3	.90		(0	.02)		–			(0	.02)		–			–		$	3	.88		(0	.51%)	$	17,975,168		1	.29%		(0	.64%)		1	.29%(e)		571	.34%
Year Ended December 31, 2004	$	3	.74		(0	.04)		0	.20		0	.16		–			–		$	3	.90		4	.28%	$	22,655,514		1	.28%		(0	.73%)		1	.28%(e)		728	.29%
Class VI Shares
Six Months Ended June 30, 2009 (Unaudited)	$	2	.21		–			0	.39		0	.39		–			–		$	2	.60		17	.65%	$	7,733,816		1	.43%		(0	.43%)		1	.44%		37	.76%
Year Ended December 31, 2008	$	5	.12		(0	.01)		(2	.32)		(2	.33)		(0	.58)		(0	.58)	$	2	.21		(48	.81%)	$	4,680,189		1	.28%		(0	.34%)		1	.28%(e)		527	.24%
Year Ended December 31, 2007	$	4	.27		(0	.02)		0	.87		0	.85		–			–		$	5	.12		19	.91%	$	15,968,241		1	.28%		(0	.69%)		1	.28%		499	.51%
Year Ended December 31, 2006	$	3	.84		(0	.02)		0	.45		0	.43		–			–		$	4	.27		11	.20%	$	7,018,265		1	.24%		(0	.65%)		1	.24%(e)		352	.39%
Year Ended December 31, 2005	$	3	.87		(0	.02)		(0	.01)		(0	.03)		–			–		$	3	.84		(0	.78%)	$	3,559,184		1	.39%		(0	.73%)		1	.39%(e)		571	.34%
Period Ended December 31, 2004 (f)	$	3	.59		(0	.01)		0	.29		0	.28		–			–		$	3	.87		7	.80%	$	2,692,697		1	.46%		(0	.44%)		1	.46%(e)		728	.29%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	There were no fee waivers/reimbursements during the period.
(f)	For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Technology and Communications Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

12 Semiannual Report 2009

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stocks	$	25,612,444	$	3,434,100	$	—	$	29,046,544
Preferred Stocks		—		917,681		—		917,681
Repurchase Agreements		—		890,043		—		890,043
Total	$	25,612,444	$	5,241,824	$	—	$	30,854,268

Amounts designated as “-” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

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

(d)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

14 Semiannual Report 2009

(e)        Security Transactions and Investment Income

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

(f)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receive payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. At June 30, 2009, the Fund did not have securities on loan.

(g)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(h)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

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

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Aberdeen Asset Management, Inc. (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

	Base Fee		Fee rate
	Through		Effective
Fee Schedule	April 30, 2009		May 1, 2009
Up to $500 million		0.88%		0.78%
$500 million up to $2 billion		0.83%		0.73%
$2 billion and more		0.78%		0.68%

The base fee results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly subperiod and that total fee is paid at the end of that most recently completed quarter.

Until April 30, 2009, the Fund paid a performance-based management fee to NFA. This performance-based fee varied depending on the Fund’s performance relative to its benchmark. This fee was intended to reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, the Fund’s benchmark.

16 Semiannual Report 2009

The Fund’s benchmark for determining these performance-based fees was the S&P North American Technology Sector Index (formerly, Goldman Sachs Technology Composite Index). The actual management fee paid by the Fund for the six months ended June 30, 2009, expressed as a percentage of the Fund’s average daily net assets and taking into account any applicable fee waivers or reimbursements, was 0.74%. NFA pays the subadviser a subadvisory fee from the management fee it receives.

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate applicable to the Fund’s base fee (as such base fee may be adjusted by Base Fee Breakpoints). NFA pays/(charges) the entire performance component of the fee to the subadviser.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage points		+/- 0.04%
+/- 3 percentage points		+/- 0.06%
+/- 4 percentage points		+/- 0.08%
+/- 5 percentage points		+/- 0.10%

These performance-based advisory fees are paid quarterly. Under this performance-based fee arrangement, NFA (and the subadviser) can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage shown above.

At a meeting of the Board of Trustees held in-person on January 16, 2009, the Board of Trustees voted unanimously to eliminate the performance-based management fee and to implement an asset-based management fee equal to the lowest possible management fee at each breakpoint under the previous performance-based fee structure, to take effect May 1, 2009. In eliminating the performance-based fee structure, the Adviser (and subadviser, as applicable) are subject to a six-month transition period. If during this transition period the Fund’s assets are declining and the Fund underperforms its benchmark, the new management fee may be higher than the amount the Adviser would have been entitled to collect under the previous performance-based fee structure. If this occurs during the transition period, the Adviser will reimburse the Fund by the amount of the difference between the new management fee and the amount it would have been entitled to collect under the previous fee structure. Under no circumstances, during this transition period, will the management fee under the new fee structure exceed what the Adviser would have received under the old structure assuming maximum penalty for underperformance.

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisers $36,891 for the six months ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.03% (1.23% until April 30, 2009) for the Fund’s Class I, Class II, Class III and Class VI shares until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA. As of June 30, 2009, the Fund had no cumulative potential reimbursements.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

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

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

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

For the six months ended June 30, 2009, NFS received $35,081 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $140.

18 Semiannual Report 2009

4. Short-Term Trading Fees

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

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $9,921 and $11,256, respectively, from Class III and Class VI.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $16,816 and $8,547, respectively, from Class III and Class VI.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $14,613,225 and sales of $8,615,014 (excluding short-term securities).

7. Portfolio Investment Risks

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

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

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

8. Indemnifications

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

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for the Fund were as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	32,813,497	$	2,056,301	$	(4,015,530	)	$	(1,959,229	)

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

20 Semiannual Report 2009

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

2009 Semiannual Report 21

Supplemental Information (Continued)

(Unaudited)

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Aberdeen Asset Management (“Aberdeen”), the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that the Fund’s performance for Class III shares for each of the one- and five-year periods ended September 30, 2008 was in the fourth quintile of its peer group, while for the three-year period ended September 30, 2008, the Fund was in the third quintile and above the median of its peer group. The Trustees noted that, for each period, the Fund underperformed its benchmark, the Goldman Sachs Technology Index. The Trustees considered that the Fund is on the watch list and reviewed Aberdeen’s response to the watch list questionnaire. The Trustees noted that Aberdeen had replaced the team managing the Fund effective October 28, 2008, with Robert Mattson and Ralph Bassett serving as lead portfolio managers. The Trustees reviewed the qualifications and experience of the new portfolio managers.

The Trustees noted that the Fund’s contractual advisory fee for Class III shares was in the fourth quintile of its peer group, while the actual advisory fee was in the third quintile but above the median of its peer group. The Trustees also noted that the Fund’s total expenses were in the second quintile of its peer group. The Trustees noted that NFA proposed to eliminate the performance-based fee structure applicable to the Fund, which would reduce the Fund’s investment advisory fee to the lowest level possible under the performance fee structure and would improve the Fund’s peer group rankings. The Trustees noted that, based on such adjusted advisory fee structure, the Fund’s actual advisory fee for Class III shares would be in the third quintile and below the median of its peer group, and the Fund’s total expenses would be in the first quintile of its peer group. The Trustees noted that shareholders of the Fund received the benefit of an expense cap (excluding 12b-1 and administrative service fees). The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the proposed investment advisory fee schedule for the Fund contains breakpoints that are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

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

22 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the
table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the
table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

24 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships Held by
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 25

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships Held by
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

26 Semiannual Report 2009

NVIT Health Sciences Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
6	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements
20	Supplemental Information
22	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-HS (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Health Sciences Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Health Sciences Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,019.30		6.06		1.21
	Hypothetical	b		1,000.00		1,018.66		6.07		1.21
Class II	Actual			1,000.00		1,017.70		7.28		1.46
	Hypothetical	b		1,000.00		1,017.44		7.31		1.46
Class III	Actual			1,000.00		1,018.00		6.05		1.21
	Hypothetical	b		1,000.00		1,018.66		6.07		1.21
Class VI	Actual			1,000.00		1,017.50		7.30		1.46
	Hypothetical	b		1,000.00		992.77		7.23		1.46

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Health Sciences Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	99	.6%
Repurchase Agreements	0	.3%
Other assets in excess of liabilities	0	.1%
	100	.0%

Top Industries
Pharmaceuticals	40	.9%
Health Care Equipment & Supplies	21	.8%
Biotechnology	17	.2%
Health Care Providers & Services	11	.1%
Life Sciences Tools & Services	6	.4%
Food & Staples Retailing	2	.2%
Other*	0	.4%
	100	.0%

Top Holdings
Gilead Sciences, Inc.	6	.9%
Johnson & Johnson	6	.8%
Abbott Laboratories	6	.3%
Bristol-Myers Squibb Co.	5	.5%
Baxter International, Inc.	5	.3%
Schering-Plough Corp.	5	.3%
Amgen, Inc.	4	.7%
Pfizer, Inc.	4	.6%
Aetna, Inc.	3	.3%
Thermo Fisher Scientific, Inc.	3	.1%
Other*	48	.2%
	100	.0%

* For purposes of listing top holdings, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Health Sciences Fund

Common Stocks 99.6%
		Shares		Market Value
Biotechnology 17.2%
Amgen, Inc.*		33,000	$	1,747,020
Biogen Idec, Inc.*		14,100		636,615
Cephalon, Inc.*		16,800		951,720
Gilead Sciences, Inc.*		53,866		2,523,083
United Therapeutics Corp.*		5,700		474,981
				6,333,419
Food & Staples Retailing 2.2%
CVS Caremark Corp.		24,778		789,675
Health Care Equipment & Supplies 21.8%
Baxter International, Inc.		36,560		1,936,218
Becton, Dickinson & Co.		2,710		193,250
Boston Scientific Corp.*		78,930		800,350
Cooper Cos., Inc. (The)		12,900		319,017
Covidien PLC		16,700		625,248
DENTSPLY International, Inc.		12,000		366,240
Hologic, Inc.*		26,700		379,941
Hospira, Inc.*		29,100		1,120,932
I-Flow Corp.*		32,200		223,468
IDEXX Laboratories, Inc.*		11,420		527,604
IRIS International, Inc.*		21,584		254,691
Masimo Corp.*		17,420		419,996
St. Jude Medical, Inc.*		20,570		845,427
				8,012,382
Health Care Providers & Services 11.1%
Aetna, Inc.		49,100		1,229,955
LifePoint Hospitals, Inc.*		17,700		464,625
Medco Health Solutions, Inc.*		14,310		652,679
Quest Diagnostics, Inc.		14,690		828,957
UnitedHealth Group, Inc.		37,140		927,757
				4,103,973
Life Sciences Tools & Services 6.4%
Covance, Inc.*		10,629		522,947
Thermo Fisher Scientific, Inc.*		28,310		1,154,199
Waters Corp.*		13,490		694,330
				2,371,476
Pharmaceuticals 40.9%
Abbott Laboratories		49,630		2,334,596
Allergan, Inc.		21,020		1,000,132
Bristol-Myers Squibb Co.		99,850		2,027,954
Johnson & Johnson		44,158		2,508,174
Novartis AG (a)		18,753		763,559
Perrigo Co.		20,840		578,935
Pfizer, Inc.		112,742		1,691,130
Schering-Plough Corp.		77,078		1,936,199
Teva Pharmaceutical Industries Ltd. ADR — IL		11,530		568,890
ViroPharma, Inc.*		96,010		569,339
Wyeth		24,245		1,100,481
				15,079,389
Total Common Stocks (cost $40,110,873)				36,690,314
Repurchase Agreements 0.3%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $79,521, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $81,111	$	79,521	$	79,521
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $38,930, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $39,709		38,930		38,930
Total Repurchase Agreements (Cost $118,451)				118,451
Total Investments (Cost $40,229,324) (b) — 99.9%				36,808,765
Other assets in excess of liabilities — 0.1%				23,932
NET ASSETS — 100.0%			$	36,832,697

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation / (depreciation) of securities.

ADR	American Depositary Receipt
AG	Stock Corporation
IL	Israel
Ltd	Limited
PLC	Public Limited Company

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Health
	Sciences Fund
Assets:
Investments, at value (cost $40,110,873)	$	36,690,314
Repurchase agreements, at value and cost		118,451
Total Investments		36,808,765
Interest and dividends receivable		10,226
Receivable for capital shares issued		17,237
Receivable for investments sold		254,059
Reclaims receivable		7,475
Prepaid expenses and other assets		653
Total Assets		37,098,415
Liabilities:
Payable for investments purchased		144,661
Payable for capital shares redeemed		21,725
Accrued expenses and other payables:
Investment advisory fees		76,009
Fund administration fees		1,416
Distribution fees		2,607
Administrative services fees		5,050
Custodian fees		3,888
Trustee fees		142
Compliance program costs (Note 3)		1,027
Professional fees		2,583
Printing fees		5,157
Other		1,453
Total Liabilities		265,718
Net Assets	$	36,832,697
Represented by:
Capital	$	53,533,037
Accumulated undistributed net investment income		11,709
Accumulated net realized losses from investment transactions and foreign currency transactions		(13,292,021	)
Net unrealized appreciation/(depreciation) from investments		(3,420,559	)
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		531
Net Assets	$	36,832,697
Net Assets:
Class I Shares	$	3,955,623
Class II Shares		1,199,882
Class III Shares		20,280,572
Class VI Shares		11,396,620
Total	$	36,832,697
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		481,403
Class II Shares		148,032
Class III Shares		2,463,137
Class VI Shares		1,395,073
Total		4,487,645
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	8.22
Class II Shares	$	8.11
Class III Shares	$	8.23
Class VI Shares	$	8.17

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Health
	Sciences Fund
INVESTMENT INCOME:
Interest income	$	236
Dividend income		310,295
Foreign tax withholding		(5,208	)
Total Income		305,323
EXPENSES:
Investment advisory fees		177,776
Fund administration fees		9,829
Distribution fees Class II Shares		1,541
Distribution fees Class VI Shares		15,923
Administrative services fees Class I Shares		2,934
Administrative services fees Class II Shares		925
Administrative services fees Class III Shares		16,696
Administrative services fees Class VI Shares		9,539
Custodian fees		3,850
Trustee fees		915
Compliance program costs (Note 3)		300
Professional fees		4,432
Printing fees		12,143
Other		3,171
Total expenses before earnings credit		259,974
Earnings credit (Note 5)		(48	)
Net Expenses		259,926
NET INVESTMENT INCOME		45,397
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(5,790,452	)
Net realized losses from foreign currency transactions		(12,373	)
Net realized losses from investment transactions and foreign currency transactions		(5,802,825	)
Net change in unrealized appreciation/(depreciation) from investments		5,232,413
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		13,336
Net change in unrealized appreciation/(depreciation) from investments and foreign currency translations		5,245,749
Net realized/unrealized losses from investments and foreign currency translations		(557,076	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(511,679	)

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statements of Changes in Net Assets

	NVIT Health Sciences Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	45,397		$	135,920
Net realized losses from investment and foreign currency transactions		(5,802,825	)		(7,093,256	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		5,245,749			(13,183,338	)
Change in net assets resulting from operations		(511,679	)		(20,140,674	)
Distributions to Shareholders From:
Net investment income:
Class I		(7,628	)		(12,675	)
Class II		(1,759	)		(1,740	)
Class III		(41,905	)		(82,597	)
Class VI		(16,884	)		(4,987	)
Net realized gains:
Class I		–			(558,182	)
Class II		–			(132,482	)
Class III		–			(2,967,351	)
Class VI		–			(1,634,518	)
Change in net assets from shareholder distributions		(68,176	)		(5,394,532	)
Change in net assets from capital transactions		(10,320,558	)		15,692,655
Change in net assets		(10,900,413	)		(9,842,551	)
Net Assets:
Beginning of period		47,733,110			57,575,661
End of period	$	36,832,697		$	47,733,110
Accumulated undistributed net investment income at end of period	$	11,709		$	34,488
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	835,847		$	4,743,108
Dividends reinvested		7,628			570,857
Cost of shares redeemed		(1,155,553	)		(5,426,700	)
Total Class I		(312,078	)		(112,735	)
Class II Shares
Proceeds from shares issued		8,077			–
Dividends reinvested		1,759			134,222
Cost of shares redeemed		(165,520	)		(329,576	)
Total Class II		(155,684	)		(195,354	)
Class III Shares
Proceeds from shares issued		3,126,876			24,933,120
Dividends reinvested		41,905			3,049,948
Cost of shares redeemed (a)		(9,409,250	)		(19,756,070	)
Total Class III		(6,240,469	)		8,226,998

Amounts designated as “–” are zero or have been rounded to zero.

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

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

	NVIT Health Sciences Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
CAPITAL TRANSACTIONS: (continued)
Class VI Shares
Proceeds from shares issued	$	1,242,875		$	14,593,986
Dividends reinvested		16,884			1,639,505
Cost of shares redeemed (a)		(4,872,086	)		(8,459,745	)
Total Class VI		(3,612,327	)		7,773,746
Change in net assets from capital transactions	$	(10,320,558	)	$	15,692,655
SHARE TRANSACTIONS:
Class I Shares
Issued		106,568			450,132
Reinvested		1,002			60,566
Redeemed		(148,137	)		(564,260	)
Total Class I Shares		(40,567	)		(53,562	)
Class II Shares
Issued		956			–
Reinvested		234			14,403
Redeemed		(21,244	)		(33,466	)
Total Class II Shares		(20,054	)		(19,063	)
Class III Shares
Issued		386,203			2,244,489
Reinvested		5,492			322,978
Redeemed		(1,257,868	)		(2,073,920	)
Total Class III Shares		(866,173	)		493,547
Class VI Shares
Issued		157,084			1,332,695
Reinvested		2,230			174,749
Redeemed		(656,912	)		(909,981	)
Total Class VI Shares		(497,598	)		597,463
Total change in shares		(1,424,392	)		1,018,385

Amounts designated as “–” are zero or have been rounded to zero.

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

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

NVIT Health Sciences Fund

				Operations									Distributions																		Ratios / Supplemental Data
							Net Realized																													Ratio of Net			Ratio of
							and																													Investment			Expenses
	Net Asset			Net			Unrealized																										Ratio of			Income			(Prior to
	Value,			Investment			Gains			Total			Net			Net									Net Asset						Net Assets		Expenses			(Loss)			Reimbursements)
	Beginning			Income			(Losses) from			from			Investment			Realized			Total			Redemption			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			(Loss)			Investments			Operations			Income			Gains			Distributions			Fees			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	8	.08		–			0	.15		0	.15		(0	.01)		–			(0	.01)		–		$	8	.22		1	.93%	$	3,955,623		1	.21%		0	.28%		1	.21%		24	.95%
Year Ended December 31, 2008	$	11	.77		0	.04		(2	.90)		(2	.86)		(0	.03)		(0	.81)		(0	.84)		0	.01	$	8	.08		(25	.21%)	$	4,218,146		1	.18%		0	.34%		1	.18%		106	.25%
Year Ended December 31, 2007	$	10	.62		0	.01		1	.37		1	.38		(0	.01)		(0	.22)		(0	.23)		–		$	11	.77		13	.16%	$	6,773,899		1	.20%		0	.11%		1	.20%		116	.00%
Year Ended December 31, 2006	$	10	.34		0	.03		0	.25		0	.28		–			–			–			–		$	10	.62		2	.71%	$	6,626,420		1	.19%		0	.24%		1	.19%		243	.33%
Year Ended December 31, 2005	$	10	.69		(0	.03)		0	.92		0	.89		–			(1	.24)		(1	.24)		–		$	10	.34		8	.44%	$	7,747,098		1	.26%		(0	.22%)		1	.26%		366	.90%
Year Ended December 31, 2004	$	9	.96		(0	.03)		0	.80		0	.77		–			(0	.05)		(0	.05)		0	.01	$	10	.69		7	.86%	$	7,910,493		1	.26%		(0	.28%)		1	.26%		424	.94%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	7	.98		–			0	.14		0	.14		(0	.01)		–			(0	.01)		–		$	8	.11		1	.77%	$	1,199,882		1	.46%		0	.02%		1	.46%		24	.95%
Year Ended December 31, 2008	$	11	.64		0	.01		(2	.86)		(2	.85)		(0	.01)		(0	.81)		(0	.82)		0	.01	$	7	.98		(25	.40%)	$	1,340,861		1	.43%		0	.10%		1	.43%		106	.25%
Year Ended December 31, 2007	$	10	.52		(0	.02)		1	.36		1	.34		–			(0	.22)		(0	.22)		–		$	11	.64		12	.92%	$	2,177,765		1	.46%		(0	.16%)		1	.46%		116	.00%
Year Ended December 31, 2006	$	10	.27		(0	.01)		0	.26		0	.25		–			–			–			–		$	10	.52		2	.43%	$	2,296,144		1	.44%		(0	.05%)		1	.44%		243	.33%
Year Ended December 31, 2005	$	10	.65		(0	.05)		0	.91		0	.86		–			(1	.24)		(1	.24)		–		$	10	.27		8	.19%	$	2,566,902		1	.51%		(0	.47%)		1	.51%		366	.90%
Year Ended December 31, 2004	$	9	.95		(0	.06)		0	.80		0	.74		–			(0	.05)		(0	.05)		0	.01	$	10	.65		7	.56%	$	3,208,036		1	.50%		(0	.54%)		1	.50%		424	.94%
Class III Shares
Six Months Ended June 30, 2009 (Unaudited)	$	8	.10		–			0	.14		0	.14		(0	.01)		–			(0	.01)		–		$	8	.23		1	.80%	$	20,280,572		1	.21%		0	.31%		1	.21%		24	.95%
Year Ended December 31, 2008	$	11	.80		0	.04		(2	.91)		(2	.87)		(0	.03)		(0	.81)		(0	.84)		0	.01	$	8	.10		(25	.23%)	$	26,958,621		1	.19%		0	.33%		1	.19%		106	.25%
Year Ended December 31, 2007	$	10	.64		0	.01		1	.38		1	.39		(0	.01)		(0	.22)		(0	.23)		–		$	11	.80		13	.23%	$	33,448,195		1	.20%		0	.11%		1	.20%		116	.00%
Year Ended December 31, 2006	$	10	.36		0	.02		0	.26		0	.28		–			–			–			–		$	10	.64		2	.70%	$	37,920,901		1	.19%		0	.19%		1	.19%		243	.33%
Year Ended December 31, 2005	$	10	.71		(0	.02)		0	.91		0	.89		–			(1	.24)		(1	.24)		–		$	10	.36		8	.42%	$	45,169,063		1	.25%		(0	.24%)		1	.25%		366	.90%
Year Ended December 31, 2004	$	9	.98		(0	.03)		0	.80		0	.77		–			(0	.05)		(0	.05)		0	.01	$	10	.71		7	.84%	$	39,723,029		1	.26%		(0	.29%)		1	.26%		424	.94%
Class VI Shares
Six Months Ended June 30, 2009 (Unaudited)	$	8	.04		–			0	.14		0	.14		(0	.01)		–			(0	.01)		–		$	8	.17		1	.75%	$	11,396,620		1	.46%		0	.06%		1	.46%		24	.95%
Year Ended December 31, 2008	$	11	.72		–			(2	.88)		(2	.88)		–			(0	.81)		(0	.81)		0	.01	$	8	.04		(25	.44%)	$	15,215,482		1	.46%		0	.07%		1	.46%		106	.25%
Year Ended December 31, 2007	$	10	.59		(0	.01)		1	.37		1	.36		(0	.01)		(0	.22)		(0	.23)		–		$	11	.72		12	.98%	$	15,175,802		1	.44%		(0	.14%)		1	.44%		116	.00%
Year Ended December 31, 2006	$	10	.34		–			0	.25		0	.25		–			–			–			–		$	10	.59		2	.42%	$	12,182,791		1	.43%		(0	.04%)		1	.43%		243	.33%
Year Ended December 31, 2005	$	10	.71		(0	.03)		0	.90		0	.87		–			(1	.24)		(1	.24)		–		$	10	.34		8	.23%	$	10,292,011		1	.42%		(0	.43%)		1	.42%		366	.90%
Period Ended December 31, 2004 (e)	$	10	.70		(0	.02)		0	.02		–			–			–			–			0	.01	$	10	.71		0	.09%	$	4,980,907		1	.35%		(0	.36%)		1	.35%		424	.94%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	There were no fee reductions during the period.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Health Sciences Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stocks	$	35,926,755	$	763,559	$	—	$	36,690,314
Repurchase Agreements		—		118,451		—		118,451
Total	$	35,926,755	$	882,010	$	—	$	36,808,765

Amounts designated as “—” are zero.

12 Semiannual Report 2009

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

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

(d)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(e)        Security Transactions and Investment Income

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

(f)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities,

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receive payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. As of June 30, 2009, the Fund did not have securities on loan.

(g)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(h)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 to 2008 remain subject to examination by the Internal Revenue Service.

14 Semiannual Report 2009

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Aberdeen Asset Management, Inc. (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

	Base Fee		Fee rate
	Through April 30,		Effective
Fee Schedule	2009		May 1, 2009
Up to $500 million		0.90%		0.80%
$500 million up to $2 billion		0.85%		0.75%
$2 billion and more		0.80%		0.70%

The base fee results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly subperiod and that total fee is paid at the end of that most recently completed quarter.

Until April 30, 2009, the Fund paid a performance-based management fee to NFA. This performance-based fee varied depending on the Fund’s performance relative to its benchmark. This fee was intended to reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, the Fund’s benchmark. The Fund’s benchmark for determining these performance-based fees was the S&P North American Health Care Sector Index (formerly, Goldman Sachs Healthcare Index). The actual management fee paid by the Fund for the six months ended June 30, 2009, expressed as a percentage of the Fund’s average daily net assets and taking into account any applicable fee waivers or reimbursements, was 0.88%. NFA pays the subadviser a subadvisory fee from the management fee it receives.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate applicable to the Fund’s base fee (as such base fee may be adjusted by Base Fee Breakpoints). NFA pays/(charges) the entire performance component of the fee to the subadviser.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage points		+/- 0.04%
+/- 3 percentage points		+/- 0.06%
+/- 4 percentage points		+/- 0.08%
+/- 5 percentage points		+/- 0.10%

These performance-based advisory fees are paid quarterly. Under this performance-based fee arrangement, NFA (and the subadviser) can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage shown above.

At a meeting of the Board of Trustees held in-person on January 16, 2009, the Board of Trustees voted unanimously to eliminate the performance-based management fee and to implement an asset-based management fee equal to the lowest possible management fee at each breakpoint under the previous performance-based fee structure, to take effect May 1, 2009. In eliminating the performance-based fee structure, the Adviser (and subadviser, as applicable) are subject to a six-month transition period. If during this transition period the Fund’s assets are declining and the Fund underperforms its benchmark, the new management fee may be higher than the amount the Adviser would have been entitled to collect under the previous performance-based fee structure. If this occurs during the transition period, the Adviser will reimburse the Fund by the amount of the difference between the new management fee and the amount it would have been entitled to collect under the previous fee structure. Under no circumstances, during this transition period, will the management fee under the new fee structure exceed what the Adviser would have received under the old structure assuming maximum penalty for underperformance.

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $116,101 for the six months ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.03% (1.23% until April 30, 2009) for the Fund’s Class I, Class II, Class III and Class VI shares until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on

16 Semiannual Report 2009

the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

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

NFA has entered into an agreement with Citi Fund Services Ohio, Inc. (“Citi”) pursuant to which Citi provides sub-administration services to the Fund. NFM has entered into an agreement with Citi pursuant to which Citi provides sub-transfer agency services to the Fund.

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

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

For the six months ended June 30, 2009, NFS received $74,127 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $300.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III and Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III and Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III and Class VI shares on behalf

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

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

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $14,236 and $4,651, respectively, from Class III and Class VI.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $29,108 and $17,394, respectively, from Class III and Class VI.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $10,013,832 and sales of $20,614,858 (excluding short-term securities).

7. Portfolio Investment Risks

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

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

18 Semiannual Report 2009

8. Indemnifications

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

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Appreciation		(Depreciation)
$	41,453,645	$	1,296,872	$	(5,941,752)	$	(4,644,880)

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 19

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

20 Semiannual Report 2009

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Aberdeen Asset Management, the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for each of the one-, three-, and five-year periods ended September 30, 2008, the Fund’s performance for Class II shares was in the fifth quintile of its peer group and below the performance of the Goldman Sachs Healthcare Index, the Fund’s benchmark. The Trustees noted that the current portfolio manager had managed the Fund for two years and that, for the two-year period ended September 30, 2008, the Fund outperformed the benchmark.

The Trustees noted that the Fund’s contractual advisory fee, actual advisory fee, and total expenses for Class II shares were in the fourth quintile of its peer group. The Trustees noted that NFA proposed to eliminate the performance-based fee structure applicable to the Fund, which would reduce the Fund’s investment advisory fee to the lowest level possible under the performance fee structure and would improve the Fund’s peer group rankings. The Trustees noted that, based on such adjusted advisory fee structure, the Fund’s actual advisory fee for Class II shares would be in the third quintile and at the median of its peer group, and the Fund’s total expenses would be in the third quintile and below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the proposed investment advisory fee schedule for the Fund contains breakpoints that are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

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

2009 Semiannual Report 21

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of march FIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

22 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

24 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 25

NVIT Nationwide Leaders Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements
19	Supplemental Information
21	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-NL (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Nationwide Leaders Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Nationwide Leaders Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,095.00		5.61		1.08
	Hypothetical	b		1,000.00		1,019.30		5.42		1.08
Class III	Actual			1,000.00		1,094.80		5.61		1.08
	Hypothetical	b		1,000.00		1,019.41		5.42		1.08

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Nationwide Leaders Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	96	.7%
Repurchase Agreements	3	.3%
	100	.0%

Top Industries
Pharmaceuticals	9	.2%
Communications Equipment	7	.8%
Information Technology Services	7	.2%
Health Care Providers & Services	7	.1%
Capital Markets	6	.2%
Specialty Retail	5	.6%
Industrial Conglomerates	4	.9%
Oil, Gas & Consumable Fuels	4	.8%
Food Products	4	.7%
Software	4	.6%
Other*	37	.9%
	100	.0%

Top Holdings
Johnson & Johnson	5	.3%
3M Co.	4	.9%
Kraft Foods, Inc., Class A	4	.7%
Oracle Corp.	4	.6%
Cognizant Technology Solutions Corp., Class A	4	.4%
Deere & Co.	4	.3%
Quest Diagnostics, Inc.	4	.3%
United Technologies Corp.	4	.2%
QUALCOMM, Inc.	4	.1%
CVS Caremark Corp.	4	.0%
Other*	55	.2%
	100	.0%

* For purpose of listing top holdings and industries, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Nationwide Leaders Fund

Common Stocks 96.7%
		Shares		Market Value
Aerospace & Defense 4.2%
United Technologies Corp.		8,700	$	452,052
Capital Markets 6.2%
Goldman Sachs Group, Inc. (The)		2,690		396,614
State Street Corp.		5,800		273,760
				670,374
Commercial Banks 2.0%
Wells Fargo & Co.		8,800		213,488
Communications Equipment 7.8%
Cisco Systems, Inc.*		21,120		393,677
QUALCOMM, Inc.		9,800		442,960
				836,637
Consumer Finance 2.0%
Capital One Financial Corp.		9,900		216,612
Energy Equipment & Services 3.7%
Schlumberger Ltd.		7,400		400,414
Food & Staples Retailing 4.0%
CVS Caremark Corp.		13,600		433,432
Food Products 4.7%
Kraft Foods, Inc., Class A		19,800		501,732
Health Care Providers & Services 7.1%
Aetna, Inc.		12,080		302,604
Quest Diagnostics, Inc.		8,120		458,212
				760,816
Household Durables 2.5%
Toll Brothers, Inc.*		16,000		271,520
Household Products 3.0%
Procter & Gamble Co. (The)		6,300		321,930
Industrial Conglomerate 4.9%
3M Co.		8,800		528,880
Information Technology Services 7.2%
Alliance Data Systems Corp.*		7,400		304,806
Cognizant Technology Solutions Corp., Class A*		17,540		468,318
				773,124
Insurance 2.0%
Aflac, Inc.		6,900		214,521
Machinery 4.3%
Deere & Co.		11,620		464,219
Oil, Gas & Consumable Fuels 4.8%
Apache Corp.		3,500		252,525
EOG Resources, Inc.		3,900		264,888
				517,413
Pharmaceuticals 9.2%
Johnson & Johnson		9,970		566,296
Pfizer, Inc.		28,200		423,000
				989,296
Road & Rail 2.9%
Canadian National Railway Co.		7,300		313,608
Software 4.6%
Oracle Corp.		22,800		488,376
Specialty Retail 5.6%
TJX Cos., Inc.		12,340		388,216
Urban Outfitters, Inc.*		10,200		212,874
				601,090
Tobacco 4.0%
Philip Morris International, Inc.		9,870		430,529
Total Common Stocks (Cost $9,912,402)				10,400,063
Repurchase Agreements 3.3%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $235,585, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $240,296	$	235,584		235,584

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Nationwide Leaders Fund (Continued)

Repurchase Agreements (continued)
		Principal Amount		Market Value
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $115,333, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $117,640	$	115,333	$	115,333
Total Repurchase Agreements (cost $350,917)				350,917
Total Investments (cost $10,263,319) (a) — 100.0%				10,750,980
Liabilities in excess of other assets — 0.0%				(1,878	)
NET ASSETS — 100.0%			$	10,749,102

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation / (depreciation) of securities.

Ltd Limited

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT
	Nationwide
	Leaders Fund
Assets:
Investments, at value (cost $9,912,402)	$	10,400,063
Repurchase agreements, at value and cost		350,917
Total Investments		10,750,980
Cash		2,430
Interest and dividends receivable		16,084
Receivable for capital shares issued		1,522
Prepaid expenses and other assets		139
Total Assets		10,771,155
Liabilities:
Payable for capital shares redeemed		891
Accrued expenses and other payables:
Investment advisory fees		15,637
Fund administration fees		426
Administrative services fees		2,101
Custodian fees		1,505
Professional fees		602
Printing fees		504
Other		387
Total Liabilities		22,053
Net Assets	$	10,749,102
Represented by:
Capital	$	23,549,316
Accumulated undistributed net investment income		14,070
Accumulated net realized losses from investment transactions		(13,301,945	)
Net unrealized appreciation/(depreciation) from investments		487,661
Net Assets	$	10,749,102
Net Assets:
Class I Shares	$	1,485,042
Class III Shares		9,264,060
Total	$	10,749,102
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		211,005
Class III Shares		1,313,241
Total		1,524,246
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	7.04
Class III Shares	$	7.05

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT
	Nationwide
	Leaders Fund
INVESTMENT INCOME:
Interest income	$	91
Dividend income		111,932
Foreign tax withholding		(357	)
Total Income		111,666
EXPENSES:
Investment advisory fees		33,895
Fund administration fees		2,534
Administrative services fees Class I Shares		1,029
Administrative services fees Class III Shares		6,765
Custodian fees		568
Trustee fees		138
Compliance program costs (Note 3)		66
Professional fees		1,073
Printing fees		10,262
Other		2,571
Total expenses before earnings credit and expenses reimbursed		58,901
Earnings credit (Note 5)		(3	)
Expenses reimbursed by adviser		(2,880	)
Net Expenses		56,018
NET INVESTMENT INCOME		55,648
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(942,453	)
Net change in unrealized appreciation/(depreciation) from investments		1,609,740
Net realized/unrealized losses from investments		667,287
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	722,935

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statements of Changes in Net Assets

	NVIT Nationwide Leaders Fund
	Six Months Ended			Year Ended
	June 30, 2009			December 31, 2008
	(Unaudited)
Operations:
Net investment income	$	55,648		$	191,017
Net realized losses from investment transactions		(942,453	)		(11,777,201	)
Net change in unrealized appreciation/(depreciation) from investments		1,609,740			(1,955,928	)
Change in net assets resulting from operations		722,935			(13,542,112	)
Distributions to Shareholders From:
Net investment income:
Class I		(8,214	)		(21,977	)
Class III		(53,773	)		(148,631	)
Net realized gains:
Change in net assets from shareholder distributions		(61,987	)		(170,608	)
Change in net assets from capital transactions		(2,059,590	)		(2,640,345	)
Change in net assets		(1,398,642	)		(16,353,065	)
Net Assets:
Beginning of period		12,147,744			28,500,809
End of period	$	10,749,102		$	12,147,744
Accumulated undistributed net investment income at end of period	$	14,070		$	20,409
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	434,449		$	1,025,537
Dividends reinvested		8,214			21,977
Cost of shares redeemed		(633,205	)		(1,348,148	)
Total Class I		(190,542	)		(300,634	)
Class III Shares
Proceeds from shares issued		392,816			3,792,096
Dividends reinvested		53,773			148,631
Cost of shares redeemed (a)		(2,315,637	)		(6,280,438	)
Total Class III		(1,869,048	)		(2,339,711	)
Change in net assets from capital transactions	$	(2,059,590	)	$	(2,640,345	)
SHARE TRANSACTIONS:
Class I Shares
Issued		73,622			95,008
Reinvested		1,342			2,441
Redeemed		(104,034	)		(140,379	)
Total Class I Shares		(29,070	)		(42,930	)
Class III Shares
Issued		60,711			324,987
Reinvested		8,777			16,722
Redeemed		(391,633	)		(604,812	)
Total Class III Shares		(322,145	)		(263,103	)
Total change in shares		(351,215	)		(306,033	)

Amounts designated as “−” are zero or have been rounded to zero.

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

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Financial Highlights

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

NVIT Nationwide Leaders Fund

				Operations									Distributions																		Ratios / Supplemental Data
							Net Realized																																Ratio of
							and																													Ratio of Net			Expenses
	Net Asset						Unrealized																										Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net									Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Redemption			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			Fees			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)			Turnover (c)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.47		0	.04		0	.57		0	.61		(0	.04)		–			(0	.04)		–		$	7	.04		9	.50%	$	1,485,042		1	.08%		1	.03%		1	.13%		25	.44%
Year Ended December 31, 2008	$	13	.04		0	.13		(6	.62)		(6	.49)		(0	.09)		–			(0	.09)		–		$	6	.46		(49	.98%)	$	1,552,057		1	.12%		1	.13%		1	.12%(d)		694	.35%
Year Ended December 31, 2007	$	13	.74		0	.12		1	.44		1	.56		(0	.15)		(2	.11)		(2	.26)		–		$	13	.04		11	.56%	$	3,690,142		1	.11%		0	.94%		1	.11%		660	.60%
Year Ended December 31, 2006	$	12	.89		0	.10		1	.96		2	.06		(0	.12)		(1	.09)		(1	.21)		–		$	13	.74		16	.05%	$	2,421,038		1	.12%		0	.55%		1	.12%(d)		671	.16%
Year Ended December 31, 2005	$	13	.78		0	.15		1	.21		1	.36		(0	.17)		(2	.08)		(2	.25)		–		$	12	.89		10	.31%	$	1,496,182		1	.16%		1	.18%		1	.16%(d)		483	.17%
Year Ended December 31, 2004	$	11	.81		0	.06		2	.15		2	.21		(0	.05)		(0	.20)		(0	.25)		0	.01	$	13	.78		18	.79%	$	926,773		1	.19%		0	.55%		1	.19%(d)		259	.37%
Class III Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.48		0	.04		0	.57		0	.61		(0	.04)		–			(0	.04)		–		$	7	.05		9	.48%	$	9,264,060		1	.08%		1	.08%		1	.13%		25	.44%
Year Ended December 31, 2008	$	13	.07		0	.09		(6	.60)		(6	.51)		(0	.08)		–			(0	.08)		–		$	6	.48		(49	.94%)	$	10,595,687		1	.12%		0	.85%		1	.12%(d)		694	.35%
Year Ended December 31, 2007	$	13	.77		0	.15		1	.41		1	.56		(0	.15)		(2	.11)		(2	.26)		–		$	13	.07		11	.56%	$	24,810,667		1	.07%		0	.96%		1	.08%		660	.60%
Year Ended December 31, 2006	$	12	.91		0	.10		1	.97		2	.07		(0	.12)		(1	.09)		(1	.21)		–		$	13	.77		16	.12%	$	32,286,354		1	.10%		0	.63%		1	.10%(d)		671	.16%
Year Ended December 31, 2005	$	13	.80		0	.16		1	.20		1	.36		(0	.17)		(2	.08)		(2	.25)		–		$	12	.91		10	.30%	$	20,271,490		1	.16%		1	.26%		1	.16%(d)		483	.17%
Year Ended December 31, 2004	$	11	.83		0	.06		2	.15		2	.21		(0	.05)		(0	.20)		(0	.25)		0	.01	$	13	.80		18	.77%	$	9,617,110		1	.17%		0	.48%		1	.17%(d)		259	.37%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	There were no fee reductions during the period.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Nationwide Leaders Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stocks	$	10,400,063	$	—	$	—	$	10,400,063
Repurchase Agreements		—		350,917		—		350,917
Total	$	10,400,063	$	350,917	$	—	$	10,750,980

Amounts designated as “−” are zero.

12 Semiannual Report 2009

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

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

(d)        Security Transactions and Investment Income

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

(e)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(f)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Aberdeen Asset Management, Inc. (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

14 Semiannual Report 2009

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

	Base Fee		Fee rate
	Through		Effective
Fee Schedule	April 30, 2009		May 1, 2009
Up to $500 million		0.80%		0.70%
$500 million up to $2 billion		0.70%		0.60%
$2 billion and more		0.65%		0.55%

The base fee results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly subperiod and that total fee is paid at the end of that most recently completed quarter.

Until April 30, 2009, the Fund paid a performance-based management fee to NFA. This performance-based fee varied depending on the Fund’s performance relative to its benchmark. This fee was intended to reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, the Fund’s benchmark. The Fund’s benchmark for determining these performance-based fees was the S&P 500^® Index. The actual management fee paid by the Fund for the six months ended June 30, 2009, expressed as a percentage of the Fund’s average daily net assets and taking into account any applicable fee waivers or reimbursements, was 0.65%. NFA pays the subadviser a subadvisory fee from the management fee it receives.

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate applicable to the Fund’s base fee (as such base fee may be adjusted by Base Fee Breakpoints). NFA pays/(charges) the entire performance component of the fee to the subadviser.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage points		+/- 0.04%
+/- 3 percentage points		+/- 0.06%
+/- 4 percentage points		+/- 0.08%
+/- 5 percentage points		+/- 0.10%

These performance-based advisory fees are paid quarterly. Under this performance-based fee arrangement, NFA (and the subadviser) can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage shown above.

At a meeting of the Board of Trustees held in-person on January 16, 2009, the Board of Trustees voted unanimously to eliminate the performance-based management fee and to implement an asset-based management fee equal to the lowest possible management fee at each breakpoint under the previous performance-based fee structure, to take effect May 1, 2009. In eliminating the performance-based fee structure, the Adviser (and subadviser, as applicable) are subject to a six-month transition period. If during this transition period the Fund’s assets are declining and the Fund underperforms its benchmark, the new management fee may be higher than the amount the Adviser would have been entitled to collect under the previous performance-based fee structure. If this occurs during the transition period, the Adviser will reimburse the Fund by the amount of the difference between the new management fee and the amount it would have been entitled to collect under the previous fee structure. Under no circumstances, during this transition period, will the management fee under the new fee structure exceed what the Adviser would have received under the old structure assuming maximum penalty for underperformance.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $15,795 for the six months ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.95% (1.15% until April 30, 2009) for all classes of the Fund until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA. As of June 30, 2009, the Fund had no cumulative potential reimbursements.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

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

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

16 Semiannual Report 2009

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

For the six months ended June 30, 2009, NFS received $16,337 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $66.

4. Short-Term Trading Fees

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

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $209 from Class III.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $1,704 from Class III.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $2,584,682 and sales of $4,735,977 (excluding short-term securities).

7. Indemnifications

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

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
	Unrealized		Unrealized			Appreciation
Tax Cost of Securities	Appreciation		Depreciation			(Depreciation)
$10,864,780	$	1,029,054	$	(1,142,854	)	$	(113,800	)

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

18 Semiannual Report 2009

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to

2009 Semiannual Report 19

Supplemental Information (Continued)

(Unaudited)

the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Aberdeen Asset Management (“Aberdeen”), the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for each of the one- and three-year periods ended September 30, 2008, the Fund’s performance for Class III shares was in the fourth quintile of its peer group. For these periods, the Trustees noted that the Fund underperformed its benchmark, the S&P 500^® Index. For the five-year period ended September 30, 2008, the Trustees noted that the Fund’s performance for Class III shares was in the second quintile of its peer group and the Fund outperformed its benchmark. In this regard, the Trustees noted that Aberdeen had replaced the portfolio manager for the Fund with the Aberdeen Equity Team effective October 28, 2008. The Trustees reviewed the qualifications and experience of the members of the Aberdeen Equity Team as well as the Aberdeen Equity Team’s historical performance track record managing investment strategies similar to the Fund. The Trustees considered the Aberdeen Equity Team’s overall track record with respect to this type of fund. The Trustees also noted that the Fund was on the watch list as of the third quarter 2008 and the Trustees reviewed Aberdeen’s response to the watch list questionnaire.

The Trustees considered that the Fund’s contractual advisory fee and actual advisory fee for Class III shares were in the fifth quintile of its peer group, while the Fund’s total expenses were in the fourth quintile of its peer group. The Trustees also noted that NFA proposed to eliminate the performance-based fee structure applicable to the Fund, which would reduce the Fund’s investment advisory fee to the lowest level possible under the performance fee structure and would improve the Fund’s peer group rankings. The Trustees noted that, based on such adjusted advisory fee structure, the Fund’s actual advisory fee for Class III shares would be in the fourth quintile of its peer group, moving closer to the median of the peer group, and the Fund’s total expenses for Class III shares would drop to the second quintile of the peer group. The Trustees noted that shareholders of the Fund received the benefit of an expense cap (excluding 12b-1 and administrative service fees). The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the breakpoints included in the Fund’s proposed investment advisory fee schedule are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

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

20 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 21

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

22 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

	Position(s) Held		Number of
	with Fund		Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

	Position(s) Held		Number of
	with Fund		Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

24 Semiannual Report 2009

Gartmore NVIT Emerging Markets Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
9	Statement of Assets and Liabilities
11	Statement of Operations
12	Statements of Changes in Net Assets
14	Financial Highlights
15	Notes to Financial Statements
25	Supplemental Information
27	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-EM (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder Gartmore NVIT Emerging Markets Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Gartmore NVIT Emerging Markets Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,253.50		6.84		1.22
	Hypothetical	b		1,000.00		1,018.59		6.14		1.22
Class II	Actual			1,000.00		1,253.10		8.29		1.48
	Hypothetical	b		1,000.00		1,017.30		7.45		1.48
Class III	Actual			1,000.00		1,254.10		6.89		1.23
	Hypothetical	b		1,000.00		1,018.54		6.19		1.23
Class VI	Actual			1,000.00		1,252.90		8.20		1.47
	Hypothetical	b		1,000.00		1,017.38		7.37		1.47

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary Gartmore NVIT Emerging Markets Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	87	.9%
Equity Linked Notes	6	.4%
Repurchase Agreement	5	.1%
Preferred Stocks	3	.5%
Rights	0	.0%
Liabilities in excess of other assets	(2	.9)%
	100	.0%

Top Industries
Oil, Gas & Consumable Fuels	19	.0%
Commercial Banks	14	.5%
Metals & Mining	11	.2%
Wireless Telecommunication Services	8	.1%
Real Estate Management & Development	5	.5%
Semiconductors & Semiconductor Equipment	4	.6%
Food & Staples Retailing	3	.1%
Electric Utilities	3	.1%
Automobiles	2	.7%
Electronic Equipment & Instruments	2	.4%
Other*	25	.8%
	100	.0%

Top Holdings
Petroleo Brasileiro SA	4	.2%
China Mobile Ltd.	2	.9%
Vale SA, Class A	2	.7%
Samsung Electronics Co. Ltd.	2	.5%
China Construction Bank Corp., Class H	2	.5%
Gazprom OAO ADR	2	.4%
POSCO	2	.0%
Bank of India	1	.9%
Reliance Industries Ltd.	1	.9%
CNOOC Ltd.	1	.9%
Other*	75	.1%
	100	.0%

Top Countries
Brazil	15	.0%
Republic of Korea	12	.6%
China	11	.4%
Hong Kong	9	.7%
Taiwan	8	.6%
India	7	.5%
South Africa	6	.6%
Russian Federation	6	.4%
Mexico	5	.7%
Thailand	3	.5%
Other*	13	.0%
	100	.0%

* For purposes of listing top holdings, industries and countries, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

Gartmore NVIT Emerging Markets Fund

Common Stocks 87.9%
	Shares		Market Value
BRAZIL 12.3%
Beverages 0.0%
Cia de Bebidas das Americas	5	$	323
Commercial Banks 1.2%
Itau Unibanco Banco Multiplo SA ADR	143,854		2,277,209
Diversified Financial Services 1.3%
BM&F Bovespa SA	422,200		2,521,305
Diversified Telecommunication Services 0.9%
Tele Norte Leste Participacoes SA ADR	107,132		1,593,053
Electric Utility 0.5%
CPFL Energia SA ADR	20,500		993,020
Food & Staples Retailing 0.8%
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR	40,215		1,546,669
Independent Power Producers & Energy Traders 0.3%
MPX Energia SA	4,400		601,654
Oil, Gas & Consumable Fuels 4.8%
Petroleo Brasileiro SA	234,676		7,828,791
Petroleo Brasileiro SA ADR	27,678		1,134,245
			8,963,036
Real Estate Management & Development 1.2%
Cyrela Brazil Realty SA	300,600		2,255,420
Transportation Infrastructure 1.3%
Cia de Concessoes Rodoviarias	151,544		2,393,980
			23,145,669
CHINA 11.4% (a)
Commercial Banks 4.7% (b)
Bank of Communications Co. Ltd., Class H	1,695,000		1,885,811
China Construction Bank Corp., Class H	5,988,000		4,614,160
China Merchants Bank Co. Ltd., Class H	1,027,500		2,331,982
			8,831,953
Communications Equipment 0.6%
Foxconn International Holdings Ltd.*	1,553,000		1,009,725
Construction & Engineering 0.7% (b)
China Railway Group Ltd., Class H*	1,656,000		1,321,062
Leisure Equipment & Products 1.0% (b)
Li Ning Co. Ltd.	654,000		1,919,144
Marine 0.7%
China Shipping Development Co. Ltd., Class H	1,012,000		1,294,295
			1,294,295
Metals & Mining 0.6% (b)
Aluminum Corp. of China Ltd., Class H	1,246,800		1,166,847
Oil, Gas & Consumable Fuels 1.9%
China Coal Energy Co., Class H	1,420,000		1,665,242
PetroChina Co. Ltd., Class H	1,751,000		1,935,024
			3,600,266
Real Estate Management & Development 1.2% (b)
Sino-Ocean Land Holdings Ltd.	2,049,731		2,327,574
			21,470,866
CZECH REPUBLIC 0.9% (a)
Electric Utility 0.9%
CEZ AS	38,800		1,735,779
EGYPT 1.3% (a)
Commercial Banks 0.3%
Commercial International Bank	57,370		500,560
			500,560
Diversified Telecommunication Services 1.0%
Telecom Egypt GDR	135,719		1,927,210
			1,927,210
			2,427,770
HONG KONG 9.7% (a)
Automobiles 0.9%
Denway Motors Ltd.	4,106,000		1,634,187
Electronic Equipment & Instruments 1.0% (b)
Kingboard Chemical Holdings Ltd.	799,500		1,960,135
			1,960,135
Independent Power Producers & Energy Traders 1.0% (b)
China Resources Power Holdings Co.	898,000		1,986,237
Marine 0.8%
Pacific Basin Shipping Ltd.	2,248,000		1,423,329
Oil, Gas & Consumable Fuels 1.9%
CNOOC Ltd.	2,867,000		3,531,834
Real Estate Management & Development 0.6%
SRE Group Ltd.*	8,940,000		1,134,670
Specialty Retail 0.6%
Esprit Holdings Ltd.	208,900		1,160,650

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Gartmore NVIT Emerging Markets Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
HONG KONG (continued)
Wireless Telecommunication Services 2.9%
China Mobile Ltd.	537,800	$	5,384,844
			18,215,886
HUNGARY 1.0% (a)
Commercial Banks 1.0%
OTP Bank PLC*	102,800		1,861,377
INDIA 1.1% (a)
Real Estate Management & Development 1.1%
DLF Ltd.	214,600		1,386,688
Indiabulls Real Estate Ltd.	186,000		758,880
			2,145,568
INDONESIA 0.9% (a)
Commercial Banks 0.9%
Bank Central Asia Tbk PT	4,698,000		1,611,481
ISRAEL 0.8% (a)
Chemicals 0.8%
Israel Chemicals Ltd.	151,300		1,485,362
KAZAKHSTAN 1.7% (a)
Oil, Gas & Consumable Fuels 1.7%
KazMunaiGas Exploration Production GDR	172,900		3,289,432
LUXEMBOURG 0.3% (a)
Metals & Mining 0.3%
Evraz Group SA GDR	29,400		558,600
MALAYSIA 1.2% (a)
Commercial Banks 0.5%
Bumiputra-Commerce Holdings Bhd.	383,100		984,135
Wireless Telecommunication Services 0.7%
Axiata Group Berhad*	1,978,100		1,331,816
			2,315,951
MEXICO 5.7%
Food & Staples Retailing 1.3% (b)
Wal-Mart de Mexico SAB de CV	795,715		2,359,800
Household Durables 0.8%
Urbi Desarrollos Urbanos SA de CV*	1,011,293		1,536,044
Metals & Mining 1.8%
Grupo Mexico SAB de CV, Series B	1,644,330		1,799,491
Industrias CH SAB de CV, Series B*(b)	508,400		1,569,892
			3,369,383
Wireless Telecommunication Services 1.8%
America Movil SAB de CV	89,540		3,466,989
			10,732,216
MOROCCO 0.4% (a)
Real Estate Management & Development 0.4%
Compagnie Generale Immobiliere*	3,389		843,751
NETHERLANDS 0.1% (a)
Metals & Mining 0.1%
New World Resources NV, Class A	40,255		187,972
PERU 0.4%
Commercial Banks 0.4%
Credicorp Ltd.	14,600		849,720
PHILIPPINES 0.5% (a)
Real Estate Management & Development 0.5%
Megaworld Corp.	46,280,700		936,986
REPUBLIC OF KOREA 11.8%
Automobiles 1.5% (a)
Hyundai Motor Co.	49,435		2,859,586
Capital Markets 0.5% (a)
Samsung Securities Co. Ltd.	15,700		829,594
Commercial Banks 1.0%
KB Financial Group, Inc. ADR*	57,303		1,908,763
Industrial Conglomerate 1.1% (a)
LG Corp.	43,800		2,082,480
Insurance 1.0%(a)
Samsung Fire & Marine Insurance Co. Ltd.	12,625		1,856,312
Internet Software & Services 0.9% (a)
NHN Corp.*	12,792		1,763,505
Machinery 1.3% (a)
Hanjin Heavy Industries & Construction Co. Ltd.	39,816		1,029,783
Samsung Heavy Industries Co. Ltd.	62,320		1,407,770
			2,437,553
Metals & Mining 2.0% (a)
POSCO	11,543		3,837,699

6 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
REPUBLIC OF KOREA (continued)
Semiconductors & Semiconductor Equipment 2.5% (a)
Samsung Electronics Co. Ltd.	10,055	$	4,649,623
			22,225,115
RUSSIAN FEDERATION 6.4%
Automobiles 0.3% (a)
Sollers	93,306		657,807
Chemicals 0.7% (a)
Uralkali GDR	77,813		1,254,270
Electric Utility 0.9% (a)
RusHydro*	45,793,475		1,725,773
Metals & Mining 0.9%
JSC MMC Norilsk Nickel ADR*	173,850		1,602,453
Oil, Gas & Consumable Fuels 3.6% (a)
Gazprom OAO ADR	224,646		4,561,723
Rosneft Oil Co. GDR*	418,790		2,287,805
			6,849,528
			12,089,831
SOUTH AFRICA 6.6% (a)
Commercial Banks 1.5%
Standard Bank Group Ltd.	239,214		2,755,568
Food & Staples Retailing 1.0%
Massmart Holdings Ltd.	187,800		1,951,439
			1,951,439
Metals & Mining 2.3%
Harmony Gold Mining Co. Ltd.*	142,844		1,476,854
Impala Platinum Holdings Ltd.	84,154		1,864,540
Kumba Iron Ore Ltd.	40,500		952,691
			4,294,085
Oil, Gas & Consumable Fuels 0.7%
Sasol Ltd.	39,817		1,394,804
Wireless Telecommunication Services 1.1%
MTN Group Ltd.	128,604		1,977,731
			12,373,627
TAIWAN 8.6%(a)
Chemicals 0.5%
TSRC Corp.	747,000		906,706
Commercial Banks 0.6%
Chinatrust Financial Holding Co. Ltd.	1,747,000		1,049,712
Communications Equipment 0.4%
D-Link Corp.	957,000		774,618
Computers & Peripherals 1.9%
Catcher Technology Co. Ltd.*	387,000		916,724
High Tech Computer Corp.	138,000		1,939,651
Nan YA Printed Circuit Board Corp.	280,000		751,799
			3,608,174
Electronic Equipment & Instruments 1.4%
HON HAI Precision Industry Co. Ltd.	882,501		2,707,048
Food Products 0.8%
Uni-President Enterprises Corp.	1,516,000		1,557,480
Machinery 0.4%
Shin Zu Shing Co. Ltd.	170,000		803,551
Metals & Mining 0.5%
China Steel Corp.	1,074,000		920,108
Semiconductors & Semiconductor Equipment 1.3%
Taiwan Semiconductor Manufacturing Co. Ltd.	1,487,031		2,441,112
Wireless Telecommunication Services 0.8%
Taiwan Mobile Co. Ltd.	847,000		1,443,983
			16,212,492
THAILAND 3.5% (a)
Commercial Banks 0.5%
Kasikornbank Public Co. Ltd.	430,800		912,484
Oil, Gas & Consumable Fuels 2.5%
Banpu PCL NVDR	294,812		2,884,665
PTT Exploration & Production PCL	472,000		1,842,880
			4,727,545
Real Estate Management & Development 0.5%
Preuska Real Estate PCL	3,915,100		962,069
			6,602,098
TURKEY 0.8% (a)
Wireless Telecommunication Services 0.8%
Turkcell Iletisim Hizmet AS	266,268		1,473,738
UNITED ARAB EMIRATES 0.5% (a)
Diversified Financial Services 0.5%
Dubai Financial Market	2,343,669		1,031,214
Total Common Stocks (cost $180,393,799)			165,822,500

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

Gartmore NVIT Emerging Markets Fund (Continued)

Equity Linked Notes 6.4%
		Shares		Market Value
INDIA 6.4% (a)
Bank of India 0.00%, 01/15/18		491,565	$	3,617,919
Grasim Industries Ltd. 10/22/12		23,400		1,129,050
Reliance Industries Ltd. 0.00%, 02/14/14*		85,039		3,592,047
Sun Pharmaceutical Industries Ltd. 0.00%, 04/29/13		101,405		2,308,992
Tata Power Co Ltd. 0.00%, 03/28/12		57,545		1,382,231
Total Equity Linked Notes (cost $9,199,908)				12,030,239
Preferred Stocks 3.5%
BRAZIL 2.7%
Beverages 0.0%
Companhia de Bebidas das Americas*		104		6,636
Metals & Mining 2.7%
Vale SA, Class A		329,724		5,065,686
				5,072,322
REPUBLIC OF KOREA 0.8% (a)
Semiconductors & Semiconductor Equipment 0.8%
Samsung Electronics Co. Ltd. GDR		10,682		1,593,015
Total Preferred Stocks (cost $9,284,422)				6,665,337
Rights 0.0%
HONG KONG 0.0% (a)
China Resources Power Holdings Co. Ltd., 7/13/09*		89,800		38,238
Total Rights (cost $—)				38,238
Repurchase Agreement 5.1% (c)
		Principal Amount		Market Value
Morgan Stanley, 0.07%, dated 06/30/09, due 07/01/09, repurchase price $9,637,346, collateralized by U.S. Government Agency Mortgages ranging 3.50% – 8.50%, maturing 06/01/11 – 06/01/39; total market value of $9,830,075	$	9,637,328		9,637,328
Total Repurchase Agreement (cost $9,637,328)				9,637,328
Total Investments (cost $208,515,457) (d) — 102.9%				194,193,642
Liabilities in excess of other assets — (2.9)%				(5,471,337	)
NET ASSETS — 100.0%			$	188,722,305

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	The security or a partial position of this security is on loan at June 30, 2009. The total value of securities on loan at June 30, 2009 was 8,639,596.
(c)	The security was purchased with cash collateral held from securities on loan (See Note 2). The total value of this security as of June 30, 2009 was $9,637,328.
(d)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

ADR	American Depositary Receipt
AS	Stock Corporation
GDR	Global Depositary Receipt
Ltd	Limited
NV	Public Traded Company
NVDR	Non Voting Depositary Receipt
PCL	Public Company Limited
PLC	Public Limited Company
PT	Limited Liability Company
SA	Stock Company
SA de CV	Public Traded Company with Variable Capital

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	Gartmore NVIT Emerging
	Markets Fund
Assets:
Investments, at value (cost $198,878,129)*	$	184,556,314
Repurchase agreements, at value and cost		9,637,328
Total Investments		194,193,642
Foreign currencies, at value (cost $303,630)		303,628
Interest and dividends receivable		834,164
Receivable for capital shares issued		421,544
Receivable for investments sold		4,656,489
Reclaims receivable		6,828
Prepaid expenses and other assets		1,703
Total Assets		200,417,998
Liabilities:
Cash overdraft		126,543
Payable for investments purchased		1,498,369
Unrealized depreciation on spot contracts		18,567
Payable upon return of securities loaned (Note 2)		9,637,328
Payable for capital shares redeemed		134,914
Accrued expenses and other payables:
Investment advisory fees		150,809
Fund administration fees		7,478
Distribution fees		10,196
Administrative services fees		32,781
Custodian fees		23,723
Compliance program costs (Note 3)		3,034
Professional fees		25,925
Printing fees		23,798
Other		2,228
Total Liabilities		11,695,693
Net Assets	$	188,722,305
Represented by:
Capital	$	262,363,461
Accumulated undistributed net investment income		88,274
Accumulated net realized losses from investment transactions and foreign currency transactions		(59,413,020	)
Net unrealized appreciation/(depreciation) from investments		(14,321,815	)
Net unrealized appreciation/(depreciation) from spot contracts		(18,567	)
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		23,972
Net Assets	$	188,722,305
Net Assets:
Class I Shares	$	36,917,133
Class II Shares		2,629,654
Class III Shares		103,155,426
Class VI Shares		46,020,092
Total	$	188,722,305

* Includes value of securities on loan of $8,639,596 (Note 2).

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statement of Assets and Liabilities (Continued)

	Gartmore NVIT Emerging
	Markets Fund
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		4,217,698
Class II Shares		303,145
Class III Shares		11,802,618
Class VI Shares		5,269,357
Total		21,592,818
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	8.75
Class II Shares	$	8.67
Class III Shares	$	8.74
Class VI Shares	$	8.73

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	Gartmore NVIT Emerging
	Markets Fund
INVESTMENT INCOME:
Interest income	$	1,506
Dividend income		2,697,634
Income from securities lending (Note 2)		33,151
Foreign tax withholding		(147,450	)
Total Income		2,584,841
EXPENSES:
Investment advisory fees		706,867
Fund administration fees		38,259
Distribution fees Class II Shares		2,927
Distribution fees Class VI Shares		47,862
Administrative services fees Class I Shares		22,769
Administrative services fees Class II Shares		1,854
Administrative services fees Class III Shares		68,245
Administrative services fees Class VI Shares		27,434
Custodian fees		29,198
Trustee fees		2,714
Compliance program costs (Note 3)		939
Professional fees		20,813
Printing fees		32,693
Other		14,430
Total expenses before earnings credit		1,017,004
Earnings credit (Note 5)		(6	)
Net Expenses		1,016,998
NET INVESTMENT INCOME		1,567,843
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(32,239,046	)
Net realized losses from foreign currency transactions		(142,969	)
Net realized losses from investment transactions and foreign currency transactions		(32,382,015	)
Net change in unrealized appreciation/(depreciation) from investments		66,086,499
Net change in unrealized appreciation/(depreciation) from foreign currency contracts		(18,567	)
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		21,276
Net change in unrealized appreciation/(depreciation) from investments, foreign currency translations and foreign currency transactions		66,089,208
Net realized/unrealized losses from investments, foreign currency translations and foreign currency transactions		33,707,193
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	35,275,036

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Statements of Changes in Net Assets

	Gartmore NVIT Emerging Markets Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	1,567,843		$	4,148,687
Net realized losses from investment and foreign currency transactions		(32,382,015	)		(27,178,384	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		66,089,208			(230,127,032	)
Change in net assets resulting from operations		35,275,036			(253,156,729	)
Distributions to Shareholders From:
Net investment income:
Class I		(322,509	)		(677,857	)
Class II		(21,281	)		(50,999	)
Class III		(905,701	)		(2,097,399	)
Class VI		(361,101	)		(845,127	)
Net realized gains:
Class I		–			(12,507,910	)
Class II		–			(1,261,336	)
Class III		–			(36,789,032	)
Class VI		–			(17,146,607	)
Change in net assets from shareholder distributions		(1,610,592	)		(71,376,267	)
Change in net assets from capital transactions		(206,931	)		(33,090,814	)
Change in net assets		33,457,513			(357,623,810	)
Net Assets:
Beginning of period		155,264,792			512,888,602
End of period	$	188,722,305		$	155,264,792
Accumulated undistributed net investment income at end of period	$	88,274		$	131,023
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	9,029,016		$	20,284,208
Dividends reinvested		322,509			13,185,767
Cost of shares redeemed		(8,360,112	)		(25,082,608	)
Total Class I		991,413			8,387,367
Class II Shares
Proceeds from shares issued		1,035			3,839
Dividends reinvested		21,281			1,312,335
Cost of shares redeemed		(356,241	)		(2,526,679	)
Total Class II		(333,925	)		(1,210,505	)
Class III Shares
Proceeds from shares issued		10,842,195			23,571,945
Dividends reinvested		905,701			38,886,431
Cost of shares redeemed (a)		(13,434,604	)		(95,906,852	)
Total Class III		(1,686,708	)		(33,448,476	)

Amounts designated as “–” are zero or have been rounded to zero.

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

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

	Gartmore NVIT Emerging Markets Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
CAPITAL TRANSACTIONS: (continued)
Class VI Shares
Proceeds from shares issued	$	7,506,907		$	15,667,548
Dividends reinvested		361,101			17,991,734
Cost of shares redeemed (a)		(7,045,719	)		(40,478,482	)
Total Class VI		822,289			(6,819,200	)
Change in net assets from capital transactions	$	(206,931	)	$	(33,090,814	)
SHARE TRANSACTIONS:
Class I Shares
Issued		1,186,666			1,291,621
Reinvested		40,986			1,193,242
Redeemed		(1,137,171	)		(1,794,496	)
Total Class I Shares		90,481			690,367
Class II Shares
Issued		42			64
Reinvested		2,735			119,782
Redeemed		(52,166	)		(199,999	)
Total Class II Shares		(49,389	)		(80,153	)
Class III Shares
Issued		1,344,201			1,489,747
Reinvested		115,126			3,521,342
Redeemed		(1,947,557	)		(5,956,626	)
Total Class III Shares		(488,230	)		(945,537	)
Class VI Shares
Issued		973,673			832,765
Reinvested		45,935			1,630,184
Redeemed		(1,050,079	)		(2,761,745	)
Total Class VI Shares		(30,471	)		(298,796	)
Total change in shares		(477,609	)		(634,119	)

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

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Financial Highlights

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

Gartmore NVIT Emerging Markets Fund

				Operations									Distributions																		Ratios / Supplemental Data
							Net Realized																																Ratio of
							and																													Ratio of Net			Expenses
	Net Asset						Unrealized																										Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net									Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Redemption			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			Fees			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	7	.05		0	.07		1	.71		1	.78		(0	.08)		–			(0	.08)		–		$	8	.75		25	.35%	$	36,917,133		1	.22%		2	.08%		1	.22%		63	.32%
Year Ended December 31, 2008	$	22	.61		0	.20		(11	.89)		(11	.69)		(0	.19)		(3	.69)		(3	.88)		0	.01	$	7	.05		(57	.76%)	$	29,077,237		1	.30%		1	.27%		1	.30%		63	.87%
Year Ended December 31, 2007	$	17	.52		0	.14		7	.31		7	.45		(0	.14)		(2	.23)		(2	.37)		0	.01	$	22	.61		45	.58%	$	77,698,603		1	.37%		0	.73%		1	.37%		62	.52%
Year Ended December 31, 2006	$	13	.08		0	.12		4	.58		4	.70		(0	.10)		(0	.17)		(0	.27)		0	.01	$	17	.52		36	.72%	$	46,161,018		1	.33%		0	.81%		1	.33%		114	.19%
Year Ended December 31, 2005	$	10	.83		0	.10		3	.38		3	.48		(0	.07)		(1	.16)		(1	.23)		–		$	13	.08		32	.64%	$	30,292,201		1	.46%		0	.89%		1	.46%		132	.22%
Year Ended December 31, 2004	$	9	.84		0	.13		1	.89		2	.02		(0	.11)		(0	.93)		(1	.04)		0	.01	$	10	.83		20	.74%	$	20,279,615		1	.47%		1	.08%		1	.47%		151	.18%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.98		0	.07		1	.69		1	.76		(0	.07)		–			(0	.07)		–		$	8	.67		25	.31%	$	2,629,654		1	.48%		1	.79%		1	.48%		63	.32%
Year Ended December 31, 2008	$	22	.46		0	.18		(11	.84)		(11	.66)		(0	.14)		(3	.69)		(3	.83)		0	.01	$	6	.98		(57	.93%)	$	2,461,889		1	.57%		1	.01%		1	.57%		63	.87%
Year Ended December 31, 2007	$	17	.42		0	.11		7	.24		7	.35		(0	.09)		(2	.23)		(2	.32)		0	.01	$	22	.46		45	.19%	$	9,720,051		1	.61%		0	.53%		1	.61%		62	.52%
Year Ended December 31, 2006	$	13	.02		0	.09		4	.55		4	.64		(0	.08)		(0	.17)		(0	.25)		0	.01	$	17	.42		36	.31%	$	8,692,065		1	.58%		0	.61%		1	.58%		114	.19%
Year Ended December 31, 2005	$	10	.79		0	.07		3	.37		3	.44		(0	.05)		(1	.16)		(1	.21)		–		$	13	.02		32	.33%	$	8,140,826		1	.71%		0	.61%		1	.71%		132	.22%
Year Ended December 31, 2004	$	9	.82		0	.11		1	.87		1	.98		(0	.09)		(0	.93)		(1	.02)		0	.01	$	10	.79		20	.44%	$	8,178,243		1	.72%		0	.87%		1	.72%		151	.18%
Class III Shares
Six Months Ended June 30, 2009 (Unaudited)	$	7	.03		0	.07		1	.72		1	.79		(0	.08)		–			(0	.08)		–		$	8	.74		25	.41%	$	103,155,426		1	.23%		2	.05%		1	.23%		63	.32%
Year Ended December 31, 2008	$	22	.59		0	.20		(11	.90)		(11	.70)		(0	.18)		(3	.69)		(3	.87)		0	.01	$	7	.03		(57	.83%)	$	86,462,769		1	.31%		1	.26%		1	.31%		63	.87%
Year Ended December 31, 2007	$	17	.51		0	.15		7	.29		7	.44		(0	.14)		(2	.23)		(2	.37)		0	.01	$	22	.59		45	.55%	$	299,039,422		1	.36%		0	.74%		1	.36%		62	.52%
Year Ended December 31, 2006	$	13	.08		0	.12		4	.57		4	.69		(0	.10)		(0	.17)		(0	.27)		0	.01	$	17	.51		36	.64%	$	197,466,543		1	.33%		0	.87%		1	.33%		114	.19%
Year Ended December 31, 2005	$	10	.83		0	.08		3	.40		3	.48		(0	.07)		(1	.16)		(1	.23)		–		$	13	.08		32	.65%	$	151,545,767		1	.45%		0	.75%		1	.45%		132	.22%
Year Ended December 31, 2004	$	9	.84		0	.12		1	.90		2	.02		(0	.11)		(0	.93)		(1	.04)		0	.01	$	10	.83		20	.76%	$	66,843,568		1	.48%		1	.08%		1	.48%		151	.18%
Class VI Shares
Six Months Ended June 30, 2009 (Unaudited)	$	7	.03		0	.06		1	.71		1	.77		(0	.07)		–			(0	.07)		–		$	8	.73		25	.29%	$	46,020,092		1	.47%		1	.81%		1	.47%		63	.32%
Year Ended December 31, 2008	$	22	.58		0	.20		(11	.90)		(11	.70)		(0	.17)		(3	.69)		(3	.86)		0	.01	$	7	.03		(57	.86%)	$	37,262,897		1	.43%		1	.15%		1	.43%		63	.87%
Year Ended December 31, 2007	$	17	.50		0	.12		7	.30		7	.42		(0	.12)		(2	.23)		(2	.35)		0	.01	$	22	.58		45	.45%	$	126,430,526		1	.45%		0	.62%		1	.45%		62	.52%
Year Ended December 31, 2006	$	13	.07		0	.10		4	.58		4	.68		(0	.09)		(0	.17)		(0	.26)		0	.01	$	17	.50		36	.56%	$	70,622,603		1	.43%		0	.69%		1	.43%		114	.19%
Year Ended December 31, 2005	$	10	.83		0	.07		3	.40		3	.47		(0	.07)		(1	.16)		(1	.23)		–		$	13	.07		32	.49%	$	35,999,917		1	.55%		0	.59%		1	.55%		132	.22%
Period Ended December 31, 2004(e)	$	10	.11		0	.05		1	.62		1	.67		(0	.10)		(0	.86)		(0	.96)		0	.01	$	10	.83		16	.70%(a)	$	8,861,697		1	.68%(b)		0	.97%(b)		1	.68%(b)		151	.18%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	There were no fee reductions during the period.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

The accompanying notes are an integral part of these financial statements.

14 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Gartmore NVIT Emerging Markets Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

16 Semiannual Report 2009

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stocks	$	38,238,820	$	129,176,695	$	—	$	167,415,515
Equity Linked Notes		—		12,030,239		—		12,030,239
Preferred Stocks		5,072,322		—		—		5,072,322
Rights		—		38,238		—		38,238
Repurchase Agreement		—		9,637,328		—		9,637,328
Total	$	43,311,142	$	150,882,500	$	—	$	194,193,642

Amounts designated as “—“are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

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

(d)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(e)        Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(f)       Equity-Linked Notes

Equity-linked notes are synthetic equity instruments that allow investors to gain equity exposure to the underlying shares without ownership of the underlying shares. This is a more cost efficient way of gaining exposure to local markets where custody and settlement costs are high, such as India. Equity-linked notes are priced at parity, which is the value of the underlying security, then adjusted by the appropriate foreign exchange rate.

The level and type of risk involved in the purchase of an equity-linked note by the Fund is similar to the risk involved in the purchase of the underlying security or other emerging market securities. Such notes therefore may be considered to have speculative elements. However, equity-linked notes are also dependent on the individual credit of the issuer of the note, which may be a trust or other special purpose vehicle or finance subsidiary established by a major financial institution for the limited purpose of issuing the note. Like other structured products, equity-linked notes are frequently secured by collateral consisting of a combination of debt or related equity securities to which payments under the notes are linked. If so secured, the Fund would look to this underlying collateral for satisfaction of claims in the event that the issuer of an equity-linked note defaulted under the terms of the note.

(g)        Security Transactions and Investment Income

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

(h)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receive payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the

18 Semiannual Report 2009

Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2009, the Fund had securities with the following value on loan:

Value of Loaned Securities		Value of Collateral
$	8,639,596	$	9,637,328

(i)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(j)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

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

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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Gartmore Global Partners (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

	Base Fee Through		Fee rate Effective
Fee Schedule	November 30, 2008		December 1, 2008
Up to $500 million		1.05%		0.95%
$500 million up to $2 billion		1.00%		0.90%
On $2 billion and more		0.95%		0.85%

The base fee results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly subperiod and that total fee is paid at the end of that most recently completed quarter.

Prior to December 1, 2008, the Fund paid a performance-based management fee to NFA. This performance-based fee varied depending on the Fund’s performance relative to its benchmark. This fee was intended to reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, the Fund’s benchmark. The Fund’s benchmark for determining these performance-based fees was the MSCI Emerging Markets Index. The actual management fee paid by the Fund for the six months ended June 30, 2009, expressed as a percentage of the Fund’s average daily net assets and taking into account any applicable fee waivers or reimbursements, was 0.89%. NFA pays the subadviser a subadvisory fee from the management fee it receives.

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate applicable to

20 Semiannual Report 2009

the Fund’s base fee (as such base fee may be adjusted by Base Fee Breakpoints). NFA pays/(charges) the entire performance component of the fee to the subadviser.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage points		+/- 0.04%
+/- 3 percentage points		+/- 0.06%
+/- 4 percentage points		+/- 0.08%
+/- 5 percentage points		+/- 0.10%

These performance-based advisory fees are paid quarterly. Under this performance-based fee arrangement, NFA (and the subadviser) can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage shown above.

At a meeting of the Board of Trustees held in-person on September 18, 2008, the Board of Trustees voted unanimously to eliminate the performance-based management fee and to implement an asset-based management fee equal to the lowest possible management fee at each breakpoint under the previous performance-based fee structure, to take effect December 1, 2008. In eliminating the performance-based fee structure, the Adviser (and subadviser, as applicable) are subject to a six-month transition period. If during this transition period the Fund’s assets are declining and the Fund underperforms its benchmark, the new management fee may be higher than the amount the Adviser would have been entitled to collect under the previous performance-based fee structure. If this occurs during the transition period, the Adviser will reimburse the Fund by the amount of the difference between the new management fee and the amount it would have been entitled to collect under the previous fee structure. Under no circumstances, during this transition period, will the management fee under the new fee structure exceed what the Adviser would have received under the old structure assuming maximum penalty for underperformance.

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisers $368,214 for the six months ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.20% (1.40% until April 30, 2009) for all share classes of the Fund until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA. As of June 30, 2009, the Fund had no cumulative potential reimbursements.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net

2009 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

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

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

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

For the six months ended June 30, 2009, NFS received $295,848 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $939.

4. Short-Term Trading Fees

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

22 Semiannual Report 2009

brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III and Class VI shares that were held on behalf of the contract owner the longest will be redeemed first.

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $28,631 and $19,532, respectively, from Class III and Class VI.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $93,333 and $38,408, respectively, from Class III and Class VI.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $98,578,222 and sales of $100,201,859 (excluding short-term securities).

7. Portfolio Investment Risks

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

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

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or

2009 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

8. Indemnifications

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

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation /(depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	215,325,185	$	15,400,656	$	(36,532,199)	$	(21,131,543)

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

24 Semiannual Report 2009

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

2009 Semiannual Report 25

Supplemental Information (Continued)

(Unaudited)

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Gartmore Global Partners, the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for each of the one- and five-year periods ended September 30, 2008, the Fund’s performance for Class II shares was in the fifth and second quintiles of its peer group, respectively, and the Fund underperformed its benchmark, the MSCI Emerging Markets Index. The Trustees also considered that, for the three-year period ended September 30, 2008, the Fund’s performance for Class II shares was in the third quintile and below the median of its peer group, but that the Fund outperformed its benchmark. The Trustees noted that the Fund is on the watch list, but discussed the fact that the Fund’s performance for the three- and five-year periods ended September 30, 2008 was generally favorable.

The Trustees noted that the Board previously approved the elimination of the performance-based fee structure applicable to the Fund effective December 1, 2008, which would reduce the Fund’s investment advisory fee to the lowest level possible under the performance fee structure. The Trustees further noted that the comparative expense information presented to the Board reflected such adjusted advisory fee structure. The Trustees noted that the Fund’s adjusted contractual advisory fee, actual advisory fee, and total expenses for Class II shares were each in the second quintile of its peer group. The Trustees noted that shareholders of the Fund received the benefit of an expense cap (excluding 12b-1 and administrative service fees). The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the proposed investment advisory fee schedule for the Fund contains breakpoints that are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

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

26 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 27

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

28 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

	Position(s) Held		Number of
	with Fund		Portfolios in
	and Length		Fund Complex
Name and	of Time	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments.3		N/A	N/A
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A

2009 Semiannual Report 29

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

	Position(s) Held		Number of
	with Fund		Portfolios in
	and Length		Fund Complex
Name and	of Time	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments.3		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

30 Semiannual Report 2009

Gartmore NVIT International Equity Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
8	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements
24	Supplemental Information
26	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-IE (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder Gartmore NVIT International Equity Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
Gartmore NVIT			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
International Equity			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,043.00		6.35		1.25
	Hypothetical	b		1,000.00		1,018.44		6.29		1.25
Class III	Actual			1,000.00		1,042.90		6.35		1.25
	Hypothetical	b		1,000.00		1,018.44		6.29		1.25
Class VI	Actual			1,000.00		1,042.10		7.59		1.50
	Hypothetical	b		1,000.00		1,017.22		7.53		1.50

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary Gartmore NVIT International Equity Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	99	.3%
Repurchase Agreements	0	.6%
Other assets in excess of liabilities	0	.1%
	100	.0%

Top Industries
Oil, Gas & Consumable Fuels	14	.8%
Pharmaceuticals	11	.1%
Commercial Banks	9	.3%
Metals & Mining	7	.4%
Real Estate Management & Development	7	.1%
Wireless Telecommunication Services	6	.9%
Capital Markets	6	.8%
Chemicals	5	.7%
Diversified Telecommunication Services	5	.2%
Food Products	4	.5%
Other*	21	.2%
	100	.0%

Top Holdings
Credit Suisse Group AG	4	.0%
Teva Pharmaceutical Industries Ltd. ADR	3	.4%
Sanofi-Aventis SA	3	.2%
Telefonica SA	3	.2%
BNP Paribas	3	.1%
Syngenta AG	2	.9%
Nomura Holdings, Inc.	2	.8%
MTN Group Ltd.	2	.8%
Nestle SA	2	.8%
Novartis AG	2	.5%
Other*	69	.3%
	100	.0%

Top Countries
Switzerland	15	.2%
United Kingdom	13	.4%
France	12	.0%
Japan	11	.8%
Canada	6	.9%
Hong Kong	6	.0%
China	5	.3%
Israel	3	.8%
Australia	3	.8%
Spain	3	.2%
Other*	18	.6%
	100	.0%

* For purposes of listing top holdings, industries and countries, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

Gartmore NVIT International Equity Fund

Common Stocks 99.3%
	Shares		Market Value
ARGENTINA 0.7%
Food Products 0.7%
Cresud SACIF y A ADR	33,910	$	319,771
AUSTRALIA 3.8% (a)
Information Technology Services 1.8%
Computershare Ltd.	117,030		848,020
Metals & Mining 2.0%
BHP Billiton Ltd.	26,340		721,428
MacArthur Coal Ltd.	48,980		258,393
			979,821
			1,827,841
BRAZIL 2.9%
Diversified Financial Services 0.8%
BM&F Bovespa SA	59,600		355,921
Metals & Mining 0.7%
Vale SA ADR	22,040		338,314
Oil, Gas & Consumable Fuels 1.4%
Petroleo Brasileiro SA ADR	20,010		667,533
			1,361,768
CANADA 6.9%
Chemicals 2.8%
Agrium, Inc.	26,500		1,057,085
Potash Corp. of Saskatchewan, Inc.	3,010		280,080
			1,337,165
Oil, Gas & Consumable Fuels 4.1%
Canadian Natural Resources Ltd.	13,690		720,347
EnCana Corp.	18,490		916,947
Talisman Energy, Inc.	23,880		343,138
			1,980,432
			3,317,597
CHINA 5.3% (a)
Commercial Banks 3.3%
Bank of China Ltd., Class H	924,000		437,568
China Construction Bank Corp., Class H	814,000		627,242
Industrial & Commercial Bank of China, Class H	725,000		502,215
			1,567,025
Diversified Telecommunication Services 2.0%
China Telecom Corp. Ltd., Class H	1,988,000		986,764
			2,553,789
FRANCE 12.0% (a)
Auto Components 2.2%
Compagnie Generale des Etablissements Michelin, Class B	18,280		1,046,811
Commercial Banks 3.1%
BNP Paribas	22,440		1,463,208
Electrical Equipment 2.3%
Alstom SA	18,380		1,091,222
Oil, Gas & Consumable Fuels 1.2%
Total SA	10,950		593,432
Pharmaceuticals 3.2%
Sanofi-Aventis SA	26,320		1,555,071
			5,749,744
GERMANY 2.2% (a)
Machinery 0.6%
MAN SE	4,720		289,723
Pharmaceuticals 1.6%
Bayer AG	13,770		739,920
			1,029,643
HONG KONG 6.0%
Real Estate Management & Development 5.4% (a)
Cheung Kong Holdings Ltd.	86,000		983,366
Hongkong Land Holdings Ltd.	103,000		362,763
New World Development Ltd.	211,000		379,818
Wharf Holdings Ltd.	201,000		847,498
			2,573,445
Wireless Telecommunication Services 0.6%
China Mobile Ltd. ADR	5,580		279,446
			2,852,891
ISRAEL 3.8%
Pharmaceuticals 3.4%
Teva Pharmaceutical Industries Ltd. ADR	33,340		1,644,996
Software 0.4%
Check Point Software Technologies*	8,120		190,576
			1,835,572
ITALY 0.7% (a)
Oil, Gas & Consumable Fuels 0.7%
ENI SpA	13,700		324,889
JAPAN 11.8% (a)
Automobiles 1.9%
Honda Motor Co. Ltd.	25,900		712,642
Toyota Motor Corp.	5,000		189,116
			901,758
Capital Markets 2.8%
Nomura Holdings, Inc.	160,400		1,354,123
Commercial Banks 1.4%
Mitsubishi UFJ Financial Group, Inc.	47,000		290,261

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

Gartmore NVIT International Equity Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
JAPAN (continued)
Commercial Banks (continued)
Mizuho Financial Group, Inc.	61,700	$	143,372
Sumitomo Mitsui Financial Group, Inc.	5,600		226,641
			660,274
Marine 1.2%
Mitsui OSK Lines Ltd.	86,000		555,848
Office Electronics 1.3%
Canon, Inc.	19,400		633,780
Real Estate Management & Development 1.7%
Mitsui Fudosan Co. Ltd.	48,000		832,650
Trading Companies & Distributors 1.5%
Mitsubishi Corp.	37,500		692,103
			5,630,536
LUXEMBOURG 1.3%
Wireless Telecommunication Services 1.3%
Millicom International Cellular SA*	11,200		630,112
MEXICO 2.6%
Commercial Banks 0.4%
Grupo Financiero Banorte SAB de CV, Series O	78,300		189,692
Wireless Telecommunication Services 2.2%
America Movil SAB de CV, Series L ADR	27,270		1,055,894
			1,245,586
REPUBLIC OF KOREA 1.5% (a)(b)
Semiconductors & Semiconductor Equipment 1.5%
Samsung Electronics Co. Ltd. GDR	3,040		711,646
RUSSIAN FEDERATION 0.8%
Metals & Mining 0.4%
JSC MMC Norilsk Nickel ADR*	21,500		198,175
Pharmaceuticals 0.4% (a)
Pharmstandard GDR*	11,700		177,193
			375,368
SOUTH AFRICA 2.8% (a)
Wireless Telecommunication Services 2.8%
MTN Group Ltd.	87,870		1,351,305
SPAIN 3.2% (a)
Diversified Telecommunication Services 3.2%
Telefonica SA	67,200		1,525,919
SWEDEN 1.5% (a)
Building Products 1.5%
Assa Abloy AB, Class B	52,100		728,916
SWITZERLAND 15.2% (a)
Capital Markets 4.0%
Credit Suisse Group AG	42,110		1,929,755
Chemicals 2.9%
Syngenta AG	5,930		1,380,026
Electrical Equipment 0.7%
ABB Ltd.	21,630		341,631
Food Products 2.8%
Nestle SA	35,010		1,322,228
Metals & Mining 2.3%
Xstrata PLC	100,630		1,093,546
Pharmaceuticals 2.5%
Novartis AG	28,990		1,180,375
			7,247,561
THAILAND 0.9% (a)
Oil, Gas & Consumable Fuels 0.9%
Banpu PCL NVDR	44,100		431,508
UNITED KINGDOM 13.4% (a)
Aerospace & Defense 2.2%
Rolls-Royce Group PLC	173,140		1,035,080
Rolls-Royce Group PLC, Class C*	11,574,420		19,040
			1,054,120
Commercial Banks 1.1%
Barclays PLC	75,338		350,059
HSBC Holdings PLC	22,710		189,179
			539,238
Food Products 1.0%
Associated British Foods PLC	37,300		469,862
Hotels, Restaurants & Leisure 0.6%
Compass Group PLC	53,100		299,699
Metals & Mining 2.0%
BHP Billiton PLC	42,130		949,442
Oil, Gas & Consumable Fuels 6.5%
BG Group PLC	59,430		1,000,666
BP PLC	128,860		1,018,109
Royal Dutch Shell PLC, A Shares	14,840		372,208
Royal Dutch Shell PLC, Class A	28,540		715,055
			3,106,038
			6,418,399
Total Common Stocks (cost $45,814,188)			47,470,361

6 Semiannual Report 2009

Repurchase Agreements 0.6%
		Principal   Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $179,787, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $183,383	$	179,787	$	179,787
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $88,017, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $89,777		88,017		88,017
Total Repurchase Agreements (cost $267,804)				267,804
Total Investments (cost $46,081,992) (c) — 99.9%				47,738,165
Other assets in excess of liabilities — 0.1%				47,911
NET ASSETS — 100.0%			$	47,786,076

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at June 30, 2009 was $711,646 which represents 1.49% of net assets.
(c)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

ADR	American Depositary Receipt
AG	Stock Corporation
GDR	Global Depositary Receipt
Ltd	Limited
NVDR	Non Voting Depositary Receipt
PCL	Public Company Limited
PLC	Public Limited Company
SA	Stock Company
SpA	Limited share company

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	Gartmore NVIT
	International
	Equity Fund
Assets:
Investments, at value (cost $45,814,188)	$	47,470,361
Repurchase agreements, at value and cost		267,804
Total Investments		47,738,165
Foreign currencies, at value (cost $51,516)		51,531
Interest and dividends receivable		37,824
Receivable for capital shares issued		7,553
Receivable for investments sold		2,138,736
Unrealized appreciation on spot contracts		6,580
Reclaims receivable		86,001
Prepaid expenses and other assets		1,140
Total Assets		50,067,530
Liabilities:
Cash overdraft		49,396
Payable for investments purchased		1,961,524
Unrealized depreciation on spot contracts		886
Payable for capital shares redeemed		132,190
Accrued expenses and other payables:
Investment advisory fees		97,182
Fund administration fees		1,909
Distribution fees		1,112
Administrative services fees		6,841
Custodian fees		2,360
Trustee fees		82
Compliance program costs (Note 3)		1,073
Professional fees		20,239
Printing fees		4,769
Other		1,891
Total Liabilities		2,281,454
Net Assets	$	47,786,076
Represented by:
Capital	$	73,440,866
Accumulated undistributed net investment income		8,312
Accumulated net realized losses from investment transactions and foreign currency transactions		(27,315,901	)
Net unrealized appreciation/(depreciation) from investments		1,656,173
Net unrealized appreciation/(depreciation) from spot contracts		5,693
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		(9,067	)
Net Assets	$	47,786,076
Net Assets:
Class I Shares	$	8,330,570
Class III Shares		34,086,350
Class VI Shares		5,369,156
Total	$	47,786,076
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		1,293,859
Class III Shares		5,287,189
Class VI Shares		834,148
Total		7,415,196

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

	Gartmore NVIT
	International
	Equity Fund
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	6.44
Class III Shares	$	6.45
Class VI Shares	$	6.44

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	Gartmore NVIT
	International
	Equity Fund
INVESTMENT INCOME:
Interest income	$	423
Dividend income		928,295
Foreign tax withholding		(81,377	)
Total Income		847,341
EXPENSES:
Investment advisory fees		205,253
Fund administration fees		11,199
Distribution fees Class VI Shares		4,843
Administrative services fees Class I Shares		5,832
Administrative services fees Class III Shares		25,719
Administrative services fees Class VI Shares		2,915
Custodian fees		2,899
Trustee fees		888
Compliance program costs (Note 3)		301
Professional fees		10,041
Printing fees		12,898
Other		10,142
Total expenses before earnings credit		292,930
Earnings credit (Note 5)		(3	)
Net Expenses		292,927
NET INVESTMENT INCOME		554,414
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(11,208,296	)
Net realized gains from foreign currency transactions		14,882
Net realized losses from investment transactions and foreign currency transactions		(11,193,414	)
Net change in unrealized appreciation/(depreciation) from investments		11,843,587
Net change in unrealized appreciation/(depreciation) from foreign currency contracts		5,693
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		(5,149	)
Net change in unrealized appreciation/(depreciation) from investments, foreign currency translations and foreign currency transactions		11,844,131
Net realized/unrealized losses from investments, foreign currency translations and foreign currency transactions		650,717
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,205,131

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Statements of Changes in Net Assets

	Gartmore NVIT International Equity Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	554,414		$	1,235,883
Net realized losses from investment and foreign currency transactions		(11,193,414	)		(16,055,699	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		11,844,131			(37,515,661	)
Change in net assets resulting from operations		1,205,131			(52,335,477	)
Distributions to Shareholders From:
Net investment income:
Class I		(93,696	)		(211,328	)
Class III		(398,760	)		(953,392	)
Class VI		(53,646	)		(36,308	)(a)
Net realized gains:
Class I		–			(2,309,510	)
Class III		–			(10,544,492	)
Class VI		–			(603,247	)(a)
Tax return of capital:
Class I		–			(5,810	)
Class III		–			(24,607	)
Class VI		–			(1,742	)(a)
Change in net assets from shareholder distributions		(546,102	)		(14,690,436	)
Change in net assets from capital transactions		(6,748,119	)		(8,247,363	)
Change in net assets		(6,089,090	)		(75,273,276	)
Net Assets:
Beginning of period		53,875,166			129,148,442
End of period	$	47,786,076		$	53,875,166
Accumulated undistributed net investment income at end of period	$	8,312		$	–
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,187,934		$	4,375,086
Dividends reinvested		93,696			2,526,648
Cost of shares redeemed		(2,884,137	)		(8,383,643	)
Total Class I		(1,602,507	)		(1,481,909	)
Class III Shares
Proceeds from shares issued		901,819			12,187,156
Dividends reinvested		398,760			11,522,491
Cost of shares redeemed (b)		(8,499,653	)		(35,752,165	)
Total Class III		(7,199,074	)		(12,042,518	)

Amounts designated as “–” are zero or have been rounded to zero.

(a)	For the period from May 1, 2008 (commencement of operations) through December 31, 2008.
(b)	Includes redemption fees — see Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Statements of Changes in Net Assets (Continued)

	Gartmore NVIT International Equity Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
CAPITAL TRANSACTIONS: (continued)
Class VI Shares
Proceeds from shares issued	$	2,489,544		$	5,694,072	(a)
Dividends reinvested		53,646			641,297	(a)
Cost of shares redeemed (b)		(489,728	)		(1,058,305	)(a)
Total Class VI		2,053,462			5,277,064
Change in net assets from capital transactions	$	(6,748,119	)	$	(8,247,363	)
SHARE TRANSACTIONS:
Class I Shares
Issued		201,932			455,245
Reinvested		15,423			286,831
Redeemed		(501,173	)		(795,859	)
Total Class I Shares		(283,818	)		(53,783	)
Class III Shares
Issued		143,808			1,074,737
Reinvested		65,563			1,304,439
Redeemed		(1,474,439	)		(3,388,327	)
Total Class III Shares		(1,265,068	)		(1,009,151	)
Class VI Shares
Issued		428,078			544,430	(a)
Reinvested		8,791			73,750	(a)
Redeemed		(87,986	)		(132,915	)(a)
Total Class VI Shares		348,883			485,265
Total change in shares		(1,200,003	)		(577,669	)

(a)	For the period from May 1, 2008 (commencement of operations) through December 31, 2008.
(b)	Includes redemption fees — see Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

Financial Highlights

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

Gartmore NVIT International Equity Fund

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.25		0	.07		0	.19		0	.26		(0	.07)		–			(0	.07)	$	6	.44		4	.30%	$	8,330,570		1	.25%		2	.40%		1	.25%		132	.98%
Year Ended December 31, 2008	$	14	.06		0	.14		(6	.09)		(5	.95)		(0	.15)		(1	.71)		(1	.86)	$	6	.25		(46	.06%)	$	9,856,592		1	.23%		1	.31%		1	.23%		139	.07%
Year Ended December 31, 2007	$	12	.07		0	.04		3	.10		3	.14		(0	.05)		(1	.10)		(1	.15)	$	14	.06		27	.15%	$	22,903,021		1	.29%		0	.30%		1	.29%		151	.60%
Year Ended December 31, 2006	$	9	.21		0	.08		2	.92		3	.00		(0	.12)		(0	.02)		(0	.14)	$	12	.07		32	.96%	$	16,082,262		1	.24%		0	.41%		1	.24%		169	.26%
Year Ended December 31, 2005	$	7	.16		0	.07		2	.08		2	.15		(0	.08)		(0	.02)		(0	.10)	$	9	.21		30	.21%	$	6,301,605		1	.34%		0	.94%		1	.34%		215	.52%
Year Ended December 31, 2004	$	6	.32		0	.07		0	.83		0	.90		(0	.06)		–			(0	.06)	$	7	.16		14	.19%	$	3,646,965		1	.33%		0	.98%		1	.33%		262	.03%
Class III Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.26		0	.07		0	.19		0	.26		(0	.07)		–			(0	.07)	$	6	.45		4	.29%	$	34,086,350		1	.25%		2	.42%		1	.25%		132	.98%
Year Ended December 31, 2008	$	14	.07		0	.15		(6	.10)		(5	.95)		(0	.15)		(1	.71)		(1	.86)	$	6	.26		(46	.04%)	$	40,987,136		1	.27%		1	.32%		1	.27%		139	.07%
Year Ended December 31, 2007	$	12	.08		0	.06		3	.09		3	.15		(0	.06)		(1	.10)		(1	.16)	$	14	.07		27	.15%	$	106,245,421		1	.25%		0	.38%		1	.25%		151	.60%
Year Ended December 31, 2006	$	9	.22		0	.07		2	.93		3	.00		(0	.12)		(0	.02)		(0	.14)	$	12	.08		32	.95%	$	75,014,627		1	.22%		0	.59%		1	.22%		169	.26%
Year Ended December 31, 2005	$	7	.17		0	.06		2	.09		2	.15		(0	.08)		(0	.02)		(0	.10)	$	9	.22		30	.17%	$	37,647,023		1	.33%		0	.54%		1	.33%		215	.52%
Year Ended December 31, 2004	$	6	.32		0	.05		0	.86		0	.91		(0	.06)		–			(0	.06)	$	7	.17		14	.35%	$	12,022,996		1	.35%		0	.98%		1	.35%		262	.03%
Class VI Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.25		0	.06		0	.20		0	.26		(0	.07)		–			(0	.07)	$	6	.44		4	.21%	$	5,369,156		1	.50%		2	.37%		1	.50%		132	.98%
Period Ended December 31, 2008 (e)	$	13	.81		0	.07		(5	.79)		(5	.72)		(0	.13)		(1	.71)		(1	.84)	$	6	.25		(44	.92%)	$	3,031,438		1	.44%		0	.76%		1	.44%		139	.07%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	There were no fee reductions during the period.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from May 1, 2008 (commencement of operations) thru December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Gartmore NVIT International Equity Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account

14 Semiannual Report 2009

relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stocks	$	9,188,029	$	38,263,292	$	19,040	$	47,470,361
Repurchase Agreements		—		267,804		—		267,804
Total	$	9,188,029	$	38,531,096	$	19,040	$	47,738,165

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Gartmore NVIT International Equity Fund
	Common Stocks
Balance as of 12/31/2008	$	—
Accrued Accretion/ (Amortization)		—
Change in Unrealized
Appreciation/(Depreciation)		—
Net Purchase/(Sales)		—
Transfers In/(Out) of Level 3		19,040
Balance as of 06/30/2009	$	19,040

The total change in unrealized appreciation/(depreciation) included in the statement of operations attributable to level 3 investments still held at June 30, 2009 is $0.

Amounts designated a “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(d)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of

16 Semiannual Report 2009

current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(e)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(f)        Security Transactions and Investment Income

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

(g)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receive payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments. As of June 30, 2009, the Fund did not have securities on loan.

(h)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(i)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Gartmore

18 Semiannual Report 2009

Global Partners (“GGP”) (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

	Base Fee		Fee rate
	Through		Effective
Fee Schedule	April 30, 2009		May 1, 2009
Up to $500 million		0.90%		0.80%
$500 million up to $2 billion		0.85%		0.75%
$2 billion and more		0.80%		0.70%

The base fee results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly subperiod and that total fee is paid at the end of that most recently completed quarter.

Until April 30, 2009, the Fund paid a performance-based management fee to NFA. This performance-based fee varied depending on the Fund’s performance relative to its benchmark. This fee was intended to reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, the Fund’s benchmark. The Fund’s benchmark for determining these performance-based fees was the MSCI All Country World ex U.S. Index. The actual management fee paid by the Fund for the six months ended June 30, 2009, expressed as a percentage of the Fund’s average daily net assets and taking into account any applicable fee waivers or reimbursements, was 0.89%. NFA pays GGP a subadvisory fee from the management fee it receives.

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate applicable to the Fund’s base fee (as such base fee may be adjusted by Base Fee Breakpoints). NFA pays/(charges) the entire performance component of the fee to the subadviser.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage points		+/- 0.04%
+/- 3 percentage points		+/- 0.06%
+/- 4 percentage points		+/- 0.08%
+/- 5 percentage points		+/- 0.10%

These performance-based advisory fees are paid quarterly. Under this performance-based fee arrangement, NFA (and the subadviser) can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage shown above.

At a meeting of the Board of Trustees held in-person on January 16, 2009, the Board of Trustees voted unanimously to eliminate the performance-based management fee and to implement an asset-based management fee equal to the lowest possible management fee at each breakpoint under the previous performance-based fee structure, to take effect May 1, 2009. In eliminating the performance-based fee structure, the Adviser (and subadviser, as applicable) are subject to a six-month transition period. If during this transition period the Fund’s assets are declining and the Fund underperforms its benchmark, the new management fee may be higher than the amount the Adviser would have been entitled to collect under the previous performance-based fee structure. If this occurs during the transition period, the Adviser will reimburse the Fund by the amount of the difference between the new management fee and the amount it would have been entitled to collect under the previous fee structure. Under no circumstances, during this transition period,

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

will the management fee under the new fee structure exceed what the Adviser would have received under the old structure assuming maximum penalty for underperformance.

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $108,912 for the six months ended June 30, 2009.

Effective May 1, 2009, the Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.05% (1.25% until April 30, 2009) for the Fund’s Class I, Class II, Class III, Class VI and Class Y shares until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA. As of June 30, 2009, the Fund had no cumulative potential reimbursements.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

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

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

20 Semiannual Report 2009

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II and Class VI shares of the Fund. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II and Class VI shares of the Fund. NFD is a majority-owned subsidiary of NFSDI.

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

For the six months ended June 30, 2009, NFS received $85,572 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $301.

4. Short-Term Trading Fees

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

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $4,871 and $857, respectively, from Class III and Class VI.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $12,701 and $3,201, respectively, from Class III and Class VI.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and

2009 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $60,881,663 and sales of $66,101,798 (excluding short-term securities).

7. Portfolio Investment Risks

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

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

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

8. Indemnifications

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

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures

22 Semiannual Report 2009

required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	46,742,413	$	3,680,903	$	(2,685,151)	$	995,752

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 23

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

24 Semiannual Report 2009

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Gartmore Global Partners, the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for each of the three- and five-year periods ended September 30, 2008, the Fund’s performance for Class III shares was in the first quintile of its peer group, while for the one-year period ended September 30, 2008, the Fund’s performance for Class III shares was in the third quintile and slightly above the median of its peer group. The Trustees also noted that, for each period, the Fund outperformed the MSCI All Country World Ex-U.S. Index, the Fund’s benchmark. The Trustees considered that the Fund has an overall five-star Morningstar rating as of September 30, 2008.

The Trustees noted that the Fund’s contractual advisory fee and actual advisory fee for Class III shares were in the fifth quintile of its peer group. The Trustees also noted that the Fund’s total expenses were in the fourth quintile of its peer group. The Trustees noted that NFA proposed to eliminate the performance-based fee structure applicable to the Fund, which would reduce the Fund’s investment advisory fee to the lowest level possible under the performance fee structure and would improve the Fund’s peer group rankings. The Trustees noted that, based on such adjusted advisory fee structure, the Fund’s actual advisory fee for Class III shares would be in the third quintile and at the median of its peer group, while the Fund’s total expenses for Class III Shares would be in the first quintile of its peer group. The Trustees noted that shareholders of the Fund received the benefit of an expense cap (excluding 12b-1 and administrative service fees). The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the proposed investment advisory fee schedule for the Fund contains breakpoints that are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

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

2009 Semiannual Report 25

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

26 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None

2009 Semiannual Report 27

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly – held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

28 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 29

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

30 Semiannual Report 2009

NVIT Multi-Manager International Value Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
12	Statement of Assets and Liabilities
14	Statement of Operations
15	Statements of Changes in Net Assets
18	Financial Highlights
20	Notes to Financial Statements
30	Supplemental Information
32	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-MM-IV (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Multi-Manager International Value Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Multi-Manager International Value Fund			01/01/09		06/30/09		01/01/09 - 6/30/09a		01/01/09 - 6/30/09a
Class I	Actual			1,000.00		1,052.60		5.38		1.06
	Hypothetical	b		1,000.00		1,019.42		5.30		1.06
Class II	Actual			1,000.00		1,051.60		6.65		1.31
	Hypothetical	b		1,000.00		1,018.17		6.57		1.31
Class III	Actual			1,000.00		1,052.80		5.38		1.06
	Hypothetical	b		1,000.00		1,019.42		5.30		1.06
Class IV	Actual			1,000.00		1,054.00		5.38		1.06
	Hypothetical	b		1,000.00		1,019.42		5.31		1.06
Class VI	Actual			1,000.00		1,051.90		6.64		1.31
	Hypothetical	b		1,000.00		1,018.18		6.55		1.31
Class Y	Actual			1,000.00		1,053.40		4.52		0.89
	Hypothetical	b		1,000.00		1,020.26		4.46		0.89

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Multi-Manager International Value Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	99	.1%
Repurchase Agreements	1	.7%
Preferred Stocks	0	.3%
Liabilities in excess of other assets	(1	.1)%
	100	.0%

Top Industries
Commercial Banks	17	.3%
Oil, Gas & Consumable Fuels	11	.6%
Diversified Telecommunication Services	6	.7%
Pharmaceuticals	6	.6%
Insurance	6	.0%
Automobiles	3	.5%
Metals & Mining	3	.5%
Wireless Telecommunication Services	3	.2%
Electric Utilities	3	.1%
Capital Markets	3	.1%
Other*	35	.4%
	100	.0%

Top Holdings
Vodafone Group PLC	2	.8%
BP PLC	2	.1%
E.ON AG	2	.1%
BNP Paribas	2	.0%
Sanofi-Aventis SA	1	.9%
Total SA	1	.8%
Banco Santander SA	1	.8%
HSBC Holdings PLC	1	.8%
Muenchener Rueckversicherungs AG	1	.5%
Nokia OYJ	1	.5%
Other*	80	.7%
	100	.0%

Top Countries
United Kingdom	20	.3%
Japan	16	.6%
France	13	.7%
Germany	12	.3%
Australia	4	.8%
Canada	3	.7%
Switzerland	3	.6%
Netherlands	3	.4%
Spain	3	.1%
Italy	2	.6%
Other*	15	.9%
	100	.0%

* For purposes of listing top holdings, industries and countries, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Multi-Manager International Value Fund

Common Stocks 99.1%
	Shares		Market Value
AUSTRALIA 4.8% (a)
Airline 0.2%
Qantas Airways Ltd.	386,926	$	626,392
Capital Markets 0.5%
Macquarie Group Ltd.	39,200		1,226,913
Commercial Banks 2.1%
Australia & New Zealand Banking Group Ltd.	208,230		2,758,876
Commonwealth Bank of Australia	50,500		1,582,573
National Australia Bank Ltd.	68,100		1,226,598
			5,568,047
Hotels, Restaurants & Leisure 0.3%
TABCorp Holdings Ltd.	156,700		901,603
Information Technology Services 0.2%
Computershare Ltd.	69,300		502,160
Insurance 0.2%
Insurance Australia Group Ltd.	178,400		503,602
Metals & Mining 0.2%
BHP Billiton Ltd.	23,900		654,598
Oil, Gas & Consumable Fuels 0.9%
Santos Ltd.	216,154		2,531,959
Real Estate Management & Development 0.2%
Lend Lease Corp. Ltd.	84,100		473,157
			12,988,431
AUSTRIA 0.7% (a)
Oil, Gas & Consumable Fuels 0.7%
OMV AG	50,822		1,910,431
BELGIUM 1.2% (a)
Beverages 0.8%
Anheuser-Busch Inbev NV	59,497		2,157,094
Food & Staples Retailing 0.4% (b)
Delhaize Group	13,900		978,511
			3,135,605
BRAZIL 0.7%
Commercial Banks 0.7%
Banco do Brasil SA	24,300		262,324
Itau Unibanco Banco Multiplo SA ADR	99,384		1,573,249
			1,835,573
CANADA 3.7%
Aerospace & Defense 0.2%
Bombardier, Inc., Class B	169,000		501,376
Auto Components 0.2%
Magna International, Inc.	12,200		517,731
Commercial Banks 0.5%
National Bank of Canada	15,100		697,932
Royal Bank of Canada	20,300		830,399
			1,528,331
Diversified Telecommunication Services 0.4%
BCE, Inc.	22,700		468,484
Telus Corp.	22,100		570,126
			1,038,610
Insurance 0.6%
Fairfax Financial Holdings Ltd.	2,500		627,741
Industrial Alliance Insurance and Financial Services, Inc.	13,300		294,501
Intact Financial Corp.	25,300		740,790
			1,663,032
Metals & Mining 0.4%
Kinross Gold Corp.	57,199		1,042,754
Oil, Gas & Consumable Fuels 1.1%
Nexen, Inc.	25,500		554,119
Petro-Canada	40,600		1,568,279
Talisman Energy, Inc.	57,500		826,232
			2,948,630
Pharmaceuticals 0.1%
Biovail Corp.	26,100		350,574
Real Estate 0.2%
Brookfield Properties Corp.	60,200		476,258
			10,067,296
CHINA 2.0% (a)
Commercial Banks 1.0%
Bank of China Ltd., Class H	3,185,000		1,508,284
China Construction Bank Corp., Class H	1,507,000		1,161,246
			2,669,530
Diversified Telecommunication Services 0.1%
China Telecom Corp. Ltd., Class H	382,000		189,610
Oil, Gas & Consumable Fuels 0.9%
China Petroleum & Chemical Corp., Class H	794,000		601,174
China Shenhua Energy Co. Ltd., Class H	500,000		1,826,749
			2,427,923
			5,287,063
CZECH REPUBLIC 0.2% (a)
Electric Utility 0.2%
CEZ AS	12,400		554,733
FINLAND 1.5% (a)
Communications Equipment 1.5%
Nokia OYJ	277,440		4,063,255

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager International Value Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
FRANCE 13.7% (a)
Auto Components 0.7%
Compagnie Generale des Etablissements Michelin, Class B	33,274	$	1,905,448
Automobiles 0.6%
Renault SA*	46,400		1,714,127
Commercial Banks 4.1%
BNP Paribas	84,004		5,477,509
Credit Agricole SA	125,958		1,579,118
Societe Generale	71,049		3,899,500
			10,956,127
Diversified Telecommunication Services 0.6%
France Telecom SA	71,700		1,631,256
Electric Utility 0.5%
EDF SA	28,700		1,401,213
Electrical Equipment 0.3%
Schneider Electric SA	10,873		832,107
Food & Staples Retailing 0.7%
Carrefour SA	28,226		1,210,335
Casino Guichard Perrachon SA	11,500		778,759
			1,989,094
Hotels, Restaurants & Leisure 0.4%
Sodexo	19,629		1,010,545
Machinery 0.3% (b)
Vallourec SA	5,400		659,959
Media 0.9%
Lagardere SCA	29,000		966,730
Vivendi	60,913		1,461,988
			2,428,718
Multi-Utility 0.9%
GDF Suez	66,438		2,486,650
Oil, Gas & Consumable Fuels 1.8%
Total SA	90,502		4,904,725
Pharmaceuticals 1.9%
Sanofi-Aventis SA	86,480		5,109,520
			37,029,489
GERMANY 12.3% (a)
Air Freight & Logistics 0.5%
Deutsche Post AG	102,240		1,327,610
Airline 0.2%
Deutsche Lufthansa AG	34,200		430,421
Automobiles 1.1%
Daimler AG	79,434		2,877,671
Capital Markets 0.7%
Deutsche Bank AG	33,200		2,019,668
Chemicals 1.2%
BASF SE	45,100		1,801,103
Lanxess	61,692		1,526,814
			3,327,917
Diversified Telecommunication Services 0.6%
Deutsche Telekom AG	136,900		1,612,548
Electric Utility 2.1%
E.ON AG	159,472		5,662,543
Food & Staples Retailing 0.3% (b)
Metro AG	14,100		673,993
Food Products 0.2% (b)
Suedzucker AG	29,300		592,555
Health Care Providers & Services 0.3%
Celesio AG(b)	11,700		269,065
Fresenius Medical Care AG & Co. KGaA	13,600		612,025
			881,090
Insurance 3.0%
Allianz SE	42,927		3,945,985
Muenchener Rueckversicherungs AG	30,392		4,103,110
			8,049,095
Multi-Utility 0.5%
RWE AG	17,630		1,395,344
Pharmaceuticals 1.3%
Bayer AG	65,427		3,515,669
Transportation Infrastructure 0.3%
Hamburger Hafen und Logistik AG	21,155		817,261
			33,183,385
GREECE 0.2% (a)
Metals & Mining 0.2%
Sidenor Steel Products Manufacturing Co. SA*	74,344		559,369
HONG KONG 0.6% (a)
Real Estate Management & Development 0.6%
Sun Hung Kai Properties Ltd.	141,000		1,750,967
INDONESIA 0.5% (a)
Diversified Telecommunication Services 0.3%
Telekomunikasi Indonesia Tbk PT	1,037,500		768,624
Natural Gas Utility 0.2%
PT Perusahaan Gas Negara	1,671,500		512,763
			1,281,387
IRELAND 0.5% (a)
Construction Materials 0.5%
CRH PLC	64,025		1,471,402

6 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
ISRAEL 0.1% (a)
Wireless Telecommunication Services 0.1%
Partner Communications	10,130	$	173,119
ITALY 2.6% (a)
Commercial Banks 0.5%
Intesa Sanpaolo SpA*	456,200		1,474,057
Diversified Telecommunication Services 0.8%
Telecom Italia SpA	1,008,200		1,397,699
Telecom Italia SpA — RSP	893,400		880,003
			2,277,702
Natural Gas Utility 0.6%
Snam Rete Gas SpA	336,158		1,476,505
Oil, Gas & Consumable Fuels 0.7%
ENI SpA	80,400		1,906,645
			7,134,909
JAPAN 16.6% (a)
Automobiles 1.8%
Honda Motor Co. Ltd.	112,000		3,081,695
Nissan Motor Co. Ltd.	307,100		1,864,047
			4,945,742
Capital Markets 0.5%
Nomura Holdings, Inc.	169,500		1,430,946
Chemicals 0.8%
Mitsubishi Chemical Holdings Corp.	142,500		602,833
Shin-Etsu Chemical Co. Ltd.	27,000		1,252,426
Tosoh Corp.	110,000		311,197
			2,166,456
Commercial Banks 2.0%
Mitsubishi UFJ Financial Group, Inc.	639,600		3,950,015
Sumitomo Mitsui Financial Group, Inc.	35,700		1,444,836
			5,394,851
Computers & Peripherals 0.9%
Fujitsu Ltd.	269,000		1,461,498
Toshiba Corp. (b)	258,000		934,866
			2,396,364
Diversified Telecommunication Services 1.0%
Nippon Telegraph & Telephone Corp.	65,200		2,655,711
Electric Utility 0.3%
Tokyo Electric Power Co., Inc. (The)	32,700		840,891
Electrical Equipment 0.6%
Mitsubishi Electric Corp.	274,000		1,731,985
Electronic Equipment & Instruments 0.9%
FUJIFILM Holdings Corp.	48,100		1,531,011
Hitachi High-Technologies Corp.	22,600		384,043
Kyocera Corp.	5,200		390,446
			2,305,500
Food & Staples Retailing 0.3%
AEON Co. Ltd.	96,300		950,337
Household Durables 0.8%
Sharp Corp. (b)	100,000		1,037,586
Sony Corp.	42,200		1,101,128
			2,138,714
Leisure Equipment & Products 0.3%
Namco Bandai Holdings, Inc.	63,700		698,753
Machinery 0.9%
Kubota Corp.	159,000		1,309,564
Sumitomo Heavy Industries Ltd.	249,000		1,107,871
			2,417,435
Metals & Mining 0.2%
Yamato Kogyo Co. Ltd.	14,400		423,998
Multiline Retail 0.2%
Takashimaya Co. Ltd.	54,000		425,116
Office Electronics 0.2%
Ricoh Co. Ltd.	39,000		502,483
Oil, Gas & Consumable Fuels 0.3%
Nippon Mining Holdings, Inc.	184,000		950,967
Real Estate Management & Development 0.8%
Mitsui Fudosan Co. Ltd.	48,000		832,650
Sumitomo Realty & Development Co. Ltd.	74,000		1,351,354
			2,184,004
Software 0.7%
Nintendo Co. Ltd.	7,000		1,937,586
Tobacco 0.5%
Japan Tobacco, Inc.	415		1,297,423
Trading Companies & Distributors 2.3%
Mitsubishi Corp.	201,600		3,720,748
Mitsui & Co. Ltd.	215,000		2,548,077
			6,268,825
Wireless Telecommunication Services 0.3%
KDDI Corp.	164		870,327
			44,934,414
LUXEMBOURG 1.3% (a)
Metals & Mining 1.3%
ArcelorMittal	102,517		3,392,233
NETHERLANDS 3.4% (a)
Diversified Financial Services 1.1%
ING Groep NV CVA	289,619		2,933,822
Diversified Telecommunication Services 0.5%
Koninklijke KPN NV	93,999		1,296,831

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager International Value Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
NETHERLANDS (continued)
Food & Staples Retailing 0.5%
Koninklijke Ahold NV	118,200	$	1,362,518
Food Products 0.7%
Unilever NV CVA	77,951		1,885,124
Industrial Conglomerate 0.2%
Koninklijke Philips Electronics NV	35,670		658,505
Professional Services 0.4%
Randstad Holding NV*	42,400		1,178,181
			9,314,981
NEW ZEALAND 0.2% (a)
Diversified Telecommunication Services 0.2%
Telecom Corp. of New Zealand Ltd.	317,400		556,709
NORWAY 0.6% (a)
Oil, Gas & Consumable Fuels 0.6%
StatoilHydro ASA	79,900		1,578,880
REPUBLIC OF KOREA 1.1%
Commercial Banks 0.1% (a)
Hana Financial Group, Inc.	11,500		245,023
Diversified Financial Services 0.2% (a)
KB Financial Group, Inc.*	19,900		663,521
Metals & Mining 0.5%
POSCO ADR	15,170		1,254,104
Semiconductors & Semiconductor Equipment 0.3% (a)
Samsung Electronics Co. Ltd.	1,650		762,991
			2,925,639
RUSSIAN FEDERATION 0.5%
Metals & Mining 0.2%
JSC MMC Norilsk Nickel ADR*	55,711		513,513
Oil, Gas & Consumable Fuels 0.3%
LUKOIL ADR	20,150		896,393
			1,409,906
SINGAPORE 0.1% (a)(b)
Marine 0.1%
Neptune Orient Lines Ltd.	336,000		341,172
SOUTH AFRICA 0.5% (a)
Commercial Banks 0.4%
ABSA Group Ltd.	43,800		625,824
Standard Bank Group Ltd.	51,378		591,836
			1,217,660
Industrial Conglomerate 0.1%
Bidvest Group Ltd.	13,584		170,678
			1,388,338
SPAIN 3.1% (a)
Commercial Banks 1.8%
Banco Santander SA	404,128		4,884,632
Diversified Telecommunication Services 1.3%
Telefonica SA	158,153		3,591,200
			8,475,832
SWEDEN 1.9% (a)
Commercial Banks 0.2%
Nordea Bank AB	85,800		682,269
Communications Equipment 0.6% (b)
Telefonaktiebolaget LM Ericsson, B Shares	174,000		1,715,116
Household Durables 0.3%
Electrolux AB, Series B*	51,900		726,472
Machinery 0.4% (b)
Volvo AB, B Shares	162,150		1,004,851
Paper & Forest Products 0.4%
Svenska Cellulosa AB, Class B	99,000		1,042,901
			5,171,609
SWITZERLAND 3.6% (a)
Capital Markets 1.1%
Credit Suisse Group AG	50,763		2,326,293
UBS AG*	45,958		564,421
			2,890,714
Insurance 1.0%
Zurich Financial Services AG	16,133		2,852,217
Pharmaceuticals 1.4%
Novartis AG	42,650		1,736,564
Roche Holding AG	14,205		1,935,908
			3,672,472
Professional Services 0.1%
Adecco SA	8,000		334,454
			9,749,857
TAIWAN 0.5% (a)
Electronic Equipment & Instruments 0.4%
HON HAI Precision GDR	178,060		1,081,118
Semiconductors & Semiconductor Equipment 0.1%
Siliconware Precision Industries Co.	155,540		180,008
United Microelectronics Corp.	340		115
			180,123
			1,261,241
THAILAND 0.1% (a)
Oil, Gas & Consumable Fuels 0.1%
PTT PCL	55,300		378,584

8 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
UNITED KINGDOM 20.3% (a)
Aerospace & Defense 0.6%
BAE Systems PLC	199,944	$	1,117,162
Rolls-Royce Group PLC	87,200		521,306
			1,638,468
Capital Markets 0.3%
Man Group PLC	176,589		809,371
Commercial Banks 3.9%
Barclays PLC	714,892		3,321,752
HSBC Holdings PLC	575,837		4,796,842
Lloyds Banking Group PLC	2,167,217		2,498,057
			10,616,651
Diversified Telecommunication Services 0.9%
BT Group PLC	1,449,667		2,428,630
Food Products 0.6%
Associated British Foods PLC	116,000		1,461,232
Hotels, Restaurants & Leisure 1.0%
Intercontinental Hotels Group PLC	105,064		1,081,411
Thomas Cook Group PLC	117,400		397,758
TUI Travel PLC	340,572		1,301,742
			2,780,911
Independent Power Producers & Energy Traders 0.8%
Drax Group PLC	51,300		371,299
International Power PLC	474,270		1,862,631
			2,233,930
Information Technology Services 0.3%
Logica PLC	697,316		908,338
Insurance 1.2%
Aviva PLC	239,200		1,346,631
Prudential PLC	198,878		1,359,266
RSA Insurance Group PLC	316,800		628,983
			3,334,880
Metals & Mining 0.3%
Peter Hambro Mining PLC	64,300		643,457
Multi-Utility 0.6%
Centrica PLC	408,500		1,501,894
Oil, Gas & Consumable Fuels 4.2%
BP PLC	719,380		5,683,747
Royal Dutch Shell PLC, A Shares	92,406		2,317,671
Royal Dutch Shell PLC, Class A	133,900		3,354,794
			11,356,212
Pharmaceuticals 1.9%
AstraZeneca PLC	51,800		2,283,725
GlaxoSmithKline PLC	162,300		2,866,423
			5,150,148
Tobacco 0.5%
Imperial Tobacco Group PLC	54,635		1,421,850
Trading Companies & Distributors 0.4%
Wolseley PLC*	54,800		1,048,930
Wireless Telecommunication Services 2.8%
Vodafone Group PLC	3,931,643		7,645,924
			54,980,826
Total Common Stocks (cost $321,706,894)			268,286,635
Preferred Stocks 0.3%
BRAZIL 0.2%
Metals & Mining 0.2%
Usinas Siderurgicas de Minas Gerais SA, Class A	19,575		419,136
REPUBLIC OF KOREA 0.1% (a)
Semiconductors & Semiconductor Equipment 0.1%
Samsung Electronics Co. Ltd.	1,200		365,938
Total Preferred Stocks (cost $1,265,679)			785,074
Rights 0.0%
BELGIUM 0.0% (a)
Fortis, expiring 7/2/14	64,600		0
SINGAPORE 0.0% (a)
Neptune Orient Lines Ltd., expiring 7/9/09	252,000		30,454
Total Rights (cost $—)			30,454

2009 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager International Value Fund (Continued)

Repurchase Agreement 1.7% (c)
		Principal Amount		Market Value
Morgan Stanley, 0.07%, dated 06/30/09, due 07/01/09, repurchase price $4,474,866, collateralized by U.S. Government Agency Mortgages ranging 3.50% – 8.50%, maturing 06/01/11 – 06/01/39; total market value of $4,564,354	$	4,474,857	$	4,474,857
Total Repurchase Agreement (cost $4,474,857)				4,474,857
Total Investments (cost $327,447,430) (d) — 101.1%				273,577,020
Liabilities in excess of other assets — (1.1)%				(2,871,904	)
NET ASSETS — 100.0%			$	270,705,116

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	The security or a partial position of this security is on loan at June 30, 2009. The total value of securities on loan at June 30, 2009 was 4,254,828.
(c)	The security was purchased with cash collateral held from securities on loan (See Note 2). The total value of this security as of June 30, 2009 was $4,474,857.
(d)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

AB	Stock Company
ADR	American Depositary Receipt
AG	Stock Corporation
AS	Stock Corporation
ASA	Stock Corporation
CVA	Dutch Certificate
GDR	Global Depositary Receipt
KGaA	Limited partnership with shares
Ltd	Limited
NV	Public Traded Company
OYJ	Public Traded Company
PCL	Public Company Limited
PLC	Public Limited Company
PT	Limited Liability Company
RSP	Savings Shares
SA	Stock Company
SCA	Limited partnership with share capital
SpA	Limited share company

At June 30, 2009, the Fund’s open forward foreign currency contracts against the United States Dollar were as follows (Note 2):

											Net
		Currency									Unrealized
	Delivery	Received/			Contract			Market			Appreciation/
Currency	Date	(Delivered)			Value			Value			(Depreciation)
Short Contracts:
British Pound	7/15/09		(3,229,000	)	$	(4,686,829	)	$	(5,311,642	)	$	(624,813	)
British Pound	7/15/09		(3,894,000	)		(5,659,929	)		(6,405,553	)		(745,624	)
British Pound	7/15/09		(997,000	)		(1,559,966	)		(1,640,045	)		(80,079	)
British Pound	8/7/09		(486,781	)		(778,859	)		(800,722	)		(21,863	)
British Pound	8/7/09		(869,855	)		(1,379,154	)		(1,430,853	)		(51,699	)
British Pound	8/7/09		(436,000	)		(715,340	)		(717,190	)		(1,850	)
British Pound	8/7/09		(773,564	)		(1,258,646	)		(1,272,459	)		(13,813	)
British Pound	8/7/09		(632,721	)		(1,028,601	)		(1,040,782	)		(12,181	)
British Pound	8/7/09		(578,921	)		(944,088	)		(952,285	)		(8,197	)
British Pound	8/7/09		(490,778	)		(809,835	)		(807,297	)		2,538
Canadian Dollar	7/15/09		(7,193,000	)		(5,839,422	)		(6,185,904	)		(346,482	)
Canadian Dollar	7/15/09		(959,000	)		(782,251	)		(824,730	)		(42,479	)
Canadian Dollar	7/15/09		(769,000	)		(653,233	)		(661,332	)		(8,099	)
Canadian Dollar	7/15/09		(560,000	)		(490,226	)		(481,594	)		8,632
Canadian Dollar	8/7/09		(591,656	)		(530,312	)		(508,892	)		21,420
Canadian Dollar	10/15/09		(698,000	)		(605,403	)		(600,609	)		4,794
Euro	8/7/09		(803,288	)		(1,077,226	)		(1,126,753	)		(49,527	)
Euro	8/7/09		(471,800	)		(648,960	)		(661,782	)		(12,822	)
Euro	8/7/09		(768,772	)		(1,070,269	)		(1,078,338	)		(8,069	)
Euro	8/7/09		(538,000	)		(752,857	)		(754,640	)		(1,783	)
Euro	8/7/09		(816,070	)		(1,131,102	)		(1,144,681	)		(13,579	)
Euro	8/7/09		(600,000	)		(846,030	)		(841,605	)		4,425
Japanese Yen	7/15/09		(124,756,000	)		(1,314,106	)		(1,295,466	)		18,640
Japanese Yen	7/15/09		(1,279,597,000	)		(13,348,741	)		(13,287,337	)		61,404
Japanese Yen	8/7/09		(182,951,446	)		(1,889,844	)		(1,900,297	)		(10,453	)
Japanese Yen	8/7/09		(77,582,318	)		(813,899	)		(805,839	)		8,060
Japanese Yen	10/15/09		(423,844,000	)		(4,426,615	)		(4,406,437	)		20,178
Norwegian Krone	7/15/09		(11,720,000	)		(1,825,119	)		(1,822,657	)		2,462
Swedish Krona	7/15/09		(4,661,000	)		(539,280	)		(604,494	)		(65,214	)
Swedish Krona	7/15/09		(27,407,000	)		(3,268,692	)		(3,554,467	)		(285,775	)
Swedish Krona	10/15/09		(4,423,000	)		(552,081	)		(573,589	)		(21,508	)
Swiss Franc	7/15/09		(1,289,000	)		(1,111,255	)		(1,186,843	)		(75,588	)
Swiss Franc	8/7/09		(706,768	)		(660,015	)		(650,951	)		9,064
Total Short Contracts					$	(62,998,185	)	$	(65,338,065	)	$	(2,339,880	)
Long Contracts:
Australian Dollar	7/15/09		7,147,000		$	5,002,614		$	5,750,617		$	748,003
Australian Dollar	7/15/09		1,438,000			1,016,091			1,157,043			140,952
Australian Dollar	7/15/09		5,243,000			4,066,366			4,218,621			152,255
Australian Dollar	8/7/09		786,375			582,022			631,604			49,582
Australian Dollar	8/7/09		850,230			666,023			682,891			16,868
Australian Dollar	8/7/09		948,171			766,279			761,555			(4,724	)
Australian Dollar	10/15/09		3,526,000			2,769,708			2,817,386			47,678
British Pound	7/15/09		6,221,000			10,187,945			10,233,423			45,478
British Pound	8/7/09		851,949			1,283,657			1,401,398			117,741
British Pound	8/7/09		590,055			959,665			970,599			10,934
Canadian Dollar	8/7/09		3,890,934			3,376,674			3,346,651			(30,023	)
Euro	8/7/09		518,748			694,016			727,635			33,619
Euro	8/7/09		439,256			611,264			616,133			4,869
Euro	8/7/09		409,471			576,478			574,356			(2,122	)
Euro	8/7/09		758,944			1,075,803			1,064,552			(11,251	)

10 Semiannual Report 2009

								Net
		Currency						Unrealized
	Delivery	Received/		Contract		Market		Appreciation/
Currency	Date	(Delivered)		Value		Value		(Depreciation)
Euro	8/7/09		656,723	$	920,181	$	921,169	$	988
Euro	8/7/09		680,000		940,828		953,819		12,991
Euro	8/7/09		636,330		883,905		892,564		8,659
Euro	8/7/09		494,289		685,154		693,327		8,173
Euro	8/7/09		401,580		560,758		563,287		2,529
Euro	8/7/09		742,770		1,035,385		1,041,866		6,481
Euro	8/7/09		517,320		727,574		725,632		(1,942	)
Hong Kong Dollar	8/7/09		14,969,503		1,932,135		1,932,384		249
Japanese Yen	7/15/09		122,242,000		1,238,507		1,269,361		30,854
Japanese Yen	7/15/09		1,085,116,000		11,053,326		11,267,846		214,520
Japanese Yen	7/15/09		52,992,000		556,300		550,269		(6,031	)
Japanese Yen	7/15/09		144,003,000		1,525,779		1,495,328		(30,451	)
Japanese Yen	8/7/09		92,948,836		983,263		965,450		(17,813	)
Japanese Yen	8/7/09		75,942,117		773,773		788,803		15,030
New Zealand Dollar	10/15/09		2,547,000		1,601,808		1,631,561		29,753
Norwegian Krone	7/15/09		3,933,000		575,185		611,648		36,463
Norwegian Krone	7/15/09		27,474,000		4,078,076		4,272,668		194,592
Norwegian Krone	10/15/09		6,275,000		961,774		973,766		11,992
Swiss Franc	8/7/09		739,507		667,970		681,105		13,135
Swiss Franc	8/7/09		920,671		851,015		847,961		(3,054	)
Total Long Contracts				$	66,187,301	$	68,034,278	$	1,846,977

At June 30, 2009, the Fund’s open forward foreign currency contracts were as follows (Note 2):

									Unrealized
Delivery		Currency		Currency	Contract		Market		Appreciation/
Date		Received		Delivered	Value		Value		(Depreciation)
8/7/09	5,789,188	Australian Dollar	(5,058,413)	Canadian Dollar	$	4,364,498	$	4,663,462	$	298,964
8/7/09	1,215,189	British Pound	(15,304,197)	Swedish Krona		1,979,061		1,993,227		14,166
8/7/09	248,625	Canadian Dollar	(142,742)	British Pound		213,496		192,542		(20,954	)
8/7/09	8,255,507	Canadian Dollar	(5,274,714)	Euro		7,089,067		6,791,041		(298,026	)
8/7/09	287,936	Canadian Dollar	(1,934,733)	Hong Kong Dollar		247,252		245,158		(2,094	)
8/7/09	5,480,763	Canadian Dollar	(5,264,118)	Swiss Franc		4,706,373		4,572,071		(134,302	)
8/7/09	962,904	Euro	(1,458,765)	Swiss Franc		1,361,643		1,368,725		7,082
8/7/09	495,658,085	Japanese Yen	(5,850,634)	Canadian Dollar		5,093,975		5,210,106		116,131
8/7/09	8,898,938	Norwegian Krone	(1,595,723)	Canadian Dollar		1,376,518		1,387,158		10,640
8/7/09	1,844,491	Singapore Dollar	(1,456,971)	Canadian Dollar		1,259,423		1,279,725		20,302
8/7/09	5,487,398	Swedish Krona	(927,250)	Australian Dollar		715,920		682,805		(33,115	)
8/7/09	30,346,273	Swedish Krona	(2,108,469)	Canadian Dollar		3,889,238		3,934,076		44,838
					$	32,296,464	$	32,320,096	$	23,632

At June 30, 2009, the Fund’s open futures contracts were as follows:

				Notional Value		Unrealized
Number of				Covered by		Appreciation
Contracts	Long Contracts	Expiration		Contracts		(Depreciation)
30	DJ Euro STOXX 50		09/18/09	$	1,009,104	$	(10,845	)
9	FTSE 100 Future		09/18/09		624,478		(11,614	)
7	TOPIX INDX		09/30/09		671,875		(10,090	)
				$	2,305,457	$	(32,549	)

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT
	Multi-Manager
	International Value Fund
Assets:
Investments, at value (cost $322,972,573)*	$	269,102,163
Repurchase agreements, at value and cost		4,474,857
Total Investments		273,577,020
Deposits with broker for futures		244,000
Foreign currencies, at value (cost $1,485,434)		1,484,691
Interest and dividends receivable		893,053
Receivable for capital shares issued		513,724
Receivable for investments sold		4,265,999
Unrealized appreciation on forward foreign currency contracts (Note 2)		2,628,128
Reclaims receivable		141,358
Prepaid expenses and other assets		2,908
Total Assets		283,750,881
Liabilities:
Cash overdraft		2,261,764
Payable for variation margin on futures contracts		15,358
Payable for investments purchased		2,623,554
Unrealized depreciation on forward foreign currency contracts (Note 2)		3,097,399
Payable upon return of securities loaned (Note 2)		4,474,857
Payable for capital shares redeemed		279,548
Accrued expenses and other payables:
Investment advisory fees		172,974
Fund administration fees		10,866
Distribution fees		20,080
Administrative services fees		35,458
Custodian fees		4,395
Trustee fees		431
Compliance program costs (Note 3)		4,650
Professional fees		12,945
Printing fees		29,158
Other		2,328
Total Liabilities		13,045,765
Net Assets	$	270,705,116
Represented by:
Capital	$	466,664,397
Accumulated undistributed net investment income		1,614,683
Accumulated net realized losses from investment transactions, futures and foreign currency transactions		(143,223,108	)
Net unrealized appreciation/(depreciation) from investments		(53,870,410	)
Net unrealized appreciation/(depreciation) from futures (Note 2)		(32,549	)
Net unrealized appreciation/(depreciation) from forward foreign currency contracts (Note 2)		(469,271	)
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		21,374
Net Assets	$	270,705,116

*  Includes value of securities on loan of $4,254,828 (Note 2).

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

	NVIT
	Multi-Manager
	International Value Fund
Net Assets:
Class I Shares	$	1,216,994
Class II Shares		920,439
Class III Shares		52,442,660
Class IV Shares		24,199,030
Class VI Shares		96,605,178
Class Y Shares		95,320,815
Total	$	270,705,116
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		151,288
Class II Shares		114,848
Class III Shares		6,544,767
Class IV Shares		3,010,391
Class VI Shares		12,111,223
Class Y Shares		11,864,506
Total		33,797,023
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	8.04
Class II Shares	$	8.01
Class III Shares	$	8.01
Class IV Shares	$	8.04
Class VI Shares	$	7.98
Class Y Shares	$	8.03

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT
	Multi-Manager
	International Value
	Fund
INVESTMENT INCOME:
Interest income	$	3,202
Dividend income		6,768,197
Income from securities lending (Note 2)		353,588
Foreign tax withholding		(714,643	)
Total Income		6,410,344
EXPENSES:
Investment advisory fees		857,064
Fund administration fees		56,062
Distribution fees Class II Shares		1,120
Distribution fees Class VI Shares		109,503
Administrative services fees Class I Shares		910
Administrative services fees Class II Shares		735
Administrative services fees Class III Shares		39,313
Administrative services fees Class IV Shares		18,330
Administrative services fees Class VI Shares		71,852
Custodian fees		11,884
Trustee fees		4,589
Compliance program costs (Note 3)		1,589
Professional fees		23,008
Printing fees		39,757
Other		24,498
Total expenses before earnings credit		1,260,214
Earnings credit (Note 5)		(543	)
Net Expenses		1,259,671
NET INVESTMENT INCOME		5,150,673
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(62,208,839	)
Net realized losses from futures transactions (Note 2)		(2,645,431	)
Net realized losses from forward foreign currency transactions (Note 2)		(2,011,452	)
Net realized losses from investment transactions, futures and foreign currency transactions		(66,865,722	)
Net change in unrealized appreciation/(depreciation) from investments		78,341,274
Net change in unrealized appreciation/(depreciation) from futures (Note 2)		(27,527	)
Net change in unrealized appreciation/(depreciation) from forward foreign currency contracts (Note 2)		(842,365	)
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		17,138
Net change in unrealized appreciation/(depreciation) from investments, futures, foreign currency translations and foreign currency transactions		77,488,520
Net realized/unrealized losses from investments, futures, foreign currency translations and foreign currency transactions		10,622,798
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,773,471

The accompanying notes are an integral part of these financial statements.

14 Semiannual Report 2009

Statements of Changes in Net Assets

	NVIT Multi-Manager International
	Value Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	5,150,673		$	9,091,208
Net realized losses from investment, futures and foreign currency transactions		(66,865,722	)		(79,608,060	)
Net change in unrealized appreciation/(depreciation) from investments, futures and translation of assets and liabilities denominated in foreign currencies		77,488,520			(125,825,963	)
Change in net assets resulting from operations		15,773,471			(196,342,815	)
Distributions to Shareholders From:
Net investment income:
Class I		(14,074	)		(22,864	)
Class II		(9,615	)		17,417
Class III		(612,626	)		(1,044,422	)
Class IV		(280,560	)		(464,110	)
Class VI		(1,024,338	)		(1,676,817	)
Class Y		(1,261,734	)		(113,647	)(a)
Net realized gains:
Class I		–			(307,795	)
Class II		–			(252,865	)
Class III		–			(13,515,108	)
Class IV		–			(6,088,997	)
Class VI		–			(25,973,597	)
Class Y		–			(4,815,660	)(a)
Tax return of capital:
Class I		–			(14,016	)
Class II		–			(10,709	)
Class III		–			(625,871	)
Class IV		–			(280,086	)
Class VI		–			(1,072,484	)
Class Y		–			(216,806	)(a)
Change in net assets from shareholder distributions		(3,202,947	)		(56,513,271	)
Change in net assets from capital transactions		5,170,099			21,160,354
Change in net assets		17,740,623			(231,695,732	)
Net Assets:
Beginning of period		252,964,493			484,660,225
End of period	$	270,705,116		$	252,964,493
Accumulated undistributed net investment income (loss) at end of period	$	1,614,683		$	(333,043	)
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	29		$	–
Dividends reinvested		14,074			344,675
Cost of shares redeemed		(100,695	)		(424,565	)
Total Class I		(86,592	)		(79,890	)

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 27, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 15

Statements of Changes in Net Assets (Continued)

	NVIT Multi-Manager International
	Value Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
CAPITAL TRANSACTIONS: (continued)
Class II Shares
Proceeds from shares issued		27			1,779
Dividends reinvested		9,615			280,991
Cost of shares redeemed		(166,768	)		(409,480	)
Total Class II		(157,126	)		(126,710	)
Class III Shares
Proceeds from shares issued		2,024,786			6,779,031
Dividends reinvested		612,626			15,185,401
Cost of shares redeemed (b)		(7,622,991	)		(35,572,801	)
Total Class III		(4,985,579	)		(13,608,369	)
Class IV Shares
Proceeds from shares issued		151,320			457,971
Dividends reinvested		280,560			6,833,193
Cost of shares redeemed		(2,492,194	)		(8,751,585	)
Total Class IV		(2,060,314	)		(1,460,421	)
Class VI Shares
Proceeds from shares issued		4,232,503			40,889,301
Dividends reinvested		1,024,338			28,722,898
Cost of shares redeemed (b)		(32,318,217	)		(98,652,918	)
Total Class VI		(27,061,376	)		(29,040,719	)
Class Y Shares
Proceeds from shares issued		49,784,017			60,877,263	(a)
Dividends reinvested		1,261,734			5,146,113	(a)
Cost of shares redeemed		(11,524,665	)		(546,913	)(a)
Total Class Y		39,521,086			65,476,463
Change in net assets from capital transactions	$	5,170,099		$	21,160,354
SHARE TRANSACTIONS:
Class I Shares
Issued		–			–
Reinvested		1,807			31,143
Redeemed		(14,595	)		(33,127	)
Total Class I Shares		(12,788	)		(1,984	)
Class II Shares
Issued		–			100
Reinvested		1,239			25,495
Redeemed		(24,888	)		(29,789	)
Total Class II Shares		(23,649	)		(4,194	)

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 27, 2008 (commencement of operations) through December 31, 2008.

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

The accompanying notes are an integral part of these financial statements.

16 Semiannual Report 2009

	NVIT Multi-Manager International
	Value Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
SHARE TRANSACTIONS: (continued)
Class III Shares
Issued		283,106			564,605
Reinvested		78,946			1,375,947
Redeemed		(1,105,575	)		(2,619,366	)
Total Class III Shares		(743,523	)		(678,814	)
Class IV Shares
Issued		21,676			42,564
Reinvested		36,061			617,101
Redeemed		(353,722	)		(662,632	)
Total Class IV Shares		(295,985	)		(2,967	)
Class VI Shares
Issued		597,822			3,241,727
Reinvested		132,686			2,621,224
Redeemed		(4,607,926	)		(6,136,392	)
Total Class VI Shares		(3,877,418	)		(273,441	)
Class Y Shares
Issued		7,124,031			5,596,294	(a)
Reinvested		162,175			472,644	(a)
Redeemed		(1,432,742	)		(57,896	)(a)
Total Class Y Shares		5,853,464			6,011,042
Total change in shares		900,101			5,049,642

(a)  For the period from March 27, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 17

Financial Highlights

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

NVIT Multi-Manager International Value Fund

							Operations						Distributions																					Ratios / Supplemental Data
							Net Realized																																			Ratio of
							and																																Ratio of Net			Expenses
	Net Asset						Unrealized																													Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net												Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Return of			Total			Redemption			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			capital			Distributions			Fees			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(e)			Turnover (c)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)(d)	$	7	.73		0	.16		0	.24		0	.40		(0	.09)		–			–			(0	.09)		–		$	8	.04		5	.26%	$	1,216,994		1	.06%		4	.41%		1	.06%		48	.39%
Year Ended December 31, 2008 (d)	$	17	.48		0	.41		(7	.81)		(7	.40)		(0	.15)		(2	.10)		(0	.10)		(2	.35)		–		$	7	.73		(46	.31%)	$	1,268,226		1	.04%		2	.99%		1	.04%		114	.10%
Year Ended December 31, 2007	$	18	.58		0	.41		0	.18		0	.59		(0	.39)		(1	.30)		–			(1	.69)		–		$	17	.48		2	.92%	$	2,902,902		0	.99%		2	.10%		0	.99%		157	.60%
Year Ended December 31, 2006	$	16	.60		0	.35		3	.18		3	.53		(0	.37)		(1	.18)		–			(1	.55)		–		$	18	.58		22	.67%	$	3,985,456		1	.01%		1	.95%		1	.01%		48	.61%
Year Ended December 31, 2005	$	15	.58		0	.35		1	.43		1	.78		(0	.21)		(0	.55)		–			(0	.76)		–		$	16	.60		12	.09%	$	4,349,208		0	.91%		1	.92%		0	.91%		48	.94%
Year Ended December 31, 2004	$	13	.26		0	.18		2	.46		2	.64		(0	.33)		–			–			(0	.33)		0	.01	$	15	.58		20	.29%	$	6,246,596		0	.86%		1	.33%		0	.86%		42	.68%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)(d)	$	7	.70		0	.15		0	.24		0	.39		(0	.08)		–			–			(0	.08)		–		$	8	.01		5	.16%	$	920,439		1	.31%		4	.09%		1	.31%		48	.39%
Year Ended December 31, 2008 (d)	$	17	.44		0	.38		(7	.80)		(7	.42)		(0	.13)		(2	.10)		(0	.09)		(2	.32)		–		$	7	.70		(46	.48%)	$	1,066,596		1	.30%		2	.78%		1	.30%		114	.10%
Year Ended December 31, 2007	$	18	.50		0	.36		0	.19		0	.55		(0	.31)		(1	.30)		–			(1	.61)		–		$	17	.44		2	.71%	$	2,488,431		1	.23%		1	.85%		1	.23%		157	.60%
Year Ended December 31, 2006	$	16	.54		0	.30		3	.17		3	.47		(0	.33)		(1	.18)		–			(1	.51)		–		$	18	.50		22	.40%	$	2,972,385		1	.26%		1	.68%		1	.26%		48	.61%
Year Ended December 31, 2005	$	15	.53		0	.23		1	.51		1	.74		(0	.18)		(0	.55)		–			(0	.73)		–		$	16	.54		11	.79%	$	2,852,388		1	.17%		1	.40%		1	.17%		48	.94%
Year Ended December 31, 2004	$	13	.22		0	.14		2	.46		2	.60		(0	.30)		–			–			(0	.30)		0	.01	$	15	.53		20	.00%	$	3,368,084		1	.10%		1	.69%		1	.10%		42	.68%
Class III Shares
Six Months Ended June 30, 2009 (Unaudited)(d)	$	7	.70		0	.16		0	.24		0	.40		(0	.09)		–			–			(0	.09)		–		$	8	.01		5	.28%	$	52,442,660		1	.06%		4	.39%		1	.06%		48	.39%
Year Ended December 31, 2008 (d)	$	17	.43		0	.42		(7	.80)		(7	.38)		(0	.15)		(2	.10)		(0	.10)		(2	.35)		–		$	7	.70		(46	.33%)	$	56,117,809		1	.04%		3	.01%		1	.04%		114	.10%
Year Ended December 31, 2007	$	18	.53		0	.41		0	.18		0	.59		(0	.39)		(1	.30)		–			(1	.69)		–		$	17	.43		2	.93%	$	138,847,001		0	.99%		2	.14%		0	.99%		157	.60%
Year Ended December 31, 2006	$	16	.56		0	.34		3	.18		3	.52		(0	.37)		(1	.18)		–			(1	.55)		–		$	18	.53		22	.75%	$	169,277,702		1	.01%		1	.87%		1	.01%		48	.61%
Year Ended December 31, 2005	$	15	.54		0	.24		1	.54		1	.78		(0	.21)		(0	.55)		–			(0	.76)		–		$	16	.56		12	.05%	$	116,151,030		0	.93%		1	.64%		0	.91%		48	.94%
Year Ended December 31, 2004	$	13	.23		0	.18		2	.45		2	.63		(0	.33)		–			–			(0	.33)		0	.01	$	15	.54		20	.26%	$	69,042,520		0	.86%		1	.42%		0	.86%		42	.68%
Class IV Shares
Six Months Ended June 30, 2009 (Unaudited)(d)	$	7	.72		0	.16		0	.25		0	.41		(0	.09)		–			–			(0	.09)		–		$	8	.04		5	.40%	$	24,199,030		1	.06%		4	.41%		1	.06%		48	.39%
Year Ended December 31, 2008 (d)	$	17	.47		0	.41		(7	.81)		(7	.40)		(0	.15)		(2	.10)		(0	.10)		(2	.35)		–		$	7	.72		(46	.35%)	$	25,538,325		1	.04%		3	.01%		1	.04%		114	.10%
Year Ended December 31, 2007	$	18	.57		0	.40		0	.20		0	.60		(0	.40)		(1	.30)		–			(1	.70)		–		$	17	.47		2	.90%	$	57,819,423		0	.99%		2	.09%		0	.99%		157	.60%
Year Ended December 31, 2006	$	16	.60		0	.34		3	.18		3	.52		(0	.37)		(1	.18)		–			(1	.55)		–		$	18	.57		22	.74%	$	67,199,978		1	.02%		1	.93%		1	.26%		48	.61%
Year Ended December 31, 2005	$	15	.57		0	.25		1	.52		1	.77		(0	.19)		(0	.55)		–			(0	.74)		–		$	16	.60		11	.97%	$	66,597,240		1	.03%		1	.56%		1	.17%		48	.94%
Year Ended December 31, 2004	$	13	.26		0	.22		2	.39		2	.61		(0	.31)		–			–			(0	.31)		0	.01	$	15	.57		20	.04%	$	73,952,928		1	.00%		1	.56%		1	.10%		42	.68%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	Per share calculations were performed using average shares outstanding throughout the period.
(e)	There were no fee reductions during the period.
(f)	For the period from March 27, 2008 (commencement of operations) through December 31, 2008.
(g)	For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

The accompanying notes are an integral part of these financial statements.

18 Semiannual Report 2009

Financial Highlights

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

NVIT Multi-Manager International Value Fund (Continued)

							Operations						Distributions																					Ratios / Supplemental Data
							Net Realized																																			Ratio of
							and																																Ratio of Net			Expenses
	Net Asset						Unrealized																													Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net												Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Return of			Total			Redemption			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			capital			Distributions			Fees			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(e)			Turnover (c)
Class VI Shares
Period Ended June 30, 2009 (Unaudited)(d)	$	7	.67		0	.15		0	.25		0	.40		(0	.09)		–			–			(0	.09)		–		$	7	.98		5	.19%	$	96,605,178		1	.31%		4	.06%		1	.31%		48	.39%
Year Ended December 31, 2008 (d)	$	17	.38		0	.34		(7	.73)		(7	.39)		(0	.13)		(2	.10)		(0	.09)		(2	.32)		–		$	7	.67		(46	.45%)	$	122,577,295		1	.30%		2	.70%		1	.30%		114	.10%
Year Ended December 31, 2007	$	18	.49		0	.31		0	.24		0	.55		(0	.36)		(1	.30)		–			(1	.66)		–		$	17	.38		2	.70%	$	282,602,468		1	.23%		1	.73%		1	.23%		157	.60%
Year Ended December 31, 2006	$	16	.56		0	.30		3	.17		3	.47		(0	.36)		(1	.18)		–			(1	.54)		–		$	18	.49		22	.41%	$	138,946,197		1	.26%		1	.40%		1	.26%		48	.61%
Year Ended December 31, 2005	$	15	.55		0	.20		1	.55		1	.75		(0	.19)		(0	.55)		–			(0	.74)		–		$	16	.56		11	.80%	$	42,916,002		1	.19%		1	.41%		1	.19%		48	.94%
Period Ended December 31, 2004 (g)	$	13	.63		0	.13		1	.95		2	.08		(0	.17)		–			–			(0	.17)		0	.01	$	15	.55		15	.45%(a)	$	13,117,126		1	.11%(b)		0	.63%(b)		1	.11%(e)		42	.68%
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited)(d)	$	7	.72		0	.15		0	.26		0	.41		(0	.10)		–			–			(0	.10)		–		$	8	.03		5	.34%	$	95,320,815		0	.89%		5	.20%		0	.89%		48	.39%
Period Ended December 31, 2008 (f)	$	15	.84		0	.25		(6	.00)		(5	.75)		(0	.17)		(2	.10)		(0	.10)		(2	.37)		–		$	7	.72		(40	.66%)	$	46,396,242		0	.96%(b)		1	.54%(b)		0	.96%(b)		114	.10%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	Per share calculations were performed using average shares outstanding throughout the period.
(e)	There were no fee reductions during the period.
(f)	For the period from March 27, 2008 (commencement of operations) through December 31, 2008.
(g)	For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 19

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Multi-Manager International Value Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

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

20 Semiannual Report 2009

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

2009 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

		Level 2 — Other
	Level 1 — Quoted	Significant			Level 3 — Significant
Asset Type	Prices	Observable Inputs			Unobservable Inputs		Total
Common Stocks	$14,566,879	$	253,719,756		$	—	$	268,286,635
Preferred Stocks	419,136		365,938			—		785,074
Rights	—		30,454			—		30,454
Repurchase Agreement	—		4,474,857			—		4,474,857
Futures	(32,549)		—			—		(32,549	)
Forward Foreign Currency Contracts	—		(469,271	)		—		(469,271	)
Total	$14,953,466	$	258,121,734		$	—	$	273,075,200

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

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

(d)        Forward Foreign Currency Contracts

The Fund is subject to foreign currency exchange risk in the normal course of pursuing its objective. The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency or to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency. Forward foreign currency contracts are valued at the current cost of

22 Semiannual Report 2009

covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. A forward foreign currency contract is adjusted daily by the exchange rate of the underlying currency, and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement rate. When the Fund enters into a forward foreign currency contract, it is exposed to risks from unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contract may be unable to meet their obligations under the contracts.

Forward foreign currency contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Unrealized appreciation/depreciation on forward foreign currency contracts,” and in the Statement of Operations under “Net realized losses from forward foreign currency transactions” and “Net change in unrealized appreciation/(depreciation) from foreign currency contracts.”

(e)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(f)        Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its investment objective. The Fund may enter into financial futures contracts (“futures contracts”) to gain exposure to, or hedge against changes in, the value of equities. The Fund may also enter into futures contracts for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to enter into and maintain futures contracts may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such futures contracts.

Futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price. Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, know as “variation margin” receipts or payments, are made each day, depending on the fluctuations in the fair value/market value of the futures contract and are recognized by the Fund as unrealized gains or losses. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and the value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. Futures contracts involve minimal counterparty credit risk to the Fund because futures contracts are exchange-traded, and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees futures contracts against default.

2009 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Futures contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Net unrealized appreciation/depreciation form futures,” and in the Statement of Operations under “Net realized losses from futures transactions” and “Net change in unrealized appreciation/(depreciation) from futures.”

Fair Values of Derivative Investments as of June 30, 2009

	Asset Derivatives			Liability Derivatives
Derivatives not	Statement of			Statement of
Accounted for as	Assets and			Assets and
Hedging Instruments	Liabilities Location	Fair Value		Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	2,628,128	Unrealized depreciation on forward foreign currency contracts	$	(3,097,399	)
Equity contracts*	Net Assets — Unrealized Appreciation from Futures		—	Net Assets — Unrealized Depreciation from Futures		(32,549	)
Total		$	2,628,128		$	(3,129,948	)

*	Includes cumulative appreciation/(depreciation) of futures contracts as reported in Statement of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities.
	Amounts designated as “—” are zero.

The Effect of Derivative Instruments on the Statement of Operations
For the Six Months Ended June 30, 2009

Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations

Derivatives not accounted for as hedging						Forward Foreign
instruments under FAS 133	Options		Futures			Currency Contracts			Total
Foreign exchange contracts	$	—	$	—		$	(2,011,452	)	$	(2,011,452	)
Equity contracts		—		(2,645,431	)		—			(2,645,431	)
Total	$	—	$	(2,645,431	)	$	(2,011,452	)	$	(4,656,883	)

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations

Derivatives not accounted for as hedging						Forward Foreign
instruments under FAS 133	Options		Futures			Currency Contracts			Total
Foreign exchange contracts	$	—	$	—		$	(842,365	)	$	(842,365	)
Equity contracts		—		(27,527	)		—			(27,527	)
Total	$	—	$	(27,527	)	$	(842,365	)	$	(869,892	)

Amounts designated as “—” are zero.

Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the period ending June 30, 2009.

(g)        Security Transactions and Investment Income

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

24 Semiannual Report 2009

(h)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receive payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2009, the Fund had securities with the following value on loan:

Value of Loaned Securities		Value of Collateral
$	4,254,828	$	4,474,857

(i)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(j)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and

2009 Semiannual Report 25

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

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

Subadvisers

- JPMorgan Investment Management Inc.

- AllianceBernstein L.P.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
Up to $500 million		0.75%
$500 million up to $2 billion		0.70%
$2 billion and more		0.65%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $511,931 for the six months ended June 30, 2009.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on

26 Semiannual Report 2009

the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

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

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

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II and Class VI shares of the Fund. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II and Class VI shares of the Fund. NFD is a majority-owned subsidiary of NFSDI.

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

For the six months ended June 30, 2009, NFS received $122,428 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $1,589.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III and Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III and Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III and Class VI shares on behalf

2009 Semiannual Report 27

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

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

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $969 and $3,394, respectively, from Class III and Class VI.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $4,540 and $6,102, respectively, from Class III and Class VI.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $119,264,807 and sales of $107,605,159 (excluding short-term securities).

7. Portfolio Investment Risks

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

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

28 Semiannual Report 2009

8. Indemnifications

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

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

							Net Unrealized
		Unrealized		Unrealized			Appreciation
Tax Cost of Securities		Appreciation		Depreciation			(Depreciation)
$	341,779,695	$	13,287,349	$	(81,490,024	)	$	(68,202,675	)

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 29

Supplemental Information

(Unaudited)

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

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

30 Semiannual Report 2009

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and each of the Fund’s sub-advisers (i.e., AllianceBernstein, L. P. (“AllianceBernstein”) and JPMorgan Investment Management, Inc. (“JPMorgan”)), and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that the Fund’s overall performance for Class II shares for each of the one-, three-, and five-year periods ended September 30, 2008 was in the fifth quintile of its peer group and below the performance of the MSCI EAFE Index, the Fund’s benchmark. When reviewing performance, the Trustees considered the replacement of the Fund’s former sub-adviser with AllianceBernstein and JPMorgan during the past twelve months, and noted that the Fund’s underperformance over longer-term periods was attributable to the Fund’s former sub-adviser.

The Trustees noted that the Fund’s contractual advisory fee and actual advisory fee for Class II shares were in the first quintile of its peer group. The Trustees also noted that, although the Fund’s total expenses (including 12b-1 and administrative services fees) were in the fourth quintile of its peer group, total expenses (excluding 12b-1 and administrative services fees) were in the first quintile of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the proposed investment advisory fee schedule for the Fund contains breakpoints that are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

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

2009 Semiannual Report 31

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund		Other Directorships
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Held
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None

32 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund		Other Directorships
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Held
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		by Trustee3
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and service companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 33

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3		N/A	N/A

34 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 35

NVIT Investor Destinations Aggressive Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
6	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
9	Financial Highlights
10	Notes to Financial Statements
19	Supplemental Information
21	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-ID-AG (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets — particularly those in some emerging market countries — are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

The NVIT Cardinal Funds and the NVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of these funds, each investor is indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds.

Asset allocation is the process of spreading assets across several different investment styles and asset classes. The purpose is potentially to reduce long-term risk and capture potential profits across various asset classes.

There is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved, nor that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

Each Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, each Fund’s underlying funds may be subject to specific investment risks such as those associated with: (i) bonds and short-term instruments, (ii) small companies, (iii) mid-sized companies, (iv) international securities, (v) real estate investment trusts (REITs), and (vi) initial public offerings (IPOs).

Day-to-day market activity will likely cause a Fund’s asset allocations to fluctuate from the stated target. Under ordinary circumstances, the Adviser will periodically rebalance the assets of each Fund in order to conform its actual allocations to those stated in the then-current prospectus. The asset class target allocations are subject to change at any time and without notice.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Investor Destinations Aggressive Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
NVIT Investor			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Destinations Aggressive Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class II	Actual		$	1,000.00	$	1,047.10	$	2.96		0.58%
	Hypothetical	c	$	1,000.00	$	1,021.77	$	2.92		0.58%
Class VI	Actual		$	1,000.00	$	1,047.20	$	2.96		0.58%
	Hypothetical	c	$	1,000.00	$	1,021.77	$	2.92		0.58%

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Investor Destinations Aggressive Fund

June 30, 2009 (Unaudited)

Asset Allocation
Equity Funds	95	.2%
Fixed Income Fund	4	.9%
Liabilities in excess of other assets	(0	.1)%
	100	.0%

Top Holdings
NVIT S&P 500 Index Fund, Class Y	40	.1%
NVIT International Index Fund, Class Y	20	.7%
NVIT Mid Cap Index Fund, Class Y	15	.2%
NVIT Small Cap Index Fund, Class Y	10	.1%
Nationwide International Index Fund, Institutional Class	9	.1%
NVIT Bond Index Fund, Class Y	4	.9%
Other	(0	.1)%
	100	.0%

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Investor Destinations Aggressive Fund

Mutual Funds 100.1% (a)
	Shares		Market Value
Equity Funds 95.2%
Nationwide International Index Fund, Institutional Class	6,795,100	$	40,226,992
NVIT International Index Fund, Class Y	13,496,767		91,778,019
NVIT Mid Cap Index Fund, Class Y	5,539,062		67,133,431
NVIT S&P 500 Index Fund, Class Y	27,776,219		177,490,040
NVIT Small Cap Index Fund, Class Y	7,286,864		44,814,211
Total Equity Funds (cost $643,980,498)			421,442,693
Fixed Income Fund 4.9%
NVIT Bond Index Fund, Class Y	2,162,584		21,733,968
Total Fixed Income Fund (cost $21,618,943)			21,733,968
Total Investments (cost $665,599,441) (b) — 100.1%			443,176,661
Liabilities in excess of other assets — (0.1)%			(265,806	)
NET ASSETS — 100.0%		$	442,910,855

(a)	Investment in affiliate.
(b)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Investor
	Destinations
	Aggressive Fund
Assets:
Investments in affiliates, at value (cost $665,599,441)	$	443,176,661
Receivable for capital shares issued		52,608
Receivable for investments sold		1,769,560
Prepaid expenses and other assets		5,797
Total Assets		445,004,626
Liabilities:
Payable for capital shares redeemed		1,822,168
Accrued expenses and other payables:
Investment advisory fees		48,121
Distribution fees		92,541
Administrative services fees		58,989
Custodian fees		6,047
Trustee fees		429
Compliance program costs (Note 3)		6,598
Professional fees		23,245
Printing fees		30,606
Other		5,027
Total Liabilities		2,093,771
Net Assets	$	442,910,855
Represented by:
Capital	$	664,054,968
Accumulated net investment loss		(55,195	)
Accumulated net realized gains from investment transactions		1,333,862
Net unrealized appreciation/(depreciation) from investments in affiliates		(222,422,780	)
Net Assets	$	442,910,855
Net Assets:
Class II Shares	$	438,005,522
Class VI Shares		4,905,333
Total	$	442,910,855
Shares Outstanding (unlimited number of shares authorized):
Class II Shares		61,283,038
Class VI Shares		689,861
Total		61,972,899
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	7.15
Class VI Shares	$	7.11

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Investor
	Destinations
	Aggressive Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	4,860,108
Total Income		4,860,108
EXPENSES:
Investment advisory fees		266,536
Distribution fees Class II Shares		506,263
Distribution fees Class VI Shares		6,312
Administrative services fees Class II Shares		303,775
Administrative services fees Class VI Shares		3,786
Custodian fees		8,377
Trustee fees		7,930
Compliance program costs (Note 3)		2,533
Professional fees		41,222
Printing fees		30,100
Other		16,169
Total expenses before earnings credit		1,193,003
Earnings credit (Note 5)		(3	)
Net Expenses		1,193,000
NET INVESTMENT INCOME		3,667,108
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions with affiliates		(23,410,504	)
Net change in unrealized appreciation/(depreciation) from investments in affiliates		38,725,301
Net realized/unrealized losses from investments		15,314,797
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,981,905

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statements of Changes in Net Assets

	NVIT Investor Destinations Aggressive Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	3,667,108		$	10,434,822
Net realized gains (losses) from investment transactions		(23,410,504	)		13,308,341
Net change in unrealized appreciation/(depreciation) from investments		38,725,301			(295,572,804	)
Change in net assets resulting from operations		18,981,905			(271,829,641	)
Distributions to Shareholders From:
Net investment income:
Class II		(3,678,944	)		(12,818,974	)
Class VI		(43,359	)		(180,634	)
Net realized gains:
Class II		–			(105,725,282	)
Class VI		–			(1,388,207	)
Change in net assets from shareholder distributions		(3,722,303	)		(120,113,097	)
Change in net assets from capital transactions		(17,669,188	)		61,073,393
Change in net assets		(2,409,586	)		(330,869,345	)
Net Assets:
Beginning of period		445,320,441			776,189,786
End of period	$	442,910,855		$	445,320,441
Accumulated net investment income (loss) at end of period	$	(55,195	)	$	–
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	8,449,816		$	34,063,023
Dividends reinvested		3,678,944			118,544,256
Cost of shares redeemed		(28,831,530	)		(88,797,307	)
Total Class II		(16,702,770	)		63,809,972
Class VI Shares
Proceeds from shares issued		690,415			2,774,653
Dividends reinvested		43,359			1,568,841
Cost of shares redeemed (a)		(1,700,192	)		(7,080,073	)
Total Class VI		(966,418	)		(2,736,579	)
Change in net assets from capital transactions	$	(17,669,188	)	$	61,073,393
SHARE TRANSACTIONS:
Class II Shares
Issued		1,317,037			3,057,122
Reinvested		555,294			12,991,699
Redeemed		(4,427,903	)		(8,262,611	)
Total Class II Shares		(2,555,572	)		7,786,210
Class VI Shares
Issued		107,807			234,433
Reinvested		6,615			172,359
Redeemed		(254,046	)		(601,358	)
Total Class VI Shares		(139,624	)		(194,566	)
Total change in shares		(2,695,196	)		7,591,644

Amounts designated as “–” are zero or have been rounded to zero.

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

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

NVIT Investor Destinations Aggressive Fund

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(e)			Turnover (c)
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.89		0	.06		0	.26		0	.32		(0	.06)		–			(0	.06)		–	$	7	.15		4	.71%	$	438,005,522		0	.58%		1	.79%		0	.58%		6	.37%
Year Ended December 31, 2008	$	13	.60		0	.19		(4	.68)		(4	.49)		(0	.23)		(1	.99)		(2	.22)		–	$	6	.89		(36	.84%)	$	439,636,912		0	.57%		1	.67%		0	.57%		21	.38%
Year Ended December 31, 2007	$	13	.51		0	.22		0	.59		0	.81		(0	.27)		(0	.45)		(0	.72)		–	$	13	.60		5	.96%	$	762,322,072		0	.56%		1	.60%		0	.56%		76	.72%
Year Ended December 31, 2006	$	11	.97		0	.20		1	.78		1	.98		(0	.26)		(0	.18)		(0	.44)		–	$	13	.51		16	.87%	$	727,598,847		0	.57%		1	.56%		0	.57%		7	.82%
Year Ended December 31, 2005	$	11	.52		0	.22		0	.68		0	.90		(0	.22)		(0	.23)		(0	.45)		–	$	11	.97		7	.93%	$	577,843,437		0	.56%		2	.04%		0	.56%		9	.12%
Year Ended December 31, 2004 (d)	$	10	.49		0	.17		1	.28		1	.45		(0	.17)		(0	.25)		(0	.42)		–	$	11	.52		14	.03%	$	332,097,057		0	.56%		2	.13%		0	.56%		18	.26%
Class VI Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.85		0	.06		0	.26		0	.32		(0	.06)		–			(0	.06)		–	$	7	.11		4	.72%	$	4,905,333		0	.58%		1	.77%		0	.58%		6	.37%
Year Ended December 31, 2008	$	13	.54		0	.19		(4	.66)		(4	.47)		(0	.23)		(1	.99)		(2	.22)		–	$	6	.85		(36	.89%)	$	5,683,529		0	.57%		1	.55%		0	.57%		21	.38%
Year Ended December 31, 2007	$	13	.47		0	.24		0	.57		0	.81		(0	.29)		(0	.45)		(0	.74)		–	$	13	.54		5	.97%	$	13,867,714		0	.55%		1	.80%		0	.55%		76	.72%
Year Ended December 31, 2006	$	11	.96		0	.20		1	.77		1	.97		(0	.28)		(0	.18)		(0	.46)		–	$	13	.47		16	.92%	$	11,389,154		0	.56%		1	.72%		0	.56%		7	.82%
Year Ended December 31, 2005	$	11	.52		0	.23		0	.68		0	.91		(0	.24)		(0	.23)		(0	.47)		–	$	11	.96		7	.95%	$	7,302,958		0	.51%		3	.82%		0	.51%		9	.12%
Period Ended December 31, 2004 (f)	$	10	.52		0	.17		1	.15		1	.32		(0	.17)		(0	.15)		(0	.32)		–	$	11	.52		12	.58%	$	440,478		0	.41%		3	.59%		0	.41%		18	.26%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	On April 30, 2004, the existing shares of the Fund were renamed Class II Shares.
(e)	There were no fee reductions during the period.
(f)	For the period from April 30, 2004 (commencement of operations) through December 31, 2004.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Investor Destinations Aggressive Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. The Fund also invests in a non-registered Fixed Interest Contract (“Fixed Interest Contract”) issued by Nationwide Life Insurance Company (“Nationwide Life”). The Trust’s prospectus provides a description of each Fund’s investment objective, policies and strategies.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values (“NAV“s) as reported by the Underlying Funds.

The following are the Valuation policies of the Underlying Funds:

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

10 Semiannual Report 2009

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Investments held by money market funds are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security. A money market fund’s use of amortized cost is subject to compliance with certain conditions as specified by Rule 2a-7 of the 1940 Act.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

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

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

		Level 2 — Other
	Level 1 — Quoted	Significant		Level 3 — Significant
Asset Type	Prices	Observable Inputs		Unobservable Inputs		Total
Mutual Funds	$443,176,661	$	—	$	—	$	443,176,661
Total	$443,176,661	$	—	$	—	$	443,176,661

Amounts designated as “—” are zero.

(b)        Credit Derivatives

The following describes the Underlying Funds’ accounting policies applicable to credit derivatives:

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Forward Foreign Currency Contracts

The following describes the Underlying Funds’ accounting policies applicable to forward foreign currency contracts:

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(d)        Futures Contracts

The following describes the Underlying Funds’ accounting policies applicable to futures contracts:

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value

12 Semiannual Report 2009

caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

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

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

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

(e)        Repurchase Agreements

The following describes the Underlying Funds’ accounting policies applicable to repurchase agreements:

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty. As of June 30, 2009, the Fund did not hold any repurchase agreements.

(f)        Foreign Currency Transactions

The following describes the Underlying Funds’ accounting policies applicable to foreign currency transactions:

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(g)        Mortgage Dollar Rolls

The following describes the Underlying Funds’ accounting policies applicable to mortgage dollar rolls:

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

(h)        Security Transactions and Investment Income

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

(i)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments. As of June 30, 2009, the Fund did not have securities on loan.

(j)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications

14 Semiannual Report 2009

have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(k)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 through 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.13%

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

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

For the six months ended June 30, 2009, NFS received $306,245 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $2,533.

The Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling Underlying Fund shares. However, the Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management fees of the Underlying Funds and short-term investments the Underlying Funds holds. These expenses are deducted from each of the Underlying Fund’s net assets before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the Underlying Funds.

4. Short-Term Trading Fees

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

For the six months ended June 30, 2009, the Fund had no contributions to capital due to redemption fees.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $10,802 from Class VI.

16 Semiannual Report 2009

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $26,437,742 and sales of $44,163,082 (excluding short-term securities).

7. Portfolio Investment Risks from Underlying Funds

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

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

8. Indemnifications

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

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	672,643,967	$	115,025	$	(229,582,331)	$	(229,467,306)

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

18 Semiannual Report 2009

Supplemental Information

(Unaudited)

A. Renewal of Advisory Agreement

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional

2009 Semiannual Report 19

Supplemental Information (Continued)

(Unaudited)

clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA, and concluded that the nature, extent and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the one-year period ended September 30, 2008, the Fund’s performance for Class II shares was in the fifth quintile of its peer group, and the Fund underperformed its benchmark, which is a 95%/5% blend of the S&P 500^® Index and the Barclays Capital U.S. Aggregate Bond Index. The Trustees noted that, for the three-year period ended September 30, 2008, the Fund’s performance for Class II shares was in the third quintile but below the median of its peer universe. For the five-year period ended September 30, 2008, the Fund was in the first quintile of its peer universe. The Trustees also noted that, with respect to each of the three- and five-year periods ended September 30, 2008, the Fund outperformed its benchmark.

The Trustees noted that the Fund’s actual advisory fee for Class II shares was in the fourth quintile of its peer universe, but that the Fund’s total expenses were in the second quintile of its peer universe. In this regard, the Trustees noted that the acquired fund fees and expenses borne indirectly by shareholders were not reflected in the Lipper expense rankings regarding advisory fees, but were included in the Lipper expense rankings regarding total expenses. The Trustees took into account supplemental comparative information regarding the Fund’s advisory fees. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that shareholders were afforded the benefits of economies of scale through the realization of breakpoints at the underlying index fund level.

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

20 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 21

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

22 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

24 Semiannual Report 2009

NVIT Investor Destinations Moderately Aggressive Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
6	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
9	Financial Highlights
10	Notes to Financial Statements
19	Supplemental Information
21	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-ID-MAG (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets — particularly those in some emerging market countries — are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

The NVIT Cardinal Funds and the NVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of these funds, each investor is indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds.

Asset allocation is the process of spreading assets across several different investment styles and asset classes. The purpose is potentially to reduce long-term risk and capture potential profits across various asset classes.

There is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved, nor that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

Each Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, each Fund’s underlying funds may be subject to specific investment risks such as those associated with: (i) bonds and short-term instruments, (ii) small companies, (iii) mid-sized companies, (iv) international securities, (v) real estate investment trusts (REITs), and (vi) initial public offerings (IPOs).

Day-to-day market activity will likely cause a Fund’s asset allocations to fluctuate from the stated target. Under ordinary circumstances, the Adviser will periodically rebalance the assets of each Fund in order to conform its actual allocations to those stated in the then-current prospectus. The asset class target allocations are subject to change at any time and without notice.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Investor Destinations Moderately Aggressive Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Investor Destinations Moderately Aggressive Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class II	Actual			1,000.00		1,048.60		2.90		0.57
	Hypothetical	c		1,000.00		1,021.82		2.87		0.57
Class VI	Actual			1,000.00		1,047.60		2.90		0.57
	Hypothetical	c		1,000.00		1,021.82		2.87		0.57

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Investor Destinations Moderately Aggressive Fund

June 30, 2009 (Unaudited)

Asset Allocation
Equity Funds	80	.5%
Fixed Income Funds	17	.2%
Fixed Contract	2	.4%
Money Market Fund	0	.0%
Liabilities in excess of other assets	(0	.1)%
	100	.0%

Top Holdings
NVIT S&P 500 Index Fund, Class Y	35	.1%
NVIT International Index Fund, Class Y	18	.2%
NVIT Mid Cap Index Fund, Class Y	15	.3%
NVIT Bond Index Fund, Class Y	14	.7%
Nationwide International Index Fund, Institutional Class	6	.8%
NVIT Small Cap Index Fund, Class Y	5	.1%
NVIT Enhanced Income Fund, Class Y	2	.5%
Nationwide Fixed Contract, 3.75%	2	.4%
NVIT Money Market Fund, Class Y	0	.0%
Other	(0	.1)%
	100	.0%

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Investor Destinations Moderately Aggressive Fund

Mutual Funds 97.7% (a)
		Shares		Market Value
Equity Funds 80.5%
Nationwide International Index Fund, Institutional Class		18,793,822	$	111,259,428
NVIT International Index Fund, Class Y		43,703,801		297,185,847
NVIT Mid Cap Index Fund, Class Y		20,691,875		250,785,530
NVIT S&P 500 Index Fund, Class Y		90,022,235		575,242,084
NVIT Small Cap Index Fund, Class Y		13,536,850		83,251,628
Total Equity Funds (cost $1,955,717,103)				1,317,724,517
Fixed Income Funds 17.2%
NVIT Bond Index Fund, Class Y		23,989,272		241,092,186
NVIT Enhanced Income Fund, Class Y		4,000,581		40,205,842
Total Fixed Income Funds (cost $280,078,835)				281,298,028
Money Market Fund 0.0% (b)
NVIT Money Market Fund, Class Y, 0.12%		153,352		153,352
Total Money Market Fund (cost $153,352)				153,352
Total Mutual Funds (cost $2,235,949,290)				1,599,175,897
Fixed Contract 2.4% (a)(c)
		Principal Amount		Market Value
Nationwide Fixed Contract, 3.75%	$	39,608,336		39,608,336
Total Fixed Contract (cost $39,608,336)				39,608,336
Total Investments (cost $2,275,557,626) (d) — 100.1%				1,638,784,233
Liabilities in excess of other assets — (0.1)%				(863,064	)
NET ASSETS — 100.0%			$	1,637,921,169

(a)	Investment in affiliates.
(b)	Represents 7-day effective yield as of June 30, 2009.
(c)	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.
(d)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

002009 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Investor
	Destinations
	Moderately
	Aggressive Fund
Assets:
Investments in affiliates, at value (cost $2,275,557,626)	$	1,638,784,233
Interest and dividends receivable		4,090
Receivable for capital shares issued		284,361
Receivable for investments sold		918,277
Prepaid expenses and other assets		21,372
Total Assets		1,640,012,333
Liabilities:
Payable for capital shares redeemed		1,202,638
Accrued expenses and other payables:
Investment advisory fees		176,534
Distribution fees		339,493
Administrative services fees		215,385
Custodian fees		18,982
Trustee fees		2,849
Compliance program costs (Note 3)		31,009
Professional fees		83,181
Printing fees		4,322
Other		16,771
Total Liabilities		2,091,164
Net Assets	$	1,637,921,169
Represented by:
Capital	$	2,248,323,380
Accumulated net investment loss		(168,427	)
Accumulated net realized gains from investment transactions		26,539,609
Net unrealized appreciation/(depreciation) from investments in affiliates		(636,773,393	)
Net Assets	$	1,637,921,169
Net Assets:
Class II Shares	$	1,628,553,484
Class VI Shares		9,367,685
Total	$	1,637,921,169
Shares Outstanding (unlimited number of shares authorized):
Class II Shares		197,278,883
Class VI Shares		1,141,026
Total		198,419,909
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	8.26
Class VI Shares	$	8.21

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Investor
	Destinations
	Moderately
	Aggressive Fund
INVESTMENT INCOME:
Interest income from affiliates	$	810,151
Dividend income from affiliates		19,368,621
Total Income		20,178,772
EXPENSES:
Investment advisory fees		977,600
Distribution fees Class II Shares		1,868,593
Distribution fees Class VI Shares		11,425
Administrative services fees Class II Shares		1,121,468
Administrative services fees Class VI Shares		6,851
Custodian fees		30,413
Trustee fees		30,408
Compliance program costs (Note 3)		10,548
Professional fees		148,599
Printing fees		38,796
Other		54,934
Total expenses before earnings credit		4,299,635
Earnings credit (Note 5)		(3	)
Net Expenses		4,299,632
NET INVESTMENT INCOME		15,879,140
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions with affiliates		(43,774,467	)
Net change in unrealized appreciation/(depreciation) from investments in affiliates		102,671,185
Net realized/unrealized losses from investments		58,896,718
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	74,775,858

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statements of Changes in Net Assets

	NVIT Investor Destinations Moderately Aggressive Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	15,879,140		$	41,701,672
Net realized gains (losses) from investment transactions		(43,774,467	)		65,873,941
Net change in unrealized appreciation/(depreciation) from investments		102,671,185			(832,706,534	)
Change in net assets resulting from operations		74,775,858			(725,130,921	)
Distributions to Shareholders From:
Net investment income:
Class II		(15,952,835	)		(49,809,878	)
Class VI		(94,732	)		(359,906	)
Net realized gains:
Class II		–			(207,743,583	)
Class VI		–			(1,472,793	)
Change in net assets from shareholder distributions		(16,047,567	)		(259,386,160	)
Change in net assets from capital transactions		5,780,890			232,473,751
Change in net assets		64,509,181			(752,043,330	)
Net Assets:
Beginning of period		1,573,411,988			2,325,455,318
End of period	$	1,637,921,169		$	1,573,411,988
Accumulated net investment income (loss) at end of period	$	(168,427	)	$	–
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	47,333,599		$	133,393,862
Dividends reinvested		15,952,835			257,553,461
Cost of shares redeemed		(56,373,689	)		(159,195,188	)
Total Class II		6,912,745			231,752,135
Class VI Shares
Proceeds from shares issued		600,215			7,142,635
Dividends reinvested		94,732			1,832,699
Cost of shares redeemed (a)		(1,826,802	)		(8,253,718	)
Total Class VI		(1,131,855	)		721,616
Change in net assets from capital transactions	$	5,780,890		$	232,473,751
SHARE TRANSACTIONS:
Class II Shares
Issued		6,355,085			12,004,826
Reinvested		2,067,047			25,698,045
Redeemed		(7,458,148	)		(14,465,870	)
Total Class II Shares		963,984			23,237,001
Class VI Shares
Issued		77,450			581,998
Reinvested		12,380			183,343
Redeemed		(244,135	)		(707,419	)
Total Class VI Shares		(154,305	)		57,922
Total change in shares		809,679			23,294,923

Amounts designated as “–” are zero or have been rounded to zero.

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

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Financial Highlights

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

NVIT Investor Destinations Moderately Aggressive Fund

				Operations									Distributions																			Ratios / Supplemental Data
							Net Realized
							Operations																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(e)			Turnover (c)
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	7	.96		0	.08		0	.30		0	.38		(0	.08)		–			(0	.08)		–	$	8	.26		4	.86%	$	1,628,553,484		0	.57%		2	.11%		0	.57%		10	.09%
Year Ended December 31, 2008	$	13	.34		0	.24		(4	.14)		(3	.90)		(0	.28)		(1	.20)		(1	.48)		–	$	7	.96		(31	.39%)	$	1,563,154,142		0	.54%		2	.08%		0	.54%		22	.71%
Year Ended December 31, 2007	$	13	.10		0	.27		0	.54		0	.81		(0	.31)		(0	.26)		(0	.57)		–	$	13	.34		6	.15%	$	2,309,022,995		0	.58%		2	.03%		0	.58%		65	.97%
Year Ended December 31, 2006	$	11	.85		0	.23		1	.45		1	.68		(0	.27)		(0	.16)		(0	.43)		–	$	13	.10		14	.54%	$	1,880,751,908		0	.57%		1	.97%		0	.57%		5	.40%
Year Ended December 31, 2005	$	11	.52		0	.24		0	.57		0	.81		(0	.24)		(0	.24)		(0	.48)		–	$	11	.85		7	.07%	$	1,202,098,385		0	.57%		2	.23%		0	.57%		7	.53%
Year Ended December 31, 2004 (d)	$	10	.60		0	.19		1	.08		1	.27		(0	.19)		(0	.16)		(0	.35)		–	$	11	.52		12	.09%	$	734,243,765		0	.55%		2	.11%		0	.55%		11	.44%
Class VI Shares
Six Months Ended June 30, 2009 (Unaudited)	$	7	.92		0	.08		0	.29		0	.37		(0	.08)		–			(0	.08)		–	$	8	.21		4	.76%	$	9,367,685		0	.57%		2	.05%		0	.57%		10	.09%
Year Ended December 31, 2008	$	13	.28		0	.22		(4	.10)		(3	.88)		(0	.28)		(1	.20)		(1	.48)		–	$	7	.92		(31	.39%)	$	10,257,846		0	.55%		2	.02%		0	.55%		22	.71%
Year Ended December 31, 2007	$	13	.06		0	.25		0	.55		0	.80		(0	.32)		(0	.26)		(0	.58)		–	$	13	.28		6	.16%	$	16,432,323		0	.55%		2	.01%		0	.55%		65	.97%
Year Ended December 31, 2006	$	11	.83		0	.24		1	.44		1	.68		(0	.29)		(0	.16)		(0	.45)		–	$	13	.06		14	.56%	$	12,110,517		0	.56%		1	.99%		0	.56%		5	.40%
Year Ended December 31, 2005	$	11	.51		0	.25		0	.57		0	.82		(0	.26)		(0	.24)		(0	.50)		–	$	11	.83		7	.16%	$	7,574,807		0	.48%		2	.59%		0	.48%		7	.53%
Period Ended December 31, 2004 (f)	$	10	.63		0	.17		0	.98		1	.15		(0	.17)		(0	.10)		(0	.27)		–	$	11	.51		10	.92%	$	2,751,466		0	.41%		4	.26%		0	.41%		11	.44%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	On April 30, 2004, the existing shares of the Fund were renamed Class II Shares.
(e)	There were no fee reductions during the period.
(f)	For the period from April 30, 2004 (commencement of operations) through December 31, 2004.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Investor Desinations Moderately Aggressive Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. The Fund also invests in a non-registered Fixed Interest Contract (“Fixed Interest Contract”) issued by Nationwide Life Insurance Company (“Nationwide Life”). The Trust’s prospectus provides a description of each Fund’s investment objective, policies and strategies.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values (“NAV“s) as reported by the Underlying Funds.

The following are the Valuation policies of the Underlying Funds:

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

10 Semiannual Report 2009

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Investments held by money market funds are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security. A money market fund’s use of amortized cost is subject to compliance with certain conditions as specified by Rule 2a-7 of the 1940 Act.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

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

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Mutual Funds	$	1,599,175,897	$	—	$	—	$	1,599,175,897
Fixed Contract		—		39,608,336		—		39,608,336
Total	$	1,599,175,897	$	39,608,336	$	—	$	1,638,784,233

Amounts designated as “—” are zero.

(b)        Credit Derivatives

The following describes the Underlying Funds’ accounting policies applicable to credit derivatives:

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Forward Foreign Currency Contracts

The following describes the Underlying Funds’ accounting policies applicable to forward foreign currency contracts:

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

12 Semiannual Report 2009

(d)        Futures Contracts

The following describes the Underlying Funds’ accounting policies applicable to futures contracts:

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

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

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

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

(e)        Repurchase Agreements

The following describes the Underlying Funds’ accounting policies applicable to repurchase agreements:

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

(f)        Foreign Currency Transactions

The following describes the Underlying Funds’ accounting policies applicable to foreign currency transactions:

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(g)        Mortgage Dollar Rolls

The following describes the Underlying Funds’ accounting policies applicable to mortgage dollar rolls:

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

(h)        Security Transactions and Investment Income

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

(i)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments. As of June 30, 2009, the Fund did not have securities on loan.

(j)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

14 Semiannual Report 2009

(k)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 through 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.13%

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS),

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

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

For the six months ended June 30, 2009, NFS received $1,116,962 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $10,548.

The Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling Underlying Fund shares. However, the Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management fees of the Underlying Funds and short-term investments the Underlying Funds holds. These expenses are deducted from each of the Underlying Fund’s net assets before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the Underlying Funds.

4. Short-Term Trading Fees

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

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $278 from Class VI.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $24,886 from Class VI.

16 Semiannual Report 2009

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $173,651,016 and sales of $149,028,712 (excluding short-term securities).

7. Portfolio Investment Risks from Underlying Funds

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

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

8. Indemnifications

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

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	2,292,628,603	$	1,229,430	$	(655,073,800)	$	(653,844,370)

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

18 Semiannual Report 2009

Supplemental Information

(Unaudited)

A.  Renewal of Advisory Agreement

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates

2009 Semiannual Report 19

Supplemental Information (Continued)

(Unaudited)

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

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the one-year period ended September 30, 2008, the Fund’s performance for Class II shares was in the first quintile of its peer group, but underperformed its benchmark, which is an 80%/15%/5% blend of the S&P 500^® Index, the Barclays Capital U.S. Aggregate Bond Index, and the Citigroup 3-Month Treasury Bill Index. With respect to the thee- and five-year periods ended September 30, 2008, the Fund’s performance for Class II shares placed it in the second and first quintiles of its peer universe, respectively, and that the Fund outperformed its benchmark.

The Trustees noted that the Fund’s actual advisory fee for Class II shares was in the fourth quintile of its peer universe, but that the Fund’s total expenses were in the first quintile of its peer group. In this regard, the Trustees noted that the acquired fund fees and expenses borne indirectly by shareholders were not reflected in the Lipper expense rankings regarding advisory fees, but were included in the Lipper expense rankings regarding total expenses. The Trustees took into account supplemental comparative information regarding the Fund’s advisory fees. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that shareholders were afforded the benefits of economies of scale through the realization of breakpoints at the underlying index fund level.

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

20 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 21

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

22 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

	Position(s) Held		Number of
	with Fund		Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

	Position(s) Held		Number of
	with Fund		Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

24 Semiannual Report 2009

NVIT Investor Destinations Moderate Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
6	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements
20	Supplemental Information
22	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-ID-MOD (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets — particularly those in some emerging market countries — are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

The NVIT Cardinal Funds and the NVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of these funds, each investor is indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds.

Asset allocation is the process of spreading assets across several different investment styles and asset classes. The purpose is potentially to reduce long-term risk and capture potential profits across various asset classes.

There is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved, nor that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

Each Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, each Fund’s underlying funds may be subject to specific investment risks such as those associated with: (i) bonds and short-term instruments, (ii) small companies, (iii) mid-sized companies, (iv) international securities, (v) real estate investment trusts (REITs), and (vi) initial public offerings (IPOs).

Day-to-day market activity will likely cause a Fund’s asset allocations to fluctuate from the stated target. Under ordinary circumstances, the Adviser will periodically rebalance the assets of each Fund in order to conform its actual allocations to those stated in the then-current prospectus. The asset class target allocations are subject to change at any time and without notice.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Investor Destinations Moderate Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Investor Destinations Moderate Fund			01/01/09		6/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class II	Actual			1,000.00		1,040.60		2.89		0.57
	Hypothetical	c		1,000.00		1,021.82		2.87		0.57
Class VI	Actual			1,000.00		1,042.00		2.89		0.57
	Hypothetical	c		1,000.00		1,021.82		2.87		0.57

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Investor Destinations Moderate Fund

June 30, 2009 (Unaudited)

Asset Allocation
Equity Funds	60	.6%
Fixed Income Funds	29	.6%
Fixed Contract	8	.4%
Money Market Fund	1	.5%
Common Stock	0	.0%
Liabilities in excess of other assets	(0	.1)%
	100	.0%

Top Holdings
NVIT S&P 500 Index Fund, Class Y	30	.3%
NVIT Bond Index Fund, Class Y	24	.7%
NVIT International Index Fund, Class Y	12	.1%
NVIT Mid Cap Index Fund, Class Y	10	.2%
Nationwide Fixed Contract, 3.75%	8	.4%
NVIT Small Cap Index Fund, Class Y	5	.1%
NVIT Enhanced Income Fund, Class Y	4	.9%
Nationwide International Index Fund, Institutional Class	2	.9%
NVIT Money Market Fund, Class Y	1	.5%
Other	(0	.1)%
	100	.0%

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Investor Destinations Moderate Fund

Mutual Funds 91.7% (a)
		Shares		Market Value
Equity Funds 60.6%
Nationwide International Index Fund, Institutional Class		12,206,711	$	72,263,730
NVIT International Index Fund, Class Y		43,312,156		294,522,659
NVIT Mid Cap Index Fund, Class Y		20,614,921		249,852,844
NVIT S&P 500 Index Fund, Class Y		115,549,295		738,359,996
NVIT Small Cap Index Fund, Class Y		20,194,457		124,195,913
Total Equity Funds (cost $2,064,173,989)				1,479,195,142
Fixed Income Funds 29.6%
NVIT Bond Index Fund, Class Y		59,869,367		601,687,142
NVIT Enhanced Income Fund, Class Y		11,987,002		120,469,374
Total Fixed Income Funds (cost $718,744,380)				722,156,516
Money Market Fund 1.5%(b)
NVIT Money Market Fund, Class Y, 0.12%		35,949,101		35,949,101
Total Money Market Fund (cost $35,949,101)				35,949,101
Total Mutual Funds (cost $2,818,867,470)				2,237,300,759
Fixed Contract 8.4% (a) (c)
		Principal Amount		Market Value
Nationwide Fixed Contract, 3.75%	$	203,631,889		203,631,889
Total Fixed Contract (cost $203,631,889)				203,631,889
Common Stock 0.0% (d)
		Shares		Market Value
Computers & Peripherals 0.0%
Seagate Technology*		2,700		—
Total Common Stock (cost $—)				—
Total Investments (cost $3,022,499,359) (e) — 100.1%				2,440,932,648
Liabilities in excess of other assets — (0.1)%				(1,285,954	)
NET ASSETS — 100.0%			$	2,439,646,694

*	Denotes a non-income producing security.
(a)	Investment in affiliates.
(b)	Represents 7-day effective yield as of June 30, 2009.
(c)	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.
(d)	Fair Valued Security.
(e)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Investor
	Destinations
	Moderate Fund
Assets:
Investments in affiliates, at value (cost $3,022,499,359)	$	2,440,932,648
Interest and dividends receivable		38,501
Receivable for capital shares issued		776,637
Prepaid expenses and other assets		33,577
Total Assets		2,441,781,363
Liabilities:
Payable for investments purchased		424,992
Payable for capital shares redeemed		351,645
Accrued expenses and other payables:
Investment advisory fees		267,096
Fund administration fees		587
Distribution fees		503,247
Administrative services fees		324,224
Custodian fees		22,469
Trustee fees		4,781
Compliance program costs (Note 3)		50,871
Professional fees		127,023
Printing fees		26,311
Other		31,423
Total Liabilities		2,134,669
Net Assets	$	2,439,646,694
Represented by:
Capital	$	3,065,790,568
Accumulated net investment loss		(127,329	)
Accumulated net realized losses from investment transactions		(44,449,834	)
Net unrealized appreciation/(depreciation) from investments in affiliates		(581,566,711	)
Net Assets	$	2,439,646,694
Net Assets:
Class II Shares	$	2,422,592,962
Class VI Shares		17,053,732
Total	$	2,439,646,694
Shares Outstanding (unlimited number of shares authorized):
Class II Shares		278,330,472
Class VI Shares		1,969,585
Total		280,300,057
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	8.70
Class VI Shares	$	8.66

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Investor
	Destinations
	Moderate Fund
INVESTMENT INCOME:
Interest income from affiliates	$	3,924,582
Dividend income from affiliates		28,704,492
Total Income		32,629,074
EXPENSES:
Investment advisory fees		1,426,228
Distribution fees Class II Shares		2,723,357
Distribution fees Class VI Shares		19,417
Administrative services fees Class I Shares		6,245
Administrative services fees Class II Shares		1,634,873
Administrative services fees Class IV Shares		2,793
Administrative services fees Class VI Shares		11,645
Custodian fees		42,236
Trustee fees		45,103
Compliance program costs (Note 3)		15,374
Professional fees		214,936
Printing fees		48,476
Other		77,618
Total expenses before earnings credit		6,268,301
Earnings credit (Note 5)		(34	)
Net Expenses		6,268,267
NET INVESTMENT INCOME		26,360,807
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions with affiliates		(100,633,325	)
Net change in unrealized appreciation/(depreciation) from investments in affiliates		130,631,971
Net realized/unrealized losses from investments		29,998,646
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	56,359,453

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statements of Changes in Net Assets

	NVIT Investor Destinations
	Moderate Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	26,360,807		$	64,685,768
Net realized gains (losses) from investment transactions		(100,633,325	)		51,493,423
Net change in unrealized appreciation/(depreciation) from investments		130,631,971			(805,859,382	)
Change in net assets resulting from operations		56,359,453			(689,680,191	)
Distributions to Shareholders From:
Net investment income:
Class II		(26,301,393	)		(75,275,469	)
Class VI		(186,743	)		(613,035	)
Net realized gains:
Class II		–			(229,639,293	)
Class VI		–			(1,897,309	)
Change in net assets from shareholder distributions		(26,488,136	)		(307,425,106	)
Change in net assets from capital transactions		176,852,683			223,881,262
Change in net assets		206,724,000			(773,224,035	)
Net Assets:
Beginning of period		2,232,922,694			3,006,146,729
End of period	$	2,439,646,694		$	2,232,922,694
Accumulated net investment income (loss) at end of period	$	(127,329	)	$	–
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued		132,393,378			152,241,186
Proceeds from shares issued in acquisition of JPMorgan NVIT Balanced Fund (Note 10)		95,904,573			–
Dividends reinvested		26,301,393			304,914,762
Cost of shares redeemed		(77,146,689	)		(235,697,430	)
Total Class II		177,452,655			221,458,518
Class VI Shares
Proceeds from shares issued		1,558,878			6,802,585
Dividends reinvested		186,743			2,510,344
Cost of shares redeemed (a)		(2,345,593	)		(6,890,185	)
Total Class VI		(599,972	)		2,422,744
Change in net assets from capital transactions	$	176,852,683		$	223,881,262
SHARE TRANSACTIONS:
Class II Shares
Issued		11,268,374			14,046,967
Issued in acquisition of JPMorgan NVIT Balanced Fund (Note 10)		11,522,693			–
Reinvested		3,175,116			30,476,767
Redeemed		(9,576,281	)		(22,298,134	)
Total Class II Shares		16,389,902			22,225,600

Amounts designated as “–” are zero or have been rounded to zero.

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

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

	NVIT Investor Destinations
	Moderate Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
SHARE TRANSACTIONS: (continued)
Class VI Shares
Issued		181,899			591,740
Reinvested		22,765			251,727
Redeemed		(294,306	)		(653,195	)
Total Class VI Shares		(89,642	)		190,272
Total change in shares		16,300,260			22,415,872

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Financial Highlights

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

NVIT Investor Destinations Moderate Fund

				Operations									Distributions															Ratios / Supplemental Data
							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(e)			Turnover (c)
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	8	.46		0	.10		0	.24		0	.34		(0	.10)		–			(0	.10)	$	8	.70		4	.06%	$	2,422,592,962		0	.57%		2	.40%		0	.57%		13	.26%
Year Ended December 31, 2008	$	12	.44		0	.27		(2	.98)		(2	.71)		(0	.31)		(0	.96)		(1	.27)	$	8	.46		(23	.20%)	$	2,215,598,246		0	.56%		2	.41%		0	.56%		19	.00%
Year Ended December 31, 2007	$	12	.28		0	.32		0	.38		0	.70		(0	.34)		(0	.20)		(0	.54)	$	12	.44		5	.66%	$	2,982,977,086		0	.55%		2	.54%		0	.55%		75	.27%
Year Ended December 31, 2006	$	11	.40		0	.26		1	.01		1	.27		(0	.28)		(0	.11)		(0	.39)	$	12	.28		11	.35%	$	2,503,357,787		0	.57%		2	.32%		0	.57%		5	.69%
Year Ended December 31, 2005	$	11	.26		0	.26		0	.33		0	.59		(0	.26)		(0	.19)		(0	.45)	$	11	.40		5	.34%	$	1,596,054,801		0	.56%		2	.41%		0	.56%		4	.20%
Year Ended December 31, 2004 (d)	$	10	.54		0	.21		0	.78		0	.99		(0	.21)		(0	.06)		(0	.27)	$	11	.26		9	.54%	$	1,118,116,110		0	.56%		2	.19%		0	.56%		5	.54%
Class VI Shares
Six Months Ended June 30, 2009 (Unaudited)	$	8	.41		0	.10		0	.25		0	.35		(0	.10)		–			(0	.10)	$	8	.66		4	.20%	$	17,053,732		0	.57%		2	.37%		0	.57%		13	.26%
Year Ended December 31, 2008	$	12	.40		0	.26		(2	.98)		(2	.72)		(0	.31)		(0	.96)		(1	.27)	$	8	.41		(23	.37%)	$	17,324,448		0	.56%		2	.43%		0	.56%		19	.00%
Year Ended December 31, 2007	$	12	.25		0	.32		0	.38		0	.70		(0	.35)		(0	.20)		(0	.55)	$	12	.40		5	.70%	$	23,169,643		0	.55%		2	.51%		0	.55%		75	.27%
Year Ended December 31, 2006	$	11	.38		0	.26		1	.02		1	.28		(0	.30)		(0	.11)		(0	.41)	$	12	.25		11	.44%	$	21,037,825		0	.56%		2	.30%		0	.56%		5	.69%
Year Ended December 31, 2005	$	11	.24		0	.27		0	.33		0	.60		(0	.27)		(0	.19)		(0	.46)	$	11	.38		5	.50%	$	15,819,652		0	.47%		2	.56%		0	.47%		4	.20%
Period Ended December 31, 2004 (f)	$	10	.54		0	.19		0	.72		0	.91		(0	.19)		(0	.02)		(0	.21)	$	11	.24		8	.72%	$	9,384,110		0	.41%		3	.84%		0	.41%		5	.54%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	On April 30, 2004, the existing shares of the Fund were renamed Class II Shares.
(e)	There were no fee reductions during the period.
(f)	For the period from April 30, 2004 (commencement of operations) through December 31, 2004.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Investor Destinations Moderate Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. The Fund also invests in a non-registered Fixed Interest Contract (“Fixed Interest Contract”) issued by Nationwide Life Insurance Company (“Nationwide Life”). The Trust’s prospectus provides a description of each Fund’s investment objective, policies and strategies.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values (“NAV“s) as reported by the Underlying Funds.

The following are the Valuation policies of the Underlying Funds:

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Investments held by money market funds are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security. A money market fund’s use of amortized cost is subject to compliance with certain conditions as specified by Rule 2a-7 of the 1940 Act.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

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

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

12 Semiannual Report 2009

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other		Level 3 -
	Level 1 — Quoted		Significant		Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Mutual Funds	$	2,237,300,759	$		$	—	$	2,237,300,759
Fixed Contract		—		203,631,889		—		203,631,889
Total	$	2,237,300,759	$	203,631,889	$	—	$	2,440,932,648

Amounts designated as “—” are zero.

(b)        Credit Derivatives

The following describes the Underlying Funds’ accounting policies applicable to credit derivatives:

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Forward Foreign Currency Contracts

The following describes the Underlying Funds’ accounting policies applicable to forward foreign currency contracts:

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(d)        Futures Contracts

The following describes the Underlying Funds’ accounting policies applicable to futures contracts:

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

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

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

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

(e)        Repurchase Agreements

The following describes the Underlying Funds’ accounting policies applicable to repurchase agreements:

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

(f)        Foreign Currency Transactions

The following describes the Underlying Funds’ accounting policies applicable to foreign currency transactions:

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

14 Semiannual Report 2009

(g)        Mortgage Dollar Rolls

The following describes the Underlying Funds’ accounting policies applicable to mortgage dollar rolls:

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

(h)        Security Transactions and Investment Income

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

(i)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments. As of June 30, 2009, the Fund did not have securities on loan.

(j)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(k)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 through 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.13%

16 Semiannual Report 2009

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

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

For the six months ended June 30, 2009, NFS received $1,620,675 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $15,374.

The Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling Underlying Fund shares. However, the Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management fees of the Underlying Funds and short-term investments the Underlying Funds holds. These expenses are deducted from each of the Underlying Fund’s net assets before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the Underlying Funds.

4. Short-Term Trading Fees

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

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $114 from Class VI.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $4,141 from Class VI.

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $456,300,414 and sales of $267,010,444 (excluding short-term securities).

7. Portfolio Investment Risks from Underlying Funds

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

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

8. Indemnifications

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

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly

18 Semiannual Report 2009

(“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Other

On April 24, 2009, the NVIT Investor Destinations Moderate Fund acquired the net assets of the JPMorgan NVIT Balanced Fund pursuant to a plan of reorganization approved by the JPMorgan NVIT Balanced Fund’s shareholders. The merger was accomplished by an exchange of 11,522,693 Class II shares of the NVIT Investor Destinations Moderate Fund (valued at $95,904,573) for the net assets of the JPMorgan NVIT Balanced Fund and includes $166,280 of unrealized depreciation. The combined net assets of the NVIT Investor Destinations Moderate Fund immediately after the merger were $2,307,336,540.

11. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for the Fund were as follows:

							Net Unrealized
Tax Cost		Unrealized		Unrealized			Appreciation
of Securities		Appreciation		Depreciation			(Depreciation)
$	3,052,608,013	$	3,412,135	$	(615,087,500	)	$	(611,675,365	)

12. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 19

Supplemental Information

(Unaudited)

A. Renewal of Advisory Agreement

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to

20 Semiannual Report 2009

the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that the Fund’s performance for Class II shares for the one-year period ended September 30, 2008 was in the first quintile of its peer group. The Trustees noted that the Fund’s performance for Class II shares for the three- and five-year periods ended September 30, 2008 was in the second and first quintiles of its peer universe, respectively. The Trustees noted that, with respect to each of the one- and three-year periods ended September 30, 2008, the Fund underperformed its benchmark, which is a 60%/25%/15% blend of the S&P 500^® Index, the Barclays Capital U.S. Aggregate Bond Index, and the Citigroup 3-Month Treasury Bill Index, but that the Fund outperformed the benchmark for the five-year period ended September 30, 2008.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was in the third quintile and above the median of its peer group, and that the Fund’s actual advisory fee was in the fourth quintile of its peer group. The Trustees noted, however, that the Fund’s total expenses were in the first quintile of its peer group. In this regard, the Trustees noted that the acquired fund fees and expenses borne indirectly by shareholders were not reflected in the Lipper expense rankings regarding advisory fees, but were included in the Lipper expense rankings regarding total expenses. The Trustees took into account supplemental comparative information regarding the Fund’s advisory fees. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that shareholders were afforded the benefits of economies of scale through the realization of breakpoints at the underlying index fund level.

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

2009 Semiannual Report 21

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of march FIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

22 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8“ public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2008 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years 2	By Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

24 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years 2	By Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 25

NVIT Investor Destinations Moderately Conservative Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
6	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
9	Financial Highlights
10	Notes to Financial Statements
19	Supplemental Information
21	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-ID-MCON (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets — particularly those in some emerging market countries — are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

The NVIT Cardinal Funds and the NVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of these funds, each investor is indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds.

Asset allocation is the process of spreading assets across several different investment styles and asset classes. The purpose is potentially to reduce long-term risk and capture potential profits across various asset classes.

There is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved, nor that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

Each Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, each Fund’s underlying funds may be subject to specific investment risks such as those associated with: (i) bonds and short-term instruments, (ii) small companies, (iii) mid-sized companies, (iv) international securities, (v) real estate investment trusts (REITs), and (vi) initial public offerings (IPOs).

Day-to-day market activity will likely cause a Fund’s asset allocations to fluctuate from the stated target. Under ordinary circumstances, the Adviser will periodically rebalance the assets of each Fund in order to conform its actual allocations to those stated in the then-current prospectus. The asset class target allocations are subject to change at any time and without notice.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Investor Destinations Moderately Conservative Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Investor Destinations Moderately Conservative Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class II	Actual			1,000.00		1,036.90		2.88		0.57
	Hypothetical	c		1,000.00		1,021.81		2.86		0.57
Class VI	Actual			1,000.00		1,037.10		2.88		0.57
	Hypothetical	c		1,000.00		1,021.81		2.86		0.57

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Investor Destinations Moderately Conservative Fund

June 30, 2009 (Unaudited)

Asset Allocation
Fixed Income Funds	43	.5%
Equity Funds	40	.7%
Fixed Contract	9	.9%
Money Market Fund	6	.0%
Liabilities in excess of other assets	(0	.1)%
	100	.0%

Top Holdings
NVIT Bond Index Fund, Class Y	34	.6%
NVIT S&P 500 Index Fund, Class Y	20	.2%
NVIT Mid Cap Index Fund, Class Y	10	.3%
Nationwide Fixed Contract, 3.75%	9	.9%
NVIT International Index Fund, Class Y	9	.9%
NVIT Enhanced Income Fund, Class Y	8	.9%
NVIT Money Market Fund, Class Y	6	.0%
Nationwide International Index Fund, Institutional Class	0	.3%
Other	(0	.1)%
	100	.0%

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Investor Destinations Moderately Conservative Fund

Mutual Funds 90.2% (a)
		Shares		Market Value
Equity Funds 40.7%
Nationwide International Index Fund, Institutional Class		325,482	$	1,926,854
NVIT International Index Fund, Class Y		9,956,293		67,702,794
NVIT Mid Cap Index Fund, Class Y		5,834,830		70,718,137
NVIT S&P 500 Index Fund, Class Y		21,761,352		139,055,042
Total Equity Funds (cost $373,729,893)				279,402,827
Fixed Income Funds 43.5%
NVIT Bond Index Fund, Class Y		23,646,770		237,650,036
NVIT Enhanced Income Fund, Class Y		6,067,372		60,977,089
Total Fixed Income Funds (cost $297,504,729)				298,627,125
Money Market Fund 6.0% (b)
NVIT Money Market Fund, Class Y, 0.12%		40,695,750		40,695,750
Total Money Market Fund (cost $40,695,750)				40,695,750
Total Mutual Funds (cost $711,930,372)				618,725,702
Fixed Contract 9.9% (a) (c)
		Principal Amount		Market Value
Nationwide Fixed Contract, 3.75%	$	67,936,902		67,936,902
Total Fixed Contract (cost $67,936,902)				67,936,902
Total Investments (cost $779,867,274) (d) — 100.1%				686,662,604
Liabilities in excess of other assets — (0.1)%				(357,427	)
NET ASSETS — 100.0%			$	686,305,177

(a)	Investment in affiliates.
(b)	Represents 7-day effective yield as of June 30, 2009.
(c)	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.
(d)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Investor
	Destinations Moderately
	Conservative Fund
Assets:
Investments in affiliates, at value (cost $779,867,274)	$	686,662,604
Interest and dividends receivable		10,803
Receivable for capital shares issued		219,972
Receivable for investments sold		2,657
Prepaid expenses and other assets		10,009
Total Assets		686,906,045
Liabilities:
Payable for capital shares redeemed		222,629
Accrued expenses and other payables:
Investment advisory fees		73,305
Distribution fees		141,116
Administrative services fees		88,543
Custodian fees		6,907
Trustee fees		1,770
Compliance program costs (Note 3)		14,934
Professional fees		37,296
Printing fees		8,050
Other		6,318
Total Liabilities		600,868
Net Assets	$	686,305,177
Represented by:
Capital	$	793,511,873
Accumulated net investment loss		(28,918	)
Accumulated net realized losses from investment transactions		(13,973,108	)
Net unrealized appreciation/(depreciation) from investments in affiliates		(93,204,670	)
Net Assets	$	686,305,177
Net Assets:
Class II Shares	$	677,431,859
Class VI Shares		8,873,318
Total	$	686,305,177
Shares Outstanding (unlimited number of shares authorized):
Class II Shares		74,765,511
Class VI Shares		984,123
Total		75,749,634
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	9.06
Class VI Shares	$	9.02

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Investor
	Destinations Moderately Conservative Fund
INVESTMENT INCOME:
Interest income from affiliates	$	1,266,501
Dividend income from affiliates		8,877,170
Total Income		10,143,671
EXPENSES:
Investment advisory fees		419,339
Distribution fees Class II Shares		797,814
Distribution fees Class VI Shares		9,221
Administrative services fees Class II Shares		478,725
Administrative services fees Class VI Shares		5,177
Custodian fees		13,264
Trustee fees		13,655
Compliance program costs (Note 3)		4,638
Professional fees		64,988
Printing fees		24,770
Other		23,614
Total expenses before earnings credit		1,855,205
Earnings credit (Note 5)		(3	)
Net Expenses		1,855,202
NET INVESTMENT INCOME		8,288,469
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions with affiliates		(24,342,994	)
Net change in unrealized appreciation/(depreciation) from investments in affiliates		39,554,487
Net realized/unrealized losses from investments		15,211,493
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,499,962

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statements of Changes in Net Assets

	NVIT Investor Destinations Moderately
	Conservative Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	8,288,469		$	20,911,119
Net realized gains (losses) from investment transactions		(24,342,994	)		5,491,038
Net change in unrealized appreciation/(depreciation) from investments		39,554,487			(150,006,341	)
Change in net assets resulting from operations		23,499,962			(123,604,184	)
Distributions to Shareholders From:
Net investment income:
Class II		(8,223,055	)		(23,969,943	)
Class VI		(94,332	)		(252,507	)
Net realized gains:
Class II		–			(38,930,506	)
Class VI		–			(403,847	)
Change in net assets from shareholder distributions		(8,317,387	)		(63,556,803	)
Change in net assets from capital transactions		(6,309,582	)		42,710,991
Change in net assets		8,872,993			(144,449,996	)
Net Assets:
Beginning of period		677,432,184			821,882,180
End of period	$	686,305,177		$	677,432,184
Accumulated net investment income (loss) at end of period	$	(28,918	)	$	–
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	43,593,888		$	123,304,036
Dividends reinvested		8,223,055			62,900,449
Cost of shares redeemed		(60,165,155	)		(141,186,893	)
Total Class II		(8,348,212	)		45,017,592
Class VI Shares
Proceeds from shares issued		3,154,552			3,150,251
Dividends reinvested		94,332			656,354
Cost of shares redeemed (a)		(1,210,254	)		(6,113,206	)
Total Class VI		2,038,630			(2,306,601	)
Change in net assets from capital transactions	$	(6,309,582	)	$	42,710,991
SHARE TRANSACTIONS:
Class II Shares
Issued		4,998,426			11,856,676
Reinvested		943,730			6,363,595
Redeemed		(6,928,980	)		(13,917,393	)
Total Class II Shares		(986,824	)		4,302,878
Class VI Shares
Issued		356,300			304,143
Reinvested		10,830			66,579
Redeemed		(143,269	)		(575,695	)
Total Class VI Shares		223,861			(204,973	)
Total change in shares		(762,963	)		4,097,905

Amounts designated as “–” are zero or have been rounded to zero.

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

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Financial Highlights

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

NVIT Investor Destinations Moderately Conservative Fund

				Operations									Distributions															Ratios / Supplemental Data
							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(e)			Turnover (c)
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	8	.85		0	.11		0	.21		0	.32		(0	.11)		–			(0	.11)	$	9	.06		3	.69%	$	677,431,859		0	.57%		2	.57%		0	.57%		17	.61%
Year Ended December 31, 2008	$	11	.35		0	.28		(1	.91)		(1	.63)		(0	.33)		(0	.54)		(0	.87)	$	8	.85		(15	.04%)	$	670,732,957		0	.57%		2	.73%		0	.57%		23	.62%
Year Ended December 31, 2007	$	11	.35		0	.34		0	.31		0	.65		(0	.35)		(0	.30)		(0	.65)	$	11	.35		5	.86%	$	810,970,658		0	.55%		3	.07%		0	.55%		80	.89%
Year Ended December 31, 2006	$	10	.91		0	.30		0	.60		0	.90		(0	.31)		(0	.15)		(0	.46)	$	11	.35		8	.42%	$	633,781,962		0	.57%		2	.69%		0	.57%		17	.68%
Year Ended December 31, 2005	$	10	.91		0	.28		0	.20		0	.48		(0	.28)		(0	.20)		(0	.48)	$	10	.91		4	.49%	$	525,426,114		0	.56%		2	.66%		0	.56%		11	.32%
Year Ended December 31, 2004 (d)	$	10	.48		0	.23		0	.50		0	.73		(0	.23)		(0	.07)		(0	.30)	$	10	.91		7	.16%	$	425,065,745		0	.56%		2	.35%		0	.56%		7	.18%
Class VI Shares
Six Months Ended June 30, 2009 (Unaudited)	$	8	.81		0	.11		0	.21		0	.32		(0	.11)		–			(0	.11)	$	9	.02		3	.71%	$	8,873,318		0	.57%		2	.71%		0	.57%		17	.61%
Year Ended December 31, 2008	$	11	.30		0	.29		(1	.91)		(1	.62)		(0	.33)		(0	.54)		(0	.87)	$	8	.81		(15	.03%)	$	6,699,227		0	.54%		2	.64%		0	.54%		23	.62%
Year Ended December 31, 2007	$	11	.32		0	.35		0	.30		0	.65		(0	.37)		(0	.30)		(0	.67)	$	11	.30		5	.82%	$	10,911,522		0	.56%		3	.34%		0	.56%		80	.89%
Year Ended December 31, 2006	$	10	.90		0	.30		0	.59		0	.89		(0	.32)		(0	.15)		(0	.47)	$	11	.32		8	.39%	$	3,631,908		0	.57%		2	.65%		0	.57%		17	.68%
Year Ended December 31, 2005	$	10	.90		0	.30		0	.20		0	.50		(0	.30)		(0	.20)		(0	.50)	$	10	.90		4	.65%	$	4,264,903		0	.48%		2	.65%		0	.48%		11	.32%
Period Ended December 31, 2004 (f)	$	10	.44		0	.20		0	.49		0	.69		(0	.20)		(0	.03)		(0	.23)	$	10	.90		6	.67%	$	719,257		0	.41%		3	.37%		0	.41%		7	.18%

Amounts designated as “-” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	On April 30, 2004, the existing shares of the Fund were renamed Class II Shares.
(e)	There were no fee reductions during the period.
(f)	For the period from April 30, 2004 (commencement of operations) through December 31, 2004.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Investor Destinations Moderately Conservative Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. The Fund also invests in a non-registered Fixed Interest Contract (“Fixed Interest Contract”) issued by Nationwide Life Insurance Company (“Nationwide Life”). The Trust’s prospectus provides a description of each Fund’s investment objective, policies and strategies.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values (“NAV“s) as reported by the Underlying Funds.

The following are the Valuation policies of the Underlying Funds:

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded.

Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

10 Semiannual Report 2009

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Investments held by money market funds are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security. A money market fund’s use of amortized cost is subject to compliance with certain conditions as specified by Rule 2a-7 of the 1940 Act.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

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

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Mutual Funds	$	618,725,702	$	—	$	—	$	618,725,702
Fixed Contract		—		67,936,902		—		67,936,902
Total	$	618,725,702	$	67,936,902	$	—	$	686,662,604

Amounts designated as “—” are zero.

(b)        Credit Derivatives

The following describes the Underlying Funds’ accounting policies applicable to credit derivatives:

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Forward Foreign Currency Contracts

The following describes the Underlying Funds’ accounting policies applicable to forward foreign currency contracts:

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

12 Semiannual Report 2009

(d)        Futures Contracts

The following describes the Underlying Funds’ accounting policies applicable to futures contracts:

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

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

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

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

(e)        Repurchase Agreements

The following describes the Underlying Funds’ accounting policies applicable to repurchase agreements:

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

(f)        Foreign Currency Transactions

The following describes the Underlying Funds’ accounting policies applicable to foreign currency transactions:

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(g)        Mortgage Dollar Rolls

The following describes the Underlying Funds’ accounting policies applicable to mortgage dollar rolls:

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

(h)        Security Transactions and Investment Income

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

(i)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments. As of June 30, 2009, the Fund did not have securities on loan.

(j)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications

14 Semiannual Report 2009

have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(k)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 through 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.13%

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

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

For the six months ended June 30, 2009, NFS received $483,173 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $4,638.

The Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling Underlying Fund shares. However, the Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management fees of the Underlying Funds and short-term investments the Underlying Funds holds. These expenses are deducted from each of the Underlying Fund’s net assets before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the Underlying Funds.

4. Short-Term Trading Fees

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

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $1,202 from Class VI.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $2,541 from Class VI.

16 Semiannual Report 2009

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $103,041,787 and sales of $103,741,501 (excluding short-term securities).

7. Portfolio Investment Risks from Underlying Funds

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

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

8. Indemnifications

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

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	794,998,615	$	1,122,396	$	(109,458,407)	$	(108,336,011)

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

18 Semiannual Report 2009

Supplemental Information

(Unaudited)

A. Renewal of Advisory Agreement

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

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

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

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser

2009 Semiannual Report 19

Supplemental Information (Continued)

(Unaudited)

for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

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

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that the Fund’s performance for Class II shares for the one-year period ended September 30, 2008 was in the first quintile of its peer group. The Trustee also noted that the Fund’s performance for Class II shares for the three-year period ended September 30, 2008 was in the first quintile of its peer universe, and that the Fund’s performance for Class II shares for the five-year period ended September 30, 2008 was in the third quintile and slightly above the median of its peer universe. The Trustees also noted that for each of the one- and three-year periods ended September 30, 2008, the Fund slightly underperformed its benchmark, which is a 40%/35%/25% blend of the S&P 500^® Index, the Barclays Capital U.S. Aggregate Bond Index, and the Citigroup 3-Month Treasury Bill Index, but for the five-year period ended September 30, 2008, the Fund outperformed its benchmark.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was in the third quintile of its peer group, above the median, and that the Fund’s actual advisory fee was in the fourth quintile of its peer group. The Trustees noted, however, that the Fund’s total expenses were in the first quintile of its peer group. In this regard, the Trustees noted that the acquired fund fees and expenses borne indirectly by shareholders were not reflected in the Lipper expense rankings regarding advisory fees, but were included in the Lipper expense rankings regarding total expenses. The Trustees took into account supplemental comparative information regarding the Fund’s advisory fees. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that shareholders were afforded the benefits of economies of scale through the realization of breakpoints at the underlying index fund level.

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

20 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 21

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

22 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was		N/A	N/A
		Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

24 Semiannual Report 2009

NVIT Investor Destinations Conservative Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
6	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
9	Financial Highlights
10	Notes to Financial Statements
19	Supplemental Information
21	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

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

Statement Regarding Availability of Proxy Voting Record.

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

SAR-ID-CON (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets — particularly those in some emerging market countries — are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

The NVIT Cardinal Funds and the NVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of these funds, each investor is indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds.

Asset allocation is the process of spreading assets across several different investment styles and asset classes. The purpose is potentially to reduce long-term risk and capture potential profits across various asset classes.

There is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved, nor that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

Each Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, each Fund’s underlying funds may be subject to specific investment risks such as those associated with: (i) bonds and short-term instruments, (ii) small companies, (iii) mid-sized companies, (iv) international securities, (v) real estate investment trusts (REITs), and (vi) initial public offerings (IPOs).

Day-to-day market activity will likely cause a Fund’s asset allocations to fluctuate from the stated target. Under ordinary circumstances, the Adviser will periodically rebalance the assets of each Fund in order to conform its actual allocations to those stated in the then-current prospectus. The asset class target allocations are subject to change at any time and without notice.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

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

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Investor Destinations Conservative Fund

Expense Example

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

Actual Expenses

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

Hypothetical Expenses for Comparison Purposes

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

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

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
NVIT Investor Destinations			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Conservative Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class II	Actual			1,000.00		1,026.60		2.89		0.57
	Hypothetical	c		1,000.00		1,021.81		2.88		0.57
Class VI	Actual			1,000.00		1,027.90		2.89		0.57
	Hypothetical	c		1,000.00		1,021.81		2.88		0.57

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Investor Destinations Conservative Fund

June 30, 2009 (Unaudited)

Asset Allocation
Fixed Income Funds	53	.6%
Equity Funds	20	.5%
Fixed Contract	14	.0%
Money Market Fund	12	.0%
Liabilities in excess of other assets	(0	.1)%
	100	.0%

Top Holdings
NVIT Bond Index Fund, Class Y	39	.7%
Nationwide Fixed Contract, 3.75%	14	.0%
NVIT Enhanced Income Fund, Class Y	13	.9%
NVIT Money Market Fund, Class Y	12	.0%
NVIT S&P 500 Index Fund, Class Y	10	.1%
NVIT International Index Fund, Class Y	5	.2%
NVIT Mid Cap Index Fund, Class Y	5	.2%
Other	(0	.1)%
	100	.0%

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Investor Destinations Conservative Fund

Mutual Funds 86.1% (a)
	Shares		Market Value
Equity Funds 20.5%
NVIT International Index Fund, Class Y	2,764,783	$	18,800,523
NVIT Mid Cap Index Fund, Class Y	1,540,450		18,670,249
NVIT S&P 500 Index Fund, Class Y	5,633,649		35,999,014
Total Equity Funds (cost $86,462,295)			73,469,786
Fixed Income Funds 53.6%
NVIT Bond Index Fund, Class Y	14,160,565		142,313,681
NVIT Enhanced Income Fund, Class Y	4,935,191		49,598,665
Total Fixed Income Funds  (cost $191,732,058)			191,912,346
Money Market Fund 12.0% (b)
NVIT Money Market Fund, Class Y, 0.12%	42,688,411		42,688,411
Total Money Market Fund  (cost $42,688,411)			42,688,411
Total Mutual Funds (cost $320,882,764)			308,070,543

Fixed Contract 14.0% (a)(c)
		Principal Amount		Market Value
Nationwide Fixed Contract, 3.75%	$	50,155,095		50,155,095
Total Fixed Contract (cost $50,155,095)				50,155,095
Total Investments (cost $371,037,859) (d) — 100.1%				358,225,638
Liabilities in excess of other assets — (0.1)%				(179,235	)
NET ASSETS — 100.0%			$	358,046,403

(a)	Investment in affiliates.
(b)	Represents 7-day effective yield as of June 30, 2009.
(c)	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.
(d)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Investor
	Destinations
	Conservative Fund
Assets:
Investments in affiliates, at value (cost $371,037,859)	$	358,225,638
Interest and dividends receivable		8,725
Receivable for capital shares issued		370,194
Prepaid expenses and other assets		5,677
Total Assets		358,610,234
Liabilities:
Payable for investments purchased		329,950
Payable for capital shares redeemed		40,244
Accrued expenses and other payables:
Investment advisory fees		38,193
Distribution fees		73,449
Administrative services fees		45,281
Custodian fees		2,711
Trustee fees		886
Compliance program costs (Note 3)		5,032
Professional fees		19,411
Printing fees		3,852
Other		4,822
Total Liabilities		563,831
Net Assets	$	358,046,403
Represented by:
Capital	$	378,368,836
Accumulated net investment loss		(3,947	)
Accumulated net realized losses from investment transactions		(7,506,265	)
Net unrealized appreciation/(depreciation) from investments in affiliates		(12,812,221	)
Net Assets	$	358,046,403
Net Assets:
Class II Shares	$	349,049,665
Class VI Shares		8,996,738
Total	$	358,046,403
Shares Outstanding (unlimited number of shares authorized):
Class II Shares		37,159,605
Class VI Shares		962,106
Total		38,121,711
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	9.39
Class VI Shares	$	9.35

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Investor
	Destinations
	Conservative Fund
INVESTMENT INCOME:
Interest income from affiliates	$	869,656
Dividend income from affiliates		4,705,602
Total Income		5,575,258
EXPENSES:
Investment advisory fees		219,046
Distribution fees Class II Shares		411,031
Distribution fees Class VI Shares		10,215
Administrative services fees Class II Shares		246,677
Administrative services fees Class VI Shares		6,135
Custodian fees		6,062
Trustee fees		7,113
Compliance program costs (Note 3)		2,431
Professional fees		33,829
Printing fees		13,700
Other		12,387
Total expenses before earnings credit		968,626
Earnings credit (Note 5)		(3	)
Net Expenses		968,623
NET INVESTMENT INCOME		4,606,635
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions with affiliates		(9,451,828	)
Net change in unrealized appreciation/(depreciation) from investments in affiliates		14,999,760
Net realized/unrealized losses from investments		5,547,932
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,154,567

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statements of Changes in Net Assets

	NVIT Investor Destinations Conservative Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	4,606,635		$	10,297,837
Net realized gains (losses) from investment transactions		(9,451,828	)		175,889
Net change in unrealized appreciation/(depreciation) from investments		14,999,760			(31,320,829	)
Change in net assets resulting from operations		10,154,567			(20,847,103	)
Distributions to Shareholders From:
Net investment income:
Class II		(4,496,145	)		(11,456,428	)
Class VI		(114,437	)		(248,757	)
Net realized gains:
Class II		–			(6,130,945	)
Class VI		–			(135,572	)
Change in net assets from shareholder distributions		(4,610,582	)		(17,971,702	)
Change in net assets from capital transactions		6,205,374			70,417,841
Change in net assets		11,749,359			31,599,036
Net Assets:
Beginning of period		346,297,044			314,698,008
End of period	$	358,046,403		$	346,297,044
Accumulated net investment income (loss) at end of period	$	(3,947	)	$	–
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	60,541,003		$	139,137,869
Dividends reinvested		4,496,145			17,587,373
Cost of shares redeemed		(60,096,917	)		(89,355,939	)
Total Class II		4,940,231			67,369,303
Class VI Shares
Proceeds from shares issued		1,994,447			9,724,589
Dividends reinvested		114,437			384,329
Cost of shares redeemed (a)		(843,741	)		(7,060,380	)
Total Class VI		1,265,143			3,048,538
Change in net assets from capital transactions	$	6,205,374		$	70,417,841
SHARE TRANSACTIONS:
Class II Shares
Issued		6,656,181			14,077,593
Reinvested		489,092			1,802,152
Redeemed		(6,537,680	)		(9,059,722	)
Total Class II Shares		607,593			6,820,023
Class VI Shares
Issued		218,885			966,930
Reinvested		12,514			39,546
Redeemed		(91,401	)		(706,529	)
Total Class VI Shares		139,998			299,947
Total change in shares		747,591			7,119,970

Amounts designated as “–” are zero or have been rounded to zero.

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

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

NVIT Investor Destinations Conservative Fund

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(e)			Turnover (c)
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	9	.27		0	.12		0	.12		0	.24		(0	.12)		–			(0	.12)		–	$	9	.39		2	.66%	$	349,049,665		0	.57%		2	.73%		0	.57%		25	.62%
Year Ended December 31, 2008	$	10	.40		0	.30		(0	.91)		(0	.61)		(0	.34)		(0	.18)		(0	.52)		–	$	9	.27		(6	.02%)	$	338,713,566		0	.56%		3	.04%		0	.56%		24	.69%
Year Ended December 31, 2007	$	10	.46		0	.37		0	.19		0	.56		(0	.37)		(0	.25)		(0	.62)		–	$	10	.40		5	.38%	$	309,288,876		0	.57%		3	.52%		0	.57%		101	.35%
Year Ended December 31, 2006	$	10	.27		0	.32		0	.29		0	.61		(0	.32)		(0	.10)		(0	.42)		–	$	10	.46		6	.16%	$	304,610,311		0	.57%		3	.10%		0	.57%		45	.93%
Year Ended December 31, 2005	$	10	.45		0	.29		0	.05		0	.34		(0	.29)		(0	.23)		(0	.52)		–	$	10	.27		3	.31%	$	280,331,414		0	.57%		2	.79%		0	.57%		30	.49%
Year Ended December 31, 2004 (d)	$	10	.32		0	.24		0	.23		0	.47		(0	.24)		(0	.10)		(0	.34)		–	$	10	.45		4	.65%	$	256,277,220		0	.56%		2	.39%		0	.56%		15	.34%
Class VI Shares
Six Months Ended June 30, 2009 (Unaudited)	$	9	.22		0	.12		0	.13		0	.25		(0	.12)		–			(0	.12)		–	$	9	.35		2	.79%	$	8,996,738		0	.57%		2	.81%		0	.57%		25	.62%
Year Ended December 31, 2008	$	10	.36		0	.32		(0	.94)		(0	.62)		(0	.34)		(0	.18)		(0	.52)		–	$	9	.22		(6	.17%)	$	7,583,478		0	.55%		3	.14%		0	.55%		24	.69%
Year Ended December 31, 2007	$	10	.43		0	.37		0	.19		0	.56		(0	.38)		(0	.25)		(0	.63)		–	$	10	.36		5	.43%	$	5,409,132		0	.56%		3	.58%		0	.56%		101	.35%
Year Ended December 31, 2006	$	10	.26		0	.31		0	.29		0	.60		(0	.33)		(0	.10)		(0	.43)		–	$	10	.43		6	.13%	$	5,941,683		0	.57%		3	.13%		0	.57%		45	.93%
Year Ended December 31, 2005	$	10	.45		0	.31		0	.04		0	.35		(0	.31)		(0	.23)		(0	.54)		–	$	10	.26		3	.39%	$	4,644,547		0	.47%		2	.95%		0	.47%		30	.49%
Period Ended December 31, 2004 (f)	$	10	.26		0	.21		0	.25		0	.46		(0	.21)		(0	.06)		(0	.27)		–	$	10	.45		4	.48%	$	1,454,304		0	.41%		3	.00%		0	.41%		15	.34%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	On April 30, 2004, the existing shares of the Fund were renamed Class II Shares.
(e)	There were no fee reductions during the period.
(f)	For the period from April 30, 2004 (commencement of operations) through December 31, 2004.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Investor Desinations Conservative Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. The Fund also invests in a non-registered Fixed Interest Contract (“Fixed Interest Contract”) issued by Nationwide Life Insurance Company (“Nationwide Life”). The Trust’s prospectus provides a description of each Fund’s investment objective, policies and strategies.

2. Summary of Significant Accounting Policies

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

(a)        Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values (“NAV“s) as reported by the Underlying Funds.

The following are the Valuation policies of the Underlying Funds:

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

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

10 Semiannual Report 2009

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Investments held by money market funds are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security. A money market fund’s use of amortized cost is subject to compliance with certain conditions as specified by Rule 2a-7 of the 1940 Act.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

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

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

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

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

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

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

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

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Mutual Funds	$	308,070,543	$	—	$	—	$	308,070,543
Fixed Contract		—		50,155,095		—		50,155,095
Total	$	308,070,543	$	50,155,095	$	—	$	358,225,638

Amounts designated as “—” are zero.

(b)        Credit Derivatives

The following describes the Underlying Funds’ accounting policies applicable to credit derivatives:

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Forward Foreign Currency Contracts

The following describes the Underlying Funds’ accounting policies applicable to forward foreign currency contracts:

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

12 Semiannual Report 2009

(d)        Futures Contracts

The following describes the Underlying Funds’ accounting policies applicable to futures contracts:

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

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

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

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

(e)        Repurchase Agreements

The following describes the Underlying Funds’ accounting policies applicable to repurchase agreements:

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

(f)        Foreign Currency Transactions

The following describes the Underlying Funds’ accounting policies applicable to foreign currency transactions:

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(g)        Mortgage Dollar Rolls

The following describes the Underlying Funds’ accounting policies applicable to mortgage dollar rolls:

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

(h)        Security Transactions and Investment Income

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

(i)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments. As of June 30, 2009, the Fund did not have securities on loan.

(j)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications

14 Semiannual Report 2009

have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(k)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 through 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.13%

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

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

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

For the six months ended June 30, 2009, NFS received $252,162 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $2,431.

The Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling Underlying Fund shares. However, the Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management fees of the Underlying Funds and short-term investments the Underlying Funds holds. These expenses are deducted from each of the Underlying Fund’s net assets before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the Underlying Funds.

4. Short-Term Trading Fees

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

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $2,142 from Class VI.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $5,501 from Class VI.

16 Semiannual Report 2009

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $75,449,250 and sales of $84,630,172 (excluding short-term securities).

7. Portfolio Investment Risks from Underlying Funds

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

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	378,442,592	$	180,288	$	(20,397,242)	$	(20,216,954)

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement, includes: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

18 Semiannual Report 2009

Supplemental Information

(Unaudited)

A.  Renewal of Advisory Agreement

(i) General Information Regarding the Board’s Review of Investment Advisory Agreement

The Trust’s investment advisory agreement (the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA” or the “Adviser”), must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to

2009 Semiannual Report 19

Supplemental Information (Continued)

(Unaudited)

the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

(ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that the Fund’s performance for Class II shares for the one- and three-year periods ended September 30, 2008 was in the first quintile of its peer group, but below the Fund’s benchmark, which is a 20%/35%/45% blend of the S&P 500^® Index, the Barclays Capital U.S. Aggregate Bond Index, and the Citigroup 3-Month Treasury Bill Index. For the five-year period ended September 30, 2008, the Trustees noted that the Fund was in the third quintile and slightly above the median of its peer universe, and the Fund slightly underperformed the Fund’s benchmark.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was in the fourth quintile of its peer group, and that the Fund’s actual advisory fee was in the fifth quintile of its peer group. The Trustees noted, however, that the Fund’s total expenses were in the first quintile of its peer group. In this regard, the Trustees noted that the acquired fund fees and expenses borne indirectly by shareholders were not reflected in the Lipper expense rankings regarding advisory fees, but were included in the Lipper expense rankings regarding total expenses. The Trustees took into account supplemental comparative information regarding the Fund’s advisory fees. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that shareholders were afforded the benefits of economies of scale through the realization of breakpoints at the underlying index fund level.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

20 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group(management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC,a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 21

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

22 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President Of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments.3		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

24 Semiannual Report 2009

NVIT U.S. Growth Leaders Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements
21	Supplemental Information
23	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-USGL (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT U.S. Growth Leaders Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT U.S. Growth Leaders Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,070.50		5.29		1.03
	Hypothetical	b		1,000.00		1,019.55		5.17		1.03
Class II	Actual			1,000.00		1,069.70		6.55		1.28
	Hypothetical	b		1,000.00		1,018.33		6.41		1.28
Class III	Actual			1,000.00		1,069.90		5.21		1.02
	Hypothetical	b		1,000.00		1,019.62		5.10		1.02

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT U.S. Growth Leaders Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	97	.1%
Repurchase Agreements	2	.0%
Other assets in excess of liabilities	0	.9%
	100	.0%

Top Industries
Oil, Gas & Consumable Fuels	8	.4%
Hotels, Restaurants & Leisure	8	.0%
Health Care Equipment & Supplies	7	.5%
Software	7	.1%
Specialty Retail	6	.4%
Food & Staples Retailing	6	.2%
Communications Equipment	6	.0%
Computers & Peripherals	5	.7%
Semiconductors & Semiconductor Equipment	5	.5%
Machinery	4	.4%
Other*	34	.8%
	100	.0%

Top Holdings
Baxter International, Inc.	4	.1%
Oracle Corp.	4	.0%
Gilead Sciences, Inc.	3	.7%
QUALCOMM, Inc.	3	.4%
St. Jude Medical, Inc.	3	.4%
CVS Caremark Corp.	3	.3%
Hewlett-Packard Co.	3	.3%
Aeropostale, Inc.	3	.2%
Lowe’s Cos., Inc.	3	.2%
McAfee, Inc.	3	.1%
Other*	65	.3%
	100	.0%

* For purpose of listing top holdings and industries, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT U.S. Growth Leaders Fund

Common Stocks 97.1%
		Shares		Market Value
Beverages 2.8%
PepsiCo, Inc.		15,200	$	835,392
Biotechnology 3.7%
Gilead Sciences, Inc.*		23,240		1,088,562
Capital Markets 4.4%
Goldman Sachs Group, Inc. (The)		5,140		757,842
State Street Corp.		11,200		528,640
				1,286,482
Chemicals 3.6%
Monsanto Co.		5,720		425,225
Praxair, Inc.		9,000		639,630
				1,064,855
Communications Equipment 6.0%
Brocade Communications Systems, Inc.*		96,700		756,194
QUALCOMM, Inc.		22,560		1,019,712
				1,775,906
Computers & Peripherals 5.7%
Hewlett-Packard Co.		25,100		970,115
Synaptics, Inc.*		18,300		707,295
				1,677,410
Diversified Financial Services 2.2%
JPMorgan Chase & Co.		19,000		648,090
Electrical Equipment 2.2%
Emerson Electric Co.		20,300		657,720
Energy Equipment & Services 2.9%
Transocean Ltd.*		11,333		841,928
Food & Staples Retailing 6.2%
CVS Caremark Corp.		30,680		977,771
Wal-Mart Stores, Inc.		17,820		863,201
				1,840,972
Health Care Equipment & Supplies 7.5%
Baxter International, Inc.		23,060		1,221,258
St. Jude Medical, Inc.*		24,000		986,400
				2,207,658
Hotels, Restaurants & Leisure 8.0%
Darden Restaurants, Inc.		26,300		867,374
Starwood Hotels & Resorts Worldwide, Inc.		31,500		699,300
WMS Industries, Inc.*		25,500		803,505
				2,370,179
Information Technology Services 2.8%
Visa, Inc., Class A		13,040		811,870
Internet Software & Services 2.5%
Google, Inc., Class A*		1,740		733,567
Machinery 4.4%
Deere & Co.		13,300		531,335
Joy Global, Inc.		21,250		759,050
				1,290,385
Oil, Gas & Consumable Fuels 8.4%
Apache Corp.		12,060		870,129
Hess Corp.		16,200		870,750
Range Resources Corp.		17,500		724,675
				2,465,554
Pharmaceuticals 2.8%
Bristol-Myers Squibb Co.		40,900		830,679
Road & Rail 2.0%
Union Pacific Corp.		11,500		598,690
Semiconductors & Semiconductor Equipment 5.5%
Marvell Technology Group Ltd.*		70,600		821,784
Silicon Laboratories, Inc.*		21,400		811,916
				1,633,700
Software 7.1%
McAfee, Inc.*		21,500		907,085
Oracle Corp.		54,630		1,170,175
				2,077,260
Specialty Retail 6.4%
Aeropostale, Inc.*		27,750		950,992
Lowe’s Cos., Inc.		48,400		939,444
				1,890,436
Total Common Stocks (cost $26,655,319)				28,627,295
Repurchase Agreements 2.0%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $392,752, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $400,606	$	392,751	$	392,751

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT U.S. Growth Leaders Fund (Continued)

Repurchase Agreements (continued)
		Principal Amount		Market Value
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $192,275, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $196,121	$	192,275	$	192,275
Total Repurchase Agreements (cost $585,026)				585,026
Total Investments (cost $27,240,345) (a) — 99.1%				29,212,321
Other assets in excess of liabilities — 0.9%				264,198
NET ASSETS — 100.0%			$	29,476,519

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

Ltd Limited

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT U.S. Growth
	Leaders Fund
Assets:
Investments, at value (cost $26,655,319)	$	28,627,295
Repurchase agreements, at value and cost		585,026
Total Investments		29,212,321
Interest and dividends receivable		18,461
Receivable for capital shares issued		127,152
Receivable for investments sold		371,146
Prepaid expenses and other assets		444
Total Assets		29,729,524
Liabilities:
Payable for investments purchased		178,805
Payable for capital shares redeemed		6,172
Accrued expenses and other payables:
Investment advisory fees		55,410
Fund administration fees		1,145
Distribution fees		2,715
Administrative services fees		3,952
Custodian fees		1,139
Trustee fees		36
Compliance program costs (Note 3)		610
Professional fees		1,556
Printing fees		508
Other		957
Total Liabilities		253,005
Net Assets	$	29,476,519
Represented by:
Capital	$	47,236,613
Accumulated net investment loss		(11,876	)
Accumulated net realized losses from investment transactions		(19,720,194	)
Net unrealized appreciation/(depreciation) from investments		1,971,976
Net Assets	$	29,476,519
Net Assets:
Class I Shares	$	6,381,065
Class II Shares		13,201,839
Class III Shares		9,893,615
Total	$	29,476,519
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		999,705
Class II Shares		2,097,918
Class III Shares		1,538,487
Total		4,636,110
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	6.38
Class II Shares	$	6.29
Class III Shares	$	6.43

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT U.S. Growth
	Leaders Fund
INVESTMENT INCOME:
Interest income	$	196
Dividend income		151,959
Total Income		152,155
EXPENSES:
Investment advisory fees		97,621
Fund administration fees		7,031
Distribution fees Class II Shares		15,976
Administrative services fees Class I Shares		4,733
Administrative services fees Class II Shares		9,587
Administrative services fees Class III Shares		7,284
Custodian fees		1,711
Trustee fees		563
Compliance program costs (Note 3)		197
Professional fees		2,863
Printing fees		13,862
Other		2,605
Total expenses before earnings credit		164,033
Earnings credit (Note 5)		(2	)
Net Expenses		164,031
NET INVESTMENT LOSS		(11,876	)
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(3,500,204	)
Net change in unrealized appreciation/(depreciation) from investments		5,513,456
Net realized/unrealized gains from investments		2,013,252
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,001,376

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statements of Changes in Net Assets

	NVIT U.S. Growth Leaders Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment loss	$	(11,876	)	$	(154,755	)
Net realized losses from investment		(3,500,204	)		(15,988,486	)
Net change in unrealized appreciation/(depreciation) from investments		5,513,456			(8,432,128	)
Change in net assets resulting from operations		2,001,376			(24,575,369	)
Distributions to Shareholders From:
Net realized gains:
Class I		–			(2,252,575	)
Class II		–			(3,863,225	)
Class III		–			(3,609,380	)
Change in net assets from shareholder distributions		–			(9,725,180	)
Change in net assets from capital transactions		(3,378,788	)		1,592,360
Change in net assets		(1,377,412	)		(32,708,189	)
Net Assets:
Beginning of period		30,853,931			63,562,120
End of period	$	29,476,519		$	30,853,931
Accumulated net investment income (loss) at end of period	$	(11,876	)	$	–
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	544,753		$	2,652,957
Dividends reinvested		–			2,252,575
Cost of shares redeemed		(2,034,870	)		(4,383,426	)
Total Class I		(1,490,117	)		522,106
Class II Shares
Proceeds from shares issued		1,747,603			3,529,481
Dividends reinvested		–			3,863,225
Cost of shares redeemed		(2,373,752	)		(4,421,297	)
Total Class II		(626,149	)		2,971,409
Class III Shares
Proceeds from shares issued		572,905			5,954,652
Dividends reinvested		–			3,609,380
Cost of shares redeemed (a)		(1,835,427	)		(11,465,187	)
Total Class III		(1,262,522	)		(1,901,155	)
Change in net assets from capital transactions	$	(3,378,788	)	$	1,592,360
SHARE TRANSACTIONS:
Class I Shares
Issued		91,613			271,234
Reinvested		–			281,924
Redeemed		(342,846	)		(456,145	)
Total Class I Shares		(251,233	)		97,013

Amounts designated as “–” are zero or have been rounded to zero.

(a)  Includes redemption fees — see Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statements of Changes in Net Assets (Continued)

	NVIT U.S. Growth Leaders Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
SHARE TRANSACTIONS: (continued)
Class II Shares
Issued		319,034			372,036
Reinvested		–			489,636
Redeemed		(401,433	)		(494,962	)
Total Class II Shares		(82,399	)		366,710
Class III Shares
Issued		95,005			509,844
Reinvested		–			448,370
Redeemed		(316,717	)		(1,157,071	)
Total Class III Shares		(221,712	)		(198,857	)
Total change in shares		(555,344	)		264,866

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT U.S. Growth Leaders Fund

				Operations									Distributions																		Ratios / Supplemental Data
							Net Realized																													Ratio of Net			Ratio of
							and																													Investment			Expenses
	Net Asset			Net			Unrealized																										Ratio of			Income			(Prior to
	Value,			Investment			Gains			Total			Net			Net									Net Asset						Net Assets		Expenses			(Loss)			Reimbursements)
	Beginning			Income			(Losses) from			from			Investment			Realized			Return			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			(Loss)			Investments			Operations			Income			Gains			of capital			Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	5	.96		–			0	.42		0	.42		–			–			–			–		$	6	.38		7	.05%	$	6,381,065		1	.03%		0	.03%		1	.03%		127	.61%
Year Ended December 31, 2008	$	12	.91		(0	.02)		(4	.76)		(4	.78)		–			(2	.17)		–			(2	.17)	$	5	.96		(41	.29%)	$	7,455,473		1	.19%		(0	.21%)		1	.19%		353	.64%
Year Ended December 31, 2007	$	10	.53		(0	.05)		2	.43		2	.38		–			–			–			–		$	12	.91		22	.49%	$	14,894,268		1	.17%		(0	.46%)		1	.17%		344	.07%
Year Ended December 31, 2006	$	10	.80		0	.02		(0	.08)		(0	.06)		(0	.02)		(0	.18)		(0	.01)		(0	.21)	$	10	.53		(0	.29%) (e)	$	11,509,519		1	.21%(d)		0	.26%(f)		1	.21%		382	.64%
Year Ended December 31, 2005	$	11	.56		(0	.02)		1	.32		1	.30		–			(2	.06)		–			(2	.06)	$	10	.80		11	.96%	$	10,782,769		1	.17%		(0	.39%)		1	.17%		447	.55%
Year Ended December 31, 2004	$	10	.74		(0	.08)		1	.36		1	.28		–			(0	.46)		–			(0	.46)	$	11	.56		12	.41%	$	6,369,160		1	.29%		(0	.77%)		1	.29%		520	.00%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	5	.88		(0	.01)		0	.42		0	.41		–			–			–			–		$	6	.29		6	.97%	$	13,201,839		1	.28%		(0	.22%)		1	.28%		127	.61%
Year Ended December 31, 2008	$	12	.81		(0	.04)		(4	.72)		(4	.76)		–			(2	.17)		–			(2	.17)	$	5	.88		(41	.47%)	$	12,828,414		1	.43%		(0	.45%)		1	.43%		353	.64%
Year Ended December 31, 2007	$	10	.49		(0	.08)		2	.40		2	.32		–			–			–			–		$	12	.81		22	.12%	$	23,228,622		1	.43%		(0	.72%)		1	.43%		344	.07%
Year Ended December 31, 2006	$	10	.76		–			(0	.07)		(0	.07)		(0	.01)		(0	.18)		(0	.01)		(0	.20)	$	10	.49		(0	.50%) (e)	$	19,776,880		1	.46%(d)		0	.02%(f)		1	.46%		382	.64%
Year Ended December 31, 2005	$	11	.55		(0	.04)		1	.31		1	.27		–			(2	.06)		–			(2	.06)	$	10	.76		11	.70%	$	19,067,278		1	.41%		(0	.63%)		1	.41%		447	.55%
Year Ended December 31, 2004	$	10	.76		(0	.08)		1	.33		1	.25		–			(0	.46)		–			(0	.46)	$	11	.55		12	.10%	$	10,593,140		1	.53%		(1	.03%)		1	.53%		520	.00%
Class III Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.01		–			0	.42		0	.42		–			–			–			–		$	6	.43		6	.99%	$	9,893,615		1	.02%		0	.03%		1	.02%		127	.61%
Year Ended December 31, 2008	$	12	.99		(0	.03)		(4	.78)		(4	.81)		–			(2	.17)		–			(2	.17)	$	6	.01		(41	.26%)	$	10,570,044		1	.21%		(0	.23%)		1	.21%		353	.64%
Year Ended December 31, 2007	$	10	.61		(0	.06)		2	.44		2	.38		–			–			–			–		$	12	.99		22	.43%	$	25,439,230		1	.16%		(0	.45%)		1	.16%		344	.07%
Year Ended December 31, 2006	$	10	.86		0	.04		(0	.08)		(0	.04)		(0	.02)		(0	.18)		(0	.01)		(0	.21)	$	10	.61		(0	.29%) (e)	$	29,193,807		1	.20%(d)		0	.31%(f)		1	.20%		382	.64%
Year Ended December 31, 2005	$	11	.62		(0	.03)		1	.33		1	.30		–			(2	.06)		–			(2	.06)	$	10	.86		11	.99%	$	37,555,596		1	.17%		(0	.38%)		1	.17%		447	.55%
Year Ended December 31, 2004	$	10	.79		(0	.11)		1	.40		1	.29		–			(0	.46)		–			(0	.46)	$	11	.62		12	.45%	$	33,157,914		1	.29%		(0	.77%)		1	.29%		520	.00%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	There were no fee reductions during the period.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	Includes reimbursement from the Investment Adviser which increased the total return by 0.66%.
(f)	Excludes reimbursement from the Investment Adviser.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT U.S. Growth Leaders Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market

12 Semiannual Report 2009

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

		Level 2 — Other
	Level 1 — Quoted	Significant		Level 3 — Significant
Asset Type	Prices	Observable Inputs		Unobservable Inputs		Total
Common Stock	$28,627,295	$	—	$	—	$	28,627,295
Repurchase Agreements	—		585,026		—		585,026
Total	$28,627,295	$	585,026	$	—	$	29,212,321

Amount designated as “—” are zero.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(d)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(e)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the

14 Semiannual Report 2009

judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments. As of June 30, 2009, the Fund did not have securities on loan.

(f)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(g)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(h)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Aberdeen Asset Management, Inc. (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

	Base Fee		Fee rate
	Through		Effective
Fee Schedule	April 30, 2009		May 1, 2009
Up to $500 million		0.90%		0.68%
$500 million up to $2 billion		0.80%		0.62%
$2 billion and more		0.75%		0.59%

The base fee results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly subperiod and that total fee is paid at the end of that most recently completed quarter.

Prior to May 1, 2009, the Fund paid a performance-based management fee to NFA. This performance-based fee varied depending on the Fund’s performance relative to its benchmark. This fee was intended to reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, the Fund’s benchmark. The Fund’s benchmark for determining these performance-based fees was the MSCI Emerging Markets Index. The actual management fee paid by the Fund for the six months ended June 30, 2009, expressed as a percentage of the Fund’s average daily net assets and taking into account any applicable fee waivers or reimbursements, was 0.67%. NFA pays the subadviser a subadvisory fee from the management fee it receives.

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate applicable to the Fund’s base fee (as such base fee may be adjusted by Base Fee Breakpoints). NFA pays/(charges) the entire performance component of the fee to the subadviser.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/-0.02%
+/- 2 percentage points		+/-0.04%
+/- 3 percentage points		+/-0.06%
+/- 4 percentage points		+/-0.08%
+/- 5 percentage points		+/-0.10%

These performance-based advisory fees are paid quarterly. Under this performance-based fee arrangement, NFA (and the subadviser) can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage shown above.

16 Semiannual Report 2009

At a meeting of the Board of Trustees held in-person on January 16, 2009, the Board of Trustees voted unanimously to eliminate the performance-based management fee and to implement an asset-based management fee equal to the lowest possible management fee at each breakpoint under the previous performance-based fee structure, to take effect May 1, 2009. In eliminating the performance-based fee structure, the Adviser (and subadviser, as applicable) are subject to a six-month transition period. If during this transition period the Fund’s assets are declining and the Fund underperforms its benchmark, the new management fee may be higher than the amount the Adviser would have been entitled to collect under the previous performance-based fee structure. If this occurs during the transition period, the Adviser will reimburse the Fund by the amount of the difference between the new management fee and the amount it would have been entitled to collect under the previous fee structure. Under no circumstances, during this transition period, will the management fee under the new fee structure exceed what the Adviser would have received under the old structure assuming maximum penalty for underperformance.

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisers $52,580 for the six months ended June 30, 2009.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

Effective May 1, 2009, the Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.93% (1.15% until April 30, 2009) for all share classes of the Fund until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA. As of June 30, 2009, the Fund had no potential cumulative reimbursements.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II and Class III shares of the Fund.

For the six months ended June 30, 2009, NFS received $53,421 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $197.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be redeemed first.

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $389 from Class III.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $4,940 from Class III.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or

18 Semiannual Report 2009

emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $36,182,572 and sales of $39,799,708 (excluding short-term securities).

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	29,538,876	$	2,490,510	$	(2,817,065)	$	(326,555)

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

20 Semiannual Report 2009

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

    (i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-adviser (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

2009 Semiannual Report 21

Supplemental Information (Continued)

(Unaudited)

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

    (ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Aberdeen Asset Management (“Aberdeen”), the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for each of the one-, three-, and five-year periods ended September 30, 2008, the Fund’s performance for Class II shares was in the first, fourth, and second quintiles of its peer group, respectively. The Trustees noted that, for these periods, the Fund also underperformed its benchmark, the S&P 500^® Index. In this regard, the Trustees noted that the Fund was under close review as of third quarter 2008. The Trustees considered Aberdeen’s response to the close review questionnaire as well as a performance analysis report that had been prepared by NFA.

The Trustees noted that the Fund’s contractual advisory fee, actual advisory fee, and total expenses for Class II shares were in the fifth quintile of its peer group. The Trustees also noted that NFA proposed to eliminate the performance-based fee structure applicable to the Fund, which would reduce the Fund’s investment advisory fee to the lowest level possible under the performance fee structure and would improve the Fund’s peer group rankings. The Trustees noted that, based on such adjusted advisory fee structure, the Fund’s actual advisory fee and total expenses for Class II shares would be in the fourth quintile of its peer group, closer to the peer group median. The Trustees also noted that shareholders of the Fund receive the benefit of an expense cap (excluding 12b-1 and administrative service fees). The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the breakpoints included in the Fund’s proposed investment advisory fee schedule are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

22 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

24 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officers is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 25

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officers is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

26 Semiannual Report 2009

Gartmore NVIT Global Utilities Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
11	Financial Highlights
13	Notes to Financial Statements
22	Supplemental Information
24	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-GU (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder Gartmore NVIT Global Utilities Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
Gartmore NVIT Global			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Utilities Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		938.00		4.89		1.02
	Hypothetical	b		1,000.00		1,019.61		5.11		1.02
Class II	Actual			1,000.00		937.20		6.05		1.26
	Hypothetical	b		1,000.00		1,018.41		6.32		1.26
Class III	Actual			1,000.00		938.30		5.02		1.01
	Hypothetical	b		1,000.00		1,024.66		5.09		1.01

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary Gartmore NVIT Global Utilities Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	98	.4%
Repurchase Agreements	1	.1%
Other assets in excess of liabilities	0	.5%
	100	.0%

Top Industries
Diversified Telecommunication Services	39	.1%
Electric Utilities	23	.7%
Wireless Telecommunication Services	14	.7%
Multi-Utility	14	.3%
Natural Gas Utility	3	.6%
Independent Power Producers & Energy Traders	1	.8%
Oil, Gas & Consumable Fuels	1	.2%
Other*	1	.6%
	100	.0%

Top Holdings
Telefonica SA	10	.0%
France Telecom SA	7	.4%
AT&T, Inc.	6	.8%
Vodafone Group PLC	6	.0%
FPL Group, Inc.	4	.6%
Verizon Communications, Inc.	4	.5%
Koninklijke KPN NV	4	.3%
E.ON AG	4	.1%
America Movil SAB de CV, Series L ADR	4	.0%
Iberdrola SA	3	.6%
Other*	44	.7%
	100	.0%

Top Countries
United States	30	.8%
Spain	13	.6%
United Kingdom	11	.4%
Japan	10	.5%
France	10	.5%
Germany	6	.8%
Netherlands	4	.3%
Mexico	4	.0%
Singapore	1	.5%
Italy	1	.0%
Other*	5	.6%
	100	.0%

* For purpose of listing top holdings, industries and countries, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

Gartmore NVIT Global Utilities Fund

Common Stocks 98.4%
	Shares		Market Value
AUSTRIA 0.8% (a)
Diversified Telecommunication Services 0.8%
Telekom Austria AG	11,360	$	177,828
BELGIUM 0.9% (a)
Electric Utility 0.4%
Elia System Operator SA/NV	2,560		93,452
Wireless Telecommunication Services 0.5%
Mobistar SA	1,660		102,485
			195,937
FRANCE 10.5% (a)
Diversified Telecommunication Services 7.4%
France Telecom SA	73,410		1,670,160
Multi-Utility 3.1%
GDF Suez	19,043		712,744
			2,382,904
GERMANY 6.8% (a)
Electric Utility 4.1%
E.ON AG	25,880		918,949
Multi-Utility 2.7%
RWE AG	7,780		615,756
			1,534,705
GREECE 0.5% (a)
Diversified Telecommunication Services 0.5%
Hellenic Telecommunications Organization SA	7,971		121,881
HONG KONG 0.3% (a)
Electric Utility 0.3%
CLP Holdings Ltd.	11,000		72,890
ITALY 1.0% (a)
Diversified Telecommunication Services 0.7%
Telecom Italia SpA	43,850		60,791
Telecom Italia SpA — RSP	108,040		106,420
			167,211
Natural Gas Utility 0.3%
Snam Rete Gas SpA	13,875		60,943
			228,154
JAPAN 10.5% (a)
Diversified Telecommunication Services 1.8%
Nippon Telegraph & Telephone Corp.	10,300		419,537
Electric Utilities 3.7%
Chubu Electric Power Co., Inc.	7,600		175,540
Kansai Electric Power Co., Inc. (The)	7,500		165,464
Kyushu Electric Power Co., Inc.	5,700		122,692
Tohoku Electric Power Co., Inc.	5,200		108,641
Tokyo Electric Power Co., Inc. (The)	10,100		259,725
			832,062
Natural Gas Utility 0.8%
Osaka Gas Co. Ltd.	31,000		98,828
Tokyo Gas Co. Ltd.	24,000		85,752
			184,580
Wireless Telecommunication Services 4.2%
KDDI Corp.	83		440,470
NTT DoCoMo, Inc.	350		512,003
			952,473
			2,388,652
MEXICO 4.0%
Wireless Telecommunication Services 4.0%
America Movil SAB de CV, Series L ADR	23,770		920,374
NETHERLANDS 4.3% (a)
Diversified Telecommunication Services 4.3%
Koninklijke KPN NV	71,600		987,809
NORWAY 0.8% (a)
Diversified Telecommunication Services 0.8%
Telenor ASA*	23,220		179,254
PORTUGAL 0.7% (a)
Electric Utility 0.7%
Energias de Portugal SA	42,370		166,422
SINGAPORE 1.5% (a)
Diversified Telecommunication Services 1.5%
Singapore Telecommunications Ltd.	160,000		330,172
SPAIN 13.6% (a)
Diversified Telecommunication Services 10.0%
Telefonica SA	100,000		2,270,713
Electric Utility 3.6%
Iberdrola SA	102,020		831,840
			3,102,553
UNITED KINGDOM 11.4% (a)
Diversified Telecommunication Services 0.0%
BT Group PLC	5,470		9,164
Electric Utility 0.6%
Scottish & Southern Energy PLC	7,170		134,883
Multi-Utility 4.8%
Centrica PLC	84,610		311,078
National Grid PLC	67,820		611,917
United Utilities Group PLC	20,066		164,523
			1,087,518
Wireless Telecommunication Services 6.0%
Vodafone Group PLC	697,400		1,356,244
			2,587,809

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

Gartmore NVIT Global Utilities Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
UNITED STATES 30.8%
Diversified Telecommunication Services 11.3%
AT&T, Inc.	62,450	$	1,551,258
Verizon Communications, Inc.	33,250		1,021,772
			2,573,030
Electric Utilities 10.3%
Duke Energy Corp.	14,560		212,431
Edison International	1,100		34,606
Entergy Corp.	3,290		255,041
Exelon Corp.	3,640		186,404
FirstEnergy Corp.	4,330		167,788
FPL Group, Inc.	18,156		1,032,350
PPL Corp.	8,950		294,992
Progress Energy, Inc.	4,180		158,129
			2,341,741
Independent Power Producers & Energy Traders 1.8%
Constellation Energy Group, Inc.	9,370		249,055
NRG Energy, Inc.*	6,420		166,663
			415,718
Multi-Utility 3.7%
CenterPoint Energy, Inc.	16,140		178,831
PG&E Corp.	6,350		244,094
Sempra Energy	8,430		418,381
			841,306
Natural Gas Utility 2.5%
EQT Corp.	6,000		209,460
Questar Corp.	11,580		360,254
			569,714
Oil, Gas & Consumable Fuels 1.2%
El Paso Corp.	5,880		54,272
Williams Cos., Inc. (The)	13,100		204,491
			258,763
			7,000,272
Total Common Stocks (cost $29,930,548)			22,377,616

Repurchase Agreements 1.1%
		Principal Amount		Market Value
UNITED STATES 1.1%
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $162,563, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $165,814	$	162,563	$	162,563
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $79,585, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $81,176		79,584		79,584
Total Repurchase Agreements (cost $242,147)				242,147
Total Investments (cost $30,172,695) (b) — 99.5%				22,619,763
Other assets in excess of liabilities — 0.5%				107,094
NET ASSETS — 100.0%			$	22,726,857

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

ADR	American Depositary Receipt
AG	Stock Corporation
ASA	Stock Corporation
Ltd	Limited
NV	Public Traded Company
PLC	Public Limited Company
RSP	Savings Shares
SA	Stock Company
SpA	Limited share company

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	Gartmore NVIT
	Global Utilities
	Fund
Assets:
Investments, at value (cost $29,930,548)	$	22,377,616
Repurchase agreements, at value and cost		242,147
Total Investments		22,619,763
Foreign currencies, at value (cost $70,060)		70,060
Interest and dividends receivable		121,462
Receivable for capital shares issued		3,869
Reclaims receivable		35,314
Prepaid expenses and other assets		305
Total Assets		22,850,773
Liabilities:
Cash overdraft		69,899
Payable for capital shares redeemed		6,559
Accrued expenses and other payables:
Investment advisory fees		33,360
Fund administration fees		877
Distribution fees		71
Administrative services fees		5,459
Custodian fees		702
Trustee fees		88
Compliance program costs (Note 3)		637
Professional fees		1,672
Printing fees		3,961
Other		631
Total Liabilities		123,916
Net Assets	$	22,726,857
Represented by:
Capital	$	35,220,535
Accumulated undistributed net investment income		279,805
Accumulated net realized losses from investment transactions and foreign currency transactions		(5,222,778	)
Net unrealized appreciation/(depreciation) from investments		(7,552,932	)
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		2,227
Net Assets	$	22,726,857
Net Assets:
Class I Shares	$	4,337,077
Class II Shares		348,335
Class III Shares		18,041,445
Total	$	22,726,857
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		603,037
Class II Shares		48,223
Class III Shares		2,499,869
Total		3,151,129
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	7.19
Class II Shares	$	7.22
Class III Shares	$	7.22

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	Gartmore NVIT
	Global Utilities
	Fund
INVESTMENT INCOME:
Interest income	$	329
Dividend income		797,878
Foreign tax withholding		(62,660	)
Total Income		735,547
EXPENSES:
Investment advisory fees		77,072
Fund administration fees		5,993
Distribution fees Class II Shares		428
Administrative services fees Class I Shares		3,509
Administrative services fees Class II Shares		257
Administrative services fees Class III Shares		14,949
Custodian fees		836
Trustee fees		593
Compliance program costs (Note 3)		218
Professional fees		2,887
Printing fees		10,404
Other		7,830
Total expenses before earnings credit and expenses reimbursed		124,976
Earnings credit (Note 5)		(2	)
Expenses reimbursed by adviser		(403	)
Net Expenses		124,571
NET INVESTMENT INCOME		610,976
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(3,695,033	)
Net realized losses from foreign currency transactions		(18,764	)
Net realized losses from investment transactions and foreign currency transactions		(3,713,797	)
Net change in unrealized appreciation/(depreciation) from investments		719,846
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		2,609
Net change in unrealized appreciation/(depreciation) from investments and foreign currency translations		722,455
Net realized/unrealized losses from investments and foreign currency translations		(2,991,342	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,380,366	)

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statements of Changes in Net Assets

	Gartmore NVIT Global Utilities Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	610,976		$	1,316,354
Net realized losses from investment and foreign currency		(3,713,797	)		(924,027	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		722,455			(19,439,664	)
Change in net assets resulting from operations		(2,380,366	)		(19,047,337	)
Distributions to Shareholders From:
Net investment income:
Class I		(62,794	)		(228,760	)
Class II		(4,648	)		(17,103	)
Class III		(263,729	)		(1,102,219	)
Net realized gains:
Class I		–			(96,275	)
Class II		–			(7,334	)
Class III		–			(475,949	)
Tax return of capital:
Class I		–			(10,412	)
Class II		–			(768	)
Class III		–			(53,740	)
Change in net assets from shareholder distributions		(331,171	)		(1,992,560	)
Change in net assets from capital transactions		(7,088,366	)		(14,246,857	)
Change in net assets		(9,799,903	)		(35,286,754	)
Net Assets:
Beginning of period		32,526,760			67,813,514
End of period	$	22,726,857		$	32,526,760
Accumulated undistributed net investment income at end of period	$	279,805		$	–
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	2,917,594		$	2,170,376
Dividends reinvested		62,794			335,447
Cost of shares redeemed		(3,385,873	)		(4,889,276	)
Total Class I		(405,485	)		(2,383,453	)
Class II Shares
Proceeds from shares issued		–			–
Dividends reinvested		4,648			25,205
Cost of shares redeemed		(28,411	)		(278,724	)
Total Class II		(23,763	)		(253,519	)

Amounts designated as “–” are zero or have been rounded to zero.

(a)  Includes redemption fees — see Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statements of Changes in Net Assets (Continued)

	Gartmore NVIT Global Utilities Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
CAPITAL TRANSACTIONS: (continued)
Class III Shares
Proceeds from shares issued	$	460,103		$	13,543,377
Dividends reinvested		263,729			1,631,908
Cost of shares redeemed (a)		(7,382,950	)		(26,785,170	)
Total Class III		(6,659,118	)		(11,609,885	)
Change in net assets from capital transactions	$	(7,088,366	)	$	(14,246,857	)
SHARE TRANSACTIONS:
Class I Shares
Issued		399,451			212,928
Reinvested		9,023			38,893
Redeemed		(476,284	)		(495,324	)
Total Class I Shares		(67,810	)		(243,503	)
Class II Shares
Issued		–			–
Reinvested		665			2,898
Redeemed		(4,219	)		(28,485	)
Total Class II Shares		(3,554	)		(25,587	)
Class III Shares
Issued		66,599			1,343,811
Reinvested		37,793			189,385
Redeemed		(1,051,146	)		(2,610,874	)
Total Class III Shares		(946,754	)		(1,077,678	)
Total change in shares		(1,018,118	)		(1,346,768	)

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

Gartmore NVIT Global Utilities Fund

				Operations									Distributions																					Ratios / Supplemental Data
							Net Realized																																			Ratio of
							and																																Ratio of Net			Expenses
	Net Asset						Unrealized																													Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net												Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Return			Total			Redemption			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			of capital			Distributions			Fees			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)			Turnover (c)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited) (d)	$	7	.78		0	.17		(0	.66)		(0	.49)		(0	.10)		–			–			(0	.10)		–		$	7	.19		(6	.20%)	$	4,337,077		1	.02%		4	.81%		1	.02%		29	.10%
Year Ended December 31, 2008 (d)	$	12	.26		0	.29		(4	.31)		(4	.02)		(0	.31)		(0	.14)		(0	.02)		(0	.47)		0	.01	$	7	.78		(32	.94%)	$	5,216,930		0	.97%		2	.86%		0	.97%(e)		31	.14%
Year Ended December 31, 2007	$	12	.83		0	.46		2	.13		2	.59		(0	.35)		(2	.81)		–			(3	.16)		–		$	12	.26		20	.43%	$	11,206,710		0	.99%		3	.14%		0	.99%(e)		84	.66%
Year Ended December 31, 2006	$	10	.13		0	.32		3	.44		3	.76		(0	.30)		(0	.76)		–			(1	.06)		–		$	12	.83		37	.56%	$	8,488,691		1	.03%		2	.87%		1	.03%(e)		83	.69%
Year Ended December 31, 2005	$	11	.26		0	.22		0	.48		0	.70		(0	.24)		(1	.59)		–			(1	.83)		–		$	10	.13		6	.39%	$	4,602,293		1	.12%		1	.92%		1	.12%(e)		234	.81%
Year Ended December 31, 2004	$	9	.16		0	.13		2	.60		2	.73		(0	.13)		(0	.50)		–			(0	.63)		–		$	11	.26		29	.97%	$	4,679,000		1	.08%		1	.78%		1	.08%(e)		358	.63%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited) (d)	$	7	.81		0	.17		(0	.66)		(0	.49)		(0	.10)		–			–			(0	.10)		–		$	7	.22		(6	.28%)	$	348,335		1	.26%		4	.98%		1	.26%		29	.10%
Year Ended December 31, 2008 (d)	$	12	.31		0	.28		(4	.35)		(4	.07)		(0	.29)		(0	.14)		(0	.01)		(0	.44)		0	.01	$	7	.81		(33	.17%)	$	404,557		1	.22%		2	.72%		1	.22%(e)		31	.14%
Year Ended December 31, 2007	$	12	.87		0	.30		2	.26		2	.56		(0	.31)		(2	.81)		–			(3	.12)		–		$	12	.31		20	.06%	$	952,126		1	.25%		2	.02%		1	.25%(e)		84	.66%
Year Ended December 31, 2006	$	10	.16		0	.32		3	.42		3	.74		(0	.27)		(0	.76)		–			(1	.03)		–		$	12	.87		37	.33%	$	1,052,915		1	.28%		2	.70%		1	.28%(e)		83	.69%
Year Ended December 31, 2005	$	11	.28		0	.20		0	.48		0	.68		(0	.21)		(1	.59)		–			(1	.80)		–		$	10	.16		6	.19%	$	901,990		1	.37%		1	.68%		1	.37%(e)		234	.81%
Year Ended December 31, 2004	$	9	.18		0	.18		2	.53		2	.71		(0	.11)		(0	.50)		–			(0	.61)		–		$	11	.28		29	.56%	$	1,068,511		1	.33%		1	.58%		1	.38%(e)		358	.63%
Class III Shares
Six Months Ended June 30, 2009 (Unaudited) (d)	$	7	.81		0	.17		(0	.66)		(0	.49)		(0	.10)		–			–			(0	.10)		–		$	7	.22		(6	.17%)	$	18,041,445		1	.01%		5	.03%		1	.01%		29	.10%
Year Ended December 31, 2008 (d)	$	12	.30		0	.29		(4	.32)		(4	.03)		(0	.31)		(0	.14)		(0	.02)		(0	.47)		0	.01	$	7	.81		(32	.90%)	$	26,905,273		0	.94%		2	.82%		0	.94%(e)		31	.14%

Amounts designated as “–” are zero or have been rounded to zero.
(a)  Not annualized for periods less than one year.
(b) Annualized for periods less than one year.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d) Per share calculations were performed using average shares method.
(e) There were no fee reductions during the period.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

Gartmore NVIT Global Utilities Fund (Continued)

				Operations									Distributions																			Ratios / Supplemental Data
							Net Realized																																	Ratio of
							and																														Ratio of Net			Expenses
	Net Asset						Unrealized																											Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net										Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Return		Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			of capital		Distributions			Fees		of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)			Turnover (c)
Year Ended December 31, 2007	$	12	.87		0	.35		2	.24		2	.59		(0	.35)		(2	.81)		–		(3	.16)		–	$	12	.30		20	.39%	$	55,654,678		0	.99%		2	.37%		0	.99%(e)		84	.66%
Year Ended December 31, 2006	$	10	.16		0	.30		3	.47		3	.77		(0	.30)		(0	.76)		–		(1	.06)		–	$	12	.87		37	.59%	$	59,565,295		1	.01%		2	.80%		1	.01%(e)		83	.69%
Year Ended December 31, 2005	$	11	.28		0	.22		0	.49		0	.71		(0	.24)		(1	.59)		–		(1	.83)		–	$	10	.16		6	.48%	$	33,910,828		1	.10%		1	.96%		1	.10%(e)		234	.81%
Year Ended December 31, 2004	$	9	.18		0	.14		2	.60		2	.74		(0	.14)		(0	.50)		–		(0	.64)		–	$	11	.28		29	.95%	$	31,477,949		1	.05%		1	.73%		1	.05%(e)		358	.63%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	Per share calculations were performed using average shares method.
(e)	There were no fee reductions during the period.

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Gartmore NVIT Global Utilities Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stock	$	7,920,646	$	14,456,970	$	—	$	22,377,616
Repurchase Agreements		—		242,147		—		242,147
Total	$	7,920,646	$	14,699,117	$	—	$	22,619,763

Amounts designated as “—” are zero.

14 Semiannual Report 2009

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(d)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(e)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(f)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(g)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(h)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Gartmore

16 Semiannual Report 2009

Global Partners (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

	Base Fee		Fee rate
	Through		Effective
Fee Schedule	April 30, 2009		May 1, 2009
Up to $500 million		0.70%		0.60%
$500 million up to $2 billion		0.65%		0.55%
$2 billion and more		0.60%		0.50%

The base fee results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly subperiod and that total fee is paid at the end of that most recently completed quarter.

Prior to May 1, 2009, the Fund paid a performance-based management fee to NFA. This performance-based fee varied depending on the Fund’s performance relative to its benchmark. This fee was intended to reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, the Fund’s benchmark. The Fund’s benchmark for determining these performance-based fees was a blended index consisting of 60% of the MSCI World Telecommunication Services Index and 40% of the MSCI World Utilities Index. The actual management fee paid by the Fund for the six months ended June 30, 2009, expressed as a percentage of the Fund’s average daily net assets and taking into account any applicable fee waivers or reimbursements, was 0.62%. NFA pays the subadviser a subadvisory fee from the management fee it receives.

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate applicable to the Fund’s base fee (as such base fee may be adjusted by Base Fee Breakpoints). NFA pays/(charges) the entire performance component of the fee to the subadviser.

Out or Underperformance	Changes in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage points		+/- 0.04%
+/- 3 percentage points		+/- 0.06%
+/- 4 percentage points		+/- 0.08%
+/- 5 percentage point		+/- 0.10%

These performance-based advisory fees are paid quarterly. Under this performance-based fee arrangement, NFA (and the subadviser) can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage shown above.

At a meeting of the Board of Trustees held in-person on January 16, 2009, the Board of Trustees voted unanimously to eliminate the performance-based management fee and to implement an asset-based management fee equal to the lowest possible management fee at each breakpoint under the previous performance-based fee structure, to take effect May 1, 2009. In eliminating the performance-based fee structure, the Adviser (and subadviser, as applicable) are subject to a six-month transition period. If during this transition period the Fund’s assets are declining and the Fund underperforms its benchmark, the new management fee may be higher than the amount the Adviser would have been entitled to collect under the previous performance-based fee structure. If this occurs during the transition period, the Adviser will reimburse the Fund by the amount of the difference between the new management fee and the amount it would have

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

been entitled to collect under the previous fee structure. Under no circumstances, during this transition period, will the management fee under the new fee structure exceed what the Adviser would have received under the old structure assuming maximum penalty for underperformance.

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisers $41,225 for the six months ended June 30, 2009.

Effective May 1, 2009, the Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.85% for all share classes of the Fund until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were $403.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

18 Semiannual Report 2009

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II and Class III shares of the Fund.

For the six months ended June 30, 2009, NFS received $39,974 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $218.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be redeemed first.

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $1,338 from Class III.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $39,576 from Class III.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $7,057,429 and sales of $12,302,747 (excluding short-term securities).

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim

20 Semiannual Report 2009

and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

							Net
							Unrealized
		Unrealized		Unrealized			Appreciation
Tax Cost of Securities		Appreciation		Depreciation			(Depreciation)
$	31,102,213	$	86,071	$	(8,568,521	)	$	(8,482,450	)

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement included: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 21

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

    (i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-adviser (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

22 Semiannual Report 2009

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

    (ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Gartmore Global Partners, the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the one-year period ended September 30, 2008, the Fund’s performance for Class III shares was in the fifth quintile of its peer group, but above the performance of the Fund’s benchmark, which is a 60%/40% blend of the MSCI World Telecommunications Services Index and the MSCI World Utilities Index. With respect to the three- and five-year periods ended September 30, 2008, the Trustees noted that the Fund’s performance for Class III shares was in the second quintile of its peer group and the Fund outperformed the benchmark. The Trustees noted that recent asset and market fluctuations had affected the Fund’s short-term performance.

The Trustees noted that the Fund’s contractual advisory fee for Class III shares was in the third quintile of its peer group, at the median, while the Fund’s actual advisory fee for Class III shares was in the third quintile of its peer group, slightly below the median. The Trustees also noted that the Fund’s total expenses were in the second quintile of its peer group. The Trustees noted that NFA proposed to eliminate the performance-based fee structure applicable to the Fund, which would reduce the Fund’s investment advisory fee to the lowest level possible under the performance fee structure and would improve the Fund’s peer group rankings. The Trustees noted that, based on such adjusted advisory fee structure, the Fund’s actual advisory fee and total expenses for Class III shares would be in the first and second quintiles of its peer group, respectively. The Trustees noted that shareholders of the Fund received the benefit of an expense cap (excluding 12b-1 and administrative services fees). The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the proposed investment advisory fee schedule for the Fund contains breakpoints that are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

2009 Semiannual Report 23

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

24 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 25

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A

26 Semiannual Report 2009

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 27

NVIT Global Financial Services Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements
21	Supplemental Information
23	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-GFS (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Global Financial Services Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
NVIT Global Financial			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Services Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,068.90		7.44		1.45
	Hypothetical	b		1,000.00		1,017.47		7.28		1.45
Class II	Actual			1,000.00		1,067.90		8.77		1.71
	Hypothetical	b		1,000.00		1,016.18		8.58		1.71
Class III	Actual			1,000.00		1,068.90		7.44		1.45
	Hypothetical	b		1,000.00		1,017.47		7.28		1.45

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Global Financial Services Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	94	.8%
Repurchase Agreements	2	.7%
Other assets in excess of liabilities	2	.5%
	100	.0%

Top Industries
Commercial Banks	30	.3%
Insurance	27	.2%
Capital Markets	11	.2%
Diversified Financial Services	9	.0%
Real Estate Management & Development	7	.9%
Information Technology Services	5	.0%
Consumer Finance	2	.2%
Real Estate Investment Trusts	1	.5%
Software	0	.5%
Other*	5	.2%
	100	.0%

Top Holdings
BNP Paribas	5	.2%
Standard Chartered PLC	4	.6%
JPMorgan Chase & Co.	4	.5%
Vienna Insurance Group	4	.2%
Royal Bank of Canada	4	.1%
Sun Hung Kai Properties Ltd.	3	.6%
State Street Corp.	3	.4%
Goldman Sachs Group, Inc. (The)	3	.3%
Mitsubishi Estate Co. Ltd.	3	.2%
QBE Insurance Group Ltd.	3	.2%
Other*	60	.7%
	100	.0%

Top Countries
United States	41	.3%
France	8	.2%
United Kingdom	7	.3%
Japan	5	.3%
Austria	4	.2%
Canada	4	.1%
Switzerland	4	.0%
Brazil	4	.0%
Hong Kong	3	.6%
Australia	3	.2%
Other*	14	.8%
	100	.0%

* For purpose of listing top holdings, industries and countries, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Global Financial Services Fund

Common Stocks 94.8%
	Shares		Market Value
AUSTRALIA 3.2% (a)
Insurance 3.2%
QBE Insurance Group Ltd.	28,290	$	452,586
AUSTRIA 4.2% (a)
Insurance 4.2%
Vienna Insurance Group	13,775		600,421
BERMUDA 1.9%
Insurance 1.9%
Aspen Insurance Holdings Ltd.	12,500		279,250
BRAZIL 4.0%
Diversified Financial Services 2.9%
BM&F Bovespa SA	69,801		416,839
Information Technology Services 1.1%
Cia Brasileira de Meios de Pagamento*	17,900		153,948
			570,787
CANADA 4.1%
Commercial Banks 4.1%
Royal Bank of Canada	14,439		590,647
FRANCE 8.2% (a)
Commercial Banks 5.2%
BNP Paribas	11,294		736,429
Insurance 3.0%
AXA SA	22,957		434,458
			1,170,887
GREECE 1.7% (a)
Commercial Banks 1.7%
National Bank of Greece SA*	8,766		243,153
HONG KONG 3.6% (a)
Real Estate Management & Development 3.6%
Sun Hung Kai Properties Ltd.	42,000		521,565
ITALY 1.6% (a)
Commercial Banks 1.6%
Intesa Sanpaolo SpA*	68,875		222,547
JAPAN 5.3% (a)
Commercial Banks 2.1%
Bank of Yokohama Ltd. (The)	56,000		299,791
Real Estate Management & Development 3.2%
Mitsubishi Estate Co. Ltd.	27,880		462,927
			762,718
SINGAPORE 2.1% (a)
Commercial Banks 2.1%
United Overseas Bank Ltd.	30,000		302,786
SPAIN 2.3% (a)
Commercial Banks 2.3%
Banco Bilbao Vizcaya Argentaria SA	25,600		322,307
SWITZERLAND 4.0% (a)
Capital Markets 0.9%
Bank Sarasin & Cie AG*	4,300		134,138
Insurance 3.1%
Zurich Financial Services AG	2,500		441,985
			576,123
UNITED KINGDOM 7.3% (a)
Commercial Banks 4.6%
Standard Chartered PLC	35,063		659,214
Insurance 2.7%
Aviva PLC	67,624		380,704
			1,039,918
UNITED STATES 41.3%
Capital Markets 10.3%
Charles Schwab Corp. (The)	21,390		375,181
Goldman Sachs Group, Inc. (The)	3,230		476,231
Invesco Ltd.	8,355		148,886
State Street Corp.	10,130		478,136
			1,478,434
Commercial Banks 6.6%
Bank of the Ozarks, Inc.	9,000		194,670
CapitalSource, Inc.	34,185		166,823
TCF Financial Corp.	12,190		162,980
Wells Fargo & Co.	8,850		214,701
Western Alliance Bancorp*	20,251		138,517
Wintrust Financial Corp.	4,100		65,928
			943,619
Consumer Finance 2.2%
Capital One Financial Corp.	14,180		310,258
Diversified Financial Services 6.1%
IntercontinentalExchange, Inc.*	1,960		223,910
JPMorgan Chase & Co.	19,050		649,796
			873,706
Information Technology Services 3.9%
Alliance Data Systems Corp.*	5,840		240,550
Visa, Inc., Class A	5,160		321,261
			561,811
Insurance 9.1%
Aflac, Inc.	4,730		147,056
Hanover Insurance Group, Inc. (The)	9,700		369,667
HCC Insurance Holdings, Inc.	10,750		258,108
MetLife, Inc.	9,350		280,593
Reinsurance Group of America, Inc.	6,980		243,672
			1,299,096

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Global Financial Services Fund (Continued)

Common Stocks (continued)
		Shares		Market Value
UNITED STATES (continued)
Real Estate Investment Trusts 1.5%
Health Care REIT, Inc.		3,590	$	122,419
Macerich Co. (The)		5,535		97,471
				219,890
Real Estate Management & Development 1.1%
Jones Lang LaSalle, Inc.		4,700		153,831
Software 0.5%
Solera Holdings, Inc.*		2,810		71,374
				5,912,019
Total Common Stocks (cost $13,346,668)				13,567,714
Repurchase Agreements 2.7%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $260,087, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $265,288	$	260,086	$	260,086
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $127,328, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $129,875		127,328		127,328
Total Repurchase Agreements (cost $387,414)				387,414
Total Investments (cost $13,734,082) (b) — 97.5%				13,955,128
Other assets in excess of liabilities — 2.5%				355,737
NET ASSETS — 100.0%			$	14,310,865

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

AG	Stock Corporation
Ltd	Limited
PLC	Public Limited Company
REIT	Real Estate Investment Trust
SA	Stock Company
SpA	Limited share company

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Global
	Financial
	Services Fund
Assets:
Investments, at value (cost $13,346,668)	$	13,567,714
Repurchase agreements, at value and cost		387,414
Total Investments		13,955,128
Cash		40
Foreign currencies, at value (cost $3)		3
Interest and dividends receivable		1,471
Receivable for capital shares issued		520,031
Reclaims receivable		16,006
Prepaid expenses and other assets		150
Total Assets		14,492,829
Liabilities:
Payable for investments purchased		137,046
Payable for capital shares redeemed		7,506
Accrued expenses and other payables:
Investment advisory fees		26,951
Fund administration fees		542
Distribution fees		132
Administrative services fees		4,432
Custodian fees		677
Professional fees		727
Printing fees		2,957
Other		994
Total Liabilities		181,964
Net Assets	$	14,310,865
Represented by:
Capital	$	27,130,806
Accumulated undistributed net investment income		148
Accumulated net realized losses from investment transactions and foreign currency transactions		(13,043,107	)
Net unrealized appreciation/(depreciation) from investments		221,046
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		1,972
Net Assets	$	14,310,865
Net Assets:
Class I Shares	$	3,133,703
Class II Shares		629,505
Class III Shares		10,547,657
Total	$	14,310,865
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		516,512
Class II Shares		104,128
Class III Shares		1,737,079
Total		2,357,719
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	6.07
Class II Shares	$	6.05
Class III Shares	$	6.07

The accompanying notes are an integral part of these financial Statements.

2009 Semiannual Report 7

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Global
	Financial
	Services Fund
INVESTMENT INCOME:
Interest income	$	200
Dividend income		206,240
Foreign tax withholding		(12,706	)
Total Income		193,734
EXPENSES:
Investment advisory fees		53,157
Fund administration fees		2,762
Distribution fees Class II Shares		674
Administrative services fees Class I Shares		2,082
Administrative services fees Class II Shares		433
Administrative services fees Class III Shares		6,821
Custodian fees		452
Trustee fees		135
Compliance program costs (Note 3)		87
Professional fees		1,212
Printing fees		8,905
Other		7,327
Total expenses before earnings credit and expenses reimbursed		84,047
Earnings credit (Note 5)		(121	)
Expenses reimbursed by adviser		(758	)
Net Expenses		83,168
NET INVESTMENT INCOME		110,566
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(4,821,887	)
Net realized losses from foreign currency transactions		(368	)
Net realized losses from investment transactions and foreign currency transactions		(4,822,255	)
Net change in unrealized appreciation/(depreciation) from investments		5,648,442
Net change in unrealized appreciation/(depreciation) from foreign currency contracts		(291	)
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		964
Net change in unrealized appreciation/(depreciation) from investments, foreign currency translations and foreign currency transactions		5,649,115
Net realized/unrealized losses from investments, foreign currency translations and foreign currency transactions		826,860
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	937,426

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statements of Changes in Net Assets

	NVIT Global Financial Services Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	110,566		$	467,397
Net realized losses from investment and foreign currency		(4,822,255	)		(8,009,367	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		5,649,115			(5,450,200	)
Change in net assets resulting from operations		937,426			(12,992,170	)
Distributions to Shareholders From:
Net investment income:
Class I		(25,275	)		(93,867	)
Class II		(4,428	)		(16,804	)
Class III		(78,913	)		(298,015	)
Net realized gains:
Tax return of capital:
Class I		–			(654	)
Class II		–			(129	)
Class III		–			(2,579	)
Change in net assets from shareholder distributions		(108,616	)		(412,048	)
Change in net assets from capital transactions		(95,202	)		154,731
Change in net assets		733,608			(13,249,487	)
Net Assets:
Beginning of period		13,577,257			26,826,744
End of period	$	14,310,865		$	13,577,257
Accumulated undistributed net investment income (loss) at end of period	$	148		$	(1,802	)
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,444,187		$	4,511,453
Dividends reinvested		25,275			94,521
Cost of shares redeemed		(1,271,784	)		(5,922,631	)
Total Class I		197,678			(1,316,657	)
Class II Shares
Proceeds from shares issued		–			–
Dividends reinvested		4,428			16,933
Cost of shares redeemed		(29,958	)		(171,462	)
Total Class II		(25,530	)		(154,529	)
Class III Shares
Proceeds from shares issued		1,925,954			6,710,294
Dividends reinvested		78,913			300,594
Cost of shares redeemed (a)		(2,272,217	)		(5,384,971	)
Total Class III		(267,350	)		1,625,917
Change in net assets from capital transactions	$	(95,202	)	$	154,731

Amounts desinated as “–” are zero or have been rounded to zero.

(a)  Includes redemption fees — see Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statements of Changes in Net Assets (Continued)

	NVIT Global Financial Services Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
SHARE TRANSACTIONS:
Class I Shares
Issued		291,561			523,831
Reinvested		4,712			11,764
Redeemed		(259,352	)		(725,009	)
Total Class I Shares		36,921			(189,414	)
Class II Shares
Issued		–			–
Reinvested		828			2,146
Redeemed		(5,820	)		(21,185	)
Total Class II Shares		(4,992	)		(19,039	)
Class III Shares
Issued		360,978			770,921
Reinvested		14,707			38,590
Redeemed		(418,248	)		(696,528	)
Total Class III Shares		(42,563	)		112,983
Total change in shares		(10,634	)		(95,470	)

Amounts desinated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT Global Financial Services Fund

				Operations									Distributions																					Ratios / Supplemental Data
							Net Realized																																			Ratio of
							and																																Ratio of Net			Expenses
	Net Asset						Unrealized																													Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net												Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Return of			Total			Redemption			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			capital			Distributions			Fees			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	5	.73		0	.05		0	.34		0	.39		(0	.05)		–			–			(0	.05)		–		$	6	.07		6	.89%	$	3,133,703		1	.45%		1	.96%		1	.46%		50	.82%
Year Ended December 31, 2008	$	10	.89		0	.22		(5	.23)		(5	.01)		(0	.16)		–			–			(0	.16)		0	.01	$	5	.73		(46	.27%)	$	2,748,348		1	.39%		2	.38%		1	.39%(c)		151	.76%
Year Ended December 31, 2007	$	13	.25		0	.22		(0	.33)		(0	.11)		(0	.20)		(1	.82)		(0	.24)		(2	.26)		0	.01	$	10	.89		(1	.05%)	$	7,282,162		1	.27%		1	.42%		1	.27%(c)		150	.87%
Year Ended December 31, 2006	$	12	.66		0	.20		2	.34		2	.54		(0	.26)		(1	.69)		–			(1	.95)		–		$	13	.25		20	.32%	$	8,024,387		1	.24%		1	.32%		1	.24%(c)		236	.59%
Year Ended December 31, 2005	$	12	.82		0	.19		1	.18		1	.37		(0	.25)		(1	.28)		–			(1	.53)		–		$	12	.66		11	.15%	$	5,798,876		1	.34%		1	.24%		1	.34%(c)		217	.57%
Year Ended December 31, 2004	$	11	.39		0	.17		2	.19		2	.36		(0	.17)		(0	.77)		–			(0	.94)		0	.01	$	12	.82		20	.99%	$	4,010,539		1	.27%		1	.19%		1	.27%(c)		127	.69%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	5	.71		0	.04		0	.34		0	.38		(0	.04)		–			–			(0	.04)		–		$	6	.05		6	.79%	$	629,505		1	.71%		1	.72%		1	.72%		50	.82%
Year Ended December 31, 2008	$	10	.84		0	.18		(5	.17)		(4	.99)		(0	.15)		–			–			(0	.15)		0	.01	$	5	.71		(46	.34%)	$	623,085		1	.63%		2	.01%		1	.63%(c)		151	.76%
Year Ended December 31, 2007	$	13	.21		0	.20		(0	.36)		(0	.16)		(0	.16)		(1	.82)		(0	.24)		(2	.22)		0	.01	$	10	.84		(1	.41%)	$	1,389,817		1	.52%		1	.21%		1	.52%(c)		150	.87%
Year Ended December 31, 2006	$	12	.62		0	.15		2	.35		2	.50		(0	.22)		(1	.69)		–			(1	.91)		–		$	13	.21		20	.08%	$	1,862,644		1	.49%		1	.08%		1	.49%(c)		236	.59%
Year Ended December 31, 2005	$	12	.80		0	.14		1	.18		1	.32		(0	.22)		(1	.28)		–			(1	.50)		–		$	12	.62		10	.79%	$	1,684,515		1	.59%		1	.08%		1	.59%(c)		217	.57%
Year Ended December 31, 2004	$	11	.37		0	.11		2	.22		2	.33		(0	.14)		(0	.77)		–			(0	.91)		0	.01	$	12	.80		20	.76%	$	1,879,223		1	.52%		1	.00%		1	.52%(c)		127	.69%
Class III Shares
Six Months Ended June 30, 2009 (Unaudited)	$	5	.73		0	.05		0	.34		0	.39		(0	.05)		–			–			(0	.05)		–		$	6	.07		6	.89%	$	10,547,657		1	.45%		1	.95%		1	.46%		50	.82%
Year Ended December 31, 2008	$	10	.89		0	.18		(5	.18)		(5	.00)		(0	.17)		–			–			(0	.17)		0	.01	$	5	.73		(46	.21%)	$	10,205,824		1	.32%		2	.27%		1	.32%(c)		151	.76%
Year Ended December 31, 2007	$	13	.26		0	.24		(0	.36)		(0	.12)		(0	.20)		(1	.82)		(0	.24)		(2	.26)		0	.01	$	10	.89		(1	.12%)	$	18,154,765		1	.24%		1	.48%		1	.24%(c)		150	.87%
Year Ended December 31, 2006	$	12	.67		0	.19		2	.35		2	.54		(0	.26)		(1	.69)		–			(1	.95)		–		$	13	.26		20	.34%	$	24,111,832		1	.20%		1	.36%		1	.20%(c)		236	.59%
Year Ended December 31, 2005	$	12	.83		0	.20		1	.17		1	.37		(0	.25)		(1	.28)		–			(1	.53)		–		$	12	.67		11	.17%	$	21,359,209		1	.29%		1	.36%		1	.29%(c)		217	.57%
Year Ended December 31, 2004	$	11	.39		0	.14		2	.23		2	.37		(0	.17)		(0	.77)		–			(0	.94)		0	.01	$	12	.83		21	.13%	$	19,633,548		1	.24%		1	.28%		1	.24%(c)		127	.69%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	There were no fee reductions during the year.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Global Financial Services Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market

12 Semiannual Report 2009

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

		Level 2 — Other
	Level 1 — Quoted	Significant		Level 3 — Significant
Asset Type	Prices	Observable Inputs		Unobservable Inputs		Total
Common Stock	$7,352,703	$	6,215,011	$	—	$	13,567,714
Repurchase Agreements	—		387,414		—		387,414
Total	$7,352,703	$	6,602,425	$	—	$	13,955,128

Amounts designated as “—” are zero.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(d)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(e)        Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. As of June 30, 2009, the Fund did not hold any forward foreign currency contracts.

14 Semiannual Report 2009

(f)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(g)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(h)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(i)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Aberdeen Asset Management, Inc. (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

	Base Fee		Fee rate
	Through		Effective
Fee Schedule	April 30, 2009		May 1, 2009
Up to $500 million		0.90%		0.80%
$500 million up to $2 billion		0.85%		0.75%
$2 billion and more		0.80%		0.70%

The base fee results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly subperiod and that total fee is paid at the end of that most recently completed quarter.

Prior to May 1, 2009, the Fund paid a performance-based management fee to NFA. This performance-based fee varied depending on the Fund’s performance relative to its benchmark. This fee was intended to reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, the Fund’s benchmark. The Fund’s benchmark for determining these performance-based fees was the MSCI World Financials Index. The actual management fee paid by the Fund for the six months ended June 30, 2009, expressed as a percentage of the Fund’s average daily net assets and taking into account any applicable fee waivers or reimbursements, was 0.93%. NFA pays the subadviser a subadvisory fee from the management fee it receives.

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate applicable to the Fund’s base fee (as such base fee may be adjusted by Base Fee Breakpoints). NFA pays/(charges) the entire performance component of the fee to the subadviser.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage points		+/- 0.04%
+/- 3 percentage points		+/- 0.06%
+/- 4 percentage points		+/- 0.08%
+/- 5 percentage points		+/- 0.10%

These performance-based advisory fees are paid quarterly. Under this performance-based fee arrangement, NFA (and the subadviser) can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage shown above.

16 Semiannual Report 2009

At a meeting of the Board of Trustees held in-person on January 16, 2009, the Board of Trustees voted unanimously to eliminate the performance-based management fee and to implement an asset-based management fee equal to the lowest possible management fee at each breakpoint under the previous performance-based fee structure, to take effect May 1, 2009. In eliminating the performance-based fee structure, the Adviser (and subadviser, as applicable) are subject to a six-month transition period. If during this transition period the Fund’s assets are declining and the Fund underperforms its benchmark, the new management fee may be higher than the amount the Adviser would have been entitled to collect under the previous performance-based fee structure. If this occurs during the transition period, the Adviser will reimburse the Fund by the amount of the difference between the new management fee and the amount it would have been entitled to collect under the previous fee structure. Under no circumstances, during this transition period, will the management fee under the new fee structure exceed what the Adviser would have received under the old structure assuming maximum penalty for underperformance.

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisers $47,777 for the six months ended June 30, 2009.

Effective May 1, 2009, the Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.05% for all share classes of the Fund until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were $758.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II and Class III shares of the Fund.

For the six months ended June 30, 2009, NFS received $15,915 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $87.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be redeemed first.

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $1,874 from Class III.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $13,144 from Class III.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment

18 Semiannual Report 2009

fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $5,866,047 and sales of $6,654,959 (excluding short-term securities).

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any,

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	15,275,234	$	1,411,906	$	(2,732,012)	$	(1,320,106)

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

20 Semiannual Report 2009

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

     (i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-adviser (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to

2009 Semiannual Report 21

Supplemental Information (Continued)

(Unaudited)

the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

     (ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Aberdeen Asset Management, the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for each of the one-, three-, and five-year periods ended September 30, 2008, the Fund’s performance for Class II shares was in the first quintile of its peer universe, and above the performance of the MSCI World Financials Index, the Fund’s benchmark. The Trustees noted that the Fund had an overall five-star Morningstar rating as of September 30, 2008.

The Trustees noted that the Fund’s contractual advisory fee was above the median, and that the Fund’s actual advisory fee and total expenses for Class II shares were in the fifth quintile of its peer universe. The Trustees noted that NFA proposed to eliminate the performance-based fee structure applicable to the Fund, which would reduce the Fund’s investment advisory fee to the lowest level possible under the performance fee structure and would improve the Fund’s peer group rankings. The Trustees noted that, based on such adjusted advisory fee structure, the Fund’s actual advisory fee for Class II shares would be below the median, and that the Fund’s total expenses would be at the median. In this regard, the Trustees noted that, due to the small number of funds in the peer group (i.e., 4 funds), quintile rankings where not available for purposes of comparison. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the proposed investment advisory fee schedule for the Fund contains breakpoints that are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

22 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of march FIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

24 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A

2009 Semiannual Report 25

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee4
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior VicePresident and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

26 Semiannual Report 2009

Gartmore NVIT Developing Markets Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements
24	Supplemental Information
26	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-DMKT (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder Gartmore NVIT Developing Markets Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Gartmore NVIT Developing Markets Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class II	Actual			1,000.00		1,247.70		9.25		1.66
	Hypothetical	b		1,000.00		1,016.43		8.33		1.66

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary Gartmore NVIT Developing Markets Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	88	.7%
Repurchase Agreements	10	.6%
Equity Linked Notes	6	.2%
Preferred Stocks	2	.7%
Liabilities in excess of other assets	(8	.2)%
	100	.0%

Top Industries
Oil, Gas & Consumable Fuels	17	.2%
Commercial Banks	12	.5%
Metals & Mining	12	.1%
Wireless Telecommunication Services	7	.9%
Real Estate Management & Development	5	.6%
Semiconductors & Semiconductor Equipment	4	.4%
Food & Staples Retailing	3	.0%
Automobiles	2	.8%
Electronic Equipment & Instruments	2	.4%
Electric Utilities	2	.3%
Other*	29	.8%
	100	.0%

Top Holdings
Petroleo Brasileiro SA ADR	4	.6%
Samsung Electronics Co. Ltd.	3	.1%
China Mobile Ltd.	2	.8%
Vale SA, Class A,	2	.7%
Gazprom OAO	2	.4%
China Construction Bank Corp., Class H	2	.4%
POSCO	2	.0%
Bank of India 0.00%	1	.9%
Reliance Industries Ltd.	1	.9%
CNOOC Ltd.	1	.9%
Other*	74	.3%
	100	.0%

Top Countries
Brazil	14	.9%
China	12	.2%
Republic of Korea	12	.1%
Hong Kong	9	.6%
Taiwan	8	.5%
India	7	.3%
South Africa	6	.5%
Russian Federation	6	.5%
Mexico	5	.5%
Thailand	3	.4%
Other*	13	.5%
	100	.0%

* For purpose of listing top holdings, industries and countries, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

Gartmore NVIT Developing Markets Fund

Corporate Bonds 0.0% (a)(b)(g)
		Principal Amount		Market Value
BRAZIL 0.0%
Basic Materials 0.0%
Companhia Vale do Rio Doce 0.00%, 09/29/49*	$	20,000	$	0
Common Stocks 88.7%
		Shares		Market Value
BRAZIL 12.2%
Beverages 0.0%
Cia de Bebidas das Americas		4	$	258
Commercial Banks 1.2%
Itau Unibanco Banco Multiplo SA ADR		118,577		1,877,074
Diversified Financial Services 1.3%
BM&F Bovespa SA		354,200		2,115,221
Diversified Telecommunication Services 0.9%
Tele Norte Leste Participacoes SA ADR		89,927		1,337,214
Electric Utility 0.5%
CPFL Energia SA ADR		17,400		842,856
Food & Staples Retailing 0.8%
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		32,571		1,252,681
Independent Power Producers & Energy Traders 0.3%
MPX Energia SA		3,500		478,588
Oil, Gas & Consumable Fuels 4.9%
Petroleo Brasileiro SA		22,900		469,291
Petroleo Brasileiro SA ADR		178,694		7,322,880
				7,792,171
Real Estate Management & Development 1.2%
Cyrela Brazil Realty SA		252,400		1,893,773
Transportation Infrastructure 1.1%
Cia de Concessoes Rodoviarias		113,991		1,800,746
				19,390,582
CHINA 12.2% (b)
Commercial Banks 4.6% (c)
Bank of Communications Co. Ltd., Class H		1,421,000		1,580,966
China Construction Bank Corp., Class H		4,878,000		3,758,830
China Merchants Bank Co. Ltd., Class H		856,500		1,943,885
				7,283,681
Communications Equipment 0.5% (c)
Foxconn International Holdings Ltd.*		1,304,000		847,831
Construction & Engineering 0.7% (c)(d)
China Railway Group Ltd., Class H*		1,341,000		1,069,774
Leisure Equipment & Products 1.0% (c)
Li Ning Co. Ltd.		540,500		1,586,082
Marine 0.7%
China Shipping Development Co. Ltd., Class H		842,000		1,076,874
Metals & Mining 1.6%
Aluminum Corp. of China Ltd., Class H (c)		1,046,000		978,923
China Zhongwang Holdings Ltd.*		1,075,600		1,476,733
				2,455,656
Oil, Gas & Consumable Fuels 1.9%
China Coal Energy Co., Class H		1,185,000		1,389,656
China Petroleum & Chemical Corp., Class H		44,000		33,315
PetroChina Co. Ltd., Class H (c)		1,479,800		1,635,322
				3,058,293
Real Estate Management & Development 1.2% (c)
Sino-Ocean Land Holdings Ltd.		1,681,328		1,909,233
				19,287,424
CZECH REPUBLIC 0.9% (b)
Electric Utility 0.9%
CEZ AS		32,510		1,454,386
EGYPT 1.3% (b)
Commercial Banks 0.3%
Commercial International Bank		48,538		423,500
				423,500
Diversified Telecommunication Services 1.0%
Telecom Egypt GDR		113,887		1,617,195
				1,617,195
				2,040,695
HONG KONG 9.6% (b)
Automobiles 0.9%
Denway Motors Ltd.		3,448,000		1,372,303
Electronic Equipment & Instruments 1.0% (c)
Kingboard Chemical Holdings Ltd.		647,000		1,586,251
Independent Power Producers & Energy Traders 1.1% (c)
China Resources Power Holdings Co.		752,000		1,663,308

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

Gartmore NVIT Developing Markets Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
HONG KONG (continued)
Marine 0.7%
Pacific Basin Shipping Ltd.	1,874,000	$	1,186,530
Oil, Gas & Consumable Fuels 1.9%
CNOOC Ltd.	2,406,000		2,963,932
Real Estate Management & Development 0.6%
SRE Group Ltd.*	7,246,000		919,666
Specialty Retail 0.6%
Esprit Holdings Ltd.	174,700		970,634
Wireless Telecommunication Services 2.8%
China Mobile Ltd.	448,800		4,493,711
			15,156,335
HUNGARY 1.0% (b)
Commercial Banks 1.0%
OTP Bank PLC*	86,200		1,560,805
INDIA 1.1% (b)
Real Estate Management & Development 1.1%
DLF Ltd.	180,200		1,164,405
Indiabulls Real Estate Ltd.	160,000		652,800
			1,817,205
INDONESIA 0.9% (b)
Commercial Banks 0.9%
Bank Central Asia Tbk PT	3,970,500		1,361,938
ISRAEL 0.8% (b)
Chemicals 0.8%
Israel Chemicals Ltd.	126,808		1,244,916
KAZAKHSTAN 1.7% (b)
Oil, Gas & Consumable Fuels 1.7%
KazMunaiGas Exploration Production GDR	142,400		2,709,168
LUXEMBOURG 0.3% (b)
Metals & Mining 0.3%
Evraz Group SA GDR	24,000		456,000
MALAYSIA 1.2% (b)
Commercial Banks 0.5%
Bumiputra-Commerce Holdings Bhd.	319,800		821,525
Wireless Telecommunication Services 0.7%
Axiata Group Berhad*	1,608,000		1,082,635
			1,904,160
MEXICO 5.5%
Food & Staples Retailing 1.2% (c)
Wal-Mart de Mexico SAB de CV, Series V	667,404		1,979,276
Household Durables 0.8% (c)
Urbi Desarrollos Urbanos SA de CV*	849,255		1,289,926
Metals & Mining 1.7%
Grupo Mexico SAB de CV, Series B	1,380,314		1,510,562
Industrias CH SAB de CV, Series B*	368,801		1,138,823
			2,649,385
Wireless Telecommunication Services 1.8%
America Movil SAB de CV, Series L ADR	73,297		2,838,060
			8,756,647
MOROCCO 0.6% (b)
Real Estate Management & Development 0.6%
Compagnie Generale Immobiliere*	3,885		967,239
NETHERLANDS 0.1% (b)
Metals & Mining 0.1%
New World Resources NV, Class A	32,014		149,490
PERU 0.5%
Commercial Banks 0.5%
Credicorp Ltd.	12,600		733,320
PHILIPPINES 0.5% (b)
Real Estate Management & Development 0.5%
Megaworld Corp.	38,800,300		785,540
REPUBLIC OF KOREA 12.1%
Automobiles 1.5% (b)
Hyundai Motor Co.	41,566		2,404,401
Capital Markets 0.4% (b)
Samsung Securities Co. Ltd.	13,200		697,493
Commercial Banks 1.0%
KB Financial Group, Inc. ADR*	48,058		1,600,812
Industrial Conglomerate 1.0% (b)
LG Corp.	33,700		1,602,274
Insurance 1.0% (b)
Samsung Fire & Marine Insurance Co. Ltd.	10,563		1,553,127
Internet Software & Services 0.9% (b)
NHN Corp.*	10,651		1,468,347

6 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
REPUBLIC OF KOREA (continued)
Machinery 1.2% (b)
Hanjin Heavy Industries & Construction Co. Ltd.	33,712	$	871,912
Samsung Heavy Industries Co. Ltd.	42,220		953,723
			1,825,635
Metals & Mining 2.0% (b)
POSCO	9,358		3,111,252
Semiconductors & Semiconductor Equipment 3.1% (b)
Samsung Electronics Co. Ltd.	10,658		4,928,462
			19,191,803
RUSSIAN FEDERATION 6.5%
Automobiles 0.4% (b)
Sollers	100,280		706,974
Chemicals 0.7% (b)
Uralkali GDR	63,888		1,029,812
Electric Utility 0.9% (b)
RusHydro*	37,466,157		1,411,950
Metals & Mining 0.9%
JSC MMC Norilsk Nickel ADR*	146,000		1,345,747
Oil, Gas & Consumable Fuels 3.6% (b)
Gazprom OAO	189,715		3,852,405
Rosneft Oil Co. GDR* (c)	349,883		1,911,373
			5,763,778
			10,258,261
SOUTH AFRICA 6.5% (b)
Commercial Banks 1.5%
Standard Bank Group Ltd.	199,418		2,297,147
Food & Staples Retailing 1.0%
Massmart Holdings Ltd.	157,400		1,635,551
Metals & Mining 2.3%
Harmony Gold Mining Co. Ltd.*	119,331		1,233,755
Impala Platinum Holdings Ltd.	70,666		1,565,696
Kumba Iron Ore Ltd.	33,300		783,323
			3,582,774
Oil, Gas & Consumable Fuels 0.7%
Sasol Ltd.	33,424		1,170,855
Wireless Telecommunication Services 1.0%
MTN Group Ltd.	107,662		1,655,676
			10,342,003
TAIWAN 8.5% (b)
Chemicals 0.5%
TSRC Corp.	615,000		746,485
Commercial Banks 0.5%
Chinatrust Financial Holding Co. Ltd.	1,459,000		876,662
Communications Equipment 0.4%
D-Link Corp.	786,000		636,207
Computers & Peripherals 1.9%
Catcher Technology Co. Ltd.*	324,000		767,490
High Tech Computer Corp.	113,000		1,588,265
Nan YA Printed Circuit Board Corp.	235,000		630,974
			2,986,729
Electronic Equipment & Instruments 1.4%
Hon Hai Precision Industry Co. Ltd.	749,926		2,300,378
Food Products 0.8%
Uni-President Enterprises Corp.	1,258,000		1,292,421
Machinery 0.4%
Shin Zu Shing Co. Ltd.	143,000		675,928
Metals & Mining 0.5%
China Steel Corp.	902,000		772,754
Semiconductors & Semiconductor Equipment 1.3%
Taiwan Semiconductor Manufacturing Co. Ltd.	1,240,920		2,037,096
Wireless Telecommunication Services 0.8%
Taiwan Mobile Co. Ltd.	708,000		1,207,013
			13,531,673
THAILAND 3.4% (b)
Commercial Banks 0.5%
Kasikornbank Public Co. Ltd.	361,000		764,640
Oil, Gas & Consumable Fuels 2.5%
Banpu PCL NVDR	246,885		2,415,711
PTT Exploration & Production PCL NVDR	396,100		1,546,535
			3,962,246
Real Estate Management & Development 0.4%
Preuska Real Estate PCL	3,056,800		751,156
			5,478,042
TURKEY 0.8% (b)
Wireless Telecommunication Services 0.8%
Turkcell Iletisim Hizmet AS	224,817		1,244,315
UNITED ARAB EMIRATES 0.5% (b)
Diversified Financial Services 0.5%
Dubai Financial Market	1,965,600		864,864
Total Common Stocks (cost $156,892,833)			140,686,811

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

Gartmore NVIT Developing Markets Fund (Continued)

Preferred Stocks 2.7%
		Shares		Market Value
BRAZIL 2.7%
Beverages 0.0%
Companhia de Bebidas das Americas*		82	$	5,231
Metals & Mining 2.7%
Vale SA, Class A		276,709		4,251,195
Total Preferred Stocks (cost $5,616,875)				4,256,426
Equity Linked Notes 6.2% (b)
INDIA 6.2%
Bank of India 0.00%, 01/15/18		415,988		3,061,672
Grasim Industries Ltd. 0.00%, 10/22/12 (b)		19,628		947,051
Reliance Industries Ltd. 0.00%, 02/14/14*		71,551		3,022,314
Sun Pharmaceutical Industries Ltd. 0.00%, 04/29/13		85,057		1,936,748
Tata Power Co Ltd. 0.00%, 03/28/12		36,889		886,074
Total Equity Linked Notes (cost $7,851,583)				9,853,859
Rights 0.0% (b)
HONG KONG 0.0%
Independent Power Producers & Energy Traders 0.0%
China Resources Power Holdings Co. Ltd. 07/13/09*		75,200		32,021
Total Rights (cost $0)				32,021
Repurchase Agreements 10.6%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $2,124,036, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $2,166,512	$	2,124,031	$	2,124,031
Morgan Stanley, 0.07%, dated 06/30/09, due 07/01/09, repurchase price $13,580,343 collateralized by U.S. Government Agency Mortgages ranging 3.50% – 8.50%, maturing 06/01/11 – 06/01/39; total market value of $13,851,923 (e)	$	13,580,317		13,580,317
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $1,039,844, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $1,060,640		1,039,843		1,039,843
Total Repurchase Agreements (cost $16,744,191)				16,744,191
Total Investments (cost $187,105,482) (f) — 108.2%				171,573,308
Liabilities in excess of other assets — (8.2)%				(12,915,109	)
NET ASSETS — 100.0%			$	158,658,199

*	Denotes a non-income producing security.
(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2009. The maturity date represents the actual maturity date.
(b)	Fair Valued Security.
(c)	The security or a partial position of this security is on loan at June 30, 2009. The total value of securities on loan at June 30, 2009 was $12,268,097.
(d)	Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at June 30, 2009 was $1,069,774 which represents 0.67% of net assets.
(e)	The security was purchased with cash collateral held from securities on loan (See Note 2). The total value of this security as of June 30, 2009 was $13,580,317.
(f)	See notes to financial statements for tax unrealized appreciation / (depreciation) of securities.
(g)	Illiquid security.

8 Semiannual Report 2009

ADR	American Depositary Receipt
AS	Stock Corporation
GDR	Global Depositary Receipt
Ltd	Limited
NV	Public Traded Company
NVDR	Non Voting Depositary Receipt
PCL	Public Company Limited
PLC	Public Limited Company
PT	Limited Liability Company
SA	Stock Company
SA de CV	Public Traded Company with Variable Capital

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	Gartmore NVIT
	Developing
	Markets Fund
Assets:
Investments, at value (cost $170,361,291)*	$	154,829,117
Repurchase agreements, at value and cost		16,744,191
Total Investments		171,573,308
Foreign currencies, at value (cost $283,845)		283,845
Interest and dividends receivable		676,327
Receivable for capital shares issued		867,759
Receivable for investments sold		484,805
Reclaims receivable		4,493
Receivable from administrator		50,322
Prepaid expenses and other assets		1,080
Total Assets		173,941,939
Liabilities:
Cash overdraft		7,494
Payable for investments purchased		1,110,396
Unrealized depreciation on spot contracts		14,743
Payable upon return of securities loaned (Note 2)		13,580,317
Payable for capital shares redeemed		196,452
Accrued expenses and other payables:
Investment advisory fees		123,110
Fund administration fees		6,105
Distribution fees		32,397
Administrative services fees		82,397
Custodian fees		100,136
Professional fees		16,266
Printing fees		13,927
Total Liabilities		15,283,740
Net Assets	$	158,658,199
Represented by:
Capital	$	250,945,306
Accumulated undistributed net investment income		107,711
Accumulated net realized losses from investment transactions and foreign currency transactions		(76,868,598	)
Net unrealized appreciation/(depreciation) from investments		(15,532,174	)
Net unrealized appreciation/(depreciation) from spot contracts		(14,743	)
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		20,697
Net Assets	$	158,658,199
Net Assets:
Class II Shares	$	158,658,199
Total	$	158,658,199
Shares Outstanding (unlimited number of shares authorized):
Class II Shares		34,133,013
Total		34,133,013
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	4.65	(a)

(a)	NAV shown differs from traded NAV at June 30, 2009 due to financial statement adjustments.
*	Includes value of securities on loan of $12,268,097. (Note 2)

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	Gartmore NVIT
	Developing
	Markets Fund
INVESTMENT INCOME:
Interest income	$	25,299
Dividend income		1,826,152
Income from securities lending (Note 2)		11,392
Foreign tax withholding		(75,580	)
Total Income		1,787,263
EXPENSES:
Investment advisory fees		515,005
Fund administration fees		28,252
Distribution fees Class II Shares		145,349
Administrative services fees Class II Shares		145,454
Custodian fees		84,262
Trustee fees		1,817
Compliance program costs (Note 3)		566
Professional fees		12,725
Printing fees		20,456
Other		12,370
Total expenses before earnings credit and expenses reimbursed		966,256
Earnings credit (Note 4)		(57	)
Expenses reimbursed by administrator		(50,322	)
Net Expenses		915,877
NET INVESTMENT INCOME		871,386
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(37,426,683	)
Net realized losses from foreign currency transactions		(158,511	)
Net realized losses from investment transactions and foreign currency transactions		(37,585,194	)
Net change in unrealized appreciation/(depreciation) from investments		61,610,740
Net change in unrealized appreciation/(depreciation) from foreign currency contracts		(14,743	)
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		14,556
Net change in unrealized appreciation/(depreciation) from investments, foreign currency translations and foreign currency transactions		61,610,553
Net realized/unrealized gains from investments, foreign currency translations and foreign currency transactions		24,025,359
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	24,896,745

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Statements of Changes in Net Assets

	Gartmore NVIT Developing Markets Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	871,386		$	2,636,861
Net realized losses from investment and foreign currency		(37,585,194	)		(26,856,058	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		61,610,553			(189,321,629	)
Change in net assets resulting from operations		24,896,745			(213,540,826	)
Distributions to Shareholders From:
Net investment income:
Class II		(1,071,335	)		(1,912,243	)
Net realized gains:
Class II		–			(105,206,478	)
Change in net assets from shareholder distributions		(1,071,335	)		(107,118,721	)
Change in net assets from capital transactions		25,716,698			(114,058,983	)
Change in net assets		49,542,108			(434,718,530	)
Net Assets:
Beginning of period		109,116,091			543,834,621
End of period	$	158,658,199		$	109,116,091
Accumulated undistributed net investment income at end of period	$	107,711		$	307,660
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	47,564,829		$	90,730,255
Dividends reinvested		1,071,335			107,118,721
Cost of shares redeemed		(22,919,466	)		(311,907,959	)
Total Class II		25,716,698			(114,058,983	)
Change in net assets from capital transactions	$	25,716,698		$	(114,058,983	)
SHARE TRANSACTIONS:
Class II Shares
Issued		11,337,350			7,401,489
Reinvested		254,559			18,252,508
Redeemed		(6,530,338	)		(24,709,234	)
Total Class II Shares		5,061,571			944,763
Total change in shares		5,061,571			944,763

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital outstanding throughout the periods indicated

Gartmore NVIT Developing Markets Fund

				Operations									Distributions															Ratios / Supplemental Data
							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)			Turnover
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	3	.75		0	.02		0	.91		0	.93		(0	.03)		–			(0	.03)	$	4	.65		24	.77%	$	158,658,199		1	.57%		1	.50%		1	.66%		64	.21%
Year Ended December 31, 2008	$	19	.34		0	.11		(8	.85)		(8	.74)		(0	.10)		(6	.75)		(6	.85)	$	3	.75		(57	.86%)	$	109,116,091		1	.62%		0	.89%		1	.85%		67	.43%
Year Ended December 31, 2007	$	15	.68		0	.09		6	.17		6	.26		(0	.08)		(2	.52)		(2	.60)	$	19	.34		43	.51%	$	543,834,621		1	.56%		0	.50%		1	.56%		98	.49%
Year Ended December 31, 2006	$	13	.04		0	.08		3	.96		4	.04		(0	.08)		(1	.32)		(1	.40)	$	15	.68		34	.57%	$	364,233,390		1	.65%		0	.57%		1	.65%(c)		133	.28%
Year Ended December 31, 2005	$	11	.83		0	.07		3	.17		3	.24		(0	.07)		(1	.96)		(2	.03)	$	13	.04		31	.52%	$	313,051,603		1	.77%		0	.49%		1	.77%(c)		157	.77%
Year Ended December 31, 2004	$	10	.39		0	.07		1	.90		1	.97		(0	.06)		(0	.47)		(0	.53)	$	11	.83		19	.78%	$	194,898,336		1	.78%		0	.69%		1	.78%(c)		167	.98%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	There were no fee reductions during the period.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Gartmore NVIT Developing Markets Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”), Monumental Life Insurance Co., Fortis Benefits Insurance Co., Canada Life Assurance Co., American Skandia, Inc., and Transamerica Corp. currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account

14 Semiannual Report 2009

relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stock	$	31,827,108	$	108,859,703	$	—	$	140,686,811
Preferred Stock		4,256,426		—		—		4,256,426
Equity Linked Notes		—		9,853,859		—		9,853,859
Rights		—		32,021		—		32,021
Repurchase Agreements		—		16,744,191		—		16,744,191
Total	$	36,083,534	$	135,489,774	$	—	$	171,573,308

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(d)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate

16 Semiannual Report 2009

that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(e)        Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. As of June 30, 2009, the Fund did not hold any forward foreign currency contracts.

(f)        Equity-Linked Notes

Equity-linked notes are synthetic equity instruments that allow investors to gain equity exposure to the underlying shares without ownership of the underlying shares. This is a more cost efficient way of gaining exposure to local markets where custody and settlement costs are high, such as India. Equity-linked notes are priced at parity, which is the value of the underlying security, then adjusted by the appropriate foreign exchange rate.

The level and type of risk involved in the purchase of an equity-linked note by the Fund is similar to the risk involved in the purchase of the underlying security or other emerging market securities. Such notes therefore may be considered to have speculative elements. However, equity-linked notes are also dependent on the individual credit of the issuer of the note, which may be a trust or other special purpose vehicle or finance subsidiary established by a major financial institution for the limited purpose of issuing the note. Like other structured products, equity-linked notes are frequently secured by collateral consisting of a combination of debt or related equity securities to which payments under the notes are linked. If so secured, the Fund would look to this underlying collateral for satisfaction of claims in the event that the issuer of an equity-linked note defaulted under the terms of the note.

(g)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(h)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2009, the Fund had securities with the following value on loan:

Value of Loaned Securities		Value of Collateral
$	12,268,097	$	13,947,795*

*  Includes $367,478 of collateral in the form of U.S. Treasury securities, interest rates ranging from 2.38% to 6.25% and maturity dates ranging from 1/15/17 to 2/15/38.

(i)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(j)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2005 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial

18 Semiannual Report 2009

statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(k)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Gartmore Global Partners (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

	Base Fee		Fee rate
	Through		Effective
Fee Schedule	November 30, 2008		December 1, 2008
Up to $500 million		1.05%		0.95%
$500 million up to $2 billion		1.00%		0.90%
$2 billion and more		0.95%		0.85%

The base fee results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly subperiod and that total fee is paid at the end of that most recently completed quarter.

Prior to December 1, 2008, the Fund paid a performance-based management fee to NFA. This performance-based fee varied depending on the Fund’s performance relative to its benchmark. This fee was intended to reward or penalize NFA (and the subadviser) for outperforming or underperforming, respectively, the Fund’s benchmark. The Fund’s benchmark for determining these performance-based fees was the MSCI Emerging Markets Index. The actual management fee paid by the Fund for the six months ended June 30, 2009, expressed as a percentage of the Fund’s average daily net assets and taking into account any applicable fee waivers or reimbursements, was 0.88%. NFA pays the subadvisor a subadvisory fee from the management fee it receives.

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

applicable to the Fund’s base fee (as such base fee may be adjusted by Base Fee Breakpoints). NFA pays/(charges) the entire performance component of the fee to the subadviser.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage points		+/- 0.04%
+/- 3 percentage points		+/- 0.06%
+/- 4 percentage points		+/- 0.08%
+/- 5 percentage points		+/- 0.10%

These performance-based advisory fees are paid quarterly. Under this performance-based fee arrangement, NFA (and the subadviser) can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage shown above.

At a meeting of the Board of Trustees held in-person on September 18, 2008, the Board of Trustees voted unanimously to eliminate the performance-based management fee and to implement an asset-based management fee equal to the lowest possible management fee at each breakpoint under the previous performance-based fee structure, to take effect December 1, 2008. In eliminating the performance-based fee structure, the Adviser (and subadviser, as applicable) are subject to a six-month transition period. If during this transition period the Fund’s assets are declining and the Fund underperforms its benchmark, the new management fee may be higher than the amount the Adviser would have been entitled to collect under the previous performance-based fee structure. If this occurs during the transition period, the Adviser will reimburse the Fund by the amount of the difference between the new management fee and the amount it would have been entitled to collect under the previous fee structure. Under no circumstances, during this transition period, will the management fee under the new fee structure exceed what the Adviser would have received under the old structure assuming maximum penalty for underperformance.

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisers $239,617 for the six months ended June 30, 2009.

Effective May 1, 2009, the Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.20% (1.40% until April 30, 2009) for all share classes of the Fund until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA. As of June 30, 2009, the Fund had no potential cumulative reimbursements.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated

20 Semiannual Report 2009

proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II shares of the Fund.

For the six months ended June 30, 2009, NFS received $126,850 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $566.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or

2009 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $98,730,862 and sales of $73,850,731 (excluding short-term securities).

6. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly

22 Semiannual Report 2009

(“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	199,428,403	$	10,504,324	$	(38,359,419)	$	(27,855,095)

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 23

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

    (i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-adviser (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

24 Semiannual Report 2009

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

    (ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Gartmore Global Partners (“GGP”), the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for each of the one- and five-year periods ended September 30, 2008, the Fund’s performance for Class II shares was in the fifth quintile of its peer group, while performance for the three-year period ended September 30, 2008 was in the fourth quintile of its peer group. In this regard, it was noted that the Fund assets had decreased 66% year-over-year due to the sharp decline in emerging market equities and to heavy redemption activity through the Fund’s primary distributor. The Trustees also noted that, for each period, the Fund underperformed its benchmark, the MSCI Emerging Markets Index. The Trustees noted that the Fund is on the watch list and reviewed GGP’s response to the watch list questionnaire.

The Trustees noted that the Board previously approved the elimination of the performance-based fee structure applicable to the Fund effective December 1, 2008, which would reduce the Fund’s investment advisory fee to the lowest level possible under the performance fee structure. The Trustees further noted that the comparative expense information presented to the Board reflected such adjusted advisory fee structure. The Trustees noted that the Fund’s adjusted contractual advisory fee and total expenses for Class II shares were in the first quintile of its peer group, while the Fund’s adjusted actual advisory fee was in the second quintile of its peer group. The Trustees noted that shareholders of the Fund received the benefit of an expense cap (excluding 12b-1 and administrative service fees). The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the proposed investment advisory fee schedule for the Fund contains breakpoints that are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

2009 Semiannual Report 25

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

26 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 27

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

28 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 29

American Funds NVIT Growth Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
4	Statement of Assets and Liabilities
5	Statement of Operations
6	Statements of Changes in Net Assets
8	Financial Highlights
9	Notes to Financial Statements
14	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-AM-GR (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder American Funds NVIT Growth Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
American Funds NVIT Growth Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class II	Actual			1,000.00		1,126.90		3.80		0.72
	Hypothetical	c		1,000.00		1,021.09		3.61		0.72

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	American Funds
	NVIT Growth Fund
Assets:
Investments in Master Fund (cost $225,263,684)	$	144,898,125
Cash		2,000
Receivable for capital shares issued		76,632
Receivable from adviser		17,982
Prepaid expenses and other assets		1,543
Total Assets		144,996,282
Liabilities:
Payable for investments purchased		52,536
Payable for capital shares redeemed		24,096
Accrued expenses and other payables:
Fund administration fees		5,648
Master feeder service provider fee		29,970
Distribution fees		29,970
Administrative services fees		35,628
Custodian fees		1,819
Trustee fees		296
Compliance program costs (Note 3)		2,751
Professional fees		6,842
Printing fees		2,282
Other		2,517
Total Liabilities		194,355
Net Assets	$	144,801,927
Represented by:
Capital	$	227,992,643
Accumulated net investment loss		(84,330	)
Accumulated net realized losses from investment transactions		(2,740,827	)
Net unrealized appreciation/(depreciation) from investments		(80,365,559	)
Net Assets	$	144,801,927
Net Assets:
Class II Shares	$	144,801,927
Total	$	144,801,927
Shares Outstanding (unlimited number of shares authorized):
Class II Shares		3,477,610
Total		3,477,610
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	41.64

The accompanying notes are an integral part of the financial statements.

4 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	American Funds
	NVIT Growth Fund
INVESTMENT INCOME:
Dividend income from Master Fund	$	368,921
Total Income		368,921
EXPENSES:
Fund administration fees		30,665
Master feeder service provider fee		157,375
Distribution fees Class II Shares		157,375
Administrative services fees Class II Shares		161,060
Custodian fees		2,673
Trustee fees		2,564
Compliance program costs (Note 3)		873
Professional fees		12,286
Printing fees		17,336
Other		5,482
Total expenses before earnings credit and expenses waived		547,689
Earnings credit (Note 4)		(12	)
Expenses waived for Master feeder service provider fee		(94,426	)
Net Expenses		453,251
NET INVESTMENT LOSS		(84,330	)
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(18,632,422	)
Net change in unrealized appreciation/(depreciation) from investments		33,560,920
Net realized/unrealized gains from investments		14,928,498
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,844,168

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statements of Changes in Net Assets

	American Funds NVIT Growth Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income (loss)	$	(84,330	)	$	917,168
Net realized gains (losses) from investment transactions		(18,632,422	)		18,193,889
Net change in unrealized appreciation/(depreciation) from investments		33,560,920			(117,349,238	)
Change in net assets resulting from operations		14,844,168			(98,238,181	)
Distributions to Shareholders From:
Net investment income:
Class II		–			(3,782,467	)
Class VII (a)		–			(12	)
Net realized gains:
Class II		–			(10,823,756	)
Class VII (a)		–			(55	)
Change in net assets from shareholder distributions		–			(14,606,290	)
Change in net assets from capital transactions		(4,781,672	)		66,584,694
Change in net assets		10,062,496			(46,259,777	)
Net Assets:
Beginning of period		134,739,431			180,999,208
End of period	$	144,801,927		$	134,739,431
Accumulated undistributed net investment income (loss) at end of period	$	(84,330	)	$	–
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	17,160,430		$	67,341,710
Dividends reinvested		–			14,606,223
Cost of shares redeemed		(21,942,102	)		(15,362,667	)
Total Class II		(4,781,672	)		66,585,266
Class VII Shares (a)
Proceeds from shares issued		–			–
Dividends reinvested		–			67
Cost of shares redeemed		–			(639	)
Total Class VII		–			(572	)
Change in net assets from capital transactions	$	(4,781,672	)	$	66,584,694
SHARE TRANSACTIONS:
Class II Shares
Issued		453,081			1,132,181
Reinvested		–			283,842
Redeemed		(621,723	)		(278,165	)
Total Class II Shares		(168,642	)		1,137,858

Amounts designated as “–” are zero or have been rounded to zero.

(a)  Effective December 3, 2008, the Fund ceased offering Class VII shares.

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

	American Funds NVIT Growth Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
SHARE TRANSACTIONS: (continued)
Class VII Shares (a)
Issued		–			–
Reinvested		–			1
Redeemed		–			(17	)
Total Class VII Shares		–			(16	)
Total change in shares		(168,642	)		1,137,842

Amounts designated as “–” are zero or have been rounded to zero.

(a)  Effective December 3, 2008, the Fund ceased offering Class VII shares.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

American Funds NVIT Growth Fund

				Operations									Distributions															Ratios / Supplemental Data
							Net Realized																										Ratio of Net			Ratio of
							and																										Investment			Expenses
	Net Asset			Net			Unrealized																							Ratio of			Income			(Prior to
	Value,			Investment			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			(Loss)			Reimbursements)
	Beginning			Income			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			(Loss) (a)			Investments			Operations			Income			Gains			Distributions			of Period			Return (b)			Period		Net Assets (c)(d)			Net Assets (c)			Net Assets (c)(d)(e)			Turnover (f)
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	36	.95		(0	.02)		4	.71		4	.69		–			–			–		$	41	.64		12	.69%	$	144,801,927		0	.72%		(0	.13%)		0	.87%		21%
Year Ended December 31, 2008	$	72	.16		0	.28		(30	.91)		(30	.63)		(1	.14)		(3	.44)		(4	.58)	$	36	.95		(44	.21%)	$	134,739,431		0	.70%		0	.53%		0	.88%		26%
Year Ended December 31, 2007	$	64	.82		0	.35		7	.37		7	.72		(0	.36)		(0	.02)		(0	.38)	$	72	.16		11	.90%	$	180,998,045		0	.65%		0	.68%		0	.80%		40%
Period Ended December 31, 2006 (g)	$	62	.91		0	.39		1	.92		2	.31		(0	.40)		–			(0	.40)	$	64	.82		3	.68%	$	74,804,427		0	.74%		1	.90%		0	.91%		35%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the Master Fund.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	Expenses do not include expenses from the Master Fund.
(e)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f)	Portfolio turnover is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets.
(g)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the American Funds NVIT Growth Fund (the “Fund”). Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund operates as a “feeder fund” which means that the Fund does not buy individual securities directly. Instead, the Fund invests all of its assets in another mutual fund, the American Fund (the ”Master Fund”), a series of the American Funds Insurance Series, (”American Funds”), which invests directly in individual securities. The Fund, therefore, has the same investment objective and limitations as the Master Fund in which the Fund invests. The financial statements of the Master Fund’s portfolio, including the Statement of Investments, are included elsewhere in this report and should be read with the Fund’s financial statements. The percentage of the Master Fund’s portfolio owned by the Fund at June 30, 2009, was 0.72%.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

The net asset value (”NAV”) per share of the Fund is calculated by taking the market value of the shares of the Master Fund and other assets owned by the Fund that are allocated to the class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. The Fund’s NAV is determined at the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern Time) (“Close of Trading”) on each day the Exchange is open for trading (“Business Day”).

The Master Fund calculates its NAV at the Close of Trading on each Business Day. Assets held by the Master Fund are valued primarily on the basis of market quotations. The Master Fund, however, has adopted procedures for making “fair value” determinations if market quotations are not readily available. For example, if events occur between the close of markets outside the United States and the Close of Trading that, in the opinion of Capital Research and Management Company (“Capital Research”), the Master Fund’s investment adviser, materially affect the value of the portfolio securities of the Master Fund, the securities will be valued in accordance with the Master Fund’s fair value procedures. Use of these procedures is intended to result in more appropriate NAVs. In addition, such use will reduce, if not eliminate, potential arbitrage opportunities otherwise available to short-term investors in the Master Fund.

2009 Semiannual Report 9

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Please refer to the Master Fund Semi-Annual Report that was mailed along with this report for the Master Fund’s Security Valuation Policies.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

		Level 2 — Other
	Level 1 — Quoted	Significant		Level 3 — Significant
Asset Type	Prices	Observable Inputs		Unobservable Inputs		Total
Investment in Master Fund	$144,898,125	$	—	$	—	$	144,898,125

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the

10 Semiannual Report 2009

accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(d)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(e)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2006 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(f)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

3. Transactions with Affiliates

Under the terms of the Master Fund’s Investment Advisory Agreement, Capital Research manages the investment of the assets and supervises the daily business affairs of the Master Fund. Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of Nationwide Financial Services (“NFS”)), provides non-investment master-feeder operational support services to the Fund. Under the terms of the Trust’s Master-Feeder Services Agreement with NFM on behalf of the Fund, the Fund pays NFM a fee at an annual rate of 0.25% based on the Fund’s average daily net assets. NFM has entered into a contractual agreement with the Trust under which NFM will waive 0.15% of the fees NFM receives for providing the Fund with non-investment master-feeder operational support services until May 1, 2010.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II of the Fund.

For the six months ended June 30, 2009, NFS received $154,386 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $873.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses

12 Semiannual Report 2009

such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

6. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

7. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	237,851,343	$	—	$	(92,953,218)	$	(92,953,218)

8. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 13

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

14 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 15

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

16 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 17

American Funds NVIT Global Growth Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
4	Statement of Assets and Liabilities
5	Statement of Operations
6	Statements of Changes in Net Assets
8	Financial Highlights
9	Notes to Financial Statements
14	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-AM-GG (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder American Funds NVIT Global Growth

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
American Funds NVIT Global Growth Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class II	Actual			1,000.00		1,137.90		3.78		0.71
	Hypothetical	c		1,000.00		1,021.12		3.58		0.71

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	American Funds
	NVIT Global
	Growth Fund
Assets:
Investments in Master Fund (cost $131,826,865)	$	94,439,034
Cash		2,000
Receivable for capital shares issued		586,638
Receivable from adviser		11,519
Prepaid expenses and other assets		1,024
Total Assets		95,040,215
Liabilities:
Payable for investments purchased		575,480
Payable for capital shares redeemed		11,158
Accrued expenses and other payables:
Fund administration fees		3,618
Master feeder service provider fee		19,199
Distribution fees		19,199
Administrative services fees		20,931
Custodian fees		888
Trustee fees		74
Compliance program costs (Note 3)		917
Professional fees		3,989
Printing fees		1,339
Other		1,295
Total Liabilities		658,087
Net Assets	$	94,382,128
Represented by:
Capital	$	128,962,521
Accumulated undistributed net investment income		59,300
Accumulated net realized gains from investment transactions		2,748,138
Net unrealized appreciation/(depreciation) from investments		(37,387,831	)
Net Assets	$	94,382,128
Net Assets:
Class II Shares	$	94,382,128
Total	$	94,382,128
Shares Outstanding (unlimited number of shares authorized):
Class II Shares		5,553,248
Total		5,553,248
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	17.00

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	American Funds
	NVIT Global
	Growth Fund
INVESTMENT INCOME:
Dividend income from Master Fund	$	345,072
Total Income		345,072
EXPENSES:
Fund administration fees		19,500
Master feeder service provider fee		100,012
Distribution fees Class II Shares		100,012
Administrative services fees Class II Shares		101,074
Custodian fees		1,735
Trustee fees		1,529
Compliance program costs (Note 3)		543
Professional fees		7,468
Printing fees		10,163
Other		3,754
Total expenses before earnings credit and expenses waived		345,790
Earnings credit (Note 4)		(11	)
Expenses waived for Master feeder service provider fee		(60,007	)
Net Expenses		285,772
NET INVESTMENT INCOME		59,300
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(3,234,928	)
Net change in unrealized appreciation/(depreciation) from investments		14,110,729
Net realized/unrealized gains from investments		10,875,801
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,935,101

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statements of Changes in Net Assets

	American Funds NVIT Global Growth Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	59,300		$	1,562,252
Net realized gains (losses) from investment transactions		(3,234,928	)		7,158,793
Net change in unrealized appreciation/(depreciation) from investments		14,110,729			(57,941,830	)
Change in net assets resulting from operations		10,935,101			(49,220,785	)
Distributions to Shareholders From:
Net investment income:
Class II		–			(2,919,510	)
Class VII (a)		–			(11	)
Net realized gains:
Class II		–			(3,510,194	)
Class VII (a)		–			(33	)
Change in net assets from shareholder distributions		–			(6,429,748	)
Change in net assets from capital transactions		4,153,250			25,389,986
Change in net assets		15,088,351			(30,260,547	)
Net Assets:
Beginning of period		79,293,777			109,554,324
End of period	$	94,382,128		$	79,293,777
Accumulated undistributed net investment income at end of period	$	59,300		$	–
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	11,682,533		$	34,532,392
Dividends reinvested		–			6,429,704
Cost of shares redeemed		(7,529,283	)		(15,571,402	)
Total Class II		4,153,250			25,390,694
Class VII Shares (a)
Proceeds from shares issued		–			–
Dividends reinvested		–			44
Cost of shares redeemed		–			(752	)
Total Class VII		–			(708	)
Change in net assets from capital transactions	$	4,153,250		$	25,389,986
SHARE TRANSACTIONS:
Class II Shares
Issued		769,963			1,532,535
Reinvested		–			355,343
Redeemed		(522,739	)		(782,485	)
Total Class II Shares		247,224			1,105,393

Amounts designated as “–” are zero or have been rounded to zero.

(a)  Effective December 3, 2008, the Fund ceased offering Class VII shares.

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

	American Funds NVIT Global Growth Fund
	Six Months Ended
	June 30, 2009		Year Ended
	(Unaudited)		December 31, 2008
SHARE TRANSACTIONS: (continued)
Class VII Shares (a)
Issued		–		–
Reinvested		–		3
Redeemed		–		(50	)
Total Class VII Shares		–		(47	)
Total change in shares		247,224		1,105,346

Amounts designated as “–” are zero or have been rounded to zero.

(a) Effective December 3, 2008, the Fund ceased offering Class VII shares.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

American Funds NVIT Global Growth Fund

				Operations									Distributions																		Ratios / Supplemental Data
																																							Ratio of
							Net Realized																													Ratio of Net			Expenses
							and																													Investment			(Prior to
	Net Asset						Unrealized																										Ratio of			Income			Reimbursements)
	Value,			Net			Gains			Total			Net			Net									Net Asset						Net Assets		Expenses			(Loss)			to Average
	Beginning			Investment			(Losses) from			from			Investment			Realized			Return of			Total			Value, End			Total			at End of		to Average			to Average			Net			Portfolio
	of Period			Income (a)			Investments			Operations			Income			Gains			capital			Distributions			of Period			Return (b)			Period		Net Assets (c) (d)			Net Assets (c)			Assets (c)(d)(e)			Turnover (f)
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	14	.94		0	.01		2	.05		2	.06		–			–			–			–		$	17	.00		13	.79%	$	94,382,128		0	.71%		0	.15%		0	.86%		21%
Year Ended December 31, 2008	$	26	.08		0	.31		(10	.18)		(9	.87)		(0	.57)		(0	.70)		–			(1	.27)	$	14	.94		(38	.64%)	$	79,293,777		0	.68%		1	.51%		0	.86%		38%
Year Ended December 31, 2007	$	23	.35		0	.61		2	.73		3	.34		(0	.61)		–			–			(0	.61)	$	26	.08		14	.36%	$	109,553,081		0	.67%		2	.92%		0	.82%		38%
Period Ended December 31, 2006 (g)	$	21	.69		0	.10		1	.72		1	.82		–			–			(0	.16)		(0	.16)	$	23	.35		8	.52%	$	45,991,828		0	.91%		(0	.63%)		1	.16%		31%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the Master Fund.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	Expenses do not include expenses from the Master Fund.
(e)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f)	Portfolio turnover is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets.
(g)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the American Funds NVIT Global Growth Fund (the “Fund”). Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund operates as a ”feeder fund” which means that the Fund does not buy individual securities directly. Instead, the Fund invests all of its assets in another mutual fund, the American Fund (the ”Master Fund”), a series of the American Funds Insurance Series, (”American Funds”), which invests directly in individual securities. The Fund, therefore, has the same investment objective and limitations as the Master Fund in which the Fund invests. The financial statements of the Master Fund’s portfolio, including the Statement of Investments, are included elsewhere in this report and should be read with the Fund’s financial statements. The percentage of the Master Fund’s portfolio owned by the Fund at June 30, 2009, was 2.21%.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

The net asset value (”NAV”) per share of the Fund is calculated by taking the market value of the shares of the Master Fund and other assets owned by the Fund that are allocated to the class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. The Fund’s NAV is determined at the close of regular trading on the New York Stock Exchange (the ”Exchange”) (usually 4:00 p.m. Eastern Time) (”Close of Trading”) on each day the Exchange is open for trading (”Business Day”).

The Master Fund calculates its NAV at the Close of Trading on each Business Day. Assets held by the Master Fund are valued primarily on the basis of market quotations. The Master Fund, however, has adopted procedures for making ”fair value” determinations if market quotations are not readily available. For example, if events occur between the close of markets outside the United States and the Close of Trading that, in the opinion of Capital Research and Management Company (”Capital Research”), the Master Fund’s investment adviser, materially affect the value of the portfolio securities of the Master Fund, the securities will be valued in accordance with the Master Fund’s fair value procedures. Use of these procedures is intended to result in more appropriate NAVs. In addition, such use will reduce, if not eliminate, potential arbitrage opportunities otherwise available to short-term investors in the Master Fund.

Please refer to the Master Fund Semi-Annual Report that was mailed along with this report for the Master Fund’s Security Valuation Policies.

2009 Semiannual Report 9

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

		Level 2 — Other
	Level 1 — Quoted	Significant		Level 3 — Significant
Asset Type	Prices	Observable Inputs		Unobservable Inputs		Total
Investment in Master Fund	$94,439,034	$	—	$	—	$	94,439,034

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

10 Semiannual Report 2009

(d)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(e)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2006 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(f)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

3. Transactions with Affiliates

Under the terms of the Master Fund’s Investment Advisory Agreement, Capital Research manages the investment of the assets and supervises the daily business affairs of the Master Fund. Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of Nationwide Financial Services (“NFS”)), provides non-investment master-feeder operational support services to the Fund. Under the terms of the Trust’s Master-Feeder Services Agreement with NFM on behalf of the Fund, the Fund pays NFM a fee at an annual rate of 0.25% based on the Fund’s average daily net assets. NFM has entered into a contractual agreement with the Trust under which NFM will waive 0.15% of the fees NFM receives for providing the Fund with non-investment master-feeder operational support services until May 1, 2010.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II of the Fund.

For the six months ended June 30, 2009, NFS received $97,088 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $543.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and

12 Semiannual Report 2009

earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

6. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

7. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	136,777,473	$	—	$	(42,338,439)	$	(42,338,439)

8. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 13

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

14 Semiannual Report 2009

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 15

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

16 Semiannual Report 2009

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 17

American Funds NVIT Asset Allocation Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
4	Statement of Assets and Liabilities
5	Statement of Operations
6	Statements of Changes in Net Assets
8	Financial Highlights
9	Notes to Financial Statements
14	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-AM-AA (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder American Funds NVIT Asset Allocation Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

American Funds			Beginning		Ending		Expenses Paid		Annualized
NVIT Asset			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Allocation Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class II	Actual			1,000.00		1,053.80		3.49		0.69
	Hypothetical	c		1,000.00		1,021.26		3.44		0.69

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	American Funds
	NVIT Asset
	Allocation Fund
Assets:
Investments in Master Fund (cost $1,132,877,798)	$	907,458,715
Cash		2,000
Receivable for capital shares issued		2,054,625
Receivable from adviser		110,159
Prepaid expenses and other assets		10,726
Total Assets		909,636,225
Liabilities:
Payable for investments purchased		2,052,640
Payable for capital shares redeemed		1,985
Accrued expenses and other payables:
Fund administration fees		34,603
Master feeder service provider fee		183,597
Distribution fees		183,597
Administrative services fees		29,338
Custodian fees		4,375
Trustee fees		1,141
Compliance program costs (Note 3)		14,318
Professional fees		35,427
Printing fees		9,157
Other		12,483
Total Liabilities		2,562,661
Net Assets	$	907,073,564
Represented by:
Capital	$	1,106,117,312
Accumulated undistributed net investment income		2,206,604
Accumulated net realized gains from investment transactions		24,168,731
Net unrealized appreciation/(depreciation) from investments		(225,419,083	)
Net Assets	$	907,073,564
Net Assets:
Class II Shares	$	907,073,564
Total	$	907,073,564
Shares Outstanding (unlimited number of shares authorized):
Class II Shares		66,152,875
Total		66,152,875
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	13.71

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	American Funds
	NVIT Asset
	Allocation Fund
INVESTMENT INCOME:
Dividend income from Master Fund	$	4,733,108
Total Income		4,733,108
EXPENSES:
Fund administration fees		179,276
Master feeder service provider fee		919,521
Distribution fees Class II Shares		919,521
Administrative services fees Class II Shares		900,463
Custodian fees		11,650
Trustee fees		14,304
Compliance program costs (Note 3)		5,108
Professional fees		65,973
Printing fees		39,148
Other		23,263
Total expenses before earnings credit and expenses waived		3,078,227
Earnings credit (Note 4)		(8	)
Expenses waived for Master feeder service provider fee		(551,715	)
Net Expenses		2,526,504
NET INVESTMENT INCOME		2,206,604
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(466,965	)
Net change in unrealized appreciation/(depreciation) from investments		46,632,289
Net realized/unrealized gains from investments		46,165,324
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	48,371,928

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statements of Changes in Net Assets

	American Funds NVIT
	Asset Allocation Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	2,206,604		$	17,566,742
Net realized gains (losses) from investment transactions		(466,965	)		25,485,381
Net change in unrealized appreciation/(depreciation) from investments		46,632,289			(267,295,843	)
Change in net assets resulting from operations		48,371,928			(224,243,720	)
Distributions to Shareholders From:
Net investment income:
Class II		–			(19,502,679	)
Class VII (a)		–			(3	)
Net realized gains:
Class II		–			(8,403,490	)
Class VII (a)		–			(12	)
Change in net assets from shareholder distributions		–			(27,906,184	)
Change in net assets from capital transactions		206,015,825			379,588,666
Change in net assets		254,387,753			127,438,762
Net Assets:
Beginning of period		652,685,811			525,247,049
End of period	$	907,073,564		$	652,685,811
Accumulated undistributed net investment income at end of period	$	2,206,604		$	–
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	211,524,114		$	372,153,711
Dividends reinvested		–			27,906,169
Cost of shares redeemed		(5,508,289	)		(20,470,448	)
Total Class II		206,015,825			379,589,432
Class VII Shares (a)
Proceeds from shares issued		–			–
Dividends reinvested		–			15
Cost of shares redeemed		–			(781	)
Total Class VII		–			(766	)
Change in net assets from capital transactions	$	206,015,825		$	379,588,666
SHARE TRANSACTIONS:
Class II Shares
Issued		16,419,912			22,263,477
Reinvested		–			2,009,090
Redeemed		(436,497	)		(1,244,334	)
Total Class II Shares		15,983,415			23,028,233

Amounts designated as “–” are zero or have been rounded to zero.

(a)  Effective December 3, 2008, the Fund ceased offering Class VII shares.

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

	American Funds NVIT
	Asset Allocation Fund
	Six Months Ended
	June 30, 2009		Year Ended
	(Unaudited)		December 31, 2008
SHARE TRANSACTIONS: (continued)
Class VII Shares (a)
Issued		–		–
Reinvested		–		1
Redeemed		–		(59	)
Total Class VII Shares		–		(58	)
Total change in shares		15,983,415		23,028,175

Amounts designated as “–” are zero or have been rounded to zero.

(a)  Effective December 3, 2008, the Fund ceased offering Class VII shares.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Financial Highlights

Selected data for a share of capital stock throughout the periods indicated

American Funds NVIT Asset Allocation Fund

				Operations									Distributions															Ratios / Supplemental Data
							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End		to Average			to Average			to Average			Portfolio
	of Period			Income (a)			Investments			Operations			Income			Gains			Distributions			of Period			Return (b)			of Period		Net Assets (c)(d)			Net Assets (c)			Net Assets (c)(d)(e)			Turnover (f)
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)(g)	$	13	.01		0	.03		0	.67		0	.70		–			–			–		$	13	.71		5	.38%	$	907,073,564		0	.69%		0	.60%		0	.84%		18%
Year Ended December 31, 2008	$	19	.35		0	.35		(6	.08)		(5	.73)		(0	.41)		(0	.20)		(0	.61)	$	13	.01		(29	.77%)	$	652,685,811		0	.70%		2	.81%		0	.85%		36%
Year Ended December 31, 2007	$	18	.58		0	.36		0	.78		1	.14		(0	.36)		(0	.01)		(0	.37)	$	19	.35		6	.14%	$	525,245,924		0	.63%		2	.88%		0	.78%		29%
Period Ended December 31, 2006 (h)	$	17	.92		0	.36		0	.66		1	.02		(0	.36)		–			(0	.36)	$	18	.58		5	.69%	$	162,748,733		0	.69%		6	.18%		0	.86%		38%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the Master Fund.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	Expenses do not include expenses from the Master Fund.
(e)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f)	Portfolio turnover is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets.
(g)	Per share calculations were performed using average shares method.
(h)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the American Funds NVIT Asset Allocation Fund (the “Fund”). Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund operates as a ”feeder fund” which means that the Fund does not buy individual securities directly. Instead, the Fund invests all of its assets in another mutual fund, the American Fund (the ”Master Fund”), a series of the American Funds Insurance Series, (”American Funds”), which invests directly in individual securities. The Fund, therefore, has the same investment objective and limitations as the Master Fund in which the Fund invests. The financial statements of the Master Fund’s portfolio, including the Statement of Investments, are included elsewhere in this report and should be read with the Fund’s financial statements. The percentage of the Master Fund’s portfolio owned by the Fund at June 30, 2009, was 11.13%.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

The net asset value (”NAV”) per share of the Fund is calculated by taking the market value of the shares of the Master Fund and other assets owned by the Fund that are allocated to the class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. The Fund’s NAV is determined at the close of regular trading on the New York Stock Exchange (the ”Exchange”) (usually 4:00 p.m. Eastern Time) (”Close of Trading”) on each day the Exchange is open for trading (”Business Day”).

The Master Fund calculates its NAV at the Close of Trading on each Business Day. Assets held by the Master Fund are valued primarily on the basis of market quotations. The Master Fund, however, has adopted procedures for making ”fair value” determinations if market quotations are not readily available. For example, if events occur between the close of markets outside the United States and the Close of Trading that, in the opinion of Capital Research and Management Company (”Capital Research”), the Master Fund’s investment adviser, materially affect the value of the portfolio securities of the Master Fund, the securities will be valued in accordance with the Master Fund’s fair value procedures. Use of these procedures is intended to result in more appropriate NAVs. In addition, such use will reduce, if not eliminate, potential arbitrage opportunities otherwise available to short-term investors in the Master Fund.

Please refer to the Master Fund Semi-Annual Report that was mailed along with this report for the Master Fund’s Security Valuation Policies.

2009 Semiannual Report 9

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

		Level 2 — Other
	Level 1 — Quoted	Significant		Level 3 — Significant
Asset Type	Prices	Observable Inputs		Unobservable Inputs		Total
Investment in Master Fund	$907,458,715	$	—	$	—	$	907,458,715

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

10 Semiannual Report 2009

(d)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(e)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2006 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(f)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

3. Transactions with Affiliates

Under the terms of the Master Fund’s Investment Advisory Agreement, Capital Research manages the investment of the assets and supervises the daily business affairs of the Master Fund. Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of Nationwide Financial Services (“NFS”)), provides non-investment master-feeder operational support services to the Fund. Under the terms of the Trust’s Master-Feeder Services Agreement with NFM on behalf of the Fund, the Fund pays NFM a fee at an annual rate of 0.25% based on the Fund’s average daily net assets. NFM has entered into a contractual agreement with the Trust under which NFM will waive 0.15% of the fees NFM receives for providing the Fund with non-investment master-feeder operational support services until May 1, 2010.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II of the Fund.

For the six months ended June 30, 2009, NFS received $870,269 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $5,108.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any

12 Semiannual Report 2009

offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

6. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

7. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	1,133,844,021	$	—	$	(226,385,306)	$	(226,385,306)

8. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 13

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of march FIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

14 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 15

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group,
1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

	Position(s) Held		Number of Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

16 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group,
1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

	Position(s) Held		Number of Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 17

American Funds NVIT Growth-Income Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
4	Statement of Assets and Liabilities
5	Statement of Operations
6	Statements of Changes in Net Assets
7	Financial Highlights
8	Notes to Financial Statements
13	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-AM-GI (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder American Funds NVIT Growth-Income Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
American Funds NVIT			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Growth-Income Fund			01/01/09		06/30/09		01/01/09 - 06/30/09 a,b		01/01/09 - 06/30/09 a,b
Class II	Actual			1,000.00		1,076.20		3.17		0.62
	Hypothetical	c		1,000.00		1,021.61		3.09		0.62

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	American Funds NVIT
	Growth-Income Fund
Assets:
Investments in Master Fund (cost $453,086,782)	$	370,294,193
Cash		2,000
Receivable for capital shares issued		727,488
Receivable from adviser		45,141
Prepaid expenses and other assets		42,056
Total Assets		371,110,878
Liabilities:
Payable for investments purchased		727,225
Payable for capital shares redeemed		263
Accrued expenses and other payables:
Fund administration fees		14,179
Master feeder service provider fee		75,235
Distribution fees		75,235
Custodian fees		954
Trustee fees		107
Compliance program costs (Note 3)		4,412
Professional fees		13,079
Printing fees		180
Other		2,190
Total Liabilities		913,059
Net Assets	$	370,197,819
Represented by:
Capital	$	443,061,861
Accumulated undistributed net investment income		620,598
Accumulated net realized gains from investment transactions		9,307,949
Net unrealized appreciation/(depreciation) from investments		(82,792,589	)
Net Assets	$	370,197,819
Net Assets:
Class II Shares		370,197,819
Total	$	370,197,819
Shares Outstanding (unlimited number of shares authorized):
Class II Shares		13,102,518
Total		13,102,518
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	28.25

The accompanying notes are an integral part of the financial statements.

4 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	American Funds NVIT
	Growth-Income Fund
INVESTMENT INCOME:
Dividend income from Master Fund	$	1,525,892
Total Income		1,525,892
EXPENSES:
Fund administration fees		71,521
Master feeder service provider fee		366,868
Distribution fees Class II Shares		366,868
Administrative services fees Class II Shares		259,288
Custodian fees		3,939
Trustee fees		5,348
Compliance program costs (Note 3)		2,069
Professional fees		25,259
Printing fees		20,132
Other		4,132
Total expenses before earnings credit and expenses waived		1,125,424
Earnings credit (Note 4)		(8	)
Expenses waived for Master feeder service provider fee		(220,122	)
Net Expenses		905,294
NET INVESTMENT INCOME		620,598
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(278,017	)
Net change in unrealized appreciation/(depreciation) from investments		28,679,880
Net realized/unrealized gains from investments		28,401,863
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	29,022,461

The accompanying notes are an integral part of the financial statements.

2008 Semiannual Report 5

Statements of Changes in Net Assets

	American Funds NVIT Growth-Income Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	620,598		$	4,590,414
Net realized gains (losses) from investment transactions		(278,017	)		11,621,899
Net change in unrealized appreciation/(depreciation) from investments		28,679,880			(108,153,042	)
Change in net assets resulting from operations		29,022,461			(91,940,729	)
Distributions to Shareholders From:
Net investment income:
Class II		–			(5,969,955	)
Class VII (a)		–			(4	)
Net realized gains:
Class II		–			(69,929	)
Class VII (a)		–			–
Change in net assets from shareholder distributions		–			(6,039,888	)
Change in net assets from capital transactions		105,265,048			246,358,979
Change in net assets		134,287,509			148,378,362
Net Assets:
Beginning of period		235,910,310			87,531,948
End of period	$	370,197,819		$	235,910,310
Accumulated undistributed net investment income at end of period	$	620,598		$	–
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	106,935,383		$	243,090,041
Dividends reinvested		–			6,039,884
Cost of shares redeemed		(1,670,335	)		(2,770,348	)
Total Class II		105,265,048			246,359,577
Class VII Shares (a)
Proceeds from shares issued		–			–
Dividends reinvested		–			4
Cost of shares redeemed		–			(602	)
Total Class VII		–			(598	)
Change in net assets from capital transactions	$	105,265,048		$	246,358,979
SHARE TRANSACTIONS:
Class II Shares
Issued		4,183,310			6,837,817
Reinvested		–			223,201
Redeemed		(68,403	)		(82,647	)
Total Class II Shares		4,114,907			6,978,371
Class VII Shares (a)
Issued		–			–
Reinvested		–			–
Redeemed		–			(22	)
Total Class VII Shares		–			(22	)
Total change in shares		4,114,907			6,978,349

Amounts designated as “-” are zero or have been rounded to zero.

(a) Effective December 3, 2008, the Fund ceased offering Class VII shares.

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

American Funds NVIT Growth-Income Fund

				Operations									Distributions																	Ratios / Supplemental Data
																																				Ratio of
							Net Realized																										Ratio of Net			Expenses
							and																										Investment			(Prior to
	Net Asset						Unrealized																							Ratio of			Income			Reimbursements)
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			to Average			to Average
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			Net			Net			Portfolio
	of Period			Income (a)			Investments			Operations			Income			Gains			Distributions			of Period			Return (b)			Period		Net Assets (c)(d)			Assets (c)			Assets (c)(d)(e)			Turnover (f)
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	26	.25		0	.05		1	.95		2	.00		–			–			–		$	28	.25		7	.62%	$	370,197,819		0	.62%		0	.42%		0	.77%		13	%
Year Ended December 31, 2008	$	43	.56		0	.59		(17	.14)		(16	.55)		(0	.75)		(0	.01)		(0	.76)	$	26	.25		(38	.06%)	$	235,910,310		0	.64%		2	.61%		0	.79%		31	%
Period Ended December 31, 2007 (g)	$	44	.86		0	.62		(1	.30)		(0	.68)		(0	.62)		–			(0	.62)	$	43	.56		(1	.54%)	$	87,530,963		0	.68%		4	.48%		0	.83%		24	%

Amounts designated as “-” are zero or have been rounded to zero.

(a)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the Master Fund.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	Expenses do not include expenses from the Master Fund.
(e)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f)	Portfolio turnover is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets.
(g)	For the period from April 27, 2007 (commencement of operations) through December 31, 2007.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the American Funds NVIT Growth-Income Fund (the “Fund”). Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund operates as a “feeder fund” which means that the Fund does not buy individual securities directly. Instead, the Fund invests all of its assets in another mutual fund, the American Fund (the “Master Fund”), a series of the American Funds Insurance Series, (“American Funds”), which invests directly in individual securities. The Fund, therefore, has the same investment objective and limitations as the Master Fund in which the Fund invests. The financial statements of the Master Fund’s portfolio, including the Statement of Investments, are included elsewhere in this report and should be read with the Fund’s financial statements. The percentage of the Master Fund’s portfolio owned by the Fund at June 30, 2009, was 1.84%.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

The net asset value (“NAV”) per share of the Fund is calculated by taking the market value of the shares of the Master Fund and other assets owned by the Fund that are allocated to the class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. The Fund’s NAV is determined at the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern Time) (“Close of Trading”) on each day the Exchange is open for trading (“Business Day”).

The Master Fund calculates its NAV at the Close of Trading on each Business Day. Assets held by the Master Fund are valued primarily on the basis of market quotations. The Master Fund, however, has adopted procedures for making “fair value” determinations if market quotations are not readily available. For example, if events occur between the close of markets outside the United States and the Close of Trading that, in the opinion of Capital Research and Management Company (“Capital Research”), the Master Fund’s investment adviser, materially affect the value of the portfolio securities of the Master Fund, the securities will be valued in accordance with the Master Fund’s fair value procedures. Use of these procedures is intended to result in more appropriate NAVs. In addition, such use will reduce, if not eliminate, potential arbitrage opportunities otherwise available to short-term investors in the Master Fund.

Please refer to the Master Fund Semi-Annual Report that was mailed along with this report for the Master Fund’s Security Valuation Policies.

8 Semiannual Report 2009

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

		Level 2 — Other
	Level 1 — Quoted	Significant	Level 3 — Significant
Asset Type	Prices	Observable Inputs	Observable Inputs		Total
Investment in Master Fund	$370,294,193	$—	$	—	$	370,294,193

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

2009 Semiannual Report 9

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(d)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(e)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2007 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(f)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Master Fund’s Investment Advisory Agreement, Capital Research manages the investment of the assets and supervises the daily business affairs of the Master Fund. Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned

10 Semiannual Report 2009

subsidiary of Nationwide Financial Services (“NFS”)), provides non-investment master-feeder operational support services to the Fund. Under the terms of the Trust’s Master-Feeder Services Agreement with NFM on behalf of the Fund, the Fund pays NFM a fee at an annual rate of 0.25% based on the Fund’s average daily net assets. NFM has entered into a contractual agreement with the Trust under which NFM will waive 0.15% of the fees NFM receives for providing the Fund with non-investment master-feeder operational support services until May 1, 2010.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II of the Fund.

For the six months ended June 30, 2009, NFS received $339,989 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $2,069.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

6. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

7. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	454,033,765	$	—	$	(83,739,572)	$	(83,739,572)

8. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

12 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
	and Length of	Principal Occupation(s)	Overseen		Directorships
Name and Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 13

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
	and Length of	Principal Occupation(s)	Overseen		Directorships
Name and Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

14 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

	Position(s) Held		Number of
	with Fund and	Principal	Portfolios in Fund		Other Directorships
	Length of Time	Occupation(s)	Complex Overseen by		Held by
Name and Year of Birth	Served1	During Past 5 Years2	Trustee		Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 15

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

	Position(s) Held		Number of
	with Fund and	Principal	Portfolios in Fund		Other Directorships
	Length of Time	Occupation(s)	Complex Overseen by		Held by
Name and Year of Birth	Served1	During Past 5 Years2	Trustee		Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

16 Semiannual Report 2009

American Funds NVIT Bond Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
4	Statement of Assets and Liabilities
5	Statement of Operations
6	Statements of Changes in Net Assets
7	Financial Highlights
8	Notes to Financial Statements
13	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-AM-BD (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder American Funds NVIT Bond Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
American Funds NVIT			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Bond Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class II	Actual			1,000.00		1,057.70		3.51		0.69
	Hypothetical	c		1,000.00		1,021.25		3.45		0.69

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	American Funds
	NVIT Bond Fund
Assets:
Investments in Master Fund (cost $448,981,931)	$	422,674,354
Cash		2,000
Receivable for capital shares issued		795,957
Receivable from adviser		50,705
Prepaid expenses and other assets		5,962
Total Assets		423,528,978
Liabilities:
Payable for investments purchased		762,288
Payable for capital shares redeemed		33,669
Accrued expenses and other payables:
Fund administration fees		15,929
Master feeder service provider fee		84,508
Distribution fees		84,508
Administrative services fees		31,267
Custodian fees		1,433
Trustee fees		915
Compliance program costs (Note 3)		7,551
Professional fees		19,091
Printing fees		14,130
Other		7,926
Total Liabilities		1,063,215
Net Assets	$	422,465,763
Represented by:
Capital	$	456,292,995
Accumulated undistributed net investment income		2,168,079
Accumulated net realized losses from investment transactions		(9,687,734	)
Net unrealized appreciation/(depreciation) from investments		(26,307,577	)
Net Assets	$	422,465,763
Net Assets:
Class II Shares	$	422,465,763
Total	$	422,465,763
Shares Outstanding (unlimited number of shares authorized):
Class II Shares		41,923,239
Total		41,923,239
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	10.08

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	American Funds
	NVIT Bond Fund
INVESTMENT INCOME:
Dividend income from Master Fund	$	3,423,324
Total Income		3,423,324
EXPENSES:
Fund administration fees		89,060
Master feeder service provider fee		455,989
Distribution fees Class II Shares		455,989
Administrative services fees Class II Shares		445,480
Custodian fees		5,861
Trustee fees		7,573
Compliance program costs (Note 3)		2,708
Professional fees		34,605
Printing fees		19,232
Other		12,351
Total expenses before earnings credit and expenses waived		1,528,848
Earnings credit (Note 4)		(8	)
Expenses waived for Master feeder service provider fee		(273,595	)
Net Expenses		1,255,245
NET INVESTMENT INCOME		2,168,079
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(8,178,758	)
Net change in unrealized appreciation/(depreciation) from investments		27,932,067
Net realized/unrealized gains from investments		19,753,309
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,921,388

 

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statements of Changes in Net Assets

	American Funds NVIT Bond Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	2,168,079		$	18,458,578
Net realized losses from investment transactions		(8,178,758	)		(933,271	)
Net change in unrealized appreciation/(depreciation) from investments		27,932,067			(48,405,933	)
Change in net assets resulting from operations		21,921,388			(30,880,626	)
Distributions to Shareholders From:
Net investment income:
Class II		–			(19,020,114	)
Class VII (a)		–			(6	)
Net realized gains:
Class II		–			(230,211	)
Class VII (a)		–			(1	)
Change in net assets from shareholder distributions		–			(19,250,332	)
Change in net assets from capital transactions		55,660,981			218,058,521
Change in net assets		77,582,369			167,927,563
Net Assets:
Beginning of period		344,883,394			176,955,831
End of period	$	422,465,763		$	344,883,394
Accumulated undistributed net investment income at end of period	$	2,168,079		$	–
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	99,271,225		$	249,307,817
Dividends reinvested		–			19,250,325
Cost of shares redeemed		(43,610,244	)		(50,498,658	)
Total Class II		55,660,981			218,059,484
Class VII Shares (a)
Proceeds from shares issued		–			–
Dividends reinvested		–			7
Cost of shares redeemed		–			(970	)
Total Class VII		–			(963	)
Change in net assets from capital transactions	$	55,660,981		$	218,058,521
SHARE TRANSACTIONS:
Class II Shares
Issued		10,281,450			23,012,709
Reinvested		–			2,019,970
Redeemed		(4,531,956	)		(4,636,358	)
Total Class II Shares		5,749,494			20,396,321
Class VII Shares (a)
Issued		–			–
Reinvested		–			1
Redeemed		–			(98	)
Total Class VII Shares		–			(97	)
Total change in shares		5,749,494			20,396,224

Amounts designated as “–” are zero or have been rounded to zero.

(a)  Effective December 3, 2008, the Fund ceased offering Class VII shares.

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

American Funds NVIT Bond Fund

				Operations									Distributions																		Ratios / Supplemental Data
							Net Realized																																Ratio of
							and																													Ratio of Net			Expenses
	Net Asset						Unrealized																										Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net									Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Return of			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income (a)			Investments			Operations			Income			Gains			capital			Distributions			of Period			Return (b)			Period		Net Assets (c)(d)			Net Assets (c)			Net Assets (c)(d)(e)			Turnover (f)
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	9	.53		0	.05		0	.50		0	.55		–			–			–			–		$	10	.08		5	.77%	$	422,465,763		0	.69%		1	.19%		0	.84%		64%
Year Ended December 31, 2008	$	11	.22		0	.55		(1	.66)		(1	.11)		(0	.57)		(0	.01)		–			(0	.58)	$	9	.53		(9	.87%)	$	344,883,394		0	.71%		6	.79%		0	.86%		63%
Year Ended December 31, 2007	$	11	.72		0	.84		(0	.50)		0	.34		(0	.84)		–			–			(0	.84)	$	11	.22		2	.98%	$	176,954,744		0	.63%		10	.21%		0	.78%		57%
Period Ended December 31, 2006 (g)	$	11	.45		0	.38		0	.21		0	.59		(0	.14)		–			(0	.18)		(0	.32)	$	11	.72		5	.30%	$	33,672,512		0	.79%		0	.47%		0	.97%		57%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the Master Fund.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	Expenses do not include expenses from the Master Fund.
(e)	During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(f)	Portfolio turnover is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets.
(g)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the American Funds NVIT Bond Fund (the “Fund”). Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund operates as a ”feeder fund” which means that the Fund does not buy individual securities directly. Instead, the Fund invests all of its assets in another mutual fund, the American Fund (the ”Master Fund”), a series of the American Funds Insurance Series, (”American Funds”), which invests directly in individual securities. The Fund, therefore, has the same investment objective and limitations as the Master Fund in which the Fund invests. The financial statements of the Master Fund’s portfolio, including the Statement of Investments, are included elsewhere in this report and should be read with the Fund’s financial statements. The percentage of the Master Fund’s portfolio owned by the Fund at June 30, 2009, was 6.05%.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

The net asset value (”NAV”) per share of the Fund is calculated by taking the market value of the shares of the Master Fund and other assets owned by the Fund that are allocated to the class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. The Fund’s NAV is determined at the close of regular trading on the New York Stock Exchange (the ”Exchange”) (usually 4:00 p.m. Eastern Time) (”Close of Trading”) on each day the Exchange is open for trading (”Business Day”).

The Master Fund calculates its NAV at the Close of Trading on each Business Day. Assets held by the Master Fund are valued primarily on the basis of market quotations. The Master Fund, however, has adopted procedures for making ”fair value” determinations if market quotations are not readily available. For example, if events occur between the close of markets outside the United States and the Close of Trading that, in the opinion of Capital Research and Management Company (”Capital Research”), the Master Fund’s investment adviser, materially affect the value of the portfolio securities of the Master Fund, the securities will be valued in accordance with the Master Fund’s fair value procedures. Use of these procedures is intended to result in more appropriate NAVs. In addition, such use will reduce, if not eliminate, potential arbitrage opportunities otherwise available to short-term investors in the Master Fund.

Please refer to the Master Fund Semi-Annual Report that was mailed along with this report for the Master Fund’s Security Valuation Policies.

8 Semiannual Report 2009

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Investment in Master Fund	$	422,674,354	$	—	$	—	$	422,674,354

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

2009 Semiannual Report 9

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(d)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(e)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2006 to 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(f)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

10 Semiannual Report 2009

3. Transactions with Affiliates

Under the terms of the Master Fund’s Investment Advisory Agreement, Capital Research manages the investment of the assets and supervises the daily business affairs of the Master Fund. Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of Nationwide Financial Services (“NFS”)), provides non-investment master-feeder operational support services to the Fund. Under the terms of the Trust’s Master-Feeder Services Agreement with NFM on behalf of the Fund, the Fund pays NFM a fee at an annual rate of 0.25% based on the Fund’s average daily net assets. NFM has entered into a contractual agreement with the Trust under which NFM will waive 0.15% of the fees NFM receives for providing the Fund with non-investment master-feeder operational support services until May 1, 2010.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II of the Fund.

For the six months ended June 30, 2009, NFS received $441,352 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $2,708.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

6. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

7. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
	Unrealized		Unrealized			Appreciation
Tax Cost of Securities	Appreciation		Depreciation			(Depreciation)
$458,815,972	$	—	$	(36,141,618	)	$	(36,141,618	)

8. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent event through August 27, 2009, which is the date this financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

12 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 13

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406 (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

14 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

	Position(s) Held		Number of
	with Fund		Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 15

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

	Position(s) Held		Number of
	with Fund		Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

16 Semiannual Report 2009

NVIT International Index Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
26	Statement of Assets and Liabilities
28	Statement of Operations
29	Statements of Changes in Net Assets
31	Financial Highlights
33	Notes to Financial Statements
44	Supplemental Information
46	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-INTX (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT International Index Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT International Index Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class II	Actual			1,000.00		1,060.90		4.04		0.79
	Hypothetical	b		1,000.00		1,020.74		3.97		0.79
Class VI	Actual			1,000.00		1,060.50		4.29		0.84
	Hypothetical	b		1,000.00		1,020.49		4.22		0.84
Class VIII	Actual			1,000.00		1,060.70		4.29		0.84
	Hypothetical	b		1,000.00		1,020.49		4.22		0.84
Class Y	Actual			1,000.00		1,062.70		1.89		0.37
	Hypothetical	b		1,000.00		1,022.82		1.86		0.37

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT International Index Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	95	.8%
Repurchase Agreements	6	.3%
Exchange Traded Funds	0	.9%
Preferred Stocks	0	.3%
Rights	0	.1%
Liabilities in excess of other assets	(3	.4)%
	100	.0%

Top Industries
Commercial Banks	13	.2%
Oil, Gas & Consumable Fuels	7	.7%
Pharmaceuticals	6	.8%
Metals & Mining	4	.9%
Diversified Telecommunication Services	4	.2%
Insurance	4	.0%
Electric Utilities	3	.6%
Food Products	3	.5%
Automobiles	3	.4%
Chemicals	3	.0%
Other Industries*	45	.7%
	100	.0%

Top Holdings
BP PLC,	1	.7%
HSBC Holdings PLC	1	.7%
Nestle SA	1	.7%
Total SA	1	.3%
Toyota Motor Corp.	1	.2%
Vodafone Group PLC	1	.2%
Roche Holding AG	1	.2%
Banco Santander SA	1	.1%
Telefonica SA	1	.1%
GlaxoSmithKline PLC	1	.1%
Other Holdings*	86	.7%
	100	.0%

Top Countries
Japan	23	.0%
United Kingdom	18	.9%
France	9	.4%
Switzerland	7	.7%
Germany	7	.4%
Australia	6	.9%
Spain	4	.4%
Italy	3	.4%
Netherlands	3	.2%
Hong Kong	2	.4%
Other Countries*	13	.3%
	100	.0%

* For purpose of listing top holdings, Countries and industries, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT International Index Fund

Common Stocks 95.8%
	Shares		Market Value
AUSTRALIA 6.9% (a)
Air Freight & Logistics 0.0%
Toll Holdings Ltd.	61,306	$	307,578
Airline 0.0%
Qantas Airways Ltd.	101,050		163,589
Beverages 0.2%
Coca-Cola Amatil Ltd.	51,757		358,606
Foster’s Group Ltd.	177,501		735,277
Lion Nathan Ltd.	28,210		262,689
			1,356,572
Biotechnology 0.2%
CSL Ltd.	55,311		1,429,775
Capital Markets 0.1%
Macquarie Group Ltd. (b)	27,989		876,022
Perpetual Ltd.	1,489		34,137
			910,159
Chemicals 0.1%
Incitec Pivot Ltd.	157,640		299,930
Nufarm Ltd.	11,309		83,401
Orica Ltd.	33,442		581,895
			965,226
Commercial Banks 1.9%
Australia & New Zealand Banking Group Ltd.	214,846		2,846,532
Bendigo and Adelaide Bank Ltd.	20,137		112,487
Commonwealth Bank of Australia	135,197		4,236,815
National Australia Bank Ltd.	176,501		3,179,086
Westpac Banking Corp.	267,817		4,356,206
			14,731,126
Commercial Services & Supplies 0.1% (b)
Brambles Ltd.	128,037		612,847
Construction & Engineering 0.0%
Leighton Holdings Ltd.	13,991		263,826
Construction Materials 0.0%
Boral Ltd.	56,163		183,190
Containers & Packaging 0.0%
Amcor Ltd.	74,903		301,113
Diversified Financial Services 0.1%
ASX Ltd.	15,969		474,346
Diversified Telecommunication Services 0.1%
Telstra Corp. Ltd.	388,572		1,060,079
Electric Utility 0.0% (b)
SP AusNet	86,423		53,573
Energy Equipment & Services 0.0%
WorleyParsons Ltd.	13,312		253,642
Food & Staples Retailing 0.6%
Metcash Ltd.	60,463		209,817
Wesfarmers Ltd.	92,443		1,682,743
Wesfarmers Ltd. PPS	11,990		226,542
Woolworths Ltd.	112,874		2,394,133
			4,513,235
Food Products 0.0%
Goodman Fielder Ltd.	119,533		125,364
Health Care Equipment & Supplies 0.0%
Cochlear Ltd.	5,295		245,722
Health Care Providers & Services 0.1%
Sonic Healthcare Ltd.	32,065		317,977
Hotels, Restaurants & Leisure 0.1%
Aristocrat Leisure Ltd.	24,428		74,411
Crown Ltd.	44,410		258,755
TABCorp Holdings Ltd.	55,047		316,723
Tatts Group Ltd.	101,245		207,386
			857,275
Industrial Conglomerate 0.0%
CSR Ltd.	104,328		141,899
Information Technology Services 0.1%
Computershare Ltd.	44,178		320,122
Insurance 0.5%
AMP Ltd.	181,910		712,541
AXA Asia Pacific Holdings Ltd.	96,694		301,963
Insurance Australia Group Ltd.	189,249		534,228
QBE Insurance Group Ltd.	91,301		1,460,640
Suncorp-Metway Ltd.	120,583		648,154
			3,657,526
Media 0.0% (b)
Fairfax Media Ltd.	175,704		172,135
Metals & Mining 1.6%
Alumina Ltd.	210,402		241,781
BHP Billiton Ltd.	308,108		8,438,788
BlueScope Steel Ltd.	164,378		333,227
Fortescue Metals Group Ltd.*	118,594		359,359
Newcrest Mining Ltd.	44,091		1,077,372
OneSteel Ltd.	110,153		227,627
OZ Minerals Ltd.	297,551		218,084
Rio Tinto Ltd. (b)	39,924		1,667,262
Sims Metal Management Ltd.	12,339		256,869
			12,820,369
Multi-Utility 0.1%
AGL Energy Ltd.	41,447		448,406
Multiline Retail 0.0%
Harvey Norman Holdings Ltd.	49,611		131,480
Oil, Gas & Consumable Fuels 0.5%
Arrow Energy Ltd.*	58,614		166,437

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
AUSTRALIA (continued)
Oil, Gas & Consumable Fuels (continued)
Caltex Australia Ltd.	9,779	$	108,573
Energy Resources of Australia Ltd.	7,164		134,392
Origin Energy Ltd.	81,160		955,372
Paladin Energy Ltd.*	56,869		223,530
Santos Ltd.	75,422		883,469
Woodside Petroleum Ltd.	44,933		1,551,871
			4,023,644
Real Estate Investment Trusts 0.4%
CFS Retail Property Trust	136,795		181,180
Dexus Property Group (b)	370,927		223,115
GPT Group	848,508		331,956
Mirvac Group	213,798		185,217
Stockland	210,346		542,458
Westfield Group	185,790		1,699,983
			3,163,909
Real Estate Management & Development 0.0%
Lend Lease Corp. Ltd.	31,025		174,550
Textiles, Apparel & Luxury Goods 0.0%
Billabong International Ltd.	12,785		89,834
Transportation Infrastructure 0.1%
Macquarie Airports	53,728		99,858
Macquarie Infrastructure Group	225,899		259,622
Transurban Group	96,644		324,641
			684,121
			54,954,209
AUSTRIA 0.3% (a)
Commercial Banks 0.1% (b)
Erste Group Bank AG	18,262		495,727
Raiffeisen International Bank Holding AG	4,490		156,725
			652,452
Diversified Telecommunication Services 0.1%
Telekom Austria AG	31,264		489,404
Electric Utility 0.0%
Verbund — Oesterreichische Elektrizitaetswirtschafts AG, Class A	6,371		324,980
Insurance 0.0%
Vienna Insurance Group	3,187		138,914
Metals & Mining 0.0% (b)
Voestalpine AG	10,934		301,132
Oil, Gas & Consumable Fuels 0.1%
OMV AG	15,702		590,248
			2,497,130
BELGIUM 0.9% (a)
Beverages 0.3%
Anheuser-Busch Inbev NV	69,563		2,522,042
Chemicals 0.1%
Solvay SA	5,662		478,933
Umicore (b)	12,045		274,537
			753,470
Commercial Banks 0.1%
Dexia SA* (b)	49,845		380,472
KBC Groep NV*	15,270		280,774
			661,246
Diversified Financial Services 0.2%
Fortis*	206,908		708,385
Groupe Bruxelles Lambert SA	7,135		522,977
Nationale A Portefeuille	3,254		157,470
			1,388,832
Diversified Telecommunication Services 0.1%
Belgacom SA	15,554		497,341
Food & Staples Retailing 0.1%
Colruyt SA	1,605		366,625
Delhaize Group (b)	9,523		670,386
			1,037,011
Pharmaceuticals 0.0%
UCB SA	9,482		304,466
Wireless Telecommunication Services 0.0%
Mobistar SA	3,044		187,931
			7,352,339
BERMUDA 0.0% (a) (b)
Energy Equipment & Services 0.0%
Seadrill Ltd.	26,810		386,254
CHINA 0.0% (a)
Communications Equipment 0.0%
Foxconn International Holdings Ltd.*	202,926		131,938
CYPRUS 0.0% (a)
Commercial Banks 0.0%
Bank of Cyprus Public Co. Ltd.	56,984		321,892
DENMARK 0.9% (a)
Beverages 0.1%
Carlsberg AS, Class B	10,300		660,843
Chemicals 0.1%
Novozymes AS, B Shares	4,450		362,075
Commercial Banks 0.1%
Danske Bank AS*	44,200		762,629

6 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
DENMARK (continued)
Electrical Equipment 0.2%
Vestas Wind Systems AS*	19,600	$	1,406,786
Health Care Equipment & Supplies 0.0%
Coloplast AS, Class B	2,050		140,967
William Demant Holding*	1,975		102,293
			243,260
Insurance 0.0%
Topdanmark AS*	1,400		163,543
TrygVesta AS	2,256		133,092
			296,635
Marine 0.1% (b)
A P Moller — Maersk AS, Class A	45		263,767
A P Moller — Maersk AS, Class B	105		629,202
			892,969
Pharmaceuticals 0.3%
H. Lundbeck AS	6,600		125,587
Novo Nordisk AS, Class B	42,125		2,294,673
			2,420,260
Road & Rail 0.0%
DSV AS*	18,284		226,816
			7,272,273
FINLAND 1.3% (a)
Auto Components 0.0%
Nokian Renkaat OYJ	10,000		188,156
Communications Equipment 0.7%
Nokia OYJ	348,701		5,106,910
Diversified Financial Services 0.0%
Pohjola Bank PLC	17,665		141,517
Diversified Telecommunication Services 0.1%
Elisa OYJ	13,950		229,863
Electric Utility 0.1% (b)
Fortum OYJ	42,600		970,885
Food & Staples Retailing 0.0%
Kesko OYJ, B Shares	6,200		164,195
Insurance 0.1%
Sampo OYJ, A Shares	39,900		754,344
Machinery 0.1%
Kone OYJ, Class B	14,740		452,580
Metso OYJ (b)	12,000		224,614
Wartsila OYJ (b)	7,900		255,056
			932,250
Media 0.0% (b)
Sanoma OYJ	6,780		105,125
Metals & Mining 0.1%
Outokumpu OYJ	11,600		200,433
Rautaruukki OYJ	7,950		159,438
			359,871
Oil, Gas & Consumable Fuels 0.0% (b)
Neste Oil OYJ	12,050		167,667
Paper & Forest Products 0.1%
Stora Enso OYJ, R Shares	56,100		296,712
UPM-Kymmene OYJ	49,800		434,550
			731,262
Pharmaceuticals 0.0%
Orion OYJ, Class B	7,622		119,531
			9,971,576
FRANCE 9.4% (a)
Aerospace & Defense 0.1%
Safran SA	15,527		205,631
Thales SA	8,576		384,970
			590,601
Airline 0.0% (b)
Air France-KLM*	12,986		166,532
Auto Components 0.1%
Compagnie Generale des Etablissements Michelin, Class B	14,070		805,724
Automobiles 0.1%
Peugeot SA* (b)	14,873		392,593
Renault SA*	17,127		632,713
			1,025,306
Beverages 0.2%
Pernod-Ricard SA	18,748		1,185,182
Building Products 0.1%
Cie de Saint-Gobain	33,891		1,140,238
Chemicals 0.3% (b)
Air Liquide SA	22,705		2,083,089
Commercial Banks 1.1%
BNP Paribas	76,414		4,982,600
Credit Agricole SA (b)	81,673		1,023,928
Natixis*	90,621		176,358
Societe Generale	42,332		2,323,377
			8,506,263
Commercial Services & Supplies 0.0%
Societe BIC SA	2,228		128,274
Communications Equipment 0.1% (b)
Alcatel-Lucent*	225,464		565,342
Construction & Engineering 0.4%
Bouygues SA	22,470		849,677

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
FRANCE (continued)
Construction & Engineering (continued)
Eiffage SA (b)	3,422	$	199,958
Vinci SA (b)	38,526		1,738,263
			2,787,898
Construction Materials 0.2%
Imerys SA	2,239		94,090
Lafarge SA (b)	19,324		1,314,607
			1,408,697
Diversified Financial Services 0.0%
Eurazeo	2,335		97,248
Diversified Telecommunication Services 0.5%
France Telecom SA	167,405		3,808,652
Iliad SA	1,588		154,414
			3,963,066
Electric Utility 0.1%
EDF SA	23,002		1,123,021
Electrical Equipment 0.4%
Alstom SA (b)	18,869		1,120,254
Legrand SA (b)	7,597		166,225
Schneider Electric SA	21,500		1,645,387
			2,931,866
Energy Equipment & Services 0.1%
Cie Generale de Geophysique-Veritas*	13,871		251,075
Technip SA	9,893		487,772
			738,847
Food & Staples Retailing 0.4%
Carrefour SA	58,238		2,497,254
Casino Guichard Perrachon SA	4,351		294,642
			2,791,896
Food Products 0.3%
Danone	50,491		2,503,312
Health Care Equipment & Supplies 0.1%
BioMerieux	1,087		95,588
Cie Generale d’Optique Essilor International SA	19,099		913,232
			1,008,820
Hotels, Restaurants & Leisure 0.1%
Accor SA	14,701		585,657
Sodexo	9,019		464,318
			1,049,975
Information Technology Services 0.1%
Atos Origin SA*	5,372		182,904
Cap Gemini SA	13,204		488,620
			671,524
Insurance 0.4%
AXA SA	143,119		2,708,508
CNP Assurances	3,073		293,992
SCOR SE	16,829		345,738
			3,348,238
Machinery 0.1% (b)
Vallourec SA	5,160		630,627
Media 0.5%
Eutelsat Communications	8,642		223,658
JC Decaux SA* (b)	5,567		88,461
Lagardere SCA	11,327		377,591
M6-Metropole Television	5,361		101,662
PagesJaunes Groupe (b)	9,921		96,710
Publicis Groupe (b)	12,140		371,621
Societe Television Francaise 1(b)	11,520		129,837
Vivendi	107,191		2,572,718
			3,962,258
Metals & Mining 0.0%
Eramet	478		125,545
Multi-Utility 0.7%
GDF Suez	110,321		4,129,109
Suez Environnement SA	25,773		451,599
Veolia Environnement (b)	36,560		1,080,838
			5,661,546
Multiline Retail 0.1% (b)
PPR	7,218		591,646
Office Electronics 0.0%
Neopost SA	2,918		262,727
Oil, Gas & Consumable Fuels 1.3%
Total SA	195,310		10,584,760
Personal Products 0.2% (b)
L’Oreal SA	22,145		1,662,103
Pharmaceuticals 0.7%
Ipsen SA	1,988		87,090
Sanofi-Aventis SA	96,299		5,689,659
			5,776,749
Professional Services 0.0%
Bureau Veritas SA	3,945		194,291
Real Estate Investment Trusts 0.2%
Fonciere Des Regions	2,584		194,807
Gecina SA (b)	1,297		80,460
ICADE	1,631		134,185
Klepierre	9,034		234,096
Unibail-Rodamco	7,870		1,176,545
			1,820,093
Software 0.0% (b)
Dassault Systemes SA	6,351		281,226

8 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
FRANCE (continued)
Textiles, Apparel & Luxury Goods 0.4%
Christian Dior SA	5,475	$	410,081
Hermes International (b)	5,031		700,383
LVMH Moet Hennessy Louis Vuitton SA	22,468		1,722,964
			2,833,428
Transportation Infrastructure 0.0%
Aeroports de Paris	2,460		180,839
Societe Des Autoroutes Paris-Rhin-Rhone	1,427		97,395
			278,234
			75,286,192
GERMANY 7.1% (a)
Air Freight & Logistics 0.1%
Deutsche Post AG	81,657		1,060,335
Airline 0.0%
Deutsche Lufthansa AG	22,121		278,402
Automobiles 0.9%
Bayerische Motoren Werke AG	32,010		1,208,596
Daimler AG	82,645		2,993,996
Volkswagen AG	8,107		2,746,563
			6,949,155
Capital Markets 0.4%
Deutsche Bank AG	51,132		3,110,533
Chemicals 0.7%
BASF SE	84,571		3,377,407
K+S AG	14,244		806,773
Linde AG	14,673		1,201,998
Wacker Chemie AG	1,542		178,182
			5,564,360
Commercial Banks 0.1%
Commerzbank AG* (b)	68,807		424,518
Deutsche Postbank AG*	8,007		202,923
			627,441
Construction & Engineering 0.0%
Hochtief AG	3,943		199,258
Diversified Financial Services 0.2%
Deutsche Boerse AG	17,919		1,393,633
Diversified Telecommunication Services 0.4%
Deutsche Telekom AG	259,351		3,054,901
Electric Utility 0.8%
E.ON AG	174,117		6,182,559
Electrical Equipment 0.0% (b)
Solarworld AG	7,822		185,539
Food & Staples Retailing 0.1% (b)
Metro AG	10,842		518,257
Food Products 0.0% (b)
Suedzucker AG	5,255		106,276
Health Care Equipment & Supplies 0.0%
Fresenius SE	2,343		109,296
Health Care Providers & Services 0.1% (b)
Celesio AG	7,041		161,922
Fresenius Medical Care AG & Co. KGaA	18,131		815,929
			977,851
Hotels, Restaurants & Leisure 0.0%
TUI AG*	17,266		127,344
Household Products 0.0%
Henkel AG & Co. KGaA	10,746		289,853
Industrial Conglomerate 0.7%
Siemens AG	75,899		5,255,499
Insurance 0.8%
Allianz SE	41,473		3,812,329
Hannover Rueckversicherung AG*	5,891		216,430
Muenchener Rueckversicherungs AG	18,939		2,556,883
			6,585,642
Internet Software & Services 0.0%
United Internet AG*	10,439		122,765
Machinery 0.1%
GEA Group AG	13,924		211,220
MAN SE	10,287		631,436
			842,656
Metals & Mining 0.1%
Salzgitter AG (b)	3,744		330,385
ThyssenKrupp AG	33,612		838,213
			1,168,598
Multi-Utility 0.4%
RWE AG	38,885		3,077,594
Personal Products 0.1%
Beiersdorf AG	8,271		388,876
Pharmaceuticals 0.6%
Bayer AG	69,981		3,760,375
Merck KGaA	6,155		627,101
			4,387,476
Software 0.4%
SAP AG	78,548		3,158,845
Textiles, Apparel & Luxury Goods 0.1%
Adidas AG	18,799		714,717
Puma AG Rudolf Dassler Sport	601		132,329
			847,046

2009 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
GERMANY (continued)
Transportation Infrastructure 0.0% (b)
Fraport AG Frankfurt Airport Services Worldwide	3,039	$	130,121
Hamburger Hafen und Logistik AG	2,035		78,616
			208,737
			56,778,727
GREECE 0.5% (a)
Beverages 0.0%
Coca Cola Hellenic Bottling Co. SA	15,413		317,641
Capital Markets 0.0%
Marfin Investment Group SA	56,090		240,677
Commercial Banks 0.3%
Alpha Bank AE*	36,556		400,175
EFG Eurobank Ergasias SA*	28,255		297,168
National Bank of Greece SA*	47,988		1,331,103
Piraeus Bank SA*	31,038		308,981
			2,337,427
Construction Materials 0.0%
Titan Cement Co. SA	4,245		112,011
Diversified Telecommunication Services 0.1%
Hellenic Telecommunications Organization SA	25,292		386,728
Electric Utility 0.0%
Public Power Corp. SA*	10,126		208,915
Hotels, Restaurants & Leisure 0.1%
OPAP SA	20,952		558,625
Oil, Gas & Consumable Fuels 0.0%
Hellenic Petroleum SA	7,347		71,029
			4,233,053
HONG KONG 2.4% (a)
Airline 0.0%
Cathay Pacific Airways Ltd.	114,000		156,397
Commercial Banks 0.3%
Bank of East Asia Ltd.	150,540		456,240
BOC Hong Kong Holdings Ltd.	353,500		615,078
Hang Seng Bank Ltd.	72,500		1,014,754
Wing Hang Bank Ltd.	12,500		109,116
			2,195,188
Distributors 0.1% (b)
Li & Fung Ltd.	224,800		600,242
Diversified Financial Services 0.2% (b)
Hong Kong Exchanges and Clearing Ltd.	98,000		1,514,785
Diversified Telecommunication Services 0.0%
PCCW Ltd.	454,000		118,223
Electric Utilities 0.3%
Cheung Kong Infrastructure Holdings Ltd. (b)	38,000		133,125
CLP Holdings Ltd.	193,500		1,282,206
HongKong Electric Holdings	131,500		730,523
			2,145,854
Hotels, Restaurants & Leisure 0.0%
Genting International PLC*	293,077		137,224
Shangri-La Asia Ltd.	108,000		159,518
			296,742
Industrial Conglomerates 0.2%
Hutchison Whampoa Ltd.	205,000		1,333,597
NWS Holdings Ltd.	60,000		108,041
			1,441,638
Marine 0.0%
Orient Overseas International Ltd.	23,000		97,601
Media 0.0%
Television Broadcasts Ltd.	27,000		108,137
Multiline Retail 0.0% (b)
Lifestyle International Holdings Ltd.	31,899		44,101
Natural Gas Utility 0.1%
Hong Kong & China Gas Co. Ltd.	380,180		798,093
Oil, Gas & Consumable Fuels 0.0%
Mongolia Energy Co. Ltd.*	215,574		78,891
Real Estate Investment Trusts 0.1%
Link REIT (The)	206,500		438,890
Real Estate Management & Development 1.0%
Cheung Kong Holdings Ltd.	134,000		1,532,221
Chinese Estates Holdings Ltd.	76,000		138,847
Hang Lung Group Ltd.	72,000		336,926
Hang Lung Properties Ltd.	201,000		661,921
Henderson Land Development Co. Ltd.	103,000		587,760
Hopewell Holdings Ltd.	62,511		195,197
Hysan Development Co. Ltd.	48,000		122,914
Kerry Properties Ltd.	71,000		309,287
New World Development Ltd. (b)	236,130		425,054
Sino Land Co.	160,000		263,409
Sun Hung Kai Properties Ltd.	136,000		1,688,876
Swire Pacific Ltd., Class A	77,500		777,965

10 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
HONG KONG (continued)
Real Estate Management & Development (continued)
Wharf Holdings Ltd.	132,000	$	556,565
Wheelock & Co. Ltd. (b)	76,000		195,326
			7,792,268
Road & Rail 0.0%
MTR Corp.	124,000		370,447
Semiconductors & Semiconductor Equipment 0.0%
ASM Pacific Technology Ltd.	13,500		69,038
Specialty Retail 0.1%
Esprit Holdings Ltd.	100,500		558,379
Textiles, Apparel & Luxury Goods 0.0% (b)
Yue Yuen Industrial Holdings Ltd.	66,000		155,262
Trading Companies & Distributors 0.0% (b)
Noble Group Ltd.	155,200		193,478
Transportation Infrastructure 0.0%
Hong Kong Aircraft Engineering Co. Ltd.	3,600		41,832
			19,215,486
IRELAND 0.4% (a)
Airline 0.0%
Ryanair Holdings PLC*	5,422		25,059
Commercial Banks 0.0%
Anglo Irish Bank Corp. Ltd.*	62,537		0
Construction Materials 0.2%
CRH PLC	65,009		1,494,016
Food Products 0.1%
Kerry Group PLC, Class A	13,146		299,606
Pharmaceuticals 0.0%
Elan Corp. PLC*	40,888		268,448
Professional Services 0.1%
Experian PLC	95,405		715,388
			2,802,517
ITALY 3.4% (a)
Aerospace & Defense 0.1%
Finmeccanica SpA	38,598		544,249
Auto Components 0.0% (b)
Pirelli & C SpA*	268,426		94,106
Automobiles 0.1% (b)
Fiat SpA*	69,848		704,231
Capital Markets 0.1%
Mediobanca SpA	45,455		541,600
Commercial Banks 1.0%
Banca Carige SpA	58,035		159,416
Banca Monte dei Paschi di Siena SpA	236,860		382,799
Banca Popolare di Milano Scarl(b)	38,536		229,922
Banco Popolare SC*	61,135		457,124
Intesa Sanpaolo SpA	73,463		181,603
Intesa Sanpaolo SpA*	701,948		2,268,110
UniCredit SpA*	1,320,016		3,338,344
Unione di Banche Italiane SCPA (b)	57,582		750,283
			7,767,601
Construction Materials 0.0% (b)
Italcementi SpA	7,127		81,594
Diversified Financial Services 0.0% (b)
EXOR SpA	6,883		99,064
Diversified Telecommunication Services 0.2%
Telecom Italia SpA	881,331		1,221,816
Telecom Italia SpA — RSP	572,017		563,440
			1,785,256
Electric Utilities 0.4%
Enel SpA	604,448		2,950,547
Terna Rete Elettrica Nazionale SpA	115,318		384,555
			3,335,102
Electrical Equipment 0.0%
Prysmian SpA	10,330		155,684
Energy Equipment & Services 0.1%
Saipem SpA	25,177		615,047
Food Products 0.1%
Parmalat SpA	150,409		363,243
Hotels, Restaurants & Leisure 0.0% (b)
Autogrill SpA*	10,493		88,658
Lottomatica SpA	5,950		114,877
			203,535
Insurance 0.3%
Alleanza Assicurazioni SpA	40,981		281,609
Assicurazioni Generali SpA	98,075		2,042,378
Fondiaria-Sai SpA	6,993		112,868
Mediolanum SpA (b)	16,952		90,553
Unipol Gruppo Finanziario SpA* (b)	55,481		65,081
			2,592,489
Media 0.1% (b)
Mediaset SpA	73,571		413,002

2009 Semiannual Report 11

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
ITALY (continued)
Multi-Utility 0.0%
A2A SpA (b)	118,300	$	216,176
ACEA SpA	7,613		92,954
			309,130
Natural Gas Utility 0.1%
Snam Rete Gas SpA	143,866		631,900
Oil, Gas & Consumable Fuels 0.7%
ENI SpA	236,529		5,609,163
Saras SpA (b)	27,691		79,050
			5,688,213
Textiles, Apparel & Luxury Goods 0.0% (b)
Luxottica Group SpA*	13,034		271,120
Transportation Infrastructure 0.1%
Atlantia SpA	24,631		498,838
			26,695,004
JAPAN 23.0% (a)
Air Freight & Logistics 0.1%
Yamato Holdings Co. Ltd.	37,000		492,024
Airlines 0.0%
All Nippon Airways Co. Ltd.	60,000		209,679
Japan Airlines Corp.*	78,000		150,534
			360,213
Auto Components 0.5%
Aisin Seiki Co. Ltd.	18,000		388,922
Bridgestone Corp.	56,700		888,313
Denso Corp.	45,300		1,161,340
NGK Spark Plug Co. Ltd. (b)	16,000		152,765
NHK Spring Co. Ltd.	16,000		107,249
NOK Corp.	9,100		105,751
Stanley Electric Co. Ltd. (b)	13,800		279,876
Sumitomo Rubber Industries, Inc. (b)	15,900		127,846
Toyoda Gosei Co. Ltd. (b)	6,300		170,134
Toyota Boshoku Corp. (b)	5,000		74,546
Toyota Industries Corp.	15,100		375,375
			3,832,117
Automobiles 2.2%
Daihatsu Motor Co. Ltd.	19,000		176,636
Fuji Heavy Industries Ltd.	56,000		226,282
Honda Motor Co. Ltd.	152,700		4,201,561
Isuzu Motors Ltd.	121,000		194,152
Mazda Motor Corp.	73,000		186,726
Mitsubishi Motors Corp.* (b)	334,000		626,063
Nissan Motor Co. Ltd.	224,200		1,360,857
Suzuki Motor Corp.	32,800		735,583
Toyota Motor Corp.	255,400		9,660,060
Yamaha Motor Co. Ltd.	19,100		212,210
			17,580,130
Beverages 0.2%
Asahi Breweries Ltd.	36,200		518,817
Coca-Cola West Co. Ltd. (b)	4,500		86,079
Ito En Ltd. (b)	4,900		69,695
Kirin Holdings Co. Ltd.	74,000		1,032,577
Sapporo Holdings Ltd.	19,000		108,691
			1,815,859
Building Products 0.3%
Asahi Glass Co. Ltd.	94,000		753,057
Daikin Industries Ltd.	23,100		743,554
JS Group Corp.	21,700		334,952
Nippon Sheet Glass Co. Ltd. (b)	58,000		169,031
TOTO Ltd. (b)	24,000		167,514
			2,168,108
Capital Markets 0.4%
Daiwa Securities Group, Inc.	125,000		742,890
JAFCO Co. Ltd.	2,500		83,961
Matsui Securities Co. Ltd. (b)	11,500		104,299
Mizuho Securities Co. Ltd.	33,000		103,289
Nomura Holdings, Inc.	231,300		1,952,672
SBI Holdings, Inc.	1,595		323,968
			3,311,079
Chemicals 1.0%
Asahi Kasei Corp.	112,000		568,349
Daicel Chemical Industries Ltd. (b)	27,000		163,653
Denki Kagaku Kogyo KK (b)	39,000		108,333
DIC Corp.	43,000		67,183
Hitachi Chemical Co. Ltd.	8,400		135,266
JSR Corp.	17,000		291,232
Kaneka Corp.	29,000		206,095
Kansai Paint Co. Ltd.	13,000		93,159
Kuraray Co. Ltd.	33,000		365,887
Mitsubishi Chemical Holdings Corp.	108,000		456,884
Mitsubishi Gas Chemical Co., Inc.	32,000		174,502
Mitsubishi Rayon Co. Ltd.	53,000		154,037
Mitsui Chemicals, Inc. (b)	60,000		191,294
Nissan Chemical Industries Ltd.	14,000		157,401
Nitto Denko Corp.	15,500		472,646
Shin-Etsu Chemical Co. Ltd.	38,100		1,767,312
Showa Denko KK (b)	114,000		203,355
Sumitomo Chemical Co. Ltd.	147,000		661,184
Taiyo Nippon Sanso Corp. (b)	25,000		239,005
Teijin Ltd. (b)	85,000		273,254
Tokuyama Corp.	21,000		154,170
Toray Industries, Inc. (b)	125,000		636,368

12 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
JAPAN (continued)
Chemicals (continued)
Tosoh Corp.	48,000	$	135,795
UBE Industries Ltd.	97,000		270,734
			7,947,098
Commercial Banks 2.2%
77 Bank Ltd. (The)	33,000		192,164
Aozora Bank Ltd.*	53,000		81,836
Bank of Kyoto Ltd. (The)	25,000		231,755
Bank of Yokohama Ltd. (The)	116,000		620,996
Chiba Bank Ltd. (The)	72,000		469,970
Chugoku Bank Ltd. (The)	13,000		180,266
Chuo Mitsui Trust Holdings, Inc.	93,000		354,413
Fukuoka Financial Group, Inc.	63,000		281,794
Gunma Bank Ltd. (The)	38,000		211,288
Hachijuni Bank Ltd. (The)	41,000		231,692
Hiroshima Bank Ltd. (The)	41,000		170,920
Hokuhoku Financial Group, Inc.	96,000		240,670
Iyo Bank Ltd. (The)	20,000		203,892
Joyo Bank Ltd. (The)	66,000		336,804
Mitsubishi UFJ Financial Group, Inc.	863,667		5,333,798
Mizuho Financial Group, Inc. (b)	859,167		1,996,445
Mizuho Trust & Banking Co. Ltd. (b)	123,000		159,043
Nishi-Nippon City Bank Ltd. (The)	52,000		131,390
Resona Holdings, Inc. (b)	47,600		667,329
Sapporo Hokuyo Holdings, Inc.	17,000		48,769
Seven Bank Ltd.	42		110,156
Shinsei Bank Ltd.	109,000		174,051
Shizuoka Bank Ltd. (The)	57,000		564,203
Sumitomo Mitsui Financial Group, Inc.	84,153		3,405,807
Sumitomo Trust & Banking Co. Ltd. (The)	132,000		708,407
Suruga Bank Ltd.	21,000		200,948
Yamaguchi Financial Group, Inc.	17,000		224,243
			17,533,049
Commercial Services & Supplies 0.3%
Dai Nippon Printing Co. Ltd.	56,000		766,864
Secom Co. Ltd.	19,600		795,604
Toppan Printing Co. Ltd.	47,000		473,601
			2,036,069
Computers & Peripherals 0.4%
Fujitsu Ltd. (b)	174,000		945,355
NEC Corp. (b)	180,000		704,194
Seiko Epson Corp.	10,400		169,752
Toshiba Corp. (b)	367,000		1,329,828
			3,149,129
Construction & Engineering 0.2%
JGC Corp.	21,000		338,066
Kajima Corp.	69,000		214,830
Kinden Corp.	7,000		61,521
Obayashi Corp.	58,000		283,961
Shimizu Corp.	56,000		243,101
Taisei Corp.	92,000		221,804
			1,363,283
Construction Materials 0.0%
Taiheiyo Cement Corp.	86,000		147,399
Consumer Finance 0.1%
Acom Co. Ltd. (b)	4,590		114,409
Aeon Credit Service Co. Ltd. (b)	6,300		82,437
Credit Saison Co. Ltd.	15,000		190,300
ORIX Corp. (b)	8,360		497,666
Promise Co. Ltd. (b)	5,600		71,463
			956,275
Containers & Packaging 0.0%
Toyo Seikan Kaisha Ltd.	15,400		325,875
Distributors 0.0%
Canon Marketing Japan, Inc.	3,100		43,344
Diversified Consumer Services 0.0%
Benesse Corp.	7,100		284,741
Diversified Financial Services 0.0%
Mitsubishi UFJ Lease & Finance Co. Ltd.	4,750		154,870
Diversified Telecommunication Services 0.2%
Nippon Telegraph & Telephone Corp.	46,300		1,885,880
Electric Utilities 1.1%
Chubu Electric Power Co., Inc.	61,500		1,420,489
Chugoku Electric Power Co., Inc. (The) (b)	23,600		492,822
Hokkaido Electric Power Co., Inc.	18,200		340,824
Hokuriku Electric Power Co.	15,300		349,982
Kansai Electric Power Co., Inc. (The)	70,700		1,559,776
Kyushu Electric Power Co., Inc. (b)	35,300		759,830
Shikoku Electric Power Co., Inc.	17,100		510,081

2009 Semiannual Report 13

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
JAPAN (continued)
Electric Utilities (continued)
Tohoku Electric Power Co., Inc.	39,700	$	829,430
Tokyo Electric Power Co., Inc. (The)	112,700		2,898,116
			9,161,350
Electrical Equipment 0.4%
Fuji Electric Holdings Co. Ltd.	46,000		75,968
Furukawa Electric Co. Ltd. (b)	60,000		269,962
GS Yuasa Corp. (b)	31,000		272,066
Mitsubishi Electric Corp.	180,000		1,137,801
Panasonic Electric Works Co. Ltd.	31,000		293,045
Sumitomo Electric Industries Ltd.	70,500		790,556
Ushio, Inc.	9,700		154,761
			2,994,159
Electronic Equipment & Instruments 1.2%
Citizen Holdings Co. Ltd.	31,500		161,333
FUJIFILM Holdings Corp.	45,400		1,445,071
Hirose Electric Co. Ltd.	3,000		320,112
Hitachi High-Technologies Corp.	5,600		95,161
Hitachi Ltd.	314,000		977,325
HOYA Corp.	38,400		769,345
Ibiden Co. Ltd.	12,700		356,161
Keyence Corp.	3,910		796,704
Kyocera Corp.	15,100		1,133,795
Mabuchi Motor Co. Ltd. (b)	2,900		139,930
Mitsumi Electric Co. Ltd.	7,700		164,510
Murata Manufacturing Co. Ltd.	20,000		853,721
Nidec Corp.	10,200		620,964
Nippon Electric Glass Co. Ltd.	32,500		363,390
Omron Corp.	19,200		278,217
Shimadzu Corp.	21,000		167,823
TDK Corp.	11,600		544,638
Yaskawa Electric Corp. (b)	24,000		159,401
Yokogawa Electric Corp.	18,600		125,365
			9,472,966
Food & Staples Retailing 0.4%
AEON Co. Ltd. (b)	59,800		590,136
FamilyMart Co. Ltd.	5,700		179,134
Lawson, Inc.	6,700		294,953
Seven & I Holdings Co. Ltd.	73,400		1,721,689
UNY Co. Ltd.	17,000		145,274
			2,931,186
Food Products 0.2%
Ajinomoto Co., Inc.	63,000		498,448
Kikkoman Corp. (b)	15,000		150,239
MEIJI Holdings Co. Ltd.*	5,340		215,108
Nippon Meat Packers, Inc. (b)	17,000		214,071
Nisshin Seifun Group, Inc.	17,000		202,012
Nissin Foods Holdings Co. Ltd.	6,800		205,653
Toyo Suisan Kaisha Ltd.	9,000		185,458
Yakult Honsha Co. Ltd.	7,800		149,027
Yamazaki Baking Co. Ltd.	12,000		135,577
			1,955,593
Health Care Equipment & Supplies 0.2%
Olympus Corp.	22,000		518,166
Terumo Corp.	15,800		696,685
			1,214,851
Health Care Providers & Services 0.1%
Alfresa Holdings Corp.	2,300		106,274
Mediceo Paltac Holdings Co. Ltd.	11,700		133,604
Suzuken Co. Ltd.	5,700		165,156
			405,034
Hotels, Restaurants & Leisure 0.1%
McDonald’s Holdings Co. (Japan) Ltd.	7,626		141,630
Oriental Land Co. Ltd. (b)	4,900		328,590
			470,220
Household Durables 0.9%
Casio Computer Co. Ltd. (b)	22,600		202,455
Makita Corp.	11,600		280,747
Panasonic Corp.	178,000		2,398,493
Rinnai Corp.	4,100		181,237
Sanyo Electric Co. Ltd.* (b)	158,000		409,272
Sekisui Chemical Co. Ltd.	41,000		257,042
Sekisui House Ltd.	42,000		425,441
Sharp Corp. (b)	93,000		964,955
Sony Corp.	93,000		2,426,656
			7,546,298
Household Products 0.2%
Kao Corp.	48,000		1,044,661
Unicharm Corp. (b)	3,900		297,987
			1,342,648
Independent Power Producers & Energy Traders 0.0% (b)
Electric Power Development Co. Ltd.	12,600		357,568
Industrial Conglomerate 0.1%
Hankyu Hanshin Holdings, Inc.	103,000		482,274
Information Technology Services 0.1%
Itochu Techno-Solutions Corp. (b)	1,300		38,640
Nomura Research Institute Ltd.	9,200		203,970
NTT Data Corp.	119		384,181
Obic Co. Ltd.	330		53,485
Otsuka Corp. (b)	1,300		69,437
			749,713

14 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
JAPAN (continued)
Insurance 0.6%
Aioi Insurance Co. Ltd.	40,000	$	182,343
Mitsui Sumitomo Insurance Group Holdings, Inc.	37,404		978,670
Nipponkoa Insurance Co. Ltd.	62,000		360,762
Nissay Dowa General Insurance Co. Ltd.	7,000		33,821
Sompo Japan Insurance, Inc.	79,000		526,510
Sony Financial Holdings, Inc.	80		220,607
T&D Holdings, Inc.	21,350		610,084
Tokio Marine Holdings, Inc.	65,300		1,793,195
			4,705,992
Internet & Catalog Retail 0.1%
Dena Co. Ltd.	24		80,145
Rakuten, Inc.	624		376,068
			456,213
Internet Software & Services 0.1% (b)
Yahoo! Japan Corp.	1,261		401,117
Leisure Equipment & Products 0.2%
Namco Bandai Holdings, Inc. (b)	19,000		208,419
Nikon Corp.	32,000		553,704
Sankyo Co. Ltd.	5,100		272,094
Sega Sammy Holdings, Inc.	15,700		199,019
Shimano, Inc. (b)	5,500		211,347
Yamaha Corp.	15,400		191,974
			1,636,557
Machinery 1.1%
Amada Co. Ltd.	35,000		216,936
Fanuc Ltd.	17,800		1,426,649
Hino Motors Ltd.	20,000		62,277
Hitachi Construction Machinery Co. Ltd.	8,000		130,030
IHI Corp.*	108,000		186,589
Japan Steel Works Ltd. (The) (b)	29,000		357,452
JTEKT Corp.	18,100		182,953
Kawasaki Heavy Industries Ltd.	142,000		391,212
Komatsu Ltd.	85,000		1,312,566
Kubota Corp.	102,000		840,098
Kurita Water Industries Ltd.	10,700		345,617
Minebea Co. Ltd.	35,000		148,975
Mitsubishi Heavy Industries Ltd.	292,000		1,208,576
Mitsui Engineering & Shipbuilding Co. Ltd.	68,000		159,752
NGK Insulators Ltd.	24,000		489,238
NSK Ltd.	43,000		217,707
NTN Corp.	35,000		140,209
SMC Corp. (b)	5,400		579,912
Sumitomo Heavy Industries Ltd.	45,000		200,218
THK Co. Ltd.	11,500		171,463
			8,768,429
Marine 0.2%
Kawasaki Kisen Kaisha Ltd.	58,000		237,957
Mitsui OSK Lines Ltd.	107,000		691,578
Nippon Yusen KK	104,000		447,913
			1,377,448
Media 0.1%
Dentsu, Inc. (b)	17,801		373,604
Fuji Media Holdings, Inc.	37		55,690
Hakuhodo DY Holdings, Inc.	1,250		67,394
Jupiter Telecommunications Co. Ltd.	200		151,729
Toho Co. Ltd. (b)	9,200		149,674
Tokyo Broadcasting System, HD	1,000		15,716
			813,807
Metals & Mining 0.8%
Daido Steel Co. Ltd.	25,000		102,228
Dowa Holdings Co. Ltd.	20,000		83,028
Hitachi Metals Ltd.	16,000		136,212
JFE Holdings, Inc.	46,900		1,575,960
Kobe Steel Ltd.	248,000		461,950
Maruichi Steel Tube Ltd. (b)	1,600		30,180
Mitsubishi Materials Corp.	109,000		339,411
Mitsui Mining & Smelting Co. Ltd.*	57,000		147,186
Nippon Steel Corp.	473,000		1,811,121
Nisshin Steel Co. Ltd.	61,000		136,186
OSAKA Titanium Technologies Co. (b)	1,400		51,305
Sumitomo Metal Industries Ltd.	326,000		866,733
Sumitomo Metal Mining Co. Ltd.	51,000		716,552
Tokyo Steel Manufacturing Co. Ltd. (b)	10,100		122,958
Yamato Kogyo Co. Ltd.	3,900		114,833
			6,695,843
Multiline Retail 0.1%
Isetan Mitsukoshi Holdings Ltd. (b)	31,060		316,068
J. Front Retailing Co. Ltd.	48,400		230,979
Marui Group Co. Ltd.	24,700		172,927
Takashimaya Co. Ltd.	29,000		228,303
			948,277

2009 Semiannual Report 15

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
JAPAN (continued)
Natural Gas Utility 0.2%
Osaka Gas Co. Ltd.	182,000	$	580,215
TOHO GAS Co. Ltd.	39,000		158,413
Tokyo Gas Co. Ltd.	215,000		768,193
			1,506,821
Office Electronics 0.6%
Brother Industries Ltd.	19,200		169,849
Canon, Inc.	97,300		3,178,703
Konica Minolta Holdings, Inc.	45,000		470,253
Ricoh Co. Ltd.	63,000		811,704
			4,630,509
Oil, Gas & Consumable Fuels 0.3%
Cosmo Oil Co. Ltd.	45,000		152,377
Idemitsu Kosan Co. Ltd.	2,000		171,373
INPEX Corp.	73		582,133
Japan Petroleum Exploration Co.	2,300		127,324
Nippon Mining Holdings, Inc.	83,000		428,969
Nippon Oil Corp.	123,000		724,400
Showa Shell Sekiyu KK (b)	18,200		192,609
TonenGeneral Sekiyu KK	23,000		234,131
			2,613,316
Paper & Forest Products 0.1%
Nippon Paper Group, Inc.	8,500		219,923
OJI Paper Co. Ltd.	80,000		343,771
			563,694
Personal Products 0.1%
Shiseido Co. Ltd.	31,000		507,228
Pharmaceuticals 1.1%
Astellas Pharma, Inc.	43,400		1,532,786
Chugai Pharmaceutical Co. Ltd.	20,900		397,765
Daiichi Sankyo Co. Ltd.	62,600		1,117,550
Dainippon Sumitomo Pharma Co. Ltd.	13,000		113,445
Eisai Co. Ltd.	23,600		838,053
Hisamitsu Pharmaceutical Co., Inc.	6,400		198,869
Kyowa Hakko Kirin Co. Ltd.	21,000		236,959
Mitsubishi Tanabe Pharma Corp.	22,000		252,790
Ono Pharmaceutical Co. Ltd.	7,900		350,493
Santen Pharmaceutical Co. Ltd.	7,100		216,329
Shionogi & Co. Ltd.	28,000		541,073
Taisho Pharmaceutical Co. Ltd.	10,000		189,293
Takeda Pharmaceutical Co. Ltd.	70,800		2,753,128
Tsumura & Co.	5,800		181,020
			8,919,553
Real Estate Investment Trusts 0.1%
Japan Prime Realty Investment Corp.	42		90,617
Japan Real Estate Investment Corp.	41		340,145
Japan Retail Fund Investment Corp.	29		133,807
Nippon Building Fund, Inc.	49		418,916
Nomura Real Estate Office Fund, Inc. (b)	23		146,245
			1,129,730
Real Estate Management & Development 0.7%
Aeon Mall Co. Ltd.	5,100		96,801
Daito Trust Construction Co. Ltd.	7,600		358,414
Daiwa House Industry Co. Ltd.	48,000		516,226
Leopalace21 Corp.	12,500		111,717
Mitsubishi Estate Co. Ltd.	109,000		1,809,864
Mitsui Fudosan Co. Ltd.	78,000		1,353,056
Nomura Real Estate Holdings, Inc. (b)	8,400		144,606
NTT Urban Development Corp.	93		89,664
Sumitomo Realty & Development Co. Ltd.	35,000		639,154
Tokyo Tatemono Co. Ltd. (b)	26,000		144,813
Tokyu Land Corp. (b)	42,000		190,843
			5,455,158
Road & Rail 0.8%
Central Japan Railway Co.	146		897,673
East Japan Railway Co.	31,421		1,892,023
Keihin Electric Express Railway Co. Ltd.	35,000		271,442
Keio Corp. (b)	55,000		319,525
Keisei Electric Railway Co. Ltd.	20,000		119,258
Kintetsu Corp. (b)	152,000		670,109
Nippon Express Co. Ltd.	76,000		345,073
Odakyu Electric Railway Co. Ltd. (b)	59,000		504,477
Tobu Railway Co. Ltd.	73,000		428,560
Tokyu Corp.	102,000		514,630
West Japan Railway Co.	159		525,900
			6,488,670
Semiconductors & Semiconductor Equipment 0.3%
Advantest Corp.	14,100		256,804
Elpida Memory, Inc.*	10,600		114,176
Rohm Co. Ltd.	9,500		693,019
Shinko Electric Industries Co. Ltd.	6,600		81,566
Sumco Corp. (b)	12,200		173,354
Tokyo Electron Ltd.	16,000		772,278
			2,091,197
Software 0.4%
Konami Corp.	9,600		183,856

16 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
JAPAN (continued)
Software (continued)
Nintendo Co. Ltd.	9,200	$	2,546,542
Oracle Corp. Japan (b)	3,100		113,703
Square Enix Holdings Co. Ltd.	6,000		140,935
Trend Micro, Inc.	10,000		319,366
			3,304,402
Specialty Retail 0.2%
ABC-Mart, Inc. (b)	2,600		66,755
Fast Retailing Co. Ltd.	4,500		586,552
Hikari Tsushin, Inc.	1,000		22,547
Nitori Co. Ltd. (b)	3,850		272,682
Shimamura Co. Ltd.	2,100		167,235
USS Co. Ltd.	2,320		119,518
Yamada Denki Co. Ltd.	8,120		472,481
			1,707,770
Textiles, Apparel & Luxury Goods 0.0%
Asics Corp.	13,000		118,593
Nisshinbo Holdings, Inc.	12,000		135,394
Onward Holdings Co. Ltd.	8,000		51,417
			305,404
Tobacco 0.2%
Japan Tobacco, Inc.	400		1,250,528
Trading Companies & Distributors 0.9%
ITOCHU Corp.	141,000		978,582
Marubeni Corp.	154,000		681,215
Mitsubishi Corp.	125,500		2,316,240
Mitsui & Co. Ltd.	161,000		1,908,095
Sojitz Corp.	117,900		258,595
Sumitomo Corp.	104,700		1,064,409
Toyota Tsusho Corp.	17,900		265,152
			7,472,288
Transportation Infrastructure 0.0%
Kamigumi Co. Ltd.	25,000		211,321
Mitsubishi Logistics Corp. (b)	11,000		121,545
			332,866
Wireless Telecommunication Services 0.6%
KDDI Corp.	271		1,438,162
NTT DoCoMo, Inc.	1,450		2,121,155
Softbank Corp.	70,100		1,365,826
			4,925,143
			183,478,362
JERSEY 0.1% (a)
Metals & Mining 0.1%
Randgold Resources Ltd.	7,381		475,613
LUXEMBOURG 0.5% (a)
Energy Equipment & Services 0.1% (b)
Tenaris SA	44,759		610,534
Media 0.1%
SES SA	27,012		516,467
Metals & Mining 0.3%
ArcelorMittal	79,946		2,645,370
Wireless Telecommunication Services 0.0%
Millicom International Cellular SA — SDR*	6,682		377,144
			4,149,515
MEXICO 0.0% (a)
Metals & Mining 0.0%
Fresnillo PLC	18,066		155,107
NETHERLANDS 3.2% (a)
Aerospace & Defense 0.1% (b)
European Aeronautic Defence and Space Co. NV	37,052		601,677
Air Freight & Logistics 0.1%
TNT NV	35,069		685,380
Beverages 0.2%
Heineken Holding NV	9,125		291,521
Heineken NV	23,842		888,458
			1,179,979
Chemicals 0.2%
Akzo Nobel NV (b)	22,426		991,189
Koninklijke DSM NV	13,466		423,414
			1,414,603
Construction & Engineering 0.0%
Koninklijke Boskalis Westminster NV	5,547		126,254
Construction Materials 0.0%
James Hardie Industries NV CDI*	35,830		120,869
Diversified Financial Services 0.2%
ING Groep NV CVA	179,590		1,819,235
Diversified Telecommunication Services 0.3%
Koninklijke KPN NV	165,122		2,278,060
Energy Equipment & Services 0.1%
Fugro NV CVA	5,638		234,768
SBM Offshore NV (b)	14,457		248,225
			482,993
Food & Staples Retailing 0.2%
Koninklijke Ahold NV	114,375		1,318,426
Food Products 0.5%
Unilever NV CVA	149,556		3,616,780

2009 Semiannual Report 17

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
NETHERLANDS (continued)
Industrial Conglomerate 0.2%
Koninklijke Philips Electronics NV	89,392	$	1,650,267
Insurance 0.1%
Aegon NV	131,561		814,411
Life Sciences Tools & Services 0.0%
QIAGEN NV*	17,957		332,682
Media 0.1%
Reed Elsevier NV	59,674		659,761
Wolters Kluwer NV	26,072		457,332
			1,117,093
Oil, Gas & Consumable Fuels 0.8%
Royal Dutch Shell PLC, B Shares	248,386		6,252,495
Professional Services 0.0%
Randstad Holding NV*	9,567		265,841
Real Estate Investment Trusts 0.0%
Corio NV	4,133		201,544
Semiconductors & Semiconductor Equipment 0.1%
ASML Holding NV	41,843		906,849
			25,185,438
NEW ZEALAND 0.1% (a)
Construction Materials 0.0%
Fletcher Building Ltd.	54,798		232,389
Diversified Telecommunication Services 0.1%
Telecom Corp. of New Zealand Ltd.	160,647		281,905
Electric Utility 0.0%
Contact Energy Ltd.	23,957		90,257
Hotels, Restaurants & Leisure 0.0%
Sky City Entertainment Group Ltd.	37,044		63,971
Transportation Infrastructure 0.0%
Auckland International Airport Ltd.	76,960		79,852
			748,374
NORWAY 0.6% (a)
Chemicals 0.1% (b)
Yara International ASA	18,050		508,358
Commercial Banks 0.1%
DnB NOR ASA*	70,100		535,836
Diversified Telecommunication Services 0.1%
Telenor ASA*	80,200		619,128
Electrical Equipment 0.0% (b)
Renewable Energy Corp. AS*	23,829		186,135
Industrial Conglomerate 0.1%
Orkla ASA	78,442		570,609
Metals & Mining 0.0% (b)
Norsk Hydro ASA*	66,343		341,969
Oil, Gas & Consumable Fuels 0.2%
StatoilHydro ASA	110,053		2,174,720
			4,936,755
PORTUGAL 0.3% (a)
Commercial Banks 0.1%
Banco Comercial Portugues SA	221,733		225,741
Banco Espirito Santo SA	51,367		276,968
			502,709
Construction Materials 0.0%
Cimpor Cimentos de Portugal SGPS SA	22,687		165,715
Diversified Telecommunication Services 0.1%
Portugal Telecom SGPS SA	58,754		576,261
Electric Utility 0.1%
Energias de Portugal SA	164,231		645,072
Food & Staples Retailing 0.0% (b)
Jeronimo Martins SGPS SA	21,486		146,539
Oil, Gas & Consumable Fuels 0.0%
Galp Energia SGPS SA, B Shares	16,889		238,042
Transportation Infrastructure 0.0%
BRISA	24,923		179,138
			2,453,476
SINGAPORE 1.3% (a)
Aerospace & Defense 0.0%
Singapore Technologies Engineering Ltd.	113,000		190,444
Airline 0.1% (b)
Singapore Airlines Ltd.	45,867		420,005
Commercial Banks 0.5%
DBS Group Holdings Ltd.	165,500		1,342,011
Oversea-Chinese Banking Corp. Ltd.	238,000		1,092,932
United Overseas Bank Ltd.	118,000		1,190,960
			3,625,903
Distributors 0.0%
Jardine Cycle & Carriage Ltd.	12,000		158,422
Diversified Financial Services 0.1%
Singapore Exchange Ltd.	82,000		399,395

18 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
SINGAPORE (continued)
Diversified Telecommunication Services 0.2%
Singapore Telecommunications Ltd.	768,850	$	1,586,578
Food & Staples Retailing 0.0%
Olam International Ltd.	114,600		191,145
Food Products 0.1%
Golden Agri-Resources Ltd. (b)	526,603		137,284
Wilmar International Ltd.	80,294		277,003
			414,287
Industrial Conglomerates 0.1%
Fraser and Neave Ltd.	81,745		219,072
Keppel Corp. Ltd. (b)	124,000		587,897
SembCorp Industries Ltd.	99,000		205,337
			1,012,306
Machinery 0.0%
Cosco Corp. Singapore Ltd.	104,000		89,088
SembCorp Marine Ltd.	80,800		148,961
			238,049
Marine 0.0% (b)
Neptune Orient Lines Ltd.	53,000		53,816
Media 0.0%
Singapore Press Holdings Ltd.	147,000		319,950
Real Estate Investment Trusts 0.1%
Ascendas Real Estate Investment Trust (b)	129,466		141,178
CapitaMall Trust	220,200		211,827
			353,005
Real Estate Management & Development 0.1%
CapitaLand Ltd.	246,097		625,843
City Developments Ltd.	50,000		294,711
UOL Group Ltd.	26,000		59,008
			979,562
Road & Rail 0.0%
ComfortDelgro Corp. Ltd.	156,000		137,455
Wireless Telecommunication Services 0.0%
StarHub Ltd.	75,475		111,301
			10,191,623
SPAIN 4.4% (a)
Airline 0.0%
Iberia Lineas Aereas de Espana*	45,750		97,306
Biotechnology 0.0%
Grifols SA	11,987		212,612
Commercial Banks 1.9%
Banco Bilbao Vizcaya Argentaria SA	324,601		4,086,769
Banco de Sabadell SA (b)	87,580		547,712
Banco de Valencia SA (b)	17,605		171,154
Banco Popular Espanol SA (b)	75,108		657,113
Banco Santander SA	748,407		9,045,878
Bankinter SA (b)	25,466		302,082
			14,810,708
Construction & Engineering 0.2%
ACS Actividades de Construccion y Servicios SA (b)	14,736		747,957
Fomento de Construcciones y Contratas SA (b)	4,249		174,812
Grupo Ferrovial SA	6,011		193,728
Sacyr Vallehermoso SA	6,352		88,349
			1,204,846
Diversified Financial Services 0.0%
Criteria CaixaCorp. SA	69,528		322,212
Diversified Telecommunication Services 1.1%
Telefonica SA	386,114		8,767,540
Electric Utilities 0.5%
Acciona SA (b)	2,763		341,150
Iberdrola SA (b)	337,997		2,755,924
Red Electrica Corp. SA	10,360		469,565
			3,566,639
Electrical Equipment 0.1%
Gamesa Corp. Tecnologica SA	17,508		333,756
Independent Power Producers & Energy Traders 0.1%
EDP Renovaveis SA*	18,291		187,626
Iberdrola Renovables SA	81,408		373,177
			560,803
Information Technology Services 0.0% (b)
Indra Sistemas SA	9,312		202,083
Insurance 0.0% (b)
Mapfre SA	68,429		223,543
Machinery 0.0% (b)
Zardoya Otis SA	10,495		219,704
Media 0.0% (b)
Gestevision Telecinco SA	11,192		104,802
Metals & Mining 0.0%
Acerinox SA	13,303		247,113
Natural Gas Utility 0.1% (b)
Enagas	17,309		341,548
Gas Natural SDG SA	21,520		392,953
			734,501
Oil, Gas & Consumable Fuels 0.2% (b)
Repsol YPF SA	67,310		1,506,562

2009 Semiannual Report 19

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
SPAIN (continued)
Specialty Retail 0.1%
Inditex SA	20,659	$	994,148
Transportation Infrastructure 0.1%
Abertis Infraestructuras SA	26,935		508,594
Cintra Concesiones de Infraestructuras de Transporte SA (b)	22,043		137,315
			645,909
			34,754,787
SWEDEN 2.2% (a)
Building Products 0.1%
Assa Abloy AB, Class B	29,400		411,327
Commercial Banks 0.5%
Nordea Bank AB	297,865		2,368,580
Skandinaviska Enskilda Banken AB, Class A*	140,480		621,672
Svenska Handelsbanken AB, A Shares	42,400		804,494
Swedbank AB, A Shares	33,200		194,200
			3,988,946
Commercial Services & Supplies 0.0%
Securitas AB, B Shares	29,800		253,917
Communications Equipment 0.3%
Telefonaktiebolaget LM Ericsson, B Shares	276,600		2,726,443
Construction & Engineering 0.1% (b)
Skanska AB, B Shares	35,400		397,401
Diversified Financial Services 0.1%
Investor AB, B Shares	42,400		655,982
Diversified Telecommunication Services 0.2%
Tele2 AB, B Shares	28,800		291,839
TeliaSonera AB	204,500		1,076,933
			1,368,772
Health Care Equipment & Supplies 0.0%
Getinge AB, B Shares	19,478		255,851
Household Durables 0.1%
Electrolux AB, Series B*	24,115		337,550
Husqvarna AB, B Shares* (b)	37,778		206,338
			543,888
Machinery 0.4%
Alfa Laval AB (b)	34,375		329,621
Atlas Copco AB, A Shares	62,380		628,472
Atlas Copco AB, B Shares (b)	31,829		289,323
Sandvik AB (b)	93,535		697,535
Scania AB, B Shares	25,441		253,273
SKF AB, B Shares (b)	36,326		449,234
Volvo AB, A Shares	36,599		226,299
Volvo AB, B Shares (b)	100,745		624,321
			3,498,078
Metals & Mining 0.0%
SSAB AB, Series A (b)	17,239		201,458
Ssab Svenskt Stal AB, Series B	6,975		75,352
			276,810
Oil, Gas & Consumable Fuels 0.0%
Lundin Petroleum AB*	21,000		163,369
Paper & Forest Products 0.1%
Holmen AB, Class B	4,600		100,782
Svenska Cellulosa AB, Class B	52,884		557,099
			657,881
Specialty Retail 0.3%
Hennes & Mauritz AB, B Shares	46,850		2,340,742
Tobacco 0.0%
Swedish Match AB	24,000		391,202
			17,930,609
SWITZERLAND 7.7% (a)
Biotechnology 0.1%
Actelion Ltd.*	9,388		492,178
Building Products 0.1%
Geberit AG	3,908		481,614
Capital Markets 1.2%
Credit Suisse Group AG	108,172		4,957,148
Julius Baer Holding AG	20,464		796,073
UBS AG*	309,529		3,801,401
			9,554,622
Chemicals 0.3%
Givaudan SA (b)	705		432,862
Syngenta AG	9,294		2,162,895
			2,595,757
Computers & Peripherals 0.0%
Logitech International SA*	16,170		224,817
Construction Materials 0.1%
Holcim Ltd.*	19,924		1,134,637
Diversified Financial Services 0.0%
Pargesa Holding SA	2,241		139,986
Diversified Telecommunication Services 0.1%
Swisscom AG	2,285		703,304
Electric Utility 0.0%
BKW FMB Energie AG	924		68,051
Electrical Equipment 0.4%
ABB Ltd.	211,552		3,341,319

20 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
SWITZERLAND (continued)
Food Products 1.7%
Aryzta AG*	6,671	$	215,216
Lindt & Spruengli AG	70		130,871
Lindt & Spruengli AG (b)	9		199,252
Nestle SA	349,996		13,218,347
			13,763,686
Health Care Equipment & Supplies 0.1%
Nobel Biocare Holding AG	11,391		249,336
Sonova Holding AG	4,426		360,479
Straumann Holding AG	649		118,454
			728,269
Insurance 0.5%
Baloise Holding AG	4,807		357,547
Swiss Life Holding AG	3,353		290,269
Swiss Reinsurance	33,315		1,107,229
Zurich Financial Services AG	14,066		2,486,784
			4,241,829
Life Sciences Tools & Services 0.1%
Lonza Group AG	4,586		456,310
Machinery 0.1%
Schindler Holding AG	4,654		289,584
Schindler Holding AG REG	2,488		154,087
			443,671
Marine 0.1%
Kuehne + Nagel International AG	5,179		406,907
Metals & Mining 0.2%
Xstrata PLC	175,474		1,906,876
Pharmaceuticals 2.2%
Novartis AG	203,692		8,293,648
Roche Holding AG	67,437		9,190,556
			17,484,204
Professional Services 0.1%
Adecco SA (b)	11,752		491,314
SGS SA	448		556,582
			1,047,896
Semiconductors & Semiconductor Equipment 0.1%
STMicroelectronics NV	66,841		503,822
Textiles, Apparel & Luxury Goods 0.2%
Compagnie Financiere Richemont SA*	49,392		1,029,977
Swatch Group AG (The) BRS	2,948		474,569
Swatch Group AG (The) REG (b)	4,122		135,408
			1,639,954
			61,359,709
UNITED KINGDOM 18.8% (a)
Aerospace & Defense 0.4%
BAE Systems PLC	325,840		1,820,590
Cobham PLC	107,930		307,370
Rolls-Royce Group PLC	170,127		1,017,067
			3,145,027
Airline 0.0%
British Airways PLC*	54,270		111,810
Beverages 0.6%
Diageo PLC	230,652		3,312,498
SABMiller PLC	83,268		1,699,963
			5,012,461
Capital Markets 0.2%
3i Group PLC	73,206		292,833
ICAP PLC	49,064		365,386
Investec PLC	38,164		205,571
Man Group PLC	157,182		720,423
Schroders PLC	7,795		105,461
			1,689,674
Chemicals 0.1%
Johnson Matthey PLC	20,200		383,543
Commercial Banks 2.9%
Barclays PLC	890,432		4,137,401
HSBC Holdings PLC	1,587,194		13,221,655
Lloyds Banking Group PLC	1,534,077		1,768,264
Royal Bank of Scotland Group PLC*	1,556,558		989,225
Standard Chartered PLC	174,418		3,279,204
			23,395,749
Commercial Services & Supplies 0.1%
G4S PLC	112,998		389,152
Serco Group PLC	46,306		322,201
			711,353
Construction & Engineering 0.0%
Balfour Beatty PLC	45,631		232,499
Containers & Packaging 0.0%
Rexam PLC	60,967		286,523
Diversified Financial Services 0.0%
London Stock Exchange Group PLC	14,539		168,351
Diversified Telecommunication Services 0.2%
BT Group PLC	695,413		1,165,027
Cable & Wireless PLC	234,331		514,277
			1,679,304
Electric Utility 0.2%
Scottish & Southern Energy PLC	82,357		1,549,305

2009 Semiannual Report 21

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
UNITED KINGDOM (continued)
Energy Equipment & Services 0.1%
AMEC PLC	31,362	$	337,907
Food & Staples Retailing 0.7%
J Sainsbury PLC	97,009		500,920
Tesco PLC	726,546		4,242,429
WM Morrison Supermarkets PLC	203,859		796,139
			5,539,488
Food Products 0.5%
Associated British Foods PLC	28,815		362,977
Cadbury PLC	126,124		1,077,943
Unilever PLC	118,422		2,782,842
			4,223,762
Health Care Equipment & Supplies 0.1%
Smith & Nephew PLC	82,208		610,254
Hotels, Restaurants & Leisure 0.3%
Carnival PLC	15,142		403,240
Compass Group PLC	171,171		966,098
Intercontinental Hotels Group PLC	24,479		251,959
Ladbrokes PLC	49,808		150,922
Thomas Cook Group PLC	40,914		138,619
TUI Travel PLC	53,323		203,812
Whitbread PLC	16,674		224,879
			2,339,529
Household Durables 0.0%
Berkeley Group Holdings PLC*	6,915		91,659
Household Products 0.3%
Reckitt Benckiser Group PLC	55,367		2,528,203
Independent Power Producers & Energy Traders 0.1%
Drax Group PLC	32,004		231,638
International Power PLC	141,615		556,174
			787,812
Industrial Conglomerates 0.1%
Smiths Group PLC	36,547		422,829
Tomkins PLC	84,528		206,165
			628,994
Insurance 0.7%
Admiral Group PLC	14,978		214,758
Aviva PLC	246,529		1,387,890
Friends Provident Group PLC	188,524		203,845
Legal & General Group PLC	550,168		514,540
Old Mutual PLC	469,809		627,343
Prudential PLC	230,994		1,578,769
RSA Insurance Group PLC	309,461		614,412
Standard Life PLC	185,103		568,475
			5,710,032
Internet & Catalog Retail 0.1%
Home Retail Group PLC	82,741		355,134
Machinery 0.0%
Invensys PLC	70,419		259,983
Media 0.5%
British Sky Broadcasting Group PLC	105,695		793,331
Pearson PLC	75,222		757,419
Reed Elsevier PLC	102,535		765,917
Thomson Reuters PLC	16,920		483,872
WPP PLC	109,390		727,359
			3,527,898
Metals & Mining 1.6%
Anglo American PLC	121,400		3,549,222
Antofagasta PLC	37,071		359,878
BHP Billiton PLC	203,268		4,580,850
Eurasian Natural Resources Corp.	26,033		281,678
Kazakhmys PLC	19,601		204,389
Lonmin PLC*	13,500		261,635
Rio Tinto PLC	83,647		2,896,479
Vedanta Resources PLC	13,683		291,268
			12,425,399
Multi-Utility 0.5%
Centrica PLC	471,319		1,732,855
National Grid PLC	224,217		2,023,034
United Utilities Group PLC	63,795		523,064
			4,278,953
Multiline Retail 0.2%
Marks & Spencer Group PLC	146,295		737,624
Next PLC	18,502		448,221
			1,185,845
Oil, Gas & Consumable Fuels 3.6%
BG Group PLC	310,036		5,220,303
BP PLC	1,728,333		13,655,380
Cairn Energy PLC*	12,857		497,065
Royal Dutch Shell PLC, A Shares	325,031		8,152,230
Tullow Oil PLC	73,956		1,145,296
			28,670,274
Pharmaceuticals 1.9%
AstraZeneca PLC	133,244		5,874,376
GlaxoSmithKline PLC	478,251		8,446,517
Shire PLC	52,144		719,599
			15,040,492
Professional Services 0.1%
Capita Group PLC (The)	57,792		681,339
Real Estate Investment Trusts 0.2%
British Land Co. PLC	79,588		501,096

22 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
UNITED KINGDOM (continued)
Real Estate Investment Trusts (continued)
Hammerson PLC	65,338	$	331,275
Land Securities Group PLC	70,535		548,455
Liberty International PLC (b)	39,328		257,787
Segro PLC	517,884		207,072
			1,845,685
Road & Rail 0.0%
Firstgroup PLC	45,365		267,851
Software 0.1%
Autonomy Corp. PLC*	19,882		471,043
Sage Group PLC (The)	123,614		363,156
			834,199
Specialty Retail 0.1%
Carphone Warehouse Group PLC	30,794		80,224
Kingfisher PLC	219,944		645,210
			725,434
Textiles, Apparel & Luxury Goods 0.0%
Burberry Group PLC	41,901		291,982
Tobacco 0.9% (a)
British American Tobacco PLC	183,368		5,061,134
Imperial Tobacco Group PLC	93,792		2,440,892
			7,502,026
Trading Companies & Distributors 0.1%
Bunzl PLC	29,274		242,731
Wolseley PLC*	26,940		515,668
			758,399
Water Utility 0.1%
Severn Trent PLC	22,252		401,225
Wireless Telecommunication Services 1.2%
Vodafone Group PLC	4,842,286		9,416,864
			149,632,221
UNITED STATES 0.1% (a)
Health Care Equipment & Supplies 0.1%
Synthes, Inc.	5,638		545,291
Total Common Stocks (cost $1,015,145,396)			763,895,470
Preferred Stocks 0.3% (a)
GERMANY 0.3%
Automobiles 0.1%
Bayerische Motoren Werke AG	4,349		105,382
Porsche Automobil Holding SE	8,331		560,705
Volkswagen AG	9,994		698,999
			1,365,086
Health Care Equipment & Supplies 0.1%
Fresenius SE	7,723		417,575
Household Products 0.1% (b)
Henkel AG & Co. KGaA	17,032		530,161
Multi-Utility 0.0% (b)
RWE AG	3,229		215,696
Total Preferred Stocks (cost $3,981,201)			2,528,518
Exchange Traded Funds 0.9%
UNITED STATES 0.9%
Equity Fund 0.9%
iShares MSCI EAFE Index Fund	153,075	$	7,012,366
Total Exchange Traded Funds (cost $8,291,927)			7,012,366
Rights 0.1% (a)
BELGIUM 0.0%
Beverages 0.0%
Anheuser-Busch InBev NV*	20,488		86
Diversified Financial Services 0.0%
Fortis	162,229		0
			86
NORWAY 0.0%
Electrical Equipment 0.0%
Renewable Energy Corp. AS	8,216		29,399
SINGAPORE 0.0%
Food Products 0.0%
Golden Agri-Resources Ltd.	89,522		12,364
Marine 0.0%
Neptune Orient Lines Ltd.	39,750		4,804
			17,168
SPAIN 0.0%
Machinery 0.0%
Zardoya Otis SA*	10,495		10,673
UNITED KINGDOM 0.1%
Metals & Mining 0.1%
Rio Tinto PLC	43,914		504,227
Total Rights (cost $1,170,334)			561,553

2009 Semiannual Report 23

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT International Index Fund (Continued)

Warrants 0.0% (a)
		Shares		Market Value
ITALY 0.0%
Banks 0.0%
UBI Banca SCPA expiring 06/30/11		57,582	$	4,442
JAPAN 0.0% (a)
Metals & Mining 0.0%
Dowa Holdings Co. Ltd., expiring 01/29/10		1,000		0
Total Warrants (cost $—)				4,442
Repurchase Agreements 6.3%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $317,513, collateralized by U.S. Government Agency Mortgage ranging from 4.50%-5.00%, maturing 02/15/39-06/20/39; total market value of $323,862	$	317,512		317,512
Morgan Stanley, 0.07%, dated 06/30/09, due 07/01/09, repurchase price $49,576,813, collateralized by U.S. Government Agency Mortgages ranging 3.50%-8.50%, maturing 06/01/11-06/01/39; total market value of $50,568,251 (c)		49,576,717		49,576,717
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $155,441, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09-12/01/09; total market value of $158,550		155,441		155,441
Total Repurchase Agreements (cost $50,049,670)				50,049,670
Total Investments (cost $1,078,638,528) (d) — 103.4%				824,052,019
Liabilities in excess of other assets — (3.4)%				(27,323,793	)
NET ASSETS — 100.0%			$	796,728,226

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	The security or a partial position of this security is on loan at June 30, 2009. The total value of securities on loan at June 30, 2009 was 46,908,924.
(c)	The security was purchased with cash collateral held from securities on loan (See Note 2). The total value of this security as of June 30, 2009 was $49,576,717.
(d)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

AE	Limited company
AG	Stock Corporation
AS	Stock Corporation
ASA	Stock Corporation
BRS	Bewer Shares
CDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
CVA	Dutch Certificate
KGaA	Limited partnership with shares
KK	Joint Stock Company
Ltd	Limited
NV	Public Traded Company
OYJ	Public Traded Company
PLC	Public Limited Company
PPS	Price Protected Shares
REG	Registered Shares
REIT	Real Estate Investment Trust
RSP	Savings Shares
SA	Stock Company
SC	Partnership with full liability
SCA	Limited partnership with share capital
SCPA	Italian consortium joint-stock company
SDR	Swedish Depositary Receipts
SE	Sweden
SGPS	Holding Enterprise
SP	Spain
SpA	Limited share company

24 Semiannual Report 2009

At June 30, 2009, the Fund’s open futures contracts were as follows (Note 2):

				Notional Value		Unrealized
Number of				Covered by		Appreciation
Contracts	Long Contracts	Expiration		Contracts		(Depreciation)
30	S&P SPI 200 IDX		09/17/09		2,356,988		(28,189	)
169	DJ Euro STOXX 50		09/18/09		5,684,617		(70,330	)
76	FTSE 100		09/18/09		5,273,367		(104,406	)
65	TOPIX INDX		09/30/09		6,238,839		(108,616	)
62	OMSX30 INDX		07/17/09		639,275		10,133
1	HANG SENG IDX		07/31/09		118,842		1,870
				$	20,311,928	$	(299,538	)

At June 30, 2009, the Fund’s open forward foreign currency contracts against the United States Dollar were as follows (Note 2):

		Currency									Unrealized
	Delivery	Received/			Contract			Market			Appreciation/
Currency	Date	(Delivered)			Value			Value			(Depreciation)
Short Contracts:
Australian Dollar	8/13/09		(87,000	)	$	(65,794	)	$	(69,847	)	$	(4,053	)
Australian Dollar	8/13/09		(300,000	)		(231,166	)		(240,853	)		(9,687	)
Australian Dollar	8/13/09		(1,000,000	)		(771,438	)		(802,842	)		(31,404	)
Australian Dollar	8/13/09		(419,000	)		(337,501	)		(336,391	)		1,110
Australian Dollar	8/13/09		(54,000	)		(43,453	)		(43,354	)		99
British Pound	8/13/09		(75,000	)		(113,533	)		(123,369	)		(9,836	)
British Pound	8/13/09		(974,300	)		(1,526,701	)		(1,602,641	)		(75,940	)
British Pound	8/13/09		(545,000	)		(897,090	)		(896,479	)		611
Danish Krone	8/13/09		(452,000	)		(82,331	)		(85,104	)		(2,773	)
Danish Krone	8/13/09		(540,000	)		(99,605	)		(101,672	)		(2,067	)
Euro	8/13/09		(86,000	)		(116,738	)		(120,628	)		(3,890	)
Euro	8/13/09		(233,000	)		(314,677	)		(326,819	)		(12,142	)
Euro	8/13/09		(127,000	)		(174,616	)		(178,137	)		(3,521	)
Euro	8/13/09		(100,000	)		(138,961	)		(140,266	)		(1,305	)
Euro	8/13/09		(120,000	)		(168,115	)		(168,319	)		(204	)
Euro	8/13/09		(287,000	)		(398,373	)		(402,562	)		(4,189	)
Euro	8/13/09		(190,000	)		(266,690	)		(266,505	)		185
Japanese Yen	8/13/09		(26,699,000	)		(281,381	)		(277,339	)		4,042
Japanese Yen	8/13/09		(200,000,000	)		(2,125,841	)		(2,077,522	)		48,319
Japanese Yen	8/13/09		(9,146,000	)		(93,291	)		(95,005	)		(1,714	)
Japanese Yen	8/13/09		(10,251,000	)		(106,375	)		(106,483	)		(108	)
Norwegian Krone	8/13/09		(750,000	)		(116,561	)		(116,555	)		6
Swedish Krona	8/13/09		(333,000	)		(43,712	)		(43,185	)		527
Swiss Franc	8/13/09		(93,000	)		(84,504	)		(85,662	)		(1,158	)
Total Short Contracts					$	(8,598,447	)	$	(8,707,539	)	$	(109,092	)
Long Contracts:
Australian Dollar	8/13/09		2,313,800			1,765,147			1,857,617			92,470
Australian Dollar	8/13/09		253,000			191,578			203,119			11,541
Australian Dollar	8/13/09		368,000			275,681			295,446			19,765
Australian Dollar	8/13/09		116,000			92,750			93,130			380
British Pound	8/13/09		889,300			1,347,046			1,462,823			115,777
British Pound	8/13/09		57,000			86,286			93,760			7,474
British Pound	8/13/09		103,000			157,149			169,426			12,277
British Pound	8/13/09		140,000			229,312			230,289			977
Danish Krone	8/13/09		452,000			82,245			85,103			2,858
Danish Krone	8/13/09		540,000			98,336			101,673			3,337
Euro	8/13/09		952,100			1,292,608			1,335,467			42,859
Euro	8/13/09		36,000			48,926			50,496			1,570
Euro	8/13/09		535,000			756,342			750,421			(5,921	)
Euro	8/13/09		167,000			231,175			234,244			3,069
Euro	8/13/09		97,000			135,754			136,058			304
Japanese Yen	8/13/09		250,495,800			2,544,138			2,602,052			57,914
Japanese Yen	8/13/09		19,201,000			197,214			199,453			2,239
Japanese Yen	8/13/09		23,728,000			246,800			246,477			(323	)
Japanese Yen	8/13/09		4,665,000			48,774			48,458			(316	)
Japanese Yen	8/13/09		16,891,000			175,886			175,457			(429	)
Norwegian Krone	8/13/09		750,000			115,318			116,555			1,237
Swedish Krona	8/13/09		754,400			97,987			97,834			(153	)
Swedish Krona	8/13/09		318,000			40,315			41,240			925
Swedish Krona	8/13/09		626,000			79,216			81,183			1,967
Swiss Franc	8/13/09		93,000			84,021			85,662			1,641
Total Long Contracts					$	10,420,004		$	10,793,443		$	373,439

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 25

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT International
	Index Fund
Assets:
Investments, at value (cost $1,028,588,858)*	$	774,002,349
Repurchase agreements, at value and cost		50,049,670
Total Investments		824,052,019
Deposits with broker for futures		2,700,000
Foreign currencies, at value (cost $17,130,070)		17,236,895
Interest and dividends receivable		1,953,708
Receivable for capital shares issued		268,591
Receivable for investments sold		22,823
Unrealized appreciation on forward foreign currency contracts (Note 2)		435,480
Reclaims receivable		488,728
Prepaid expenses and other assets		9,204
Total Assets		847,167,448
Liabilities:
Cash overdraft		2,014
Payable for variation margin on futures contracts		62,003
Payable for investments purchased		340,077
Unrealized depreciation on forward foreign currency contracts (Note 2)		171,133
Payable upon return of securities loaned (Note 2)		49,576,717
Payable for capital shares redeemed		330
Accrued expenses and other payables:
Investment advisory fees		174,370
Fund administration fees		31,208
Distribution fees		8,179
Administrative services fees		7,014
Custodian fees		2,687
Trustee fees		1,606
Compliance program costs (Note 3)		10,907
Professional fees		31,764
Printing fees		4,797
Other		14,416
Total Liabilities		50,439,222
Net Assets	$	796,728,226
Represented by:
Capital	$	1,066,563,948
Accumulated undistributed net investment income		6,223,988
Accumulated net realized losses from investment transactions, futures and foreign currency transactions		(21,599,350	)
Net unrealized appreciation/(depreciation) from investments		(254,586,509	)
Net unrealized appreciation/(depreciation) from futures (Note 2)		(299,538	)
Net unrealized appreciation/(depreciation) from forward foreign currency contracts (Note 2)		264,347
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		161,340
Net Assets	$	796,728,226
Net Assets:
Class II Shares	$	9,301,122
Class VI Shares		1,146,276
Class VIII Shares		9,632,243
Class Y Shares		776,648,585
Total	$	796,728,226

*  Includes value of securities on loan of $46,908,924 (Note 2).

The accompanying notes are an integral part of these financial statements.

26 Semiannual Report 2009

	NVIT International
	Index Fund
Shares Outstanding (unlimited number of shares authorized):
Class II Shares		1,369,845
Class VI Shares		168,955
Class VIII Shares		1,419,742
Class Y Shares		114,151,813
Total		117,110,355
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	6.79
Class VI Shares	$	6.78
Class VIII Shares	$	6.78
Class Y Shares	$	6.80

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 27

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT International
	Index Fund
INVESTMENT INCOME:
Interest income	$	5,935
Dividend income		17,142,807
Income from securities lending (Note 2)		710,726
Foreign tax withholding		(1,656,953	)
Total Income		16,202,515
EXPENSES:
Investment advisory fees		877,047
Fund administration fees		157,752
Distribution fees Class II Shares		9,669
Distribution fees Class VI Shares		1,360
Distribution fees Class VIII Shares		16,145
Administrative services fees Class II Shares		6,321
Administrative services fees Class VI Shares		1,124
Administrative services fees Class VIII Shares		2,746
Custodian fees		17,911
Trustee fees		13,129
Compliance program costs (Note 3)		3,742
Professional fees		58,067
Printing fees		23,761
Other		74,250
Total expenses before earnings credit and expenses reimbursed		1,263,024
Earnings credit (Note 5)		(272	)
Expenses reimbursed by adviser (Note 3)		(23,116	)
Net Expenses		1,239,636
NET INVESTMENT INCOME		14,962,879
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(13,782,797	)
Net realized gains from futures transactions (Note 2)		2,149,938
Net realized gains from foreign currency transactions (Note 2)		1,313,391
Net realized losses from investment transactions, futures and foreign currency transactions		(10,319,468	)
Net change in unrealized appreciation/(depreciation) from investments		61,802,234
Net change in unrealized appreciation/(depreciation) from futures (Note 2)		(602,787	)
Net change in unrealized appreciation/(depreciation) from forward foreign currency contracts (Note 2)		(64,139	)
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		156,025
Net change in unrealized appreciation/(depreciation) from investments, futures, foreign currency translations and foreign currency transactions		61,291,333
Net realized/unrealized gains from investments, futures, foreign currency translations and foreign currency transactions		50,971,865
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	65,934,744

The accompanying notes are an integral part of these financial statements.

28 Semiannual Report 2009

Statements of Changes in Net Assets

	NVIT International Index Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	14,962,879		$	13,293,266
Net realized losses from investment, futures and foreign currency		(10,319,468	)		(11,903,558	)
Net change in unrealized appreciation/(depreciation) from investments, futures and translation of assets and liabilities denominated in foreign currencies		61,291,333			(319,797,743	)
Change in net assets resulting from operations		65,934,744			(318,408,035	)
Distributions to Shareholders From:
Net investment income:
Class II		(88,121	)		(262,067	)
Class VI		(11,009	)		(34,730	)
Class VII (a)		–			(14	)
Class VIII		(90,599	)		(230,645	)
Class Y		(8,605,212	)		(11,659,885	)
Net realized gains:
Class II		–			(19,199	)
Class VI		–			(2,608	)
Class VII (a)		–			(2	)
Class VIII		–			(17,043	)
Class Y		–			(820,998	)
Change in net assets from shareholder distributions		(8,794,941	)		(13,047,191	)
Change in net assets from capital transactions		146,538,930			623,725,789
Change in net assets		203,678,733			292,270,563
Net Assets:
Beginning of period		593,049,493			300,778,930
End of period	$	796,728,226		$	593,049,493
Accumulated undistributed net investment income at end of period	$	6,223,988		$	56,050
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	1,872,172		$	4,431,413
Dividends reinvested		88,121			281,266
Cost of shares redeemed		(1,266,372	)		(7,681,038	)
Total Class II		693,921			(2,968,359	)
Class VI Shares
Proceeds from shares issued		160,563			1,156,766
Dividends reinvested		11,009			37,338
Cost of shares redeemed (b)		(302,497	)		(683,173	)
Total Class VI		(130,925	)		510,931
Class VII Shares (a)
Proceeds from shares issued		–			–
Dividends reinvested		–			16
Cost of shares redeemed		–			(660	)
Total Class VII		–			(644	)

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Effective December 3, 2008, the Fund ceased offering Class VII shares.
(b)	Includes redemption fees — see Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 29

Statements of Changes in Net Assets (Continued)

	NVIT International Index Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
CAPITAL TRANSACTIONS: (continued)
Class VIII Shares
Proceeds from shares issued	$	2,136,780		$	4,363,020
Dividends reinvested		90,599			247,688
Cost of shares redeemed (b)		(1,447,042	)		(5,353,702	)
Total Class VIII		780,337			(742,994	)
Class Y Shares
Proceeds from shares issued		145,199,833			620,077,009
Dividends reinvested		8,605,212			12,480,883
Cost of shares redeemed		(8,609,448	)		(5,631,037	)
Total Class Y		145,195,597			626,926,855
Change in net assets from capital transactions	$	146,538,930		$	623,725,789
SHARE TRANSACTIONS:
Class II Shares
Issued		310,535			506,016
Reinvested		14,101			32,148
Redeemed		(210,447	)		(893,626	)
Total Class II Shares		114,189			(355,462	)
Class VI Shares
Issued		27,025			110,865
Reinvested		1,761			4,388
Redeemed		(54,569	)		(70,249	)
Total Class VI Shares		(25,783	)		45,004
Class VII Shares (a)
Issued		–			–
Reinvested		–			1
Redeemed		–			(104	)
Total Class VII Shares		–			(103	)
Class VIII Shares
Issued		353,587			467,932
Reinvested		14,502			28,981
Redeemed		(239,556	)		(573,758	)
Total Class VIII Shares		128,533			(76,845	)
Class Y Shares
Issued		25,292,854			65,094,524
Reinvested		1,371,293			1,576,384
Redeemed		(1,311,269	)		(574,312	)
Total Class Y Shares		25,352,878			66,096,596
Total change in shares		25,569,817			65,709,190

Amounts designated as “–” are zero or have been rounded to zero.

(a)  Effective December 3, 2008, the Fund ceased offering Class VII shares.

(b)  Includes redemption fees — see Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

30 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT International Index Fund

				Operations												Distributions												Ratios / Supplemental Data
							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class II Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	6	.47		0	.12		0	.27		0	.39		(0	.07)		–			(0	.07)	$	6	.79		6	.09%	$	9,301,122		0	.79%		4	.11%		0	.79%		2	.43%
Year Ended December 31, 2008 (e)	$	11	.63		0	.28		(5	.25)		(4	.97)		(0	.18)		(0	.01)		(0	.19)	$	6	.47		(43	.11%)	$	8,121,114		0	.80%		3	.01%		0	.80%		5	.50%
Year Ended December 31, 2007	$	10	.82		0	.17		0	.86		1	.03		(0	.19)		(0	.03)		(0	.22)	$	11	.63		9	.40%	$	18,733,442		0	.76%		1	.63%		0	.78%		36	.09%
Period Ended December 31, 2006 (f)	$	10	.00		0	.12		0	.82		0	.94		(0	.12)		–			(0	.12)	$	10	.82		9	.57%	$	1,095		0	.76%		1	.83%		1	.29%		10	.94%
Class VI Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	6	.46		0	.12		0	.27		0	.39		(0	.07)		–			(0	.07)	$	6	.78		6	.05%	$	1,146,276		0	.84%		3	.94%		0	.84%		2	.43%
Year Ended December 31, 2008 (e)	$	11	.62		0	.26		(5	.23)		(4	.97)		(0	.18)		(0	.01)		(0	.19)	$	6	.46		(43	.11%)	$	1,258,425		0	.75%		2	.93%		0	.89%		5	.50%
Year Ended December 31, 2007	$	10	.81		0	.19		0	.84		1	.03		(0	.19)		(0	.03)		(0	.22)	$	11	.62		9	.50%	$	1,739,262		0	.80%		1	.97%		0	.88%		36	.09%
Period Ended December 31, 2006 (f)	$	10	.00		0	.07		0	.86		0	.93		(0	.12)		–			(0	.12)	$	10	.81		9	.42%	$	350,392		0	.76%		1	.25%		1	.13%		10	.94%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	Net investment income (loss) is based on average shares outstanding during the period.
(f)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 31

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT International Index Fund (Continued)

				Operations												Distributions												Ratios / Supplemental Data
							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class VIII Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	6	.46		0	.12		0	.27		0	.39		(0	.07)		–			(0	.07)	$	6	.78		6	.07%	$	9,632,243		0	.84%		4	.10%		0	.85%		2	.43%
Year Ended December 31, 2008 (e)	$	11	.61		0	.28		(5	.24)		(4	.96)		(0	.18)		(0	.01)		(0	.19)	$	6	.46		(43	.09%)	$	8,345,491		0	.76%		3	.00%		0	.77%		5	.50%
Year Ended December 31, 2007	$	10	.80		0	.18		0	.83		1	.01		(0	.17)		(0	.03)		(0	.20)	$	11	.61		9	.39%	$	15,887,449		0	.82%		1	.87%		0	.91%		36	.09%
Period Ended December 31, 2006 (f)	$	10	.00		0	.07		0	.85		0	.92		(0	.12)		–			(0	.12)	$	10	.80		9	.30%	$	5,030,724		0	.88%		0	.98%		1	.35%		10	.94%
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	6	.48		0	.14		0	.26		0	.40		(0	.08)		–			(0	.08)	$	6	.80		6	.27%	$	776,648,585		0	.37%		4	.62%		0	.38%		2	.43%
Year Ended December 31, 2008 (e)	$	11	.65		0	.24		(5	.18)		(4	.94)		(0	.22)		(0	.01)		(0	.23)	$	6	.48		(42	.87%)	$	575,324,463		0	.37%		2	.85%		0	.38%		5	.50%
Year Ended December 31, 2007	$	10	.83		0	.20		0	.87		1	.07		(0	.22)		(0	.03)		(0	.25)	$	11	.65		9	.89%	$	264,417,580		0	.36%		2	.15%		0	.44%		36	.09%
Period Ended December 31, 2006 (f)	$	10	.00		0	.14		0	.83		0	.97		(0	.14)		–			(0	.14)	$	10	.83		9	.83%	$	43,912,307		0	.37%		2	.21%		0	.62%		10	.94%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	Net investment income (loss) is based on average shares outstanding during the period.
(f)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

The accompanying notes are an integral part of these financial statements.

32 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT International Index Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) and Jefferson National Life Insurance Company currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account

2009 Semiannual Report 33

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009 are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

34 Semiannual Report 2009

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

				Level 2 — Other
	Level 1 —			Significant		Level 3 — Significant
Asset Type	Quoted Prices			Observable Inputs		Unobservable Inputs		Total
Common Stock	$	—		$	763,895,470	$	—	$	763,895,470
Preferred Stock		—			2,528,518		—		2,528,518
Exchange Traded Funds		7,012,366			—		—		7,012,366
Rights		—			561,553		—		561,553
Warrants		—			4,442		—		4,442
Futures		(299,538	)		—		—		(299,538	)
Forward Foreign Currency Contracts		—			264,347		—		264,347
Repurchase Agreements		—			50,049,670		—		50,049,670
Total		6,712,828			817,304,000		—		824,016,828

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	NVIT International
	Index Fund
	Common Stocks
Balance as of 12/31/2008	$	94,707
Accrued Accretion/(Amortization)		—
Change in Unrealized Appreciation/(Depreciation)		—
Net Purchase/(Sales)		—
Transfers In/(Out) of Level 3		(94,707	)
Balance as of 06/30/2009	$	—

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

2009 Semiannual Report 35

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(c)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Funds that engage in foreign currency transactions translate foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(d)        Forward Foreign Currency Contracts

The Fund is subject to foreign currency exchange risk in the normal course of pursuing its objective. The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency or to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. A forward foreign currency contract is adjusted daily by the exchange rate of the underlying currency, and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement rate. When the Fund enters into a forward foreign currency contract, it is exposed to risks from unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contract may be unable to meet their obligations under the contracts.

Forward foreign currency contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Net Unrealized appreciation/(depreciation) from forward foreign currency contracts,” and in the Statement of Operations under “Net realized gains from foreign currency transactions” and “Net change in unrealized appreciation/(depreciation) from foreign currency contracts.”

(e)        Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its investment objective. The Fund may enter into financial futures contracts (“futures contracts”) to gain exposure to, or hedge against changes in, the value of equities. The Fund may also enter into futures contracts for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to enter into and maintain futures contracts may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such futures contracts.

Futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price. Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, know as “variation margin” receipts or payments, are made each day, depending on the fluctuations in the fair value/market value of the futures contract and are recognized by the Fund as unrealized gains or losses. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and the value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk

36 Semiannual Report 2009

of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. Futures contracts involve minimal counterparty credit risk to the Fund because futures contracts are exchange-traded, and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees futures contracts against default.

Futures contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Net unrealized appreciation/(depreciation) from futures,” and in the Statement of Operations under “Net realized gains from futures transactions” and “Net change in unrealized appreciation/(depreciation) from futures.”

Fair Values of Derivative Instruments as of June 30, 2009

Derivatives not	Asset Derivatives			Liability Derivatives
accounted for as	Statement of Assets and			Statement of Assets and
hedging instruments	Liabilities Location	Fair Value		Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	435,480	Unrealized depreciation on forward foreign currency contracts	$	(171,133	)
Equity contracts*	Net Assets — Net Unrealized Appreciation from futures		12,003	Net Assets — Net Unrealized Depreciation from futures		(311,541	)
Total		$	447,483		$	(482,674	)

* Includes cumulative appreciation/(depreciation) of futures contracts as reported in the Statement of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities.

Amounts designated as “—” are zero.

The Effect of Derivative Instruments on the Statement of Operations
For the Six Months Ended June 30, 2009

Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations

Derivatives not accounted
for as hedging instruments					Forward Foreign
under FAS 133	Options		Futures		Currency Contracts			Total
Foreign exchange contracts	$	—	$	—	$	(713,063	)	$	(713,063	)
Equity contracts		—		2,149,938		—			2,149,938
Total	$	—	$	2,149,938	$	(713,063	)	$	1,436,875

Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Operations

Derivatives not accounted
for as hedging instruments						Forward Foreign
under FAS 133	Options		Futures			Currency Contracts			Total
Foreign exchange contracts	$	—	$	—		$	(64,139	)	$	(64,139	)
Equity contracts		—		(602,787	)		—			(602,787	)
Total	$	—	$	(602,787	)	$	(64,139	)	$	(666,926	)

Amounts designated as “—” are zero.

Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the period ending June 30, 2009.

(f)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of

2009 Semiannual Report 37

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(g)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(h)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(i)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2006 to 2008 remain subject to examination by the Internal Revenue Service.

38 Semiannual Report 2009

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(j)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

(k)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2009, the Fund had securities with the following value on loan:

Value of Loaned Securities		Value of Collateral
$	46,908,924	$	49,576,717

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. BlackRock Investment Management, LLC (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

2009 Semiannual Report 39

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
Up to $1.5 billion		0.27%
$1.5 billion up to $3 billion		0.26%
$3 billion and more		0.25%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $335,601 for the six months ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.37% for all share classes of the Fund shares until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Fiscal Year		Fiscal Year		Six Months Ended
2007		2008		June 30, 2009
Amount		Amount		Amount
$	85,973	$	59,094	$	23,116

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital

40 Semiannual Report 2009

Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II, Class VI, and Class VIII shares of the Fund. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II and Class VI shares of the Fund and 0.40% of the average daily net assets of Class VIII shares of the Fund. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II, Class VI, and Class VIII of the Fund.

For the six months ended June 30, 2009, NFS received $12,354 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $3,742.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class VI and Class VIII shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class VI and Class VIII shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class VI and Class VIII shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class VI and Class VIII shares that were held on behalf of the contract owner the longest will be redeemed first.

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $252 and $1,098, respectively, from Class VI and Class VIII.

For the year ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $109 and $2,875, respectively, from Class VI and Class VIII.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate

2009 Semiannual Report 41

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $163,833,490 and sales of $15,584,237 (excluding short-term securities).

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions

42 Semiannual Report 2009

that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for the Fund were as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	1,079,198,905	$	4,239,583	$	(259,386,469	)	$	(255,146,886	)

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 43

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

     (i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-adviser (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

44 Semiannual Report 2009

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

     (ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and BlackRock Investment Management, the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that the Fund’s performance for Class Y shares for the one-year period ended September 30, 2008 was in the third quintile and above the median of its peer universe, while for the two- year period ended September 30, 2008, the Fund was in the fourth quintile of its peer universe. The Trustees noted that the Fund underperformed its benchmark, the MSCI EAFE Index, for the one-and two-year periods ended September 30, 2008, which was partially attributable to the effect of expenses.

The Trustees noted that the Fund’s contractual advisory fee, actual advisory fee, and total expenses for Class Y shares were in the first quintile of its peer group. The Trustees noted that shareholders of the Fund received the benefit of an expense cap (excluding 12b-1 and administrative service fees). The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the proposed investment advisory fee schedule for the Fund contains breakpoints that are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

2009 Semiannual Report 45

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

46 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 47

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A

48 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 49

NVIT Bond Index Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
30	Statement of Assets and Liabilities
31	Statement of Operations
32	Statements of Changes in Net Assets
33	Financial Highlights
34	Notes to Financial Statements
42	Supplemental Information
44	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-BDX (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Bond Index Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Bond Index Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class Y	Actual			1,000.00		1,019.10		1.60		0.32
	Hypothetical	b		1,000.00		1,023.07		1.60		0.32

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Bond Index Fund

June 30, 2009 (Unaudited)

Asset Allocation
U.S. Government Sponsored & Agency Obligations	41	.3%
U.S. Government Mortgage Backed Agencies	27	.7%
Corporate Bonds	19	.6%
Repurchase Agreements	18	.0%
Commercial Mortgage Backed Securities	3	.7%
Sovereign Bonds	2	.3%
Asset-Backed Securities	0	.9%
Yankee Dollars	0	.9%
Municipal Bonds	0	.2%
Collateralized Mortgage Obligations	0	.1%
Liabilities in excess of other assets	(14	.7)%
	100	.0%

Top Industries
Banks	6	.8%
Diversified Financial Services	3	.6%
Telecommunications	1	.8%
Electric	1	.5%
Oil & Gas	1	.3%
Insurance	1	.0%
Media	0	.9%
Pharmaceuticals	0	.7%
Retail	0	.6%
Pipelines	0	.6%
Other*	81	.2%
	100	.0%

Top Holdings
Fannie Mae Pool, Pool #995050, 6.00%, 09/01/37	5	.0%
Federal Home Loan Mortgage Corp., 6.00%, 07/13/39	4	.6%
Federal Home Loan Mortgage Corp., 5.00%, 07/15/38	4	.3%
Fannie Mae Pool, Pool #555421, 5.00%, 05/01/33	4	.1%
Federal Home Loan Mortgage Corp. TBA, 5.50%, 08/13/39	3	.2%
U.S. Treasury Notes, 4.50%, 09/30/11	2	.4%
Federal Home Loan Mortgage Corp., 2.75%, 04/11/11	1	.7%
U.S. Treasury Notes, 4.63%, 02/29/12	1	.3%
U.S. Treasury Bonds, 6.25%, 08/15/23	1	.3%
Fannie Mae Pool, Pool #888596, 6.50%, 07/01/37	1	.3%
Other*	70	.8%
	100	.0%

* For purpose of listing top holdings and industries, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Bond Index Fund

Asset-Backed Securities 0.9%
		Principal Amount		Market Value
Automobile Asset-Backed Securities 0.5%
Honda Auto Receivables Owner Trust, Series 2006-3, Class A3, 5.12%, 10/15/10	$	1,715,935	$	1,727,391
USAA Auto Owner Trust, Series 2008-3, Class A3, 4.65%, 10/15/12		4,750,000		4,894,488
				6,621,879
Credit Card Asset-Backed Securities 0.3%(a)
Citibank Credit Card Issuance Trust, Series 2006-A4, Class A4, 5.45%, 05/10/13		3,321,000		3,499,976
Home Equity Asset-Backed Securities 0.1%(a)
Aegis Asset Backed Securities Trust, Series 2006-1, Class A1, 0.39%, 01/25/37		1,545,211		1,478,622
Total Asset-Backed Securities (cost $11,433,440)				11,600,477
Collateralized Mortgage Obligations 0.1% (a)
Banks 0.1%
Merrill Lynch Mortgage Investors, Inc., Series 2005-A7, Class 2A1, 5.38%, 09/25/35		1,288,690		844,206
Total Collateralized Mortgage Obligations (cost $1,232,899)				844,206
Commercial Mortgage Backed Securities 3.7%
Banks 1.9%
Banc of America Commercial Mortgage, Inc.
Series 2006-6, Class A4, 5.36%, 10/10/45		4,070,000		3,205,808
Series 2007-1, Class A4, 5.45%, 01/15/49		2,295,000		1,711,896
First Union National Bank Commercial Mortgage, Series 2000-C2, Class A2, 7.20%, 10/15/32		4,062,211		4,125,774
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2001-CIB3, Class C, 6.84%, 11/15/35 (a)(b)		1,858,000		1,747,741
Series 2001-CIBC, Class B, 6.45%, 03/15/33		3,746,000		3,641,160
Series 2005-LDP4, Class AM, 5.00%, 10/15/42 (a)		2,224,000		1,410,003
Series 2006-LDP7, Class A4, 6.07%, 04/15/45 (a)		3,339,000		2,834,030
Series 2007-CB18, Class AM, 5.47%, 06/12/47		420,000		204,385
Series 2007-LD12, Class A2, 5.83%, 02/15/51		2,200,000		1,951,477
Wachovia Bank Commercial Mortgage Trust
Series 2002-C1, Class C, 6.55%, 04/15/34		1,711,000		1,701,339
Series 2007-C33, Class A4, 5.90%, 02/15/51 (a)		1,945,000		1,431,908
				23,965,521
Diversified Financial Services 1.4%
Bear Stearns Commercial Mortgage Securities, Series 2005-PWR8, Class AJ, 4.66%, 06/11/41		1,991,000		1,006,270
Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A4, 6.10%, 12/10/49 (a)		3,271,583		2,674,637
CWCapital COBALT, Series 2007-C3, Class A4, 6.02%, 05/15/46 (a)		2,080,000		1,428,129
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A5, 5.28%, 08/10/38 (a)		3,067,000		2,826,078
LB-UBS Commercial Mortgage Trust
Series 2003-C8, Class A4, 5.12%, 11/15/32		3,109,000		2,909,671
Series 2007-C1, Class A2, 5.32%, 02/15/40		2,140,000		2,026,460
Morgan Stanley Capital I
Series 2005-T19, Class A2, 4.73%, 06/12/47		3,097,000		3,027,134
Series 2007-IQ14, Class A4, 5.69%, 04/15/49		2,080,000		1,516,159
				17,414,538
Mortgage-Backed 0.4% (a)
Commercial Mortgage Pass Through Certificates, Series 2005-LP5, Class A4, 4.98%, 05/10/43		5,820,000		5,143,940
Total Commercial Mortgage Backed Securities (cost $50,053,694)				46,523,999

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds 19.6%
		Principal Amount		Market Value
Advertising 0.0%
Omnicom Group, Inc., 5.90%, 04/15/16	$	177,000	$	177,296
Aerospace & Defense 0.4%
General Dynamics Corp., 4.25%, 05/15/13		250,000		255,244
Goodrich Corp.
6.29%, 07/01/16		354,000		361,787
6.80%, 07/01/36		185,000		182,079
Lockheed Martin Corp.
7.65%, 05/01/16		177,000		207,547
Series B, 6.15%, 09/01/36		354,000		377,881
McDonnell Douglas Corp., 9.75%, 04/01/12		600,000		698,297
Northrop Grumman Systems Corp.
7.13%, 02/15/11		611,000		655,825
7.75%, 02/15/31		118,000		147,657
Raytheon Co.
5.50%, 11/15/12		88,000		95,764
6.40%, 12/15/18		206,000		227,977
7.00%, 11/01/28		133,000		146,352
Rockwell Collins, Inc., 4.75%, 12/01/13		295,000		297,201
United Technologies Corp.
6.35%, 03/01/11		398,000		426,037
4.88%, 05/01/15		545,000		579,537
6.13%, 07/15/38		400,000		434,170
				5,093,355
Agriculture 0.2%
Altria Group, Inc., 9.70%, 11/10/18		800,000		917,157
Archer-Daniels-Midland Co.
5.94%, 10/01/32		345,000		340,046
5.38%, 09/15/35		147,000		139,382
Bunge Ltd. Finance Corp., 5.10%, 07/15/15		88,000		80,693
Philip Morris International, Inc.
5.65%, 05/16/18		400,000		419,277
6.38%, 05/16/38		210,000		223,427
				2,119,982
Air Freight & Logistics 0.0%
United Parcel Service, Inc., 6.20%, 01/15/38		295,000		322,744
Airlines 0.1%
Continental Airlines, Inc.
Series 00-1, 7.92%, 05/01/10		350,000		341,250
Series 02-1, 6.56%, 08/15/13		233,000		195,855
Qantas Airways Ltd., 6.05%, 04/15/16(b)		177,000		159,894
Southwest Airlines Co., 5.13%, 03/01/17		147,000		126,336
				823,335
Auto Manufacturers 0.2%
Daimler Finance North America LLC
5.88%, 03/15/11		1,987,000		2,020,032
7.30%, 01/15/12		389,000		402,827
6.50%, 11/15/13		487,000		495,053
				2,917,912
Auto Parts & Equipment 0.0%
Johnson Controls, Inc.
5.25%, 01/15/11 (c)		177,000		178,919
4.88%, 09/15/13		177,000		170,271
				349,190
Banks 4.7%
Bank of America Corp.
4.38%, 12/01/10		590,000		591,513
4.50%, 08/01/10		206,000		207,006
5.38%, 08/15/11		383,000		391,565
4.88%, 09/15/12		289,000		285,819
4.88%, 01/15/13		649,000		641,193
4.75%, 08/01/15		619,000		559,721
5.25%, 12/01/15		737,000		648,980
5.63%, 10/14/16		1,460,000		1,319,253
Series L, 2.10%, 04/30/12		2,325,000		2,328,543
Bank of America NA
6.00%, 06/15/16		295,000		266,808
5.30%, 03/15/17		200,000		169,689
Bank of New York Mellon Corp. (The), 5.13%, 08/27/13		450,000		473,667
Bank of Tokyo-Mitsubishi UFJ Ltd., 7.40%, 06/15/11		354,000		364,245
Bank One Corp.
7.88%, 08/01/10		59,000		61,859
5.25%, 01/30/13		147,000		148,323
8.00%, 04/29/27		290,000		312,730
BB&T Corp., 4.75%, 10/01/12		236,000		230,794
Capital One Financial Corp., 5.25%, 02/21/17		304,000		263,292
Charter One Bank NA, 6.38%, 05/15/12		700,000		653,447
Citigroup, Inc.
4.63%, 08/03/10		324,000		322,386
6.50%, 01/18/11		133,000		135,057

6 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
Banks (continued)
Citigroup, Inc. (continued)
5.13%, 02/14/11	$	88,000	$	87,749
6.00%, 02/21/12		147,000		145,342
5.25%, 02/27/12		1,750,000		1,708,875
5.63%, 08/27/12		295,000		276,189
5.30%, 01/07/16		1,979,000		1,704,631
5.85%, 08/02/16		413,000		366,640
6.63%, 06/15/32		333,000		273,035
5.88%, 02/22/33		118,000		87,277
5.85%, 12/11/34		525,000		407,722
5.88%, 05/29/37		250,000		195,345
Comerica, Inc., 4.80%, 05/01/15		177,000		129,820
Deutsche Bank AG, 4.88%, 05/20/13		1,250,000		1,283,090
Deutsche Bank Financial LLC, 5.38%, 03/02/15(b)		177,000		171,794
Eksportfinans AS, 5.50%, 05/25/16		383,000		399,911
Goldman Sachs Group, Inc. (The)
6.60%, 01/15/12		103,000		109,667
5.25%, 10/15/13		870,000		887,918
5.13%, 01/15/15		664,000		653,128
5.35%, 01/15/16		1,077,000		1,026,830
5.63%, 01/15/17		1,000,000		950,413
6.13%, 02/15/33		1,150,000		1,073,319
6.75%, 10/01/37		500,000		444,497
HBOS PLC, 5.46%, 11/29/49(b)		354,000		171,082
HSBC Bank USA NA
4.63%, 04/01/14		590,000		579,254
5.63%, 08/15/35		250,000		223,487
HSBC Holdings PLC, 6.50%, 05/02/36		400,000		390,614
Huntington National Bank (The), 5.50%, 02/15/16		300,000		218,200
JPMorgan Chase & Co.
4.50%, 11/15/10		872,000		888,919
4.60%, 01/17/11		590,000		607,206
6.63%, 03/15/12		643,000		676,923
4.75%, 03/01/15		254,000		255,819
5.15%, 10/01/15		501,000		493,846
JPMorgan Chase Bank NA
5.88%, 06/13/16		442,000		425,993
6.00%, 07/05/17 (b)		2,210,000		2,152,639
6.00%, 10/01/17		1,000,000		973,338
KeyBank NA
5.70%, 08/15/12		265,000		257,208
5.80%, 07/01/14		147,000		136,408
6.95%, 02/01/28		225,000		178,508
Korea Development Bank, 5.75%, 09/10/13		118,000		118,388
Kreditanstalt fuer Wiederaufbau
3.50%, 03/10/14		2,915,000		2,969,397
4.13%, 10/15/14		708,000		715,671
4.38%, 07/21/15 (c)		1,445,000		1,491,741
Landwirtschaftliche Rentenbank, 5.13%, 02/01/17		750,000		794,514
Marshall & Ilsley Bank, 5.25%, 09/04/12		162,000		135,801
Mellon Funding Corp.
6.40%, 05/14/11		265,000		281,515
5.00%, 12/01/14		265,000		269,622
Morgan Stanley
5.05%, 01/21/11		1,030,000		1,050,310
6.60%, 04/01/12		501,000		530,437
5.30%, 03/01/13		664,000		672,544
4.75%, 04/01/14		590,000		557,308
5.45%, 01/09/17		1,325,000		1,237,261
7.25%, 04/01/32		324,000		321,808
National City Bank, 6.20%, 12/15/11		300,000		308,310
National City Corp., 4.90%, 01/15/15		354,000		335,701
Oesterreichische Kontrollbank AG
4.50%, 03/09/15		236,000		241,228
4.88%, 02/16/16 (c)		350,000		358,423
PNC Funding Corp., 5.25%, 11/15/15		354,000		336,597
Regions Bank, 3.25%, 12/09/11, FDIC Backed		3,560,000		3,693,735
Santander Central Hispano Issuances Ltd., 7.63%, 09/14/10		59,000		60,553
St. George Bank Ltd., 5.30%, 10/15/15 (b)		236,000		211,171
State Street Capital Trust III, 8.25%, 03/15/42		180,000		152,053
SunTrust Bank
5.20%, 01/17/17		177,000		154,624
5.45%, 12/01/17		183,000		160,731
Synovus Financial Corp., 4.88%, 02/15/13		88,000		71,372
UBS AG/Stamford Branch
5.88%, 07/15/16		1,121,000		970,331
5.88%, 12/20/17		350,000		325,941
UBS Preferred Funding Trust I, 8.62%, 10/29/49		475,000		338,250
UnionBanCal Corp., 5.25%, 12/16/13		206,000		190,244
US Bancorp, Series P, 4.50%, 07/29/10		295,000		300,996

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Market Value
Banks (continued)
US Bank NA
6.38%, 08/01/11	$	501,000	$	536,824
4.95%, 10/30/14		265,000		273,474
4.80%, 04/15/15		133,000		130,662
USB Capital IX, 6.19%, 04/15/49		450,000		303,750
Wachovia Bank NA
5.60%, 03/15/16		708,000		664,801
6.60%, 01/15/38		1,000,000		974,818
Wachovia Corp.
5.30%, 10/15/11		2,065,000		2,151,930
4.88%, 02/15/14		183,000		178,733
5.50%, 08/01/35		487,000		376,076
Wells Fargo & Co.
4.63%, 08/09/10		370,000		379,455
5.13%, 09/15/16		206,000		195,466
5.38%, 02/07/35		457,000		401,911
Wells Fargo Capital X, 5.95%, 12/15/36		875,000		647,500
Wells Fargo Capital XIII, 7.70%, 12/29/49 (a)		1,075,000		892,250
				58,852,753
Beverages 0.4%
Anheuser-Busch Cos., Inc.
4.38%, 01/15/13		29,000		28,556
5.00%, 03/01/19		236,000		215,319
5.75%, 04/01/36		324,000		265,930
6.00%, 11/01/41		147,000		121,673
Bottling Group LLC, 4.63%, 11/15/12		413,000		439,424
Coca-Cola Bottling Co. Consolidated, 5.00%, 11/15/12		88,000		91,264
Coca-Cola Enterprises, Inc.
8.50%, 02/01/12		354,000		403,924
7.38%, 03/03/14		480,000		549,071
6.95%, 11/15/26		147,000		160,084
Diageo Finance BV, 5.30%, 10/28/15		649,000		678,613
Miller Brewing Co., 5.50%, 08/15/13 (b)		147,000		145,346
Pepsi Bottling Group, Inc., 7.00%, 03/01/29		206,000		241,173
PepsiAmericas, Inc., 4.88%, 01/15/15		442,000		420,030
PepsiCo, Inc., 7.90%, 11/01/18		700,000		851,623
				4,612,030
Biotechnology 0.0%
Genentech, Inc.
4.40%, 07/15/10		165,000		169,749
5.25%, 07/15/35		88,000		81,984
				251,733
Building Materials 0.1%
CRH America, Inc., 6.00%, 09/30/16		885,000		787,586
Lafarge SA, 6.50%, 07/15/16		265,000		243,662
				1,031,248
Chemicals 0.3%
Albemarle Corp., 5.10%, 02/01/15		118,000		103,340
Cytec Industries, Inc., 6.00%, 10/01/15		162,000		142,852
Dow Chemical Co. (The)
6.00%, 10/01/12		590,000		597,321
8.55%, 05/15/19		585,000		586,041
E.I. du Pont de Nemours & Co., 5.25%, 12/15/16		885,000		921,241
Lubrizol Corp.
5.50%, 10/01/14		354,000		351,095
6.50%, 10/01/34		147,000		130,284
Praxair, Inc., 3.95%, 06/01/13		177,000		180,321
Rohm & Haas Co., 7.85%, 07/15/29		118,000		97,440
				3,109,935
Commercial Banks 0.0%
Credit Suisse Guernsey, 5.86%, 05/29/49		400,000		260,000
Commerical Services 0.1%
RR Donnelley & Sons Co.
4.95%, 04/01/14		118,000		102,719
6.13%, 01/15/17		700,000		615,726
Science Applications International Corp., 5.50%, 07/01/33		177,000		149,048
				867,493
Computers 0.2%
Dell, Inc., 7.10%, 04/15/28		206,000		211,145
Hewlett-Packard Co.
6.50%, 07/01/12		292,000		321,233
5.50%, 03/01/18		800,000		840,954
International Business Machines Corp.
4.75%, 11/29/12		516,000		553,285
5.88%, 11/29/32		983,000		1,016,644

8 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
Computers (continued)
			$	2,943,261
Cosmetics/Personal Care 0.1%
Procter & Gamble Co. (The)
4.85%, 12/15/15	$	177,000		189,768
5.80%, 08/15/34		545,000		570,125
				759,893
Diversified Financial Services 2.2%
American Express Co.
4.88%, 07/15/13		1,348,000		1,316,686
8.13%, 05/20/19		845,000		876,881
6.80%, 09/01/66		290,000		208,800
Associates Corp. of North America, 6.95%, 11/01/18		339,000		303,300
AXA Financial, Inc.
7.00%, 04/01/28		133,000		101,229
7.75%, 08/01/10		265,000		265,729
BAE Systems Holdings, Inc., 4.75%, 08/15/10 (b)		236,000		236,906
Bear Stearns Cos. LLC (The)
5.70%, 11/15/14		369,000		375,963
5.30%, 10/30/15		177,000		173,888
4.65%, 07/02/18		354,000		313,033
Boeing Capital Corp., 6.10%, 03/01/11		50,000		53,258
BP Capital Markets America, Inc., 4.20%, 06/15/18		147,000		127,975
BSKYB Finance UK PLC, 5.63%, 10/15/15 (b)		147,000		144,732
Capital One Bank USA NA
5.75%, 09/15/10		236,000		240,558
5.13%, 02/15/14		765,000		760,950
Capital One Capital IV, 6.75%, 02/17/37		185,000		123,832
Caterpillar Financial Services Corp.
5.05%, 12/01/10		590,000		614,507
5.50%, 03/15/16		295,000		291,832
Citigroup Funding, Inc., 1.25%, 06/03/11		895,000		893,321
Countrywide Home Loans, Inc., Series L, 4.00%, 03/22/11		706,000		696,749
Credit Suisse USA, Inc.
6.13%, 11/15/11		265,000		283,720
6.50%, 01/15/12		354,000		382,008
5.13%, 01/15/14		171,000		174,114
5.85%, 08/16/16		400,000		411,826
7.13%, 07/15/32		555,000		592,631
General Electric Capital Corp.
5.50%, 04/28/11 (c)		413,000		427,523
5.40%, 02/15/17		585,000		566,406
6.15%, 08/07/37		1,200,000		988,452
6.38%, 11/15/67		925,000		617,179
Series A, 5.88%, 02/15/12		59,000		61,625
Series A, 6.00%, 06/15/12		263,000		276,463
Series A, 4.88%, 03/04/15		619,000		602,206
Series A, 5.00%, 01/08/16		295,000		289,976
Series A, 5.63%, 09/15/17		2,000,000		1,914,096
Series A, 6.75%, 03/15/32		1,128,000		1,012,612
Goldman Sachs Capital I, 6.35%, 02/15/34		1,250,000		1,008,447
HSBC Finance Corp.
7.00%, 05/15/12		811,000		836,115
5.25%, 04/15/15		265,000		251,637
Jefferies Group, Inc., 6.25%, 01/15/36		177,000		122,107
JPMorgan Chase Capital XXV, Series Y, 6.80%, 10/01/37		4,190,000		3,603,404
National Rural Utilities Cooperative Finance Corp.
4.75%, 03/01/14		324,000		333,403
5.45%, 04/10/17		850,000		870,386
Series C, 8.00%, 03/01/32		159,000		178,616
Nissan Motor Acceptance Corp., 4.63%, 03/08/10 (b)		307,000		302,559
Principal Life Global Funding I, 5.25%, 01/15/13		879,000		858,189
SLM Corp., Series A, 5.38%, 05/15/14		1,091,000		876,848
TIAA Global Markets, Inc., 4.95%, 07/15/13 (b)		1,254,000		1,288,930
UBS Preferred Funding Trust V, Series 1, 6.24%, 05/29/49		275,000		162,250
UFJ Finance Aruba AEC, 6.75%, 07/15/13		354,000		366,547
				27,780,404
Electric 1.4%
Alabama Power Co., 5.70%, 02/15/33		574,000		588,040
Ameren Energy Generating Co., Series F, 7.95%, 06/01/32		105,000		88,935
American Electric Power Co., Inc., 5.25%, 06/01/15		192,000		188,453

2009 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Market Value
Electric (continued)
Appalachian Power Co., Series L, 5.80%, 10/01/35	$	206,000	$	182,914
Arizona Public Service Co., 5.50%, 09/01/35		215,000		164,745
Baltimore Gas & Electric Co., 5.90%, 10/01/16		1,135,000		1,136,797
Commonwealth Edison Co., Series 98, 6.15%, 03/15/12		118,000		125,266
Consolidated Edison Co. of New York, Inc.
Series 02-B, 4.88%, 02/01/13		124,000		128,793
Series 03-A, 5.88%, 04/01/33		118,000		118,168
Series 05-C, 5.38%, 12/15/15		177,000		184,357
Dominion Resources, Inc.
Series B, 5.95%, 06/15/35		251,000		239,433
Series C, 5.70%, 09/17/12		162,000		172,319
Series E, 6.30%, 03/15/33		10,000		9,983
DTE Energy Co., 6.35%, 06/01/16		913,000		837,757
Duke Energy Carolinas LLC, 6.25%, 01/15/12		1,650,000		1,774,367
Duke Energy Ohio, Inc.
5.70%, 09/15/12		41,000		41,703
Series A, 5.40%, 06/15/33		74,000		60,983
Entergy Gulf States, Inc., 5.25%, 08/01/15		177,000		168,899
Entergy Mississippi, Inc., 5.15%, 02/01/13		289,000		288,722
Exelon Corp.
4.90%, 06/15/15		413,000		384,537
5.63%, 06/15/35		836,000		672,932
FirstEnergy Corp., Series C, 7.38%, 11/15/31		663,000		625,778
Florida Power & Light Co.
4.85%, 02/01/13		147,000		152,810
5.85%, 02/01/33		100,000		105,091
5.95%, 10/01/33		77,000		81,997
5.40%, 09/01/35		130,000		128,857
5.65%, 02/01/37		450,000		461,897
Florida Power Corp., 5.90%, 03/01/33		318,000		329,842
Georgia Power Co., Series K, 5.13%, 11/15/12		106,000		112,541
Metropolitan Edison Co., 4.88%, 04/01/14		236,000		229,349
MidAmerican Energy Co., 5.80%, 10/15/36		550,000		537,935
MidAmerican Energy Holdings Co., 5.88%, 10/01/12		634,000		675,213
New York State Electric & Gas Corp., 5.75%, 05/01/23		59,000		52,707
Ohio Power Co., Series G, 6.60%, 02/15/33		236,000		237,020
Oncor Electric Delivery Co.
6.38%, 05/01/12		552,000		582,487
6.38%, 01/15/15		692,000		723,580
Pacific Gas & Electric Co., 4.80%, 03/01/14		472,000		496,913
PacifiCorp, 5.25%, 06/15/35		177,000		168,270
Pepco Holdings, Inc.
6.45%, 08/15/12		106,000		110,299
7.45%, 08/15/32		118,000		105,396
Progress Energy, Inc.
7.10%, 03/01/11		122,000		129,754
7.75%, 03/01/31		236,000		277,262
PSEG Power LLC
6.95%, 06/01/12		74,000		79,666
5.50%, 12/01/15		413,000		410,319
Public Service Co. of Colorado, Series 15, 5.50%, 04/01/14		251,000		270,357
Public Service Electric & Gas Co., Series B, 5.13%, 09/01/12		195,000		201,883
Puget Sound Energy, Inc., 5.48%, 06/01/35		147,000		121,051
SCANA Corp.
6.88%, 05/15/11		516,000		548,276
6.25%, 02/01/12		147,000		153,635
Scottish Power Ltd., 5.81%, 03/15/25		118,000		102,085
Southern California Edison Co.
6.00%, 01/15/34		177,000		187,772
5.55%, 01/15/36		436,000		436,414
Southern Power Co., Series B, 6.25%, 07/15/12		251,000		268,621
SPI Electricity & Gas Australia Holdings Pty Ltd., 6.15%, 11/15/13 (b)		189,000		186,800
Virginia Electric and Power Co., Series A, 5.40%, 01/15/16		147,000		153,386
Westar Energy, Inc., 6.00%, 07/01/14		265,000		277,660
Wisconsin Electric Power Co., 5.63%, 05/15/33		59,000		59,088

10 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
Electric (continued)
Xcel Energy, Inc.
5.61%, 04/01/17	$	248,000	$	244,042
6.50%, 07/01/36		177,000		176,707
				17,760,863
Electrical Components & Equipment 0.0%
Emerson Electric Co., 6.00%, 08/15/32		83,000		84,455
Environmental Control 0.1%
Waste Management, Inc.
7.38%, 08/01/10		147,000		153,183
6.38%, 11/15/12		206,000		218,748
7.00%, 07/15/28		162,000		153,387
6.38%, 03/11/15		500,000		518,022
				1,043,340
Food 0.5%
Cadbury Schweppes US Finance LLC, 5.13%, 10/01/13(b)		177,000		174,769
Campbell Soup Co., 4.88%, 10/01/13		236,000		249,041
ConAgra Foods, Inc.
6.75%, 09/15/11		10,000		10,694
7.00%, 10/01/28		221,000		219,583
General Mills, Inc., 6.00%, 02/15/12		267,000		287,451
H.J. Heinz Finance Co.
6.00%, 03/15/12		350,000		367,720
6.75%, 03/15/32		88,000		88,909
Kellogg Co., Series B, 7.45%, 04/01/31		147,000		176,525
Kraft Foods, Inc.
5.63%, 11/01/11		468,000		497,238
6.00%, 02/11/13		550,000		585,946
6.50%, 11/01/31		189,000		187,658
7.00%, 08/11/37		500,000		528,023
Kroger Co. (The)
6.80%, 04/01/11		201,000		212,791
6.20%, 06/15/12		236,000		252,256
7.50%, 04/01/31		257,000		296,220
Safeway, Inc.
6.50%, 03/01/11		236,000		249,942
5.80%, 08/15/12		206,000		220,542
5.63%, 08/15/14		177,000		185,689
Sara Lee Corp., 6.25%, 09/15/11		251,000		265,287
SYSCO Corp., 5.38%, 09/21/35		106,000		101,193
Unilever Capital Corp.
7.13%, 11/01/10		324,000		345,939
5.90%, 11/15/32		206,000		220,619
W.M. Wrigley Jr. Co., 4.65%, 07/15/15		215,000		189,738
				5,913,773
Forest Products & Paper 0.1%
Celulosa Arauco y Constitucion SA, 5.13%, 07/09/13		177,000		171,810
International Paper Co.
5.93%, 10/30/12		43,000		40,047
5.30%, 04/01/15		206,000		188,927
Inversiones CMPC SA, 4.88%, 06/18/13(b)		177,000		177,102
Weyerhaeuser Co., 6.75%, 03/15/12		782,000		782,282
				1,360,168
Gas 0.1%
AGL Capital Corp., 4.45%, 04/15/13		177,000		164,094
Atmos Energy Corp.
5.13%, 01/15/13		133,000		133,282
4.95%, 10/15/14		265,000		263,669
Southern California Gas Co., 4.80%, 10/01/12		383,000		404,433
				965,478
Hand/Machine Tools 0.0%
Black & Decker Corp., 4.75%, 11/01/14		230,000		210,489
Stanley Works (The), 4.90%, 11/01/12		133,000		132,043
				342,532
Health Care Equipment & Supplies 0.1%
Baxter International, Inc., 5.38%, 06/01/18		400,000		418,847
Johnson & Johnson, 4.95%, 05/15/33		663,000		630,881
Medtronic, Inc., Series B, 4.38%, 09/15/10		186,000		190,271
				1,239,999
Health Care Providers & Services 0.3%
Aetna, Inc., 6.00%, 06/15/16		550,000		543,448
Quest Diagnostics, Inc., 5.45%, 11/01/15		324,000		314,026
UnitedHealth Group, Inc.
5.38%, 03/15/16		295,000		277,461
5.80%, 03/15/36		708,000		572,670

2009 Semiannual Report 11

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Market Value
Health Care Providers & Services (continued)
WellPoint, Inc.
5.00%, 12/15/14	$	1,036,000	$	1,010,132
5.25%, 01/15/16		324,000		306,964
5.95%, 12/15/34		118,000		94,987
				3,119,688
Healthcare-Products 0.0%
Baxter International, Inc., 4.63%, 03/15/15		77,000		78,967
Covidien International Finance SA, 6.00%, 10/15/17		400,000		425,379
				504,346
Holding Companies-Diversfied 0.1%
EnCana Holdings Finance Corp., 5.80%, 05/01/14		634,000		671,052
Home Builders 0.0%
MDC Holdings, Inc., 5.50%, 05/15/13		147,000		142,278
Toll Brothers Finance Corp., 6.88%, 11/15/12		88,000		84,795
				227,073
Household Products/Wares 0.1%
Fortune Brands, Inc., 5.38%, 01/15/16		265,000		243,094
Kimberly-Clark Corp.
5.63%, 02/15/12		295,000		314,455
4.88%, 08/15/15		800,000		834,603
				1,392,152
Insurance 1.0%
ACE INA Holdings, Inc., 5.88%, 06/15/14		560,000		578,296
AIG Life Holdings US, Inc., 7.50%, 07/15/25		147,000		74,741
AIG SunAmerica Global Financing X, 6.90%, 03/15/32 (b)		413,000		197,120
Allstate Corp. (The)
6.13%, 02/15/12		254,000		258,212
6.13%, 12/15/32		118,000		106,511
5.55%, 05/09/35		88,000		74,635
5.95%, 04/01/36		118,000		103,032
6.50%, 05/15/57		195,000		143,325
Series B, 6.13%, 05/15/37		195,000		143,325
American International Group, Inc.
5.05%, 10/01/15		147,000		79,297
5.60%, 10/18/16		585,000		316,294
Berkshire Hathaway Finance Corp.
4.75%, 05/15/12		1,090,000		1,157,303
4.85%, 01/15/15		354,000		368,447
Chubb Corp.
6.00%, 05/11/37		315,000		318,820
6.38%, 03/29/67		400,000		320,000
Farmers Insurance Exchange, 8.63%, 05/01/24(b)		400,000		322,728
Genworth Financial, Inc.
5.75%, 06/15/14		88,000		61,778
6.50%, 06/15/34		206,000		124,799
Hartford Financial Services Group, Inc.
4.75%, 03/01/14		118,000		102,996
6.10%, 10/01/41		59,000		40,777
Infinity Property & Casualty Corp., Series B, 5.50%, 02/18/14		118,000		91,892
Lincoln National Corp., 6.15%, 04/07/36		440,000		306,556
Marsh & McLennan Cos., Inc.
6.25%, 03/15/12		103,000		105,951
5.75%, 09/15/15		43,000		40,967
MetLife, Inc.
6.13%, 12/01/11		640,000		669,995
5.50%, 06/15/14		265,000		267,144
5.70%, 06/15/35		659,000		575,590
6.40%, 12/15/36		500,000		357,500
Metropolitan Life Global Funding I, 5.13%, 06/10/14 (b)		750,000		744,164
Nationwide Financial Services, Inc., 6.75%, 05/15/37		105,000		62,031
Nationwide Mutual Insurance Co., 5.81%, 12/15/24 (b)		295,000		173,236
New York Life Insurance Co., 5.88%, 05/15/33 (b)		200,000		162,991
NLV Financial Corp., 7.50%, 08/15/33 (b)		74,000		55,652
Progressive Corp. (The)
6.25%, 12/01/32		162,000		138,906
6.70%, 06/15/37		370,000		260,889
Prudential Financial, Inc.
5.10%, 12/14/11		740,000		734,250
Series B, 5.10%, 09/20/14		295,000		278,722
Series B, 5.75%, 07/15/33		147,000		116,097
RLI Corp., 5.95%, 01/15/14		118,000		115,620
Travelers Cos, Inc. (The), 5.75%, 12/15/17		585,000		603,729
Travelers Cos., Inc. (The), 6.25%, 03/15/37		400,000		322,386
Travelers Property Casualty Corp., 6.38%, 03/15/33		192,000		201,344

12 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
Insurance (continued)
W.R. Berkley Corp., 5.13%, 09/30/10	$	103,000	$	99,583
Western & Southern Financial Group, Inc., 5.75%, 07/15/33(b)		147,000		111,806
Willis North America, Inc., 5.63%, 07/15/15		177,000		155,342
XL Capital Ltd., 5.25%, 09/15/14		779,000		653,791
				12,298,570
Machinery-Construction & Mining 0.0%
Caterpillar, Inc.
7.30%, 05/01/31		100,000		106,696
6.05%, 08/15/36		177,000		168,842
				275,538
Machinery-Diversified 0.0%
Deere & Co., 8.10%, 05/15/30		500,000		602,958
Media 0.9%
CBS Corp.
5.63%, 08/15/12		590,000		581,775
8.88%, 05/15/19		50,000		48,731
7.88%, 07/30/30		80,000		63,711
5.50%, 05/15/33		118,000		82,236
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/22		118,000		137,959
Comcast Cable Holdings LLC, 9.80%, 02/01/12		307,000		345,592
Comcast Corp.
5.90%, 03/15/16		413,000		427,217
6.50%, 01/15/17		1,013,000		1,074,654
7.05%, 03/15/33		295,000		313,956
6.50%, 11/15/35		100,000		101,089
6.95%, 08/15/37		295,000		307,590
Cox Communications, Inc.
7.75%, 11/01/10		145,000		150,944
5.45%, 12/15/14		354,000		351,411
5.50%, 10/01/15		383,000		371,072
Historic TW, Inc., 6.88%, 06/15/18		176,000		177,789
News America Holdings, Inc.
9.25%, 02/01/13		118,000		134,542
8.00%, 10/17/16		118,000		125,564
News America, Inc.
5.30%, 12/15/14		367,000		369,624
7.28%, 06/30/28		77,000		70,860
6.20%, 12/15/34		245,000		209,156
6.55%, 03/15/33		300,000		268,509
Time Warner Cable, Inc.
6.20%, 07/01/13		750,000		790,233
6.75%, 07/01/18		585,000		609,318
Time Warner, Inc.
6.88%, 05/01/12		911,000		974,538
7.63%, 04/15/31		777,000		755,365
7.70%, 05/01/32		932,000		915,845
Viacom, Inc.
6.25%, 04/30/16		649,000		639,369
6.88%, 04/30/36		324,000		298,504
Walt Disney Co. (The)
Series B, 6.38%, 03/01/12		139,000		152,654
Series B, 6.20%, 06/20/14		413,000		460,339
				11,310,146
Metals & Mining 0.0%
ArcelorMittal, 6.13%, 06/01/18		585,000		511,875
Mining 0.2%
Alcoa, Inc., 5.87%, 02/23/22		625,000		490,964
Barrick Gold Finance Co., 4.88%, 11/15/14		230,000		235,947
BHP Billiton Finance USA Ltd.
4.80%, 04/15/13		236,000		245,397
5.25%, 12/15/15		285,000		296,734
Corp. Nacional del Cobre de Chile, 6.38%, 11/30/12		120,000		129,533
Newmont Mining Corp., 5.88%, 04/01/35		236,000		220,367
Placer Dome, Inc., 6.38%, 03/01/33		139,000		140,037
Rio Tinto Alcan, Inc.
5.00%, 06/01/15		295,000		264,551
5.75%, 06/01/35		206,000		149,376
Vale Overseas Ltd., 6.88%, 11/21/36		944,000		896,333
				3,069,239
Miscellaneous Manufacturing 0.2%
3M Co., 5.70%, 03/15/37		415,000		432,314
Dover Corp., 4.88%, 10/15/15		224,000		223,475
General Electric Co., 5.00%, 02/01/13		929,000		966,639
Honeywell International, Inc.
6.13%, 11/01/11		147,000		160,491
5.40%, 03/15/16		705,000		747,854
				2,530,773

2009 Semiannual Report 13

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Market Value
Office/Business Equipment 0.0%
Pitney Bowes, Inc.
4.75%, 01/15/16	$	295,000	$	287,681
4.75%, 05/15/18		88,000		81,836
				369,517
Oil & Gas 1.0%
Anadarko Finance Co.
6.75%, 05/01/11		118,000		122,814
7.50%, 05/01/31		298,000		290,779
Anadarko Petroleum Corp., 6.45%, 09/15/36		531,000		477,324
Apache Corp.
6.25%, 04/15/12		230,000		248,564
7.63%, 07/01/19		59,000		70,187
Apache Finance Canada Corp., 4.38%, 05/15/15		487,000		468,349
Canadian Natural Resources Ltd., 6.25%, 03/15/38		590,000		588,917
Chevron Corp., 3.95%, 03/03/14		585,000		602,295
Conoco Funding Co., 6.35%, 10/15/11		767,000		837,089
ConocoPhillips
4.75%, 10/15/12		675,000		711,179
4.60%, 01/15/15		950,000		976,263
5.90%, 10/15/32		177,000		175,653
6.50%, 02/01/39		400,000		425,773
ConocoPhillips Australia Funding Co., 5.50%, 04/15/13		324,000		344,573
Devon Energy Corp., 7.95%, 04/15/32		350,000		417,375
Devon Financing Corp. ULC, 6.88%, 09/30/11		643,000		698,357
Hess Corp., 7.30%, 08/15/31		354,000		365,414
Marathon Oil Corp., 6.80%, 03/15/32		118,000		114,538
Motiva Enterprises LLC, 5.20%, 09/15/12(b)		74,000		75,952
Murphy Oil Corp., 6.38%, 05/01/12		59,000		61,558
Nabors Industries, Inc., 5.38%, 08/15/12		41,000		41,376
Occidental Petroleum Corp.
6.75%, 01/15/12		265,000		288,813
7.00%, 11/01/13		500,000		572,438
Pemex Project Funding Master Trust
9.13%, 10/13/10		138,000		148,874
6.63%, 06/15/35		324,000		293,036
PTT PCL, 5.88%, 08/03/35 (b)		177,000		148,787
Transocean Ltd., 7.50%, 04/15/31		177,000		196,116
Valero Energy Corp.
6.88%, 04/15/12		590,000		627,413
7.50%, 04/15/32		118,000		112,908
6.63%, 06/15/37		455,000		388,170
XTO Energy, Inc.
4.90%, 02/01/14		147,000		148,734
5.30%, 06/30/15		280,000		287,796
5.65%, 04/01/16		118,000		119,462
6.50%, 12/15/18		210,000		225,297
6.38%, 06/15/38		610,000		623,416
				12,295,589
Oil & Gas Services 0.1%
Halliburton Co.
5.50%, 10/15/10		472,000		493,658
6.70%, 09/15/38		400,000		429,050
				922,708
Other Financial 0.1%
Capital One Finance, 7.69%, 08/15/36		250,000		177,141
Goldman Sachs Capital II, 5.79%, 12/29/49		575,000		350,434
Wachovia Capital Trust III, 5.80%, 03/15/42		850,000		510,000
				1,037,575
Pharmaceuticals 0.7%
Abbott Laboratories, 5.88%, 05/15/16		481,000		524,589
AstraZeneca PLC
5.40%, 06/01/14		295,000		319,239
5.90%, 09/15/17		400,000		428,332
6.45%, 09/15/37		200,000		221,713
Bristol-Myers Squibb Co., 5.25%, 08/15/13		1,425,000		1,516,236
Eli Lilly & Co.
6.00%, 03/15/12		295,000		323,329
7.13%, 06/01/25		118,000		130,907
GlaxoSmithKline Capital, Inc., 5.38%, 04/15/34		201,000		190,330
Merck & Co., Inc.
4.75%, 03/01/15		354,000		369,842
6.40%, 03/01/28		74,000		80,222
5.95%, 12/01/28		162,000		167,630
Novartis Securities Investment Ltd., 5.13%, 02/10/19		470,000		480,850
Pfizer, Inc.
4.65%, 03/01/18 (c)		265,000		252,797
7.20%, 03/15/39		525,000		623,391

14 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
Pharmaceuticals (continued)
Pharmacia Corp., 6.60%, 12/01/28	$	177,000	$	196,875
Schering-Plough Corp., 5.30%, 12/01/13		1,400,000		1,503,815
Teva Pharmaceutical Finance LLC, 6.15%, 02/01/36		142,000		146,474
Wyeth
5.50%, 02/01/14		678,000		725,618
5.50%, 02/15/16		634,000		663,647
6.50%, 02/01/34		206,000		227,634
				9,093,470
Pipelines 0.4%
Boardwalk Pipelines LP, 5.20%, 06/01/18		88,000		74,916
CenterPoint Energy Resources Corp., 7.88%, 04/01/13		354,000		377,601
Colonial Pipeline Co., 7.63%, 04/15/32		215,000		240,518
Consolidated Natural Gas Co., Series A, 5.00%, 12/01/14		1,069,000		1,093,926
Enterprise Products Operating LLC, Series B, 5.60%, 10/15/14		1,194,000		1,227,118
Kern River Funding Corp., 4.89%, 04/30/18		70,363		66,862
Kinder Morgan Energy Partners LP
7.50%, 11/01/10		207,000		215,778
6.75%, 03/15/11		91,000		95,375
5.80%, 03/15/35		206,000		173,901
Plains All American Pipeline LP, 5.63%, 12/15/13		330,000		326,992
Spectra Energy Capital LLC, 6.75%, 02/15/32		327,000		295,338
Texas Eastern Transmission LP, 7.30%, 12/01/10		1,000,000		1,035,375
Texas Gas Transmission LLC, 4.60%, 06/01/15		177,000		160,685
				5,384,385
Real Estate 0.0%(b)
Westfield Capital Corp. Ltd., 5.13%, 11/15/14		153,000		137,640
Real Estate Investment Trusts 0.4%
AvalonBay Communities, Inc., 6.63%, 09/15/11		88,000		90,820
Boston Properties LP, 5.00%, 06/01/15		590,000		530,786
Camden Property Trust, 5.00%, 06/15/15		147,000		129,751
Developers Diversified Realty Corp., 5.38%, 10/15/12		295,000		199,422
ERP Operating LP
5.25%, 09/15/14		472,000		448,108
5.38%, 08/01/16		295,000		271,381
HCP, Inc.
6.45%, 06/25/12		56,000		54,500
6.00%, 01/30/17		472,000		400,125
Health Care REIT, Inc., 6.00%, 11/15/13		177,000		162,415
Hospitality Properties Trust, 6.75%, 02/15/13		745,000		655,359
HRPT Properties Trust, 5.75%, 02/15/14		177,000		152,153
Liberty Property LP, 7.25%, 03/15/11		38,000		37,990
Simon Property Group LP
4.60%, 06/15/10		236,000		236,587
5.10%, 06/15/15		531,000		484,869
6.10%, 05/01/16		413,000		385,414
Vornado Realty LP, 5.60%, 02/15/11		206,000		202,825
Washington Real Estate Investment Trust, 5.25%, 01/15/14		118,000		96,958
				4,539,463
Retail 0.6%
Costco Wholesale Corp., 5.50%, 03/15/17		850,000		899,870
CVS Caremark Corp., 6.25%, 06/01/27		795,000		806,956
Home Depot, Inc., 5.40%, 03/01/16		590,000		588,950
Kohl’s Corp., 6.30%, 03/01/11		50,000		52,060
Lowe’s Cos., Inc., 6.50%, 03/15/29		236,000		241,065
McDonald’s Corp., Series I, 5.35%, 03/01/18		360,000		379,861
Target Corp.
10.00%, 01/01/11		66,000		72,195
6.35%, 01/15/11		124,000		132,128
7.00%, 07/15/31		174,000		186,004
6.35%, 11/01/32		313,000		318,450
Wal-Mart Stores, Inc.
4.13%, 07/01/10		413,000		423,135
4.13%, 02/15/11		383,000		397,476
5.00%, 04/05/12		1,800,000		1,952,876
7.55%, 02/15/30		118,000		149,847

2009 Semiannual Report 15

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Bond Index Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Market Value
Retail (continued)
Wal-Mart Stores, Inc. (continued)
5.25%, 09/01/35	$	708,000	$	675,067
Yum! Brands, Inc.
8.88%, 04/15/11		118,000		128,807
6.88%, 11/15/37		600,000		604,799
				8,009,546
Savings & Loans 0.0%
Golden West Financial Corp., 4.75%, 10/01/12		156,000		158,040
Software 0.1%
Microsoft Corp., 2.95%, 06/01/14		420,000		416,953
Oracle Corp., 5.25%, 01/15/16		572,000		598,550
				1,015,503
Telecommunications 1.8%
America Movil SAB de CV
5.75%, 01/15/15		295,000		297,518
6.38%, 03/01/35		177,000		167,846
Ameritech Capital Funding Corp., 6.45%, 01/15/18		88,000		93,728
AT&T Mobility LLC, 7.13%, 12/15/31		413,000		445,130
AT&T, Inc.
5.30%, 11/15/10		383,000		397,635
6.25%, 03/15/11		475,000		503,319
5.88%, 08/15/12		425,000		456,126
5.10%, 09/15/14		1,003,000		1,041,904
5.63%, 06/15/16		295,000		303,584
6.15%, 09/15/34		1,161,000		1,102,164
4.95%, 01/15/13		1,500,000		1,560,009
BellSouth Corp.
6.00%, 10/15/11		838,000		895,305
5.20%, 09/15/14		501,000		521,560
6.55%, 06/15/34		177,000		173,520
Cisco Systems, Inc.
5.25%, 02/22/11		295,000		311,059
5.50%, 02/22/16		425,000		450,241
5.90%, 02/15/39		500,000		492,397
Deutsche Telekom International Finance BV
5.25%, 07/22/13		737,000		756,996
5.75%, 03/23/16		697,000		713,632
8.75%, 06/15/30		369,000		431,999
Embarq Corp.
6.74%, 06/01/13		767,000		774,241
7.08%, 06/01/16		133,000		129,887
France Telecom SA
7.75%, 03/01/11		383,000		414,227
8.50%, 03/01/31		407,000		522,722
GTE Corp.
6.84%, 04/15/18		206,000		214,497
6.94%, 04/15/28		147,000		147,392
Koninklijke KPN NV, 8.00%, 10/01/10		310,000		325,276
Motorola, Inc.
7.63%, 11/15/10		159,000		161,764
7.50%, 05/15/25		206,000		157,590
New Cingular Wireless Services, Inc.
8.13%, 05/01/12		44,000		49,262
8.75%, 03/01/31		321,000		391,238
Rogers Communications, Inc., 7.25%, 12/15/12		875,000		940,165
Telecom Italia Capital SA
6.20%, 07/18/11		206,000		213,251
4.95%, 09/30/14		295,000		282,409
5.25%, 10/01/15		940,000		907,417
6.00%, 09/30/34		230,000		194,260
Telefonos de Mexico SAB de CV, 5.50%, 01/27/15		236,000		235,790
Verizon Communications, Inc.
4.90%, 09/15/15		590,000		589,304
5.85%, 09/15/35		118,000		109,752
Verizon Global Funding Corp.
7.25%, 12/01/10		537,000		571,766
6.88%, 06/15/12		295,000		324,136
7.38%, 09/01/12		522,000		583,970
4.38%, 06/01/13		369,000		376,509
7.75%, 12/01/30		1,190,000		1,328,971
Vodafone Group PLC
5.00%, 12/16/13		664,000		688,641
7.88%, 02/15/30		206,000		236,276
				21,986,385
Transportation 0.3%
Burlington Northern Santa Fe Corp.
6.75%, 07/15/11		215,000		231,023
7.95%, 08/15/30		206,000		242,404
CSX Corp.
6.75%, 03/15/11		133,000		139,618
5.50%, 08/01/13		507,000		516,023
Norfolk Southern Corp.
6.75%, 02/15/11		964,000		1,017,140
5.59%, 05/17/25		84,000		78,091
Union Pacific Corp.
3.63%, 06/01/10		242,000		245,992
5.38%, 06/01/33		62,000		54,253
6.25%, 05/01/34		236,000		224,440

16 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
Transportation (continued)
United Parcel Service of America, Inc.
8.38%, 04/01/20	$	118,000	$	150,535
8.38%, 04/01/30		177,000		217,385
				3,116,904
Trucking & Leasing 0.0% (b)
TTX Co., 4.90%, 03/01/15		221,000		187,375
Total Corporate Bonds (cost $249,271,970)				245,750,682
Municipal Bonds 0.3%
California 0.1%
State of California, 7.55%, 04/01/39		580,000		528,026
Illinois 0.1%
State of Illinois, 5.10%, 06/01/33		1,005,000		892,842
New Jersey 0.1%
New Jersey State Turnpike Authority, Series F, 7.41%, 01/01/40		290,000		337,577
Port Authority of New York & New Jersey, 6.04%, 12/01/29		620,000		641,843
				979,420
New York 0.0%
Metropolitan Transportation Authority, 7.34%, 11/15/39		145,000		170,898
Texas 0.0% (a)(d)
City of Dallas, Texas, 5.50%, 02/15/24		708,000		707,894
Total Municipal Bonds (cost $3,284,253)				3,279,080
Sovereign Bonds 2.3%
BRAZIL 0.4%
Brazilian Government International Bond, 8.00%, 01/15/18		4,155,000		4,653,600
CANADA 0.3%
Province of British Columbia Canada, 4.30%, 05/30/13		159,000		160,656
Province of Nova Scotia Canada, 5.13%, 01/26/17		885,000		904,653
Province of Ontario Canada
4.38%, 02/15/13		428,000		445,620
4.50%, 02/03/15		667,000		695,075
4.75%, 01/19/16		295,000		302,489
Province of Quebec Canada
4.60%, 05/26/15		354,000		366,762
Series PD, 7.50%, 09/15/29		578,000		708,700
				3,583,955
CHILE 0.0%
Chile Government International Bond, 5.50%, 01/15/13		177,000		191,702
CHINA 0.0%
China Government International Bond, 4.75%, 10/29/13		295,000		310,744
ITALY 0.2%
Italian Republic
4.38%, 06/15/13 (c)		560,000		586,122
4.50%, 01/21/15		938,000		961,653
4.75%, 01/25/16		413,000		415,299
6.88%, 09/27/23		251,000		281,727
5.38%, 06/15/33		841,000		814,783
				3,059,584
LUXEMBOURG 0.3%
European Investment Bank
4.63%, 05/15/14		895,000		952,429
5.13%, 09/13/16		350,000		374,361
4.63%, 10/20/15		2,325,000		2,509,803
				3,836,593
MEXICO 0.2%
Mexico Government International Bond
6.38%, 01/16/13		643,000		694,440
6.75%, 09/27/34		1,196,000		1,206,166
				1,900,606
POLAND 0.0%
Poland Government International Bond, 5.00%, 10/19/15		224,000		223,104

2009 Semiannual Report 17

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Bond Index Fund (Continued)

Sovereign Bonds (continued)
		Principal Amount		Market Value
REPUBLIC OF KOREA 0.1%
Export-Import Bank of Korea, 5.13%, 02/14/11	$	354,000	$	358,628
Republic of Korea, 4.25%, 06/01/13 (c)		708,000		695,298
				1,053,926
SOUTH AFRICA 0.0%
South Africa Government International Bond, 6.50%, 06/02/14		206,000		215,785
SPAIN 0.2%
Telefonica Emisiones SAU, 6.42%, 06/20/16		1,770,000		1,892,503
SWEDEN 0.5%
Svensk Exportkredit AB, Series A, 4.88%, 09/29/11		5,899,000		6,225,781
UNITED STATES 0.1%
Inter-American Development Bank
5.00%, 04/05/11		350,000		370,664
5.13%, 09/13/16 (c)		235,000		252,009
International Bank for Reconstruction & Development, 7.63%, 01/19/23		973,000		1,241,350
				1,864,023
VENEZUELA 0.0%
Corp Andina de Fomento, 6.88%, 03/15/12		236,000		248,809
Total Sovereign Bonds (cost $28,045,615)				29,260,715
U.S. Government Sponsored & Agency Obligations 41.3%
Federal Home Loan Banks
3.63%, 10/18/13		5,000,000		5,169,775
5.25%, 06/05/17		7,000,000		7,734,139
Federal Home Loan Mortgage Corp.
2.75%, 04/11/11		21,235,000		21,835,505
3.88%, 06/29/11		4,840,000		5,085,882
5.13%, 07/15/12		6,091,000		6,673,361
4.38%, 07/17/15		7,214,000		7,698,370
5.00%, 12/14/18 (c)		1,675,000		1,590,247
3.75%, 03/27/19 (c)		895,000		879,466
6.75%, 09/15/29		557,000		679,851
6.25%, 07/15/32		1,245,000		1,479,309
5.00%, 07/15/38		52,500,000		53,385,937
6.00%, 07/13/39		55,500,000		57,910,809
Federal National Mortgage Association
5.13%, 04/15/11 (c)		4,796,000		5,135,835
5.38%, 11/15/11 (c)		3,501,000		3,817,375
2.50%, 05/15/14		4,800,000		4,718,779
4.63%, 10/15/14 (c)		1,779,000		1,918,909
5.00%, 04/15/15		1,628,000		1,782,624
4.38%, 10/15/15 (c)		118,000		124,711
5.38%, 06/12/17		8,495,000		9,477,897
5.00%, 07/17/37		5,200,000		5,380,378
Financing Corp. (FICO), 9.80%, 11/30/17		18,000		24,934
General Electric Capital Corp., 1.80%, 03/11/11		5,830,000		5,882,563
JPMorgan Chase & Co., 2.63%, 12/01/10		7,120,000		7,292,731
Tennessee Valley Authority
4.50%, 04/01/18		4,635,000		4,728,400
Series E, 6.25%, 12/15/17		50,000		57,293
U.S. Treasury Bonds
8.13%, 08/15/19		1,900,000		2,605,079
8.50%, 02/15/20		2,138,000		3,006,562
8.00%, 11/15/21		3,710,000		5,118,642
6.25%, 08/15/23		13,581,000		16,543,356
6.88%, 08/15/25		4,113,000		5,388,672
6.38%, 08/15/27		8,542,000		10,781,610
5.38%, 02/15/31		3,107,000		3,566,252
4.50%, 02/15/36		5,355,000		5,516,485
5.00%, 05/15/37		305,000		339,408
4.50%, 05/15/38		3,180,000		3,282,854
3.50%, 02/15/39		4,870,000		4,211,040
4.25%, 05/15/39		7,275,000		7,201,086
U.S. Treasury Notes
2.00%, 09/30/10 (c)		14,000,000		14,241,178
1.25%, 11/30/10		7,785,000		7,842,453
0.88%, 03/31/11		13,013,000		12,995,211
0.88%, 04/30/11		4,435,000		4,422,005
1.13%, 06/30/11		5,600,000		5,600,875
4.50%, 09/30/11 (c)		28,100,000		30,115,304
4.63%, 02/29/12		15,297,000		16,576,931
1.38%, 04/15/12		3,750,000		3,736,230
4.75%, 05/31/12		6,465,000		7,048,867
1.88%, 06/15/12		8,190,000		8,249,541
2.75%, 02/28/13		7,500,000		7,713,870
1.88%, 02/28/14 (c)		4,000,000		3,896,560
1.75%, 03/31/14		7,655,000		7,403,824
1.88%, 04/30/14		10,525,000		10,213,355
2.25%, 05/31/14		14,000,000		13,811,840
2.63%, 06/30/14		5,600,000		5,617,528
4.00%, 02/15/15		3,250,000		3,452,871
2.38%, 03/31/16		2,000,000		1,905,782
3.25%, 06/30/16		6,135,000		6,154,172
4.88%, 08/15/16 (c)		5,172,000		5,717,889

18 Semiannual Report 2009

U.S. Government Sponsored & Agency Obligations (continued)
		Principal Amount		Market Value
4.63%, 02/15/17	$	6,365,000	$	6,925,419
4.50%, 05/15/17		5,775,000		6,232,039
8.75%, 05/15/17		124,000		169,803
4.25%, 11/15/17		9,545,000		10,123,666
3.13%, 05/15/19 (c)		9,130,000		8,830,445
United States Treasury Note
4.50%, 04/30/12 (c)		4,000,000		4,328,752
4.25%, 09/30/12 (c)		7,000,000		7,552,888
4.13%, 05/15/15		1,748,000		1,864,350
United States Treasury Notes, 4.50%, 11/15/15 (c)		6,372,000		6,928,556
Total U.S. Government Sponsored & Agency Obligations (cost $506,242,780)				517,698,330
U.S. Government Mortgage Backed Agencies 27.7%
Fannie Mae Pool
Pool #256023, 6.00%, 12/01/35		5,933,561		6,208,107
Pool #257137, 7.00%, 03/01/38		43,136		46,860
Pool #257409, 7.00%, 10/01/38		795,220		863,858
Pool #545556, 7.00%, 04/01/32		41,140		45,071
Pool #545605, 7.00%, 05/01/32		52,202		57,561
Pool #555346, 5.50%, 04/01/33		724,528		751,804
Pool #555421, 5.00%, 05/01/33		50,277,510		51,438,214
Pool #555684, 5.50%, 07/01/33		155,617		161,476
Pool #560868, 7.50%, 02/01/31		3,828		4,178
Pool #607212, 7.50%, 10/01/31		90,145		98,404
Pool #607559, 6.50%, 11/01/31		2,442		2,624
Pool #607632, 6.50%, 11/01/31		443		476
Pool #651361, 7.00%, 07/01/32		29,853		32,676
Pool #656559, 6.50%, 02/01/33		218,250		234,487
Pool #661664, 7.50%, 09/01/32		78,669		85,551
Pool #689741, 5.50%, 02/01/33		274,975		285,327
Pool #694846, 6.50%, 04/01/33		36,537		38,958
Pool #701261, 7.00%, 04/01/33		4,781		5,221
Pool #713560, 5.50%, 04/01/33		68,009		70,570
Pool #720087, 5.50%, 07/01/33		5,819,282		6,038,358
Pool #725221, 5.50%, 01/01/34		92,466		95,947
Pool #725223, 5.50%, 03/01/34		9,545		9,905
Pool #725423, 5.50%, 05/01/34		488,940		507,346
Pool #725425, 5.50%, 04/01/34		6,399,613		6,614,538
Pool #725594, 5.50%, 07/01/34		2,078,716		2,155,673
Pool #728721, 5.50%, 07/01/33		430,222		446,418
Pool #735141, 5.50%, 01/01/35		7,617,319		7,873,139
Pool #743235, 5.50%, 10/01/33		270,489		280,672
Pool #748841, 5.00%, 06/01/22		46,331		48,036
Pool #750229, 6.50%, 10/01/33		196,432		209,450
Pool #755872, 5.50%, 12/01/33		3,065,290		3,180,688
Pool #788027, 6.50%, 09/01/34		196,510		210,454
Pool #788210, 5.50%, 02/01/21		594,444		623,386
Pool #807310, 7.00%, 11/01/34		29,136		31,796
Pool #811505, 5.50%, 10/01/20		41,519		43,657
Pool #811558, 5.50%, 03/01/21		718,482		755,484
Pool #811559, 5.50%, 05/01/21		478,273		501,559
Pool #822023, 5.50%, 07/01/20		23,724		24,945
Pool #825811, 5.50%, 09/01/20		15,013		15,786
Pool #826869, 5.50%, 08/01/20		666,540		700,867
Pool #829704, 5.50%, 10/01/20		55,251		58,096
Pool #830670, 5.50%, 12/01/20		28,785		30,267
Pool #832837, 5.50%, 09/01/20		626,892		659,177

2009 Semiannual Report 19

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Bond Index Fund (Continued)

U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value
Fannie Mae Pool (continued)
Pool #835228, 5.50%, 08/01/20	$	14,444	$	15,188
Pool #837194, 5.50%, 02/01/21		24,440		25,699
Pool #838565, 5.50%, 10/01/20		688,802		724,275
Pool #838566, 5.50%, 10/01/20		25,521		26,835
Pool #839100, 5.50%, 11/01/20		17,949		18,873
Pool #839585, 5.50%, 09/01/20		73,892		77,697
Pool #840102, 5.50%, 10/01/20		595,934		626,625
Pool #840486, 5.00%, 01/01/22		72,020		74,671
Pool #840808, 5.50%, 11/01/20		23,816		25,042
Pool #841947, 5.50%, 10/01/20		28,016		29,459
Pool #843102, 5.50%, 10/01/20		18,578		19,534
Pool #845489, 5.50%, 06/01/21		14,488		15,194
Pool #847832, 5.50%, 11/01/20		34,619		36,402
Pool #847920, 5.50%, 11/01/20		695,039		730,834
Pool #866142, 5.50%, 01/01/21		58,879		61,746
Pool #867183, 5.50%, 02/01/21		74,437		78,061
Pool #870092, 5.50%, 08/01/21		17,445		18,295
Pool #870296, 5.50%, 03/01/21		17,648		18,508
Pool #878120, 5.50%, 04/01/21		31,205		32,725
Pool #878121, 5.50%, 04/01/21		47,812		50,140
Pool #879115, 5.50%, 05/01/21		99,814		104,674
Pool #880950, 5.50%, 07/01/21		533,686		559,670
Pool #883922, 5.50%, 05/01/21		612,012		641,810
Pool #885440, 5.50%, 05/01/21		15,342		16,089
Pool #888596, 6.50%, 07/01/37		15,224,221		16,235,502
Pool #888635, 5.50%, 09/01/36		2,464,588		2,557,371
Pool #889745, 5.50%, 06/01/36		86,052		89,292
Pool #889852, 5.50%, 05/01/35		174,751		181,493
Pool #894126, 5.50%, 10/01/21		13,245		13,877
Pool #894441, 5.83%, 08/01/36 (a)		7,609,095		7,939,519
Pool #896599, 5.50%, 08/01/21		30,539		32,026
Pool #896605, 5.50%, 08/01/21		19,676		20,634
Pool #899242, 5.00%, 03/01/22		28,480		29,528
Pool #899438, 5.50%, 06/01/22		607,113		636,198
Pool #899472, 5.00%, 06/01/22		78,130		81,006
Pool #899475, 5.00%, 06/01/22		541,516		561,450
Pool #901509, 5.00%, 12/01/21		55,296		57,470
Pool #901957, 5.50%, 10/01/36		73,018		75,527
Pool #902789, 5.50%, 11/01/21		518,068		543,291
Pool #903350, 5.00%, 10/01/21		49,772		51,728
Pool #905586, 5.50%, 12/01/21		590,105		618,836
Pool #906185, 5.96%, 01/01/37 (a)		5,514,445		5,753,586
Pool #906205, 5.50%, 01/01/22		19,762		20,706
Pool #906317, 5.50%, 01/01/22		34,341		35,986
Pool #906708, 5.00%, 12/01/21		616,316		640,545
Pool #907252, 7.00%, 12/01/36		829,133		901,784
Pool #912845, 5.00%, 04/01/22		73,343		76,227
Pool #912981, 5.00%, 03/01/22		75,670		78,456
Pool #913323, 5.50%, 04/01/22		20,155		21,121
Pool #913331, 5.50%, 05/01/22		54,144		56,738
Pool #913889, 5.50%, 03/01/22		401,719		421,277
Pool #914324, 5.00%, 03/01/22		25,215		26,143

20 Semiannual Report 2009

U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value
Fannie Mae Pool (continued)
Pool #914385, 5.50%, 03/01/22	$	18,699	$	19,595
Pool #914758, 5.00%, 04/01/22		516,681		535,701
Pool #915144, 5.00%, 04/01/22		750,300		777,920
Pool #917163, 5.00%, 06/01/22		101,033		104,752
Pool #917688, 5.00%, 04/01/22		79,508		82,435
Pool #918552, 5.00%, 06/01/22		703,389		729,282
Pool #918699, 5.00%, 06/01/22		535,813		555,538
Pool #923092, 5.00%, 03/01/22		543,726		563,742
Pool #923834, 7.00%, 04/01/37		894,036		971,087
Pool #925172, 7.00%, 08/01/37		757,590		822,882
Pool #928106, 5.50%, 02/01/22		910,994		954,636
Pool #928711, 6.00%, 09/01/22		1,200,000		1,272,113
Pool #928940, 7.00%, 12/01/37		832,755		904,526
Pool #939453, 5.00%, 06/01/22		709,705		735,831
Pool #939673, 5.50%, 06/01/22		144,165		151,071
Pool #940903, 5.00%, 06/01/22		73,688		76,401
Pool #941632, 5.00%, 06/01/22		80,050		82,997
Pool #947831, 7.00%, 10/01/37		885,023		961,297
Pool #955194, 7.00%, 11/01/37		1,688,728		1,834,269
Pool #990810, 7.00%, 10/01/38		1,042,327		1,132,294
Pool #995050, 6.00%, 09/01/37		59,843,212		62,612,157
Pool #AA6013, 4.50%, 05/01/39		11,329,539		11,320,577
Federal Home Loan Mortgage Corp. TBA
4.50%, 07/01/20		1,200,000		1,224,000
5.50%, 07/15/22		5,000,000		5,225,000
4.50%, 08/15/23		12,400,000		12,597,631
4.50%, 07/01/35		8,700,000		8,659,214
6.50%, 07/15/37		4,100,000		4,356,250
5.50%, 08/13/39		38,400,000		39,492,019
Federal National Mortgage Association TBA
4.50%, 08/15/21		5,700,000		5,792,625
5.50%, 07/15/22		10,300,000		10,776,375
4.00%, 07/16/24		4,900,000		4,900,000
4.00%, 07/13/39		5,100,000		4,945,406
4.50%, 07/13/39		5,900,000		5,887,091
5.00%, 07/13/39		31,400,000		31,969,125
5.50%, 07/13/39		1,500,000		1,548,282
6.00%, 07/13/39		42,700,000		44,621,500
Freddie Mac Gold Pool
Pool #A16201, 7.00%, 08/01/29		23,011		24,996
Pool #A16419, 6.50%, 11/01/33		47,879		51,262
Pool #A16522, 6.50%, 12/01/33		329,157		352,410
Pool #A17177, 6.50%, 12/01/33		16,323		17,476
Pool #A17262, 6.50%, 12/01/33		70,818		75,821
Pool #A18212, 7.00%, 11/01/29		199,186		216,374
Pool #A21356, 6.50%, 04/01/34		220,790		235,836
Pool #A22067, 6.50%, 05/01/34		283,939		303,287
Pool #A24301, 6.50%, 05/01/34		160,871		171,834
Pool #A24988, 6.50%, 07/01/34		149,534		159,724
Pool #A31989, 6.50%, 04/01/35		84,339		89,810
Pool #A33137, 6.50%, 01/01/35		61,000		65,157
Pool #A37135, 5.50%, 09/01/35		3,522,590		3,648,598
Pool #A38255, 5.50%, 10/01/35		2,982,903		3,089,606
Pool #A38531, 5.50%, 10/01/35		3,636,921		3,767,019
Pool #A39759, 5.50%, 11/01/35		211,888		219,467
Pool #A40141, 6.50%, 11/01/35		126,726		134,946
Pool #A40376, 5.50%, 12/01/35		188,745		195,497
Pool #A41548, 7.00%, 01/01/36		220,022		237,036
Pool #A42305, 5.50%, 01/01/36		1,331,363		1,376,907
Pool #A43452, 5.50%, 03/01/36		116,313		120,292

2009 Semiannual Report 21

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Bond Index Fund (Continued)

U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value
Freddie Mac Gold Pool (continued)
Pool #A43672, 6.50%, 02/01/36	$	65,788	$	70,004
Pool #A43861, 5.50%, 03/01/36		3,802,991		3,933,088
Pool #A43884, 5.50%, 03/01/36		2,643,384		2,737,942
Pool #A43885, 5.50%, 03/01/36		2,204,016		2,279,413
Pool #A43886, 5.50%, 03/01/36		3,514,940		3,635,183
Pool #A46935, 6.50%, 09/01/35		73,565		78,336
Pool #A47682, 6.50%, 11/01/35		526,764		560,932
Pool #A48303, 7.00%, 02/01/36		84,177		90,671
Pool #A48378, 5.50%, 03/01/36		1,757,654		1,817,782
Pool #A48735, 5.50%, 05/01/36		399,012		412,662
Pool #A49960, 7.00%, 06/01/36		36,204		38,998
Pool #A53039, 6.50%, 10/01/36		439,169		467,312
Pool #A53219, 6.50%, 10/01/36		346,675		368,891
Pool #A85442, 5.00%, 03/01/39		6,996,159		7,124,878
Pool #B15071, 6.00%, 06/01/17		225,023		239,636
Pool #B16087, 6.00%, 08/01/19		119,204		126,218
Pool #C00351, 8.00%, 07/01/24		2,188		2,418
Pool #C00566, 7.50%, 12/01/27		8,698		9,492
Pool #C00678, 7.00%, 11/01/28		12,643		13,746
Pool #C00836, 7.00%, 07/01/29		4,934		5,360
Pool #C00921, 7.50%, 02/01/30		6,798		7,364
Pool #C01051, 8.00%, 09/01/30		12,495		13,744
Pool #C01103, 7.50%, 12/01/30		5,673		6,145
Pool #C01106, 7.00%, 12/01/30		64,786		70,326
Pool #C01116, 7.50%, 01/01/31		5,189		5,621
Pool #C01209, 8.00%, 06/01/31		2,938		3,232
Pool #C01222, 7.00%, 09/01/31		10,783		11,686
Pool #C01305, 7.50%, 12/01/31		6,350		6,868
Pool #C01345, 7.00%, 04/01/32		46,106		49,924
Pool #C01370, 8.00%, 04/01/32		10,384		11,351
Pool #C01381, 8.00%, 05/01/32		57,562		63,054
Pool #C01806, 7.00%, 01/01/34		66,858		71,966
Pool #C01851, 6.50%, 04/01/34		196,802		210,213
Pool #C18271, 7.00%, 11/01/28		7,225		7,856
Pool #C31282, 7.00%, 09/01/29		1,088		1,182
Pool #C31285, 7.00%, 09/01/29		12,701		13,797
Pool #C32914, 8.00%, 11/01/29		5,903		6,506
Pool #C36306, 7.00%, 02/01/30		7,013		7,613
Pool #C36429, 7.00%, 02/01/30		6,252		6,787
Pool #C37436, 8.00%, 01/01/30		7,412		8,169
Pool #C37703, 7.50%, 04/01/30		4,867		5,272
Pool #C41561, 8.00%, 08/01/30		2,724		2,996
Pool #C43550, 7.00%, 10/01/30		11,237		12,198
Pool #C43967, 8.00%, 10/01/30		50,520		55,569
Pool #C44017, 7.50%, 10/01/30		1,013		1,097
Pool #C44957, 8.00%, 11/01/30		7,578		8,335
Pool #C44978, 7.00%, 11/01/30		2,199		2,387
Pool #C46932, 7.50%, 01/01/31		9,694		10,502
Pool #C47287, 7.50%, 02/01/31		7,747		8,393
Pool #C48206, 7.50%, 03/01/31		15,581		16,878
Pool #C48851, 7.00%, 03/01/31		9,713		10,526
Pool #C53324, 7.00%, 06/01/31		12,857		13,933

22 Semiannual Report 2009

U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value
Freddie Mac Gold Pool (continued)
Pool #C54792, 7.00%, 07/01/31	$	70,472	$	76,368
Pool #C55071, 7.50%, 07/01/31		869		940
Pool #C58647, 7.00%, 10/01/31		3,358		3,639
Pool #C58694, 7.00%, 10/01/31		22,636		24,530
Pool #C60012, 7.00%, 11/01/31		2,508		2,717
Pool #C61105, 7.00%, 12/01/31		10,912		11,825
Pool #C61298, 8.00%, 11/01/31		7,374		8,076
Pool #C62218, 7.00%, 01/01/32		14,317		15,515
Pool #C63171, 7.00%, 01/01/32		34,729		37,634
Pool #C64121, 7.50%, 02/01/32		8,128		8,791
Pool #C65717, 7.50%, 04/01/32		11,092		11,986
Pool #C66744, 7.00%, 04/01/32		2,565		2,777
Pool #C66916, 7.00%, 05/01/32		32,184		34,848
Pool #C67235, 7.00%, 05/01/32		86,986		94,189
Pool #C67259, 7.00%, 05/01/32		4,182		4,528
Pool #C68290, 7.00%, 06/01/32		13,611		14,738
Pool #C68300, 7.00%, 06/01/32		68,350		74,009
Pool #C68307, 8.00%, 06/01/32		3,853		4,211
Pool #C68988, 7.50%, 07/01/32		4,538		4,903
Pool #C69908, 7.00%, 08/01/32		62,674		67,864
Pool #C70211, 7.00%, 08/01/32		46,124		49,943
Pool #C71089, 7.50%, 09/01/32		16,172		17,474
Pool #C72160, 7.50%, 10/01/32		4,339		4,689
Pool #D60780, 8.00%, 06/01/25		4,999		5,536
Pool #D64617, 8.00%, 10/01/25		19,593		21,641
Pool #D82854, 7.00%, 10/01/27		4,852		5,295
Pool #E00394, 7.50%, 09/01/10		7,538		7,833
Pool #E00507, 7.50%, 09/01/12		1,618		1,711
Pool #E00677, 6.00%, 06/01/14		65,402		68,685
Pool #E00802, 7.50%, 02/01/15		34,957		37,244
Pool #E00938, 7.00%, 01/01/16		16,549		17,639
Pool #E00975, 6.00%, 05/01/16		47,344		49,928
Pool #E00985, 6.00%, 06/01/16		26,228		27,662
Pool #E00987, 6.50%, 06/01/16		23,079		24,402
Pool #E00996, 6.50%, 07/01/16		2,868		3,033
Pool #E01083, 7.00%, 11/01/16		5,609		5,975
Pool #E01095, 6.00%, 01/01/17		11,035		11,646
Pool #E01127, 6.50%, 02/01/17		17,500		18,522
Pool #E01137, 6.00%, 03/01/17		16,719		17,648
Pool #E01138, 6.50%, 03/01/17		9,337		9,885
Pool #E01139, 6.00%, 04/01/17		75,139		79,323
Pool #E01140, 6.00%, 05/01/17		65,205		68,841
Pool #E01156, 6.50%, 05/01/17		26,521		28,083
Pool #E01157, 6.00%, 06/01/17		45,876		48,438
Pool #E01205, 6.50%, 08/01/17		19,843		21,012
Pool #E69050, 6.00%, 02/01/13		26,480		28,083
Pool #E72896, 7.00%, 10/01/13		13,197		13,972
Pool #E81394, 7.50%, 10/01/15		11,096		11,840
Pool #E81396, 7.00%, 10/01/15		1,285		1,370
Pool #E82132, 7.00%, 01/01/16		2,997		3,195
Pool #E82815, 6.00%, 03/01/16		12,640		13,429
Pool #E83046, 7.00%, 04/01/16		1,864		1,987

2009 Semiannual Report 23

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Bond Index Fund (Continued)

U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value
Freddie Mac Gold Pool (continued)
Pool #E83231, 6.00%, 04/01/16	$	3,310	$	3,525
Pool #E83233, 6.00%, 04/01/16		9,180		9,776
Pool #E83355, 6.00%, 05/01/16		12,445		13,254
Pool #E83636, 6.00%, 05/01/16		19,624		20,898
Pool #E83933, 6.50%, 05/01/16		992		1,052
Pool #E84097, 6.50%, 12/01/15		3,866		4,099
Pool #E84236, 6.50%, 06/01/16		6,414		6,801
Pool #E84912, 6.50%, 08/01/16		14,782		15,675
Pool #E85117, 6.50%, 08/01/16		7,717		8,183
Pool #E85387, 6.00%, 09/01/16		31,413		33,453
Pool #E85800, 6.50%, 10/01/16		5,592		5,930
Pool #E86183, 6.00%, 11/01/16		4,301		4,580
Pool #E86533, 6.00%, 12/01/16		8,416		8,963
Pool #E86995, 6.50%, 01/01/17		21,900		23,222
Pool #E87291, 6.50%, 01/01/17		36,411		38,608
Pool #E87446, 6.50%, 01/01/17		5,496		5,822
Pool #E87584, 6.00%, 01/01/17		8,495		9,047
Pool #E88055, 6.50%, 02/01/17		58,320		61,785
Pool #E88076, 6.00%, 02/01/17		9,908		10,545
Pool #E88106, 6.50%, 02/01/17		34,153		36,183
Pool #E88134, 6.00%, 03/01/17		3,092		3,291
Pool #E88474, 6.00%, 03/01/17		16,648		17,719
Pool #E88729, 6.00%, 04/01/17		12,455		13,256
Pool #E88768, 6.00%, 03/01/17		40,959		43,619
Pool #E89149, 6.00%, 04/01/17		20,712		22,044
Pool #E89151, 6.00%, 04/01/17		13,416		14,278
Pool #E89203, 6.50%, 04/01/17		7,594		8,045
Pool #E89217, 6.00%, 04/01/17		11,681		12,433
Pool #E89222, 6.00%, 04/01/17		71,813		76,431
Pool #E89347, 6.00%, 04/01/17		4,359		4,639
Pool #E89496, 6.00%, 04/01/17		15,324		16,309
Pool #E89530, 6.00%, 05/01/17		45,483		48,408
Pool #E89746, 6.00%, 05/01/17		107,099		113,987
Pool #E89788, 6.00%, 05/01/17		10,552		11,230
Pool #E89909, 6.00%, 05/01/17		17,282		18,393
Pool #E89924, 6.50%, 05/01/17		55,337		58,625
Pool #E90194, 6.00%, 06/01/17		12,313		13,104
Pool #E90227, 6.00%, 06/01/17		10,791		11,485
Pool #E90313, 6.00%, 06/01/17		5,495		5,848
Pool #E90594, 6.00%, 07/01/17		42,737		45,485
Pool #E90645, 6.00%, 07/01/17		70,031		74,535
Pool #E90667, 6.00%, 07/01/17		12,048		12,823
Pool #G01108, 7.00%, 04/01/30		4,188		4,549
Pool #G01217, 7.00%, 03/01/31		58,136		63,107
Pool #G01309, 7.00%, 08/01/31		14,167		15,352
Pool #G01311, 7.00%, 09/01/31		86,640		94,049
Pool #G01315, 7.00%, 09/01/31		3,362		3,649
Pool #G01391, 7.00%, 04/01/32		142,046		154,194
Pool #G01449, 7.00%, 07/01/32		100,859		109,485
Pool #G01536, 7.00%, 03/01/33		77,553		83,478
Pool #G01741, 6.50%, 10/01/34		142,312		152,543
Pool #G01947, 7.00%, 05/01/35		119,669		129,578

24 Semiannual Report 2009

U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value
Freddie Mac Gold Pool (continued)
Pool #G04473, 5.50%, 06/01/38	$	7,960,765	$	8,228,915
Pool #G08023, 6.50%, 11/01/34		224,614		239,920
Pool #G08064, 6.50%, 04/01/35		137,045		145,934
Pool #G08073, 5.50%, 08/01/35		1,976,936		2,047,654
Pool #G08088, 6.50%, 10/01/35		773,134		823,282
Pool #G08111, 5.50%, 02/01/36		4,852,803		5,018,812
Pool #G08116, 5.50%, 03/01/36		957,454		990,208
Pool #G10399, 6.50%, 07/01/09		0		0
Pool #G10749, 6.00%, 10/01/12		37,111		39,323
Pool #G10940, 6.50%, 11/01/11		4,635		4,784
Pool #G11001, 6.50%, 03/01/15		23,059		24,465
Pool #G11003, 7.50%, 04/01/15		1,793		1,910
Pool #G11130, 6.00%, 12/01/11		37,157		38,602
Pool #G11164, 7.00%, 05/01/15		5,881		6,259
Pool #G11207, 7.00%, 11/01/16		15,167		16,170
Pool #G11409, 6.00%, 05/01/17		101,286		107,863
Pool #G11434, 6.50%, 01/01/18		27,479		29,138
Pool #G11458, 6.00%, 09/01/17		30,992		32,898
Pool #G11612, 6.00%, 04/01/14		19,286		20,007
Pool #G11972, 6.00%, 04/01/16		190,248		202,126
Pool #G12245, 6.00%, 07/01/21		119,092		126,100
Pool #G12310, 5.50%, 08/01/21		92,923		97,331
Pool #G12348, 6.00%, 08/01/21		224,947		238,183
Pool #G12412, 5.50%, 11/01/21		122,447		128,256
Pool #G18007, 6.00%, 07/01/19		57,781		61,181
Pool #G18062, 6.00%, 06/01/20		113,056		119,709
Pool #G18096, 5.50%, 01/01/21		88,857		92,989
Pool #G18122, 5.00%, 06/01/21		180,332		187,309
Pool #G18123, 5.50%, 06/01/21		312,083		326,887
Pool #J00718, 5.00%, 12/01/20		1,065,840		1,109,073
Pool #J00854, 5.00%, 01/01/21		664,972		691,945
Pool #J00871, 5.00%, 01/01/21		252,382		262,619
Pool #J00935, 5.00%, 12/01/20		115,329		120,007
Pool #J01049, 5.00%, 01/01/21		2,291,756		2,384,716
Pool #J01189, 5.00%, 02/01/21		139,388		144,780
Pool #J01256, 5.00%, 03/01/21		129,009		134,000
Pool #J01279, 5.50%, 02/01/21		215,046		225,247
Pool #J01414, 5.00%, 03/01/21		114,837		119,279
Pool #J01570, 5.50%, 04/01/21		141,523		148,104
Pool #J01576, 5.00%, 04/01/21		627,710		651,994
Pool #J01633, 5.50%, 04/01/21		633,463		663,513
Pool #J01757, 5.00%, 05/01/21		244,954		254,431
Pool #J01771, 5.00%, 05/01/21		196,354		203,950
Pool #J01833, 5.00%, 05/01/21		113,984		118,394
Pool #J01879, 5.00%, 05/01/21		219,147		227,625
Pool #J01980, 6.00%, 06/01/21		128,973		136,562
Pool #J03028, 5.50%, 07/01/21		127,188		133,222
Pool #J03074, 5.00%, 07/01/21		181,081		188,087
Pool #J06015, 5.00%, 05/01/21		224,684		233,377
Pool #M80898, 4.50%, 02/01/11		297,403		310,884
Pool #M80904, 4.50%, 03/01/11		195,521		202,473
Pool #M80917, 4.50%, 05/01/11		47,607		48,541

2009 Semiannual Report 25

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Bond Index Fund (Continued)

U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value
Freddie Mac Gold Pool (continued)
Pool #M80926, 4.50%, 07/01/11	$	176,005	$	182,809
Pool #M80934, 4.50%, 08/01/11		226,502		234,555
Pool #M80981, 4.50%, 07/01/12		98,260		101,730
Pool #M81009, 4.50%, 02/01/13		126,555		131,055
Freddie Mac Non Gold Pool (a)
Pool #1J1593, 5.74%, 04/01/37		8,795,976		9,266,848
Pool #1J1594, 5.86%, 04/01/37		10,502,387		11,024,484
Ginnie Mae I Pool
Pool #279461, 9.00%, 11/15/19		2,628		2,844
Pool #376510, 7.00%, 05/15/24		6,918		7,523
Pool #416538, 7.00%, 10/15/29		1,776		1,940
Pool #434505, 7.50%, 08/15/29		1,821		1,999
Pool #457801, 7.00%, 08/15/28		12,314		13,429
Pool #470643, 7.00%, 07/15/29		19,015		20,771
Pool #485879, 7.00%, 08/15/31		26,079		28,500
Pool #486019, 7.50%, 01/15/31		4,581		5,015
Pool #486921, 5.50%, 02/15/35		160,229		165,750
Pool #486936, 6.50%, 02/15/29		8,083		8,725
Pool #487053, 7.00%, 03/15/29		11,575		12,644
Pool #502969, 6.00%, 03/15/29		29,408		30,937
Pool #507396, 7.50%, 09/15/30		102,866		112,618
Pool #508473, 7.50%, 04/15/31		15,629		17,111
Pool #509099, 7.00%, 06/15/29		4,798		5,241
Pool #524269, 8.00%, 11/15/29		10,564		11,948
Pool #525561, 8.00%, 01/15/30		3,979		4,502
Pool #528589, 6.50%, 03/15/31		91,146		98,185
Pool #531352, 7.50%, 09/15/30		9,943		10,886
Pool #535388, 7.50%, 01/15/31		4,213		4,613
Pool #536334, 7.50%, 10/15/30		1,210		1,324
Pool #537406, 7.50%, 02/15/31		1,933		2,116
Pool #540659, 7.00%, 01/15/31		1,167		1,276
Pool #544470, 8.00%, 04/15/31		4,409		4,975
Pool #547948, 6.50%, 11/15/31		9,768		10,522
Pool #549742, 7.00%, 07/15/31		7,112		7,772
Pool #550991, 6.50%, 10/15/31		8,917		9,605
Pool #552474, 7.00%, 03/15/32		16,058		17,431
Pool #552616, 7.00%, 06/15/32		81,261		88,207
Pool #552903, 6.50%, 11/15/32		435,708		468,403
Pool #552952, 6.00%, 12/15/32		61,639		64,786
Pool #553144, 5.50%, 04/15/33		261,094		271,313
Pool #553320, 6.00%, 06/15/33		138,563		145,551
Pool #555125, 7.00%, 09/15/31		3,660		3,999
Pool #555171, 6.50%, 12/15/31		4,089		4,405
Pool #564799, 6.00%, 03/15/34		657,648		689,169
Pool #568715, 7.00%, 05/15/32		55,809		60,579
Pool #570022, 7.00%, 07/15/32		123,392		133,938
Pool #571267, 7.00%, 10/15/31		3,202		3,500
Pool #572554, 6.50%, 09/15/31		182,467		196,558
Pool #572733, 6.00%, 07/15/33		28,978		30,440
Pool #573916, 6.00%, 11/15/33		125,003		131,307
Pool #574837, 7.50%, 11/15/31		3,309		3,623
Pool #580972, 6.50%, 02/15/32		6,788		7,298
Pool #583645, 8.00%, 07/15/32		7,662		8,646

26 Semiannual Report 2009

U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value
Ginnie Mae I Pool (continued)
Pool #588192, 6.00%, 02/15/33	$	35,585	$	37,380
Pool #595077, 6.00%, 10/15/32		72,373		76,068
Pool #596657, 7.00%, 10/15/32		7,060		7,663
Pool #602102, 6.00%, 02/15/33		92,617		97,288
Pool #604243, 6.00%, 04/15/33		147,668		155,115
Pool #604788, 6.50%, 11/15/33		255,674		272,143
Pool #604875, 6.00%, 12/15/33		282,471		296,716
Pool #606308, 5.50%, 05/15/36		442,319		458,112
Pool #606314, 5.50%, 05/15/36		222,869		230,826
Pool #611526, 6.00%, 05/15/33		60,937		64,010
Pool #621856, 6.00%, 01/15/34		118,089		123,749
Pool #630038, 6.50%, 08/15/34		280,172		298,044
Pool #631924, 6.00%, 05/15/33		146,525		153,914
Pool #649454, 5.50%, 09/15/35		1,583,102		1,641,108
Pool #649510, 5.50%, 10/15/35		2,407,000		2,495,194
Pool #649513, 5.50%, 10/15/35		3,331,775		3,453,853
Pool #652207, 5.50%, 03/15/36		2,778,039		2,877,224
Pool #652539, 5.00%, 05/15/36		206,980		211,605
Pool #653598, 5.50%, 05/15/36		643,482		666,456
Pool #655519, 5.00%, 05/15/36		442,487		452,373
Pool #657912, 6.50%, 08/15/36		146,935		156,170
Pool #781014, 6.00%, 04/15/29		23,963		25,064
Pool #781124, 7.00%, 12/15/29		44,440		48,506
Pool #781287, 7.00%, 05/15/31		24,851		27,154
Pool #781319, 7.00%, 07/15/31		7,950		8,687
Pool #781328, 7.00%, 09/15/31		23,375		25,540
Pool #781380, 7.50%, 12/15/31		6,938		7,449
Pool #781401, 7.50%, 02/15/32		20,541		22,488
Pool #781429, 8.00%, 03/15/32		19,161		21,681
Pool #781431, 7.00%, 04/15/32		88,468		96,626
Pool #781478, 7.50%, 03/15/32		12,287		13,606
Pool #781481, 7.50%, 01/15/32		37,442		41,009
Pool #781688, 6.00%, 12/15/33		277,306		289,177
Pool #781690, 6.00%, 12/15/33		121,072		126,283
Pool #781699, 7.00%, 12/15/33		48,192		52,665
Pool #781804, 6.00%, 09/15/34		415,646		432,920
Pool #781847, 6.00%, 12/15/34		360,747		375,714
Pool #781902, 6.00%, 02/15/35		339,120		353,175
Pool #781916, 6.50%, 03/15/32		460,008		495,375
Pool #781933, 6.00%, 06/15/35		62,509		65,094
Government National Mortgage Association TBA
5.00%, 08/01/34		6,900,000		7,005,653
4.50%, 07/01/35		1,400,000		1,397,375
6.00%, 07/15/35		2,500,000		2,603,905
Total U.S. Government Mortgage Backed Agencies (cost $342,094,144)				346,745,318
Yankee Dollars 0.9%
Banks 0.1%
Inter-American Development Bank, 6.80%, 10/15/25		413,000		477,295
Westpac Banking Corp., 4.63%, 06/01/18		147,000		131,147
				608,442
Chemicals 0.0%
Potash Corp. of Saskatchewan, Inc.
7.75%, 05/31/11		41,000		44,952
4.88%, 03/01/13		165,000		169,525
				214,477

2009 Semiannual Report 27

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Bond Index Fund (Continued)

Yankee Dollars (continued)
		Principal Amount		Market Value
Diversified Financial Services 0.0%
ConocoPhillips Canada Funding Co. I, 5.63%, 10/15/16	$	365,000	$	388,691
Electric 0.1%
Hydro Quebec
8.40%, 01/15/22		220,000		268,852
8.88%, 03/01/26		156,000		207,513
				476,365
Energy 0.0%
Shell International Finance BV, 6.38%, 12/15/38		410,000		446,581
Insurance 0.0%
Montpelier Re Holdings Ltd., 6.13%, 08/15/13		74,000		60,265
Mining 0.1%
BHP Billiton Finance USA Ltd., 6.42%, 03/01/26		80,000		83,819
Rio Tinto Alcan, Inc.
6.45%, 03/15/11		44,000		45,463
4.50%, 05/15/13		372,000		362,587
Vale Inco Ltd., 7.75%, 05/15/12		177,000		190,703
Xstrata Canada Corp., 6.20%, 06/15/35		177,000		132,818
				815,390
Oil & Gas 0.3%
Burlington Resources Finance Co.
6.40%, 08/15/11		124,000		133,715
6.50%, 12/01/11		206,000		225,366
Canadian Natural Resources Ltd., 4.90%, 12/01/14		280,000		285,738
EnCana Corp.
4.75%, 10/15/13		339,000		341,742
6.50%, 08/15/34		350,000		355,501
Nexen, Inc.
5.05%, 11/20/13		295,000		297,190
5.20%, 03/10/15		350,000		335,511
5.88%, 03/10/35		133,000		113,960
6.40%, 05/15/37		350,000		321,461
Petro-Canada, 5.95%, 05/15/35		271,000		244,230
StatoilHydro ASA, 6.80%, 01/15/28		650,000		730,099
Talisman Energy, Inc.
7.25%, 10/15/27		133,000		130,827
5.75%, 05/15/35		350,000		271,868
				3,787,208
Oil & Gas Services 0.0%
Weatherford International Ltd., 5.50%, 02/15/16		74,000		70,956
Pipelines 0.2%
Enbridge, Inc., 5.60%, 04/01/17		1,500,000		1,470,306
TransCanada Pipelines Ltd., 5.85%, 03/15/36		750,000		724,122
				2,194,428
Telecommunications 0.0%
Vodafone Group PLC, 4.15%, 06/10/14		465,000		457,704
Transportation 0.1%
Canadian National Railway Co.
4.40%, 03/15/13		1,035,000		1,057,656
6.90%, 07/15/28		242,000		269,058
6.20%, 06/01/36		236,000		244,725
				1,571,439
Total Yankee Dollars (cost $11,116,141)				11,091,946
Repurchase Agreements 18.0%
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $131,751,035, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $134,385,720		131,750,706		131,750,706
Morgan Stanley, 0.07%, dated 06/30/09, due 07/01/09, repurchase price $28,710,847, collateralized by U.S. Government Agency Mortgages ranging 3.50% – 8.50%, maturing 06/01/11 – 06/01/39; total market value of $29,290,119(e)		28,710,791		28,710,791

28 Semiannual Report 2009

Repurchase Agreements (continued)
		Principal Amount		Market Value
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $64,500,102, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $65,790,012	$	64,500,012	$	64,500,012
Total Repurchase Agreements (cost $224,961,509)				224,961,509
Total Investments (cost $1,427,736,445) (f) — 114.8%				1,437,756,262
Liabilities in excess of other assets — (14.8)%				(185,347,585	)
NET ASSETS — 100.0%			$	1,252,408,677

(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2009. The maturity date represents the actual maturity date.
(b)	Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at June 30, 2009 was $9,588,916 which represents 0.77% of net assets.
(c)	The security or a partial position of this security is on loan at June 30, 2009. The total value of securities on loan at June 30, 2009 was $84,128,216.
(d)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at June 30, 2009.
(e)	The security was purchased with cash collateral held from securities on loan (Note 2). The total value of this security as of June 30, 2009 was $28,710,791.
(f)	See notes to financial statements for tax unrealized appreciation / (depreciation) of securities.

AG	Stock Corporation
AS	Stock Corporation
ASA	Stock Corporation
FICO	Fair Isaac Corporation
LLC	Limited Liability Company
LP	Limited Partnership
Ltd	Limited
NA	National Association
NV	Public Traded Company
PCL	Public Company Limited
PLC	Public Limited Company
REIT	Real Estate Investment Trust
SA	Stock Company
TBA	To Be Announced.
UK	United Kingdom
ULC	Unlimited Liability Company

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 29

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Bond
	Index Fund
Assets:
Investments, at value (cost $1,202,774,936)*	$	1,212,794,753
Repurchase agreements, at value and cost		224,961,509
Total Investments		1,437,756,262
Cash		287
Interest and dividends receivable		12,050,452
Receivable for capital shares issued		464,660
Receivable for investments sold		215,446,278
Prepaid expenses and other assets		17,381
Total Assets		1,665,735,320
Liabilities:
Payable for investments purchased		383,845,640
Interest payable		152,704
Payable upon return of securities loaned (Note 2)		28,710,791
Payable for capital shares redeemed		227,366
Accrued expenses and other payables:
Investment advisory fees		207,806
Fund administration fees		45,098
Custodian fees		15,798
Trustee fees		4,877
Compliance program costs (Note 3)		28,109
Professional fees		68,344
Other		20,110
Total Liabilities		413,326,643
Net Assets	$	1,252,408,677
Represented by:
Capital	$	1,242,415,255
Accumulated undistributed net investment income		1,810,819
Accumulated net realized losses from investment transactions		(1,837,214	)
Net unrealized appreciation/(depreciation) from investments		10,019,817
Net Assets	$	1,252,408,677
Net Assets:
Class Y Shares	$	1,252,408,677
Total	$	1,252,408,677
Shares Outstanding (unlimited number of shares authorized):
Class Y Shares		124,584,064
Total		124,584,064
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class Y Shares	$	10.05

* Includes value of securities on loan of $84,128,216. (Note 2)

The accompanying notes are an integral part of these financial statements.

30 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Bond
	Index Fund
INVESTMENT INCOME:
Interest income	$	28,885,849
Income from securities lending (Note 2)		7,816
Total Income		28,893,665
EXPENSES:
Investment advisory fees		1,290,115
Fund administration fees		285,458
Custodian fees		22,903
Trustee fees		27,304
Compliance program costs (Note 3)		7,189
Professional fees		120,597
Printing fees		17,872
Other		123,108
Total expenses before earnings credit and expenses reimbursed		1,894,546
Earnings credit (Note 4)		(931	)
Expenses reimbursed by adviser (Note 3)		(22,152	)
Net Expenses		1,871,463
NET INVESTMENT INCOME		27,022,202
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		792,950
Net change in unrealized appreciation/(depreciation) from investments		(4,729,572	)
Net realized/unrealized losses from investments		(3,936,622	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,085,580

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 31

Statements of Changes in Net Assets

	NVIT Bond Index Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	27,022,202		$	67,850,208
Net realized gains (losses) from investment		792,950			(2,789,982	)
Net change in unrealized appreciation/(depreciation) from investments		(4,729,572	)		578,092
Change in net assets resulting from operations		23,085,580			65,638,318
Distributions to Shareholders From:
Net investment income:
Class Y (a)		(26,609,946	)		(67,095,919	)
Net realized gains:
Class Y (a)		–			(9,685,617	)
Change in net assets from shareholder distributions		(26,609,946	)		(76,781,536	)
Change in net assets from capital transactions		(110,881,655	)		(183,628,240	)
Change in net assets		(114,406,952	)		(194,771,458	)
Net Assets:
Beginning of period		1,366,814,698			1,561,586,156
End of period	$	1,252,408,677		$	1,366,814,698
Accumulated undistributed net investment income at end of period	$	1,810,819		$	1,398,563
CAPITAL TRANSACTIONS:
Class Y Shares (a)
Proceeds from shares issued	$	156,936,958		$	106,315,569
Dividends reinvested		26,609,946			76,781,536
Cost of shares redeemed		(294,428,559	)		(366,725,345	)
Total Class Y		(110,881,655	)		(183,628,240	)
Change in net assets from capital transactions	$	(110,881,655	)	$	(183,628,240	)
SHARE TRANSACTIONS:
Class Y Shares (a)
Issued		15,613,910			10,523,242
Reinvested		2,666,280			7,667,535
Redeemed		(29,158,810	)		(36,580,360	)
Total Class Y Shares		(10,878,620	)		(18,389,583	)
Total change in shares		(10,878,620	)		(18,389,583	)

Amounts designated as “–” are zero or have been rounded to zero.

(a) Effective May 1, 2008, Class ID Shares were renamed Class Y Shares.

The accompanying notes are an integral part of these financial statements.

32 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT Bond Index Fund

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited)	$	10	.09		0	.23		(0	.04)		0	.19		(0	.23)		–			(0	.23)	$	10	.05		1	.91%	$	1,252,408,677		0	.32%		4	.61%		0	.32%		71	.35%
Year Ended December 31, 2008	$	10	.15		0	.47		–			0	.47		(0	.46)		(0	.07)		(0	.53)	$	10	.09		4	.74%	$	1,366,814,698		0	.32%		4	.60%		0	.32%		66	.57%
Period Ended December 31, 2007 (d)	$	10	.00		0	.35		0	.14		0	.49		(0	.34)		–			(0	.34)	$	10	.15		4	.99%	$	1,561,586,156		0	.29%		5	.06%		0	.29%		166	.82%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	For the period from April 20, 2007 (commencement of operations) through December 31, 2007.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 33

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Bond Index Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) and Jefferson National Life Insurance Company currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market

34 Semiannual Report 2009

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009 are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

2009 Semiannual Report 35

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other		Level 3 — Significant
	Level 1 — Quoted		Significant		Unobservable
Asset Type	Prices		Observable Inputs		Inputs		Total
Asset-Backed Securities	$	—	$	11,600,477	$	—	$	11,600,477
Collateralized Mortgage Obligations		—		844,206		—		844,206
Commercial Mortgage Backed Securities		—		46,523,999		—		46,523,999
Corporate Bonds		—		245,750,682		—		245,750,682
Municipal Bonds		—		2,751,054		—		2,751,054
Sovereign Bonds		—		29,788,741		—		29,788,741
U.S. Government Sponsored & Agency Obligations		—		517,698,330		—		517,698,330
U.S. Government Sponsored Mortgage-Backed Obligations		—		346,745,318		—		346,745,318
Yankee Dollars		—		11,091,946		—		11,091,946
Repurchase Agreements		—		224,961,509		—		224,961,509
Total	$	—	$	1,437,756,262	$	—	$	1,437,756,262

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in

36 Semiannual Report 2009

one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(d)        Mortgage Dollar Rolls

The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Mortgage dollar roll investments entail risks related to the potential inability of counterparties to complete the transaction, which may be heightened because of the delayed payment date. Income is generated as consideration for entering into mortgage dollar rolls and is included in interest income on the Statement of Operations.

(e)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(f)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(g)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally

2009 Semiannual Report 37

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2007 and 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(h)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

(i)        Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33¹/₃% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) for each new loan of U.S securities, the borrower delivers cash or U.S. government securities as collateral, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) the borrower is thereafter required to mark-to-market the collateral on a daily basis and deposit additional collateral so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest earned on the loaned securities while simultaneously seeking to earn income on the investment of cash collateral. Securities lending entails the risks of delay or restrictions in recovery of the loaned securities or disposal of collateral should a borrower of securities fail financially. The Fund may loan only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and only when, in the judgment of the adviser, the consideration which can be earned from the securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

As of June 30, 2009, the Fund had securities with the following value on loan:

Value of Loaned Securities		Value of Collateral
$	84,128,216	$	85,813,350**

^**  Includes $57,102,559 of collateral in the form of U.S. government & agency sponsored securities, interest rates ranging from 0.00% to 7.00% and maturity dates ranging from 7/2/09 to 6/20/39.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially

38 Semiannual Report 2009

selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. BlackRock Investment Management, LLC (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
Up to $1.5 billion		0.22%
$1.5 billion up to $3 billion		0.21%
$3 billion and more		0.20%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $483,777 for the six months ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.32% for all share classes of the Fund until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA. As of June 30, 2009, the Fund had cumulative potential reimbursements of $22,152.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT

2009 Semiannual Report 39

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $7,189.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $788,757,888 and sales of $969,060,900 (excluding short-term securities).

For the six months ended June 30, 2009, the Fund had short-term purchases of $223,434,235 and sales of $177,631,640 of U.S. government securities.

6. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

40 Semiannual Report 2009

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for the Fund were as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	1,429,278,703	$	28,357,691	$	(19,880,132	)	$	8,477,559

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 41

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

(i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-adviser (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

42 Semiannual Report 2009

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

(ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and BlackRock Investment Management, the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that the Fund’s performance for Class Y shares for the one-year period ended September 30, 2008 was in the first quintile of its peer universe, but slightly below the performance of the Barclays Capital U.S. Aggregate Bond Index, the Fund’s benchmark, which, because of the effect of expenses, was expected. The Trustees noted that the Fund had achieved its objective of closely tracking the performance of the Barclays Capital U.S. Aggregate Bond Index.

The Trustees noted that the Fund’s actual advisory fee and total expenses for Class Y shares were in the second quintile of its peer universe. The Trustees noted that shareholders of the Fund received the benefit of an expense cap (excluding 12b-1 and administrative service fees). The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the proposed investment advisory fee schedule for the Fund contains breakpoints that are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

2009 Semiannual Report 43

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

44 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 45

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

46 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 47

NVIT Small Cap Index Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
30	Statement of Assets and Liabilities
31	Statement of Operations
32	Statements of Changes in Net Assets
33	Financial Highlights
34	Notes to Financial Statements
43	Supplemental Information
45	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-SCX (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Small Cap Index Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Small Cap Index Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class Y	Actual			1,000.00		1,024.60		1.51		0.30
	Hypothetical	b		1,000.00		1,023.17		1.51		0.30

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Small Cap Index Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	98	.1%
Repurchase Agreements	10	.9%
Liabilities in excess of other assets	(9	.0)%
	100	.0%

Top Industries
Commercial Banks	5	.9%
Real Estate Investment Trusts	5	.2%
Software	4	.3%
Biotechnology	4	.0%
Health Care Equipment & Supplies	3	.9%
Health Care Providers & Services	3	.6%
Communications Equipment	3	.6%
Semiconductors & Semiconductor Equipment	3	.6%
Insurance	3	.2%
Specialty Retail	3	.1%
Other*	59	.6%
	100	.0%

Top Holdings
Palm, Inc.	0	.3%
3Com Corp.	0	.2%
Owens & Minor, Inc.	0	.2%
VistaPrint Ltd., 0.00%	0	.2%
Piedmont Natural Gas Co., Inc.	0	.2%
Solera Holdings, Inc.	0	.2%
Jack Henry & Associates, Inc.	0	.2%
TETRA Tech, Inc.	0	.2%
Polycom, Inc.	0	.2%
Skyworks Solutions, Inc.	0	.2%
Other*	97	.9%
	100	.0%

* For purpose of listing top holdings and top industries, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Small Cap Index Fund

Common Stocks 98.1%
	Shares		Market Value
Aerospace & Defense 1.8%
AAR Corp.*	12,800	$	205,440
Aerovironment, Inc.*	4,300		132,698
American Science & Engineering, Inc.	3,000		207,360
Applied Signal Technology, Inc.	4,300		109,693
Argon ST, Inc.*	4,400		90,508
Ascent Solar Technologies, Inc.* (a)	5,400		42,228
Astronics Corp.*	3,400		35,326
Axsys Technologies, Inc.*	3,200		171,648
Ceradyne, Inc.*	8,500		150,110
Cubic Corp.	5,100		182,529
Curtiss-Wright Corp.	15,100		448,923
DigitalGlobe, Inc.*	4,700		90,240
Ducommun, Inc.	3,500		65,765
Dyncorp International, Inc., Class A*	8,100		135,999
Esterline Technologies Corp.*	9,700		262,579
Gencorp, Inc.*	18,000		34,380
HEICO Corp.	7,700		279,202
Herley Industries, Inc.*	4,300		47,171
Hexcel Corp.*	31,769		302,759
Ladish Co., Inc.*	5,300		68,741
LMI Aerospace, Inc.*	2,800		28,336
Moog, Inc., Class A*	14,100		363,921
Orbital Sciences Corp.*	19,100		289,747
Stanley, Inc.*	4,000		131,520
Taser International, Inc.*	20,700		94,392
Teledyne Technologies, Inc.* (a)	11,900		389,725
Todd Shipyards Corp.	1,800		29,970
Triumph Group, Inc.	5,500		220,000
			4,610,910
Air Freight & Logistics 0.3%
Air Transport Services Group, Inc.*	20,200		47,470
Atlas Air Worldwide Holdings, Inc.*	5,800		134,502
Dynamex, Inc.*	2,900		44,631
Forward Air Corp.	9,600		204,672
HUB Group, Inc., Class A*	12,300		253,872
Pacer International, Inc.	11,600		25,868
			711,015
Airlines 0.6%
AirTran Holdings, Inc.*	40,400		250,076
Alaska Air Group, Inc.*	12,100		220,946
Allegiant Travel Co.* (a)	5,044		199,944
Hawaiian Holdings, Inc.*	17,800		107,156
JetBlue Airways Corp.*	76,300		325,801
Republic Airways Holdings, Inc.*	11,400		74,442
SkyWest, Inc.	18,500		188,700
UAL Corp.*	47,400		151,206
US Airways Group, Inc.* (a)	41,600		101,088
			1,619,359
Auto Components 0.5%
American Axle & Manufacturing Holdings, Inc.	14,300		49,192
Amerigon, Inc.*	7,100		43,310
ArvinMeritor, Inc.	24,300		106,677
China Automotive Systems, Inc.*	2,100		11,550
Cooper Tire & Rubber Co.	19,500		193,440
Dana Holding Corp.*	30,200		38,656
Dorman Products, Inc.*	3,400		47,022
Drew Industries, Inc.*	6,100		74,237
Exide Technologies*	15,700		58,561
Fuel Systems Solutions, Inc.* (a)	4,100		82,779
Hawk Corp., Class A*	2,100		29,085
Lear Corp.*	18,500		9,250
Modine Manufacturing Co.	10,900		52,320
Raser Technologies, Inc.* (a)	16,600		46,480
Spartan Motors, Inc.	10,750		121,797
Standard Motor Products, Inc.	5,800		47,966
Stoneridge, Inc.*	4,800		23,088
Superior Industries International, Inc.	7,700		108,570
Tenneco, Inc.*	15,800		167,480
Wonder Auto Technology, Inc.*	4,900		49,637
			1,361,097
Automobiles 0.0% (a)
Winnebago Industries	9,600		71,328
Beverages 0.1%
Boston Beer Co., Inc., Class A*	2,900		85,811
Coca-Cola Bottling Co. Consolidated	1,400		77,182
Heckmann Corp.*	27,500		103,125
National Beverage Corp.*	2,940		31,311
			297,429
Biotechnology 4.0%
Acorda Therapeutics, Inc.*	12,600		355,194
Affymax, Inc.*	4,100		75,563
Alkermes, Inc.*	31,300		338,666
Allos Therapeutics, Inc.*	20,300		168,287
Alnylam Pharmaceuticals, Inc.* (a)	11,900		265,013
Amicus Therapeutics, Inc.* (a)	5,500		62,975
Arena Pharmaceuticals, Inc.*	26,700		133,233
ARIAD Pharmaceuticals, Inc.*	29,200		46,428
Arqule, Inc.*	12,700		77,978

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Biotechnology (continued)
Array BioPharma, Inc.*	15,900	$	49,926
AVI BioPharma, Inc.*	28,100		44,398
BioCryst Pharmaceuticals, Inc.*	8,100		32,643
Cardium Therapeutics, Inc.*	15,100		27,935
Celera Corp.*	27,700		211,351
Cell Therapeutics, Inc.*	151,500		260,580
Celldex Therapeutics, Inc.* (a)	3,100		24,242
Cepheid, Inc.*	19,200		180,864
Chelsea Therapeutics International Ltd.*	8,600		36,206
Cougar Biotechnology, Inc.*	4,900		210,504
Cubist Pharmaceuticals, Inc.*	19,100		350,103
Curis, Inc.*	19,400		30,846
Cytokinetics, Inc.*	11,900		33,677
Cytori Therapeutics, Inc.* (a)	9,000		32,490
Dyax Corp.*	19,500		41,730
Emergent Biosolutions, Inc.*	5,276		75,605
Enzon Pharmaceuticals, Inc.*	15,000		118,050
Facet Biotech Corp.*	7,820		72,648
Genomic Health, Inc.*	4,600		79,718
Geron Corp.* (a)	30,100		230,867
GTx, Inc.* (a)	6,000		55,380
Halozyme Therapeutics, Inc.*	21,300		148,461
Hemispherx Biopharma, Inc.*	35,700		90,678
Human Genome Sciences, Inc.* (a)	45,278		129,495
Idenix Pharmaceuticals, Inc.*	8,300		30,544
Idera Pharmaceuticals, Inc.* (a)	7,100		41,606
ImmunoGen, Inc.*	16,900		145,509
Immunomedics, Inc.*	21,600		54,864
Incyte Corp Ltd.* (a)	24,600		80,934
Infinity Pharmaceuticals, Inc.*	5,500		32,120
Insmed, Inc.*	40,400		40,400
InterMune, Inc.* (a)	12,500		190,000
Isis Pharmaceuticals, Inc.*	31,200		514,800
Lexicon Pharmaceuticals, Inc.*	26,500		32,860
Ligand Pharmaceuticals, Inc., Class B*	38,800		110,968
MannKind Corp.* (a)	17,200		142,932
Martek Biosciences Corp.	11,000		232,650
Maxygen, Inc.*	8,000		53,760
Medarex, Inc.*	42,600		355,710
Medivation, Inc.* (a)	9,700		217,377
Metabolix, Inc.*	6,400		52,608
Micromet, Inc.*	13,500		67,230
Molecular Insight Pharmaceuticals, Inc.* (a)	5,600		28,952
Momenta Pharmaceuticals, Inc.*	12,100		145,563
Myriad Pharmaceuticals, Inc.*	7,800		36,270
Nabi Biopharmaceuticals*	17,003		41,148
Nanosphere, Inc.*	3,400		16,694
Neurocrine Biosciences, Inc.*	12,900		41,667
NeurogesX, Inc.*	4,000		22,560
Novavax, Inc.* (a)	19,100		62,648
NPS Pharmaceuticals, Inc.*	15,900		74,094
OncoGenex Pharmaceutical, Inc.*	1,500		32,820
Onyx Pharmaceuticals, Inc.*	19,070		538,918
Opko Health, Inc.* (a)	15,100		26,727
Orexigen Therapeutics, Inc.* (a)	6,600		33,858
Osiris Therapeutics, Inc.* (a)	5,400		72,522
OXiGENE, Inc.*	10,900		23,762
PDL BioPharma, Inc.	39,600		312,840
Pharmasset, Inc.*	6,800		76,500
Poniard Pharmaceuticals, Inc.*	8,500		50,745
Progenics Pharmaceuticals, Inc.*	9,000		46,350
Protalix BioTherapeutics, Inc.*	12,360		55,867
Regeneron Pharmaceuticals, Inc.*	20,712		371,159
Repligen Corp.*	9,700		53,350
Rigel Pharmaceuticals, Inc.*	12,200		147,864
Sangamo BioSciences, Inc.* (a)	14,500		71,630
Savient Pharmaceuticals, Inc.*	20,200		279,972
SciClone Pharmaceuticals, Inc.*	13,800		35,328
Seattle Genetics, Inc.*	23,500		228,420
SIGA Technologies, Inc.*	8,200		69,208
Spectrum Pharmaceuticals, Inc.*	11,500		87,975
StemCells, Inc.*	32,800		55,760
Synta Pharmaceuticals Corp.* (a)	5,400		12,474
Theravance, Inc.* (a)	17,700		259,128
Vanda Pharmaceuticals, Inc.*	8,600		101,222
Vical, Inc.*	10,000		27,000
Zymogenetics, Inc.*	11,900		54,740
			10,084,341
Building Products 0.6%
AAON, Inc.	4,150		82,668
American Woodmark Corp.	3,400		81,430
Ameron International Corp.	3,100		207,824
Apogee Enterprises, Inc.	9,600		118,080
Builders FirstSource, Inc.* (a)	4,900		20,384
Gibraltar Industries, Inc.	9,000		61,830
Griffon Corp.*	13,965		116,189
Insteel Industries, Inc.	5,800		47,792
NCI Building Systems, Inc.* (a)	6,500		17,160
Quanex Building Products Corp.	12,500		140,250
Simpson Manufacturing Co., Inc. (a)	12,500		270,250
Trex Co., Inc.* (a)	5,100		68,187

6 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Building Products (continued)
Universal Forest Products, Inc.	6,300	$	208,467
			1,440,511
Capital Markets 2.3%
Allied Capital Corp.	60,400		210,192
American Capital Ltd.	72,600		233,046
Apollo Investment Corp.	47,700		286,200
Ares Capital Corp.	32,673		263,344
BGC Partners, Inc., Class A	16,400		62,156
BlackRock Kelso Capital Corp.	4,181		26,048
Broadpoint Gleacher Securities, Inc.* (a)	12,600		70,308
Calamos Asset Management, Inc., Class A	6,700		94,537
Capital Southwest Corp.	1,000		72,350
Cohen & Steers, Inc.	5,700		85,215
Diamond Hill Investment Group, Inc.	700		28,126
Duff & Phelps Corp., Class A	5,600		99,568
E*Trade Financial Corp.*	163,200		208,896
Epoch Holding Corp.	3,400		29,376
Evercore Partners, Inc., Class A	3,300		64,812
FBR Capital Markets Corp.*	4,900		23,030
FCStone Group, Inc.*	9,950		39,303
GAMCO Investors, Inc., Class A	2,500		121,250
GFI Group, Inc.	21,100		142,214
Gladstone Capital Corp.	7,000		52,710
Gladstone Investment Corp.	7,100		34,293
Harris & Harris Group, Inc.* (a)	8,600		50,138
Hercules Technology Growth Capital, Inc.	11,082		92,646
International Assets Holding Corp.*	1,600		23,792
JMP Group, Inc.	5,400		41,526
Kayne Anderson Energy Development Co.	3,200		42,432
KBW, Inc.* (a)	11,500		330,740
Knight Capital Group, Inc., Class A*	31,200		531,960
Kohlberg Capital Corp.	5,600		35,392
LaBranche & Co., Inc.*	19,300		82,990
Main Street Capital Corp.	2,600		35,594
MCG Capital Corp.*	24,200		58,806
MF Global Ltd.*	32,800		194,504
MVC Capital, Inc.	7,200		60,912
NGP Capital Resources Co.	7,000		41,090
Oppenheimer Holdings, Inc., Class A	3,300		69,861
optionsXpress Holdings, Inc.	14,000		217,420
PennantPark Investment Corp.	6,600		46,860
Penson Worldwide, Inc.*	6,800		60,860
Piper Jaffray Cos.*	6,500		283,855
Prospect Capital Corp.	13,900		127,880
Pzena Investment Management, Inc., Class A	2,000		15,160
Riskmetrics Group, Inc.*	7,000		123,620
Safeguard Scientifics, Inc.*	34,300		45,276
Sanders Morris Harris Group, Inc.	6,100		33,550
Stifel Financial Corp.*	9,150		440,023
SWS Group, Inc.	8,100		113,157
Teton Advisors, Inc.* (a) (b)	36		0
Thomas Weisel Partners Group, Inc.*	6,500		39,130
TICC Capital Corp.	9,900		43,659
TradeStation Group, Inc.*	10,700		90,522
Triangle Capital Corp.	2,800		30,576
US Global Investors, Inc., Class A	4,000		37,040
Virtus Investment Partners, Inc.*	1,905		27,984
Westwood Holdings Group, Inc.	1,700		71,077
			5,787,006
Chemicals 1.9%
A. Schulman, Inc.	7,400		111,814
American Vanguard Corp.	6,100		68,930
Arch Chemicals, Inc.	8,500		209,015
Balchem Corp.	6,100		149,572
Calgon Carbon Corp.*	18,100		251,409
China Green Agriculture, Inc.*	2,400		19,416
Ferro Corp.	14,800		40,700
GenTek, Inc.*	2,900		64,757
H.B. Fuller Co.	16,400		307,992
Hawkins, Inc.	3,100		69,998
ICO, Inc.*	8,877		24,145
Innophos Holdings, Inc.	5,600		94,584
Innospec, Inc.	7,800		83,850
Koppers Holdings, Inc.	6,900		181,953
Landec Corp.*	9,400		63,826
LSB Industries, Inc.*	5,700		92,169
Minerals Technologies, Inc.	6,200		223,324
NewMarket Corp.	3,300		222,189
NL Industries, Inc.	2,300		16,974
Olin Corp.	26,200		311,518
OM Group, Inc.*	10,100		293,102
Omnova Solutions, Inc.*	13,700		44,662
PolyOne Corp.*	30,600		82,926
Quaker Chemical Corp.	3,600		47,844
Rockwood Holdings, Inc.*	16,600		243,024
Sensient Technologies Corp.	16,100		363,377
ShengdaTech, Inc.* (a)	9,300		35,061
Solutia, Inc.*	30,500		175,680
Spartech Corp.	9,800		90,062
Stepan Co.	2,400		105,984

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Chemicals (continued)
W.R. Grace & Co.*	23,900	$	295,643
Westlake Chemical Corp.	6,400		130,496
Zep, Inc.	7,050		84,953
Zoltek Cos., Inc.* (a)	9,200		89,424
			4,690,373
Commercial Banks 5.9%
1st Source Corp.	4,800		82,896
Alliance Financial Corp.	1,600		45,376
American National Bankshares, Inc.	2,300		44,275
Ameris Bancorp	4,200		26,544
Ames National Corp.	2,100		51,261
Arrow Financial Corp.	3,000		81,000
Auburn National Bancorp, Inc.	700		19,950
Bancfirst Corp.	2,000		69,160
Banco Latinoamericano de Exportaciones SA	9,100		113,113
Bancorp Rhode Island, Inc.	1,100		21,681
Bancorp, Inc.*	4,300		25,800
Bank of Kentucky Financial Corp. (The)	1,200		33,600
Bank of Marin Bancorp	1,900		51,205
Bank of the Ozarks, Inc. (a)	4,100		88,683
Banner Corp. (a)	5,200		19,864
Bar Harbor Bankshares	900		27,765
Boston Private Financial Holdings, Inc.	23,300		104,384
Bridge Bancorp, Inc.	2,300		62,606
Bryn Mawr Bank Corp.	2,200		41,514
Camden National Corp.	2,500		85,075
Cape Bancorp, Inc.*	3,900		33,657
Capital City Bank Group, Inc. (a)	3,721		62,699
Cardinal Financial Corp.	9,300		72,819
Cathay General Bancorp (a)	16,400		155,964
Center Bancorp, Inc.	3,300		26,895
Centerstate Banks of Florida, Inc.	2,900		21,518
Central Pacific Financial Corp.	9,500		35,625
Century Bancorp, Inc., Class A	1,500		27,660
Chemical Financial Corp.	6,700		133,397
Chicopee Bancorp, Inc.*	1,900		24,643
Citizens & Northern Corp. (a)	2,900		59,653
Citizens Holding Co.	1,200		37,440
Citizens Republic Bancorp, Inc.*	41,900		29,749
City Holding Co.	5,300		160,908
CNB Financial Corp.	2,700		38,259
CoBiz Financial, Inc. (a)	6,000		38,460
Colonial BancGroup, Inc. (The)* (a)	67,200		41,664
Columbia Banking System, Inc.	6,100		62,403
Community Bank System, Inc.	10,900		158,704
Community Trust Bancorp, Inc.	5,000		133,750
CVB Financial Corp. (a)	22,100		131,937
Eagle Bancorp, Inc.*	3,800		33,326
East West Bancorp, Inc.	21,200		137,588
Enterprise Bancorp, Inc.	1,500		17,700
Enterprise Financial Services Corp. (a)	3,500		31,815
Farmers Capital Bank Corp.	2,100		52,857
Financial Institutions, Inc.	3,500		47,810
First Bancorp, Inc.	2,900		56,463
First Bancorp, North Carolina (a)	4,500		70,560
First Bancorp, Puerto Rico (a)	27,500		108,625
First Busey Corp. (a)	8,200		60,270
First California Financial Group, Inc.*	2,400		14,808
First Commonwealth Financial Corp.	27,900		176,886
First Community Bancshares, Inc.	3,100		39,804
First Financial Bancorp	12,400		93,248
First Financial Bankshares, Inc. (a)	7,000		352,520
First Financial Corp.	3,900		123,162
First Merchants Corp.	7,000		56,210
First Midwest Bancorp, Inc.	16,100		117,691
First of Long Island Corp. (The)	2,000		46,280
First South Bancorp, Inc. (a)	2,550		29,580
FirstMerit Corp.	27,098		460,124
FNB Corp.	29,370		181,800
German American Bancorp, Inc.	4,100		59,081
Glacier Bancorp, Inc. (a)	20,800		307,216
Great Southern Bancorp, Inc.	3,500		71,925
Guaranty Bancorp*	17,300		33,043
Hampton Roads Bankshares, Inc.	6,700		55,275
Hancock Holding Co. (a)	7,700		250,173
Harleysville National Corp.	14,300		67,210
Heartland Financial USA, Inc. (a)	4,100		58,548
Heritage Financial Corp.	2,300		26,588
Home Bancorp, Inc.*	3,200		38,208
Home Bancshares, Inc.	4,924		93,753
IBERIABANK Corp.	5,500		216,755
Independent Bank Corp.	6,900		135,930
International Bancshares Corp. (a)	17,650		181,971
Investors Bancorp, Inc.*	14,943		136,878
Lakeland Bancorp, Inc. (a)	6,450		57,986
Lakeland Financial Corp.	3,900		74,100

8 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Commercial Banks (continued)
MainSource Financial Group, Inc.	6,700	$	49,714
MB Financial, Inc.	11,700		119,223
Merchants Bancshares, Inc.	1,500		33,285
Metro Bancorp, Inc.*	1,600		30,816
MidSouth Bancorp, Inc.	1,400		23,520
Nara Bancorp, Inc.	7,500		38,850
National Bankshares, Inc.	2,500		60,075
National Penn Bancshares, Inc.	27,300		125,853
NBT Bancorp, Inc.	11,600		251,836
Northfield Bancorp, Inc.	6,200		72,044
Northrim BanCorp, Inc.	1,900		26,448
Norwood Financial Corp.	800		25,088
Ohio Valley Banc Corp.	1,200		35,208
Old National Bancorp	22,000		216,040
Old Point Financial Corp.	500		9,250
Old Second Bancorp, Inc. (a)	4,379		25,836
Oriental Financial Group, Inc.	8,000		77,600
Orrstown Financial Services, Inc.	1,800		67,032
Pacific Capital Bancorp NA	15,499		33,168
Pacific Continental Corp.	3,900		47,307
PacWest Bancorp	7,800		102,648
Park National Corp. (a)	3,600		203,328
Peapack Gladstone Financial Corp.	2,800		54,012
Penns Woods Bancorp, Inc.	1,200		34,968
Peoples Bancorp, Inc.	3,400		57,970
Peoples Financial Corp.	1,100		20,900
Pinnacle Financial Partners, Inc.*	8,000		106,560
Porter Bancorp, Inc.	700		10,605
PremierWest Bancorp	6,710		22,747
PrivateBancorp, Inc.	11,800		262,432
Prosperity Bancshares, Inc.	15,200		453,416
Renasant Corp.	7,000		105,140
Republic Bancorp, Inc., Class A (a)	3,051		68,922
Republic First Bancorp, Inc.*	2,900		22,620
S&T Bancorp, Inc. (a)	7,900		96,064
Sandy Spring Bancorp, Inc. (a)	5,419		79,659
Santander BanCorp.*	1,400		9,744
SCBT Financial Corp.	3,800		90,022
Shore Bancshares, Inc.	2,700		48,438
Sierra Bancorp (a)	2,400		30,312
Signature Bank*	12,000		325,440
Simmons First National Corp., Class A	4,600		122,912
Smithtown Bancorp, Inc.	5,200		66,508
South Financial Group, Inc. (The)	28,200		33,558
Southside Bancshares, Inc.	4,134		94,547
Southwest Bancorp, Inc.	4,500		43,920
State Bancorp, Inc.	4,600		34,776
StellarOne Corp.	7,500		97,125
Sterling Bancorp	6,000		50,100
Sterling Bancshares, Inc.	27,300		172,809
Sterling Financial Corp.	17,400		50,634
Suffolk Bancorp	3,200		82,048
Sun Bancorp, Inc.*	4,592		23,787
Susquehanna Bancshares, Inc.	28,587		139,790
SVB Financial Group*	10,800		293,976
SY Bancorp, Inc. (a)	3,528		85,272
Texas Capital Bancshares, Inc.*	12,100		187,187
Tompkins Financial Corp.	2,700		129,465
Tower Bancorp, Inc.	1,300		45,695
TowneBank (a)	7,000		98,000
Trico Bancshares	4,600		71,300
Trustmark Corp.	18,900		365,148
UCBH Holdings, Inc. (a)	39,000		49,140
UMB Financial Corp.	10,600		402,906
Umpqua Holdings Corp. (a)	20,000		155,200
Union Bankshares Corp. (a)	4,200		62,874
United Bankshares, Inc. (a)	12,900		252,066
United Community Banks, Inc.* (a)	14,174		84,903
United Security Bancshares, Inc.	1,900		41,610
Univest Corp. of Pennsylvania	4,100		83,066
Washington Banking Co.	3,700		34,854
Washington Trust Bancorp, Inc.	4,600		82,018
Webster Financial Corp.	18,000		144,900
WesBanco, Inc.	7,300		106,142
West Bancorp, Inc.	5,400		27,000
Westamerica Bancorp (a)	9,700		481,217
Western Alliance Bancorp*	15,800		108,072
Wilber Corp. (The)	2,500		27,750
Wilshire Bancorp, Inc.	6,100		35,075
Wintrust Financial Corp.	7,900		127,032
Yadkin Valley Financial Corp.	5,300		36,623
			14,962,468
Commercial Services & Supplies 2.6%
ABM Industries, Inc.	15,104		272,929
ACCO Brands Corp.*	18,100		51,042
American Ecology Corp.	6,300		112,896
American Reprographics Co.*	12,100		100,672
AMREP Corp.* (a)	400		4,412
APAC Customer Services, Inc.*	7,900		40,527
ATC Technology Corp.*	6,600		95,700
Bowne & Co., Inc.	9,361		60,940
Cenveo, Inc.*	16,000		67,680
Clean Harbors, Inc.*	6,900		372,531
Comfort Systems USA, Inc.	12,800		131,200
Consolidated Graphics, Inc.*	3,200		55,744
Cornell Cos., Inc.*	3,600		58,356
Courier Corp.	3,200		48,832

2009 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Commercial Services & Supplies (continued)
Deluxe Corp.	16,900	$	216,489
EnergySolutions, Inc.	24,700		227,240
EnerNOC, Inc.* (a)	4,100		88,847
Ennis, Inc.	8,400		104,664
Fuel Tech, Inc.* (a)	6,200		60,140
G&K Services, Inc.	6,100		129,015
Geo Group, Inc. (The)*	16,900		314,002
GeoEye, Inc.* (a)	6,100		143,716
Healthcare Services Group, Inc.	14,350		256,578
Heritage-Crystal Clean, Inc.*	1,300		15,795
Herman Miller, Inc.	18,300		280,722
HNI Corp.	14,900		269,094
ICT Group, Inc.*	2,800		24,444
Innerworkings, Inc.*	7,700		36,575
Interface, Inc., Class A	17,300		107,260
Kimball International, Inc., Class B	10,500		65,520
Knoll, Inc.	16,000		121,280
M&F Worldwide Corp.*	3,700		74,000
McGrath Rentcorp	7,900		150,574
Metalico, Inc.* (a)	8,986		41,875
Mine Safety Appliances Co.	8,600		207,260
Mobile Mini, Inc.*	11,800		173,106
Multi-Color Corp.	3,300		40,458
North American Galvanizing & Coating, Inc.*	3,800		23,028
Perma-Fix Environmental Services, Inc.*	17,300		41,866
Rollins, Inc.	14,550		251,861
Schawk, Inc.	4,800		36,048
Standard Parking Corp.*	2,500		40,725
Standard Register Co. (The)	5,500		17,930
Steelcase, Inc.	23,200		135,024
SYKES Enterprises, Inc.*	11,500		208,035
Team, Inc.*	6,200		97,154
TETRA Tech, Inc.*	19,900		570,135
United Stationers, Inc.*	7,800		272,064
Viad Corp.	6,800		117,096
Waste Services, Inc.*	5,200		26,936
			6,460,017
Communications Equipment 3.6%
3Com Corp.*	130,000		612,300
Acme Packet, Inc.*	12,600		127,512
ADC Telecommunications, Inc.*	32,500		258,700
ADTRAN, Inc.	18,300		392,901
Airvana, Inc.* (a)	7,000		44,590
Anaren, Inc.*	4,900		86,632
Arris Group, Inc.*	41,020		498,803
Aruba Networks, Inc.*	20,000		174,800
Avocent Corp.*	14,700		205,212
Bel Fuse, Inc., Class B	3,400		54,536
BigBand Networks, Inc.*	11,000		56,870
Black Box Corp.	5,800		194,126
Blue Coat Systems, Inc.*	12,900		213,366
Cogo Group, Inc.*	7,900		47,163
Communications Systems, Inc.	2,600		25,480
Comtech Telecommunications Corp.*	9,300		296,484
DG FastChannel, Inc.*	5,900		107,970
Digi International, Inc.*	8,200		79,950
EMCORE Corp.* (a)	25,300		31,878
EMS Technologies, Inc.*	5,200		108,680
Emulex Corp.*	27,500		268,950
Extreme Networks*	29,400		58,800
Globecomm Systems, Inc.*	6,900		49,611
Harmonic, Inc.*	31,700		186,713
Harris Stratex Networks, Inc., Class A*	19,600		127,008
Hughes Communications, Inc.*	2,800		63,924
Infinera Corp.*	27,300		249,249
InterDigital, Inc.*	14,800		361,712
IXIA*	9,700		65,378
KVH Industries, Inc.*	4,400		30,052
Loral Space & Communications, Inc.*	3,600		92,700
Netgear, Inc.*	11,400		164,274
Network Equipment Technologies, Inc.*	10,600		45,156
Oclaro, Inc.*	0		0
Oplink Communications, Inc.*	6,500		74,100
Opnext, Inc.*	8,800		18,832
Palm, Inc.* (a)	45,478		753,570
ParkerVision, Inc.* (a)	9,700		29,682
PC-Tel, Inc.*	6,200		33,170
Plantronics, Inc.	16,100		304,451
Polycom, Inc.*	27,800		563,506
Powerwave Technologies, Inc.*	41,100		66,171
Riverbed Technology, Inc.*	18,300		424,377
Seachange International, Inc.*	9,800		78,694
ShoreTel, Inc.*	13,600		108,800
Sonus Networks, Inc.*	68,300		109,963
Starent Networks Corp.*	12,900		314,889
Sycamore Networks, Inc.*	65,436		204,815
Symmetricom, Inc.*	15,300		88,281
Tekelec*	21,900		368,577
UTStarcom, Inc.* (a)	35,800		58,354
ViaSat, Inc.*	8,800		225,632
			9,207,344
Computers & Peripherals 1.1%
3PAR, Inc.*	8,500		105,400
Actividentity Corp.*	17,100		43,263
Adaptec, Inc.*	40,400		107,060
Avid Technology, Inc.*	9,600		128,736
Compellent Technologies, Inc.*	5,800		88,450

10 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Computers & Peripherals (continued)
Cray, Inc.*	11,100	$	87,468
Data Domain, Inc.*	15,700		523,595
Electronics for Imaging, Inc.*	16,800		179,088
Imation Corp.	9,800		74,578
Immersion Corp.*	9,300		45,942
Intermec, Inc.*	21,000		270,900
Intevac, Inc.*	7,300		63,583
Isilon Systems, Inc.*	8,000		33,920
Netezza Corp.*	16,100		133,952
Novatel Wireless, Inc.*	10,100		91,102
Quantum Corp.*	68,000		56,440
Rimage Corp.*	3,100		51,491
Silicon Graphics International Corp.*	9,900		44,946
STEC, Inc.* (a)	8,000		185,520
Stratasys, Inc.* (a)	6,700		73,633
Super Micro Computer, Inc.*	7,400		56,684
Synaptics, Inc.* (a)	11,400		440,610
			2,886,361
Construction & Engineering 1.0%
Argan, Inc.*	2,800		39,564
Dycom Industries, Inc.*	13,200		146,124
EMCOR Group, Inc.*	21,800		438,616
Furmanite Corp.*	11,800		52,628
Granite Construction, Inc.	11,500		382,720
Great Lakes Dredge & Dock Corp.	12,500		59,750
Insituform Technologies, Inc., Class A*	12,900		218,913
Integrated Electrical Services, Inc.*	2,500		19,525
Layne Christensen Co.*	6,400		130,880
MasTec, Inc.*	17,100		200,412
Michael Baker Corp.*	2,700		114,372
MYR Group, Inc.*	5,600		113,232
Northwest Pipe Co.*	3,100		107,756
Orion Marine Group, Inc.*	7,100		134,900
Pike Electric Corp.*	5,400		65,070
Primoris Services Corp.	2,300		17,066
Sterling Construction Co., Inc.*	4,700		71,722
Tutor Perini Corp.*	8,300		144,088
			2,457,338
Construction Materials 0.1%
Headwaters, Inc.* (a)	13,448		45,185
Texas Industries, Inc. (a)	7,965		249,783
U.S. Concrete, Inc.*	11,000		21,780
United States Lime & Minerals, Inc.*	600		25,452
			342,200
Consumer Finance 0.4%
Advance America Cash Advance Centers, Inc.	14,000		62,020
Cardtronics, Inc.*	4,200		16,002
Cash America International, Inc.	9,800		229,222
CompuCredit Corp.* (a)	5,500		12,650
Credit Acceptance Corp.* (a)	1,900		41,515
Dollar Financial Corp.*	8,000		110,320
EZCORP, Inc., Class A*	15,000		161,700
First Cash Financial Services, Inc.*	7,700		134,904
First Marblehead Corp. (The)*	20,500		41,410
Nelnet, Inc., Class A*	6,700		91,053
QC Holdings, Inc.	1,000		5,140
Rewards Network, Inc.*	5,700		21,546
World Acceptance Corp.* (a)	5,400		107,514
			1,034,996
Containers & Packaging 0.5%
AEP Industries, Inc.*	1,700		44,863
Boise, Inc.* (a)	9,700		16,684
BWAY Holding Co.*	2,500		43,825
Graphic Packaging Holding Co.*	35,100		64,233
Myers Industries, Inc.	10,900		90,688
Rock-Tenn Co., Class A	12,600		480,816
Silgan Holdings, Inc.	9,000		441,270
			1,182,379
Distributors 0.0%
Audiovox Corp., Class A*	5,600		32,816
Core-Mark Holding Co., Inc.*	3,100		80,786
			113,602
Diversified Consumer Services 1.3%
American Public Education, Inc.*	5,900		233,699
Bridgepoint Education, Inc.*	4,800		81,600
Capella Education Co.* (a)	4,800		287,760
ChinaCast Education Corp.*	9,400		67,398
Coinstar, Inc.*	9,900		264,330
Corinthian Colleges, Inc.*	26,200		443,566
CPI Corp.	1,500		25,485
Grand Canyon Education, Inc.*	5,500		92,290
Jackson Hewitt Tax Service, Inc.	9,500		59,470
K12, Inc.* (a)	7,900		170,245
Learning Tree International, Inc.*	2,800		28,840
Lincoln Educational Services Corp.*	3,100		64,883
Mac-Gray Corp.*	3,600		47,664

2009 Semiannual Report 11

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Diversified Consumer Services (continued)
Matthews International Corp., Class A	10,100	$	314,312
Nobel Learning Communities, Inc.*	1,100		12,617
Pre-Paid Legal Services, Inc.	2,500		108,975
Princeton Review, Inc.* (a)	4,800		25,968
Regis Corp.	14,400		250,704
Sotheby’s (a)	22,200		313,242
Steiner Leisure Ltd.*	4,900		149,597
Stewart Enterprises, Inc., Class A	26,600		128,212
Universal Technical Institute, Inc.*	7,000		104,510
			3,275,367
Diversified Financial Services 0.5%
Ampal American Israel, Class A*	4,700		11,468
Asset Acceptance Capital Corp.*	4,800		36,912
California First National Bancorp	900		10,260
Compass Diversified Holdings	7,500		60,675
Encore Capital Group, Inc.*	4,300		56,975
Fifth Street Finance Corp.	7,000		70,280
Financial Federal Corp.	8,800		180,840
Life Partners Holdings, Inc. (a)	2,575		36,514
MarketAxess Holdings, Inc.*	10,500		100,065
Medallion Financial Corp.	4,800		36,720
NewStar Financial, Inc.*	7,700		14,707
PHH Corp.*	18,100		329,058
Pico Holdings, Inc.*	6,200		177,940
Portfolio Recovery Associates, Inc.* (a)	5,200		201,396
Primus Guaranty Ltd.*	7,600		17,936
Resource America, Inc., Class A	3,500		18,830
			1,360,576
Diversified Telecommunication Services 0.9%
AboveNet, Inc.*	2,100		170,058
Alaska Communications Systems Group, Inc.	14,600		106,872
Atlantic Tele-Network, Inc.	3,000		117,870
Cbeyond, Inc.*	7,900		113,365
Cincinnati Bell, Inc.*	72,100		204,764
Cogent Communications Group, Inc.*	14,700		119,805
Consolidated Communications Holdings, Inc.	7,754		90,799
D&E Communications, Inc.	4,500		46,035
FairPoint Communications, Inc. (a)	29,626		17,776
FiberNet Telecom Group, Inc.*	1,700		21,114
General Communication, Inc., Class A*	14,400		99,792
Global Crossing Ltd.*	9,600		88,128
HickoryTech Corp.	4,700		36,096
iBasis, Inc.*	9,000		11,790
inContact, Inc.*	8,000		21,920
Iowa Telecommunications Services, Inc.	10,800		135,108
Neutral Tandem, Inc.*	10,900		321,768
NTELOS Holdings Corp.	10,000		184,200
PAETEC Holding Corp.*	40,400		109,080
Premiere Global Services, Inc.*	20,100		217,884
SureWest Communications*	4,500		47,070
			2,281,294
Electric Utilities 1.2%
Allete, Inc.	8,900		255,875
Central Vermont Public Service Corp.	3,900		70,590
Cleco Corp.	20,000		448,400
El Paso Electric Co.*	14,900		208,004
Empire District Electric Co. (The)	11,700		193,284
IDACORP, Inc.	15,500		405,170
MGE Energy, Inc.	7,800		261,690
Portland General Electric Co.	24,800		483,104
UIL Holdings Corp.	9,541		214,195
UniSource Energy Corp.	11,700		310,518
Unitil Corp.	3,500		72,170
			2,923,000
Electrical Equipment 2.3%
A.O. Smith Corp.	7,500		244,275
Acuity Brands, Inc. (a)	13,500		378,675
Advanced Battery Technologies, Inc.* (a)	15,600		62,712
American Superconductor Corp.* (a)	14,300		375,375
AZZ, Inc.*	4,000		137,640
Baldor Electric Co.	15,600		371,124
Belden, Inc.	15,400		257,180
Brady Corp., Class A	16,013		402,247
Broadwind Energy, Inc.*	10,900		123,388
Chase Corp.	1,800		21,420
China BAK Battery, Inc.*	12,500		36,875
Encore Wire Corp.	6,000		128,100
Ener1, Inc.* (a)	15,400		84,084
Energy Conversion Devices, Inc.* (a)	15,000		212,250
EnerSys*	13,251		241,036
Evergreen Solar, Inc.* (a)	63,200		137,144
Franklin Electric Co., Inc.	7,600		196,992
FuelCell Energy, Inc.*	22,800		95,304

12 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Electrical Equipment (continued)
Fushi Copperweld, Inc.*	5,000	$	41,350
GrafTech International Ltd.*	39,600		447,876
GT Solar International, Inc.* (a)	9,600		51,072
Harbin Electric, Inc.*	4,000		62,560
II-VI, Inc.*	8,200		181,794
LaBarge, Inc.*	4,000		37,080
LSI Industries, Inc.	6,100		33,245
Microvision, Inc.*	23,100		70,917
Orion Energy Systems, Inc.* (a)	6,800		25,500
Polypore International, Inc.*	7,900		87,848
Powell Industries, Inc.*	2,700		100,089
Power-One, Inc.*	25,500		37,995
PowerSecure International, Inc.*	5,700		24,282
Preformed Line Products Co.	700		30,842
Regal-Beloit Corp.	11,798		468,616
SatCon Technology Corp.*	19,300		34,740
Ultralife Corp.*	4,300		30,831
Valence Technology, Inc.* (a)	17,000		30,430
Vicor Corp.	6,100		44,042
Woodward Governor Co.	20,000		396,000
			5,742,930
Electronic Equipment & Instruments 2.1%
Agilysys, Inc.	4,400		20,592
Anixter International, Inc.*	9,800		368,382
Benchmark Electronics, Inc.*	21,600		311,040
Brightpoint, Inc.*	16,600		104,082
Checkpoint Systems, Inc.*	12,900		202,401
China Security & Surveillance Technology, Inc.* (a)	10,700		80,678
Cogent, Inc.*	14,000		150,220
Cognex Corp.	13,100		185,103
Coherent, Inc.*	6,900		142,692
Comverge, Inc.*	6,000		72,600
CPI International, Inc.*	2,400		20,856
CTS Corp.	11,200		73,360
Daktronics, Inc. (a)	11,100		85,470
DDi Corp.*	4,200		19,026
DTS, Inc.*	5,800		157,006
Echelon Corp.*	10,800		91,584
Electro Rent Corp.	5,900		55,991
Electro Scientific Industries, Inc.*	9,100		101,738
FARO Technologies, Inc.*	5,500		85,415
ICx Technologies, Inc.*	3,800		22,800
Insight Enterprises, Inc.*	15,200		146,832
IPG Photonics Corp.*	7,400		81,178
L-1 Identity Solutions, Inc.*	24,549		190,009
Littelfuse, Inc.*	7,200		143,712
Maxwell Technologies, Inc.*	7,400		102,342
Measurement Specialties, Inc.*	4,600		32,430
Mercury Computer Systems, Inc.*	7,500		69,375
Methode Electronics, Inc.	12,600		88,452
MTS Systems Corp.	5,800		119,770
Multi-Fineline Electronix, Inc.*	3,419		73,167
Newport Corp.*	12,000		69,480
OSI Systems, Inc.*	5,200		108,420
PAR Technology Corp.*	2,300		14,697
Park Electrochemical Corp.	6,800		146,404
PC Connection, Inc.*	3,100		16,275
PC Mall, Inc.*	3,500		23,660
Plexus Corp.*	13,100		268,026
RadiSys Corp.*	7,700		69,377
RAE Systems, Inc.*	11,500		15,870
Rofin-Sinar Technologies, Inc.*	9,600		192,096
Rogers Corp.*	5,300		107,219
ScanSource, Inc.*	8,800		215,776
Smart Modular Technologies WWH, Inc.*	12,200		27,694
Spectrum Control, Inc.*	4,600		40,480
SYNNEX Corp.*	6,600		164,934
Technitrol, Inc.	13,600		87,992
TTM Technologies, Inc.*	14,300		113,828
Universal Display Corp.* (a)	9,600		93,888
X-Rite, Inc.*	10,900		16,350
Zygo Corp.*	4,500		20,970
			5,211,739
Energy Equipment & Services 1.6%
Allis-Chalmers Energy, Inc.* (a)	9,200		21,252
Basic Energy Services, Inc.*	7,100		48,493
Bolt Technology Corp.*	3,000		33,720
Boots & Coots, Inc.*	24,200		33,638
Bristow Group, Inc.*	9,600		284,448
Bronco Drilling Co., Inc.*	7,800		33,384
Cal Dive International, Inc.*	14,862		128,259
Carbo Ceramics, Inc. (a)	6,300		215,460
Complete Production Services, Inc.*	19,900		126,564
Dawson Geophysical Co.*	2,600		77,610
Dril-Quip, Inc.*	9,500		361,950
ENGlobal Corp.*	5,500		27,060
Geokinetics, Inc.*	1,600		21,840
Global Industries Ltd.*	33,700		190,742
Gulf Island Fabrication, Inc.	4,100		64,903
Gulfmark Offshore, Inc.*	7,500		207,000
Hercules Offshore, Inc.*	30,200		119,894
Hornbeck Offshore Services, Inc.*	7,600		162,564
ION Geophysical Corp.*	29,700		76,329
Key Energy Services, Inc.*	41,800		240,768
Lufkin Industries, Inc.	4,900		206,045
Matrix Service Co.*	8,700		99,876

2009 Semiannual Report 13

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Energy Equipment & Services (continued)
Natco Group, Inc., Class A*	6,600	$	217,272
Natural Gas Services Group, Inc.*	4,000		53,200
Newpark Resources*	29,400		83,790
OYO Geospace Corp.*	1,300		33,358
Parker Drilling Co.*	38,600		167,524
PHI, Inc., Non-Voting Shares*	4,400		75,416
Pioneer Drilling Co.*	13,600		65,144
RPC, Inc.	9,300		77,655
SulphCo, Inc.* (a)	13,600		12,512
Superior Well Services, Inc.*	5,000		29,750
T-3 Energy Services, Inc.*	4,100		48,831
TETRA Technologies, Inc.*	24,600		195,816
TGC Industries, Inc.*	5,200		25,324
Union Drilling, Inc.*	3,500		23,170
Vantage Drilling Co.	12,000		21,000
Willbros Group, Inc.*	13,400		167,634
			4,079,195
Food & Staples Retailing 0.9%
Andersons, Inc. (The)	6,000		179,640
Arden Group, Inc., Class A	300		37,530
Casey’s General Stores, Inc.	17,100		439,299
Diedrich Coffee, Inc.*	900		21,402
Great Atlantic & Pacific Tea Co.* (a)	11,140		47,345
Ingles Markets, Inc., Class A	4,200		64,008
Nash Finch Co.	4,200		113,652
Pantry, Inc. (The)*	7,400		122,840
PriceSmart, Inc.	5,100		85,425
Ruddick Corp.	14,500		339,735
Spartan Stores, Inc.	7,400		91,834
Susser Holdings Corp.*	2,500		27,975
United Natural Foods, Inc.*	14,200		372,750
Village Super Market, Inc., Class A	2,000		59,500
Weis Markets, Inc.	3,700		124,024
Winn-Dixie Stores, Inc.*	18,300		229,482
			2,356,441
Food Products 1.4%
AgFeed Industries, Inc.* (a)	9,800		58,114
Alico, Inc. (a)	1,100		33,022
American Dairy, Inc.* (a)	2,700		107,082
American Italian Pasta Co., Class A*	6,900		201,066
B&G Foods, Inc., Class A	6,300		52,983
Cal-Maine Foods, Inc. (a)	4,500		112,320
Calavo Growers, Inc. (a)	3,200		63,456
Chiquita Brands International, Inc.*	15,100		154,926
Darling International, Inc.*	27,200		179,520
Diamond Foods, Inc.	5,600		156,240
Farmer Bros Co.	2,200		50,336
Fresh Del Monte Produce, Inc.*	13,400		217,884
Griffin Land & Nurseries, Inc.	1,000		31,280
Hain Celestial Group, Inc. (The)*	13,466		210,204
HQ Sustainable Maritime Industries, Inc.*	2,800		25,620
Imperial Sugar Co.	4,000		48,440
J&J Snack Foods Corp.	4,600		165,140
Lancaster Colony Corp.	6,600		290,862
Lance, Inc.	9,200		212,796
Lifeway Foods, Inc.* (a)	1,600		20,640
Omega Protein Corp.*	6,200		25,172
Overhill Farms, Inc.*	5,900		31,093
Sanderson Farms, Inc.	6,800		306,000
Seneca Foods Corp., Class A*	2,300		76,866
Smart Balance, Inc.*	20,800		141,648
Synutra International, Inc.* (a)	5,700		62,700
Tootsie Roll Industries, Inc.	7,987		181,225
TreeHouse Foods, Inc.*	10,700		307,839
Zapata Corp.*	2,600		17,706
Zhongpin, Inc.*	6,400		66,304
			3,608,484
Health Care Equipment & Supplies 3.9%
Abaxis, Inc.*	7,300		149,942
ABIOMED, Inc.*	10,200		89,964
Accuray, Inc.*	13,700		91,379
Align Technology, Inc.*	19,300		204,580
Alphatec Holdings, Inc.*	8,800		29,216
American Medical Systems Holdings, Inc.*	24,800		391,840
Analogic Corp.	4,200		155,190
AngioDynamics, Inc.*	8,100		107,487
Aspect Medical Systems, Inc.*	5,300		31,323
Atrion Corp.	400		53,636
ATS Medical, Inc.*	17,100		56,430
Bovie Medical Corp.*	6,100		53,131
Cantel Medical Corp.*	4,100		66,543
Cardiac Science Corp.*	6,300		25,326
Cardiovascular Systems, Inc.*	3,600		27,756
Conceptus, Inc.* (a)	10,100		170,690
CONMED Corp.*	9,600		148,992
CryoLife, Inc.*	9,400		52,076
Cutera, Inc.*	4,900		42,238
Cyberonics, Inc.*	9,300		154,659
Cynosure, Inc., Class A*	3,200		24,480
Delcath Systems, Inc.*	6,800		24,344
DexCom, Inc.*	15,900		98,421
Electro-Optical Sciences, Inc.*	5,500		42,845
Endologix, Inc.*	15,900		53,106
EnteroMedics, Inc.*	6,100		20,313
ev3, Inc.*	23,480		251,706

14 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Health Care Equipment & Supplies (continued)
Exactech, Inc.*	2,500	$	36,250
Greatbatch, Inc.*	7,700		174,097
Haemonetics Corp.*	8,400		478,800
Hansen Medical, Inc.*	7,200		35,568
HeartWare International, Inc.*	1,700		47,447
Home Diagnostics, Inc.*	4,500		27,630
I-Flow Corp.*	6,900		47,886
ICU Medical, Inc.*	4,300		176,945
Immucor, Inc.*	23,200		319,232
Insulet Corp.*	9,200		70,840
Integra LifeSciences Holdings Corp.*	6,200		164,362
Invacare Corp.	9,300		164,145
IRIS International, Inc.*	5,900		69,620
Kensey Nash Corp.*	2,900		76,009
MAKO Surgical Corp.*	4,000		36,080
Masimo Corp.*	16,700		402,637
Medical Action Industries, Inc.*	4,500		51,525
Meridian Bioscience, Inc. (a)	13,450		303,701
Merit Medical Systems, Inc.*	9,300		151,590
Micrus Endovascular Corp.* (a)	5,200		47,008
Natus Medical, Inc.*	9,200		106,168
Neogen Corp.*	4,700		136,206
NuVasive, Inc.* (a)	12,000		535,200
NxStage Medical, Inc.*	7,600		44,840
OraSure Technologies, Inc.*	15,200		37,544
Orthofix International NV*	5,700		142,557
Orthovita, Inc.*	20,900		107,635
Palomar Medical Technologies, Inc.*	6,100		89,426
Quidel Corp.*	9,100		132,496
Rochester Medical Corp.*	3,100		41,540
Rockwell Medical Technologies, Inc.*	4,300		32,465
RTI Biologics, Inc.*	17,300		74,217
Sirona Dental Systems, Inc.*	5,600		111,944
Somanetics Corp.*	4,000		66,040
SonoSite, Inc.*	5,700		114,342
Spectranetics Corp.*	10,700		52,751
Stereotaxis, Inc.*	8,600		33,368
STERIS Corp.	19,300		503,344
SurModics, Inc.* (a)	5,100		115,413
Symmetry Medical, Inc.*	11,900		110,908
Synovis Life Technologies, Inc.*	3,800		78,926
Thoratec Corp.*	18,600		498,108
TomoTherapy, Inc.*	13,100		36,025
TranS1, Inc.*	4,000		24,920
Utah Medical Products, Inc.	1,300		34,723
Vascular Solutions, Inc.*	5,800		45,356
Volcano Corp.*	16,300		227,874
West Pharmaceutical Services, Inc.	10,800		376,380
Wright Medical Group, Inc.*	12,600		204,876
Young Innovations, Inc.	2,000		43,580
Zoll Medical Corp.*	7,000		135,380
			9,793,537
Health Care Providers & Services 3.6%
Air Methods Corp.*	3,600		98,496
Alliance HealthCare Services, Inc.*	8,100		59,373
Allied Healthcare International, Inc.*	16,900		36,673
Allion Healthcare, Inc.*	7,300		43,435
Almost Family, Inc.* (a)	2,400		62,664
Amedisys, Inc.* (a)	9,000		297,180
America Service Group, Inc.*	3,000		48,210
American Caresource Holdings, Inc.*	4,500		16,830
American Dental Partners, Inc.*	4,000		36,280
AMERIGROUP Corp.*	17,400		467,190
AMN Healthcare Services, Inc.*	10,800		68,904
Amsurg Corp.*	10,200		218,688
Assisted Living Concepts, Inc., Class A*	3,380		49,179
Bio-Reference Labs, Inc.*	3,900		123,279
Bioscrip, Inc.*	14,700		87,024
Capital Senior Living Corp.*	7,100		32,305
CardioNet, Inc.*	7,700		125,664
Catalyst Health Solutions, Inc.*	12,400		309,256
Centene Corp.*	14,300		285,714
Chemed Corp.	7,500		296,100
Chindex International, Inc.*	4,400		54,428
Clarient, Inc.*	10,300		38,316
Continucare Corp.*	8,700		20,271
CorVel Corp.*	2,500		56,925
Cross Country Healthcare, Inc.*	10,200		70,074
Emergency Medical Services Corp., Class A*	3,300		121,506
Emeritus Corp.*	6,300		83,223
Ensign Group, Inc. (The)	4,000		56,920
Genoptix, Inc.*	5,500		175,945
Gentiva Health Services, Inc.*	9,400		154,724
Hanger Orthopedic Group, Inc.*	8,000		108,720
Health Grades, Inc.*	8,900		34,799
HealthSouth Corp.*	29,300		423,092
HealthSpring, Inc.*	16,200		175,932
Healthways, Inc.*	11,500		154,675
HMS Holdings Corp.*	8,700		354,264
inVentiv Health, Inc.*	11,100		150,183
IPC The Hospitalist Co., Inc.*	5,200		138,788
Kindred Healthcare, Inc.*	13,100		162,047
Landauer, Inc.	3,100		190,154
LCA-Vision, Inc.*	4,800		20,256
LHC Group, Inc.*	5,000		111,050

2009 Semiannual Report 15

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Health Care Providers & Services (continued)
Magellan Health Services, Inc.*	11,700	$	383,994
MedCath Corp.*	4,900		57,624
Metropolitan Health Networks, Inc.*	13,800		27,738
Molina Healthcare, Inc.* (a)	4,400		105,248
MWI Veterinary Supply, Inc.*	3,500		122,010
National HealthCare Corp.	2,500		94,850
National Research Corp.	400		9,760
NightHawk Radiology Holdings, Inc.*	7,000		25,900
NovaMed, Inc.*	6,800		26,860
Odyssey HealthCare, Inc.*	10,900		112,052
Owens & Minor, Inc.	13,700		600,334
PharMerica Corp.* (a)	10,132		198,891
Providence Service Corp. (The)*	4,100		44,895
PSS World Medical, Inc.*	19,700		364,647
Psychiatric Solutions, Inc.*	18,500		420,690
RadNet, Inc.* (a)	9,100		20,475
RehabCare Group, Inc.*	6,100		145,973
Res-Care, Inc.*	8,300		118,690
Skilled Healthcare Group, Inc., Class A*	5,900		44,250
Sun Healthcare Group, Inc.*	14,400		121,536
Sunrise Senior Living, Inc.* (a)	15,000		24,750
Triple-S Management Corp., Class B*	7,100		110,689
U.S. Physical Therapy, Inc.*	3,900		57,525
Universal American Corp.*	8,600		74,992
Virtual Radiologic Corp.* (a)	2,100		18,963
WellCare Health Plans, Inc.*	13,900		257,011
			9,209,083
Health Care Technology 0.8%
AMICAS, Inc.*	10,700		29,746
athenahealth, Inc.*	11,000		407,110
Computer Programs & Systems, Inc.	3,200		122,592
Eclipsys Corp.*	18,600		330,708
MedAssets, Inc.*	12,900		250,905
MedQuist, Inc.*	3,800		23,104
Merge Healthcare, Inc.*	9,600		41,280
Omnicell, Inc.*	10,500		112,875
Phase Forward, Inc.*	14,200		214,562
Quality Systems, Inc.	7,800		444,288
Transcend Services, Inc.*	2,400		38,040
Vital Images, Inc.*	4,800		54,480
			2,069,690
Hotels, Restaurants & Leisure 2.6%
AFC Enterprises, Inc.*	8,400		56,700
Ambassadors Group, Inc.	6,200		85,374
Ameristar Casinos, Inc.	8,500		161,755
Bally Technologies, Inc.*	18,000		538,560
Benihana, Inc., Class A*	3,900		24,648
BJ’s Restaurants, Inc.*	6,300		106,281
Bluegreen Corp.*	4,600		11,592
Bob Evans Farms, Inc.	10,200		293,148
Buffalo Wild Wings, Inc.* (a)	6,000		195,120
California Pizza Kitchen, Inc.*	6,600		87,714
Caribou Coffee Co., Inc.*	3,000		19,260
Carrols Restaurant Group, Inc.*	3,400		22,644
CEC Entertainment, Inc.*	7,504		221,218
Cheesecake Factory, Inc. (The)*	19,900		344,270
Churchill Downs, Inc.	3,100		104,346
CKE Restaurants, Inc.	16,600		140,768
Cracker Barrel Old Country Store, Inc.	7,500		209,250
Denny’s Corp.*	31,800		68,370
DineEquity, Inc.	5,800		180,902
Domino’s Pizza, Inc.*	12,900		96,621
Dover Downs Gaming & Entertainment, Inc.	4,700		21,855
Einstein Noah Restaurant Group, Inc.*	1,400		12,110
Frisch’s Restaurants, Inc.	600		17,724
Gaylord Entertainment Co.* (a)	11,100		141,081
Great Wolf Resorts, Inc.*	8,800		17,952
Interval Leisure Group, Inc.*	13,500		125,820
Isle of Capri Casinos, Inc.*	5,300		70,596
Jack in the Box, Inc.*	18,940		425,203
Krispy Kreme Doughnuts, Inc.*	19,400		58,200
Lakes Entertainment, Inc.	5,400		15,714
Landry’s Restaurants, Inc.*	2,000		17,200
Life Time Fitness, Inc.* (a)	13,500		270,135
Luby’s, Inc.*	6,700		27,202
Marcus Corp.	6,500		68,380
McCormick & Schmick’s Seafood Restaurants, Inc.*	5,100		38,811
Monarch Casino & Resort, Inc.*	3,000		21,900
Morgans Hotel Group Co.* (a)	7,600		29,108
Multimedia Games, Inc.*	9,600		47,616
O’Charleys, Inc.	6,200		57,350
Orient-Express Hotels Ltd., A Shares	25,800		219,042
P.F. Chang’s China Bistro, Inc.* (a)	7,900		253,274
Papa John’s International, Inc.*	7,200		178,488
Peet’s Coffee & Tea, Inc.*	3,600		90,720
Pinnacle Entertainment, Inc.*	19,900		184,871
Red Lion Hotels Corp.*	5,300		25,440
Red Robin Gourmet Burgers, Inc.*	5,100		95,625
Ruby Tuesday, Inc.*	17,500		116,550
Ruth’s Hospitality Group, Inc.*	6,600		24,222
Shuffle Master, Inc.*	17,800		117,658

16 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Hotels, Restaurants & Leisure (continued)
Sonic Corp.*	20,100	$	201,603
Speedway Motorsports, Inc.	4,300		59,168
Steak N Shake Co. (The)*	7,700		67,298
Texas Roadhouse, Inc., Class A*	16,600		181,106
Town Sports International Holdings, Inc.*	5,600		21,000
Universal Travel Group*	3,700		41,403
Vail Resorts, Inc.*	9,700		260,154
Youbet.com, Inc.*	9,100		30,030
			6,620,150
Household Durables 1.0%
American Greetings Corp., Class A	13,900		162,352
Beazer Homes USA, Inc.* (a)	12,000		21,960
Blyth, Inc.	2,050		67,219
Brookfield Homes Corp.*	3,200		12,800
Cavco Industries, Inc.*	2,100		53,193
CSS Industries, Inc.	2,500		50,950
Ethan Allen Interiors, Inc.	8,200		84,952
Furniture Brands International, Inc.	14,200		43,026
Helen of Troy Ltd.*	9,900		166,221
Hooker Furniture Corp.	3,400		39,032
Hovnanian Enterprises, Inc., Class A* (a)	16,900		39,884
iRobot Corp.*	6,200		80,476
La-Z-Boy, Inc.	17,100		80,712
M/I Homes, Inc.*	5,500		53,845
Meritage Homes Corp.*	10,600		199,916
National Presto Industries, Inc.	1,600		121,760
NIVS IntelliMedia Technology Group, Inc.*	1,800		5,328
Ryland Group, Inc.	14,300		240,240
Sealy Corp.* (a)	14,400		28,224
Skyline Corp.	2,300		50,025
Standard Pacific Corp.*	33,400		67,802
Stanley Furniture Co., Inc.	3,200		34,528
Tempur-Pedic International, Inc. (a)	24,800		324,136
Tupperware Brands Corp.	20,600		536,012
Universal Electronics, Inc.*	4,500		90,765
			2,655,358
Household Products 0.2%
Central Garden & Pet Co., Class A*	20,500		201,925
Oil-Dri Corp. of America	1,500		22,275
Orchids Paper Products Co.*	1,800		36,990
WD-40 Co.	5,500		159,500
			420,690
Independent Power Producers & Energy Traders 0.0%
U.S. Geothermal, Inc.*	20,600		29,252
Industrial Conglomerates 0.3%
Otter Tail Corp. (a)	12,000		262,080
Raven Industries, Inc.	5,300		135,680
Seaboard Corp.	104		116,688
Standex International Corp.	4,100		47,560
Tredegar Corp.	10,121		134,812
United Capital Corp.*	600		10,992
			707,812
Information Technology Services 2.2%
Acxiom Corp.	22,300		196,909
CACI International, Inc., Class A*	9,900		422,829
Cass Information Systems, Inc.	2,660		87,088
China Information Security Technology, Inc.*	8,900		25,454
CIBER, Inc.*	24,000		74,400
Computer Task Group, Inc.*	4,500		27,450
CSG Systems International, Inc.*	11,600		153,584
CyberSource Corp.*	23,124		353,797
eLoyalty Corp.*	1,800		14,184
Euronet Worldwide, Inc.*	15,950		309,271
ExlService Holdings, Inc.*	4,900		54,929
Forrester Research, Inc.*	5,200		127,660
Gartner, Inc.*	19,600		299,096
Global Cash Access Holdings, Inc.*	12,800		101,888
Hackett Group, Inc. (The)*	12,800		29,824
Heartland Payment Systems, Inc.	12,900		123,453
iGate Corp.	7,000		46,340
infoGROUP, Inc.*	10,700		61,097
Information Services Group, Inc.*	7,200		21,672
Integral Systems, Inc.*	5,722		47,607
Lionbridge Technologies, Inc.*	21,400		39,376
Mantech International Corp., Class A*	7,400		318,496
MAXIMUS, Inc.	5,800		239,250
MoneyGram International, Inc.*	29,900		53,222
NCI, Inc., Class A*	2,200		66,924
Ness Technologies, Inc.*	12,500		48,875
Online Resources Corp.*	8,400		52,416
Perot Systems Corp., Class A*	28,700		411,271
RightNow Technologies, Inc.*	6,900		81,420
Sapient Corp.*	28,000		176,120
SRA International, Inc., Class A*	13,800		242,328
StarTek, Inc.*	4,500		36,090
Syntel, Inc. (a)	4,200		132,048

2009 Semiannual Report 17

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Information Technology Services (continued)
TeleTech Holdings, Inc.*	10,400	$	157,560
Tier Technologies, Inc., Class B*	5,500		42,460
TNS, Inc.*	8,500		159,375
Unisys Corp.*	120,900		182,559
VeriFone Holdings, Inc.*	23,600		177,236
Virtusa Corp.*	4,900		39,347
Wright Express Corp.*	12,700		323,469
			5,558,374
Insurance 3.2%
AMBAC Financial Group, Inc. (a)	95,200		87,584
American Equity Investment Life Holding Co.	18,000		100,440
American Physicians Capital, Inc.	2,600		101,816
American Physicians Service Group, Inc.	2,000		45,380
American Safety Insurance Holdings Ltd.*	2,800		38,108
Amerisafe, Inc.*	6,300		98,028
Amtrust Financial Services, Inc.	8,000		91,200
Argo Group International Holdings Ltd.*	10,209		288,098
Assured Guaranty Ltd.	20,500		253,790
Baldwin & Lyons, Inc., Class B	2,700		53,190
Citizens, Inc.* (a)	10,400		63,232
CNA Surety Corp.*	5,300		71,497
Conseco, Inc.*	63,200		149,784
Crawford & Co., Class B*	7,600		36,480
Delphi Financial Group, Inc., Class A	14,200		275,906
Donegal Group, Inc., Class A	3,600		54,756
Eastern Insurance Holdings, Inc.	3,000		28,230
eHealth, Inc.*	8,200		144,812
EMC Insurance Group, Inc.	1,600		33,296
Employers Holdings, Inc.	15,800		214,090
Enstar Group Ltd.*	2,300		135,355
FBL Financial Group, Inc., Class A	4,100		33,866
First Acceptance Corp.*	5,200		11,076
First Mercury Financial Corp.	4,700		64,719
Flagstone Reinsurance Holdings Ltd.	13,000		133,900
FPIC Insurance Group, Inc.*	2,600		79,612
Greenlight Capital Re Ltd., Class A*	9,300		160,983
Hallmark Financial Services*	2,800		20,020
Harleysville Group, Inc.	4,600		129,812
Hilltop Holdings, Inc.*	12,600		149,562
Horace Mann Educators Corp.	13,400		133,598
Independence Holding Co.	1,100		6,996
Infinity Property & Casualty Corp.	4,700		171,362
IPC Holdings Ltd.	18,500		505,790
Kansas City Life Insurance Co.	1,300		34,983
Maiden Holdings Ltd.	16,500		108,240
Max Capital Group Ltd.	15,000		276,900
Meadowbrook Insurance Group, Inc.	19,042		124,344
Mercer Insurance Group, Inc.	2,200		34,980
Montpelier Re Holdings Ltd.	28,600		380,094
National Financial Partners Corp. (a)	13,100		95,892
National Interstate Corp.	2,000		30,360
National Western Life Insurance Co., Class A	721		84,177
Navigators Group, Inc.*	4,200		186,606
NYMAGIC, Inc.	1,600		22,208
Phoenix Cos, Inc. (The)	38,300		63,961
Platinum Underwriters Holdings Ltd.	16,900		483,171
PMA Capital Corp., Class A*	10,300		46,865
Presidential Life Corp.	6,900		52,233
ProAssurance Corp.*	10,880		502,765
RLI Corp.	6,100		273,280
Safety Insurance Group, Inc.	4,200		128,352
SeaBright Insurance Holdings, Inc.*	6,800		68,884
Selective Insurance Group	17,500		223,475
State Auto Financial Corp.	4,500		78,750
Stewart Information Services Corp.	5,700		81,225
Tower Group, Inc. (a)	13,300		329,574
United America Indemnity Ltd., Class A*	11,718		56,129
United Fire & Casualty Co.	7,300		125,195
Universal Insurance Holdings, Inc.	3,900		19,578
Zenith National Insurance Corp.	12,300		267,402
			8,145,991
Internet & Catalog Retail 0.4%
1-800-FLOWERS.COM, Inc., Class A*	8,500		16,320
Blue Nile, Inc.* (a)	4,200		180,558
Drugstore.com, Inc.*	28,400		51,688
Gaiam, Inc., Class A*	5,800		31,726
HSN, Inc.*	13,500		142,695
NutriSystem, Inc. (a)	10,200		147,900
Orbitz Worldwide, Inc.*	11,500		21,850
Overstock.com, Inc.* (a)	5,200		62,192
PetMed Express, Inc.*	7,800		117,234

18 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Internet & Catalog Retail (continued)
Shutterfly, Inc.*	6,700	$	93,465
Stamps.com, Inc.*	4,300		36,464
Ticketmaster Entertainment, Inc.*	13,000		83,460
US Auto Parts Network, Inc.*	2,500		9,425
			994,977
Internet Software & Services 2.5%
Art Technology Group, Inc.*	42,300		160,740
Bankrate, Inc.* (a)	4,100		103,484
Chordiant Software, Inc.*	10,000		36,300
comScore, Inc.*	6,900		91,908
Constant Contact, Inc.* (a)	8,200		162,688
DealerTrack Holdings, Inc.*	12,700		215,900
Dice Holdings, Inc.*	5,000		23,250
Digital River, Inc.*	12,800		464,896
DivX, Inc.*	11,500		63,135
EarthLink, Inc.*	35,800		265,278
GSI Commerce, Inc.*	8,500		121,125
Imergent, Inc.	2,200		15,400
InfoSpace, Inc.*	11,600		76,908
Innodata Isogen, Inc.*	6,500		28,470
Internap Network Services Corp.*	16,800		58,632
Internet Brands, Inc., Class A*	8,700		60,900
Internet Capital Group, Inc.*	12,100		81,433
iPass, Inc.*	15,300		24,480
j2 Global Communications, Inc.*	15,000		338,400
Keynote Systems, Inc.*	4,100		31,324
Knot, Inc. (The)*	9,800		77,224
Limelight Networks, Inc.*	9,300		40,920
Liquidity Services, Inc.*	4,700		46,342
LivePerson, Inc.*	12,900		51,600
LoopNet, Inc.*	6,300		48,825
Marchex, Inc., Class B	6,500		21,905
MercadoLibre, Inc.*	8,700		233,856
ModusLink Global Solutions, Inc.*	15,190		104,203
Move, Inc.*	53,000		114,480
NIC, Inc.	16,300		110,351
Omniture, Inc.*	22,746		285,690
OpenTable, Inc.*	900		27,153
Openwave Systems, Inc.*	29,200		65,408
Perficient, Inc.*	9,500		66,405
Rackspace Hosting, Inc.*	21,800		302,148
RealNetworks, Inc.*	27,500		82,225
Saba Software, Inc.*	9,200		35,420
SAVVIS, Inc.*	12,000		137,520
SonicWALL, Inc.*	17,800		97,544
support.com, Inc.*	15,400		33,572
Switch & Data Facilities Co., Inc.*	6,700		78,591
TechTarget, Inc.*	3,800		15,200
Terremark Worldwide, Inc.*	16,500		95,370
Travelzoo, Inc.*	1,800		19,728
United Online, Inc.	28,302		184,246
ValueClick, Inc.*	28,800		302,976
Vignette Corp.*	8,300		109,145
VistaPrint Ltd.*	13,900		592,835
Vocus, Inc.*	5,500		108,680
Web.com Group, Inc.*	8,900		50,107
Websense, Inc.*	14,800		264,032
Zix Corp.*	23,500		35,250
			6,263,602
Leisure Equipment & Products 0.6%
Brunswick Corp.	29,200		126,144
Callaway Golf Co.	21,400		108,498
Eastman Kodak Co.	88,000		260,480
JAKKS Pacific, Inc.*	9,300		119,319
Leapfrog Enterprises, Inc.*	10,700		24,503
Marine Products Corp.	3,200		12,000
Polaris Industries, Inc. (a)	10,000		321,200
Pool Corp. (a)	16,400		271,584
RC2 Corp.*	5,800		76,734
Smith & Wesson Holding Corp.*	17,200		97,696
Sport Supply Group, Inc.	3,500		30,065
Steinway Musical Instruments*	2,200		23,562
Sturm Ruger & Co., Inc.	6,100		75,884
			1,547,669
Life Sciences Tools & Services 1.1%
Accelrys, Inc.*	8,500		50,235
Affymetrix, Inc.*	23,400		138,762
Albany Molecular Research, Inc.*	7,700		64,603
AMAG Pharmaceuticals, Inc.*	5,640		308,339
BioDelivery Sciences International, Inc.*	3,700		24,679
Bruker Corp.*	16,200		150,012
Cambrex Corp.*	9,400		38,728
Clinical Data, Inc.* (a)	3,800		41,876
Dionex Corp.*	5,900		360,077
Enzo Biochem, Inc.*	10,500		46,515
eResearchTechnology, Inc.*	14,400		89,424
Exelixis, Inc.*	35,300		171,911
Harvard Bioscience, Inc.*	7,400		29,230
Kendle International, Inc.*	4,700		57,528
Life Sciences Research, Inc.*	2,800		20,076
Luminex Corp.*	13,700		253,998
Nektar Therapeutics*	30,700		198,936
PAREXEL International Corp.*	19,400		278,972

2009 Semiannual Report 19

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Life Sciences Tools & Services (continued)
Sequenom, Inc.* (a)	18,400	$	71,944
Varian, Inc.*	9,600		378,528
			2,774,373
Machinery 2.7%
3D Systems Corp.*	5,600		40,376
Actuant Corp., Class A	19,100		233,020
Alamo Group, Inc.	2,000		20,200
Albany International Corp., Class A	9,500		108,110
Altra Holdings, Inc.*	8,800		65,912
American Railcar Industries, Inc.	3,100		25,606
Ampco-Pittsburgh Corp.	2,800		65,660
Astec Industries, Inc.*	5,950		176,655
Badger Meter, Inc.	4,900		200,900
Barnes Group, Inc.	15,400		183,106
Blount International, Inc.*	12,700		109,347
Briggs & Stratton Corp.	16,800		224,112
Cascade Corp.	3,100		48,763
Chart Industries, Inc.*	9,400		170,892
China Fire & Security Group, Inc.* (a)	4,600		55,982
CIRCOR International, Inc.	5,600		132,216
Clarcor, Inc.	17,100		499,149
Colfax Corp.*	7,800		60,216
Columbus McKinnon Corp.*	6,300		79,695
Dynamic Materials Corp.	4,300		82,904
Eastern Co. (The)	2,200		36,300
Energy Recovery, Inc.* (a)	10,700		75,756
EnPro Industries, Inc.*	6,700		120,667
ESCO Technologies, Inc.*	8,700		389,760
Federal Signal Corp.	16,100		123,165
Flanders Corp.*	5,100		31,161
Flow International Corp.*	12,100		28,435
Force Protection, Inc.*	23,200		205,088
FreightCar America, Inc.	4,000		67,240
Gorman-Rupp Co. (The)	4,775		96,312
Graham Corp.	3,300		43,890
Greenbrier Cos., Inc.	5,500		39,545
Hurco Cos., Inc.*	2,100		32,823
John Bean Technologies Corp.	8,900		111,428
K-Tron International, Inc.*	800		63,744
Kadant, Inc.*	4,100		46,289
Kaydon Corp.	11,000		358,160
LB Foster Co., Class A*	3,400		102,238
Lindsay Corp. (a)	4,100		135,710
Met-Pro Corp.	4,800		51,936
Middleby Corp.*	5,362		235,499
Miller Industries, Inc.*	3,800		33,440
Mueller Industries, Inc.	12,600		262,080
Mueller Water Products, Inc., Class A	38,300		143,242
NACCO Industries, Inc., Class A	1,800		51,696
Nordson Corp.	11,100		429,126
Omega Flex, Inc.	800		12,128
PMFG, Inc.* (a)	4,200		37,002
Portec Rail Products, Inc.	2,400		23,640
RBC Bearings, Inc.*	7,200		147,240
Robbins & Myers, Inc.	9,100		175,175
Sauer-Danfoss, Inc.	3,700		22,681
SmartHeat, Inc.*	2,700		18,495
Sun Hydraulics Corp.	3,800		61,446
Tecumseh Products Co., Class A*	6,500		63,115
Tennant Co.	6,400		117,696
Titan International, Inc.	11,625		86,839
Trimas Corp.*	4,300		14,491
Twin Disc, Inc.	2,800		19,068
Watts Water Technologies, Inc., Class A	9,647		207,796
			6,904,363
Marine 0.2%
American Commercial Lines, Inc.*	3,000		46,440
Eagle Bulk Shipping, Inc.	15,600		73,164
Genco Shipping & Trading Ltd. (a)	8,500		184,620
Horizon Lines, Inc., Class A (a)	10,100		38,986
International Shipholding Corp.	1,800		48,528
TBS International Ltd., Class A* (a)	4,100		32,021
Ultrapetrol Bahamas Ltd.*	7,200		31,896
			455,655
Media 0.8%
Arbitron, Inc.	9,000		143,010
Ascent Media Corp., Class A*	4,600		122,268
Belo Corp., Class A	29,300		52,447
Carmike Cinemas, Inc.*	3,300		27,654
Cinemark Holdings, Inc.	10,500		118,860
CKX, Inc.*	19,700		139,673
Crown Media Holdings, Inc., Class A* (a)	3,600		6,012
Dolan Media Co.*	9,800		125,342
E.W. Scripps Co. (The), Class A	11,200		23,408
Fisher Communications, Inc.	1,900		24,301
Global Sources Ltd.*	5,395		38,898
Harte-Hanks, Inc.	12,276		113,553
Journal Communications, Inc., Class A	13,200		13,860
Knology, Inc.*	9,600		82,848
Lin TV Corp., Class A*	8,900		14,952
Live Nation, Inc.*	27,200		132,192

20 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Media (continued)
LodgeNet Interactive Corp.*	6,200	$	21,142
Martha Stewart Living Omnimedia, Class A*	8,800		26,928
Mediacom Communications Corp., Class A*	13,100		66,941
National CineMedia, Inc.	13,900		191,264
Outdoor Channel Holdings, Inc.*	4,900		28,910
Playboy Enterprises, Inc., Class B*	7,100		17,821
Primedia, Inc.	7,883		15,845
RCN Corp.*	12,100		72,237
Reading International, Inc., Class A*	6,700		30,485
Rentrak Corp.*	3,400		55,862
Scholastic Corp.	7,700		152,383
Sinclair Broadcast Group, Inc., Class A	17,500		33,950
Valassis Communications, Inc.*	16,100		98,371
Value Line, Inc.	200		6,574
World Wrestling Entertainment, Inc., Class A	7,200		90,432
			2,088,423
Metals & Mining 0.9%
Allied Nevada Gold Corp.*	14,900		120,094
AM Castle & Co.	5,300		64,024
AMCOL International Corp.	7,600		164,008
Brush Engineered Materials, Inc.*	6,700		112,225
Century Aluminum Co.*	14,700		91,581
China Precision Steel, Inc.* (a)	9,200		22,816
Coeur d’Alene Mines Corp.* (a)	22,560		277,488
General Moly, Inc.*	21,100		46,842
General Steel Holdings, Inc.* (a)	4,400		17,468
Haynes International, Inc.*	4,000		94,800
Hecla Mining Co.* (a)	70,400		188,672
Horsehead Holding Corp.*	11,500		85,675
Kaiser Aluminum Corp.	5,200		186,732
Olympic Steel, Inc.	3,000		73,410
Paramount Gold and Silver Corp.*	23,200		35,264
RTI International Metals, Inc.*	7,700		136,059
Stillwater Mining Co.*	13,400		76,514
Sutor Technology Group Ltd.*	2,800		9,156
Universal Stainless & Alloy*	2,100		34,167
US Gold Corp.*	25,400		67,056
Worthington Industries, Inc.	19,700		251,963
			2,156,014
Multi-Utility 0.6%
Avista Corp.	18,000		320,580
Black Hills Corp.	12,900		296,571
CH Energy Group, Inc.	5,200		242,840
Florida Public Utilities Co.	1,800		25,254
NorthWestern Corp.	11,900		270,844
PNM Resources, Inc.	28,700		307,377
			1,463,466
Multiline Retail 0.3%
99 Cents Only Stores*	15,500		210,490
Dillard’s, Inc., Class A	16,600		152,720
Fred’s, Inc., Class A	13,300		167,580
Retail Ventures, Inc.*	8,300		18,094
Saks, Inc.*	40,300		178,529
Tuesday Morning Corp.*	9,900		33,363
			760,776
Natural Gas Utility 1.4%
Chesapeake Utilities Corp.	2,300		74,819
Laclede Group, Inc. (The)	7,300		241,849
New Jersey Resources Corp.	14,050		520,412
Nicor, Inc.	14,900		515,838
Northwest Natural Gas Co.	8,900		394,448
Piedmont Natural Gas Co., Inc.	24,400		588,284
South Jersey Industries, Inc.	9,900		345,411
Southwest Gas Corp.	14,700		326,487
WGL Holdings, Inc.	16,500		528,330
			3,535,878
Oil, Gas & Consumable Fuels 2.8%
Alon USA Energy, Inc. (a)	2,400		24,840
APCO Argentina, Inc.	3,300		63,459
Approach Resources, Inc.*	4,600		31,740
Arena Resources, Inc.*	12,600		401,310
Atlas America, Inc.	11,300		201,931
ATP Oil & Gas Corp.* (a)	9,400		65,424
Berry Petroleum Co., Class A	14,400		267,696
Bill Barrett Corp.*	12,600		345,996
BPZ Resources, Inc.* (a)	26,300		128,607
Brigham Exploration Co.*	26,800		93,532
Carrizo Oil & Gas, Inc.*	9,200		157,780
Cheniere Energy, Inc.*	17,500		51,450
Clayton Williams Energy, Inc.*	1,887		35,608
Clean Energy Fuels Corp.* (a)	10,400		89,544
Contango Oil & Gas Co.*	3,900		165,711
CREDO Petroleum Corp.*	2,800		29,904
Crosstex Energy, Inc.	13,300		55,328
Cubic Energy, Inc.*	7,200		7,776
CVR Energy, Inc.*	7,400		54,242
Delek US Holdings, Inc.	4,200		35,616
Delta Petroleum Corp.*	60,700		117,151
DHT Maritime, Inc.	14,900		77,629
Endeavour International Corp.*	37,700		51,272
Evergreen Energy, Inc.*	41,600		40,768

2009 Semiannual Report 21

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Oil, Gas & Consumable Fuels (continued)
FX Energy, Inc.*	13,000	$	49,270
General Maritime Corp.	16,118		159,407
GeoResources, Inc.*	2,400		24,480
GMX Resources, Inc.*	7,900		84,056
Golar LNG Ltd.	11,300		96,615
Goodrich Petroleum Corp.* (a)	8,071		198,466
Gran Tierra Energy, Inc.*	66,500		229,425
Green Plains Renewable Energy, Inc.*	3,800		24,890
Gulfport Energy Corp.*	8,500		58,225
Harvest Natural Resources, Inc.*	11,200		49,392
International Coal Group, Inc.* (a)	28,900		82,654
Isramco, Inc.*	300		31,959
James River Coal Co.*	9,100		137,683
Knightsbridge Tankers Ltd.	5,700		77,748
McMoRan Exploration Co.*	20,600		122,776
Nordic American Tanker Shipping (a)	14,200		451,844
Northern Oil & Gas, Inc.* (a)	9,900		63,063
Oilsands Quest, Inc.*	56,900		54,624
Panhandle Oil and Gas, Inc.	2,300		45,149
Parallel Petroleum Corp.*	13,800		26,772
Patriot Coal Corp.*	21,500		137,170
Penn Virginia Corp.	15,300		250,461
Petroleum Development Corp.*	4,900		76,881
PetroQuest Energy, Inc.* (a)	14,600		53,874
PrimeEnergy Corp.*	200		7,162
Rex Energy Corp.*	9,100		51,870
Rosetta Resources, Inc.*	17,300		151,375
Ship Finance International Ltd. (a)	14,800		163,244
Stone Energy Corp.*	11,991		88,973
Swift Energy Co.*	10,300		171,495
Syntroleum Corp.*	22,300		49,729
Teekay Tankers Ltd., Class A (a)	3,100		28,799
Toreador Resources Corp. (a)	7,300		48,910
Uranerz Energy Corp.*	13,400		25,192
Uranium Energy Corp.*	16,600		48,140
USEC, Inc.* (a)	38,000		202,160
VAALCO Energy, Inc.	19,500		82,485
Venoco, Inc.*	6,000		46,020
W&T Offshore, Inc.	11,000		107,140
Warren Resources, Inc.*	20,000		49,000
Western Refining, Inc.* (a)	10,400		73,424
Westmoreland Coal Co.*	3,200		25,920
World Fuel Services Corp.	9,800		404,054
Zion Oil & Gas, Inc.*	3,600		38,232
			7,044,522
Paper & Forest Products 0.4%
Buckeye Technologies, Inc.*	12,600		56,574
Clearwater Paper Corp.*	3,785		95,723
Deltic Timber Corp.	3,500		124,145
Domtar Corp.*	14,000		232,120
Glatfelter	15,100		134,390
KapStone Paper and Packaging Corp.*	6,300		29,547
Louisiana-Pacific Corp.*	34,400		117,648
Neenah Paper, Inc.	5,100		44,931
Schweitzer-Mauduit International, Inc.	5,100		138,771
Wausau Paper Corp.	14,600		98,112
			1,071,961
Personal Products 0.6%
American Oriental Bioengineering, Inc.* (a)	20,400		107,916
Bare Escentuals, Inc.*	21,900		194,253
Chattem, Inc.* (a)	6,400		435,840
China Sky One Medical, Inc.* (a)	3,700		49,876
China-Biotics, Inc.*	2,200		23,760
Elizabeth Arden, Inc.*	8,000		69,840
Female Health Co. (The)*	4,700		22,560
Inter Parfums, Inc.	4,500		33,030
Mannatech, Inc.	5,100		16,830
Medifast, Inc.*	4,000		45,840
Nu Skin Enterprises, Inc., Class A	16,400		250,920
Nutraceutical International Corp.*	4,000		41,560
Prestige Brands Holdings, Inc.*	10,700		65,805
Revlon, Inc., Class A*	5,900		32,096
Schiff Nutrition International, Inc.*	3,500		17,815
USANA Health Sciences, Inc.* (a)	2,100		62,433
			1,470,374
Pharmaceuticals 1.4%
Acura Pharmaceuticals, Inc.* (a)	2,700		16,146
Adolor Corp.*	15,400		27,104
Akorn, Inc.*	17,900		21,480
Ardea Biosciences, Inc.*	4,500		70,830
ARYx Therapeutics, Inc.*	7,800		32,214
Auxilium Pharmaceuticals, Inc.* (a)	14,300		448,734
AVANIR Pharmaceuticals*	22,300		49,506
Biodel, Inc.* (a)	5,800		29,928
BioMimetic Therapeutics, Inc.*	4,127		38,133
BioSpecifics Technologies Corp.*	1,100		26,202

22 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Pharmaceuticals (continued)
BMP Sunstone Corp.*	10,200	$	48,348
Cadence Pharmaceuticals, Inc.* (a)	8,200		81,918
Caraco Pharmaceutical Laboratories Ltd.* (a)	3,400		10,438
Cornerstone Therapeutics, Inc.*	2,600		28,548
Cypress Bioscience, Inc.*	12,600		118,692
Depomed, Inc.*	17,500		56,875
Discovery Laboratories, Inc.* (a)	37,500		38,625
Durect Corp.*	26,400		62,832
Hi-Tech Pharmacal Co., Inc.*	2,400		21,360
Impax Laboratories, Inc.*	20,600		151,616
Inspire Pharmaceuticals, Inc.*	14,000		77,840
ISTA Pharmaceuticals, Inc.*	12,000		50,400
Javelin Pharmaceuticals, Inc.*	15,500		19,065
KV Pharmaceutical Co., Class A* (a)	10,600		34,026
Lannett Co, Inc.*	2,900		19,865
MAP Pharmaceuticals, Inc.* (a)	2,500		30,550
Matrixx Initiatives, Inc.*	2,700		15,093
Medicines Co. (The)*	17,500		146,825
Medicis Pharmaceutical Corp., Class A	19,300		314,976
MiddleBrook Pharmaceuticals, Inc.*	12,100		16,335
Noven Pharmaceuticals, Inc.*	8,300		118,690
Obagi Medical Products, Inc.*	5,500		40,095
Optimer Pharmaceuticals, Inc.*	9,500		142,215
Pain Therapeutics, Inc.*	11,500		61,755
Par Pharmaceutical Cos., Inc.*	11,500		174,225
Pozen, Inc.*	8,700		66,816
Questcor Pharmaceuticals, Inc.*	19,000		95,000
Repros Therapeutics, Inc.*	2,800		20,132
Salix Pharmaceuticals Ltd.* (a)	16,000		157,920
Santarus, Inc.*	18,500		52,170
Sucampo Pharmaceuticals, Inc., Class A*	3,100		19,127
SuperGen, Inc.*	21,600		43,632
ViroPharma, Inc.*	25,900		153,587
Vivus, Inc.*	23,100		140,448
XenoPort, Inc.*	9,100		210,847
			3,601,163
Professional Services 1.6%
Acacia Research — Acacia Technologies*	11,100		87,357
Administaff, Inc.	7,100		165,217
Advisory Board Co. (The)*	5,100		131,070
Barrett Business Services, Inc.	2,300		24,150
CBIZ, Inc.*	14,500		103,240
CDI Corp.	4,100		45,715
COMSYS IT Partners, Inc.*	4,700		27,495
Corporate Executive Board Co. (The)	11,200		232,512
CoStar Group, Inc.*	6,600		263,142
CRA International, Inc.*	3,600		99,936
Diamond Management & Technology Consultants, Inc.	9,000		37,800
Exponent, Inc.*	4,500		110,295
First Advantage Corp., Class A*	3,500		53,235
Franklin Covey Co.*	3,800		23,674
GP Strategies Corp.*	6,100		35,929
Heidrick & Struggles International, Inc.	5,700		104,025
Hill International, Inc.*	8,200		35,260
Huron Consulting Group, Inc.*	7,100		328,233
ICF International, Inc.*	3,100		85,529
Kelly Services, Inc., Class A	8,700		95,265
Kforce, Inc.*	9,800		81,046
Korn/Ferry International*	14,800		157,472
MPS Group, Inc.*	30,600		233,784
Navigant Consulting, Inc.*	16,900		218,348
Odyssey Marine Exploration, Inc.* (a)	16,300		26,080
On Assignment, Inc.*	11,300		44,183
Resources Connection, Inc.*	14,900		255,833
School Specialty, Inc.*	6,200		125,302
Spherion Corp.*	17,200		70,864
TrueBlue, Inc.*	14,600		122,640
Volt Information Sciences, Inc.*	4,000		25,080
VSE Corp.	1,300		34,008
Watson Wyatt Worldwide, Inc., Class A	14,100		529,173
			4,012,892
Real Estate Investment Trusts 5.2%
Acadia Realty Trust	13,039		170,159
Agree Realty Corp.	2,500		45,825
Alexander’s, Inc.	700		188,720
American Campus Communities, Inc.	17,220		381,940
American Capital Agency Corp. (a)	3,300		75,801
Anthracite Capital, Inc. (a)	20,500		12,710
Anworth Mortgage Asset Corp.	34,600		249,466
Ashford Hospitality Trust, Inc.	23,850		67,018
Associated Estates Realty Corp.	4,700		28,012
BioMed Realty Trust, Inc.	32,400		331,452
CapLease, Inc.	14,700		40,572
Capstead Mortgage Corp.	21,000		266,910
Care Investment Trust, Inc.	4,100		21,320
CBL & Associates Properties, Inc.	24,300		130,977

2009 Semiannual Report 23

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Real Estate Investment Trusts (continued)
Cedar Shopping Centers, Inc.	13,000	$	58,760
Cogdell Spencer, Inc.	10,100		43,329
Colonial Properties Trust	16,200		119,880
Cousins Properties, Inc. (a)	12,443		105,765
DCT Industrial Trust, Inc.	59,700		243,576
Developers Diversified Realty Corp.	46,400		226,432
DiamondRock Hospitality Co.	35,100		219,726
DuPont Fabros Technology, Inc.	8,500		80,070
Dynex Capital, Inc.	3,400		27,880
EastGroup Properties, Inc.	8,300		274,066
Education Realty Trust, Inc.	9,200		39,468
Entertainment Properties Trust	11,800		243,080
Equity Lifestyle Properties, Inc.	6,900		256,542
Equity One, Inc. (a)	10,300		136,578
Extra Space Storage, Inc.	29,300		244,655
FelCor Lodging Trust, Inc.	21,200		52,152
First Industrial Realty Trust, Inc. (a)	14,900		64,815
First Potomac Realty Trust	9,200		89,700
Franklin Street Properties Corp.	20,100		266,325
Getty Realty Corp.	5,700		107,559
Gladstone Commercial Corp.	2,700		34,992
Glimcher Realty Trust	12,500		36,250
Gramercy Capital Corp.*	14,070		22,653
Hatteras Financial Corp. (a)	12,000		343,080
Healthcare Realty Trust, Inc.	19,500		328,185
Hersha Hospitality Trust	14,100		34,968
Highwoods Properties, Inc.	23,400		523,458
Home Properties, Inc.	10,800		368,280
Inland Real Estate Corp.	22,400		156,800
Investors Real Estate Trust	20,400		181,356
iStar Financial, Inc.*	34,400		97,696
Kilroy Realty Corp.	11,800		242,372
Kite Realty Group Trust	12,900		37,668
LaSalle Hotel Properties	17,100		211,014
Lexington Realty Trust	27,972		95,106
LTC Properties, Inc.	7,700		157,465
Medical Properties Trust, Inc.	26,600		161,462
MFA Financial, Inc.	73,500		508,620
Mid-America Apartment Communities, Inc.	9,400		345,074
Mission West Properties, Inc.	5,200		35,516
Monmouth Real Estate Investment Corp., Class A	6,500		38,090
National Health Investors, Inc.	8,800		235,048
National Retail Properties, Inc.	26,386		457,797
NorthStar Realty Finance Corp. (a)	19,686		55,711
Omega Healthcare Investors, Inc.	27,300		423,696
Parkway Properties, Inc.	7,200		93,600
Pennsylvania Real Estate Investment Trust (a)	11,900		59,500
Post Properties, Inc.	14,700		197,568
Potlatch Corp.	13,100		318,199
PS Business Parks, Inc.	5,100		247,044
RAIT Financial Trust	21,500		29,455
Ramco-Gershenson Properties Trust	5,300		53,053
Redwood Trust, Inc.	25,500		376,380
Resource Capital Corp.	6,900		22,080
Saul Centers, Inc.	1,900		56,183
Sovran Self Storage, Inc.	7,800		191,880
Strategic Hotels & Resorts, Inc.	23,800		26,418
Sun Communities, Inc.	5,500		75,790
Sunstone Hotel Investors, Inc.	24,854		132,969
Tanger Factory Outlet Centers	12,100		392,403
Transcontinental Realty Investors, Inc.*	900		10,863
U-Store-It Trust	16,000		78,400
UMH Properties, Inc.	2,600		20,722
Universal Health Realty Income Trust	3,700		116,624
Urstadt Biddle Properties, Inc., Class A	6,800		95,744
Walter Investment Management Corp.*	6,200		82,336
Washington Real Estate Investment Trust	19,202		429,549
Winthrop Realty Trust	3,440		30,719
			13,181,076
Real Estate Management & Development 0.2%
American Realty Investors, Inc.*	600		6,120
Avatar Holdings, Inc.*	2,000		36,340
China Housing & Land Development, Inc.*	9,400		54,144
Consolidated-Tomoka Land Co.	1,800		63,144
Forestar Group, Inc.*	11,700		138,996
Tejon Ranch Co.*	3,500		92,715
			391,459
Road & Rail 1.0%
Amerco, Inc.*	3,000		111,450
Arkansas Best Corp.	8,500		223,975
Avis Budget Group, Inc.*	34,600		195,490
Celadon Group, Inc.*	7,300		61,247
Dollar Thrifty Automotive Group, Inc.*	7,400		103,230
Genesee & Wyoming, Inc., Class A*	10,800		286,308
Heartland Express, Inc.	17,400		256,128

24 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Road & Rail (continued)
Knight Transportation, Inc.	18,800	$	311,140
Marten Transport Ltd.*	5,141		106,727
Old Dominion Freight Line, Inc.*	9,200		308,844
Patriot Transportation Holding, Inc.*	400		29,172
Saia, Inc.*	4,500		81,045
Universal Truckload Services, Inc.	1,900		29,735
USA Truck, Inc.*	2,400		32,472
Werner Enterprises, Inc.	14,100		255,492
YRC Worldwide, Inc.* (a)	19,000		32,870
			2,425,325
Semiconductors & Semiconductor Equipment 3.6%
Actel Corp.*	8,700		93,351
Advanced Analogic Technologies, Inc.*	14,200		65,178
Advanced Energy Industries, Inc.*	10,900		97,991
Amkor Technology, Inc.* (a)	36,200		171,226
Anadigics, Inc.*	20,900		87,571
Applied Micro Circuits Corp.*	22,400		182,112
Atheros Communications, Inc.*	20,500		394,420
ATMI, Inc.*	10,500		163,065
Brooks Automation, Inc.*	21,300		95,424
Cabot Microelectronics Corp.*	7,800		220,662
Cavium Networks, Inc.*	12,300		206,763
Ceva, Inc.*	6,500		56,420
Cirrus Logic, Inc.*	21,600		97,200
Cohu, Inc.	7,700		69,146
CSR PLC* (c)	14,079		81,375
Cymer, Inc.*	9,800		291,354
Diodes, Inc.*	10,362		162,062
DSP Group, Inc.*	7,500		50,700
Entegris, Inc.*	37,600		102,272
Entropic Communications, Inc.*	19,100		42,975
Exar Corp.*	11,900		85,561
FEI Co.*	12,400		283,960
FormFactor, Inc.*	16,300		281,012
GSI Technology, Inc.*	7,300		28,178
Hittite Microwave Corp.*	7,000		243,250
Intellon Corp.*	7,900		33,575
IXYS Corp.	7,600		76,912
Kopin Corp.*	21,600		79,272
Kulicke & Soffa Industries, Inc.*	20,300		69,629
Lattice Semiconductor Corp.*	38,200		71,816
MEMSIC, Inc.*	6,300		26,712
Micrel, Inc.	15,200		111,264
Microsemi Corp.*	27,000		372,600
Microtune, Inc.*	17,000		39,780
MIPS Technologies, Inc.*	14,900		44,700
MKS Instruments, Inc.*	16,300		214,997
Monolithic Power Systems, Inc.*	11,400		255,474
NetLogic Microsystems, Inc.*	6,000		218,760
NVE Corp.*	1,600		77,760
OmniVision Technologies, Inc.*	16,700		173,513
Pericom Semiconductor Corp.*	8,900		74,938
Photronics, Inc.*	13,700		55,485
PLX Technology, Inc.*	11,100		41,847
Power Integrations, Inc.	7,600		180,804
RF Micro Devices, Inc.*	88,104		331,271
Rubicon Technology, Inc.*	4,200		59,976
Rudolph Technologies, Inc.*	10,200		56,304
Semitool, Inc.*	7,200		33,264
Semtech Corp.*	20,200		321,382
Sigma Designs, Inc.* (a)	8,800		141,152
Silicon Image, Inc.*	24,800		57,040
Silicon Storage Technology, Inc.*	26,300		49,181
Skyworks Solutions, Inc.*	55,200		539,856
SRS Labs, Inc.*	3,400		22,610
Standard Microsystems Corp.*	7,300		149,285
Supertex, Inc.*	3,600		90,396
Techwell, Inc.*	4,800		40,800
Tessera Technologies, Inc.*	16,100		407,169
Trident Microsystems, Inc.*	20,900		36,366
TriQuint Semiconductor, Inc.*	48,800		259,128
Ultratech, Inc.*	7,800		96,018
Veeco Instruments, Inc.*	10,600		122,854
Virage Logic Corp.*	4,800		21,600
Volterra Semiconductor Corp.*	7,500		98,550
White Electronic Designs Corp.*	7,000		32,550
Zoran Corp.*	17,100		186,390
			9,026,208
Software 4.3%
ACI Worldwide, Inc.*	12,000		167,520
Actuate Corp.*	14,800		70,744
Advent Software, Inc.* (a)	5,300		173,787
American Software, Inc., Class A	7,400		42,624
ArcSight, Inc.*	6,300		111,951
Ariba, Inc.*	29,000		285,360
AsiaInfo Holdings, Inc.*	9,500		163,495
Blackbaud, Inc.	14,500		225,475
Blackboard, Inc.*	10,400		300,144
Bottomline Technologies, Inc.*	8,800		79,288
Callidus Software, Inc.*	9,500		27,075
China TransInfo Technology Corp.*	3,900		18,252
Commvault Systems, Inc.*	13,800		228,804
Concur Technologies, Inc.*	13,000		404,040

2009 Semiannual Report 25

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Software (continued)
Deltek, Inc.*	3,454	$	14,990
DemandTec, Inc.*	6,700		58,960
Double-Take Software, Inc.*	5,700		49,305
Dynamics Research Corp.*	3,300		33,033
Ebix, Inc.*	2,200		68,904
Entrust, Inc.*	19,200		34,752
Epicor Software Corp.*	15,000		79,500
EPIQ Systems, Inc.*	10,400		159,640
ePlus, Inc.*	1,000		14,570
Fair Isaac Corp.	16,500		255,090
FalconStor Software, Inc.*	11,800		56,050
GSE Systems, Inc.*	5,900		39,825
i2 Technologies, Inc.*	5,000		62,750
Informatica Corp.*	28,900		496,791
Interactive Intelligence, Inc.*	4,100		50,266
Jack Henry & Associates, Inc.	27,600		572,700
JDA Software Group, Inc.*	8,800		131,648
Kenexa Corp.*	7,600		87,932
Lawson Software, Inc.*	45,100		251,658
Logility, Inc.	100		696
Manhattan Associates, Inc.*	7,900		143,938
Mentor Graphics Corp.*	31,900		174,493
MicroStrategy, Inc., Class A*	3,000		150,660
Monotype Imaging Holdings, Inc.*	7,800		53,118
MSC.Software Corp.*	15,100		100,566
Net 1 UEPS Technologies, Inc.*	12,400		168,516
NetScout Systems, Inc.*	7,800		73,164
NetSuite, Inc.* (a)	5,300		62,593
OpenTV Corp., Class A*	27,200		35,904
Opnet Technologies, Inc.	4,100		37,556
Parametric Technology Corp.*	38,200		446,558
Pegasystems, Inc.	4,900		129,262
Pervasive Software, Inc.*	4,600		28,014
Phoenix Technologies Ltd.*	9,600		26,016
Progress Software Corp.*	13,200		279,444
PROS Holdings, Inc.*	6,800		55,216
QAD, Inc.	3,800		12,350
Quest Software, Inc.*	21,500		299,710
Radiant Systems, Inc.*	9,100		75,530
Renaissance Learning, Inc.	1,700		15,657
Rosetta Stone, Inc.*	2,000		54,880
S1 Corp.*	17,500		120,750
Smith Micro Software, Inc.*	9,000		88,380
Solarwinds, Inc.*	3,800		62,662
Solera Holdings, Inc.*	22,900		581,660
Sourcefire, Inc.*	7,600		94,164
SPSS, Inc.*	6,100		203,557
SuccessFactors, Inc.* (a)	12,700		116,586
SumTotal Systems, Inc.	10,200		49,062
Symyx Technologies*	11,300		66,105
Synchronoss Technologies, Inc.*	6,500		79,755
Take-Two Interactive Software, Inc.	26,300		249,061
Taleo Corp., Class A*	10,600		193,662
TeleCommunication Systems, Inc., Class A*	12,400		88,164
THQ, Inc.*	22,400		160,384
TIBCO Software, Inc.*	58,200		417,294
TiVo, Inc.*	34,600		362,608
Tyler Technologies, Inc.*	10,000		156,200
Ultimate Software Group, Inc.*	8,100		196,344
Unica Corp.*	3,900		21,372
VASCO Data Security International, Inc.*	8,800		64,328
Wind River Systems, Inc.*	22,600		258,996
			10,871,858
Specialty Retail 3.1%
America’s Car-Mart, Inc.*	3,300		67,650
AnnTaylor Stores Corp.*	19,900		158,802
Asbury Automotive Group, Inc.*	10,500		107,520
Bebe Stores, Inc.	7,400		50,912
Big 5 Sporting Goods Corp.	7,100		78,526
Books-A-Million, Inc.	1,900		13,509
Borders Group, Inc.*	15,100		55,568
Brown Shoe Co., Inc.	14,000		101,360
Buckle, Inc. (The) (a)	8,404		266,995
Build-A-Bear Workshop, Inc.*	5,600		25,032
Cabela’s, Inc.*	13,000		159,900
Cato Corp. (The), Class A	9,200		160,448
Charlotte Russe Holding, Inc.*	7,000		90,160
Charming Shoppes, Inc.*	38,200		142,104
Children’s Place Retail Stores, Inc. (The)*	8,100		214,083
Christopher & Banks Corp.	11,900		79,849
Citi Trends, Inc.*	4,900		126,812
Coldwater Creek, Inc.*	18,800		113,928
Collective Brands, Inc.*	21,300		310,341
Conn’s, Inc.* (a)	3,200		40,000
Destination Maternity Corp.*	1,800		30,024
Dress Barn, Inc.*	14,900		213,070
DSW, Inc., Class A*	4,500		44,325
Finish Line (The), Class A	14,037		104,155
Gander Mountain Co.*	2,300		13,800
Genesco, Inc.*	6,400		120,384
Group 1 Automotive, Inc.	7,900		205,558
Gymboree Corp.*	9,600		340,608
Haverty Furniture Cos., Inc.	5,900		53,985
hhgregg, Inc.*	3,600		54,576
Hibbett Sports, Inc.*	9,500		171,000
HOT Topic, Inc.*	14,600		106,726
J Crew Group, Inc.* (a)	16,600		448,532
Jo-Ann Stores, Inc.*	8,800		181,896

26 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Specialty Retail (continued)
Jos. A. Bank Clothiers, Inc.*	6,100	$	210,206
Kirkland’s, Inc.*	3,800		45,638
Lithia Motors, Inc.	6,000		55,440
Lumber Liquidators, Inc.*	5,000		78,800
Men’s Wearhouse, Inc. (The)	17,500		335,650
Midas, Inc.*	4,600		48,208
Monro Muffler, Inc.	5,550		142,690
New York & Co., Inc.*	7,500		23,175
OfficeMax, Inc.	24,900		156,372
Pacific Sunwear of California*	21,800		73,466
PEP Boys-Manny Moe & Jack	16,100		163,254
Pier 1 Imports, Inc.*	29,800		59,600
Rent-A-Center, Inc.*	21,900		390,477
REX Stores Corp.*	2,400		24,144
Sally Beauty Holdings, Inc.* (a)	31,100		197,796
Shoe Carnival, Inc.*	2,800		33,404
Sonic Automotive, Inc., Class A (a)	7,900		80,264
Stage Stores, Inc.	12,600		139,860
Stein Mart, Inc.*	8,200		72,652
Syms Corp.*	2,200		16,522
Systemax, Inc.*	3,400		40,494
Talbots, Inc. (a)	8,000		43,200
Tractor Supply Co.*	11,800		487,576
Tween Brands, Inc.*	8,200		54,776
Ulta Salon, Cosmetics & Fragrance, Inc.*	9,600		106,752
West Marine, Inc.*	4,300		23,693
Wet Seal, Inc. (The), Class A*	31,400		96,398
Zale Corp.* (a)	6,800		23,392
Zumiez, Inc.*	6,500		52,065
			7,728,102
Textiles, Apparel & Luxury Goods 1.9%
American Apparel, Inc.*	10,800		39,312
Carter’s, Inc.*	18,700		460,207
Cherokee, Inc.	2,463		48,817
Columbia Sportswear Co. (a)	3,900		120,588
CROCS, Inc.*	27,800		94,520
Deckers Outdoor Corp.*	4,300		302,161
FGX International Holdings Ltd.*	4,300		48,934
Fossil, Inc.*	15,600		375,648
Fuqi International, Inc.* (a)	3,200		66,272
G-III Apparel Group Ltd.*	4,300		49,407
Iconix Brand Group, Inc.*	19,800		304,524
Jones Apparel Group, Inc.	28,100		301,513
K-Swiss, Inc., Class A	8,700		73,950
Kenneth Cole Productions, Inc., Class A	3,000		21,090
Liz Claiborne, Inc.	32,500		93,600
Lululemon Athletica, Inc.*	13,300		173,299
Maidenform Brands, Inc.*	5,900		67,673
Movado Group, Inc.	5,200		54,808
Oxford Industries, Inc.	4,800		55,920
Perry Ellis International, Inc.*	3,900		28,392
Quiksilver, Inc.*	42,500		78,625
Skechers U.S.A., Inc., Class A*	11,000		107,470
Steven Madden Ltd.*	5,000		127,250
Timberland Co. (The) Class A*	14,100		187,107
True Religion Apparel, Inc.*	8,600		191,780
Under Armour, Inc., Class A* (a)	11,000		246,180
Unifi, Inc.*	14,300		20,306
UniFirst Corp.	4,700		174,699
Volcom, Inc.*	6,000		75,000
Warnaco Group, Inc. (The)*	15,100		489,240
Weyco Group, Inc.	2,100		48,489
Wolverine World Wide, Inc.	16,300		359,578
			4,886,359
Thrifts & Mortgage Finance 1.4%
Abington Bancorp, Inc.	7,200		57,312
Astoria Financial Corp.	28,900		247,962
Bank Mutual Corp.	15,500		135,160
BankFinancial Corp.	6,700		59,362
Beneficial Mutual Bancorp, Inc.*	10,700		102,720
Berkshire Hills Bancorp, Inc.	4,500		93,510
Brookline Bancorp, Inc.	20,300		189,196
Brooklyn Federal Bancorp, Inc.	1,500		16,875
Cheviot Financial Corp.	1,500		12,000
Clifton Savings Bancorp, Inc.	3,100		33,356
Danvers Bancorp, Inc.	5,600		75,320
Dime Community Bancshares	9,200		83,812
Doral Financial Corp.* (a)	2,000		5,000
ESB Financial Corp.	2,900		38,048
ESSA Bancorp, Inc.	5,000		68,350
First Defiance Financial Corp.	2,500		32,500
First Financial Holdings, Inc.	3,900		36,660
First Financial Northwest, Inc.	6,600		51,612
First Financial Service Corp.	1,600		27,856
Flagstar Bancorp, Inc.* (a)	22,200		15,096
Flushing Financial Corp.	7,200		67,320
Fox Chase Bancorp, Inc.*	1,800		17,262
Heritage Financial Group	400		3,428
Home Federal Bancorp, Inc.	6,100		62,159
K-Fed Bancorp	1,800		16,524
Kearny Financial Corp.	5,500		62,920
Kentucky First Federal Bancorp	800		9,720
Legacy Bancorp, Inc.	2,200		24,420
Meridian Interstate Bancorp, Inc.*	3,200		23,840
MGIC Investment Corp.	42,400		186,560
NASB Financial, Inc. (a)	1,100		31,460
NewAlliance Bancshares, Inc.	35,400		407,100

2009 Semiannual Report 27

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Small Cap Index Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Thrifts & Mortgage Finance (continued)
Northeast Community Bancorp, Inc.	1,700	$	13,787
Northwest Bancorp, Inc.	5,600		105,616
OceanFirst Financial Corp.	3,000		35,910
Ocwen Financial Corp.*	12,100		156,937
Oritani Financial Corp.	2,900		39,759
PMI Group, Inc. (The)	23,500		46,530
Provident Financial Services, Inc.	19,630		178,633
Provident New York Bancorp	10,800		87,696
Prudential Bancorp, Inc. of Pennsylvania	1,100		12,991
Radian Group, Inc.	27,200		73,984
Rockville Financial, Inc.	2,600		28,470
Roma Financial Corp.	2,800		35,672
Tree.com, Inc.*	1,800		17,280
Trustco Bank Corp.	25,300		149,523
United Financial Bancorp, Inc.	5,500		76,010
ViewPoint Financial Group	3,400		51,782
Waterstone Financial, Inc.*	2,300		6,831
Westfield Financial, Inc.	10,300		93,318
WSFS Financial Corp.	2,100		57,351
			3,562,500
Tobacco 0.2%
Alliance One International, Inc.*	29,500		112,100
Star Scientific, Inc.* (a)	24,100		21,449
Universal Corp.	8,300		274,813
Vector Group Ltd.	12,334		176,253
			584,615
Trading Companies & Distributors 0.8%
Aceto Corp.	8,200		54,694
Aircastle Ltd.	15,500		113,925
Applied Industrial Technologies, Inc.	14,000		275,800
Beacon Roofing Supply, Inc.*	14,900		215,454
BlueLinx Holdings, Inc.*	5,100		15,300
DXP Enterprises, Inc.*	2,600		29,822
H&E Equipment Services, Inc.*	8,700		81,345
Houston Wire & Cable Co.	5,700		67,887
Interline Brands, Inc.*	10,800		147,744
Kaman Corp.	8,500		141,950
Lawson Products, Inc.	1,300		18,473
RSC Holdings, Inc.* (a)	15,600		104,832
Rush Enterprises, Inc., Class A*	10,650		124,072
TAL International Group, Inc.	4,700		51,230
Textainer Group Holdings Ltd.	3,000		34,710
Titan Machinery, Inc.*	4,100		52,029
United Rentals, Inc.*	20,600		133,694
Watsco, Inc.	8,048		393,789
Willis Lease Finance Corp.*	1,400		18,368
			2,075,118
Transportation Infrastructure 0.0%
CAI International, Inc.*	3,000		15,300
Water Utility 0.4%
American States Water Co.	6,000		207,840
Artesian Resources Corp., Class A	1,900		30,267
Cadiz, Inc.*	3,800		36,594
California Water Service Group	6,500		239,460
Connecticut Water Service, Inc.	2,800		60,732
Consolidated Water Co., Inc. (a)	4,800		76,080
Middlesex Water Co.	4,500		65,025
Pennichuck Corp.	1,300		29,640
SJW Corp.	4,300		97,610
Southwest Water Co.	8,200		45,264
York Water Co. (The)	4,300		65,919
			954,431
Wireless Telecommunication Services 0.4%
Centennial Communications Corp.*	28,800		240,768
iPCS, Inc.*	5,600		83,776
Shenandoah Telecommunications Co.	7,800		158,262
Syniverse Holdings, Inc.*	22,469		360,178
USA Mobility, Inc.	7,900		100,804
Virgin Mobile USA, Inc., Class A*	10,900		43,818
			987,606
Total Common Stocks (cost $355,257,354)			248,205,102
Warrants 0.0% (c)(d)
Oil, Gas & Consumable Fuels 0.0%
GreenHunter Energy, Inc.	100		0
Total Warrants (cost $—)			0

28 Semiannual Report 2009

Warrants (continued)
Oil, Gas & Consumable Fuels (continued)
Repurchase Agreements 10.9%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $4,828,393, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $4,924,949	$	4,828,381	$	4,828,381
Morgan Stanley, 0.07%, dated 06/30/09, due 07/01/09, repurchase price $20,353,609, collateralized by U.S. Government Agency Mortgages ranging 3.50% – 8.50%, maturing 06/01/11 – 06/01/39; total market value of $20,760,680 (e)		20,353,569		20,353,569
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $2,363,791, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $2,411,063		2,363,787		2,363,787
Total Repurchase Agreements (cost $27,545,737)				27,545,737
Total Investments (cost $382,803,091) (f) — 109.0%				275,750,839
Liabilities in excess of other assets — (9.0)%				(22,825,419	)
NET ASSETS — 100.0%			$	252,925,420

*	Denotes a non-income producing security.
(a)	The security or a partial position of this security is on loan at June 30, 2009. The total value of securities on loan at June 30, 2009 was $19,663,993.
(b)	Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at June 30, 2009 was $0 which represents 0.00% of net assets.
(c)	Fair Valued Security.
(d)	Illiquid security.
(e)	The security was purchased with cash collateral held from securities on loan (Note 2). The total value of this security as of June 30, 2009 was $20,353,569.
(f)	See notes to financial statements for tax unrealized appreciation / (depreciation) of securities.

Ltd	Limited
NA	National Association
PLC	Public Limited Company
SA	Stock Company

At June 30, 2009, the Fund’s open futures contracts were as follows:

				Notional Value		Unrealized
Number of				Covered by		Appreciation
Contracts	Long Contracts	Expiration		Contracts		(Depreciation)
95	Russell 2000® Mini Index Futures		09/18/09	$	4,818,400	$	(13,850	)
				$	4,818,400	$	(13,850	)

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 29

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Small Cap
	Index Fund
Assets:
Investments, at value (cost $355,257,354)*	$	248,205,102
Repurchase agreements, at value and cost		27,545,737
Total Investments		275,750,839
Cash		124,731
Interest and dividends receivable		296,947
Receivable for capital shares issued		56,599
Receivable for investments sold		28,820,973
Prepaid expenses and other assets		2,587
Total Assets		305,052,676
Liabilities:
Payable for investments purchased		31,469,077
Payable for variation margin on futures contracts		7,600
Payable upon return of securities loaned (Note 2)		20,353,569
Payable for capital shares redeemed		222,932
Accrued expenses and other payables:
Investment advisory fees		37,399
Fund administration fees		9,899
Custodian fees		5,826
Trustee fees		459
Compliance program costs (Note 3)		3,882
Professional fees		10,400
Printing fees		2,664
Other		3,549
Total Liabilities		52,127,256
Net Assets	$	252,925,420
Represented by:
Capital	$	386,558,813
Accumulated undistributed net investment income		797,437
Accumulated net realized losses from investment transactions and futures		(27,364,728	)
Net unrealized appreciation/(depreciation) from investments		(107,052,252	)
Net unrealized appreciation/(depreciation) from futures (Note 2)		(13,850	)
Net Assets	$	252,925,420
Net Assets:
Class Y Shares	$	252,925,420
Total	$	252,925,420
Shares Outstanding (unlimited number of shares authorized):
Class Y Shares		41,301,022
Total		41,301,022
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class Y Shares	$	6.12	(a)

*	Includes value of securities on loan of $19,663,993 (Note 2).
(a)	NAV shown differs from traded NAV at June 30, 2009 due to financial statement adjustments.

The accompanying notes are an integral part of these financial statements.

30 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Small Cap
	Index Fund
INVESTMENT INCOME:
Interest income	$	2,866
Dividend income		1,810,243
Income from securities lending (Note 2)		144,107
Foreign tax withholding		(158	)
Total Income		1,957,058
EXPENSES:
Investment advisory fees		222,196
Fund administration fees		54,118
Custodian fees		7,730
Trustee fees		4,440
Compliance program costs (Note 3)		1,313
Professional fees		20,049
Printing fees		3,155
Other		21,407
Total expenses before earnings credit and expenses reimbursed		334,408
Earnings credit (Note 4)		(250	)
Expenses reimbursed by adviser		(1,389	)
Net Expenses		332,769
NET INVESTMENT INCOME		1,624,289
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(21,983,624	)
Net realized gains from futures transactions (Note 2)		1,218,938
Net realized losses from investment transactions and futures		(20,764,686	)
Net change in unrealized appreciation/(depreciation) from investments		29,893,725
Net change in unrealized appreciation/(depreciation) from futures (Note 2)		(322,113	)
Net change in unrealized appreciation/(depreciation) from investments and futures		29,571,612
Net realized/unrealized gains from investments and futures		8,806,926
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,431,215

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 31

Statements of Changes in Net Assets

	NVIT Small Cap Index Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	1,624,289		$	3,397,201
Net realized losses from investment and futures		(20,764,686	)		(3,631,860	)
Net change in unrealized appreciation/(depreciation) from investments and futures		29,571,612			(111,722,038	)
Change in net assets resulting from operations		10,431,215			(111,956,697	)
Distributions to Shareholders From:
Net investment income:
Class Y (a)		(994,918	)		(3,398,727	)
Net realized gains:
Class Y (a)		–			(3,197,561	)
Tax return of capital:
Class Y (a)		–			(7,771	)
Change in net assets from shareholder distributions		(994,918	)		(6,604,059	)
Change in net assets from capital transactions		35,369,408			(16,588,934	)
Change in net assets		44,805,705			(135,149,690	)
Net Assets:
Beginning of period		208,119,715			343,269,405
End of period	$	252,925,420		$	208,119,715
Accumulated undistributed net investment income at end of period	$	797,437		$	168,066
CAPITAL TRANSACTIONS:
Class Y Shares (a)
Proceeds from shares issued	$	52,476,297		$	27,619,914
Dividends reinvested		994,918			6,604,059
Cost of shares redeemed		(18,101,807	)		(50,812,907	)
Total Class Y		35,369,408			(16,588,934	)
Change in net assets from capital transactions	$	35,369,408		$	(16,588,934	)
SHARE TRANSACTIONS:
Class Y Shares (a)
Issued		9,460,047			3,317,352
Reinvested		180,611			825,356
Redeemed		(3,041,291	)		(6,358,243	)
Total Class Y Shares		6,599,367			(2,215,535	)
Total change in shares		6,599,367			(2,215,535	)

Amounts designated as “–” are zero or have been rounded to zero.

(a) Effective May 1, 2008, Class ID Shares were renamed Class Y Shares.

The accompanying notes are an integral part of these financial statements.

32 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT Small Cap Index Fund

				Operations									Distributions															Ratios / Supplemental Data
							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)			of Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.00		0	.04		0	.10		0	.14		(0	.02)		–			(0	.02)	$	6	.12		2	.46%	$	252,925,420		0	.30%		1	.46%		0	.30%		16	.95%
Year Ended December 31, 2008	$	9	.30		0	.10		(3	.22)		(3	.12)		(0	.09)		(0	.09)		(0	.18)	$	6	.00		(34	.01%)	$	208,119,715		0	.30%		1	.19%		0	.31%		29	.74%
Period Ended December 31, 2007 (d)	$	10	.00		0	.11		(0	.70)		(0	.59)		(0	.11)		–			(0	.11)	$	9	.30		(5	.97%)	$	343,269,405		0	.27%		1	.55%		0	.28%		21	.78%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	For the period from April 13, 2007 (commencement of operations) through December 31, 2007.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 33

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Small Cap Index Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) and Jefferson National Life Insurance Company currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market

34 Semiannual Report 2009

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009 are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

				Level 2 — Other
	Level 1 — Quoted			Significant		Level 3 — Significant
Asset Type	Prices			Observable Inputs		Unobservable Inputs		Total
Common Stock	$	248,123,727		$	81,375	$	—	$	248,205,102
Futures		(13,850	)		—		—		(13,850	)
Repurchase Agreements		—			27,545,737		—		27,545,737
Total	$	248,109,877		$	27,627,112	$	—	$	275,736,989

Amounts designated as “—” are zero.

2009 Semiannual Report 35

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(d)        Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its investment objective. The Fund may enter into financial futures contracts (“futures contracts”) to gain exposure to, or hedge against changes in, the value of equities. The Fund may also enter into futures contracts for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to enter into and maintain futures contracts may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such futures contracts.

Futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price. Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, know as “variation margin” receipts or payments, are made each day, depending on the fluctuations in the fair value/market value of the futures contract and are recognized by the Fund as unrealized gains or losses. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities at a fixed price at a specified time in the future. When a

36 Semiannual Report 2009

futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and the value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. Futures contracts involve minimal counterparty credit risk to the Fund because futures contracts are exchange-traded, and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees futures contracts against default.

Futures contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Net unrealized appreciation/(depreciation) from futures,” and in the Statement of Operations under “Net realized gains from futures transactions” and “Net change in unrealized appreciation/(depreciation) from futures.”

Fair Values of Derivative Instruments as of June 30, 2009

	Asset Derivatives
Derivatives not	Statement of Assets				Liability Derivatives
accounted for as	and Liabilities				Statement of Assets and Liabilities
hedging instruments	Location		Fair Value		Location	Fair Value
Equity contracts*		Net Assets - Net Unrealized Appreciation from futures	$	—	Net Assets - Net Unrealized Depreciation from futures	$	(13,850	)
Total			$	—		$	(13,850	)

*	Includes cumulative appreciation/(depreciation) of futures contracts as reported in the Statement of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities.
	Amounts designated as “—” are zero.

The Effect of Derivative Instruments on the Statement of Operations
For the Six Months Ended June 30, 2009

Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations

Derivatives not accounted
for as hedging instruments
under FAS 133	Futures		Total
Equity contracts	$	1,218,938	$	1,218,938
Total	$	1,218,938	$	1,218,938

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations

Derivatives not accounted
for as hedging instruments
under FAS 133	Futures			Total
Equity contracts	$	(322,113	)	$	(322,113	)
Total	$	(322,113	)	$	(322,113	)

Amounts designated as “—” are zero.

Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the period ending June 30, 2009.

(e)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the

2009 Semiannual Report 37

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(f)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(g)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2007 and 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(h)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

38 Semiannual Report 2009

(i)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2009, the Fund had securities with the following value on loan:

Value of Loaned Securities		Value of Collateral
$	19,663,993	$	20,353,569

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. BlackRock Investment Management, LLC (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
Up to $1.5 billion		0.20%
$1.5 billion up to $3 billion		0.19%
$3 billion and more		0.18%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $74,578 for the six months ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.30% for all share classes of the Fund until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the

2009 Semiannual Report 39

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Fiscal Period		Fiscal Year		Six Months Ended
2007		2008		June 30, 2009
Amount		Amount		Amount
$	—	$	21,347	$	1,389

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $1,313.

40 Semiannual Report 2009

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $74,307,520 and sales of $37,124,475 (excluding short-term securities).

6. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

7. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

2009 Semiannual Report 41

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

8. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	385,212,766	$	7,969,437	$	(117,431,364)	$	(109,461,927)

9. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

42 Semiannual Report 2009

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

(i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-adviser (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

2009 Semiannual Report 43

Supplemental Information (Continued)

(Unaudited)

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

(ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and BlackRock Investment Management, LLC, the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the one-year period ended September 30, 2008, the Fund’s performance for Class Y shares was in the fifth quintile of its peer group. The Trustees noted that the Fund had performed favorably over the same time period compared to its peer universe, noting that the peer universe was not composed exclusively of index-funds, but rather, was composed of the Fund and all small-cap core funds underlying variable insurance products, regardless of asset size or primary channel of distribution. The Trustees also noted that the Fund slightly underperformed its benchmark, the Russell 2000 Index, which, because of the effect of expenses, was to be expected. The Trustees noted that the Fund had achieved its objective of closely tracking the performance of the Russell 2000 Index.

The Trustees noted that the Fund’s contractual advisory fee, actual advisory fee, and total expenses for Class Y shares were in the first quintile of its peer group. The Trustees noted that shareholders the Fund received the benefit of an expense cap (excluding 12b-1 and administrative service fees). The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the proposed investment advisory fee schedule for the Fund contains breakpoints that are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

44 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 45

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group,
1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

46 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 47

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

48 Semiannual Report 2009

NVIT Enhanced Income Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements
21	Supplemental Information
23	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-ENIH (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Enhanced Income Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
NVIT Enhanced			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Income Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class Y	Actual			1,000.00		1,020.80		2.23		0.45
	Hypothetical	b		1,000.00		1,022.45		2.23		0.45

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Enhanced Income Fund

June 30, 2009 (Unaudited)

Asset Allocation
U.S. Government Sponsored & Agency Obligations	27	.3%
Corporate Bonds	20	.6%
Asset-Backed Securities	18	.9%
Collateralized Mortgage Obligations	14	.3%
Repurchase Agreements	10	.9%
Commercial Mortgage Backed Securities	6	.4%
Sovereign Bonds	2	.1%
U.S. Government Sponsored Mortgage-Backed Obligations	0	.4%
Liabilities in excess of other assets	(0	.9)%
	100	.0%

Top Industries
Other ABS	7	.7%
Automobile ABS	6	.0%
Credit Card ABS	5	.2%
Banks	3	.3%
Computers	2	.7%
Diversified Financial Services	2	.7%
Multi-National	2	.1%
Miscellaneous Manufacturing	1	.9%
Pharmaceuticals	1	.9%
Retail	1	.7%
Other*	64	.8%
	100	.0%

Top Holdings
U.S. Treasury Notes, 4.00%, 09/30/09	4	.1%
U.S. Treasury Notes, 3.25%, 12/31/09	3	.0%
United States Treasury Note, 2.88%, 06/30/10	1	.9%
U.S. Treasury Notes, 2.00%, 02/28/10	1	.9%
U.S. Treasury Notes, 2.13%, 01/31/10	1	.9%
Freddie Mac REMICS, Series 2614, Class TD, 3.50%, 05/15/16	1	.1%
Honda Auto Receivables Owner Trust, Series 2009-2, Class A2, 2.22%, 08/15/11	1	.0%
Fannie Mae REMICS, Series 2006-33, Class QA, 6.00%, 01/25/29	1	.0%
Federal National Mortgage Association, 4.63%, 12/15/09	1	.0%
Peco Energy Transition Trust, Series 2001-A, Class A1, 6.52%, 12/31/10	1	.0%
Other*	82	.1%
	100	.0%

* For purpose of listing top holdings and industries, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Enhanced Income Fund

Asset-Backed Securities 18.9%
		Principal Amount		Market Value
Automobile Asset-Backed Securities 6.0%
Banc of America Securities Auto Trust, Series 2006-G1, Class A3, 5.18%, 06/18/10	$	177,815	$	178,271
BMW Vehicle Owner Trust, Series 2006-A, Class A4, 5.07%, 08/25/11		2,500,000		2,543,954
Capital Auto Receivables Asset Trust, Series 2006-2, Class A3A, 4.98%, 05/15/11		815,153		828,110
Daimler Chrysler Auto Trust
Series 2006-D, Class A3, 4.98%, 02/08/11		708,752		716,223
Series 2007-A, Class A2A, 5.01%, 03/08/11		307,344		309,910
Ford Credit Auto Owner Trust, Series 2007-B, Class A2A, 5.26%, 06/15/10		181,368		181,999
Honda Auto Receivables Owner Trust
Series 2007-2, Class A3, 5.46%, 04/21/10		602,015		613,597
Series 2009-2, Class A2, 2.22%, 08/15/11		2,800,000		2,816,248
Nissan Auto Receivables Owner Trust
Series 2006-C, Class A4, 5.45%, 06/15/12		2,282,696		2,341,518
Series 2007-B, Class A4, 5.16%, 03/17/14		2,500,000		2,604,465
USAA Auto Owner Trust
Series 2008-1, Class A2, 4.27%, 10/15/10		195,999		196,365
Series 2008-2, Class A2, 3.91%, 01/18/11		889,927		895,640
World Omni Auto Receivables Trust, Series 2008-B, Class A2, 4.13%, 03/15/11		2,189,449		2,219,638
				16,445,938
Credit Card Asset-Backed Securities 5.2%
BA Credit Card Trust, Series 2008-A9, Class A9, 4.07%, 07/16/12		2,500,000		2,538,972
Bank One Issuance Trust
Series 2004-A6, Class A6, 3.94%, 04/16/12 (a)		1,564,000		1,570,148
Series 2002-A6, Class A, 0.51%, 06/15/12		1,658,000		1,657,054
Chase Issuance Trust, Series 2005-A4, Class A4, 4.23%, 01/15/13		2,443,000		2,497,869
Citibank Credit Card Issuance Trust
Series 2007-A5, Class A5, 5.50%, 06/22/12		2,000,000		2,071,772
Series 2005-A7, Class A7, 4.75%, 10/22/12		2,000,000		2,069,598
MBNA Credit Card Master Note Trust, Series 2005-A3, Class A3, 4.10%, 10/15/12		1,800,000		1,836,631
				14,242,044
Other Asset-Backed Securities 7.7%
CenterPoint Energy Transition Bond Co. LLC, Series 2001-1, Class A3, 5.16%, 09/15/11		742,601		748,899
Consumers Funding LLC, Series 2001-1, Class A4, 4.98%, 04/20/12		2,498,272		2,533,501
CPL Transition Funding LLC, Series 2002-1, Class A3, 5.56%, 01/15/12		1,284,299		1,303,897
FPL Recovery Funding LLC, Series 2007-A, Class A1, 5.05%, 02/01/13		1,465,851		1,500,768
GE Equipment Midticket LLC, Series 2007-1 , Class A2A, 4.58%, 05/14/10		28,114		28,128
John Deere Owner Trust, Series 2008-A Class A2, 3.63%, 03/15/11		772,538		775,137
Massachusetts RRB Special Purpose Trust, Series 2005-1, Class A3, 4.13%, 09/15/13		2,528,085		2,585,949
Oncor Electric Delivery Transition Bond Co., Series 2003-1, Class A2, 4.03%, 02/15/12		2,063,076		2,084,147
Peco Energy Transition Trust
Series 2000-A, Class A4, 7.65%, 03/01/10		2,000,000		2,022,769
Series 2001-A, Class A1, 6.52%, 12/31/10		2,590,000		2,700,483
PG&E Energy Recovery Funding LLC
Series 2005-1, Class A3, 4.14%, 09/25/12		1,633,291		1,663,589
PSE&G Transition Funding LLC, Series 2001-1, Class A5, 6.45%, 03/15/13		2,500,000		2,608,341

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Enhanced Income Fund (Continued)

Asset-Backed Securities (continued)
		Principal Amount		Market Value
Other Asset-Backed Securities (continued)
TXU Electric Delivery Transition Bond Co. LLC, Series 2004-1, Class A1, 3.52%, 11/15/11	$	240,868	$	241,793
				20,797,401
Total Asset-Backed Securities (cost $51,051,158)				51,485,383
Corporate Bonds 20.6%
Aerospace & Defense 0.6%
United Technologies Corp., 4.38%, 05/01/10		1,650,000		1,697,627
Banks 3.3%
Bank of New York Mellon Corp. (The), 1.42%, 02/05/10 (a)		1,500,000		1,502,306
HSBC Bank USA NA, 3.88%, 09/15/09		2,000,000		2,009,552
Kreditanstalt fuer Wiederaufbau, 5.00%, 06/01/10		2,000,000		2,076,598
Rabobank Nederland NV, 1.23%, 05/19/10 (a)(b)		1,900,000		1,905,810
Wells Fargo & Co., 0.73%, 09/15/09 (a)		1,470,000		1,470,963
				8,965,229
Biotechnology 0.9%
Genentech, Inc., 4.40%, 07/15/10		2,500,000		2,571,958
Computers 2.7%
Hewlett-Packard Co.
1.71%, 05/27/11 (a)		350,000		354,491
2.25%, 05/27/11		2,000,000		2,006,092
International Business Machines Corp., 4.25%, 09/15/09		2,227,000		2,242,722
Oracle Corp., 5.00%, 01/15/11		2,500,000		2,620,750
				7,224,055
Diversified Financial Services 2.7%
AEP Texas Central Transition Funding LLC, Series 2006-A, Class A1, 4.98%, 01/01/12		1,161,257		1,173,036
BA Master Credit Card Trust, Series 1999-J, Class A, 7.00%, 02/15/12		1,000,000		1,012,165
Heller Financial, Inc., 7.38%, 11/01/09		1,500,000		1,522,458
John Deere Capital Corp., 4.40%, 07/15/09		2,000,000		2,001,658
Toyota Motor Credit Corp., 4.25%, 03/15/10		1,500,000		1,527,956
				7,237,273
Food 1.0%
Unilever Capital Corp., 7.13%, 11/01/10		2,500,000		2,669,285
Healthcare-Products 0.9%
Johnson & Johnson, 6.63%, 09/01/09		2,500,000		2,523,125
Insurance 0.4%
New York Life Global Funding, 4.63%, 08/16/10 (b)		1,000,000		1,020,928
Machinery-Construction & Mining 0.9%
Caterpillar, Inc., 7.25%, 09/15/09		2,500,000		2,528,275
Miscellaneous Manufacturing 1.9%
3M Co., 5.13%, 11/06/09		2,523,000		2,566,507
Honeywell International, Inc., 7.50%, 03/01/10		2,500,000		2,611,655
				5,178,162
Oil & Gas 0.8%
Burlington Resources, Inc., 9.88%, 06/15/10		2,000,000		2,155,708
Pharmaceuticals 1.9% (a)
Glaxosmithkline Capital, Inc., 1.55%, 05/13/10		2,500,000		2,517,347
Pfizer, Inc., 2.58%, 03/15/11		2,500,000		2,575,655
				5,093,002
Retail 1.7%
Lowe’s Cos., Inc., 8.25%, 06/01/10		2,000,000		2,124,800
Wal-Mart Stores, Inc., 6.88%, 08/10/09		2,500,000		2,515,245
				4,640,045

6 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
Telecommunications 0.9%
BellSouth Corp., 4.20%, 09/15/09	$	2,540,000	$	2,553,650
Total Corporate Bonds (cost $55,722,987)				56,058,322
Commercial Mortgage Backed Securities 6.4%
Banc of America Commercial Mortgage, Inc.
Series 2005-1, Class A3, 4.88%, 11/10/42		2,187,105		2,161,946
Series 2005-2, Class A3, 4.61%, 07/10/43 (a)		1,436,393		1,427,113
Bear Stearns Commercial Mortgage Securities, Series 2001-TOP2, Class A1, 6.08%, 02/15/35		132,938		133,923
Commercial Mortgage Asset Trust, Series 1999-C1, Class A3, 6.64%, 01/17/32		823,868		828,434
First Union National Bank Commercial Mortgage, Series 2001-C4, Class A1, 5.67%, 12/12/33		480,342		483,646
GMAC Commercial Mortgage Securities, Inc.
Series 2003-C3, Class A2, 4.22%, 04/10/40		1,058,839		1,053,916
Series 2004-C3, Class A3, 4.21%, 12/10/41 (a)		1,935,711		1,930,233
Greenwich Capital Commercial Funding Corp., Series 2004-GG1 , Class A3, 4.34%, 06/10/36		384,793		384,471
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-CB16, Class A1, 5.34%, 05/12/45		1,779,467		1,797,161
Morgan Stanley Capital I
Series 2004-IQ8, Class A3, 4.50%, 11/15/11		1,019,057		1,012,218
Series 2005-HQ5, Class A2, 4.81%, 01/14/42		2,135,504		2,155,628
Nomura Asset Securities Corp., Series 1998-D6, Class A1B, 6.59%, 03/15/30		46,444		46,500
Wachovia Bank Commercial Mortgage Trust
Series 2005-C16, Class A2, 4.38%, 10/15/41		2,419,690		2,410,979
Series 2005-C17, Class A2, 4.78%, 03/15/42		1,817,017		1,747,850
Total Commercial Mortgage Backed Securities (cost $17,511,827)				17,574,018
Collateralized Mortgage Obligations 14.3%
Fannie Mae REMICS
Series 2003-92, Class PC, 4.50%, 05/25/15		1,607,186		1,626,304
Series 2005-91, Class PB, 4.50%, 06/25/16		1,527,061		1,550,439
Series 2002-82, Class XD, 5.00%, 07/25/16		1,744,015		1,793,027
Series 2004-80, Class LG, 4.00%, 10/25/16		930,786		949,563
Series 2003-15, Class WC, 4.00%, 12/25/16		2,077,171		2,122,306
Series 2003-14, Class KE, 5.00%, 01/25/17		1,634,043		1,680,793
Series 2004-61, Class AB, 5.00%, 03/25/17		1,619,520		1,652,234
Series 2003-57, Class NB, 3.00%, 06/25/18		335,153		336,946
Series 2003-75, Class NB, 3.25%, 08/25/18		262,926		265,812
Series 2004-96, Class EW, 4.50%, 06/25/24		1,848,210		1,880,508
Series 2003-70, Class BE, 3.50%, 12/25/25		1,425,537		1,435,382
Series 2006-33, Class QA, 6.00%, 01/25/29		2,667,862		2,756,118
Series 2003-14, Class AN, 3.50%, 03/25/33		316,401		310,668
Freddie Mac, Series 2617, Class UM, 4.00%, 05/15/15		1,969,789		1,991,263
Freddie Mac REMICS
Series 3483, Class FB, 0.46%, 08/15/11 (a)		2,404,607		2,392,992
Series 2892, Class UJ, 4.00%, 12/15/11		391,867		396,815
Series 2651, Class VB, 5.50%, 03/15/14		1,163,675		1,175,777
Series 2668, Class AD, 4.00%, 01/15/15		1,499,851		1,520,071
Series 2631, Class LB, 4.50%, 03/15/16		1,268,131		1,300,219

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2008 (Unaudited)

NVIT Enhanced Income Fund (Continued)

Collateralized Mortgage Obligations (continued)
		Principal Amount		Market Value
Freddie Mac REMICS (continued)
Series 2614, Class TD, 3.50%, 05/15/16	$	3,033,782	$	3,088,786
Series 2517, Class OD, 5.00%, 05/15/16		1,664,918		1,699,819
Series 2628, Class PV, 3.75%, 10/15/16		1,805,336		1,826,508
Series 2611, Class KC, 3.50%, 01/15/17		334,189		339,625
Series 2664, Class GA, 4.50%, 01/15/18		402,716		414,602
Series 2613, Class PA, 3.25%, 05/15/18		462,965		466,509
Series 2630, Class JA, 3.00%, 06/15/18		303,805		306,984
Government National Mortgage Association
Series 2003-49, Class A, 2.21%, 10/16/17		2,065,982		2,068,041
Series 2004-103, Class A, 3.88%, 12/16/19		1,352,370		1,361,477
Residential Funding Mortgage Securities I, Series 2003-S11, Class A1, 2.50%, 06/25/18		224,126		221,895
Total Collateralized Mortgage Obligations (cost $38,553,768)				38,931,483
U.S. Government Sponsored & Agency Obligations 27.3%
Bank of America NA, 1.70%, 12/23/10		2,500,000		2,528,890
Bank of New York Mellon Corp. (The), 0.76%, 06/29/12 (a)		1,700,000		1,713,612
Citigroup Funding, Inc., 1.14%, 07/30/10 (a)		2,500,000		2,510,193
Federal Farm Credit Bank, 4.75%, 05/07/10		2,500,000		2,590,117
Federal Home Loan Banks
5.38%, 07/17/09		2,500,000		2,505,698
2.75%, 06/18/10		2,500,000		2,553,972
Federal Home Loan Mortgage Corp.
4.88%, 02/09/10		2,500,000		2,567,320
3.13%, 02/12/10		2,500,000		2,539,868
2.88%, 04/30/10		2,500,000		2,547,252
Federal National Mortgage Association
4.63%, 12/15/09		2,700,000		2,752,958
4.13%, 05/15/10		2,500,000		2,578,772
4.38%, 06/21/10		2,250,000		2,332,123
General Electric Capital Corp., 1.80%, 03/11/11		2,500,000		2,522,540
JPMorgan Chase & Co., 2.63%, 12/01/10		2,500,000		2,560,650
Morgan Stanley, 2.90%, 12/01/10		2,500,000		2,570,212
State Street Bank & Trust Co., 1.85%, 03/15/11		2,500,000		2,528,608
U.S. Treasury Notes
4.00%, 09/30/09		11,000,000		11,102,696
3.25%, 12/31/09		8,000,000		8,114,376
2.13%, 01/31/10		5,000,000		5,049,805
2.00%, 02/28/10		5,000,000		5,052,150
United States Treasury Note, 2.88%, 06/30/10		5,000,000		5,116,015
Total U.S. Government Sponsored & Agency Obligations (cost $73,665,541)				74,337,827
U.S. Government Sponsored Mortgage-Backed Obligations 0.4%
Fannie Mae Pool
Pool #253845, 6.00%, 06/01/16		81,071		86,437
Pool #254089, 6.00%, 12/01/16		125,181		133,467
Pool #545415, 6.00%, 01/01/17		111,723		119,118
Pool #254195, 5.50%, 02/01/17		268,986		283,847
Pool #625178, 5.50%, 02/01/17		226,568		239,086
Freddie Mac Gold Pool
Pool #E00678, 6.50%, 06/01/14		47,916		50,345
Pool #E00991, 6.00%, 07/01/16		64,243		67,764
Total U.S. Government Sponsored Mortgage-Backed Obligations (cost $925,939)				980,064
Sovereign Bonds 2.1%
Multi-National 2.1%
African Development Bank, 0.86%, 03/23/11 (a)		2,300,000		2,294,188
Asian Development Bank, 4.13%, 09/15/10		1,000,000		1,031,822

8 Semiannual Report 2009

Sovereign Bonds (continued)
		Principal Amount		Market Value
Multi-National (continued)
International Bank for Reconstruction & Development, 0.82%, 03/04/11 (a)	$	2,500,000	$	2,497,932
Total Sovereign Bonds (cost $5,834,046)				5,823,942
Repurchase Agreements 10.9%
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $19,902,251, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $20,300,245		19,902,201		19,902,201
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $9,743,356, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $9,938,209		9,743,342		9,743,342
Total Repurchase Agreements (cost $29,645,543)				29,645,543
Total Investments (cost $272,910,809) (c) — 100.9%				274,836,582
Liabilities in excess of other assets — (0.9)%				(2,529,866	)
NET ASSETS — 100.0%			$	272,306,716

(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2009. The maturity date represents the actual maturity date.
(b)	Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at June 30, 2009 was $2,926,738 which represents 1.07% of net assets.
(c)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

LLC	Limited Liability Company
NA	National Association
NV	Public Traded Company
REMICS	Real Estate Mortgage Investment Conduits

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Enhanced
	Income Fund
Assets:
Investments, at value (cost $243,265,266)	$	245,191,039
Repurchase agreements, at value and cost		29,645,543
Total Investments		274,836,582
Cash		5,930
Interest and dividends receivable		1,653,703
Receivable for capital shares issued		129,259
Prepaid expenses and other assets		3,763
Total Assets		276,629,237
Liabilities:
Payable for investments purchased		4,193,634
Interest payable		18,028
Payable for capital shares redeemed		199
Accrued expenses and other payables:
Investment advisory fees		68,546
Fund administration fees		9,825
Custodian fees		858
Trustee fees		721
Compliance program costs (Note 3)		4,559
Professional fees		11,033
Printing fees		10,702
Other		4,416
Total Liabilities		4,322,521
Net Assets	$	272,306,716
Represented by:
Capital	$	271,448,483
Accumulated undistributed net investment income		160,766
Accumulated net realized losses from investment transactions		(1,228,306	)
Net unrealized appreciation/(depreciation) from investments		1,925,773
Net Assets	$	272,306,716
Net Assets:
Class Y Shares	$	272,306,716
Total	$	272,306,716
Shares Outstanding (unlimited number of shares authorized):
Class Y Shares		27,107,932
Total		27,107,932
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class Y Shares	$	10.05

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Enhanced
	Income Fund
INVESTMENT INCOME:
Interest income	$	3,692,529
Total Income		3,692,529
EXPENSES:
Investment advisory fees		407,814
Fund administration fees		56,894
Custodian fees		3,491
Trustee fees		4,975
Compliance program costs (Note 3)		1,381
Professional fees		22,813
Printing fees		6,889
Other		15,413
Total expenses before earnings credit and expenses reimbursed		519,670
Earnings credit (Note 4)		(470	)
Expenses reimbursed by adviser (Note 3)		(788	)
Net Expenses		518,412
NET INVESTMENT INCOME		3,174,117
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(161,637	)
Net change in unrealized appreciation/(depreciation) from investments		1,758,015
Net realized/unrealized gains from investments		1,596,378
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,770,495

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Statements of Changes in Net Assets

	NVIT Enhanced Income Fund
	Six Months Ended
	June 30, 2009			Year Ended
	(Unaudited)			December 31, 2008
Operations:
Net investment income	$	3,174,117		$	8,033,258
Net realized losses from investment		(161,637	)		(1,187,999	)
Net change in unrealized appreciation/(depreciation) from investments		1,758,015			(383,728	)
Change in net assets resulting from operations		4,770,495			6,461,531
Distributions to Shareholders From:
Net investment income:
Class Y (a)		(3,273,069	)		(7,652,229	)
Net realized gains:
Class Y (a)		–			(194,605	)
Change in net assets from shareholder distributions		(3,273,069	)		(7,846,834	)
Change in net assets from capital transactions		39,223,526			34,226,689
Change in net assets		40,720,952			32,841,386
Net Assets:
Beginning of period		231,585,764			198,744,378
End of period	$	272,306,716		$	231,585,764
Accumulated undistributed net investment income at end of period	$	160,766		$	259,718
CAPITAL TRANSACTIONS:
Class Y Shares (a)
Proceeds from shares issued	$	77,844,579		$	65,922,563
Dividends reinvested		3,273,069			7,846,834
Cost of shares redeemed		(41,894,122	)		(39,542,708	)
Total Class Y		39,223,526			34,226,689
Change in net assets from capital transactions	$	39,223,526		$	34,226,689
SHARE TRANSACTIONS:
Class Y Shares (a)
Issued		7,756,487			6,554,290
Reinvested		326,999			783,204
Redeemed		(4,183,330	)		(3,933,699	)
Total Class Y Shares		3,900,156			3,403,795
Total change in shares		3,900,156			3,403,795

Amounts designated as “–” are zero or have been rounded to zero.

(a) Effective May 1, 2008, Class ID Shares were renamed Class Y Shares.

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT Enhanced Income Fund

				Operations									Distributions															Ratios / Supplemental Data
							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited)	$	9	.98		0	.14		0	.07		0	.21		(0	.14)		–			(0	.14)	$	10	.05		2	.08%	$	272,306,716		0	.45%		2	.72%		0	.45%		32	.05%
Year Ended December 31, 2008	$	10	.04		0	.38		(0	.07)		0	.31		(0	.36)		(0	.01)		(0	.37)	$	9	.98		3	.12%	$	231,585,764		0	.45%		3	.81%		0	.45%		75	.76%
Period Ended December 31, 2007 (d)	$	10	.00		0	.34		0	.03		0	.37		(0	.33)		–			(0	.33)	$	10	.04		3	.69%	$	198,744,378		0	.43%		4	.79%		0	.43%		55	.71%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	For the period from April 20, 2007 (commencement of operations) through December 31, 2007.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Enhanced Income Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market

14 Semiannual Report 2009

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009 are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Asset-Backed Securities	$	—	$	51,485,383	$	—	$	51,485,383
Corporate Bonds		—		56,058,322		—		56,058,322
Commercial Mortgage Backed Securities		—		17,574,018		—		17,574,018
Collateralized Mortgage Obligations		—		38,931,483		—		38,931,483
U.S. Government Sponsored & Agency Obligations		—		74,337,827		—		74,337,827
U.S. Government Sponsored Mortgage-Backed Obligations		—		980,064		—		980,064
Sovereign Bonds		—		5,823,942		—		5,823,942
Repurchase Agreements		—		29,645,543		—		29,645,543
Total	$	—	$	274,836,582	$	—	$	274,836,582

     Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

16 Semiannual Report 2009

(d)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(e)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(f)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable years 2007 and 2008 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(g)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Morley Capital Management, Inc. (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
Up to $500 million		0.35%
$500 million up to $1 billion		0.34%
$1 billion up to $3 billion		0.325%
$3 billion up to $5 billion		0.30%
$5 billion up to $10 billion		0.285%
$10 billion and more		0.275%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $115,014 for the six months ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.45% for all share classes of the Fund until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Fiscal Period		Fiscal Year		Six Months Ended
2007		2008		June 30, 2009
Amount		Amount		Amount
$	—	$	6,853	$	788

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on

18 Semiannual Report 2009

the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $1,381.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $98,680,286 and sales of $67,300,213 (excluding short-term securities).

For the six months ended June 30, 2009, the Fund had short-term purchases of $2,602,375 (and no sales) of U.S. government securities.

6. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

7. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

8. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	272,910,884	$	2,068,610	$	(142,912)	$	1,925,698

9. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

20 Semiannual Report 2009

Supplemental Information

(Unaudited)

A.  Renewal of Advisory (and Sub-advisory) Agreements

(i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-adviser (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On December 2, 2008, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), NFA, Trust counsel, and others to give preliminary consideration to information bearing on continuation of the Advisory Agreement. The primary purpose of the December 2, 2008 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 2, 2008 meeting, the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. (“Lipper”) describing, on a fund-by-fund basis, each Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2008) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes created by Lipper of similar or peer group funds; (ii) information from the Adviser describing, on a fund-by-fund basis, each Fund’s performance (over multiple years ended September 30, 2008) compared with the Fund’s benchmark and Lipper categories; (iii) for Funds under “close review,” copies of letters from NFA to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance, (iv) information from the Adviser describing, on a fund-by-fund basis, annual performance for the year ended September 30, 2008, (v) where available, information from the Adviser describing, on a fund-by-fund basis, the Adviser’s profitability in providing services under the Advisory Agreement, together with an explanation of the Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing, on a fund-by-fund basis, any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits derived by the Adviser as a result of being investment adviser for the Funds, including, where applicable, information on soft-dollar benefits, and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant, and transfer agent.

At the December 2, 2008 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with

2009 Semiannual Report 21

Supplemental Information (Continued)

(Unaudited)

investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 2, 2008 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that the Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 16, 2009.

At the January 16, 2009 meeting of the Board of Trustees of the Trust, the Board received and considered supplemental information provided by the Adviser in response to the follow-up matters raised at the December 2, 2008 Board meeting and, after consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

(ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Morley Capital Management, Inc. (“Morley Capital”), the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that the Fund’s performance for Class Y shares for the one-year period ended September 30, 2008 was in the first quintile of its peer group, but below the performance of the Fund’s benchmark, which is a 50%/50% blend of the Merrill Lynch 6-Month Treasury Bill Index and the Merrill Lynch 1-Year Treasury Note Index. The Trustees also noted that, given the Fund’s relatively short performance history, information regarding the Fund’s performance may be less reliable than longer-term performance. The Trustees also noted that Morley Capital had recently replaced one of the Fund’s portfolio managers due to a portfolio manager departure.

The Trustees noted that the Fund’s contractual advisory fee and actual advisory fee for Class Y shares were in the second quintile of its peer group, and that the Fund’s total expenses were in the first quintile of its peer group. The Trustees noted that shareholders of the Fund received the benefit of an expense cap (excluding 12b-1 and administrative service fees). The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the proposed investment advisory fee schedule for the Fund contains breakpoints that are a reasonable means to provide the benefits of economies of scale to shareholders as the Fund grows, although the asset level at which such economies can be realized and shared has not yet been achieved.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

22 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group,
1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	and Length of Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group,
1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	and Length of Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

24 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group,
1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 25

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group,
1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

26 Semiannual Report 2009

NVIT Cardinal Aggressive^sm Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
6	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements
20	Supplemental Information
22	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-CD-AG (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets — particularly those in some emerging market countries — are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

The NVIT Cardinal Funds and the NVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of these funds, each investor is indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds.

Asset allocation is the process of spreading assets across several different investment styles and asset classes. The purpose is potentially to reduce long-term risk and capture potential profits across various asset classes.

There is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved, nor that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

Each Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, each Fund’s underlying funds may be subject to specific investment risks such as those associated with: (i) bonds and short-term instruments, (ii) small companies, (iii) mid-sized companies, (iv) international securities, (v) real estate investment trusts (REITs), and (vi) initial public offerings (IPOs).

Day-to-day market activity will likely cause a Fund’s asset allocations to fluctuate from the stated target. Under ordinary circumstances, the Adviser will periodically rebalance the assets of each Fund in order to conform its actual allocations to those stated in the then-current prospectus. The asset class target allocations are subject to change at any time and without notice.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Cardinal Aggressive Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Cardinal Aggressive Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class I	Actual			1,000.00		1,060.70		1.68		0.33
	Hypothetical	c		1,000.00		1,023.02		1.66		0.33
Class II	Actual			1,000.00		1,060.30		2.14		0.42
	Hypothetical	c		1,000.00		1,022.57		2.11		0.42

^a Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Cardinal Aggressive Fund

June 30, 2009 (Unaudited)

Asset Allocation
Equity Funds	95	.0%
Fixed Income Fund	5	.0%
Liabilities in excess of other assets	0	.0%
	100	.0%

Top Holdings
NVIT Multi-Manager Large Cap Value Fund, Class Y	20	.0%
NVIT Multi-Manager Large Cap Growth Fund, Class Y	20	.0%
NVIT Multi-Manager International Growth Fund, Class Y	15	.0%
NVIT Multi-Manager International Value Fund, Class Y	15	.0%
NVIT Multi-Manager Mid Cap Growth Fund, Class Y	7	.5%
NVIT Multi-Manager Mid Cap Value Fund, Class Y	7	.5%
NVIT Multi-Manager Small Cap Growth Fund, Class Y	4	.0%
NVIT Multi-Manager Small Cap Value Fund, Class Y	4	.0%
NVIT Core Bond Fund, Class Y	2	.5%
NVIT Core Plus Bond Fund, Class Y	2	.5%
NVIT Multi-Manager Small Company Fund, Class Y	2	.0%
	100	.0%

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Cardinal Aggressive Fund

Mutual Funds 100.0% (a)
	Shares		Market Value
Equity Funds 95.0%
NVIT Multi-Manager International Growth Fund, Class Y	217,149	$	1,517,870
NVIT Multi-Manager International Value Fund, Class Y	188,766		1,517,682
NVIT Multi-Manager Large Cap Growth Fund, Class Y	281,544		2,024,300
NVIT Multi-Manager Large Cap Value Fund, Class Y	295,397		2,026,422
NVIT Multi-Manager Mid Cap Growth Fund, Class Y	109,350		761,073
NVIT Multi-Manager Mid Cap Value Fund, Class Y	103,579		760,268
NVIT Multi-Manager Small Cap Growth Fund, Class Y	39,906		407,041
NVIT Multi-Manager Small Cap Value Fund, Class Y	61,854		406,382
NVIT Multi-Manager Small Company Fund, Class Y	17,581		203,591
Total Equity Funds (cost $9,900,694)			9,624,629
Fixed Income Funds 5.0%
NVIT Core Bond Fund, Class Y	25,312		255,148
NVIT Core Plus Bond Fund, Class Y	24,557		254,903
Total Fixed Income Funds (cost $490,098)			510,051
Total Investments (cost $10,390,792)(b) — 100.0%			10,134,680
Liabilities in excess of other assets — 0.0%			(4,456	)
NET ASSETS — 100.0%		$	10,130,224

(a)	Investment in affiliates.
(b)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Cardinal
	Aggressive Fund
Assets:
Investments in affiliates, at value (cost $10,390,792)	$	10,134,680
Receivable for capital shares issued		4,373
Receivable from Adviser		2,067
Prepaid expenses and other assets		141
Total Assets		10,141,261
Liabilities:
Payable for investments purchased		4,158
Payable for capital shares redeemed		215
Accrued expenses and other payables:
Distribution fees		655
Administrative services fees		476
Custodian fees		1
Trustee fees		18
Compliance program costs (Note 3)		152
Professional fees		463
Printing fees		3,440
Other		1,459
Total Liabilities		11,037
Net Assets	$	10,130,224
Represented by:
Capital	$	11,863,375
Accumulated net investment loss		(886	)
Accumulated net realized losses from investment transactions		(1,476,153	)
Net unrealized appreciation/(depreciation) from investments in affiliates		(256,112	)
Net Assets	$	10,130,224
Net Assets:
Class I Shares	$	1,243,558
Class II Shares		8,886,666
Total	$	10,130,224
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		179,396
Class II Shares		1,282,409
Total		1,461,805
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	6.93	(a)
Class II Shares	$	6.93	(a)

(a) NAV shown differs from traded NAV at June 30, 2009 due to financial statement adjustments.

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Cardinal
	Aggressive Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	65,139
Total Income		65,139
EXPENSES:
Investment advisory fees		8,417
Distribution fees Class II Shares		8,951
Administrative services fees Class I Shares		315
Administrative services fees Class II Shares		1,805
Custodian fees		101
Trustee fees		171
Compliance program costs (Note 3)		63
Professional fees		780
Printing fees		4,827
Other		5,114
Total expenses before earnings credit and expenses waived/reimbursed		30,544
Earnings credit (Note 4)		(2	)
Distribution fees voluntarily waived-Class II		(5,729	)
Expenses reimbursed by Adviser		(7,644	)
Net Expenses		17,169
NET INVESTMENT INCOME		47,970
Net realized losses from investment transactions with affiliates		(1,476,153	)
Net change in unrealized appreciation/(depreciation) from investments in affiliates		2,121,784
Net realized/unrealized gains from affiliated investments		645,631
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	693,601

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statements of Changes in Net Assets

	NVIT Cardinal Aggressive Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
Operations:
Net investment income	$	47,970		$	36,712
Net realized losses from investment transactions		(1,476,153	)		(96,953	)
Net change in unrealized appreciation/(depreciation) from investments		2,121,784			(2,377,896	)
Change in net assets resulting from operations		693,601			(2,438,137	)
Distributions to Shareholders From:
Net investment income:
Class I		(7,144	)		(26,266	)
Class II		(41,712	)		(66,670	)
Net realized gains:
Class I		–			(33,405	)
Class II		–			(113,452	)
Tax return of capital:
Class I		–			(295	)
Class II		–			(897	)
Change in net assets from shareholder distributions		(48,856	)		(239,985	)
Change in net assets from capital transactions		2,260,078			9,903,523
Change in net assets		2,904,823			7,225,401
Net Assets:
Beginning of period		7,225,401			–
End of period	$	10,130,224		$	7,225,401
Accumulated net investment income (loss) at end of period	$	(886	)	$	–
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	721,940		$	2,974,797
Dividends reinvested		7,144			59,966
Cost of shares redeemed		(1,076,459	)		(736,824	)
Total Class I		(347,375	)		2,297,939
Class II Shares
Proceeds from shares issued		3,565,403			8,033,411
Dividends reinvested		41,712			180,019
Cost of shares redeemed		(999,662	)		(607,846	)
Total Class II		2,607,453			7,605,584
Change in net assets from capital transactions	$	2,260,078		$	9,903,523

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

	NVIT Cardinal Aggressive Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
SHARE TRANSACTIONS:
Class I Shares
Issued		112,016			319,031
Reinvested		1,101			8,455
Redeemed		(170,984	)		(90,223	)
Total Class I Shares		(57,867	)		237,263
Class II Shares
Issued		568,319			915,591
Reinvested		6,344			26,131
Redeemed		(154,944	)		(79,032	)
Total Class II Shares		419,719			862,690
Total change in shares		361,852			1,099,953

(a) For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT Cardinal Aggressive Fund

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Return of		Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			capital		Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	6	.57		0	.04		0	.36		0	.40		(0	.04)		–			–		(0	.04)	$	6	.93		6	.07%	$	1,243,558		0	.33%		1	.13%		0	.51%		26	.60%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.06		(3	.21)		(3	.15)		(0	.13)		(0	.15)		–		(0	.28)	$	6	.57		(31	.73%)	$	1,559,214		0	.30%		0	.98%		0	.81%		26	.73%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	6	.57		0	.04		0	.35		0	.39		(0	.03)		–			–		(0	.03)	$	6	.93		6	.03%	$	8,886,666		0	.42%		1	.14%		0	.76%		26	.60%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.06		(3	.21)		(3	.15)		(0	.13)		(0	.15)		–		(0	.28)	$	6	.57		(31	.76%)	$	5,666,187		0	.41%		1	.03%		1	.20%		26	.73%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	Per share calculations were performed using average shares method.
(f)	For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Cardinal^SM Aggressive Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. The Trust’s prospectus provides a description of each Fund’s investment objective, policies and strategies.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values (“NAV“s) as reported by the Underlying Funds.

The following are the Valuation policies of the Underlying Funds:

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Investments held by money market funds are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security. A money market fund’s use of amortized cost is subject to compliance with certain conditions as specified by Rule 2a-7 of the 1940 Act.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

12 Semiannual Report 2009

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
	Prices		Observable Inputs		Unobservable Inputs		Total
Asset Type	Investments		Investments		Investments		Investments
Mutual Funds	$	10,134,680	$	—	$	—	$	10,134,680

Amounts designated as “—” are zero.

(b)        Credit Derivatives

The following describes the Underlying Funds’ accounting policies applicable to credit derivatives:

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Forward Foreign Currency Contracts

The following describes the Underlying Funds’ accounting policies applicable to forward foreign currency contracts:

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(d)        Futures Contracts

The following describes the Underlying Funds’ accounting policies applicable to futures contracts:

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the contract amount. Subsequent payments, known as “variation margin” payments, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets.

(e)        Repurchase Agreements

The following describes the Underlying Funds’ accounting policies applicable to repurchase agreements:

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty. As of June 30, 2009, the Fund did not hold any repurchase agreements.

(f)        Foreign Currency Transactions

The following describes the Underlying Funds’ accounting policies applicable to foreign currency transactions:

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(g)        Mortgage Dollar Rolls

The following describes the Underlying Funds’ accounting policies applicable to mortgage dollar rolls:

The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed

14 Semiannual Report 2009

securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Mortgage dollar roll investments entail risks related to the potential inability of counterparties to complete the transaction, which may be heightened because of the delayed payment date. Income is generated as consideration for entering into mortgage dollar rolls and is included in interest income on the Statement of Operations.

(h)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(i)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments. As of June 30, 2009, the Fund did not have securities on loan.

(j)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(k)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(l)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.20%

The Trust and the Advisor have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.28% for the Fund’s Class I and Class II shares until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreements at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement

16 Semiannual Report 2009

will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

For the Period Ended		Six Months Ended
December 31, 2008 (a)		June 30, 2009
Amount		Amount
$	21,329	$	7,644

(a) For the period March 28, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI. The Trust and NFD have entered into a written contract waiving 0.16% of these fees for Class II shares of the Fund until at least May 1, 2010.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I and Class II of the Fund.

For the six months ended June 30, 2009, NFS received $1,874 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $63.

The Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling Underlying Fund shares. However, the Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management fees of the Underlying Funds and short-term investments the Underlying Funds holds. These expenses are deducted from each of the Underlying Fund’s net assets before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the Underlying Funds.

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $4,525,319 and sales of $2,265,375 (excluding short-term securities).

6. Portfolio Investment Risks from Underlying Funds

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no

18 Semiannual Report 2009

compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	11,867,884	$	44,968	$	(1,778,172	)	$	(1,733,204	)

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 19

Supplemental Information

(Unaudited)

A.  Renewal of Advisory Agreement

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA” or the “Adviser”), must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement.

In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement, and (v) information from the Adviser describing ancillary benefits. The Trustees also noted the compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s portfolio management capabilities and NFA’s ability to supervise the Fund’s other service providers. The Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by NFA in the past, and NFA’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

20 Semiannual Report 2009

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

NVIT Cardinal Aggressive Fund

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the three- and six-month periods ended September 30, 2008, the Fund’s performance for Class II shares was in the fifth quintile of its peer group. The Trustees also noted that, for the three-month period ended September 30, 2008, the Fund underperformed its benchmark, which is a 65%/30%/5% blend of the DJ Wilshire 5000 Index, the MSCI EAFE Index, and the Barclays Capital U.S. Aggregate Bond Index, but that for the six-month period ended September 30, 2008, the Fund outperformed the benchmark. The Trustees noted that it was difficult to assess the performance of the Fund due to its short performance history. The Trustees also considered the relatively low asset levels of the Fund.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares and total expenses for Class II shares were in the second quintile of its peer group. The Trustees also noted that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses significantly below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

2009 Semiannual Report 21

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

22 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suit 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen by		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A

24 Semiannual Report 2009

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suit 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen by		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	Trustee		Held by Trustee4
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 25

NVIT Cardinal^sm Moderately Aggressive Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
6	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements
20	Supplemental Information
22	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-CD-MAG (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets — particularly those in some emerging market countries — are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

The NVIT Cardinal Funds and the NVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of these funds, each investor is indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds.

Asset allocation is the process of spreading assets across several different investment styles and asset classes. The purpose is potentially to reduce long-term risk and capture potential profits across various asset classes.

There is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved, nor that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

Each Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, each Fund’s underlying funds may be subject to specific investment risks such as those associated with: (i) bonds and short-term instruments, (ii) small companies, (iii) mid-sized companies, (iv) international securities, (v) real estate investment trusts (REITs), and (vi) initial public offerings (IPOs).

Day-to-day market activity will likely cause a Fund’s asset allocations to fluctuate from the stated target. Under ordinary circumstances, the Adviser will periodically rebalance the assets of each Fund in order to conform its actual allocations to those stated in the then-current prospectus. The asset class target allocations are subject to change at any time and without notice.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Cardinal Moderately Aggressive Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Cardinal Moderately Aggressive Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class I	Actual			1,000.00		1,063.20		1.53		0.30
	Hypothetical	c		1,000.00		1,023.17		1.51		0.30
Class II	Actual			1,000.00		1,062.80		1.94		0.38
	Hypothetical	c		1,000.00		1,022.77		1.91		0.38

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Cardinal Moderately Aggressive Fund

June 30, 2009 (Unaudited)

Asset Allocation
Equity Funds	79	.9%
Fixed Income Funds	20	.1%
Liabilities in excess of other assets	0	.0%
	100	.0%

Top Holdings
NVIT Multi-Manager Large Cap Value Fund, Class Y	17	.5%
NVIT Multi-Manager Large Cap Growth Fund, Class Y	17	.4%
NVIT Multi-Manager International Growth Fund, Class Y	12	.5%
NVIT Multi-Manager International Value Fund, Class Y	12	.5%
NVIT Core Bond Fund, Class Y	7	.6%
NVIT Core Plus Bond Fund, Class Y	7	.5%
NVIT Multi-Manager Mid Cap Growth Fund, Class Y	7	.5%
NVIT Multi-Manager Mid Cap Value Fund, Class Y	7	.5%
NVIT Short-Term Bond Fund, Class Y	5	.0%
NVIT Multi-Manager Small Cap Growth Fund, Class Y	2	.0%
Other Holdings	3	.0%
	100	.0%

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Cardinal Moderately Aggressive Fund

Mutual Funds 100.0% (a)
	Shares		Market Value
Equity Funds 79.9%
NVIT Multi-Manager International Growth Fund, Class Y	2,979,004	$	20,823,238
NVIT Multi-Manager International Value Fund, Class Y	2,589,609		20,820,458
NVIT Multi-Manager Large Cap Growth Fund, Class Y	4,055,489		29,158,966
NVIT Multi-Manager Large Cap Value Fund, Class Y	4,255,024		29,189,462
NVIT Multi-Manager Mid Cap Growth Fund, Class Y	1,800,128		12,528,891
NVIT Multi-Manager Mid Cap Value Fund, Class Y	1,705,133		12,515,676
NVIT Multi-Manager Small Cap Growth Fund, Class Y	328,467		3,350,360
NVIT Multi-Manager Small Cap Value Fund, Class Y	509,126		3,344,955
NVIT Multi-Manager Small Company Fund, Class Y	144,712		1,675,764
Total Equity Funds (cost $140,244,418)			133,407,770
Fixed Income Funds 20.1%
NVIT Core Bond Fund, Class Y	1,250,070		12,600,704
NVIT Core Plus Bond Fund, Class Y	1,212,775		12,588,608
NVIT Short-Term Bond Fund, Class Y	824,384		8,400,469
Total Fixed Income Funds (cost $32,280,138)			33,589,781
Total Investments (cost $172,524,556) (b) — 100.0%			166,997,551
Liabilities in excess of other assets — 0.0%			(60,540	)
NET ASSETS — 100.0%		$	166,937,011

(a)	Investment in affiliates.
(b)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Cardinal
	Moderately
	Aggressive Fund
Assets:
Investments in affiliates, at value (cost $172,524,556)	$	166,997,551
Receivable for capital shares issued		447,801
Prepaid expenses and other assets		2,437
Total Assets		167,447,789
Liabilities:
Payable for investments purchased		447,641
Payable for capital shares redeemed		160
Accrued expenses and other payables:
Investment advisory fees		27,121
Distribution fees		11,697
Administrative services fees		6,675
Trustee fees		271
Compliance program costs (Note 3)		2,419
Professional fees		5,904
Printing fees		3,718
Other		5,172
Total Liabilities		510,778
Net Assets	$	166,937,011
Represented by:
Capital	$	179,173,364
Accumulated net investment loss		(13,836	)
Accumulated net realized losses from investment transactions		(6,695,512	)
Net unrealized appreciation/(depreciation) from investments in affiliates		(5,527,005	)
Net Assets	$	166,937,011
Net Assets:
Class I Shares	$	7,461,356
Class II Shares		159,475,655
Total	$	166,937,011
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		997,152
Class II Shares		21,318,051
Total		22,315,203
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	7.48
Class II Shares	$	7.48	(a)

(a) NAV shown differs from traded NAV at June 30, 2009 due to financial statement adjustments.

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Cardinal
	Moderately
	Aggressive Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	1,177,250
Total Income		1,177,250
EXPENSES:
Investment advisory fees		136,833
Distribution fees Class II Shares		163,916
Administrative services fees Class I Shares		1,435
Administrative services fees Class II Shares		33,037
Custodian fees		1,733
Trustee fees		2,682
Compliance program costs (Note 3)		999
Professional fees		11,980
Printing fees		7,727
Other		5,749
Total expenses before earnings credit and expense waived		366,091
Earnings credit (Note 4)		(4	)
Distribution fees voluntarily waived-Class II		(104,908	)
Net Expenses		261,179
NET INVESTMENT INCOME		916,071
Net realized losses from investment transactions with affiliates		(6,695,512	)
Net change in unrealized appreciation/(depreciation) from investments in affiliates		19,161,104
Net realized/unrealized gains from affiliated investments		12,465,592
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,381,663

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statements of Changes in Net Assets

	NVIT Cardinal Moderately Aggressive Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
Operations:
Net investment income	$	916,071		$	641,930
Net realized gains (losses) from investment transactions		(6,695,512	)		896,186
Net change in unrealized appreciation/(depreciation) from investments		19,161,104			(24,688,109	)
Change in net assets resulting from operations		13,381,663			(23,149,993	)
Distributions to Shareholders From:
Net investment income:
Class I		(42,598	)		(53,412	)
Class II		(887,309	)		(1,046,107	)
Net realized gains:
Class I		–			(55,015	)
Class II		–			(1,075,868	)
Tax return of capital:
Class I		–			(721	)
Class II		–			(13,446	)
Change in net assets from shareholder distributions		(929,907	)		(2,244,569	)
Change in net assets from capital transactions		51,542,892			128,336,925
Change in net assets		63,994,648			102,942,363
Net Assets:
Beginning of period		102,942,363			–
End of period	$	166,937,011		$	102,942,363
Accumulated net investment income (loss) at end of period	$	(13,836	)	$	–
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	3,334,419		$	7,181,820
Dividends reinvested		42,598			109,148
Cost of shares redeemed		(1,281,408	)		(1,070,078	)
Total Class I		2,095,609			6,220,890
Class II Shares
Proceeds from shares issued		54,220,386			122,134,685
Dividends reinvested		887,309			2,135,421
Cost of shares redeemed		(5,660,412	)		(2,154,071	)
Total Class II		49,447,283			122,116,035
Change in net assets from capital transactions	$	51,542,892		$	128,336,925
SHARE TRANSACTIONS:
Class I Shares
Issued		485,779			804,366
Reinvested		5,979			14,828
Redeemed		(190,310	)		(123,490	)
Total Class I Shares		301,448			695,704

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

	NVIT Cardinal Moderately Aggressive Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
SHARE TRANSACTIONS: (continued)
Class II Shares
Issued		8,136,222			13,818,924
Reinvested		124,627			289,549
Redeemed		(781,311	)		(269,960	)
Total Class II Shares		7,479,538			13,838,513
Total change in shares		7,780,986			14,534,217

(a) For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

NVIT Cardinal Moderately Aggressive Fund

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Return		Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			of capital		Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	7	.08		0	.05		0	.40		0	.45		(0	.05)		–			–		(0	.05)	$	7	.48		6	.32%	$	7,461,356		0	.30%		1	.49%		0	.30%		8	.98%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.10		(2	.81)		(2	.71)		(0	.13)		(0	.08)		–		(0	.21)	$	7	.08		(27	.24%)	$	4,927,688		0	.28%		1	.52%		0	.36%		13	.38%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	7	.08		0	.05		0	.39		0	.44		(0	.04)		–			–		(0	.04)	$	7	.48		6	.28%	$	159,475,655		0	.38%		1	.33%		0	.54%		8	.98%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.10		(2	.81)		(2	.71)		(0	.13)		(0	.08)		–		(0	.21)	$	7	.08		(27	.26%)	$	98,014,675		0	.39%		1	.68%		0	.60%		13	.38%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	Per share calculations were performed using average shares method.
(f)	For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Cardinal^SM Moderately Aggressive Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. The Trust’s prospectus provides a description of each Fund’s investment objective, policies and strategies.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values (“NAV“s) as reported by the Underlying Funds.

The following are the Valuation policies of the Underlying Funds:

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Investments held by money market funds are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security. A money market fund’s use of amortized cost is subject to compliance with certain conditions as specified by Rule 2a-7 of the 1940 Act.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

12 Semiannual Report 2009

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

		Level 2 — Other
	Level 1 — Quoted	Significant		Level 3 — Significant
	Prices	Observable Inputs		Unobservable Inputs		Total
Asset Type	Investments	Investments		Investments		Investments
Mutual Funds	$166,997,551	$	—	$	—	$	166,997,551

Amounts designated as “—” are zero.

(b)        Credit Derivatives

The following describes the Underlying Funds’ accounting policies applicable to credit derivatives:

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Forward Foreign Currency Contracts

The following describes the Underlying Funds’ accounting policies applicable to forward foreign currency contracts:

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(d)        Futures Contracts

The following describes the Underlying Funds’ accounting policies applicable to futures contracts:

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the contract amount. Subsequent payments, known as “variation margin” payments, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets.

(e)        Repurchase Agreements

The following describes the Underlying Funds’ accounting policies applicable to repurchase agreements:

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty. As of June 30, 2009, the Fund did not hold any repurchase agreements.

(f)        Foreign Currency Transactions

The following describes the Underlying Funds’ accounting policies applicable to foreign currency transactions:

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(g)        Mortgage Dollar Rolls

The following describes the Underlying Funds’ accounting policies applicable to mortgage dollar rolls:

The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed

14 Semiannual Report 2009

securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Mortgage dollar roll investments entail risks related to the potential inability of counterparties to complete the transaction, which may be heightened because of the delayed payment date. Income is generated as consideration for entering into mortgage dollar rolls and is included in interest income on the Statement of Operations.

(h)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(i)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund’s receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

(j)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(k)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(l)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.20%

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.25% for the Fund’s Class I and Class II shares until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreements at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class

16 Semiannual Report 2009

making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

For the Period Ended		Six Months Ended
December 31, 2008 (a)		June 30, 2009
Amount		Amount
$	19,616	$	—

(a) For the period March 28, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI. The Trust and NFD have entered into a written contract waiving 0.16% of these fees for Class II shares of the Fund until at least May 1, 2010.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I and Class II of the Fund.

For the six months ended June 30, 2009, NFS received $31,508 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $999.

The Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling Underlying Fund shares. However, the Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management fees of the Underlying Funds and short-term investments the Underlying Funds holds. These expenses are deducted from each of the Underlying Fund’s net assets before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the Underlying Funds.

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $63,846,848 and sales of $12,283,096 (excluding short-term securities).

6. Portfolio Investment Risks from Underlying Funds

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust

18 Semiannual Report 2009

enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	177,739,461	$	1,309,643	$	(12,051,553)	$	(10,741,910)

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 19

Supplemental Information

(Unaudited)

A. Renewal of Advisory Agreement

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA” or the “Adviser”), must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement.

In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement, and (v) information from the Adviser describing ancillary benefits. The Trustees also noted the compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s portfolio management capabilities and NFA’s ability to supervise the Fund’s other service providers. The Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by NFA in the past, and NFA’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

20 Semiannual Report 2009

NVIT Cardinal Moderately Aggressive Fund

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the three- and six-month periods ended September 30, 2008, the Fund’s performance for Class II shares was in the fifth quintile of its peer group. The Trustees also noted that, for the three-month period ended September 30, 2008, the Fund underperformed its benchmark, which is a 55%/25%/20% blend of the DJ Wilshire 5000 Index, the MSCI EAFE Index, and the Barclays Capital U.S. Aggregate Bond Index, but that for the six-month period ended September 30, 2008, the Fund outperformed the benchmark. In this regard, it was noted that the Fund’s peer group included other NVIT mixed-asset target allocation funds and that the Fund’s benchmark may better reflect the Fund’s relative performance. The Trustees noted that it was difficult to assess the performance of the Fund due to its short performance history.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares and total expenses for Class II shares were in the second quintile of its peer group. The Trustees also noted that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses significantly below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

2009 Semiannual Report 21

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

22 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3 , Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3 , and is a Senior Vice President of NFS3 . From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3 , a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3 . From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3 .		N/A	N/A

24 Semiannual Report 2009

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3 .		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3 . From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 25

NVIT Cardinal^sm Capital Appreciation Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
6	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements
20	Supplemental Information
22	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-CD-CAP (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets — particularly those in some emerging market countries — are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

The NVIT Cardinal Funds and the NVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of these funds, each investor is indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds.

Asset allocation is the process of spreading assets across several different investment styles and asset classes. The purpose is potentially to reduce long-term risk and capture potential profits across various asset classes.

There is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved, nor that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

Each Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, each Fund’s underlying funds may be subject to specific investment risks such as those associated with: (i) bonds and short-term instruments, (ii) small companies, (iii) mid-sized companies, (iv) international securities, (v) real estate investment trusts (REITs), and (vi) initial public offerings (IPOs).

Day-to-day market activity will likely cause a Fund’s asset allocations to fluctuate from the stated target. Under ordinary circumstances, the Adviser will periodically rebalance the assets of each Fund in order to conform its actual allocations to those stated in the then-current prospectus. The asset class target allocations are subject to change at any time and without notice.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Cardinal Capital Appreciation Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Cardinal Capital Appreciation Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class I	Actual			1,000.00		1,060.50		1.53		0.30
	Hypothetical	c		1,000.00		1,023.17		1.51		0.30
Class II	Actual			1,000.00		1,060.20		1.94		0.38
	Hypothetical	c		1,000.00		1,022.77		1.91		0.38

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Cardinal Capital Appreciation Fund

June 30, 2009 (Unaudited)

Asset Allocation
Equity Funds	69	.9%
Fixed Income Funds	27	.1%
Money Market Fund	3	.0%
Liabilities in excess of other assets	0	.0%
	100	.0%

Top Holdings
NVIT Multi-Manager Large Cap Value Fund, Class Y	16	.0%
NVIT Multi-Manager Large Cap Growth Fund, Class Y	15	.9%
NVIT Core Bond Fund, Class Y	10	.1%
NVIT Core Plus Bond Fund, Class Y	10	.0%
NVIT Multi-Manager International Growth Fund, Class Y	10	.0%
NVIT Multi-Manager International Value Fund, Class Y	10	.0%
NVIT Short-Term Bond Fund, Class Y	7	.0%
NVIT Multi-Manager Mid Cap Growth Fund, Class Y	6	.5%
NVIT Multi-Manager Mid Cap Value Fund, Class Y	6	.5%
NVIT Money Market Fund, Class Y	3	.0%
Other Holdings	5	.0%
	100	.0%

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Cardinal Capital Appreciation Fund

Mutual Funds 100.0% (a)
	Shares		Market Value
Equity Funds 69.9%
NVIT Multi-Manager International Growth Fund, Class Y	3,978,049	$	27,806,562
NVIT Multi-Manager International Value Fund, Class Y	3,458,032		27,802,575
NVIT Multi-Manager Large Cap Growth Fund, Class Y	6,189,112		44,499,718
NVIT Multi-Manager Large Cap Value Fund, Class Y	6,493,608		44,546,152
NVIT Multi-Manager Mid Cap Growth Fund, Class Y	2,604,091		18,124,475
NVIT Multi-Manager Mid Cap Value Fund, Class Y	2,466,676		18,105,400
NVIT Multi-Manager Small Cap Growth Fund, Class Y	548,263		5,592,287
NVIT Multi-Manager Small Cap Value Fund, Class Y	849,815		5,583,285
NVIT Multi-Manager Small Company Fund, Class Y	241,547		2,797,116
Total Equity Funds (cost $201,941,471)			194,857,570
Fixed Income Funds 27.1%
NVIT Core Bond Fund, Class Y	2,782,070		28,043,270
NVIT Core Plus Bond Fund, Class Y	2,699,076		28,016,412
NVIT Short-Term Bond Fund, Class Y	1,926,427		19,630,289
Total Fixed Income Funds (cost $73,360,748)			75,689,971
Money Market Fund 3.0% (b)
NVIT Money Market Fund, Class Y, 0.12%	8,412,981		8,412,981
Total Money Market Fund (cost $8,412,981)			8,412,981
Total Investments (cost $283,715,200) (c) — 100.0%			278,960,522
Liabilities in excess of other assets — 0.0%			(89,227	)
NET ASSETS — 100.0%		$	278,871,295

(a)	Investment in affiliates.
(b)	Represents 7-day effective yield as of June 30, 2009.
(c)	See notes to financial statements for tax unrealized appreciation / (depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Cardinal
	Capital
	Appreciation Fund
Assets:
Investments in affiliates, at value (cost $283,715,200)	$	278,960,522
Dividends receivable from affiliates		749
Receivable for capital shares issued		1,372,970
Prepaid expenses and other assets		2,665
Total Assets		280,336,906
Liabilities:
Payable for investments purchased		1,372,706
Payable for capital shares redeemed		264
Accrued expenses and other payables:
Investment advisory fees		43,466
Distribution fees		19,440
Administrative services fees		10,624
Trustee fees		311
Compliance program costs (Note 3)		2,815
Professional fees		7,785
Printing fees		2,423
Other		5,777
Total Liabilities		1,465,611
Net Assets	$	278,871,295
Represented by:
Capital	$	288,055,350
Accumulated net investment loss		(22,469	)
Accumulated net realized losses from investment transactions		(4,406,908	)
Net unrealized appreciation/(depreciation) from investments in affiliates		(4,754,678	)
Net Assets	$	278,871,295
Net Assets:
Class I Shares	$	2,189,341
Class II Shares		276,681,954
Total	$	278,871,295
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		279,556
Class II Shares		35,322,752
Total		35,602,308
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	7.83
Class II Shares	$	7.83

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Cardinal
	Capital
	Appreciation Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	1,685,430
Total Income		1,685,430
EXPENSES:
Investment advisory fees		177,227
Distribution fees Class II Shares		219,011
Administrative services fees Class I Shares		506
Administrative services fees Class II Shares		44,264
Custodian fees		2,544
Trustee fees		3,326
Compliance program costs (Note 3)		1,254
Professional fees		14,863
Printing fees		8,538
Other		6,474
Total expenses before earnings credit and expenses waived		478,007
Earnings credit (Note 4)		(3	)
Distribution fees voluntarily waived-Class II		(140,168	)
Net Expenses		337,836
NET INVESTMENT INCOME		1,347,594
Net realized losses from investment transactions with affiliates		(4,406,908	)
Net change in unrealized appreciation/(depreciation) from investments in affiliates		20,248,265
Net realized/unrealized gains from investments		15,841,357
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,188,951

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statements of Changes in Net Assets

	NVIT Cardinal Capital Appreciation Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
Operations:
Net investment income	$	1,347,594		$	840,201
Net realized gains (losses) from investment transactions		(4,406,908	)		1,276,883
Net change in unrealized appreciation/(depreciation) from investments		20,248,265			(25,002,943	)
Change in net assets resulting from operations		17,188,951			(22,885,859	)
Distributions to Shareholders From:
Net investment income:
Class I		(13,986	)		(25,878	)
Class II		(1,356,077	)		(1,246,626	)
Net realized gains:
Class I		–			(18,883	)
Class II		–			(1,064,877	)
Tax return of capital:
Class I		–			(274	)
Class II		–			(14,715	)
Change in net assets from shareholder distributions		(1,370,063	)		(2,371,253	)
Change in net assets from capital transactions		146,526,785			141,782,734
Change in net assets		162,345,673			116,525,622
Net Assets:
Beginning of period		116,525,622			–
End of period	$	278,871,295		$	116,525,622
Accumulated net investment income (loss) at end of period	$	(22,469	)	$	–
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	863,382		$	2,751,348
Dividends reinvested		13,986			45,035
Cost of shares redeemed		(820,818	)		(261,297	)
Total Class I		56,550			2,535,086
Class II Shares
Proceeds from shares issued		146,001,757			137,947,805
Dividends reinvested		1,356,077			2,326,218
Cost of shares redeemed		(887,599	)		(1,026,375	)
Total Class II		146,470,235			139,247,648
Change in net assets from capital transactions	$	146,526,785		$	141,782,734
SHARE TRANSACTIONS:
Class I Shares
Issued		120,934			295,976
Reinvested		1,884			5,770
Redeemed		(114,684	)		(30,324	)
Total Class I Shares		8,134			271,422

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

	NVIT Cardinal Capital Appreciation Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
SHARE TRANSACTIONS: (continued)
Class II Shares
Issued		19,859,533			15,245,000
Reinvested		179,932			302,424
Redeemed		(124,417	)		(139,720	)
Total Class II Shares		19,915,048			15,407,704
Total change in shares		19,923,182			15,679,126

(a) For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Financial Highlights

Selected data for a share of capital outstanding throughout the periods indicated

NVIT Cardinal Capital Appreciation Fund

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Return of		Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			capital		Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)(e)	$	7	.43		0	.05		0	.40		0	.45		(0	.05)		–			–		(0	.05)	$	7	.83		6	.05%	$	2,189,341		0	.30%		1	.35%		0	.30%		4	.38%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.10		(2	.47)		(2	.37)		(0	.13)		(0	.07)		–		(0	.20)	$	7	.43		(23	.81%)	$	2,016,215		0	.27%		1	.53%		0	.34%		14	.19%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	7	.43		0	.06		0	.38		0	.44		(0	.04)		–			–		(0	.04)	$	7	.83		6	.02%	$	276,681,954		0	.38%		1	.52%		0	.54%		4	.38%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.10		(2	.47)		(2	.37)		(0	.13)		(0	.07)		–		(0	.20)	$	7	.43		(23	.84%)	$	114,509,407		0	.39%		1	.95%		0	.59%		14	.19%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	Per share calculations were performed using average shares method.
(f)	For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Cardinal^SM Capital Appreciation Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. The Trust’s prospectus provides a description of each Fund’s investment objective, policies and strategies.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values (“NAV“s) as reported by the Underlying Funds.

The following are the Valuation policies of the Underlying Funds:

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Investments held by money market funds are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security. A money market fund’s use of amortized cost is subject to compliance with certain conditions as specified by Rule 2a-7 of the 1940 Act.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

12 Semiannual Report 2009

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

		Level 2 — Other
	Level 1 — Quoted	Significant		Level 3 — Significant
	Prices	Observable Inputs		Unobservable Inputs		Total
Asset Type	Investments	Investments		Investments		Investments
Mutual Funds	$278,960,522	$	—	$	—	$	278,960,522

Amounts designated as “—” are zero.

(b)        Credit Derivatives

The following describes the Underlying Funds’ accounting policies applicable to credit derivatives:

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Forward Foreign Currency Contracts

The following describes the Underlying Funds’ accounting policies applicable to forward foreign currency contracts:

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(d)        Futures Contracts

The following describes the Underlying Funds’ accounting policies applicable to futures contracts:

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the contract amount. Subsequent payments, known as “variation margin” payments, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets.

(e)        Repurchase Agreements

The following describes the Underlying Funds’ accounting policies applicable to repurchase agreements:

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty. As of June 30, 2009, the Fund did not hold any repurchase agreements.

(f)        Foreign Currency Transactions

The following describes the Underlying Funds’ accounting policies applicable to foreign currency transactions:

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(g)        Mortgage Dollar Rolls

The following describes the Underlying Funds’ accounting policies applicable to mortgage dollar rolls:

The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed

14 Semiannual Report 2009

securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Mortgage dollar roll investments entail risks related to the potential inability of counterparties to complete the transaction, which may be heightened because of the delayed payment date. Income is generated as consideration for entering into mortgage dollar rolls and is included in interest income on the Statement of Operations.

(h)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(i)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

(j)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(k)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(l)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule		Total Fees
	All Assets		0.20%

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.25% for the Fund’s Class I and Class II shares until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreements at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class

16 Semiannual Report 2009

making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

For the Period Ended		Six Months Ended
December 31, 2008 (a)		June 30, 2009
Amount		Amount
$	19,741	$	—

(a) For the period March 28, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI. The Trust and NFD have entered into a written contract waiving 0.16% of these fees for Class II shares of the Fund until at least May 1, 2010.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I and Class II of the Fund.

For the six months ended June 30, 2009, NFS received $38,261 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $1,254.

The Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling Underlying Fund shares. However, the Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management fees of the Underlying Funds and short-term investments the Underlying Funds holds. These expenses are deducted from each of the Underlying Fund’s net assets before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the Underlying Funds.

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $154,510,660 and sales of $7,943,015 (excluding short-term securities).

6. Portfolio Investment Risks from Underlying Funds

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust

18 Semiannual Report 2009

enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	288,122,201	$	2,329,223	$	(11,490,902)	$	(9,161,679)

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 19

Supplemental Information

(Unaudited)

A.  Renewal of Advisory Agreement

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA” or the “Adviser”), must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement.

In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement, and (v) information from the Adviser describing ancillary benefits. The Trustees also noted the compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s portfolio management capabilities and NFA’s ability to supervise the Fund’s other service providers. The Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by NFA in the past, and NFA’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

20 Semiannual Report 2009

NVIT Cardinal Capital Appreciation Fund

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the three- and six-month periods ended September 30, 2008, the Fund’s performance for Class II shares was in the fourth quintile of its peer group. The Trustees also noted that, for the same periods, the Fund outperformed its benchmark, which is a 50%/20%/30% blend of the DJ Wilshire 5000 Index, the MSCI EAFE Index, and the Barclays Capital U.S. Aggregate Bond Index. In this regard, it was noted that the Fund’s peer group included other NVIT mixed-asset target allocation funds and that the Fund’s benchmark may better reflect the Fund’s relative performance. The Trustees also noted that it was difficult to assess the performance of the Fund due to its short performance history.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares and total expenses for Class II shares were in the second quintile of its peer group. The Trustees also noted that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses significantly below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

2009 Semiannual Report 21

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

22 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3 , Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3 , and is a Senior Vice President of NFS3 . From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3 , a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3 . From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3 .		N/A	N/A

24 Semiannual Report 2009

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3 .		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3 . From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 25

NVIT Cardinal^sm Moderate Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
6	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements
20	Supplemental Information
22	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-CD-MOD (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets — particularly those in some emerging market countries — are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

The NVIT Cardinal Funds and the NVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of these funds, each investor is indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds.

Asset allocation is the process of spreading assets across several different investment styles and asset classes. The purpose is potentially to reduce long-term risk and capture potential profits across various asset classes.

There is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved, nor that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

Each Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, each Fund’s underlying funds may be subject to specific investment risks such as those associated with: (i) bonds and short-term instruments, (ii) small companies, (iii) mid-sized companies, (iv) international securities, (v) real estate investment trusts (REITs), and (vi) initial public offerings (IPOs).

Day-to-day market activity will likely cause a Fund’s asset allocations to fluctuate from the stated target. Under ordinary circumstances, the Adviser will periodically rebalance the assets of each Fund in order to conform its actual allocations to those stated in the then-current prospectus. The asset class target allocations are subject to change at any time and without notice.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Cardinal Moderate Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Cardinal Moderate Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class I	Actual			1,000.00		1,059.40		1.53		0.30
	Hypothetical	c		1,000.00		1,023.17		1.51		0.30
Class II	Actual			1,000.00		1,059.20		1.99		0.39
	Hypothetical	c		1,000.00		1,022.72		1.96		0.39

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Cardinal Moderate Fund

June 30, 2009 (Unaudited)

Asset Allocation
Equity Funds	59	.8%
Fixed Income Funds	35	.2%
Money Market Fund	5	.0%
Liabilities in excess of other assets	0	.0%
	100	.0%

Top Holdings
NVIT Multi-Manager Large Cap Value Fund, Class Y	14	.9%
NVIT Multi-Manager Large Cap Growth Fund, Class Y	14	.9%
NVIT Core Bond Fund, Class Y	12	.6%
NVIT Core Plus Bond Fund, Class Y	12	.6%
NVIT Short-Term Bond Fund, Class Y	10	.0%
NVIT Multi-Manager International Growth Fund, Class Y	7	.5%
NVIT Multi-Manager International Value Fund, Class Y	7	.5%
NVIT Money Market Fund, Class Y	5	.0%
NVIT Multi-Manager Mid Cap Growth Fund, Class Y	5	.0%
NVIT Multi-Manager Mid Cap Value Fund, Class Y	5	.0%
Other Holdings	5	.0%
	100	.0%

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Cardinal Moderate Fund

Mutual Funds 100.0% (a)
	Shares		Market Value
Equity Funds 59.8%
NVIT Multi-Manager International Growth Fund, Class Y	2,953,056	$	20,641,859
NVIT Multi-Manager International Value Fund, Class Y	2,567,030		20,638,923
NVIT Multi-Manager Large Cap Growth Fund, Class Y	5,743,023		41,292,336
NVIT Multi-Manager Large Cap Value Fund, Class Y	6,025,574		41,335,435
NVIT Multi-Manager Mid Cap Growth Fund, Class Y	1,982,686		13,799,498
NVIT Multi-Manager Mid Cap Value Fund, Class Y	1,878,061		13,784,971
NVIT Multi-Manager Small Cap Growth Fund, Class Y	542,664		5,535,170
NVIT Multi-Manager Small Cap Value Fund, Class Y	841,135		5,526,257
NVIT Multi-Manager Small Company Fund, Class Y	239,080		2,768,548
Total Equity Funds (cost $166,972,583)			165,322,997
Fixed Income Funds 35.2%
NVIT Core Bond Fund, Class Y	3,442,072		34,696,087
NVIT Core Plus Bond Fund, Class Y	3,339,388		34,662,848
NVIT Short-Term Bond Fund, Class Y	2,723,932		27,756,869
Total Fixed Income Funds (cost $94,058,342)			97,115,804
Money Market Fund 5.0% (b)
NVIT Money Market Fund, Class Y, 0.12%	13,878,435		13,878,435
Total Money Market Fund (cost $13,878,435)			13,878,435
Total Investments (cost $274,909,360) (c) — 100.0%			276,317,236
Liabilities in excess of other assets — 0.0%			(86,543	)
NET ASSETS — 100.0%		$	276,230,693

(a)	Investment in affiliates.
(b)	Represents 7-day effective yield as of June 30, 2009.
(c)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Cardinal
	Moderate Fund
Assets:
Investments in affiliates, at value (cost $274,909,360)	$	276,317,236
Dividends receivable from affiliates		1,243
Receivable for capital shares issued		1,288,880
Prepaid expenses and other assets		2,707
Total Assets		277,610,066
Liabilities:
Payable for investments purchased		1,288,788
Payable for capital shares redeemed		92
Accrued expenses and other payables:
Investment advisory fees		42,718
Distribution fees		18,992
Administrative services fees		10,353
Trustee fees		262
Compliance program costs (Note 3)		2,672
Professional fees		7,257
Printing fees		2,770
Other		5,469
Total Liabilities		1,379,373
Net Assets	$	276,230,693
Represented by:
Capital	$	279,599,947
Accumulated net investment loss		(22,188	)
Accumulated net realized losses from investment transactions		(4,754,942	)
Net unrealized appreciation/(depreciation) from investments in affiliates		1,407,876
Net Assets	$	276,230,693
Net Assets:
Class I Shares	$	3,868,530
Class II Shares		272,362,163
Total	$	276,230,693
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		472,425
Class II Shares		33,286,594
Total		33,759,019
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	8.19	(a)
Class II Shares	$	8.18

(a) NAV shown differs from traded NAV at June 30, 2009 due to financial statement adjustments.

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Cardinal
	Moderate Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	1,688,269
Total Income		1,688,269
EXPENSES:
Investment advisory fees		175,902
Distribution fees Class II Shares		215,933
Administrative services fees Class I Shares		793
Administrative services fees Class II Shares		43,637
Custodian fees		2,122
Trustee fees		3,241
Compliance program costs (Note 3)		1,246
Professional fees		14,457
Printing fees		9,254
Other		6,371
Total expenses before earnings credit and expenses waived		472,956
Earnings credit (Note 4)		(3	)
Distribution fees voluntarily waived-Class II		(138,198	)
Net Expenses		334,755
NET INVESTMENT INCOME		1,353,514
Net realized losses from investment transactions with affiliates		(4,754,942	)
Net change in unrealized appreciation/(depreciation) from investments in affiliates		19,799,693
Net realized/unrealized gains from affiliated investments		15,044,751
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,398,265

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statements of Changes in Net Assets

	NVIT Cardinal Moderate Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
Operations:
Net investment income	$	1,353,514		$	900,496
Net realized gains (losses) from investment transactions		(4,754,942	)		883,146
Net change in unrealized appreciation/(depreciation) from investments		19,799,693			(18,391,817	)
Change in net assets resulting from operations		16,398,265			(16,608,175	)
Distributions to Shareholders From:
Net investment income:
Class I		(23,129	)		(34,267	)
Class II		(1,352,573	)		(1,149,959	)
Net realized gains:
Class I		–			(19,629	)
Class II		–			(710,214	)
Tax return of capital:
Class I		–			(348	)
Class II		–			(12,091	)
Change in net assets from shareholder distributions		(1,375,702	)		(1,926,508	)
Change in net assets from capital transactions		147,325,678			132,417,135
Change in net assets		162,348,241			113,882,452
Net Assets:
Beginning of period		113,882,452			–
End of period	$	276,230,693		$	113,882,452
Accumulated net investment income (loss) at end of period	$	(22,188	)	$	–
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,819,617		$	3,900,358
Dividends reinvested		23,129			54,244
Cost of shares redeemed		(1,153,891	)		(460,816	)
Total Class I		688,855			3,493,786
Class II Shares
Proceeds from shares issued		148,167,852			127,432,329
Dividends reinvested		1,352,573			1,872,264
Cost of shares redeemed		(2,883,602	)		(381,244	)
Total Class II		146,636,823			128,923,349
Change in net assets from capital transactions	$	147,325,678		$	132,417,135
SHARE TRANSACTIONS:
Class I Shares
Issued		234,356			435,786
Reinvested		2,955			6,755
Redeemed		(152,702	)		(54,725	)
Total Class I Shares		84,609			387,816

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

	NVIT Cardinal Moderate Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
SHARE TRANSACTIONS: (continued)
Class II Shares
Issued		19,232,057			14,066,682
Reinvested		171,602			234,731
Redeemed		(374,484	)		(43,994	)
Total Class II Shares		19,029,175			14,257,419
Total change in shares		19,113,784			14,645,235

(a) For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT Cardinal Moderate Fund

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Return of		Total			Value, End			Total			at End		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			capital		Distributions			of Period			Return (a)			of Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)(e)	$	7	.78		0	.06		0	.40		0	.46		(0	.05)		–			–		(0	.05)	$	8	.19		5	.94%	$	3,868,530		0	.30%		1	.45%		0	.30%		5	.51%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.11		(2	.15)		(2	.04)		(0	.13)		(0	.05)		–		(0	.18)	$	7	.78		(20	.45%)	$	3,018,008		0	.27%		2	.08%		0	.36%		13	.37%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)(e)	$	7	.77		0	.06		0	.40		0	.46		(0	.05)		–			–		(0	.05)	$	8	.18		5	.92%	$	272,362,163		0	.39%		1	.53%		0	.55%		5	.51%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.11		(2	.16)		(2	.05)		(0	.13)		(0	.05)		–		(0	.18)	$	7	.78		(20	.48%)	$	110,864,444		0	.39%		2	.28%		0	.59%		13	.37%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	Per share calculations were performed using average shares method.
(f)	For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Cardinal^SM Moderate Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. The Trust’s prospectus provides a description of each Fund’s investment objective, policies and strategies.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values (“NAV“s) as reported by the Underlying Funds.

The following are the Valuation policies of the Underlying Funds:

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Investments held by money market funds are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security. A money market fund’s use of amortized cost is subject to compliance with certain conditions as specified by Rule 2a-7 of the 1940 Act.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

12 Semiannual Report 2009

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

		Level 2 — Other
	Level 1 — Quoted	Significant		Level 3 — Significant
	Prices	Observable Inputs		Unobservable Inputs		Total
Asset Type	Investments	Investments		Investments		Investments
Mutual Funds	$276,317,236	$	—	$	—	$	276,317,236

Amounts designated as “—” are zero.

(b)        Credit Derivatives

The following describes the Underlying Funds’ accounting policies applicable to credit derivatives:

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Forward Foreign Currency Contracts

The following describes the Underlying Funds’ accounting policies applicable to forward foreign currency contracts:

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(d)        Futures Contracts

The following describes the Underlying Funds’ accounting policies applicable to futures contracts:

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the contract amount. Subsequent payments, known as “variation margin” payments, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets.

(e)        Repurchase Agreements

The following describes the Underlying Funds’ accounting policies applicable to repurchase agreements:

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty. As of June 30, 2009, the Fund did not hold any repurchase agreements.

(f)        Foreign Currency Transactions

The following describes the Underlying Funds’ accounting policies applicable to foreign currency transactions:

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(g)        Mortgage Dollar Rolls

The following describes the Underlying Funds’ accounting policies applicable to mortgage dollar rolls:

The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in

14 Semiannual Report 2009

the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Mortgage dollar roll investments entail risks related to the potential inability of counterparties to complete the transaction, which may be heightened because of the delayed payment date. Income is generated as consideration for entering into mortgage dollar rolls and is included in interest income on the Statement of Operations.

(h)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(i)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

(j)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(k)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(l)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.20%

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.25% for the Fund’s Class I and Class II shares until April 30, 2010.

16 Semiannual Report 2009

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreements at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

For the Period Ended		Six Months Ended
December 31, 2008 (a)		June 30, 2009
Amount		Amount
$	19,862	$	—

(a) For the period March 28, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI. The Trust and NFD have entered into a written contract waiving 0.16% of these fees for Class II shares of the Fund until at least May 1, 2010.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I and Class II of the Fund.

For the six months ended June 30, 2009, NFS received $37,866 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $1,246.

The Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling Underlying Fund shares. However, the Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management fees of the Underlying Funds and short-term investments the Underlying Funds holds. These expenses are deducted from each of the Underlying Fund’s net assets before their share prices are calculated and are in addition to the fees and

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the Underlying Funds.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $157,277,722 and sales of $9,911,921 (excluding short-term securities).

6. Portfolio Investment Risks from Underlying Funds

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

18 Semiannual Report 2009

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	279,681,643	$	4,309,332	$	(7,673,739)	$	(3,364,407)

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 19

Supplemental Information

(Unaudited)

A.  Renewal of Advisory Agreement

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA” or the “Adviser”), must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement.

In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement, and (v) information from the Adviser describing ancillary benefits. The Trustees also noted the compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s portfolio management capabilities and NFA’s ability to supervise the Fund’s other service providers. The Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by NFA in the past, and NFA’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

20 Semiannual Report 2009

NVIT Cardinal Moderate Fund

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the three-month period ended September 30, 2008, the Fund’s performance for Class II shares was in the fourth quintile of its peer group, while for the six-month period ended September 30, 2008, the Fund’s performance for Class II shares was in the second quintile of its peer group. The Trustees also noted that, for the same periods, the Fund outperformed its benchmark, which is a 45%/15%/40% blend of the DJ Wilshire 5000 Index, the MSCI EAFE Index, and the Barclays Capital U.S. Aggregate Bond Index. In this regard, it was noted that the Fund’s peer group included other NVIT mixed-asset target allocation funds and that the Fund’s benchmark may better reflect the Fund’s relative performance. The Trustees also noted that it was difficult to assess the performance of the Fund due to its short performance history.

The Trustees noted that the Fund’s contractual advisory fee and total expenses for Class II shares were in the second quintile of its peer group. The Trustees also noted that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses significantly below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

2009 Semiannual Report 21

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

22 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

24 Semiannual Report 2009

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 25

NVIT Cardinal^sm Balanced Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
6	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements
20	Supplemental Information
22	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-CD-BAL (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets — particularly those in some emerging market countries — are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

The NVIT Cardinal Funds and the NVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of these funds, each investor is indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds.

Asset allocation is the process of spreading assets across several different investment styles and asset classes. The purpose is potentially to reduce long-term risk and capture potential profits across various asset classes.

There is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved, nor that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

Each Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, each Fund’s underlying funds may be subject to specific investment risks such as those associated with: (i) bonds and short-term instruments, (ii) small companies, (iii) mid-sized companies, (iv) international securities, (v) real estate investment trusts (REITs), and (vi) initial public offerings (IPOs).

Day-to-day market activity will likely cause a Fund’s asset allocations to fluctuate from the stated target. Under ordinary circumstances, the Adviser will periodically rebalance the assets of each Fund in order to conform its actual allocations to those stated in the then-current prospectus. The asset class target allocations are subject to change at any time and without notice.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Cardinal Balanced Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Cardinal Balanced Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class I	Actual			1,000.00		1,058.60		1.53		0.30
	Hypothetical	c		1,000.00		1,023.17		1.51		0.30
Class II	Actual			1,000.00		1,058.30		1.94		0.38
	Hypothetical	c		1,000.00		1,022.77		1.91		0.38

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Cardinal Balanced Fund

June 30, 2009 (Unaudited)

Asset Allocation
Equity Funds	49	.8%
Fixed Income Funds	44	.2%
Money Market Fund	6	.0%
Liabilities in excess of other assets	0	.0%
	100	.0%

Top Holdings
NVIT Core Bond Fund, Class Y	15	.1%
NVIT Core Plus Bond Fund, Class Y	15	.0%
NVIT Short-Term Bond Fund, Class Y	14	.1%
NVIT Multi-Manager Large Cap Value Fund, Class Y	12	.4%
NVIT Multi-Manager Large Cap Growth Fund, Class Y	12	.4%
NVIT Money Market Fund, Class Y	6	.0%
NVIT Multi-Manager International Growth Fund, Class Y	6	.0%
NVIT Multi-Manager International Value Fund, Class Y	6	.0%
NVIT Multi-Manager Mid Cap Growth Fund, Class Y	5	.0%
NVIT Multi-Manager Mid Cap Value Fund, Class Y	5	.0%
Other Holdings	3	.0%
	100	.0%

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Cardinal Balanced Fund

Mutual Funds 100.0% (a)
	Shares		Market Value
Equity Funds 49.8%
NVIT Multi-Manager International Growth Fund, Class Y	2,324,929	$	16,251,254
NVIT Multi-Manager International Value Fund, Class Y	2,020,989		16,248,751
NVIT Multi-Manager Large Cap Growth Fund, Class Y	4,709,778		33,863,303
NVIT Multi-Manager Large Cap Value Fund, Class Y	4,941,480		33,898,553
NVIT Multi-Manager Mid Cap Growth Fund, Class Y	1,951,157		13,580,051
NVIT Multi-Manager Mid Cap Value Fund, Class Y	1,848,201		13,565,793
NVIT Multi-Manager Small Cap Growth Fund, Class Y	267,015		2,723,553
NVIT Multi-Manager Small Cap Value Fund, Class Y	413,878		2,719,180
NVIT Multi-Manager Small Company Fund, Class Y	235,276		2,724,498
Total Equity Funds (cost $137,584,064)			135,574,936
Fixed Income Funds 44.2%
NVIT Core Bond Fund, Class Y	4,064,739		40,972,572
NVIT Core Plus Bond Fund, Class Y	3,943,490		40,933,426
NVIT Short-Term Bond Fund, Class Y	3,752,803		38,241,067
Total Fixed Income Funds (cost $115,856,447)			120,147,065
Money Market Fund 6.0%(b)
NVIT Money Market Fund, Class Y, 0.12%	16,389,029		16,389,029
Total Money Market Fund (cost $16,389,029)			16,389,029
Total Investments (cost $269,829,540) (c) — 100.0%			272,111,030
Liabilities in excess of other assets — 0.0%			(87,416	)
NET ASSETS — 100.0%		$	272,023,614

(a)	Investment in affiliates.
(b)	Represents 7-day effective yield as of June 30, 2009.
(c)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Cardinal
	Balanced Fund
Assets:
Investments in affiliates, at value (cost $269,829,540)	$	272,111,030
Dividends receivable from affiliates		1,495
Receivable for capital shares issued		1,994,130
Prepaid expenses and other assets		3,397
Total Assets		274,110,052
Liabilities:
Payable for investments purchased		1,993,956
Payable for capital shares redeemed		173
Accrued expenses and other payables:
Investment advisory fees		42,916
Distribution fees		19,225
Administrative services fees		10,086
Trustee fees		345
Compliance program costs (Note 3)		3,307
Professional fees		8,155
Printing fees		1,685
Other		6,590
Total Liabilities		2,086,438
Net Assets	$	272,023,614
Represented by:
Capital	$	274,441,580
Accumulated net investment loss		(21,959	)
Accumulated net realized losses from investment transactions		(4,677,497	)
Net unrealized appreciation/(depreciation) from investments in affiliates		2,281,490
Net Assets	$	272,023,614
Net Assets:
Class I Shares	$	1,425,627
Class II Shares		270,597,987
Total	$	272,023,614
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		166,962
Class II Shares		31,715,317
Total		31,882,279
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	8.54
Class II Shares	$	8.53

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Cardinal
	Balanced Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	1,830,479
Total Income		1,830,479
EXPENSES:
Investment advisory fees		201,301
Distribution fees Class II Shares		249,716
Administrative services fees Class I Shares		382
Administrative services fees Class II Shares		50,371
Custodian fees		2,645
Trustee fees		3,955
Compliance program costs (Note 3)		1,548
Professional fees		17,468
Printing fees		8,653
Other		7,418
Total expenses before earnings credit and expenses waived		543,457
Earnings credit (Note 4)		(3	)
Distribution fees voluntarily waived-Class II		(159,820	)
Net Expenses		383,634
NET INVESTMENT INCOME		1,446,845
Net realized losses from investment transactions with affiliates		(4,677,497	)
Net change in unrealized appreciation/(depreciation) from investments in affiliates		18,930,664
Net realized/unrealized gains from affiliated investments		14,253,167
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,700,012

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statements of Changes in Net Assets

	NVIT Cardinal Balanced Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
Operations:
Net investment income	$	1,446,845		$	1,238,169
Net realized gains (losses) from investment transactions		(4,677,497	)		798,261
Net change in unrealized appreciation/(depreciation) from investments		18,930,664			(16,649,174	)
Change in net assets resulting from operations		15,700,012			(14,612,744	)
Distributions to Shareholders From:
Net investment income:
Class I		(10,509	)		(22,346	)
Class II		(1,458,295	)		(1,474,944	)
Net realized gains:
Class I		–			(8,506	)
Class II		–			(676,005	)
Tax return of capital:
Class I		–			(190	)
Class II		–			(14,503	)
Change in net assets from shareholder distributions		(1,468,804	)		(2,196,494	)
Change in net assets from capital transactions		111,127,907			163,473,737
Change in net assets		125,359,115			146,664,499
Net Assets:
Beginning of period		146,664,499			–
End of period	$	272,023,614		$	146,664,499
Accumulated net investment income (loss) at end of period	$	(21,959	)	$	–
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	554,053		$	2,391,945
Dividends reinvested		10,509			31,042
Cost of shares redeemed		(976,548	)		(382,941	)
Total Class I		(411,986	)		2,040,046
Class II Shares
Proceeds from shares issued		110,799,047			160,063,890
Dividends reinvested		1,458,295			2,165,452
Cost of shares redeemed		(717,449	)		(795,651	)
Total Class II		111,539,893			161,433,691
Change in net assets from capital transactions	$	111,127,907		$	163,473,737
SHARE TRANSACTIONS:
Class I Shares
Issued		70,640			259,413
Reinvested		1,293			3,703
Redeemed		(122,683	)		(45,404	)
Total Class I Shares		(50,750	)		217,712

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

	NVIT Cardinal Balanced Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
SHARE TRANSACTIONS: (continued)
Class II Shares
Issued		13,774,809			17,691,746
Reinvested		177,295			262,700
Redeemed		(92,938	)		(98,295	)
Total Class II Shares		13,859,166			17,856,151
Total change in shares		13,808,416			18,073,863

(a)  For the period from March 28, 2008 (commencement of operations) through December 31, 2008.
The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT Cardinal Balanced Fund

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Return of		Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			capital		Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	8	.12		0	.05		0	.42		0	.47		(0	.05)		–			–		(0	.05)	$	8	.54		5	.86%	$	1,425,627		0	.30%		1	.38%		0	.30%		4	.98%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.12		(1	.82)		(1	.70)		(0	.14)		(0	.04)		–		(0	.18)	$	8	.12		(17	.10%)	$	1,767,818		0	.26%		1	.90%		0	.34%		13	.21%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	8	.11		0	.06		0	.41		0	.47		(0	.05)		–			–		(0	.05)	$	8	.53		5	.83%	$	270,597,987		0	.38%		1	.43%		0	.54%		4	.98%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.12		(1	.83)		(1	.71)		(0	.14)		(0	.04)		–		(0	.18)	$	8	.11		(17	.23%)	$	144,896,681		0	.39%		2	.73%		0	.59%		13	.21%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	Per share calculations were performed using average shares method.
(f)	For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Cardinal^SM Balanced Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. The Trust’s prospectus provides a description of each Fund’s investment objective, policies and strategies.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values (“NAV“s) as reported by the Underlying Funds.

The following are the Valuation policies of the Underlying Funds:

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Investments held by money market funds are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security. A money market fund’s use of amortized cost is subject to compliance with certain conditions as specified by Rule 2a-7 of the 1940 Act.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

12 Semiannual Report 2009

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
	Prices		Observable Inputs		Unobservable Inputs		Total
Asset Type	Investments		Investments		Investments		Investments
Mutual Funds	$	272,111,030	$	—	$	—	$	272,111,030

Amounts designated as “—” are zero.

(b)        Credit Derivatives

The following describes the Underlying Funds’ accounting policies applicable to credit derivatives:

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Forward Foreign Currency Contracts

The following describes the Underlying Funds’ accounting policies applicable to forward foreign currency contracts:

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(d)        Futures Contracts

The following describes the Underlying Funds’ accounting policies applicable to futures contracts:

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the contract amount. Subsequent payments, known as “variation margin” payments, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets.

(e)        Repurchase Agreements

The following describes the Underlying Funds’ accounting policies applicable to repurchase agreements:

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty. As of June 30, 2009, the Fund did not hold any repurchase agreements.

(f)        Foreign Currency Transactions

The following describes the Underlying Funds’ accounting policies applicable to foreign currency transactions:

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(g)        Mortgage Dollar Rolls

The following describes the Underlying Funds’ accounting policies applicable to mortgage dollar rolls:

The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed

14 Semiannual Report 2009

securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Mortgage dollar roll investments entail risks related to the potential inability of counterparties to complete the transaction, which may be heightened because of the delayed payment date. Income is generated as consideration for entering into mortgage dollar rolls and is included in interest income on the Statement of Operations.

(h)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(i)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

(j)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(k)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(l)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.20%

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.25% for the Fund’s Class I and Class II shares until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreements at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class

16 Semiannual Report 2009

making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

For the Period Ended		Six Months Ended
December 31, 2008 (a)		June 30, 2009
Amount		Amount
$	19,606	$	—

(a) For the period March 28, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI. The Trust and NFD have entered into a written contract waiving 0.16% of these fees for Class II shares of the Fund until at least May 1, 2010.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I and Class II of the Fund.

For the six months ended June 30, 2009, NFS received $45,339 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $1,548.

The Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling Underlying Fund shares. However, the Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management fees of the Underlying Funds and short-term investments the Underlying Funds holds. These expenses are deducted from each of the Underlying Fund’s net assets before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the Underlying Funds.

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $121,316,431 and sales of $10,160,066 (excluding short-term securities).

6. Portfolio Investment Risks from Underlying Funds

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust

18 Semiannual Report 2009

enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	274,507,037	$	5,354,358	$	(7,750,365)	$	(2,396,007)

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 19

Supplemental Information

(Unaudited)

A. Renewal of Advisory Agreement

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA” or the “Adviser”), must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement.

In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement, and (v) information from the Adviser describing ancillary benefits. The Trustees also noted the compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s portfolio management capabilities and NFA’s ability to supervise the Fund’s other service providers. The Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by NFA in the past, and NFA’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

20 Semiannual Report 2009

NVIT Cardinal Balanced Fund

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the three- and six-month periods ended September 30, 2008, the Fund’s performance for Class II shares was in the second quintile of its peer group. The Trustees also noted that, for the same periods, the Fund outperformed its benchmark, which is a 35%/15%/50% blend of the DJ Wilshire 5000 Index, the MSCI EAFE Index, and the Barclays Capital U.S. Aggregate Bond Index. In this regard, it was noted that the Fund’s peer group included other NVIT mixed-asset target allocation funds and that the Fund’s benchmark may better reflect the Fund’s relative performance. The Trustees also noted that it was difficult to assess the performance of the Fund due to its short performance history.

The Trustees noted that the Fund’s contractual advisory fee and total expenses for Class II shares were in the second quintile of its peer group. The Trustees also noted that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses significantly below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

2009 Semiannual Report 21

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

22 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund,from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen by		Directorships
Year of Birth	Time Served1	During Past 5 Years2	Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3 .		N/A	N/A

24 Semiannual Report 2009

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen by		Directorships
Year of Birth	Time Served1	During Past 5 Years2	Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3 .		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 25

NVIT Cardinal^sm Moderately Conservative Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
6	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements
20	Supplemental Information
22	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-CD-MCON (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets — particularly those in some emerging market countries — are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

The NVIT Cardinal Funds and the NVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of these funds, each investor is indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds.

Asset allocation is the process of spreading assets across several different investment styles and asset classes. The purpose is potentially to reduce long-term risk and capture potential profits across various asset classes.

There is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved, nor that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

Each Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, each Fund’s underlying funds may be subject to specific investment risks such as those associated with: (i) bonds and short-term instruments, (ii) small companies, (iii) mid-sized companies, (iv) international securities, (v) real estate investment trusts (REITs), and (vi) initial public offerings (IPOs).

Day-to-day market activity will likely cause a Fund’s asset allocations to fluctuate from the stated target. Under ordinary circumstances, the Adviser will periodically rebalance the assets of each Fund in order to conform its actual allocations to those stated in the then-current prospectus. The asset class target allocations are subject to change at any time and without notice.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Cardinal Moderately Conservative Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
NVIT Cardinal Moderately			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Conservative Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class I	Actual			1,000.00		1,056.70		1.53		0.30
	Hypothetical	c		1,000.00		1,023.17		1.51		0.30
Class II	Actual			1,000.00		1,057.60		1.99		0.39
	Hypothetical	c		1,000.00		1,022.72		1.96		0.39

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Cardinal Moderately Conservative Fund

June 30, 2009 (Unaudited)

Asset Allocation
Fixed Income Funds	52	.2%
Equity Funds	39	.8%
Money Market Fund	8	.0%
Liabilities in excess of other assets	0	.0%
	100	.0%

Top Holdings
NVIT Core Bond Fund, Class Y	17.6%
NVIT Core Plus Bond Fund, Class Y	17.5%
NVIT Short-Term Bond Fund, Class Y	17.1%
NVIT Multi-Manager Large Cap Value Fund, Class Y	9.9%
NVIT Multi-Manager Large Cap Growth Fund, Class Y	9.9%
NVIT Money Market Fund, Class Y	8.0%
NVIT Multi-Manager Mid Cap Growth Fund, Class Y	5.0%
NVIT Multi-Manager Mid Cap Value Fund, Class Y	5.0%
NVIT Multi-Manager International Growth Fund, Class Y	5.0%
NVIT Multi-Manager International Value Fund, Class Y	5.0%
	100.0%

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Cardinal Moderately Conservative Fund

Mutual Funds 100.0% (a)
	Shares		Market Value
Equity Funds 39.8%
NVIT Multi-Manager International Growth Fund, Class Y	710,040	$	4,963,182
NVIT Multi-Manager International Value Fund, Class Y	617,186		4,962,177
NVIT Multi-Manager Large Cap Growth Fund, Class Y	1,380,754		9,927,620
NVIT Multi-Manager Large Cap Value Fund, Class Y	1,448,665		9,937,839
NVIT Multi-Manager Mid Cap Growth Fund, Class Y	714,999		4,976,395
NVIT Multi-Manager Mid Cap Value Fund, Class Y	677,279		4,971,228
Total Equity Funds (cost $38,960,325)			39,738,441
Fixed Income Funds 52.2%
NVIT Core Bond Fund, Class Y	1,737,663		17,515,647
NVIT Core Plus Bond Fund, Class Y	1,685,847		17,499,096
NVIT Short-Term Bond Fund, Class Y	1,669,794		17,015,200
Total Fixed Income Funds (cost $50,341,310)			52,029,943
Money Market Fund 8.0% (b)
NVIT Money Market Fund, Class Y, 0.12%	8,007,153		8,007,153
Total Money Market Fund (cost $8,007,153)			8,007,153
Total Investments (cost $97,308,788) (c) — 100.0%			99,775,537
Liabilities in excess of other assets — 0.0%			(32,882	)
NET ASSETS — 100.0%		$	99,742,655

(a)	Investment in affiliates.
(b)	Represents 7-day effective yield as of June 30, 2009.
(c)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT
	Cardinal Moderately
	Conservative Fund
Assets:
Investments in affiliates, at value (cost $97,308,788)	$	99,775,537
Dividends receivable from affiliates		715
Receivable for capital shares issued		1,839,957
Prepaid expenses and other assets		1,053
Total Assets		101,617,262
Liabilities:
Payable for investments purchased		1,825,778
Payable for capital shares redeemed		14,178
Accrued expenses and other payables:
Investment advisory fees		15,897
Distribution fees		6,689
Administrative services fees		3,626
Trustee fees		106
Compliance program costs (Note 3)		1,036
Professional fees		2,666
Printing fees		1,659
Other		2,972
Total Liabilities		1,874,607
Net Assets	$	99,742,655
Represented by:
Capital	$	98,987,416
Accumulated net investment loss		(7,932	)
Accumulated net realized losses from investment transactions		(1,703,578	)
Net unrealized appreciation/(depreciation) from investments in affiliates		2,466,749
Net Assets	$	99,742,655
Net Assets:
Class I Shares	$	1,122,148
Class II Shares		98,620,507
Total	$	99,742,655
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		126,156
Class II Shares		11,086,269
Total		11,212,425
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	8.89
Class II Shares	$	8.90	(a)

(a) NAV shown differs from traded NAV at June 30, 2009 due to financial statement adjustments.

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT
	Cardinal Moderately
	Conservative Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	645,211
Total Income		645,211
EXPENSES:
Investment advisory fees		64,831
Distribution fees Class II Shares		79,497
Administrative services fees Class I Shares		309
Administrative services fees Class II Shares		16,050
Custodian fees		660
Trustee fees		1,250
Compliance program costs (Note 3)		478
Professional fees		5,564
Printing fees		5,823
Other		3,775
Total expenses before earnings credit and expenses waived/reimbursed		178,237
Earnings credit (Note 4)		(2	)
Distribution fees voluntarily waived-Class II		(50,879	)
Expenses reimbursed by Adviser		(1,017	)
Net Expenses		126,339
NET INVESTMENT INCOME		518,872
Net realized losses from investment transactions with affiliates		(1,703,578	)
Net change in unrealized appreciation/(depreciation) from investments in affiliates		6,184,530
Net realized/unrealized gains from affiliated investments		4,480,952
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,999,824

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statements of Changes in Net Assets

	NVIT Cardinal
	Moderately Conservative Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
Operations:
Net investment income	$	518,872		$	421,070
Net realized losses from investment transactions		(1,703,578	)		(37,453	)
Net change in unrealized appreciation/(depreciation) from investments		6,184,530			(3,717,781	)
Change in net assets resulting from operations		4,999,824			(3,334,164	)
Distributions to Shareholders From:
Net investment income:
Class I		(8,770	)		(19,025	)
Class II		(518,034	)		(455,106	)
Net realized gains:
Class I		–			(4,160	)
Class II		–			(126,317	)
Tax return of capital:
Class I		–			(120	)
Class II		–			(3,505	)
Change in net assets from shareholder distributions		(526,804	)		(608,233	)
Change in net assets from capital transactions		50,401,062			48,810,970
Change in net assets		54,874,082			44,868,573
Net Assets:
Beginning of period		44,868,573			–
End of period	$	99,742,655		$	44,868,573
Accumulated net investment income (loss) at end of period	$	(7,932	)	$	–
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	534,635		$	1,644,014
Dividends reinvested		8,770			23,305
Cost of shares redeemed		(881,935	)		(75,999	)
Total Class I		(338,530	)		1,591,320
Class II Shares
Proceeds from shares issued		53,373,703			49,790,621
Dividends reinvested		518,034			584,928
Cost of shares redeemed		(3,152,145	)		(3,155,899	)
Total Class II		50,739,592			47,219,650
Change in net assets from capital transactions	$	50,401,062		$	48,810,970
SHARE TRANSACTIONS:
Class I Shares
Issued		63,506			173,657
Reinvested		1,031			2,673
Redeemed		(105,832	)		(8,879	)
Total Class I Shares		(41,295	)		167,451

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

	NVIT Cardinal
	Moderately Conservative Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
SHARE TRANSACTIONS: (continued)
Class II Shares
Issued		6,280,364			5,401,493
Reinvested		59,961			68,407
Redeemed		(381,129	)		(342,827	)
Total Class II Shares		5,959,196			5,127,073
Total change in shares		5,917,901			5,294,524

(a) For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT Cardinal Moderately Conservative Fund

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Return of		Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			capital		Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)(e)	$	8	.47		0	.06		0	.42		0	.48		(0	.06)		–			–		(0	.06)	$	8	.89		5	.67%	$	1,122,148		0	.30%		1	.41%		0	.31%		6	.87%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.13		(1	.49)		(1	.36)		(0	.14)		(0	.03)		–		(0	.17)	$	8	.47		(13	.73%)	$	1,419,127		0	.26%		2	.04%		0	.41%		22	.21%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)(e)	$	8	.47		0	.07		0	.42		0	.49		(0	.06)		–			–		(0	.06)	$	8	.90		5	.76%	$	98,620,507		0	.39%		1	.60%		0	.55%		6	.87%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.12		(1	.49)		(1	.37)		(0	.13)		(0	.03)		–		(0	.16)	$	8	.47		(13	.77%)	$	43,449,446		0	.39%		2	.97%		0	.67%		22	.21%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	Per share calculations were performed using average shares method.
(f)	For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Cardinal^SM Moderately Conservative Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. The Trust’s prospectus provides a description of each Fund’s investment objective, policies and strategies.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values (“NAV“s) as reported by the Underlying Funds.

The following are the Valuation policies of the Underlying Funds:

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Investments held by money market funds are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security. A money market fund’s use of amortized cost is subject to compliance with certain conditions as specified by Rule 2a-7 of the 1940 Act.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

12 Semiannual Report 2009

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

		Level 2 — Other
	Level 1 — Quoted	Significant		Level 3 — Significant
	Prices	Observable Inputs		Unobservable Inputs		Total
Asset Type	Investments	Investments		Investments		Investments
Mutual Funds	$99,775,537	$	—	$	—	$	99,775,537

Amounts designated as “—” are zero.

(b)        Credit Derivatives

The following describes the Underlying Funds’ accounting policies applicable to credit derivatives:

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Forward Foreign Currency Contracts

The following describes the Underlying Funds’ accounting policies applicable to forward foreign currency contracts:

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(d)        Futures Contracts

The following describes the Underlying Funds’ accounting policies applicable to futures contracts:

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the contract amount. Subsequent payments, known as “variation margin” payments, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets.

(e)        Repurchase Agreements

The following describes the Underlying Funds’ accounting policies applicable to repurchase agreements:

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty. As of June 30, 2009, the Fund did not hold any repurchase agreements.

(f)        Foreign Currency Transactions

The following describes the Underlying Funds’ accounting policies applicable to foreign currency transactions:

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(g)        Mortgage Dollar Rolls

The following describes the Underlying Funds’ accounting policies applicable to mortgage dollar rolls:

The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in

14 Semiannual Report 2009

the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Mortgage dollar roll investments entail risks related to the potential inability of counterparties to complete the transaction, which may be heightened because of the delayed payment date. Income is generated as consideration for entering into mortgage dollar rolls and is included in interest income on the Statement of Operations.

(h)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(i)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

(j)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(k)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(l)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.20%

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.25% for the Fund’s Class I and Class II shares until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreements at a date not to exceed three years from

16 Semiannual Report 2009

the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

For the Period Ended		Six Months Ended
December 31, 2008 (a)		June 30, 2009
Amount		Amount
$	18,438	$	1,017

(a) For the period March 28, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI. The Trust and NFD have entered into a written contract waiving 0.16% of these fees for Class II shares of the Fund until at least May 1, 2010.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I and Class II of the Fund.

For the six months ended June 30, 2009, NFS received $14,199 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $478.

The Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling Underlying Fund shares. However, the Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management fees of the Underlying Funds and short-term investments the Underlying Funds holds. These expenses are deducted from each of the Underlying Fund’s net assets before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the Underlying Funds.

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $55,350,406 and sales of $4,580,506 (excluding short-term securities).

6. Portfolio Investment Risks from Underlying Funds

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust

18 Semiannual Report 2009

enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	99,020,591	$	2,726,392	$	(1,971,446	)	$	754,946

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 19

Supplemental Information

(Unaudited)

A.  Renewal of Advisory Agreement

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA” or the “Adviser”), must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement.

In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement, and (v) information from the Adviser describing ancillary benefits. The Trustees also noted the compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s portfolio management capabilities and NFA’s ability to supervise the Fund’s other service providers. The Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by NFA in the past, and NFA’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

20 Semiannual Report 2009

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

NVIT Cardinal Moderately Conservative Fund

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the three- month period ended September 30, 2008, the Fund’s performance for Class II shares was in the second quintile of its peer group, and for the six-month period ended September 30, 2008, the Fund’s performance for Class II shares was in the first quintile of its peer group. The Trustees also noted that, for the same periods, the Fund outperformed its benchmark, which is a 30%/10%/60% blend of the DJ Wilshire 5000 Index, the MSCI EAFE Index, and the Barclays Capital U.S. Aggregate Bond Index. In this regard, it was noted that the Fund’s peer group included other NVIT mixed-asset target allocation funds and that the Fund’s benchmark may better reflect the Fund’s relative performance. The Trustees also noted that it was difficult to assess the performance of the Fund due to its short performance history.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was in the third quintile and slightly above the median of its peer group, while the Fund’s total expenses for Class II shares were in the third quintile of its peer group. The Trustees also noted that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses significantly below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

2009 Semiannual Report 21

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

22 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

24 Semiannual Report 2009

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 25

NVIT Cardinal^sm Conservative Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
6	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements
20	Supplemental Information
22	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-CD-CON (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets — particularly those in some emerging market countries — are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

The NVIT Cardinal Funds and the NVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of these funds, each investor is indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds.

Asset allocation is the process of spreading assets across several different investment styles and asset classes. The purpose is potentially to reduce long-term risk and capture potential profits across various asset classes.

There is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved, nor that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

Each Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, each Fund’s underlying funds may be subject to specific investment risks such as those associated with: (i) bonds and short-term instruments, (ii) small companies, (iii) mid-sized companies, (iv) international securities, (v) real estate investment trusts (REITs), and (vi) initial public offerings (IPOs).

Day-to-day market activity will likely cause a Fund’s asset allocations to fluctuate from the stated target. Under ordinary circumstances, the Adviser will periodically rebalance the assets of each Fund in order to conform its actual allocations to those stated in the then-current prospectus. The asset class target allocations are subject to change at any time and without notice.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Cardinal Conservative Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
NVIT Cardinal			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Conservative Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class I	Actual			1,000.00		1,053.50		1.58		0.31
	Hypothetical	c		1,000.00		1,023.12		1.56		0.31
Class II	Actual			1,000.00		1,052.10		1.93		0.38
	Hypothetical	c		1,000.00		1,022.77		1.91		0.38

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Cardinal Conservative Fund

June 30, 2009 (Unaudited)

Asset Allocation
Fixed Income Funds	70	.1%
Equity Funds	19	.9%
Money Market Fund	10	.0%
Liabilities in excess of other assets	0	.0%
	100	.0%

Top Holdings
NVIT Short-Term Bond Fund, Class Y	30.1%
NVIT Core Bond Fund, Class Y	20.0%
NVIT Core Plus Bond Fund, Class Y	20.0%
NVIT Money Market Fund, Class Y	10.0%
NVIT Multi-Manager Large Cap Value Fund, Class Y 5.0%
NVIT Multi-Manager Large Cap Growth Fund, Class Y 4.9%
NVIT Multi-Manager Mid Cap Growth Fund, Class Y 2.5%
NVIT Multi-Manager Mid Cap Value Fund, Class Y 2.5%
NVIT Multi-Manager International Growth Fund, Class Y 2.5%
NVIT Multi-Manager International Value Fund, Class Y 2.5%
	100.0%

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Cardinal Conservative Fund

Mutual Funds 100.0% (a)
	Shares		Market Value
Equity Funds 19.9%
NVIT Multi-Manager International Growth Fund, Class Y	486,481	$	3,400,500
NVIT Multi-Manager International Value Fund, Class Y	422,893		3,400,064
NVIT Multi-Manager Large Cap Growth Fund, Class Y	946,112		6,802,548
NVIT Multi-Manager Large Cap Value Fund, Class Y	992,663		6,809,671
NVIT Multi-Manager Mid Cap Growth Fund, Class Y	489,949		3,410,046
NVIT Multi-Manager Mid Cap Value Fund, Class Y	464,093		3,406,445
Total Equity Funds (cost $25,829,878)			27,229,274
Fixed Income Funds 70.1%
NVIT Core Bond Fund, Class Y	2,721,916		27,436,913
NVIT Core Plus Bond Fund, Class Y	2,640,708		27,410,546
NVIT Short-Term Bond Fund, Class Y	4,038,800		41,155,370
Total Fixed Income Funds (cost $93,127,524)			96,002,829
Money Market Fund 10.0% (b)
NVIT Money Market Fund, Class Y, 0.12%	13,718,457		13,718,457
Total Money Market Fund (cost $13,718,457)			13,718,457
Total Investments (cost $132,675,859) (c) — 100.0%			136,950,560
Liabilities in excess of other assets — 0.0%			(41,503	)
NET ASSETS — 100.0%		$	136,909,057

(a) Investment in affiliates.

(b)	Represents 7-day effective yield as of June 30, 2009.
(c)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Cardinal
	Conservative Fund
Assets:
Investments in affiliates, at value (cost $132,675,859)	$	136,950,560
Dividends receivable from affiliates		1,259
Receivable for capital shares issued		208,865
Prepaid expenses and other assets		1,417
Total Assets		137,162,101
Liabilities:
Payable for investments purchased		208,430
Payable for capital shares redeemed		435
Accrued expenses and other payables:
Investment advisory fees		20,694
Distribution fees		9,213
Administrative services fees		5,039
Custodian fees		109
Trustee fees		110
Compliance program costs (Note 3)		1,244
Professional fees		3,035
Printing fees		1,466
Other		3,269
Total Liabilities		253,044
Net Assets	$	136,909,057
Represented by:
Capital	$	133,727,337
Accumulated net investment loss		(10,702	)
Accumulated net realized losses from investment transactions		(1,082,279	)
Net unrealized appreciation/(depreciation) from investments in affiliates		4,274,701
Net Assets	$	136,909,057
Net Assets:
Class I Shares	$	1,436,322
Class II Shares		135,472,735
Total	$	136,909,057
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		150,547
Class II Shares		14,196,315
Total		14,346,862
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	9.54
Class II Shares	$	9.54

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Cardinal Conservative Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	913,040
Total Income		913,040
EXPENSES:
Investment advisory fees		84,068
Distribution fees Class II Shares		103,412
Administrative services fees Class I Shares		336
Administrative services fees Class II Shares		20,908
Custodian fees		552
Trustee fees		1,499
Compliance program costs (Note 3)		569
Professional fees		6,726
Printing fees		5,899
Other		4,106
Total expenses before earnings credit and expenses waived		228,075
Earnings credit (Note 4)		(2	)
Distribution fees voluntarily waived-Class II		(66,185	)
Net Expenses		161,888
NET INVESTMENT INCOME		751,152
Net realized losses from investment transactions with affiliates		(1,082,279	)
Net change in unrealized appreciation/(depreciation) from investments in affiliates		6,280,705
Net realized/unrealized gains from affiliated investments		5,198,426
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,949,578

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statements of Changes in Net Assets

	NVIT Cardinal Conservative Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
Operations:
Net investment income	$	751,152		$	554,680
Net realized losses from investment transactions		(1,082,279	)		(246,762	)
Net change in unrealized appreciation/(depreciation) from investments		6,280,705			(2,006,004	)
Change in net assets resulting from operations		5,949,578			(1,698,086	)
Distributions to Shareholders From:
Net investment income:
Class I		(11,421	)		(20,623	)
Class II		(750,433	)		(568,369	)
Net realized gains:
Class I		–			(2,337	)
Class II		–			(83,435	)
Tax return of capital:
Class I		–			(142	)
Class II		–			(4,930	)
Change in net assets from shareholder distributions		(761,854	)		(679,836	)
Change in net assets from capital transactions		80,125,863			53,973,392
Change in net assets		85,313,587			51,595,470
Net Assets:
Beginning of period		51,595,470			–
End of period	$	136,909,057		$	51,595,470
Accumulated net investment income (loss) at end of period	$	(10,702	)	$	–
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	990,077		$	1,827,792
Dividends reinvested		11,421			23,102
Cost of shares redeemed		(991,287	)		(354,866	)
Total Class I		10,211			1,496,028
Class II Shares
Proceeds from shares issued		82,948,998			57,251,421
Dividends reinvested		750,433			656,734
Cost of shares redeemed		(3,583,779	)		(5,430,791	)
Total Class II		80,115,652			52,477,364
Change in net assets from capital transactions	$	80,125,863		$	53,973,392
SHARE TRANSACTIONS:
Class I Shares
Issued		109,245			185,585
Reinvested		1,234			2,491
Redeemed		(109,221	)		(38,787	)
Total Class I Shares		1,258			149,289

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

	NVIT Cardinal Conservative Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
SHARE TRANSACTIONS: (continued)
Class II Shares
Issued		9,005,370			6,013,059
Reinvested		80,349			71,791
Redeemed		(393,485	)		(580,769	)
Total Class II Shares		8,692,234			5,504,081
Total change in shares		8,693,492			5,653,370

(a)  For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT Cardinal Conservative Fund

				Operations									Distributions																	Ratios / Supplemental Data
							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Return of		Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Capital		Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	9	.12		0	.08		0	.41		0	.49		(0	.07)		–			–		(0	.07)	$	9	.54		5	.35%	$	1,436,322		0	.31%		1	.72%		0	.31%		5	.01%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.15		(0	.85)		(0	.70)		(0	.16)		(0	.02)		–		(0	.18)	$	9	.12		(7	.11%)	$	1,362,171		0	.29%		2	.15%		0	.40%		24	.30%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	9	.13		0	.08		0	.39		0	.47		(0	.06)		–			–		(0	.06)	$	9	.54		5	.21%	$	135,472,735		0	.38%		1	.79%		0	.54%		5	.01%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.14		(0	.84)		(0	.70)		(0	.15)		(0	.02)		–		(0	.17)	$	9	.13		(7	.04%)	$	50,233,299		0	.42%		3	.52%		0	.66%		24	.30%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	Per share calculations were performed using average shares method.
(f)	For the period from March 28, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2008

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Cardinal^SM Conservative Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. The Trust’s prospectus provides a description of each Fund’s investment objective, policies and strategies.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values (“NAV“s) as reported by the Underlying Funds.

The following are the Valuation policies of the Underlying Funds:

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Investments held by money market funds are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security. A money market fund’s use of amortized cost is subject to compliance with certain conditions as specified by Rule 2a-7 of the 1940 Act.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

12 Semiannual Report 2009

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

		Level 2 — Other
	Level 1 — Quoted	Significant		Level 3 — Significant
	Prices	Observable Inputs		Unobservable Inputs		Total
Asset Type	Investments	Investments		Investments		Investments
Mutual Funds	$136,950,560	$	—	$	—	$	136,950,560

Amounts designated as “—” are zero.

(b)        Credit Derivatives

The following describes the Underlying Funds’ accounting policies applicable to credit derivatives:

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Forward Foreign Currency Contracts

The following describes the Underlying Funds’ accounting policies applicable to forward foreign currency contracts:

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(d)        Futures Contracts

The following describes the Underlying Funds’ accounting policies applicable to futures contracts:

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the contract amount. Subsequent payments, known as “variation margin” payments, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets.

(e)        Repurchase Agreements

The following describes the Underlying Funds’ accounting policies applicable to repurchase agreements:

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty. As of June 30, 2009, the Fund did not hold any repurchase agreements.

(f)        Foreign Currency Transactions

The following describes the Underlying Funds’ accounting policies applicable to foreign currency transactions:

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(g)        Mortgage Dollar Rolls

The following describes the Underlying Funds’ accounting policies applicable to mortgage dollar rolls:

The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed

14 Semiannual Report 2009

securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Mortgage dollar roll investments entail risks related to the potential inability of counterparties to complete the transaction, which may be heightened because of the delayed payment date. Income is generated as consideration for entering into mortgage dollar rolls and is included in interest income on the Statement of Operations.

(h)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(i)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

(j)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(k)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(l)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.20%

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.28% for the Fund’s Class I and Class II shares until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreements at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class

16 Semiannual Report 2009

making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

For the Period Ended		Six Months Ended
December 31, 2008 (a)		June 30, 2009
Amount		Amount
$	13,347	$	—

(a) For the period March 28, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI. The Trust and NFD have entered into a written contract waiving 0.16% of these fees for Class II shares of the Fund until at least May 1, 2010.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I and Class II of the Fund.

For the six months ended June 30, 2009, NFS received $17,918 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $569.

The Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling Underlying Fund shares. However, the Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management fees of the Underlying Funds and short-term investments the Underlying Funds holds. These expenses are deducted from each of the Underlying Fund’s net assets before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the Underlying Funds.

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $84,515,893 and sales of $4,370,753 (excluding short-term securities).

6. Portfolio Investment Risks from Underlying Funds

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust

18 Semiannual Report 2009

enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for the Fund were as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	133,785,020	$	4,274,701	$	(1,099,161	)	$	3,175,540

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 19

Supplemental Information

(Unaudited)

A. Renewal of Advisory Agreement

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA” or the “Adviser”), must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement.

In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement, and (v) information from the Adviser describing ancillary benefits. The Trustees also noted the compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s portfolio management capabilities and NFA’s ability to supervise the Fund’s other service providers. The Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by NFA in the past, and NFA’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

20 Semiannual Report 2009

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

NVIT Cardinal Conservative Fund

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the three- and six-month periods ended September 30, 2008, the Fund’s performance for Class II shares was in the first quintile of its peer group. The Trustees also noted that, for the same periods, the Fund outperformed its benchmark, which is a 15%/5%/80% blend of the DJ Wilshire 5000 Index, the MSCI EAFE Index, and the Barclays Capital U.S. Aggregate Bond Index. The Trustees also noted that it was difficult to assess the performance of the Fund due to its short performance history.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was in the third quintile and slightly above the median of its peer group, while the Fund’s total expenses for Class II shares were in the third quintile of its peer group and at the median. The Trustees also noted that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses significantly below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

2009 Semiannual Report 21

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

22 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group,
1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

24 Semiannual Report 2009

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President andChief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 25

NVIT Multi-Manager International Growth Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
11	Statement of Assets and Liabilities
13	Statement of Operations
14	Statements of Changes in Net Assets
16	Financial Highlights
17	Notes to Financial Statements
25	Supplemental Information
27	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-MM-IG (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder Multi-Manager International Growth Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
NVIT Multi-Manager International			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Growth Fund			01/01/09		06/30/09		01/01/09 - 06/30/09 a		01/01/09 - 06/30/09 a
Class I	Actual			1,000.00		1,099.60		5.00		0.96
	Hypothetical	b		1,000.00		1,019.90		4.82		0.96
Class II	Actual			1,000.00		1,098.50		6.30		1.21
	Hypothetical	b		1,000.00		1,018.66		6.07		1.21
Class III	Actual			1,000.00		1,099.00		5.78		1.11
	Hypothetical	b		1,000.00		1,019.15		5.57		1.11
Class VI	Actual			1,000.00		1,097.90		7.07		1.36
	Hypothetical	b		1,000.00		1,017.91		6.83		1.36
Class Y	Actual			1,000.00		1,101.20		5.00		0.96
	Hypothetical	b		1,000.00		1,019.90		4.82		0.96

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Multi-Manager International Growth Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	89	.9%
Mutual Fund	9	.2%
Exchange Traded Funds	0	.3%
Other assets in excess of liabilities	0	.6%
	100	.0%

Top Industries
Pharmaceuticals	11	.1%
Money Market Fund	9	.2%
Oil, Gas & Consumable Fuels	7	.5%
Wireless Telecommunication Services	4	.5%
Commercial Banks	3	.3%
Media	3	.4%
Electronic Equipment & Instruments	3	.2%
Tobacco	3	.0%
Metals & Mining	3	.1%
Diversified Telecommunication Services	2	.9%
Other Industries	48	.8%
	100	.0%

Top Holdings
Fidelity Institutional Prime	9	.2%
Teva Pharmaceutical Industries Ltd. ADR	2	.6%
Roche Holding AG	2	.3%
Anheuser-Busch Inbev NV	2	.1%
Nestle SA	2	.0%
Imperial Tobacco Group PLC	2	.0%
Reckitt Benckiser Group PLC	1	.6%
Shire PLC	1	.5%
America Movil SAB de CV, Series L ADR	1	.5%
Bayer AG	1	.5%
Other Holdings	73	.7%
	100	.0%

Top Countries
United Kingdom	19	.4%
United States	9	.5%
Japan	8	.4%
Switzerland	8	.2%
Germany	5	.2%
Australia	4	.4%
Canada	4	.1%
France	3	.6%
Hong Kong	3	.3%
Netherlands	3	.0%
Other Countries	30	.9%
	100	.0%

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Multi-Manager International Growth Fund

Common Stocks 89.9%
	Shares		Market Value
AUSTRALIA 4.4% (a)
Biotechnology 1.1%
CSL Ltd.	139,341	$	3,601,930
Chemicals 0.4%
Incitec Pivot Ltd.	429,200		816,606
Nufarm Ltd.	62,349		459,810
			1,276,416
Health Care Equipment & Supplies 1.0%
Cochlear Ltd.	73,927		3,430,694
Insurance 0.3%
QBE Insurance Group Ltd.	60,722		971,435
Metals & Mining 1.5%
BHP Billiton Ltd.	174,867		4,789,442
OZ Minerals Ltd.	296,900		217,607
			5,007,049
Oil, Gas & Consumable Fuels 0.1%
Arrow Energy Ltd.*	137,100		389,300
Centennial Coal Co. Ltd.	82,300		161,589
			550,889
			14,838,413
AUSTRIA 0.1% (a)
Machinery 0.1%
Andritz AG	11,100		468,020
BELGIUM 2.3% (a)
Beverages 2.1%
Anheuser-Busch Inbev NV	196,458		7,122,685
Electrical Equipment 0.1%
Bekaert SA	5,000		514,685
Food & Staples Retailing 0.1%
Colruyt SA	1,000		228,427
			7,865,797
BERMUDA 0.6% (a)
Energy Equipment & Services 0.6%
Seadrill Ltd.	150,200		2,163,943
BRAZIL 1.8%
Diversified Financial Services 0.6%
BM&F Bovespa SA	343,000		2,048,336
Diversified Telecommunication Services 0.1%
Global Village Telecom Holding SA*	31,200		518,036
Metals & Mining 0.1%
MMX Mineracao e Metalicos SA*	75,700		243,034
Oil, Gas & Consumable Fuels 0.8%
Petroleo Brasileiro SA ADR	76,361		2,547,403
Paper & Forest Products 0.2%
Aracruz Celulose SA ADR*	45,452		674,508
			6,031,317
CANADA 4.1%
Energy Equipment & Services 0.4%
Ensign Energy Services, Inc.	10,200		149,110
Precision Drilling Trust	234,028		1,142,057
			1,291,167
Engineering & Construction 0.1%
SNC-Lavalin Group, Inc.	11,560		425,957
Metals & Mining 0.7%
Agnico-Eagle Mines Ltd.	9,300		489,992
Eldorado Gold Corp.*	23,500		211,781
First Quantum Minerals Ltd.	29,400		1,422,091
			2,123,864
Oil, Gas & Consumable Fuels 2.1%
Canadian Natural Resources Ltd.	42,513		2,236,968
EnCana Corp.	38,887		1,928,466
Suncor Energy, Inc.	99,178		3,016,533
			7,181,967
Paper & Forest Products 0.1%
Sino-Forest Corp.*	29,100		310,293
Road & Rail 0.6%
Canadian National Railway Co.	48,424		2,080,787
Textiles, Apparel & Luxury Goods 0.1%
Gildan Activewear, Inc.*	22,000		325,600
			13,739,635
CHINA 1.4%
Automobiles 0.2% (a)
Dongfeng Motor Corp.	762,000		639,157
Communications Equipment 0.2% (a)
Foxconn International Holdings Ltd.*	984,000		639,774
Electrical Equipment 0.3%
China High Speed Transmission Equipment Group Co. Ltd.(a)	167,000		331,089
Suntech Power Holdings Co. Ltd. ADR*	37,800		675,108
			1,006,197
Real Estate Management & Development 0.4% (a)
Guangzhou R&F Properties Co. Ltd.	190,800		424,502
Sino-Ocean Land Holdings Ltd.	755,500		857,909
			1,282,411
Software 0.3%
Shanda Interactive Entertainment Ltd. ADR*	21,000		1,098,090
			4,665,629

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager International Growth Fund (Continued)

Common Stocks (continued)
CHINA (continued)
Software (continued)
DENMARK 1.7% (a)
Construction & Engineering 0.2%
FLSmidth & Co. AS*	17,900	$	636,596
Pharmaceuticals 1.5%
Novo Nordisk AS, Class B	90,573		4,933,777
			5,570,373
FINLAND 0.6% (a)
Communications Equipment 0.5%
Nokia OYJ	108,991		1,596,231
Machinery 0.1%
Kone OYJ, Class B	14,200		435,999
			2,032,230
FRANCE 3.6% (a)
Commercial Banks 0.9%
BNP Paribas	48,878		3,187,106
Diversified Telecommunication Services 0.1%
Iliad SA	1,700		165,305
Food Products 0.4%
Danone	28,766		1,426,200
Information Technology Services 0.3%
Cap Gemini SA	30,253		1,119,526
Insurance 0.3%
AXA SA	55,734		1,054,758
Media 0.2%
Publicis Groupe	22,500		688,755
Oil, Gas & Consumable Fuels 1.4%
Total SA	85,229		4,618,957
			12,260,607
GERMANY 5.2% (a)
Chemicals 0.4%
Lanxess	14,400		356,385
Wacker Chemie AG	9,100		1,051,526
			1,407,911
Diversified Financial Services 0.4%
Deutsche Boerse AG	17,175		1,335,769
Electrical Equipment 0.1%
Solarworld AG	18,300		434,078
Internet Software & Services 0.2%
United Internet AG*	54,400		639,758
Pharmaceuticals 3.0%
Bayer AG	94,078		5,055,209
Merck KGaA	47,887		4,878,957
			9,934,166
Semiconductors & Semiconductor Equipment 0.2%
Aixtron AG	18,000		220,714
Infineon Technologies AG*	133,300		475,899
			696,613
Textiles, Apparel & Luxury Goods 0.9%
Puma AG Rudolf Dassler Sport	13,950		3,071,530
			17,519,825
GREECE 0.7% (a)
Commercial Banks 0.2%
Piraeus Bank SA*	77,608		772,583
Electric Utility 0.1%
Public Power Corp. SA*	15,600		321,852
Hotels, Restaurants & Leisure 0.4%
OPAP SA	52,460		1,398,696
			2,493,131
HONG KONG 3.3%
Commercial Banks 0.2% (a)
Wing Hang Bank Ltd.	78,000		680,883
Distributors 0.6% (a)
Li & Fung Ltd.	720,000		1,922,482
Diversified Financial Services 0.2% (a)
China Everbright Ltd.	292,000		713,541
Hotels, Restaurants & Leisure 0.3%
Melco Crown Entertainment Ltd. ADR*	221,559		997,016
Industrial Conglomerate 1.2% (a)
Hutchison Whampoa Ltd.	624,000		4,059,340
Paper & Forest Products 0.2% (a)
Nine Dragons Paper Holdings Ltd.*	1,035,000		678,181
Real Estate Investment Trusts 0.1% (a)
Link REIT (The)	155,500		330,496
Specialty Retail 0.5% (a)
Esprit Holdings Ltd.	338,200		1,879,042
			11,260,981
HUNGARY 0.2% (a)
Commercial Banks 0.2%
OTP Bank PLC*	38,000		688,058
INDIA 2.3%
Electrical Equipment 0.8% (a)
Bharat Heavy Electricals Ltd.	54,765		2,513,971
Energy Equipment & Services 0.0% (a)
Aban Offshore Ltd.	26		484
Information Technology Services 1.4%
Infosys Technologies Ltd. ADR	130,360		4,794,641

6 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
INDIA (continued)
Real Estate Management & Development 0.1% (a)
Housing Development & Infrastructure Ltd.	87,300	$	423,238
			7,732,334
INDONESIA 0.2% (a)
Oil, Gas & Consumable Fuels 0.2%
Bumi Resources Tbk PT	4,430,000		800,815
IRELAND 0.7% (a)
Construction Materials 0.5%
CRH PLC	74,762		1,718,156
CRH PLC (London Exchange)	81		1,855
			1,720,011
Professional Services 0.2%
Experian PLC	81,700		612,622
			2,332,633
ISRAEL 2.6%
Pharmaceuticals 2.6%
Teva Pharmaceutical Industries Ltd. ADR	174,929		8,630,997
ITALY 2.8% (a)
Aerospace & Defense 1.4%
Finmeccanica SpA	323,294		4,558,592
Oil, Gas & Consumable Fuels 1.4%
ENI SpA	203,554		4,827,178
			9,385,770
JAPAN 8.4% (a)
Auto Components 0.9%
Aisin Seiki Co. Ltd.	32,900		710,862
Denso Corp.	76,800		1,968,895
Sumitomo Rubber Industries, Inc.	47,500		381,930
			3,061,687
Automobiles 0.7%
Toyota Motor Corp.	60,300		2,280,742
Chemicals 0.3%
Mitsubishi Gas Chemical Co., Inc.	80,000		436,256
Nitto Denko Corp.	17,300		527,534
			963,790
Construction & Engineering 0.2%
JGC Corp.	33,000		531,247
Consumer Finance 0.6%
Credit Saison Co. Ltd.	44,600		565,826
ORIX Corp.	23,900		1,422,753
			1,988,579
Electronic Equipment & Instruments 2.8%
HOYA Corp.	132,700		2,658,647
Keyence Corp.	14,340		2,921,927
Nidec Corp.	56,400		3,433,567
Nippon Electric Glass Co. Ltd.	48,000		536,698
			9,550,839
Machinery 1.6%
Fanuc Ltd.	33,800		2,709,030
Japan Steel Works Ltd. (The)	67,000		825,837
NGK Insulators Ltd.	31,000		631,933
NSK Ltd.	112,000		567,050
Sumitomo Heavy Industries Ltd.	146,000		649,595
			5,383,445
Metals & Mining 0.3%
Mitsubishi Materials Corp.	125,000		389,233
Tokyo Steel Manufacturing Co. Ltd.	56,700		690,272
			1,079,505
Pharmaceuticals 0.2%
Shionogi & Co. Ltd.	43,000		830,933
Semiconductors & Semiconductor Equipment 0.1%
Shinko Electric Industries Co. Ltd.	29,300		362,104
Software 0.1%
Trend Micro, Inc.	9,000		287,429
Specialty Retail 0.2%
Yamada Denki Co. Ltd.	8,700		506,230
Trading Companies & Distributors 0.4%
Marubeni Corp.	239,000		1,057,211
Toyota Tsusho Corp.	23,600		349,586
			1,406,797
			28,233,327
LUXEMBOURG 0.2%
Wireless Telecommunication Services 0.2%
Millicom International Cellular SA*	9,900		556,974
MEXICO 2.5%
Household Products 0.1%
Kimberly-Clark de Mexico SAB de CVA	37,500		143,108
Media 0.9%
Grupo Televisa SA ADR	182,528		3,102,976
Wireless Telecommunication Services 1.5%
America Movil SAB de CV, Series L ADR	134,017		5,189,138
			8,435,222
NETHERLANDS 3.0% (a)
Air Freight & Logistics 0.6%
TNT NV	114,268		2,233,222

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager International Growth Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
NETHERLANDS (continued)
Beverages 0.7%
Heineken Holding NV	70,069	$	2,238,533
Diversified Telecommunication Services 1.1%
Koninklijke KPN NV	273,572		3,774,260
Energy Equipment & Services 0.1%
Fugro NV CVA	6,700		278,990
Life Sciences Tools & Services 0.1%
QIAGEN NV*	14,700		272,341
Semiconductors & Semiconductor Equipment 0.2%
ASML Holding NV	28,800		624,171
Transportation 0.2%
Koninklijke Vopak NV	12,100		606,089
			10,027,606
NORWAY 0.3% (a)
Energy Equipment & Services 0.3%
Petroleum Geo-Services ASA*	159,529		995,157
PHILIPPINES 1.3% (a)
Wireless Telecommunication Services 1.3%
Philippine Long Distance Telephone Co.	89,980		4,462,188
REPUBLIC OF KOREA 0.2% (a)
Automobiles 0.1%
Kia Motors Corp.*	43,100		423,478
Internet Software & Services 0.1%
NHN Corp.*	2,600		358,436
			781,914
RUSSIAN FEDERATION 0.1%
Metals & Mining 0.1%
Mechel ADR	41,800		349,030
SINGAPORE 3.0% (a)
Aerospace & Defense 0.7%
Singapore Technologies Engineering Ltd.	1,345,000		2,266,784
Commercial Banks 1.2%
United Overseas Bank Ltd.	405,000		4,087,616
Industrial Conglomerate 1.1%
Keppel Corp. Ltd.	766,000		3,631,686
			9,986,086
SPAIN 1.8% (a)
Construction & Engineering 0.1%
Abengoa SA	20,400		453,287
Diversified Telecommunication Services 1.4%
Telefonica SA	212,628		4,828,171
Independent Power Producers & Energy Traders 0.3%
EDP Renovaveis SA*	77,300		792,928
			6,074,386
SWEDEN 0.4% (a)
Building Products 0.1%
Assa Abloy AB, Class B	28,200		394,538
Media 0.2%
Modern Times Group AB, B Shares	16,000		446,116
Tobacco 0.1%
Swedish Match AB	24,800		404,242
			1,244,896
SWITZERLAND 8.2% (a)
Biotechnology 0.1%
Actelion Ltd.*	7,500		393,197
Building Products 0.2%
Geberit AG	5,400		665,484
Chemicals 1.4%
Syngenta AG	20,827		4,846,848
Food Products 2.0%
Nestle SA	183,363		6,925,095
Health Care Equipment & Supplies 1.3%
Sonova Holding AG	51,906		4,227,530
Life Sciences Tools & Services 0.5%
Lonza Group AG	16,809		1,672,506
Pharmaceuticals 2.3%
Roche Holding AG	55,952		7,625,339
Professional Services 0.2%
Adecco SA	19,500		815,233
Semiconductors & Semiconductor Equipment 0.2%
STMicroelectronics NV	79,400		598,487
			27,769,719
TAIWAN 1.9%
Computers & Peripherals 0.4% (a)
Acer, Inc.	116,000		200,842
Catcher Technology Co. Ltd.*	139,000		329,262
Wistron Corp.	534,000		881,835
			1,411,939
Construction Materials 0.1% (a)
Asia Cement Corp.	197,000		208,974
Electronic Equipment & Instruments 0.4% (a)
Coretronic Corp.	364,000		364,478
Everlight Electronics Co. Ltd.*	257,000		652,643
Young Fast Optoelectronics Co. Ltd.	19,000		176,519
			1,193,640

8 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
TAIWAN (continued)
Semiconductors & Semiconductor Equipment 1.0%
Siliconware Precision Industries Co. ADR	40,000	$	248,000
Taiwan Semiconductor Manufacturing Co. Ltd.(a)	1,954,920		3,209,199
			3,457,199
			6,271,752
TURKEY 0.6% (a)
Commercial Banks 0.6%
Akbank TAS	388,047		1,721,516
Asya Katilim Bankasi AS*	282,100		386,842
			2,108,358
UNITED KINGDOM 19.4% (a)
Aerospace & Defense 0.8%
BAE Systems PLC	494,325		2,761,979
Capital Markets 0.5%
Ashmore Group PLC	91,900		286,692
Man Group PLC	340,100		1,558,802
			1,845,494
Chemicals 0.1%
Johnson Matthey PLC	9,800		186,075
Commercial Services & Supplies 0.3%
G4S PLC	101,600		349,898
Serco Group PLC	88,700		617,183
			967,081
Diversified Telecommunication Services 0.2%
Inmarsat PLC	62,200		559,406
Food & Staples Retailing 1.4%
Tesco PLC	818,857		4,781,449
Health Care Equipment & Supplies 0.4%
Smith & Nephew PLC	167,280		1,241,768
Hotels, Restaurants & Leisure 1.4%
Compass Group PLC	839,937		4,740,645
Household Products 1.6%
Reckitt Benckiser Group PLC	117,032		5,343,989
Independent Power Producers & Energy Traders 1.0%
International Power PLC	838,976		3,294,965
Insurance 0.3%
Aviva PLC	190,151		1,070,498
Machinery 0.3%
Invensys PLC	239,200		883,115
Media 2.1%
Informa PLC	554,922		1,996,861
Reed Elsevier PLC	391,113		2,921,533
WPP PLC	334,982		2,227,371
			7,145,765
Metals & Mining 0.4%
Vedanta Resources PLC	59,100		1,258,053
Multiline Retail 0.1%
Next PLC	19,000		460,285
Oil, Gas & Consumable Fuels 1.5%
BG Group PLC	185,785		3,128,198
Premier Oil PLC*	14,066		253,324
Tullow Oil PLC	110,300		1,708,126
			5,089,648
Pharmaceuticals 1.5%
Shire PLC	380,854		5,255,871
Professional Services 0.7%
Capita Group PLC (The)	206,770		2,437,695
Specialty Retail 0.4%
Carphone Warehouse Group PLC	515,300		1,342,451
Tobacco 2.9%
British American Tobacco PLC	113,960		3,145,406
Imperial Tobacco Group PLC	259,801		6,761,197
			9,906,603
Wireless Telecommunication Services 1.5%
Vodafone Group PLC	2,557,208		4,973,040
			65,545,875
Total Common Stocks (cost $328,131,755)			303,322,998
Rights 0.0%
BELGIUM 0.0%
Anheuser-Busch InBev NV, expiring 12/31/49*	47,171		199
Total Rights (cost $—)			199
Exchange Traded Funds 0.3%
UNITED STATES 0.3%
Equity Funds 0.3%
India Fund, Inc.	12,600		391,986
iShares MSCI Taiwan Index Fund	69,300		699,237
Total Exchange Traded Funds (cost $979,306)			1,091,223

2009 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager International Growth Fund (Continued)

Mutual Fund 9.2%
	Shares		Market Value
Money Market Fund 9.2%
Fidelity Institutional Prime	31,138,177	$	31,138,177
Total Mutual Funds (cost $31,138,177)			31,138,177
Total Investments (cost $360,249,238) (b) — 99.4%			335,552,597
Other assets in excess of liabilities — 0.6%			1,992,577
NET ASSETS — 100.0%		$	337,545,174

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation / (depreciation) of securities.

AB	Stock Company
ADR	American Depositary Receipt
AG	Stock Corporation
AS	Stock Corporation
ASA	Stock Corporation
CVA	Dutch Certificate
KGaA	Limited partnership with shares
Ltd	Limited
NV	Public Traded Company
OYJ	Public Traded Company
PLC	Public Limited Company
PT	Limited Liability Company
REIT	Real Estate Investment Trust
SA	Stock Company
SpA	Limited share company

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT
	Multi-Manager
	International
	Growth Fund
Assets:
Investments, at value (cost $360,249,238)	$	335,552,597
Cash		198,174
Foreign currencies, at value (cost $1,529,597)		1,590,513
Interest and dividends receivable		761,088
Receivable for capital shares issued		513,906
Receivable for investments sold		903,279
Unrealized appreciation on spot contracts		740
Reclaims receivable		355,498
Prepaid expenses and other assets		4,814
Total Assets		339,880,609
Liabilities:
Payable for investments purchased		1,935,241
Payable for capital shares redeemed		6,476
Unrealized depreciation on spot contracts		7,142
Accrued expenses and other payables:
Investment advisory fees		235,815
Fund administration fees		13,242
Distribution fees		48,162
Administrative services fees		30,884
Custodian fees		23,125
Trustee fees		847
Compliance program costs (Note 3)		5,827
Professional fees		11,944
Printing fees		7,461
Other		9,269
Total Liabilities		2,335,435
Net Assets	$	337,545,174
Represented by:
Capital	$	427,284,618
Accumulated undistributed net investment income		1,041,036
Accumulated net realized losses from investment and foreign currency transactions		(66,174,133	)
Net unrealized appreciation/(depreciation) from investments		(24,696,641	)
Net unrealized appreciation/(depreciation) from spot contracts		(6,402	)
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		96,696
Net Assets	$	337,545,174
Net Assets:
Class I Shares	$	7,069
Class II Shares		7,046
Class III Shares		9,883,842
Class VI Shares		232,278,223
Class Y Shares		95,368,994
Total	$	337,545,174

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Statement of Assets and Liabilities (Continued)

	NVIT
	Multi-Manager
	International
	Growth Fund
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		1,011
Class II Shares		1,009
Class III Shares		1,415,477
Class VI Shares		33,309,462
Class Y Shares		13,648,290
Total		48,375,249
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	6.99
Class II Shares	$	6.98
Class III Shares	$	6.98
Class VI Shares	$	6.97
Class Y Shares	$	6.99

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT
	Multi-Manager
	International
	Growth Fund
INVESTMENT INCOME:
Dividend income	$	5,498,867
Foreign tax withholding		(479,850	)
Total Income		5,019,017
EXPENSES:
Investment advisory fees		1,207,657
Fund administration fees		69,391
Distribution fees Class II Shares		8
Distribution fees Class VI Shares		259,548
Administrative services fees Class III Shares		6,720
Administrative services fees Class VI Shares		156,126
Custodian fees		31,310
Trustee fees		5,967
Compliance program costs (Note 3)		2,037
Professional fees		26,228
Printing fees		19,962
Other		22,988
Total expenses before earnings credit and expenses reimbursed		1,807,942
Earnings credit (Note 5)		(221	)
Expenses reimbursed by Adviser		(17,074	)
Net Expenses		1,790,647
NET INVESTMENT INCOME		3,228,370
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(24,512,180	)
Net realized losses from foreign currency transactions		(353,574	)
Net realized losses from investment and foreign currency transactions		(24,865,754	)
Net change in unrealized appreciation/(depreciation) from investments		52,692,659
Net change in unrealized appreciation/(depreciation) from spot contracts		(6,402	)
Net change in unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		110,725
Net change in unrealized appreciation/(depreciation) from investments, spot contracts, and translation of assets and liabilities denominated in foreign currencies		52,796,982
Net realized/unrealized gains from investments, spot contracts, and translation of assets and liabilities denominated in foreign currencies		27,931,228
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	31,159,598

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Statements of Changes in Net Assets

	NVIT Multi-Manager International Growth Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
Operations:
Net investment income	$	3,228,370		$	1,817,895
Net realized losses from investment and foreign currency transactions		(24,865,754	)		(42,594,663	)
Net change in unrealized appreciation/(depreciation) from investments, spot contracts, and translation of assets and liabilities denominated in foreign currencies		52,796,982			(77,403,329	)
Change in net assets resulting from operations		31,159,598			(118,180,097	)
Distributions to Shareholders From:
Net investment income:
Class I		(65	)		(8	)
Class II		(57	)		–
Class III		(84,559	)		(9,262	)
Class VI		(1,753,291	)		–
Class Y		(809,117	)		(62,617	)
Change in net assets from shareholder distributions		(2,647,089	)		(71,887	)
Change in net assets from capital transactions		48,854,650			378,429,999
Change in net assets		77,367,159			260,178,015
Net Assets:
Beginning of period		260,178,015			–
End of period	$	337,545,174		$	260,178,015
Accumulated undistributed net investment income at end of period	$	1,041,036		$	459,755
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	–		$	10,001
Dividends reinvested		65			8
Cost of shares redeemed		–			–
Total Class I		65			10,009
Class II Shares
Proceeds from shares issued		–			10,001
Dividends reinvested		57			–
Cost of shares redeemed		–			–
Total Class II		57			10,001
Class III Shares
Proceeds from shares issued		1,177,763			15,298,445
Dividends reinvested		84,559			9,262
Cost of shares redeemed (b)		(1,288,825	)		(1,484,645	)
Total Class III		(26,503	)		13,823,062

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

(b)  Includes redemption fee — See Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

14 Semiannual Report 2009

	NVIT Multi-Manager International Growth Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
CAPITAL TRANSACTIONS: (continued)
Class VI Shares
Proceeds from shares issued	$	16,110,788		$	317,767,425
Dividends reinvested		1,753,291			–
Cost of shares redeemed (b)		(8,675,134	)		(11,659,978	)
Total Class VI		9,188,945			306,107,447
Class Y Shares
Proceeds from shares issued		45,590,656			63,744,255
Dividends reinvested		809,117			62,617
Cost of shares redeemed		(6,707,687	)		(5,327,392	)
Total Class Y		39,692,086			58,479,480
Change in net assets from capital transactions	$	48,854,650		$	378,429,999
SHARE TRANSACTIONS:
Class I Shares
Issued		–			1,000
Reinvested		10			1
Redeemed		–			–
Total Class I Shares		10			1,001
Class II Shares
Issued		–			1,000
Reinvested		9			–
Redeemed		–			–
Total Class II Shares		9			1,000
Class III Shares
Issued		186,204			1,624,351
Reinvested		13,005			1,492
Redeemed		(212,644	)		(196,931	)
Total Class III Shares		(13,435	)		1,428,912
Class VI Shares
Issued		2,602,264			33,397,073
Reinvested		269,833			–
Redeemed		(1,410,729	)		(1,548,979	)
Total Class VI Shares		1,461,368			31,848,094
Class Y Shares
Issued		7,272,378			7,775,727
Reinvested		123,445			10,083
Redeemed		(962,935	)		(570,408	)
Total Class Y Shares		6,432,888			7,215,402
Total change in shares		7,880,840			40,494,409

Amounts designated as “–” are zero or have been rounded to zero.

(a)	For the period from March 25, 2008 (commencement of operations) through December 31, 2008.
(b)	Includes redemption fee — See Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 15

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

NVIT Multi-Manager International Growth Fund

				Operations									Distributions														Ratios / Supplemental Data
							Net Realized																												Ratio of
							and																									Ratio of Net			Expenses
	Net Asset						Unrealized																						Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Distributions			Fees		of Period			Return (a)			Period (b)		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (c)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)(e)	$	6	.44		0	.06		0	.55		0	.61		(0	.06)		(0	.06)		–	$	6	.99		9	.96%	$	7,069		0	.96%		2	.00%		0	.99%		37	.02%
Period Ended December 31, 2008 (f)	$	10	.00		0	.17		(3	.72)		(3	.55)		(0	.01)		(0	.01)		–	$	6	.44		(35	.51%)	$	6,445		0	.96%		2	.51%		1	.22%		66	.42%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)(e)	$	6	.43		0	.05		0	.56		0	.61		(0	.06)		(0	.06)		–	$	6	.98		9	.85%	$	7,046		1	.21%		1	.75%		1	.21%		37	.02%
Period Ended December 31, 2008 (f)	$	10	.00		0	.15		(3	.72)		(3	.57)		–			–			–	$	6	.43		(35	.70%)	$	6,433		1	.20%		2	.25%		1	.46%		66	.42%
Class III Shares
Six Months Ended June 30, 2009 (Unaudited)(e)	$	6	.43		0	.07		0	.54		0	.61		(0	.06)		(0	.06)		–	$	6	.98		9	.90%	$	9,883,842		1	.11%		2	.29%		1	.12%		37	.02%
Period Ended December 31, 2008 (f)	$	10	.00		0	.09		(3	.65)		(3	.56)		(0	.01)		(0	.01)		–	$	6	.43		(35	.63%)	$	9,188,216		1	.11%		1	.44%		1	.14%		66	.42%
Class VI Shares
Six Months Ended June 30, 2009 (Unaudited)(e)	$	6	.42		0	.07		0	.53		0	.60		(0	.05)		(0	.05)		–	$	6	.97		9	.79%	$	232,278,223		1	.36%		2	.08%		1	.37%		37	.02%
Period Ended December 31, 2008 (f)	$	10	.00		0	.07		(3	.65)		(3	.58)		–			–			–	$	6	.42		(35	.80%)	$	204,547,667		1	.36%		1	.18%		1	.39%		66	.42%
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited)(e)	$	6	.43		0	.09		0	.53		0	.62		(0	.06)		(0	.06)		–	$	6	.99		10	.12%	$	95,368,994		0	.96%		2	.84%		0	.97%		37	.02%
Period Ended December 31, 2008 (f)	$	10	.00		0	.11		(3	.67)		(3	.56)		(0	.01)		(0	.01)		–	$	6	.43		(35	.60%)	$	46,429,254		0	.96%		1	.85%		1	.10%		66	.42%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	Per share calculations were performed using average shares method.
(f)	For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

16 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Multi-Manager International Growth Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

18 Semiannual Report 2009

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
	Prices		Observable Inputs		Unobservable Inputs		Total
Asset Type	Investments		Investments		Investments		Investments
Common Stock	$	45,556,029	$	257,766,969	$	—	$	303,322,998
Rights		—		199		—		199
Exchange Trades Funds		1,091,223		—		—		1,091,223
Mutual Funds		—		31,138,177		—		31,138,177
Total	$	46,647,252	$	288,905,345	$	—	$	335,552,597

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(d)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(e)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(f)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(g)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(h)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares

20 Semiannual Report 2009

participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadvisers for the Fund. The subadvisers listed below manage all or a portion of the Fund’s investments and have the responsibility for making all investment decisions for that portion of the Fund unless otherwise indicated.

Subadvisers

- Invesco Aim Capital Management, Inc.

- American Century Global Investment Management, Inc.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.85%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisers $657,607 for the six months ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.96% for all share classes until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Period Ended		Six Months Ended
December 31, 2008		June 30, 2009
Amount (a)		Amount
$	61,278	$	17,074

(a) For the period March 25, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on

2009 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II and Class VI shares of the Fund. These fees are based on average daily net assets of Class II and Class VI shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the daily net assets of Class I, Class II, Class III, and Class VI shares of the Fund.

For the six months ended June 30, 2009, NFS received $158,630 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $2,037.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III and Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III and Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III and Class VI shares on behalf

22 Semiannual Report 2009

of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III and Class VI shares that were held on behalf of the contract owner the longest will be redeemed first.

For the six months ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $909 and $2468, respectively, from Class III and Class VI.

For the period ended December 31, 2008, the Fund had contributions to capital due to redemption fees in the amount of $4,388 and $22,154, respectively, from Class III and Class VI.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $146,111,421 and sales of $93,435,471 (excluding short-term securities).

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

2009 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	365,024,097	$	16,389,637	$	(45,861,137)	$	(29,471,500)

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

24 Semiannual Report 2009

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

    (i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met in person to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”) and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement.

In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement, and (v) information from the Adviser describing ancillary benefits. The Trustees also noted the compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s oversight of the performance by each sub-adviser of its portfolio management duties and NFA’s ability to supervise the Fund’s other service providers. With respect to each sub-adviser, the Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by the sub-adviser in the past, and the sub-adviser’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of

2009 Semiannual Report 25

Supplemental Information (Continued)

(Unaudited)

advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

    (ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and the Fund’s sub-advisers (i. e., American Century Global Investment Management, Inc. and Invesco AIM Capital Management, Inc.), and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the three-and six-month periods ended September 30, 2008, the Fund’s performance for Class II shares was in the first quintile of its peer group, and that the Fund outperformed its benchmark, the MSCI EAFE Index. The Trustees noted that it was difficult to assess the performance of the Fund due to its short performance history.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was in the third quintile and above the median of its peer group, while the Fund’s total expenses for Class II shares were in the fifth quintile of its peer group. In this regard, the Trustees considered that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses significantly below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

26 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 27

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

28 Semiannual Report 2009

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 29

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

30 Semiannual Report 2009

NVIT Multi-Manager Large Cap Growth Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statements of Changes in Net Assets
14	Financial Highlights
15	Notes to Financial Statements
24	Supplemental Information
27	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-MM-LCG (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Multi-Manager Large Cap Growth Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Multi-Manager Large Cap Growth Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,068.70		4.62		0.90
	Hypothetical	b		1,000.00		1,020.19		4.52		0.90
Class II	Actual			1,000.00		1,067.70		5.90		1.15
	Hypothetical	b		1,000.00		1,018.95		5.77		1.15
Class Y	Actual			1,000.00		1,070.70		3.85		0.75
	Hypothetical	b		1,000.00		1,020.94		3.77		0.75

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Multi-Manager Large Cap Growth Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	96	.6%
Repurchase Agreements	4	.0%
Liabilities in excess of other assets	(0	.6)%
	100	.0%

Top Industries
Computers & Peripherals	9	.9%
Software	8	.0%
Semiconductors & Semiconductor Equipment	4	.8%
Oil, Gas & Consumable Fuels	4	.8%
Biotechnology	4	.6%
Communications Equipment	4	.5%
Pharmaceuticals	4	.3%
Energy Equipment & Services	3	.8%
Food & Staples Retailing	3	.8%
Capital Markets	3	.1%
Other Industries*	48	.4%
	100	.0%

Top Holdings
Microsoft Corp.	4	.6%
Apple, Inc.	3	.3%
International Business Machines Corp.	2	.8%
Gilead Sciences, Inc.	2	.6%
QUALCOMM, Inc.	2	.4%
Intel Corp.	2	.3%
Google, Inc., Class A	2	.3%
Hewlett-Packard Co.	2	.3%
Oracle Corp.	2	.1%
Cisco Systems, Inc.	2	.0%
Other Holdings*	73	.3%
	100	.0%

* For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Multi-Manager Large Cap Growth Fund

Common Stocks 96.6%
	Shares		Market Value
Aerospace & Defense 3.0%
Boeing Co.	11,898	$	505,665
L-3 Communications Holdings, Inc.	712		49,398
Lockheed Martin Corp.	20,638		1,664,455
Northrop Grumman Corp.	9,251		422,586
Rockwell Collins, Inc.	4,974		207,565
United Technologies Corp.	48,377		2,513,669
			5,363,338
Air Freight & Logistics 1.2%
CH Robinson Worldwide, Inc.	5,686		296,525
Expeditors International of Washington, Inc.	7,606		253,584
FedEx Corp.	3,645		202,735
United Parcel Service, Inc., Class B	29,020		1,450,710
			2,203,554
Auto Components 0.3%
BorgWarner, Inc.	3,764		128,465
Johnson Controls, Inc.	16,268		353,341
TRW Automotive Holdings Corp.*	6,420		72,546
			554,352
Automobiles 0.9%
Ford Motor Co.*	279,530		1,696,747
Beverages 2.3%
Coca-Cola Co. (The)	30,229		1,450,690
Coca-Cola Enterprises, Inc.	4,569		76,074
Hansen Natural Corp.*	13,881		427,812
PepsiCo, Inc.	39,248		2,157,070
			4,111,646
Biotechnology 4.6%
Amgen, Inc.*	31,635		1,674,757
Biogen Idec, Inc.*	13,809		623,476
Celgene Corp.*	15,478		740,468
Genzyme Corp.*	8,580		477,649
Gilead Sciences, Inc.*	101,299		4,744,845
			8,261,195
Capital Markets 3.1%
BlackRock, Inc.	832		145,950
Eaton Vance Corp.	7,719		206,483
Federated Investors, Inc., Class B	5,812		140,011
Franklin Resources, Inc.	2,265		163,103
Goldman Sachs Group, Inc. (The)	9,216		1,358,807
Invesco Ltd.	68,410		1,219,066
Morgan Stanley	42,972		1,225,132
Northern Trust Corp.	9,042		485,375
SEI Investments Co.	5,133		92,599
T. Rowe Price Group, Inc.	11,605		483,580
Waddell & Reed Financial, Inc., Class A	3,822		100,786
			5,620,892
Chemicals 1.6%
CF Industries Holdings, Inc.	795		58,941
Eastman Chemical Co.	3,944		149,478
Huntsman Corp.	5,273		26,523
Monsanto Co.	12,850		955,269
Praxair, Inc.	24,083		1,711,579
			2,901,790
Commercial Banks 0.0%
Wells Fargo & Co.	2,987		72,465
Communications Equipment 4.5%
ADC Telecommunications, Inc.*	4,342		34,562
Ciena Corp.*	2,719		28,142
Cisco Systems, Inc.*	194,954		3,633,943
QUALCOMM, Inc.	94,700		4,280,440
Tellabs, Inc.*	28,918		165,700
			8,142,787
Computers & Peripherals 9.9%
Apple, Inc.*	42,251		6,017,810
Dell, Inc.*	34,997		480,509
EMC Corp.*	103,310		1,353,361
Hewlett-Packard Co.	105,995		4,096,707
International Business Machines Corp.	48,509		5,065,310
NetApp, Inc.*	17,274		340,643
Seagate Technology	20,476		214,179
Sun Microsystems, Inc.*	2,875		26,507
Teradata Corp.*	1,599		37,465
Western Digital Corp.*	9,244		244,966
			17,877,457
Construction & Engineering 0.9%
Fluor Corp.	26,620		1,365,340
Jacobs Engineering Group, Inc.*	1,289		54,254
KBR, Inc.	1,276		23,529
URS Corp.*	1,526		75,568
			1,518,691
Containers & Packaging 0.1%
Ball Corp.	3,440		155,350
Diversified Consumer Services 0.1%
Apollo Group, Inc., Class A*	2,043		145,298
Diversified Financial Services 2.1%
Bank of America Corp.	153,990		2,032,668
Citigroup, Inc.	38,627		114,722

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Large Cap Growth Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Diversified Financial Services (continued)
CME Group, Inc.	1,944	$	604,798
JPMorgan Chase & Co.	27,739		946,177
			3,698,365
Diversified Telecommunication Services 0.1%
Embarq Corp.	5,890		247,733
Electric Utilities 0.2%
Duke Energy Corp.	7,428		108,374
Exelon Corp.	6,041		309,360
			417,734
Electrical Equipment 1.1%
Emerson Electric Co.	34,023		1,102,345
First Solar, Inc.*	5,060		820,327
Rockwell Automation, Inc.	1,192		38,287
			1,960,959
Electronic Equipment & Instruments 1.1%
Arrow Electronics, Inc.*	7,052		149,784
Avnet, Inc.*	8,059		169,481
Ingram Micro, Inc., Class A*	18,745		328,037
Tech Data Corp.*	1,098		35,916
Tyco Electronics Ltd.	65,730		1,221,921
			1,905,139
Energy Equipment & Services 3.8%
Exterran Holdings, Inc.*	12,408		199,024
National Oilwell Varco, Inc.*	20,272		662,084
Noble Corp.	36,158		1,093,780
Patterson-UTI Energy, Inc.	28,678		368,799
Schlumberger Ltd.	22,745		1,230,732
Transocean Ltd.*	27,470		2,040,746
Unit Corp.*	2,897		79,870
Weatherford International Ltd.*	59,480		1,163,429
			6,838,464
Food & Staples Retailing 3.8%
Costco Wholesale Corp.	392		17,914
CVS Caremark Corp.	77,080		2,456,540
Wal-Mart Stores, Inc.	63,786		3,089,794
Walgreen Co.	40,396		1,187,642
			6,751,890
Food Products 1.0%
Archer-Daniels-Midland Co.	13,759		368,328
Bunge Ltd.	2,452		147,733
Campbell Soup Co.	2,119		62,341
General Mills, Inc.	16,824		942,481
Hormel Foods Corp.	2,256		77,922
Smithfield Foods, Inc.*	7,632		106,619
Tyson Foods, Inc., Class A	2,452		30,920
			1,736,344
Health Care Equipment & Supplies 3.1%
Baxter International, Inc.	17,323		917,426
Beckman Coulter, Inc.	1,871		106,909
Becton, Dickinson & Co.	9,284		662,042
Boston Scientific Corp.*	6,339		64,277
Covidien PLC	16,842		630,565
Gen-Probe, Inc.*	571		24,542
Hologic, Inc.*	7,448		105,985
Medtronic, Inc.	5,460		190,499
St. Jude Medical, Inc.*	53,297		2,190,507
Stryker Corp.	13,223		525,482
Zimmer Holdings, Inc.*	3,320		141,432
			5,559,666
Health Care Providers & Services 1.0%
Aetna, Inc.	39,893		999,319
Coventry Health Care, Inc.*	17,656		330,344
Humana, Inc.*	5,520		178,075
McKesson Corp.	903		39,732
Medco Health Solutions, Inc.*	5,277		240,684
WellCare Health Plans, Inc.*	1,777		32,857
			1,821,011
Health Care Technology 0.0%
Cerner Corp.*	707		44,039
Hotels, Restaurants & Leisure 1.7%
Boyd Gaming Corp.*	2,014		17,119
Carnival Corp.	11,240		289,655
Choice Hotels International, Inc.	2,795		74,375
Marriott International, Inc., Class A	19,986		441,084
Panera Bread Co., Class A*	1,586		79,078
Penn National Gaming, Inc.*	1,766		51,408
Wyndham Worldwide Corp.	7,476		90,609
Yum! Brands, Inc.	58,212		1,940,788
			2,984,116
Household Durables 0.1%
Harman International Industries, Inc.	11,663		219,264
Household Products 1.8%
Colgate-Palmolive Co.	19,783		1,399,450
Procter & Gamble Co. (The)	36,054		1,842,359
			3,241,809
Independent Power Producers & Energy Traders 0.1%
Dynegy, Inc., Class A*	36,831		83,606
Mirant Corp.*	4,712		74,167
			157,773

6 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Industrial Conglomerates 0.9%
3M Co.	397	$	23,860
Tyco International Ltd.	57,770		1,500,864
			1,524,724
Information Technology Services 1.9%
Accenture Ltd., Class A	52,366		1,752,166
Genpact Ltd.*	2,817		33,100
MasterCard, Inc., Class A	4,950		828,185
NeuStar, Inc., Class A*	5,894		130,611
Visa, Inc., Class A	11,977		745,688
			3,489,750
Insurance 0.1%
Aflac, Inc.	3,169		98,524
Prudential Financial, Inc.	823		30,632
Unum Group	4,530		71,846
			201,002
Internet & Catalog Retail 1.6%
Amazon.com, Inc.*	33,170		2,775,002
HSN, Inc.*	2,420		25,580
Liberty Media Corp. — Interactive, Series A*	12,123		60,736
			2,861,318
Internet Software & Services 2.6%
eBay, Inc.*	20,791		356,150
Google, Inc., Class A*	9,726		4,100,384
VeriSign, Inc.*	11,728		216,734
			4,673,268
Life Sciences Tools & Services 0.9%
Bio-Rad Laboratories, Inc., Class A*	705		53,214
PerkinElmer, Inc.	1,036		18,026
Thermo Fisher Scientific, Inc.*	35,842		1,461,278
			1,532,518
Machinery 1.2%
AGCO Corp.*	6,201		180,263
Caterpillar, Inc.	1,115		36,840
Cummins, Inc.	23,025		810,710
Danaher Corp.	16,302		1,006,485
Toro Co.	6,734		201,347
			2,235,645
Media 2.4%
Comcast Corp., Class A	11,620		168,374
Comcast Corp., Special Class A	1,852		26,113
DIRECTV Group, Inc. (The)*	61,850		1,528,313
Discovery Communications, Inc., Class A*	2,684		60,524
DISH Network Corp., Class A*	1,855		30,070
News Corp., Class A	14,372		130,929
News Corp., Class B	8,111		85,733
Scripps Networks Interactive, Inc., Class A	6,889		191,721
Time Warner, Inc.	86,000		2,166,340
			4,388,117
Metals & Mining 2.4%
Allegheny Technologies, Inc.	3,033		105,943
Commercial Metals Co.	2,806		44,980
Freeport-McMoRan Copper & Gold, Inc.	20,046		1,004,505
Nucor Corp.	46,010		2,044,224
Reliance Steel & Aluminum Co.	7,825		300,402
Schnitzer Steel Industries, Inc., Class A	4,221		223,122
United States Steel Corp.	16,644		594,857
			4,318,033
Multiline Retail 0.6%
Big Lots, Inc.*	6,733		141,595
Dollar Tree, Inc.*	10,424		438,850
Family Dollar Stores, Inc.	16,748		473,969
			1,054,414
Oil, Gas & Consumable Fuels 4.8%
Alpha Natural Resources, Inc.*	7,542		198,128
Canadian Natural Resources Ltd.	17,281		907,080
Cimarex Energy Co.	6,091		172,619
ConocoPhillips	1,588		66,791
Devon Energy Corp.	8,892		484,614
Exxon Mobil Corp.	8,021		560,748
Frontier Oil Corp.	6,893		90,367
Noble Energy, Inc.	25,320		1,493,120
Occidental Petroleum Corp.	19,238		1,266,053
Petroleo Brasileiro SA ADR — BR	15,952		653,713
Range Resources Corp.	12,834		531,456
St. Mary Land & Exploration Co.	4,754		99,216
Suncor Energy, Inc.	62,930		1,909,296
Tesoro Corp.	3,437		43,753
Valero Energy Corp.	11,049		186,618
			8,663,572
Personal Products 0.0%
NBTY, Inc.*	1,557		43,783
Pharmaceuticals 4.3%
Abbott Laboratories	38,591		1,815,321
Allergan, Inc.	911		43,345
Bristol-Myers Squibb Co.	57,706		1,172,009
Eli Lilly & Co.	21,688		751,272
Forest Laboratories, Inc.*	7,194		180,641
Johnson & Johnson	17,912		1,017,402
Merck & Co., Inc.	5,361		149,894
Pfizer, Inc.	17,988		269,820

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Large Cap Growth Fund (Continued)

Common Stocks (continued)
		Shares		Market Value
Pharmaceuticals (continued)
Schering-Plough Corp.		3,156	$	79,279
Teva Pharmaceutical Industries Ltd. ADR — IL		45,695		2,254,591
				7,733,574
Professional Services 0.2%
Manpower, Inc.		4,330		183,332
Robert Half International, Inc.		5,611		132,532
				315,864
Real Estate Investment Trusts 0.4%
Federal Realty Investment Trust		2,926		150,748
Plum Creek Timber Co., Inc.		2,757		82,103
Rayonier, Inc.		4,166		151,434
Simon Property Group, Inc.		5,569		286,414
				670,699
Road & Rail 0.4%
Union Pacific Corp.		13,431		699,218
Semiconductors & Semiconductor Equipment 4.8%
Broadcom Corp., Class A*		79,576		1,972,689
Cypress Semiconductor Corp.*		10,342		95,146
Integrated Device Technology, Inc.*		18,353		110,852
Intel Corp.		249,781		4,133,876
Intersil Corp., Class A		1,685		21,181
LSI Corp.*		16,738		76,325
Taiwan Semiconductor Manufacturing Co. Ltd. ADR — TW		105,930		996,801
Texas Instruments, Inc.		60,690		1,292,697
				8,699,567
Software 8.0%
Adobe Systems, Inc.*		43,884		1,241,917
Autodesk, Inc.*		5,712		108,414
Cadence Design Systems, Inc.*		3,190		18,821
Electronic Arts, Inc.*		3,286		71,372
Microsoft Corp.		350,280		8,326,155
Oracle Corp.		178,564		3,824,841
Symantec Corp.*		51,073		794,696
				14,386,216
Specialty Retail 1.8%
Aeropostale, Inc.*		6,082		208,430
Lowe’s Cos., Inc.		39,934		775,119
PetSmart, Inc.		16,426		352,502
Ross Stores, Inc.		11,597		447,644
Signet Jewelers Ltd.		1,172		24,401
Staples, Inc.		48,595		980,161
TJX Cos., Inc.		11,166		351,283
				3,139,540
Thrifts & Mortgage Finance 0.0%
Hudson City Bancorp, Inc.		1,694		22,513
Tobacco 1.9%
Lorillard, Inc.		19,682		1,333,849
Philip Morris International, Inc.		47,195		2,058,646
				3,392,495
Wireless Telecommunication Services 1.9%
American Tower Corp., Class A*		95,415		3,008,435
NII Holdings, Inc.*		8,255		157,423
Sprint Nextel Corp.*		27,911		134,252
Telephone & Data Systems, Inc.		2,739		77,513
				3,377,623
Total Common Stocks (cost $164,904,331)				173,633,321
Repurchase Agreements 4.0%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $4,855,258, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $4,952,351	$	4,855,246		4,855,246
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $2,376,941, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $2,424,477		2,376,938		2,376,938
Total Repurchase Agreements (cost $7,232,184)				7,232,184
Total Investments (cost $172,136,515) (a) — 100.6%				180,865,505
Liabilities in excess of other assets — (0.6)%				(1,035,545	)
NET ASSETS — 100.0%			$	179,829,960

8 Semiannual Report 2009

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

ADR	American Depositary Receipt
BR	Brazil
IL	Israel
Ltd	Limited
PLC	Public Limited Company
SA	Stock Company
TW	Taiwan

At June 30, 2009, the Fund’s open futures contracts were as follows (Note 2):

				Notional Value		Unrealized
Number of	Long			Covered by		Appreciation/
Contracts	Contracts	Expiration		Contracts		(Depreciation)
36	S&P 500 EMINI Futures		09/18/09	$	1,647,900	$	11,466
				$	1,647,900	$	11,466

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Multi-Manager
	Large Cap
	Growth Fund
Assets:
Investments, at value (cost $164,904,331)	$	173,633,321
Repurchase agreements, at value and cost		7,232,184
Total Investments		180,865,505
Interest and dividends receivable		143,642
Receivable for capital shares issued		944,493
Receivable for investments sold		5,996,919
Prepaid expenses and other assets		2,184
Total Assets		187,952,743
Liabilities:
Cash overdraft		342,451
Payable for investments purchased		7,646,563
Payable for variation margin on futures		5,351
Payable for capital shares redeemed		21
Accrued expenses and other payables:
Investment advisory fees		101,724
Fund administration fees		6,708
Distribution fees		328
Administrative services fees		266
Custodian fees		656
Trustee fees		101
Compliance program costs (Note 3)		2,034
Professional fees		5,070
Printing fees		11,510
Total Liabilities		8,122,783
Net Assets	$	179,829,960
Represented by:
Capital	$	195,153,041
Accumulated net investment loss		(3,025	)
Accumulated net realized losses from investment and futures transactions		(24,060,512	)
Net unrealized appreciation/(depreciation) from investments		8,728,990
Net unrealized appreciation/(depreciation) from futures (Note 2)		11,466
Net Assets	$	179,829,960
Net Assets:
Class I Shares	$	686,328
Class II Shares		1,645,350
Class Y Shares		177,498,282
Total	$	179,829,960
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		95,539
Class II Shares		229,001
Class Y Shares		24,682,316
Total		25,006,856
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	7.18
Class II Shares	$	7.18
Class Y Shares	$	7.19

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Multi-Manager
	Large Cap
	Growth Fund
INVESTMENT INCOME:
Interest income	$	2,527
Dividend income		987,920
Total Income		990,447
EXPENSES:
Investment advisory fees		417,006
Fund administration fees		31,247
Distribution fees Class II Shares		1,395
Administrative services fees Class I Shares		281
Administrative services fees Class II Shares		842
Custodian fees		1,672
Trustee fees		2,311
Compliance program costs (Note 3)		892
Professional fees		10,328
Printing fees		11,902
Other		7,068
Total expenses before expenses earnings credit and expenses reimbursed		484,944
Earnings credit (Note 4)		(203	)
Expenses reimbursed by Adviser		(998	)
Net Expenses		483,743
NET INVESTMENT INCOME		506,704
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(11,246,106	)
Net realized gains from futures transactions (Note 2)		275,810
Net realized losses from investment and futures transactions		(10,970,296	)
Net change in unrealized appreciation/(depreciation) from investments		22,912,615
Net change in unrealized appreciation/(depreciation) from futures (Note 2)		(92,316	)
Net change from unrealized appreciation/(depreciation) from investments and futures		22,820,299
Net realized/unrealized gains from investments and futures		11,850,003
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,356,707

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Statements of Changes in Net Assets

	NVIT Multi-Manager
	Large Cap Growth Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
Operations:
Net investment income	$	506,704		$	282,240
Net realized losses from investment and futures		(10,970,296	)		(13,090,216	)
Net change in unrealized appreciation/(depreciation) from investments and futures		22,820,299			(14,079,843	)
Change in net assets resulting from operations		12,356,707			(26,887,819	)
Distributions to Shareholders From:
Net investment income:
Class I		(1,325	)		(380	)
Class II		(2,898	)		(1,055	)
Class Y		(531,518	)		(254,822	)
Change in net assets from shareholder distributions		(535,741	)		(256,257	)
Change in net assets from capital transactions		74,518,853			120,634,217
Change in net assets		86,339,819			93,490,141
Net Assets:
Beginning of period		93,490,141			–
End of period	$	179,829,960		$	93,490,141
Accumulated undistributed net investment income (loss) at end of period	$	(3,025	)	$	26,012
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	646,138		$	429,920
Dividends reinvested		1,325			380
Cost of shares redeemed		(139,126	)		(226,993	)
Total Class I		508,337			203,307
Class II Shares
Proceeds from shares issued		1,075,561			905,350
Dividends reinvested		2,898			1,055
Cost of shares redeemed		(196,030	)		(137,733	)
Total Class II		882,429			768,672
Class Y Shares
Proceeds from shares issued		78,764,012			120,288,810
Dividends reinvested		531,518			254,821
Cost of shares redeemed		(6,167,443	)		(881,393	)
Total Class Y		73,128,087			119,662,238
Change in net assets from capital transactions	$	74,518,853		$	120,634,217

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

	NVIT Multi-Manager
	Large Cap Growth Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
SHARE TRANSACTIONS:
Class I Shares
Issued		95,999			47,017
Reinvested		194			51
Redeemed		(21,580	)		(26,142	)
Total Class I Shares		74,613			20,926
Class II Shares
Issued		160,986			112,423
Reinvested		430			151
Redeemed		(29,311	)		(15,678	)
Total Class II Shares		132,105			96,896
Class Y Shares
Issued		11,772,411			13,822,014
Reinvested		78,259			34,999
Redeemed		(915,364	)		(110,003	)
Total Class Y Shares		10,935,306			13,747,010
Total change in shares		11,142,024			13,864,832

(a)  For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT Multi-Manager Large Cap Growth Fund

				Operations									Distributions												Ratios / Supplemental Data
							Net Realized																										Ratio of
							and																							Ratio of Net			Expenses
	Net Asset						Unrealized																				Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Distributions			of Period			Return (a)			Period (b)		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.74		0	.02		0	.44		0	.46		(0	.02)		(0	.02)	$	7	.18		6	.87%	$	686,328		0	.90%		0	.66%		0	.90%		74	.65%
Period Ended December 31, 2008 (e)	$	10	.00		0	.02		(3	.26)		(3	.24)		(0	.02)		(0	.02)	$	6	.74		(32	.41%)	$	140,989		0	.89%		0	.62%		0	.98%		92	.12%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.74		0	.02		0	.44		0	.46		(0	.02)		(0	.02)	$	7	.18		6	.77%	$	1,645,350		1	.15%		0	.39%		1	.15%		74	.65%
Period Ended December 31, 2008 (e)	$	10	.00		0	.02		(3	.26)		(3	.24)		(0	.02)		(0	.02)	$	6	.74		(32	.45%)	$	652,992		1	.12%		0	.44%		1	.24%		92	.12%
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.74		0	.03		0	.45		0	.48		(0	.03)		(0	.03)	$	7	.19		7	.07%	$	177,498,282		0	.75%		0	.79%		0	.75%		74	.65%
Period Ended December 31, 2008 (e)	$	10	.00		0	.03		(3	.26)		(3	.23)		(0	.03)		(0	.03)	$	6	.74		(32	.37%)	$	92,696,160		0	.75%		0	.72%		0	.86%		92	.12%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

14 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Multi-Manager Large Cap Growth Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

16 Semiannual Report 2009

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
	Prices		Observable Inputs		Unobservable Inputs		Total
Asset Type	Investments		Investments		Investments		Investments
Common Stocks	$	173,633,321	$	—	$	—	$	173,633,321
Futures		11,466		—		—		11,466
Repurchase Agreements		—		7,232,184		—		7,232,184
Total	$	173,644,787	$	7,232,184	$	—	$	180,876,971

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its investment objective. The Fund may enter into financial futures contracts (“futures contracts”) to gain exposure to, or hedge against changes in, the value of equities. The Fund may also enter into futures contracts for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to enter into and maintain futures contracts may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such futures contracts.

Futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price. Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, know as “variation margin” receipts or payments, are made each day, depending on the fluctuations in the fair value/market value of the futures contract and are recognized by the Fund as unrealized gains or losses. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and the value at the time it was closed.

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. Futures contracts involve minimal counterparty credit risk to the Fund because futures contracts are exchange-traded, and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees futures contracts against default.

Futures contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Net unrealized appreciation/(depreciation) from futures,” and in the Statement of Operations under “Net realized gains from futures transactions” and “Net change in unrealized appreciation/(depreciation) from futures.”

Fair Values of Derivative Instruments as of June 30, 2009

Derivatives not	Asset Derivatives			Liability Derivatives
accounted for as	Statement of Assets and			Statement of Assets and
hedging instruments	Liabilities Location	Fair Value		Liabilities Location	Fair Value
Equity contracts*	Net Assets — unrealized appreciation from futures	$	11,466	Net Assets — unrealized depreciation from futures	$	—
Total		$	11,466		$	—

* Includes cumulative appreciation/(depreciation) of futures contracts as reported in Statement of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities.

Amounts designated as “—” are zero.

The Effect of Derivative Instruments on the Statement of Operations
For the Six Months Ended June 30, 2009

Amount of Realized Gain or (Loss) on Derivatives Recognized

Derivatives not accounted for as hedging
instruments under FAS 133	Futures
Equity contracts	$	275,810
Total	$	275,810

Change in Unrealized Appreciation/(Depreciation) on

Derivatives not accounted for as hedging
instruments under FAS 133	Futures
Equity contracts	$	(92,316	)
Total	$	(92,316	)

Amounts designated as “—” are zero.

Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the period ending June 30, 2009.

(d)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value

18 Semiannual Report 2009

equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(e)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(f)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(g)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(h)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadvisers for the Fund. The subadvisers listed below manage all or a portion of the Fund’s investments and have the responsibility for making all investment decisions for that portion of the Fund unless otherwise indicated.

Subadvisers

- Goldman Sachs Asset Management, L.P. 

- Neuberger Berman Management Inc.

- Wells Capital Management, Inc.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.65%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisers $171,103 for the six months ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.75% for all share classes until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

20 Semiannual Report 2009

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Period Ended		Six Months Ended
December 31, 2008		June 30, 2009
Amount (a)		Amount
$	42,785	$	998

(a) For the period March 25, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the daily net assets of Class I and Class II shares of the Fund.

For the six months ended June 30, 2009, NFS received $922 in Administrative Services fees from the Fund.

2009 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $892.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $166,120,781 and sales of $92,094,121 (excluding short-term securities).

6. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

7. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim

22 Semiannual Report 2009

and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

8. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	180,267,406	$	11,606,645	$	(11,008,546	)	$	598,099

9. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 23

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

(i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met in person to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement. In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement and (v) information from the Adviser describing ancillary benefits. The Trustees also noted the compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s oversight of the performance by each sub-adviser of its portfolio management duties and NFA’s ability to supervise the Fund’s other service providers. With respect to each sub-adviser, the Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by the sub-adviser in the past, and the sub-adviser’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of

24 Semiannual Report 2009

advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

(ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and the Fund’s sub-advisers (i.e., Neuberger Berman Management LLC (“Neuberger Berman”), Wells Capital Management, Inc., and Goldman Sachs Asset Management, L.P.), and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the three- month period ended September 30, 2008, the Fund’s performance for Class II shares was below the median and in the third quintile of its peer group, and that the Fund underperformed its benchmark, the Russell 1000 Growth Index. The Trustees also noted, however, that for the six-month period ended September 30, 2008, the Fund’s performance for Class II shares was in the second quintile of its peer group and the Fund outperformed its benchmark. The Trustees noted that it was difficult to assess the performance of the Fund due to its short performance history.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was in the second quintile of its peer group, while the Fund’s total expenses for Class II shares were in the fifth quintile of its peer group. In this regard, the Trustees considered that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses significantly below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

B. Approval of New Subadvisory Agreement

Neuberger Berman Holdings LLC, the parent company of Neuberger Berman, was sold to Neuberger Berman Group LLC, a newly independent company (the “Transaction”). The Transaction constituted an “assignment” of Neuberger Berman’s subadvisory agreement with the Fund. As a result, the subadvisory agreement terminated automatically upon the completion of the Transaction. At a regular meeting of the Board on March 12, 2009, the Board, including the Independent Trustees, discussed and unanimously approved a new subadvisory agreement (the “New Subadvisory Agreement”) among the Trust, on behalf of the Fund, NFA and Neuberger Berman. The Board reviewed and considered materials provided by Neuberger Berman in advance of the meeting, and advice from the Trust’s legal counsel and the Independent Legal Counsel to the Independent Trustees. The material factors and conclusions that formed the basis for the approval are discussed below.

Neuberger Berman represented to the Board: (i) that there would be no material changes in the fees or terms of the prior subadvisory agreement and (ii) that key personnel, including portfolio management personnel, at Neuberger Berman are expected to remain in place following the closing of the Transaction. The Board reviewed the nature, extent, and quality of the services that would be provided to the Fund by Neuberger Berman and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the New Subadvisory Agreement and mutual fund industry norms.

The Board evaluated the Fund’s investment performance and considered the performance of the portfolio managers who were expected to manage the Fund on behalf of Neuberger Berman. The Board also reviewed comparative performance, based on data provided by Lipper Inc. The Board noted that given the relatively

2009 Semiannual Report 25

Supplemental Information (Continued)

(Unaudited)

short performance history of the Fund, information regarding the Fund’s performance may be less reliable than longer-term performance. However, the Board also noted that the performance record of the portfolio managers who were expected to manage the Fund on behalf of Neuberger Berman, in combination with various other factors, supported a decision to approve the New Subadvisory Agreement.

The Board considered the Fund’s overall fee level and noted that the overall expenses of the Fund would remain the same under the New Subadvisory Agreement, as Neuberger Berman’s fees are paid out of the advisory fee that NFA receives from the Fund. The Board concluded that the subadvisory fees to be paid to Neuberger Berman were fair and reasonable.

The Board considered the factor of profitability to Neuberger Berman as a result of the subadvisory relationship with the Fund. In addition, the Board considered whether any “fall-out” or ancillary benefits would accrue to Neuberger Berman as a result of its relationship with the Fund.

The Board reviewed the terms of the New Subadvisory Agreement and noted that the terms are identical in all material respects as the terms of the subadvisory agreements that the Trust currently has in place with other unaffiliated sub-advisers. The Board concluded that the terms were fair and reasonable.

Based on this information, the Board, including all of the Independent Trustees, concluded that the nature, extent and quality of the subadvisory services to be provided by Neuberger Berman were appropriate for the Fund in light of its investment objectives. The totality of multiple factors taken together, instead of any single factor, informed the Board’s decision. The Board concluded that the approval of the New Subadvisory Agreement was in the best interests of the Fund and its shareholders and unanimously approved the New Subadvisory Agreement.

26 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 27

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

28 Semiannual Report 2009

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 29

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

30 Semiannual Report 2009

NVIT Multi-Manager Large Cap Value Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
10	Statement of Assets and Liabilities
12	Statement of Operations
13	Statements of Changes in Net Assets
15	Financial Highlights
16	Notes to Financial Statements
26	Supplemental Information
28	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-MM-LCV (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder Multi-Manager Large Cap Value Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
NVIT Multi-Manager			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Large Cap Value Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,042.80		4.61		0.91
	Hypothetical	b		1,000.00		1,020.14		4.57		0.91
Class II	Actual			1,000.00		1,042.00		5.87		1.16
	Hypothetical	b		1,000.00		1,018.91		5.82		1.16
Class Y	Actual			1,000.00		1,043.60		3.80		0.75
	Hypothetical	b		1,000.00		1,020.94		3.77		0.75

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Multi-Manager Large Cap Value Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	98	.0%
U.S. Government Agency & Obligations	0	.3%
Repurchase Agreements	0	.2%
Other assets in excess of liabilities	1	.5%
	100	.0%

Top Industries
Oil, Gas & Consumable Fuels	14	.3%
Insurance	7	.6%
Pharmaceuticals	6	.1%
Diversified Financial Services	6	.0%
Capital Markets	5	.7%
Electric Utilities	5	.7%
Media	5	.1%
Health Care Providers & Services	3	.2%
Aerospace & Defense	2	.8%
Food Products	2	.8%
Other Industries*	40	.7%
	100	.0%

Top Holdings
Bank of America Corp.	3	.1%
JPMorgan Chase & Co.	2	.8%
Exxon Mobil Corp.	2	.7%
Entergy Corp.	2	.3%
Comcast Corp., Class A	2	.2%
AT&T, Inc.	2	.0%
Johnson & Johnson	1	.7%
Wyeth	1	.6%
Devon Energy Corp.	1	.5%
Wells Fargo & Co.	1	.4%
Other Holdings*	78	.7%
	100	.0%

Top Countries
United States	89	.5%
Bermuda	2	.2%
Netherlands	1	.5%
Switzerland	1	.2%
Canada	1	.1%
France	0	.7%
Japan	0	.4%
Ireland	0	.4%
United Kingdom	0	.4%
Brazil	0	.3%
Other Countries*	2	.3%
	100	.0%

* For purposes of listing top industries, top holdings, and top countries, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Multi-Manager Large Cap Value Fund

Common Stocks 98.0%
	Shares		Market Value
BERMUDA 2.2%
Insurance 2.2%
Allied World Assurance Co. Holdings Ltd.	3,300	$	134,739
Everest Re Group Ltd.	34,161		2,444,903
PartnerRe Ltd.	24,027		1,560,553
			4,140,195
BRAZIL 0.3%
Food Products 0.2%
Perdigao SA ADR*	7,300		278,714
Metals & Mining 0.1%
Vale SA ADR	15,000		264,450
			543,164
CANADA 1.1%
Oil, Gas & Consumable Fuels 1.1%
Cameco Corp.	30,400		778,240
Canadian Natural Resources Ltd.	18,400		965,816
Talisman Energy, Inc.	23,800		340,102
			2,084,158
CAYMAN ISLANDS 0.2%
Computers & Peripherals 0.2%
Seagate Technology	33,000		345,180
FRANCE 0.7%
Oil, Gas & Consumable Fuels 0.7%
Total SA ADR	22,500		1,220,175
IRELAND 0.4%
Health Care Equipment & Supplies 0.4%
Covidien PLC	21,400		801,216
JAPAN 0.4% (a)
Tobacco 0.4%
Japan Tobacco, Inc.	257		803,464
NETHERLANDS 1.5%
Air Freight & Logistics 0.2% (a)
TNT NV	15,646		305,782
Energy Equipment & Services 0.1% (a)
SBM Offshore NV	10,713		183,941
Food Products 1.2%
Unilever NV	91,934		2,222,964
			2,712,687
SINGAPORE 0.2%
Electronic Equipment & Instruments 0.2%
Flextronics International Ltd.*	80,200		329,622
SWITZERLAND 1.2%
Energy Equipment & Services 0.4%
Transocean Ltd.*	9,595		712,813
Insurance 0.8%
ACE Ltd.	34,300		1,517,089
			2,229,902
TAIWAN 0.2%
Semiconductors & Semiconductor Equipment 0.2%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR	32,100		302,061
UNITED KINGDOM 0.4% (a)
Containers & Packaging 0.4%
Rexam PLC	139,772		656,878
UNITED STATES 89.2%
Aerospace & Defense 2.8%
Alliant Techsystems, Inc.*	4,900		403,564
Boeing Co.	32,370		1,375,725
General Dynamics Corp.	14,100		780,999
Honeywell International, Inc.	36,271		1,138,909
Lockheed Martin Corp.	5,500		443,575
Northrop Grumman Corp.	13,800		630,384
Raytheon Co.	8,200		364,326
			5,137,482
Air Freight & Logistics 0.6%
FedEx Corp.	4,300		239,166
United Parcel Service, Inc., Class B	17,500		874,825
			1,113,991
Airline 0.5%
Delta Air Lines, Inc.*	147,100		851,709
Auto Components 0.5%
Johnson Controls, Inc.	42,386		920,624
Automobiles 0.2%
Ford Motor Co.*	53,721		326,086
Beverages 0.1%
Coca-Cola Enterprises, Inc.	7,100		118,215
Biotechnology 0.7%
Biogen Idec, Inc.*	29,945		1,352,017
Capital Markets 5.7%
Ameriprise Financial, Inc.	43,400		1,053,318
Bank of New York Mellon Corp. (The)	34,700		1,017,057
Franklin Resources, Inc.	27,728		1,996,693
Goldman Sachs Group, Inc. (The)	8,500		1,253,240
Invesco Ltd.	98,719		1,759,173
Morgan Stanley	36,693		1,046,117
State Street Corp.	28,574		1,348,693
TD Ameritrade Holding Corp.*	59,300		1,040,122
			10,514,413

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Large Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
UNITED STATES (continued)
Chemicals 1.2%
Dow Chemical Co. (The)	86,010	$	1,388,202
Eastman Chemical Co.	2,200		83,380
Mosaic Co. (The)	14,348		635,616
			2,107,198
Commercial Banks 2.0%
M&T Bank Corp.	7,749		394,657
Marshall & Ilsley Corp.	37,300		179,040
PNC Financial Services Group, Inc.	3,200		124,192
Regions Financial Corp.	33,200		134,128
U.S. Bancorp	14,900		267,008
Wells Fargo & Co.	106,373		2,580,609
			3,679,634
Commercial Services & Supplies 0.5%
RR Donnelley & Sons Co.	30,200		350,924
Waste Management, Inc.	21,773		613,128
			964,052
Communications Equipment 0.8%
Cisco Systems, Inc.*	76,900		1,433,416
JDS Uniphase Corp.*	4,700		26,884
			1,460,300
Computers & Peripherals 1.3%
EMC Corp.*	17,200		225,320
Hewlett-Packard Co.	47,342		1,829,768
Teradata Corp.*	1,000		23,430
Western Digital Corp.*	10,300		272,950
			2,351,468
Construction Materials 0.3%
Vulcan Materials Co.	11,600		499,960
Consumer Finance 0.4%
SLM Corp.*	74,360		763,677
Containers & Packaging 0.5%
Owens-Illinois, Inc.*	32,300		904,723
Diversified Financial Services 6.0%
Bank of America Corp.	432,624		5,710,637
Citigroup, Inc.	56,600		168,102
JPMorgan Chase & Co.	151,893		5,181,070
			11,059,809
Diversified Telecommunication Services 2.2%
AT&T, Inc.	147,596		3,666,285
Verizon Communications, Inc.	13,000		399,490
			4,065,775
Electric Utilities 5.7%
American Electric Power Co., Inc.	36,228		1,046,627
Edison International	18,100		569,426
Entergy Corp.	54,369		4,214,685
Exelon Corp.	44,300		2,268,603
FirstEnergy Corp.	36,178		1,401,897
Northeast Utilities	22,700		506,437
Progress Energy, Inc.	12,300		465,309
			10,472,984
Electrical Equipment 0.7%
Ametek, Inc.	12,100		418,418
Emerson Electric Co.	26,887		871,139
			1,289,557
Electronic Equipment & Instruments 2.2%
Arrow Electronics, Inc.*	53,700		1,140,588
Avnet, Inc.*	49,140		1,033,414
Corning, Inc.	97,350		1,563,441
Ingram Micro, Inc., Class A*	5,500		96,250
Jabil Circuit, Inc.	31,400		232,988
			4,066,681
Energy Equipment & Services 1.6%
Baker Hughes, Inc.	14,550		530,202
Rowan Cos., Inc.	5,600		108,192
Schlumberger Ltd.	8,646		467,835
Weatherford International Ltd.*	94,671		1,851,765
			2,957,994
Food & Staples Retailing 1.6%
Kroger Co. (The)	31,900		703,395
SUPERVALU, Inc.	27,900		361,305
SYSCO Corp.	40,300		905,944
Wal-Mart Stores, Inc.	19,295		934,650
			2,905,294
Food Products 1.4%
Archer-Daniels-Midland Co.	26,700		714,759
Bunge Ltd.	18,800		1,132,700
General Mills, Inc.	12,673		709,941
			2,557,400
Health Care Equipment & Supplies 2.2%
Baxter International, Inc.	39,803		2,107,967
Beckman Coulter, Inc.	8,100		462,834
Becton, Dickinson & Co.	8,798		627,385
Medtronic, Inc.	22,900		798,981
			3,997,167
Health Care Providers & Services 3.2%
Aetna, Inc.	24,700		618,735
AmerisourceBergen Corp.	5,300		94,022
Cardinal Health, Inc.	12,900		394,095
CIGNA Corp.	29,400		708,246
Coventry Health Care, Inc.*	38,300		716,593
Laboratory Corp. of America Holdings*	4,439		300,920
UnitedHealth Group, Inc.	45,600		1,139,088
WellPoint, Inc.*	36,113		1,837,790
			5,809,489

6 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
UNITED STATES (continued)
Hotels, Restaurants & Leisure 0.2%
McDonald’s Corp.	2,300	$	132,227
MGM Mirage*	22,400		143,136
Wyndham Worldwide Corp.	9,200		111,504
			386,867
Household Durables 0.2%
NVR, Inc.*	200		100,478
Toll Brothers, Inc.*	17,200		291,884
			392,362
Household Products 1.0%
Kimberly-Clark Corp.	9,200		482,356
Procter & Gamble Co. (The)	26,941		1,376,685
			1,859,041
Independent Power Producers & Energy Traders 0.4%
Mirant Corp.*	14,800		232,952
NRG Energy, Inc.*	16,200		420,552
			653,504
Industrial Conglomerate 0.7%
General Electric Co.	115,400		1,352,488
Information Technology Services 0.5%
Computer Sciences Corp.*	5,700		252,510
DST Systems, Inc.*	1,200		44,340
SAIC, Inc.*	4,700		87,185
Visa, Inc., Class A	8,902		554,239
			938,274
Insurance 4.6%
Aflac, Inc.	23,565		732,636
Allstate Corp. (The)	21,200		517,280
Assurant, Inc.	3,100		74,679
Fidelity National Financial, Inc., Class A	38,700		523,611
First American Corp.	9,000		233,190
Loews Corp.	23,500		643,900
Principal Financial Group, Inc.	16,400		308,976
Progressive Corp. (The)*	9,500		143,545
Prudential Financial, Inc.	33,160		1,234,215
Reinsurance Group of America, Inc.	28,000		977,480
Travelers Cos., Inc. (The)	50,874		2,087,869
Unum Group	64,400		1,021,384
			8,498,765
Internet Software & Services 0.2%
Google, Inc., Class A*	967		407,678
Life Sciences Tools & Services 0.5%
Thermo Fisher Scientific, Inc.*	22,353		911,332
Machinery 1.3%
Deere & Co.	13,400		535,330
Dover Corp.	22,900		757,761
Gardner Denver, Inc.*	6,500		163,605
Joy Global, Inc.	3,700		132,164
Pentair, Inc.	17,800		456,036
Timken Co.	14,400		245,952
			2,290,848
Media 5.1%
Comcast Corp., Class A	285,981		4,143,865
DISH Network Corp., Class A*	75,388		1,222,039
Scripps Networks Interactive, Inc., Class A	4,300		119,669
Time Warner Cable, Inc.*	24,093		763,025
Time Warner, Inc.	64,866		1,633,975
Viacom, Inc., Class B*	40,278		914,311
Virgin Media, Inc.	54,800		512,380
			9,309,264
Metals & Mining 0.6%
Cliffs Natural Resources, Inc.	16,900		413,543
Freeport-McMoRan Copper & Gold, Inc.	13,301		666,513
			1,080,056
Multi-Utility 0.6%
Dominion Resources, Inc.	4,600		153,732
NiSource, Inc.	12,800		149,248
PG&E Corp.	16,712		642,409
Sempra Energy	4,600		228,298
			1,173,687
Multiline Retail 0.8%
J.C. Penney Co., Inc.	18,119		520,196
Macy’s, Inc.	26,400		310,464
Target Corp.	13,929		549,778
			1,380,438
Natural Gas Utility 0.1%
ONEOK, Inc.	6,000		176,940
Oil, Gas & Consumable Fuels 12.5%
Apache Corp.	6,600		476,190
Chevron Corp.	10,200		675,750
ConocoPhillips	29,400		1,236,564
CONSOL Energy, Inc.	18,000		611,280
Devon Energy Corp.	49,758		2,711,811
Encore Acquisition Co.*	9,000		277,650
EOG Resources, Inc.	20,877		1,417,966
EXCO Resources, Inc.*	8,400		108,528
Exxon Mobil Corp.	71,217		4,978,780
Forest Oil Corp.*	13,900		207,388
Hess Corp.	43,183		2,321,086
Marathon Oil Corp.	21,200		638,756
Murphy Oil Corp.	4,500		244,440
Newfield Exploration Co.*	31,850		1,040,540
Noble Energy, Inc.	18,300		1,079,151
Occidental Petroleum Corp.	36,693		2,414,766
Range Resources Corp.	38,485		1,593,664
Valero Energy Corp.	10,900		184,101

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Large Cap Value Fund (Continued)

Common Stocks (continued)
		Shares		Market Value
UNITED STATES (continued)
Oil, Gas & Consumable Fuels (continued)
Williams Cos., Inc. (The)		12,100	$	188,881
XTO Energy, Inc.		15,400		587,356
				22,994,648
Paper & Forest Products 0.4%
International Paper Co.		49,200		744,396
Pharmaceuticals 6.1%
Eli Lilly & Co.		23,800		824,432
Johnson & Johnson		55,251		3,138,257
King Pharmaceuticals, Inc.*		125,100		1,204,713
Merck & Co., Inc.		13,500		377,460
Pfizer, Inc.		148,500		2,227,500
Schering-Plough Corp.		18,000		452,160
Wyeth		66,102		3,000,370
				11,224,892
Professional Services 0.2%
Manpower, Inc.		9,800		414,932
Real Estate Investment Trusts 1.0%
AMB Property Corp.		1,700		31,977
Annaly Capital Management, Inc.		17,500		264,950
Apartment Investment & Management Co., Class A		275		2,434
AvalonBay Communities, Inc.		1,418		79,323
Boston Properties, Inc.		1,700		81,090
Chimera Investment Corp.		73,400		256,166
Equity Residential		3,500		77,805
HCP, Inc.		1,600		33,904
Hospitality Properties Trust		2,900		34,481
Host Hotels & Resorts, Inc.		5,000		41,950
Kimco Realty Corp.		1,800		18,090
ProLogis		800		6,448
Rayonier, Inc.		500		18,175
Ventas, Inc.		26,320		785,915
Vornado Realty Trust		3,946		177,688
				1,910,396
Road & Rail 0.3%
CSX Corp.		5,100		176,613
Norfolk Southern Corp.		3,000		113,010
Ryder System, Inc.		5,700		159,144
				448,767
Semiconductors & Semiconductor Equipment 0.4%
Applied Materials, Inc.		30,100		330,197
Intel Corp.		22,280		368,734
				698,931
Software 2.0%
Activision Blizzard, Inc.*		96,582		1,219,831
Microsoft Corp.		62,300		1,480,871
Oracle Corp.		42,281		905,659
Symantec Corp.*		8,800		136,928
				3,743,289
Specialty Retail 1.8%
Foot Locker, Inc.		17,300		181,131
Home Depot, Inc.		58,187		1,374,959
Office Depot, Inc.*		43,600		198,816
Staples, Inc.		36,693		740,098
TJX Cos., Inc.		26,887		845,865
				3,340,869
Textiles, Apparel & Luxury Goods 0.4%
Nike, Inc., Class B		11,387		589,619
Polo Ralph Lauren Corp.		700		37,478
				627,097
Thrifts & Mortgage Finance 0.0%
Astoria Financial Corp.		3,500		30,030
Tobacco 1.4%
Lorillard, Inc.		2,200		149,094
Philip Morris International, Inc.		52,983		2,311,118
Reynolds American, Inc.		2,600		100,412
				2,560,624
Wireless Telecommunication Services 1.0%
Sprint Nextel Corp.*		392,389		1,887,391
				163,685,505
Total Common Stocks (cost $172,390,387)				179,854,207
U.S. Government Agency & Obligations 0.3% (b)
		Principal Amount		Market Value
UNITED STATES 0.3%
U.S. Treasury Bills 0.00%, 09/17/09	$	593,000	$	592,766
Total U.S. Government Agency & Obligations (cost $592,807)				592,766

8 Semiannual Report 2009

Repurchase Agreements 0.2%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $251,027, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $256,047	$	251,026	$	251,026
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $122,893, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $125,351		122,893		122,893
Total Repurchase Agreements (cost $373,919)				373,919
Total Investments (cost $173,357,113) (c) — 98.5%				180,820,892
Other assets in excess of liabilities — 1.5%				2,708,755
NET ASSETS — 100.0%			$	183,529,647

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	The rate reflected in the Statement of Investments is the discount rate at the time of purchase.
(c)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

ADR	American Depositary Receipt
Ltd	Limited
NV	Public Traded Company
PLC	Public Limited Company
SA	Stock Company

At June 30, 2009, the Fund’s open futures contracts were as follows Note 2:

				Notional Value		Unrealized
Number of				Covered by		Appreciation
Contracts	Long Contracts	Expiration		Contracts		(Depreciation)
19	S&P 500 E-mini		09/18/09	$	869,725	$	11,159
				$	869,725	$	11,159

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Multi-Manager
	Large Cap Value Fund
Assets:
Investments, at value (cost $172,983,194)	$	180,446,973
Repurchase agreements, at value and cost		373,919
Total Investments		180,820,892
Foreign currencies, at value (cost $44)		44
Interest and dividends receivable		202,417
Receivable for capital shares issued		944,827
Receivable for investments sold		3,962,118
Unrealized appreciation on spot contracts		1,553
Reclaims receivable		212
Receivable for variation margin on futures contracts		1,472
Prepaid expenses and other assets		2,050
Total Assets		185,935,585
Liabilities:
Cash overdraft		1,364,433
Payable for investments purchased		917,931
Unrealized depreciation on spot contracts		43
Payable for capital shares redeemed		14
Accrued expenses and other payables:
Investment advisory fees		96,570
Fund administration fees		7,162
Distribution fees		1,261
Administrative services fees		724
Custodian fees		336
Trustee fees		93
Compliance program costs (Note 3)		2,118
Professional fees		2,616
Printing fees		11,549
Other		1,088
Total Liabilities		2,405,938
Net Assets	$	183,529,647
Represented by:
Capital	$	197,224,732
Accumulated undistributed net investment income		58,476
Accumulated net realized losses from investment, futures and foreign currency transactions		(21,228,227	)
Net unrealized appreciation/(depreciation) from investments		7,463,779
Net unrealized appreciation/(depreciation) from futures (Note 2)		11,159
Net unrealized appreciation/(depreciation) from spot contracts		1,510
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		(1,782	)
Net Assets	$	183,529,647
Net Assets:
Class I Shares	$	220,520
Class II Shares		6,164,712
Class Y Shares		177,144,415
Total	$	183,529,647
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		32,168
Class II Shares		900,223
Class Y Shares		25,823,281
Total		26,755,672

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

	NVIT Multi-Manager
	Large Cap Value Fund
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	6.86
Class II Shares	$	6.85
Class Y Shares	$	6.86

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Multi-Manager
	Large Cap Value Fund
INVESTMENT INCOME:
Interest income	$	2,310
Dividend income		1,630,596
Foreign tax withholding		(871	)
Total Income		1,632,035
EXPENSES:
Investment advisory fees		431,192
Fund administration fees		32,263
Distribution fees Class II Shares		5,892
Administrative services fees Class I Shares		208
Administrative services fees Class II Shares		3,554
Custodian fees		1,768
Trustee fees		2,382
Compliance program costs (Note 3)		912
Professional fees		11,248
Printing fees		11,958
Other		6,173
Total expenses before earnings credit		507,550
Earnings credit (Note 4)		(194	)
Net Expenses		507,356
NET INVESTMENT INCOME		1,124,679
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(11,660,791	)
Net realized gains from futures transactions (Note 2)		217,286
Net realized losses from foreign currency transactions		(5,133	)
Net realized losses from investment, futures and foreign currency transactions		(11,448,638	)
Net change in unrealized appreciation/(depreciation) from investments		23,267,474
Net change in unrealized appreciation/(depreciation) from futures (Note 2)		(48,751	)
Net change in unrealized appreciation/(depreciation) from spot contracts		1,704
Net change in unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		(1,811	)
Net change in unrealized appreciation/(depreciation) from investments, futures, spot contracts and translation of assets and liabilities denominated in foreign currencies		23,218,616
Net realized/unrealized gains from investments, futures, spot contracts and translation of assets and liabilities denominated in foreign currencies		11,769,978
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,894,657

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

Statements of Changes in Net Assets

	NVIT Multi-Manager Large Cap Value Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
Operations:
Net investment income	$	1,124,679		$	656,390
Net realized losses from investment, futures and foreign currency transaction		(11,448,638	)		(9,764,206	)
Net change in unrealized appreciation/(depreciation) from investments, futures, spot contracts and translation of assets and liabilities denominated in foreign currencies		23,218,616			(15,743,950	)
Change in net assets resulting from operations		12,894,657			(24,851,766	)
Distributions to Shareholders From:
Net investment income:
Class I		(1,852	)		(1,866	)
Class II		(28,450	)		(16,494	)
Class Y		(1,040,358	)		(649,028	)
Change in net assets from shareholder distributions		(1,070,660	)		(667,388	)
Change in net assets from capital transactions		74,768,422			122,456,382
Change in net assets		86,592,419			96,937,228
Net Assets:
Beginning of period		96,937,228			–
End of period	$	183,529,647		$	96,937,228
Accumulated undistributed net investment income at end of period	$	58,476		$	4,457
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	63,966		$	506,217
Dividends reinvested		1,852			1,866
Cost of shares redeemed		(202,248	)		(88,606	)
Total Class I		(136,430	)		419,477
Class II Shares
Proceeds from shares issued		2,484,797			4,570,685
Dividends reinvested		28,450			16,494
Cost of shares redeemed		(213,355	)		(574,065	)
Total Class II		2,299,892			4,013,114
Class Y Shares
Proceeds from shares issued		82,186,526			118,242,764
Dividends reinvested		1,040,358			649,028
Cost of shares redeemed		(10,621,924	)		(868,001	)
Total Class Y		72,604,960			118,023,791
Change in net assets from capital transactions	$	74,768,422		$	122,456,382

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Statements of Changes in Net Assets (Continued)

	NVIT Multi-Manager Large Cap Value Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
SHARE TRANSACTIONS:
Class I Shares
Issued		10,611			67,679
Reinvested		297			280
Redeemed		(34,450	)		(12,249	)
Total Class I Shares		(23,542	)		55,710
Class II Shares
Issued		402,586			598,014
Reinvested		4,480			2,366
Redeemed		(34,735	)		(72,488	)
Total Class II Shares		372,331			527,892
Class Y Shares
Issued		13,186,394			14,087,063
Reinvested		162,559			89,198
Redeemed		(1,588,806	)		(113,127	)
Total Class Y Shares		11,760,147			14,063,134
Total change in shares		12,108,936			14,646,736

(a) For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

14 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT Multi-Manager Large Cap Value Fund

				Operations									Distributions												Ratios / Supplemental Data
							Net Realized																										Ratio of
							and																							Ratio of Net			Expenses
	Net Asset						Unrealized																				Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Total			Value, End			Total			at End		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Distributions			of Period			Return (a)			of Period (b)		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.62		0	.05		0	.23		0	.28		(0	.04)		(0	.04)	$	6	.86		4	.28%	$	220,520		0	.91%		1	.58%		0	.91%		56	.96%
Period Ended December 31, 2008 (e)	$	10	.00		0	.07		(3	.38)		(3	.31)		(0	.07)		(0	.07)	$	6	.62		(33	.19%)	$	368,717		0	.87%		1	.81%		0	.99%		72	.96%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.61		0	.03		0	.24		0	.27		(0	.03)		(0	.03)	$	6	.85		4	.20%	$	6,164,712		1	.16%		1	.33%		1	.16%		56	.96%
Period Ended December 31, 2008 (e)	$	10	.00		0	.06		(3	.38)		(3	.32)		(0	.07)		(0	.07)	$	6	.61		(33	.34%)	$	3,488,798		1	.16%		1	.38%		1	.26%		72	.96%
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.62		0	.05		0	.24		0	.29		(0	.05)		(0	.05)	$	6	.86		4	.36%	$	177,144,415		0	.75%		1	.70%		0	.75%		56	.96%
Period Ended December 31, 2008 (e)	$	10	.00		0	.08		(3	.38)		(3	.30)		(0	.08)		(0	.08)	$	6	.62		(33	.16%)	$	93,079,713		0	.77%		1	.66%		0	.87%		72	.96%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 15

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Multi-Manager Large Cap Value Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the

16 Semiannual Report 2009

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
	Prices		Observable Inputs		Unobservable Inputs		Total
Asset Type	Investments		Investments		Investments		Investments
Common Stocks	$	177,904,141	$	1,950,066	$	—	$	179,854,207
U.S. Government Agency & Obligations		—		592,766		—		592,766
Futures		11,159		—		—		11,159
Repurchase Agreements		—		373,919		—		373,919
Total	$	177,915,300	$	2,916,751	$	—	$	180,832,051

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(d)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does

18 Semiannual Report 2009

not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(e)        Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(f)        Futures Contracts

The Fund is subject to equity price risk in the normal course of pursuing its investment objective. The Fund may enter into financial futures contracts (“futures contracts”) to gain exposure to, or hedge against changes in, the value of equities. The Fund may also enter into futures contracts for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to enter into and maintain futures contracts may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such futures contracts.

Futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price. Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the futures contract’s notional value. Under a futures contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, know as “variation margin” receipts or payments, are made each day, depending on the fluctuations in the fair value/market value of the futures contract and are recognized by the Fund as unrealized gains or losses. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities at a fixed price at a specified time in the future. When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the futures contract at the time it was opened and the value at the time it was closed.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in the movements in the price of the futures contracts and the underlying assets. Futures contracts involve minimal counterparty credit risk to the Fund because futures contracts are exchange-traded, and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees futures contracts against default.

Futures contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Net unrealized appreciation/(depreciation) from futures,” and in the Statement of Operations under “Net realized gains from futures transactions” and “Net change in unrealized appreciation/(depreciation) from futures.”

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Fair Values of Derivative Instruments as of June 30, 2009

	Asset Derivatives				Liability Derivatives
Derivatives not	Statement of Assets				Statement of Assets
accounted for as	and Liabilities				and Liabilities
hedging instruments	Location		Fair Value		Location	Fair Value
Equity contracts*		Net Assets - unrealized    appreciation from futures	$	11,159	Net Assets - unrealized depreciation from futures	$	—
Total			$	11,159		$	—

* Includes cumulative appreciation/(depreciation) of futures contracts as reported in Statement of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities.

Amounts designated as “—” are zero.

The Effect of Derivative Instruments on the Statement of Operations
For the Six Months Ended June 30, 2009

Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations

Derivatives not accounted for as hedging instruments under FAS 133	Futures
Equity contracts	$	217,286
Total	$	217,286

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations

Derivatives not accounted for as hedging instruments under FAS 133	Futures
Equity contracts	$	(48,751	)
Total	$	(48,751	)

Amounts designated as “—” are zero.

Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the period ending June 30, 2009.

(g)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(h)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications

20 Semiannual Report 2009

have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(i)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(j)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadvisers for the Fund. The

2009 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

subadvisers listed below manage all or a portion of the Fund’s investments and have the responsibility for making all investment decisions for that portion of the Fund unless otherwise indicated.

Subadvisers

- Goldman Sachs Asset Management, L.P.

- Wellington Management Company, LLP

- Deutsche Investment Management Americas Inc.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule		Total Fees
	All Assets		0.65%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisers $203,878 for the six months ended June 30, 2009.

Effective May 1, 2009, the Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.77% for all share classes until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Period Ended		Six Months Ended
December 31, 2008		June 30, 2009
Amount (a)		Amount
$	37,906	$	—

(a) For the period March 25, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated

22 Semiannual Report 2009

proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the daily net assets of Class I and Class II shares of the Fund.

For the six months ended June 30, 2009, NFS received $3,403 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $912.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or

2009 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $149,956,855 and sales of $72,888,578 (excluding short-term securities).

For the six months ended June 30, 2009, the Fund had short-term purchases of $1,185,511 and sales of $0 of U.S. government securities.

6. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s)

24 Semiannual Report 2009

used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	184,525,210	$	13,179,568	$	(16,883,886)	$	(3,704,318)

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 25

Supplemental Information

(Unaudited)

A.  Renewal of Advisory (and Sub-advisory) Agreements

    (i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met in person to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement.

In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement and (v) information from the Adviser describing ancillary benefits. The Trustees also noted the compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s oversight of the performance by each sub-adviser of its portfolio management duties and NFA’s ability to supervise the Fund’s other service providers. With respect to each sub-adviser, the Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by the sub-adviser in the past, and the sub-adviser’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of

26 Semiannual Report 2009

advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

    (ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and the Fund’s sub-advisers (i.e., Goldman Sachs Asset Management, L.P., Wellington Management Company, LLP, and Deutsche Investment Management Americas Inc.), and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the three- and six-month periods ended September 30, 2008, the Fund’s performance for Class II shares was in the fifth quintile of its peer group and below the performance of the Fund’s benchmark, the Russell 1000 Value Index. In this regard, it was noted that the Fund’s performance since September 30, 2008 had shown much improvement. The Trustees also noted that it was difficult to assess the performance of the Fund due to its short performance history.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was in the third quintile of its peer group, while the Fund’s total expenses for Class II shares were in the fifth quintile of its peer group. In this regard, the Trustees considered that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses significantly below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

2009 Semiannual Report 27

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

28 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 29

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3 , Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3 , and is a Senior Vice President of NFS3 . From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3 , a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3 . From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3 .		N/A	N/A

30 Semiannual Report 2009

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3 .		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3 . From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 31

NVIT Multi-Manager Mid Cap Growth Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
10	Statement of Assets and Liabilities
12	Statement of Operations
13	Statements of Changes in Net Assets
15	Financial Highlights
16	Notes to Financial Statements
26	Supplemental Information
28	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-MM-MCG (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder Multi-Manager Mid Cap Growth Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
NVIT Multi-Manager			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Mid Cap Growth Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,053.00		4.58		0.90
	Hypothetical	b		1,000.00		1,020.19		4.52		0.90
Class II	Actual			1,000.00		1,051.60		5.80		1.14
	Hypothetical	b		1,000.00		1,019.00		5.72		1.14
Class Y	Actual			1,000.00		1,052.90		4.17		0.82
	Hypothetical	b		1,000.00		1,020.59		4.12		0.82

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Multi-Manager Mid Cap Growth Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	95	.7%
Repurchase Agreements	6	.3%
Mutual Fund	1	.2%
Liabilities in excess of other assets	(3	.2)%
	100	.0%

Top Industries
Semiconductors & Semiconductor Equipment	6	.8%
Specialty Retail	6	.7%
Capital Markets	5	.6%
Hotels, Restaurants & Leisure	5	.3%
Software	4	.7%
Oil, Gas & Consumable Fuels	4	.4%
Wireless Telecommunication Services	4	.2%
Commercial Services & Supplies	3	.2%
Electronic Equipment & Instruments	3	.2%
Health Care Providers & Services	3	.1%
Other Industries*	52	.8%
	100	.0%

Top Holdings
SBA Communications Corp., Class A	2	.2%
Express Scripts, Inc.	1	.7%
Ross Stores, Inc.	1	.4%
American Tower Corp., Class A	1	.3%
WMS Industries, Inc.	1	.2%
AIM Liquid Assets Portfolio	1	.2%
Stericycle, Inc.	1	.2%
Penn National Gaming, Inc.	1	.1%
IntercontinentalExchange, Inc.	1	.1%
Southwestern Energy Co.	1	.1%
Other Holdings*	86	.5%
	100	.0%

Top Countries
United States	87	.9%
Bermuda	3	.0%
China	2	.0%
Canada	1	.2%
Netherlands	0	.8%
Switzerland	0	.4%
Luxembourg	0	.3%
Brazil	0	.3%
Sweden	0	.2%
Denmark	0	.2%
Other Countries*	3	.7%
	100	.0%

* For purpose of listing top industries, top holdings, and top countries the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Multi-Manager Mid Cap Growth Fund

Common Stocks 95.7%
	Shares		Market Value
BERMUDA 3.0%
Capital Markets 1.0%
Lazard Ltd., Class A	111,349	$	2,997,515
Construction & Engineering 0.2%
Foster Wheeler AG*	22,319		530,076
Internet Software & Services 0.9% (a)
VistaPrint Ltd.*	59,100		2,520,615
Machinery 0.2%
Ingersoll-Rand Co. Ltd., Class A*	24,768		517,651
Semiconductors & Semiconductor Equipment 0.7%
Marvell Technology Group Ltd.*	185,693		2,161,467
			8,727,324
BRAZIL 0.3%
Metals & Mining 0.3%
Cia Siderurgica Nacional SA, ADR	37,347		834,705
CANADA 1.2%
Chemicals 0.2%
Agrium, Inc.	14,522		579,282
Food & Staples Retailing 0.6%
Shoppers Drug Mart Corp.	40,900		1,758,183
Metals & Mining 0.2%
Agnico-Eagle Mines Ltd.	11,129		584,050
Mining 0.2%
Kinross Gold Corp.	33,440		606,936
			3,528,451
CHINA 2.0%
Electrical Equipment 0.7%
JA Solar Holdings Co. Ltd. ADR*	121,448		570,806
Suntech Power Holdings Co. Ltd. ADR*	79,599		1,421,638
			1,992,444
Hotels, Restaurants & Leisure 0.3%
Ctrip.com International Ltd. ADR*	20,781		962,160
Internet Software & Services 0.5%
NetEase.com, Inc. ADR*	40,719		1,432,494
Software 0.5%
Shanda Interactive Entertainment Ltd. ADR*	26,175		1,368,691
			5,755,789
DENMARK 0.2%
Electrical Equipment 0.2%
Vestas Wind Systems AS (d)*	7,887		566,088
GREECE 0.2%
Marine 0.2%
Diana Shipping, Inc.	39,116		521,025
LUXEMBOURG 0.3% (a)
Wireless Telecommunication Services 0.3%
Millicom International Cellular SA*	18,300		1,029,558
NETHERLANDS 0.8%
Energy Equipment & Services 0.6% (a)
Core Laboratories NV	18,500		1,612,275
Semiconductors & Semiconductor Equipment 0.2%
ASML Holding NV	27,436		593,989
			2,206,264
REPUBLIC OF KOREA 0.2%
Electronic Equipment & Instruments 0.2%
LG Display Co. Ltd. ADR	43,887		548,149
SWEDEN 0.2%
Auto Components 0.2%
Autoliv, Inc.	22,432		645,369
SWITZERLAND 0.4%
Energy Equipment & Services 0.4%
Noble Corp.	42,400		1,282,600
TAIWAN 0.2%
Electronic Equipment & Instruments 0.2%
AU Optronics Corp. ADR	57,428		555,903
UNITED STATES 86.7%
Aerospace & Defense 1.5%
BE Aerospace, Inc.*	55,513		797,167
Goodrich Corp.	12,000		599,640
L-3 Communications Holdings, Inc.	3,600		249,768
Precision Castparts Corp.	37,821		2,762,067
			4,408,642
Air Freight & Logistics 1.7%
CH Robinson Worldwide, Inc.	54,201		2,826,582
Expeditors International of Washington, Inc.	59,393		1,980,163
			4,806,745
Auto Components 0.3%
BorgWarner, Inc.	26,444		902,534
Biotechnology 2.5%
Alexion Pharmaceuticals, Inc.*	62,355		2,564,038
Myriad Genetics, Inc.*	77,600		2,766,440
Myriad Pharmaceuticals, Inc.*	19,400		90,210
Vertex Pharmaceuticals, Inc.*	53,600		1,910,304
			7,330,992
Capital Markets 4.6%
Affiliated Managers Group, Inc.* (a)	30,000		1,745,700
BlackRock, Inc.	9,800		1,719,116
Janus Capital Group, Inc.	197,990		2,257,086
Jefferies Group, Inc.*	70,911		1,512,532
Morgan Stanley	81,094		2,311,990

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Mid Cap Growth Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Capital Markets (continued)
Northern Trust Corp.	45,300	$	2,431,704
TD Ameritrade Holding Corp.*	36,005		631,528
Waddell & Reed Financial, Inc., Class A	32,582		859,187
			13,468,843
Chemicals 2.8%
Airgas, Inc.	58,900		2,387,217
Celanese Corp., Series A	79,243		1,882,021
CF Industries Holdings, Inc.	10,603		786,107
Ecolab, Inc.	65,900		2,569,441
Scotts Miracle-Gro Co. (The), Class A	15,439		541,137
			8,165,923
Commercial Banks 0.4%
Signature Bank*	42,000		1,139,040
Commercial Services & Supplies 3.2%
Copart, Inc.*	27,500		953,425
Iron Mountain, Inc.*	99,500		2,860,625
Stericycle, Inc.*	67,900		3,498,887
TETRA Tech, Inc.*	29,489		844,860
Waste Connections, Inc.*	50,000		1,295,500
			9,453,297
Communications Equipment 2.1%
Brocade Communications Systems, Inc.*	215,742		1,687,103
CommScope, Inc.*	55,224		1,450,182
Juniper Networks, Inc.*	79,700		1,880,920
Starent Networks Corp.* (a)	28,000		683,480
Tellabs, Inc.*	97,441		558,337
			6,260,022
Computers & Peripherals 0.2%
Seagate Technology (d)*	40,800		0
Western Digital Corp.*	24,504		649,356
			649,356
Construction & Engineering 2.7%
Aecom Technology Corp.*	62,473		1,999,136
Jacobs Engineering Group, Inc.*	46,500		1,957,185
Quanta Services, Inc.*	97,784		2,261,744
Shaw Group, Inc. (The)*	20,643		565,825
URS Corp.*	23,826		1,179,863
			7,963,753
Containers & Packaging 0.7%
Crown Holdings, Inc.*	79,850		1,927,579
Diversified Consumer Services 1.6%
DeVry, Inc.	39,000		1,951,560
Strayer Education, Inc. (a)	12,100		2,639,131
			4,590,691
Diversified Financial Services 1.9%
CME Group, Inc.	1,962		610,398
IntercontinentalExchange, Inc.*	28,478		3,253,327
MSCI, Inc., Class A*	64,000		1,564,160
			5,427,885
Electrical Equipment 1.0%
Ametek, Inc.	64,600		2,233,868
Roper Industries, Inc.	17,500		792,925
			3,026,793
Electronic Equipment & Instruments 2.8%
Amphenol Corp., Class A	29,600		936,544
Corning, Inc.	130,076		2,089,021
Dolby Laboratories, Inc., Class A*	70,400		2,624,512
National Instruments Corp.	58,000		1,308,480
Trimble Navigation Ltd.*	67,900		1,332,877
			8,291,434
Energy Equipment & Services 1.7%
Atwood Oceanics, Inc.*	44,955		1,119,829
Cameron International Corp.*	40,662		1,150,735
Carbo Ceramics, Inc. (a)	42,700		1,460,340
Oceaneering International, Inc.*	17,309		782,367
Weatherford International Ltd.*	27,724		542,281
			5,055,552
Food Products 1.0%
Green Mountain Coffee Roasters, Inc.*	9,776		577,957
Ralcorp Holdings, Inc.*	38,700		2,357,604
			2,935,561
Health Care Equipment & Supplies 3.0%
C.R. Bard, Inc.	24,800		1,846,360
Edwards Lifesciences Corp.*	9,029		614,243
Gen-Probe, Inc.*	37,100		1,594,558
Masimo Corp.*	44,000		1,060,840
NuVasive, Inc.*	27,900		1,244,340
St. Jude Medical, Inc.*	27,018		1,110,440
Wright Medical Group, Inc.*	70,500		1,146,330
			8,617,111
Health Care Providers & Services 3.1%
Express Scripts, Inc.*	71,851		4,939,756
HMS Holdings Corp.*	29,400		1,197,168
Medco Health Solutions, Inc.*	24,841		1,132,998
VCA Antech, Inc.*	69,000		1,842,300
			9,112,222
Health Care Technology 1.3%
Allscripts-Misys Healthcare Solutions, Inc. (a)	103,261		1,637,719
Cerner Corp.*	20,644		1,285,915
MedAssets, Inc.*	46,500		904,425
			3,828,059

6 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Hotels, Restaurants & Leisure 5.0%
Ameristar Casinos, Inc.	48,400	$	921,052
Boyd Gaming Corp.*	25,162		213,877
Brinker International, Inc.	34,938		594,994
Cheesecake Factory, Inc. (The)*	31,762		549,482
Darden Restaurants, Inc.	40,644		1,340,439
International Game Technology	17,793		282,909
Las Vegas Sands Corp.*	70,677		555,521
Marriott International, Inc., Class A	37,148		819,856
P.F. Chang’s China Bistro, Inc.*	17,827		571,534
Panera Bread Co., Class A*	4,200		209,412
Penn National Gaming, Inc.*	114,392		3,329,951
Pinnacle Entertainment, Inc.*	49,213		457,189
Royal Caribbean Cruises Ltd.	71,743		971,400
WMS Industries, Inc.*	112,970		3,559,685
Wynn Resorts Ltd.*	5,896		208,129
			14,585,430
Household Durables 0.5%
KB Home	73,832		1,010,022
NVR, Inc.*	1,111		558,155
			1,568,177
Household Products 0.6%
Church & Dwight Co., Inc.	33,500		1,819,385
Industrial Conglomerate 0.5%
McDermott International, Inc.*	69,237		1,406,203
Information Technology Services 0.9%
Cognizant Technology Solutions Corp., Class A*	51,200		1,367,040
SAIC, Inc.*	70,000		1,298,500
			2,665,540
Internet & Catalog Retail 0.4%
Netflix, Inc.*	14,349		593,188
priceline.com, Inc.* (a)	5,900		658,145
			1,251,333
Internet Software & Services 1.0%
Digital River, Inc.*	14,905		541,350
Equinix, Inc.*	32,104		2,335,245
			2,876,595
Life Sciences Tools & Services 1.3%
AMAG Pharmaceuticals, Inc.*	18,000		984,060
Illumina, Inc.*	53,000		2,063,820
Life Technologies Corp.*	20,089		838,113
			3,885,993
Machinery 1.7%
Bucyrus International, Inc.	31,070		887,359
Danaher Corp.	36,900		2,278,206
Flowserve Corp.	11,864		828,226
Joy Global, Inc.	25,377		906,466
			4,900,257
Marine 0.1%
Genco Shipping & Trading Ltd.	12,928		280,796
Media 0.4%
McGraw-Hill Cos., Inc. (The)	38,700		1,165,257
Metals & Mining 1.9%
AK Steel Holding Corp.	44,794		859,597
Allegheny Technologies, Inc.	46,331		1,618,342
Cliffs Natural Resources, Inc.	21,627		529,212
Freeport-McMoRan Copper & Gold, Inc.	53,089		2,660,290
			5,667,441
Multiline Retail 2.4%
Dollar Tree, Inc.*	64,109		2,698,989
Family Dollar Stores, Inc.	55,471		1,569,829
Kohl’s Corp.*	33,300		1,423,575
Nordstrom, Inc. (a)	60,300		1,199,367
			6,891,760
Oil, Gas & Consumable Fuels 4.4%
Alpha Natural Resources, Inc.*	21,808		572,896
Concho Resources, Inc.*	78,700		2,257,903
Continental Resources, Inc.*	21,278		590,464
Denbury Resources, Inc.*	37,288		549,252
Murphy Oil Corp.	17,300		939,736
PetroHawk Energy Corp.*	91,932		2,050,084
Range Resources Corp.	53,500		2,215,435
Southwestern Energy Co.*	80,548		3,129,290
Whiting Petroleum Corp.*	19,206		675,283
			12,980,343
Personal Products 0.6%
Mead Johnson Nutrition Co., Class A*	55,000		1,747,350
Pharmaceuticals 0.7%
Mylan, Inc.*	164,616		2,148,239
Professional Services 1.7%
CoStar Group, Inc.*	28,550		1,138,289
FTI Consulting, Inc.*	34,100		1,729,552
IHS, Inc., Class A*	44,400		2,214,228
			5,082,069
Road & Rail 0.7%
J.B. Hunt Transport Services, Inc.	64,400		1,966,132
Semiconductors & Semiconductor Equipment 5.9%
Altera Corp.	76,770		1,249,816
Analog Devices, Inc.	36,000		892,080
Broadcom Corp., Class A*	115,125		2,853,949
Lam Research Corp.*	27,600		717,600
Microchip Technology, Inc.	91,000		2,052,050
Microsemi Corp.*	82,409		1,137,244
PMC — Sierra, Inc.*	187,961		1,496,169
Semtech Corp.*	70,389		1,119,889
Silicon Laboratories, Inc.*	81,340		3,086,039

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Mid Cap Growth Fund (Continued)

Common Stocks (continued)
		Shares		Market Value
Semiconductors & Semiconductor Equipment (continued)
Teradyne, Inc.*		123,002	$	843,794
Varian Semiconductor Equipment Associates, Inc.*		46,000		1,103,540
Xilinx, Inc.		29,800		609,708
				17,161,878
Software 4.2%
Activision Blizzard, Inc.*		225,900		2,853,117
ANSYS, Inc.*		67,800		2,112,648
Citrix Systems, Inc.*		30,000		956,700
Macrovision Solutions Corp.*		125,666		2,740,775
McAfee, Inc.*		66,479		2,804,749
MICROS Systems, Inc.*		33,000		835,560
				12,303,549
Specialty Retail 6.7%
Advance Auto Parts, Inc.		26,875		1,115,044
Aeropostale, Inc.*		38,658		1,324,810
Bed Bath & Beyond, Inc.*		82,166		2,526,605
Best Buy Co., Inc.		14,278		478,170
Chico’s FAS, Inc.*		110,221		1,072,450
Gap, Inc. (The)		57,500		943,000
O’Reilly Automotive, Inc.*		72,540		2,762,323
Ross Stores, Inc.		108,014		4,169,340
Staples, Inc.		39,200		790,664
TJX Cos., Inc.		30,500		959,530
Urban Outfitters, Inc.*		126,600		2,642,142
Williams-Sonoma, Inc.		62,100		737,127
				19,521,205
Textiles, Apparel & Luxury Goods 0.2%
Coach, Inc.		24,173		649,770
Trading Companies & Distributors 0.9%
Fastenal Co. (a)		54,000		1,791,180
W.W. Grainger, Inc.		10,500		859,740
				2,650,920
Wireless Telecommunication Services 3.9%
American Tower Corp., Class A*		120,298		3,792,996
SBA Communications Corp., Class A*		260,873		6,401,823
Sprint Nextel Corp.*		220,680		1,061,471
				11,256,290
				253,793,946
Total Common Stocks (cost $267,666,644)				279,995,171
Mutual Funds 1.2%
		Shares		Market Value
Money Market Fund 1.2%
AIM Liquid Assets Portfolio		3,538,312		3,538,312
Total Mutual Funds (cost $3,538,312)				3,538,312
Repurchase Agreements 6.3%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $6,440,455, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $6,569,248	$	6,440,439	$	6,440,439
Morgan Stanley, 0.07%, dated 06/30/09, due 07/01/09, repurchase price $8,716,190, collateralized by U.S. Government Agency Mortgages ranging 3.50% – 8.50%, maturing 06/01/11 – 06/01/39; total market value of $8,890,496 (b)		8,716,173		8,716,173
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $3,152,992, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $3,216,048		3,152,988		3,152,988
Total Repurchase Agreements (cost $18,309,600)				18,309,600
Total Investments (cost $289,514,556) (c) — 103.2%				301,843,083
Liabilities in excess of other assets — (3.2)%				(9,250,326	)
NET ASSETS — 100.0%			$	292,592,757

*	Denotes a non-income producing security.
(a)	The security or a partial position of this security is on loan at June 30, 2009. The total value of securities on loan at June 30, 2009 was $9,193,242.
(b)	The security was purchased with cash collateral held from securities on loan (Note 2). The total value of this security as of June 30, 2009 was $8,716,173.
(c)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

8 Semiannual Report 2009

(d) Fair Valued Security

ADR	American Depositary Receipt
AG	Stock Corporation
Ltd	Limited
NV	Public Traded Company
SA	Stock Company

At June 30, 2009, the Fund’s open forward foreign currency contracts against the United States Dollar were as follows (Note 2):

		Currency									Net Unrealized
	Delivery	Received/			Contract			Market			Appreciation/
Currency	Date	(Delivered)			Value			Value			(Depreciation)
Short Contracts:
Danish Krone	7/31/09		(1,520,219	)	$	(286,823	)	$	(286,287	)	$	536
Total Short Contracts					$	(286,823	)	$	(286,287	)	$	536

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Multi-Manager
	Mid Cap
	Growth Fund
Assets:
Investments, at value (cost $271,204,956)*	$	283,533,483
Repurchase agreements, at value and cost		18,309,600
Total Investments		301,843,083
Interest and dividends receivable		67,325
Receivable for capital shares issued		403,156
Receivable for investments sold		76,648
Unrealized appreciation on forward foreign currency contracts (Note 2)		536
Reclaims receivable		5,663
Prepaid expenses and other assets		4,067
Total Assets		302,400,478
Liabilities:
Payable for investments purchased		675,215
Payable upon return of securities loaned (Note 2)		8,716,173
Payable for capital shares redeemed		85,387
Accrued expenses and other payables:
Investment advisory fees		192,389
Fund administration fees		11,269
Distribution fees		27,884
Administrative services fees		22,201
Custodian fees		2,721
Compliance program costs (Note 3)		5,079
Professional fees		7,254
Printing fees		58,066
Other		4,083
Total Liabilities		9,807,721
Net Assets	$	292,592,757
Represented by:
Capital	$	476,839,865
Accumulated net investment loss		(2,809,098	)
Accumulated net realized losses from investment and foreign currency transactions		(193,767,277	)
Net unrealized appreciation/(depreciation) from investments		12,328,527
Net unrealized appreciation/(depreciation) from forward foreign currency contracts (Note 2)		536
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		204
Net Assets	$	292,592,757
Net Assets:
Class I Shares	$	88,538,750
Class II Shares		136,837,075
Class Y Shares		67,216,932
Total	$	292,592,757
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		12,730,569
Class II Shares		19,744,094
Class Y Shares		9,652,360
Total		42,127,023

*  Includes value of securities on loan of $9,193,242 (Note 2).

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

	NVIT Multi-Manager
	Mid Cap
	Growth Fund
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	6.95
Class II Shares	$	6.93
Class Y Shares	$	6.96

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Multi-Manager
	Mid Cap
	Growth Fund
INVESTMENT INCOME:
Interest income	$	3,138
Dividend income		596,354
Income from securities lending (Note 2)		1,997
Foreign tax withholding		(7,102	)
Total Income		594,387
EXPENSES:
Investment advisory fees		735,307
Fund administration fees		46,816
Distribution fees Class II Shares		143,881
Administrative services fees Class I Shares		12,183
Administrative services fees Class II Shares		40,392
Custodian fees		4,764
Trustee fees		3,225
Compliance program costs (Note 3)		1,133
Professional fees		14,492
Printing fees		16,834
Other		7,863
Total expenses before earnings credit and expenses reimbursed		1,026,890
Earnings credit (Note 4)		(747	)
Expenses reimbursed by Adviser		(25,023	)
Net Expenses		1,001,120
NET INVESTMENT LOSS		(406,733	)
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(161,425,835	)
Net realized losses from foreign currency transactions (Note 2)		(109,513	)
Net realized losses from investment and foreign currency transactions		(161,535,348	)
Net change in unrealized appreciation/(depreciation) from investments		37,689,933
Net change in unrealized appreciation/(depreciation) from forward foreign currency contracts (Note 2)		67,849
Net change in unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		271
Net change in unrealized appreciation/(depreciation) from investments, forward foreign currency contracts and translation of assets and liabilities denominated in foreign currencies		37,758,053
Net realized/unrealized losses from investments, forward foreign currency contracts and translation of assets and liabilities denominated in foreign currencies		(123,777,295	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(124,184,028	)

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

Statements of Changes in Net Assets

	NVIT Multi-Manager Mid Cap Growth Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
Operations:
Net investment loss		(406,733	)		(312,090	)
Net realized losses from investment and foreign currency transactions		(161,535,348	)		(31,961,155	)
Net change in unrealized appreciation/(depreciation) from investments, forward foreign currency contracts, and translation of assets and liabilities denominated in foreign currencies		37,758,053			(25,428,786	)
Change in net assets resulting from operations		(124,184,028	)		(57,702,031	)
Change in net assets from capital transactions		297,492,260			176,986,556
Change in net assets		173,308,232			119,284,525
Net Assets:
Beginning of period		119,284,525			–
End of period	$	292,592,757		$	119,284,525
Accumulated undistributed net investment income (loss) at end of period	$	(397,972	)	$	8,761
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,020,508,494		$	6,853,237
Proceeds from shares issued in acquisition of NVIT Mid Cap Growth Fund (Note 9)		84,375,024			–
Dividends reinvested		–			–
Cost of shares redeemed		(909,469,906	)		(1,589,210	)
Total Class I		195,413,612			5,264,027
Class II Shares
Proceeds from shares issued		345,957,866			133,983,201
Proceeds from shares issued in acquisition of NVIT Mid Cap Growth Fund (Note 9)		19,212,532			–
Dividends reinvested		–			–
Cost of shares redeemed		(293,800,057	)		(4,127,442	)
Total Class II		71,370,341			129,855,759
Class Y Shares
Proceeds from shares issued		32,531,048			47,274,827
Dividends reinvested		–			–
Cost of shares redeemed		(1,822,741	)		(5,408,057	)
Total Class Y		30,708,307			41,866,770
Change in net assets from capital transactions	$	297,492,260		$	176,986,556

Amounts designated as “–” are zero or have been rounded to zero.

(a) For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Statements of Changes in Net Assets (Continued)

	NVIT Multi-Manager Mid Cap Growth Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
SHARE TRANSACTIONS:
Class I Shares
Issued		203,531			679,609
Issue in acquisition of NVIT Mid Cap Growth Fund (Note 9)		12,846,113			–
Reinvested		–			–
Redeemed		(822,106	)		(176,578	)
Total Class I Shares		12,227,538			503,031
Class II Shares
Issued		5,190,203			13,105,449
Issue in acquisition of NVIT Mid Cap Growth Fund (Note 9)		2,851,830			–
Reinvested		–			–
Redeemed		(881,393	)		(521,995	)
Total Class II Shares		7,160,640			12,583,454
Class Y Shares
Issued		4,940,062			5,523,733
Reinvested		–			–
Redeemed		(280,591	)		(530,844	)
Total Class Y Shares		4,659,471			4,992,889
Total change in shares		24,047,649			18,079,374

Amounts desinated as “–” are zero or have been rounded to zero.

(a)  For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

14 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT Multi-Manager Mid Cap Growth Fund

				Operations															Ratios / Supplemental Data
							Net Realized																	Ratio of Net			Ratio of
							and																	Investment			Expenses
	Net Asset			Net			Unrealized														Ratio of			Income			(Prior to
	Value,			Investment			Gains			Total			Net Asset						Net Assets		Expenses			(Loss) to			Reimbursements)
	Beginning			Income			(Losses) from			from			Value, End			Total			at End of		to Average			Average			to Average			Portfolio
	of Period			(Loss)			Investments			Operations			of Period			Return (a)			Period (b)		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	6	.61		(0	.01)		0	.35		0	.34	$	6	.95		5	.30%	$	88,538,750		0	.90%		(0	.28%)		0	.90%		151	.11%
Period Ended December 31, 2008 (f)	$	10	.00		(0	.01)		(3	.38)		(3	.39)	$	6	.61		(33	.90%)	$	3,323,047		0	.94%		(0	.32%)		1	.02%		108	.89%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	6	.59		(0	.02)		0	.36		0	.34	$	6	.93		5	.16%	$	136,837,075		1	.14%		(0	.53%)		1	.17%		151	.11%
Period Ended December 31, 2008 (f)	$	10	.00		(0	.02)		(3	.39)		(3	.41)	$	6	.59		(34	.10%)	$	82,944,963		1	.18%		(0	.57%)		1	.26%		108	.89%
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	6	.61		(0	.01)		0	.36		0	.35	$	6	.96		5	.29%	$	67,216,932		0	.82%		(0	.22%)		0	.84%		151	.11%
Period Ended December 31, 2008 (f)	$	10	.00		–			(3	.39)		(3	.39)	$	6	.61		(33	.90%)	$	33,016,515		0	.82%		(0	.14%)		0	.99%		108	.89%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	Per Share calculations were performed using average shares method.

(f)  For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 15

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Multi-Manager Mid Cap Growth Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the

16 Semiannual Report 2009

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
	Prices		Observable Inputs		Unobservable		Total
Asset Type	Investments		Investments		Inputs Investments		Investments
Common Stocks	$	279,429,083	$	566,088	$	—	$	279,995,171
Forward Foreign Currency		—		536		—		536
Mutual Funds		3,538,312		—		—		3,538,312
Repurchase Agreements		—		18,309,600		—		18,309,600
Total	$	282,967,395	$	18,876,224	$	—	$	301,843,619

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(d)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are

18 Semiannual Report 2009

translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(e)        Forward Foreign Currency Contracts

The Fund is subject to foreign currency exchange risk in the normal course of pursuing its objective. The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency or to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. A forward foreign currency contract is adjusted daily by the exchange rate of the underlying currency, and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement rate. When the Fund enters into a forward foreign currency contract, it is exposed to risks from unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contract may be unable to meet their obligations under the contracts.

Forward foreign currency contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Unrealized appreciation/(depreciation) on forward foreign currency contracts,” and in the Statement of Operations under “Net realized losses from forward foreign currency transactions” and “Net change in unrealized appreciation/(depreciation) from forward foreign currency contracts.”

Fair Values of Derivative Instruments as of June 30, 2009

Derivatives not	Asset Derivatives			Liability Derivatives
Accounted for as	Statement of Assets and			Statement of Assets and
Hedging Instruments	Liabilities Location	Fair Value		Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation from forward foreign currency contracts	$	536	Unrealized depreciation from forward foreign currency contracts	$	—
Total		$	536		$	—

Amounts designate as “—” are zero.

The Effect of Derivative Instruments on the Statement of Operations
For the Six Months Ended June 30, 2009

Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations

	Forward Foreign
Derivatives not accounted for as hedging instruments under FAS 133	Currency Contracts
Foreign exchange contracts	$	(141,987	)
Total	$	(141,987	)

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations

	Forward Foreign
Derivatives not Accounted for as hedging instruments under FAS 133	Currency Contracts
Foreign exchange contracts	$	67,849
Total	$	67,849

Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the period ending June 30, 2009.

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The fund values its derivatives at fair value, as described above and in Note 2, and recognizes changes in fair value currently in its results of operations. Accordingly, the fund does not follow hedge accounting as prescribed by FAS 133, even for derivatives employed as economic hedges.

(f)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(g)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2009, the Funds had securities with the following values on loan:

Value of Loaned Securities		Value of Collateral
$	9,193,242	$	9,360,916*

*  Includes $644,742 collateral in the form of U.S. Treasury Bill, interest rate of 0.0% and maturity dates of 8/27/09.

(h)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

20 Semiannual Report 2009

(i)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(j)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadvisers for the Fund. The subadvisers listed below manage all or a portion of the Fund’s investments and have the responsibility for making all investment decisions for that portion of the Fund unless otherwise indicated.

Subadvisers

- American Century Investment Management, Inc.

- Neuberger Berman Management LLC

2009 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule		Total Fees
	All Assets		0.75%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisers $384,644 for the six months ended June 30, 2009.

Effective May 1, 2009 the Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.82% for all share classes until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Period Ended		Six Months Ended
December 31, 2008		June 30, 2009
Amount (a)		Amount
$	61,733	$	25,023

(a) For the period March 25, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT

22 Semiannual Report 2009

Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the daily net assets of Class I and Class II shares of the Fund.

For the six months ended June 30, 2009, NFS received $44,998 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $1,133.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

2009 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $453,811,440 and sales of $292,394,917 (excluding short-term securities).

6. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Other

On April 24, 2009, the NVIT Multi-Manager Mid Cap Growth Fund acquired the net assets of the NVIT Mid Cap Growth Fund pursuant to a plan of reorganization approved by the NVIT Mid Cap Growth Fund’s shareholders. The merger was accomplished by a tax-free exchange of 12,486,113 Class I shares and 2,851,830 Class II shares of the NVIT Multi-Manager Mid Cap Growth Fund (valued at $84,375,024 and $19,212,532, respectively) for the net assets of the NVIT Mid Cap Growth Fund which aggregate $103,587,556 and includes $7,012,891 of unrealized depreciation. The combined net assets of the NVIT Multi-Manager Mid Cap Growth Fund immediately after the merger were $274,549,934.

24 Semiannual Report 2009

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	295,653,841	$	20,239,554	$	(14,050,312)	$	6,189,242

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 25

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

    (i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met in person to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement.

In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement and (v) information from the Adviser describing ancillary benefits. The Trustees also noted the compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s oversight of the performance by each sub-adviser of its portfolio management duties and NFA’s ability to supervise the Fund’s other service providers. With respect to each sub-adviser, the Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by the sub-adviser in the past, and the sub-adviser’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of

26 Semiannual Report 2009

advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

    (ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and the Fund’s sub-advisers (i.e., Neuberger Berman Management LLC (“Neuberger Berman”) and American Century Investment Management, Inc), and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the three-month period ended September 30, 2008, the Fund’s performance for Class II shares was above the median and in the third quintile of its peer group, while the Fund’s performance for Class II shares for the six-month period ended September 30, 2008 was in the second quintile of its peer group. The Trustees noted that, for both periods, the Fund outperformed its benchmark, the Russell Mid Cap Growth Index. The Trustees noted that it was difficult to assess the performance of the Fund due to its short performance history.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was in the third quintile and at the median of its peer group, while the Fund’s total expenses for Class II shares were in the fifth quintile of its peer group. In this regard, the Trustees considered that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses significantly below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

B. Approval of New Subadvisory Agreement

Neuberger Berman Holdings LLC, the parent company of Neuberger Berman, was sold to Neuberger Berman Group LLC, a newly independent company (the “Transaction”). The Transaction constituted an “assignment” of Neuberger Berman’s subadvisory agreement with the Fund. As a result, the subadvisory agreement terminated automatically upon the completion of the Transaction. At a regular meeting of the Board on March 12, 2009, the Board, including the Independent Trustees, discussed and unanimously approved a new subadvisory agreement (the “New Subadvisory Agreement”) among the Trust, on behalf of the Fund, NFA and Neuberger Berman. The Board reviewed and considered materials provided by Neuberger Berman in advance of the meeting, and advice from the Trust’s legal counsel and the Independent Legal Counsel to the Independent Trustees. The material factors and conclusions that formed the basis for the approval are discussed below.

Neuberger Berman represented to the Board: (i) that there would be no material changes in the fees or terms of the prior subadvisory agreement and (ii) that key personnel, including portfolio management personnel, at Neuberger Berman are expected to remain in place following the closing of the Transaction. The Board reviewed the nature, extent, and quality of the services that would be provided to the Fund by Neuberger Berman and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the New Subadvisory Agreement and mutual fund industry norms.

2009 Semiannual Report 27

Supplemental Information (Continued)

(Unaudited)

The Board evaluated the Fund’s investment performance and considered the performance of the portfolio managers who were expected to manage the Fund on behalf of Neuberger Berman. The Board also reviewed comparative performance, based on data provided by Lipper Inc. The Board noted that given the relatively short performance history of the Fund, information regarding the Fund’s performance may be less reliable than longer-term performance. However, the Board also noted that the performance record of the portfolio managers who were expected to manage the Fund on behalf of Neuberger Berman, in combination with various other factors, supported a decision to approve the New Subadvisory Agreement.

The Board considered the Fund’s overall fee level and noted that the overall expenses of the Fund would remain the same under the New Subadvisory Agreement, as Neuberger Berman’s fees are paid out of the advisory fee that NFA receives from the Fund. The Board concluded that the subadvisory fees to be paid to Neuberger Berman were fair and reasonable.

The Board considered the factor of profitability to Neuberger Berman as a result of the subadvisory relationship with the Fund. In addition, the Board considered whether any “fall-out” or ancillary benefits would accrue to Neuberger Berman as a result of its relationship with the Fund. The Board reviewed the terms of the New Subadvisory Agreement and noted that the terms are identical in all material respects as the terms of the subadvisory agreements that the Trust currently has in place with other unaffiliated sub-advisers. The Board concluded that the terms were fair and reasonable.

Based on this information, the Board, including all of the Independent Trustees, concluded that the nature, extent and quality of the subadvisory services to be provided by Neuberger Berman were appropriate for the Fund in light of its investment objectives. The totality of multiple factors taken together, instead of any single factor, informed the Board’s decision. The Board concluded that the approval of the New Subadvisory Agreement was in the best interests of the Fund and its shareholders and unanimously approved the New Subadvisory Agreement.

28 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of march FIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 29

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8“ public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

30 Semiannual Report 2009

Officers of the Trust. The address of each Trustee and Officer is c/o Nationawide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3 , Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3 , and is a Senior Vice President of NFS3 . From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3 , a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3 . From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3 .		N/A	N/A

2009 Semiannual Report 31

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address of each Trustee and Officer is c/o Nationawide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3 .		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3 . From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

32 Semiannual Report 2009

NVIT Multi-Manager Mid Cap Value Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statements of Changes in Net Assets
14	Financial Highlights
15	Notes to Financial Statements
25	Supplemental Information
27	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-MM-MCV (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Multi-Manager Mid Cap Value Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
NVIT Multi-Manager			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Mid Cap Value Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 6/30/09a
Class I	Actual			1,000.00		1,045.60		4.31		0.85
	Hypothetical	b		1,000.00		1,020.44		4.27		0.85
Class II	Actual			1,000.00		1,044.20		5.63		1.11
	Hypothetical	b		1,000.00		1,019.15		5.57		1.11
Class Y	Actual			1,000.00		1,045.50		4.16		0.82
	Hypothetical	b		1,000.00		1,020.59		4.12		0.82

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Multi-Manager Mid Cap Value Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	97	.4%
Repurchase Agreements	2	.8%
Exchange Traded Funds	0	.4%
Mutual Fund	0	.3%
Liabilities in excess of other assets	(0	.9)%
	100	.0%

Top Industries
Insurance	10	.1%
Multi-Utility	5	.3%
Electric Utilities	4	.2%
Commercial Services & Supplies	3	.5%
Specialty Retail	3	.3%
Oil, Gas & Consumable Fuels	3	.3%
Natural Gas Utility	3	.3%
Chemicals	3	.3%
Semiconductors & Semiconductor Equipment	3	.2%
Machinery	3	.2%
Other Industries*	57	.3%
	100	.0%

Top Holdings
Wisconsin Energy Corp.	1	.7%
Marsh & McLennan Cos., Inc.	1	.5%
Kimberly-Clark Corp.	1	.4%
Aon Corp.	1	.3%
Republic Services, Inc.	1	.3%
PartnerRe Ltd.	1	.2%
Hospira, Inc.	1	.1%
Lorillard, Inc.	1	.0%
Sempra Energy	1	.0%
Lubrizol Corp.	1	.0%
Other Holdings*	87	.5%
	100	.0%

* For purpose of listing top industries and top holdings, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Multi-Manager Mid Cap Value Fund

Common Stocks 97.4%
	Shares		Market Value
Aerospace & Defense 1.2%
Alliant Techsystems, Inc.*	11,800	$	971,848
DigitalGlobe, Inc.*	13,381		256,915
Goodrich Corp.	15,850		792,025
Northrop Grumman Corp.	7,443		339,996
			2,360,784
Airlines 1.0%
AMR Corp.*	33,013		132,712
Continental Airlines, Inc., Class B*	15,752		139,563
Delta Air Lines, Inc.*	53,034		307,067
Southwest Airlines Co.	172,535		1,161,161
UAL Corp.*	14,281		45,556
US Airways Group, Inc.* (a)	42,696		103,751
			1,889,810
Auto Components 0.2%
Goodyear Tire & Rubber Co. (The)*	26,267		295,766
Beverages 0.9%
Coca-Cola Enterprises, Inc.	25,664		427,306
Molson Coors Brewing Co., Class B	24,300		1,028,619
Pepsi Bottling Group, Inc.	10,261		347,232
			1,803,157
Capital Markets 3.0%
AllianceBernstein Holding LP	22,682		455,681
Ameriprise Financial, Inc.	48,308		1,172,435
Invesco Ltd.	56,796		1,012,105
Legg Mason, Inc.	15,849		386,398
Northern Trust Corp.	24,923		1,337,867
TD Ameritrade Holding Corp.*	82,400		1,445,296
			5,809,782
Chemicals 3.3%
Agrium, Inc.	14,600		582,394
Celanese Corp., Series A	27,400		650,750
Eastman Chemical Co.	24,126		914,375
International Flavors & Fragrances, Inc.	23,208		759,366
Lubrizol Corp.	41,158		1,947,185
Minerals Technologies, Inc.	11,177		402,595
Olin Corp.	14,276		169,742
PPG Industries, Inc.	22,198		974,492
			6,400,899
Commercial Banks 1.1%
Associated Banc-Corp.	30,087		376,087
Commerce Bancshares, Inc.	36,382		1,158,039
Cullen/Frost Bankers, Inc.	7,239		333,863
M&T Bank Corp. (a)	6,778		345,204
			2,213,193
Commercial Services & Supplies 3.5%
IESI-BFC Ltd.	83,846		976,806
IESI-BFC Ltd.	18,041		207,885
Pitney Bowes, Inc.	37,003		811,476
Republic Services, Inc.	100,565		2,454,792
Ritchie Bros Auctioneers, Inc. (a)	26,367		618,306
Waste Connections, Inc.*	6,125		158,699
Waste Management, Inc.	53,828		1,515,796
			6,743,760
Communications Equipment 0.7%
Brocade Communications Systems, Inc.*	18,862		147,501
EchoStar Corp., A Shares*	33,600		535,584
Harris Corp.	20,900		592,724
			1,275,809
Computers & Peripherals 1.1%
Diebold, Inc.	25,324		667,541
QLogic Corp.*	30,572		387,653
Western Digital Corp.*	40,200		1,065,300
			2,120,494
Construction & Engineering 0.7%
Chicago Bridge & Iron Co. NV	18,950		234,980
Fluor Corp.	5,615		287,993
Foster Wheeler AG*	9,639		228,926
Insituform Technologies, Inc., Class A*	3,826		64,927
Jacobs Engineering Group, Inc.*	6,167		259,569
KBR, Inc.	11,758		216,818
			1,293,213
Construction Materials 0.4%
Cemex SAB de CV ADR — MX* (a)	51,129		477,545
Vulcan Materials Co.	4,951		213,388
			690,933
Consumer Finance 0.0%
SLM Corp.*	7,856		80,681
Containers & Packaging 1.1%
Bemis Co., Inc.	28,689		722,963
Crown Holdings, Inc.*	57,800		1,395,292
			2,118,255
Distributors 0.8%
Genuine Parts Co.	45,363		1,522,382
Diversified Financial Services 0.4%
CIT Group, Inc.	278,353		598,459
Pico Holdings, Inc.*	7,030		201,761
			800,220

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Mid Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Diversified Telecommunication Services 2.1%
BCE, Inc.	10,479	$	216,266
CenturyTel, Inc.	13,805		423,813
Embarq Corp.	23,097		971,460
Iowa Telecommunications Services, Inc.	35,086		438,926
Qwest Communications International, Inc. (a)	180,244		748,013
Windstream Corp.	165,096		1,380,203
			4,178,681
Electric Utilities 4.2%
Allegheny Energy, Inc.	30,180		774,117
American Electric Power Co., Inc.	22,484		649,563
Great Plains Energy, Inc.	14,337		222,940
IDACORP, Inc.	66,348		1,734,337
Northeast Utilities	18,146		404,837
Pepco Holdings, Inc.	55,923		751,605
Pinnacle West Capital Corp.	9,052		272,918
Portland General Electric Co.	47,838		931,884
PPL Corp.	40,400		1,331,584
Westar Energy, Inc.	62,937		1,181,328
			8,255,113
Electrical Equipment 1.2%
A.O. Smith Corp.	11,400		371,298
Cooper Industries Ltd., Class A	32,181		999,220
Hubbell, Inc., Class B	19,301		618,790
Rockwell Automation, Inc.	9,478		304,433
			2,293,741
Electronic Equipment & Instruments 1.6%
Agilent Technologies, Inc.*	24,496		497,514
AVX Corp.	51,235		508,764
Celestica, Inc.*	100,705		686,808
Littelfuse, Inc.*	20,238		403,950
Molex, Inc.	60,388		939,033
			3,036,069
Energy Equipment & Services 1.6%
BJ Services Co.	39,064		532,442
Cameron International Corp.*	43,201		1,222,588
Noble Corp.	18,500		559,625
Transocean Ltd.*	4,444		330,145
Weatherford International Ltd.*	26,940		526,947
			3,171,747
Food & Staples Retailing 0.8%
Costco Wholesale Corp.	19,393		886,260
Kroger Co. (The)	26,500		584,325
			1,470,585
Food Products 2.8%
Campbell Soup Co.	51,563		1,516,984
ConAgra Foods, Inc.	60,155		1,146,554
General Mills, Inc.	7,162		401,215
H.J. Heinz Co.	50,623		1,807,241
Hershey Co. (The)	6,287		226,332
Kellogg Co.	9,369		436,314
			5,534,640
Health Care Equipment & Supplies 2.9%
Beckman Coulter, Inc.	23,588		1,347,818
Boston Scientific Corp.*	20,827		211,186
Covidien PLC	6,409		239,953
Hospira, Inc.*	57,267		2,205,925
STERIS Corp.	7,936		206,971
Symmetry Medical, Inc.*	70,850		660,322
Zimmer Holdings, Inc.*	20,052		854,215
			5,726,390
Health Care Providers & Services 2.7%
Cardinal Health, Inc.	19,856		606,601
Humana, Inc.*	6,610		213,238
LifePoint Hospitals, Inc.*	9,768		256,410
McKesson Corp.	9,512		418,528
Patterson Cos., Inc.*	26,204		568,627
Quest Diagnostics, Inc.	27,300		1,540,539
Universal Health Services, Inc., Class B	34,680		1,694,118
			5,298,061
Health Care Technology 0.6%
Cerner Corp.*	9,900		616,671
IMS Health, Inc.	47,127		598,513
			1,215,184
Hotels, Restaurants & Leisure 1.6%
International Speedway Corp., Class A	47,385		1,213,530
Penn National Gaming, Inc.*	20,100		585,111
Royal Caribbean Cruises Ltd.	20,293		274,767
Speedway Motorsports, Inc.	56,383		775,830
Starwood Hotels & Resorts Worldwide, Inc.	7,880		174,936
			3,024,174
Household Durables 1.1%
Centex Corp.*	13,259		112,171
D.R. Horton, Inc.	24,432		228,683
Fortune Brands, Inc.	22,987		798,568
KB Home (a)	8,688		118,852
Mohawk Industries, Inc.*	8,818		314,626
Pulte Homes, Inc.	17,958		158,569
Stanley Works (The)	11,659		394,541
Whirlpool Corp.	2,301		97,931
			2,223,941

6 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Household Products 1.5%
Clorox Co.	3,945	$	220,249
Kimberly-Clark Corp.	49,667		2,604,041
			2,824,290
Independent Power Producers & Energy Traders 0.3%
AES Corp. (The)*	54,400		631,584
Industrial Conglomerate 0.1%
McDermott International, Inc.*	13,220		268,498
Information Technology Services 2.4%
Accenture Ltd., Class A	2,982		99,778
Fidelity National Information Services, Inc.	66,500		1,327,340
Global Payments, Inc.	28,900		1,082,594
Hewitt Associates, Inc., Class A*	35,600		1,060,168
SAIC, Inc.*	56,100		1,040,655
			4,610,535
Insurance 10.1%
Aon Corp.	68,051		2,577,091
Arch Capital Group Ltd.*	20,010		1,172,186
Assurant, Inc.	18,699		450,459
Axis Capital Holdings Ltd.	28,553		747,518
Chubb Corp.	33,765		1,346,548
Everest Re Group Ltd.	19,851		1,420,736
HCC Insurance Holdings, Inc.	17,380		417,294
Lincoln National Corp.	31,381		540,067
Marsh & McLennan Cos., Inc.	140,460		2,827,460
PartnerRe Ltd.	35,771		2,323,326
RenaissanceRe Holdings Ltd.	21,600		1,005,264
Transatlantic Holdings, Inc.	14,400		623,952
Travelers Cos., Inc. (The)	17,444		715,902
W.R. Berkley Corp.	39,500		848,065
Willis Group Holdings Ltd.	58,522		1,505,771
XL Capital Ltd., Class A	107,965		1,237,279
			19,758,918
Internet Software & Services 0.7%
NetEase.com, Inc. ADR — CN*	41,300		1,452,934
Leisure Equipment & Products 0.7%
Hasbro, Inc.	19,837		480,849
Mattel, Inc.	59,241		950,818
			1,431,667
Life Sciences Tools & Services 1.0%
Covance, Inc.*	9,480		466,416
Life Technologies Corp.*	37,311		1,556,615
			2,023,031
Machinery 3.2%
AGCO Corp.*	9,897		287,706
Altra Holdings, Inc.*	134,683		1,008,775
Cummins, Inc.	25,956		913,911
Dover Corp.	10,026		331,760
Eaton Corp.	21,908		977,316
Ingersoll-Rand Co. Ltd., Class A*	32,173		672,416
Kaydon Corp.	20,146		655,954
Manitowoc Co., Inc. (The)	29,812		156,811
Pall Corp.	21,200		563,072
Parker Hannifin Corp.	9,729		417,958
Terex Corp.*	12,970		156,548
			6,142,227
Media 1.1%
Cablevision Systems Corp., Class A	31,300		607,533
McGraw-Hill Cos., Inc. (The)	15,121		455,294
National CineMedia, Inc.	31,820		437,843
Regal Entertainment Group, Class A	46,335		615,792
			2,116,462
Metals & Mining 2.0%
Freeport-McMoRan Copper & Gold, Inc.	14,391		721,133
Newmont Mining Corp.	20,115		822,100
Nucor Corp.	14,048		624,152
Randgold Resources Ltd. ADR — JE	15,200		975,384
Steel Dynamics, Inc.	13,882		204,482
United States Steel Corp. (a)	12,708		454,184
			3,801,435
Multi-Utility 5.3%
CenterPoint Energy, Inc.	56,100		621,588
DTE Energy Co.	14,753		472,096
OGE Energy Corp.	38,900		1,101,648
PG&E Corp.	34,800		1,337,712
Sempra Energy	39,565		1,963,611
TECO Energy, Inc.	49,200		586,956
Wisconsin Energy Corp.	80,968		3,296,207
Xcel Energy, Inc.	52,234		961,628
			10,341,446
Multiline Retail 1.6%
Dollar Tree, Inc.*	29,000		1,220,900
Family Dollar Stores, Inc.	15,501		438,678
Macy’s, Inc.	127,245		1,496,401
			3,155,979
Natural Gas Utility 3.3%
AGL Resources, Inc.	21,672		689,170
EQT Corp.	50,870		1,775,872
ONEOK, Inc.	30,100		887,649
Questar Corp.	33,861		1,053,416

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Multi-Manager Mid Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Natural Gas Utility (continued)
Southwest Gas Corp.	86,878	$	1,929,560
WGL Holdings, Inc.	2,375		76,047
			6,411,714
Oil, Gas & Consumable Fuels 3.3%
Apache Corp.	10,659		769,047
CONSOL Energy, Inc.	17,000		577,320
El Paso Corp.	43,705		403,397
Enbridge, Inc.	25,127		872,661
EOG Resources, Inc.	5,775		392,238
Newfield Exploration Co.*	18,953		619,195
Noble Energy, Inc.	11,503		678,332
PetroHawk Energy Corp.*	27,700		617,710
Pioneer Natural Resources Co.	14,701		374,875
Southwestern Energy Co.*	15,157		588,849
Sunoco, Inc.	6,379		147,993
Ultra Petroleum Corp.*	10,944		426,816
			6,468,433
Paper & Forest Products 0.3%
MeadWestvaco Corp.	13,122		215,332
Weyerhaeuser Co.	12,688		386,096
			601,428
Personal Products 0.2%
Estee Lauder Cos., Inc. (The), Class A	14,793		483,287
Pharmaceuticals 1.5%
King Pharmaceuticals, Inc.*	109,775		1,057,133
Mylan, Inc.*	141,286		1,843,783
			2,900,916
Real Estate Investment Trusts 3.1%
Annaly Capital Management, Inc.	4,837		73,232
AvalonBay Communities, Inc.	7,222		403,999
Boston Properties, Inc.	20,712		987,962
Cypress Sharpridge Investments, Inc.*	7,491		89,143
Equity Residential	19,019		422,792
Government Properties Income Trust*	41,418		850,312
Health Care REIT, Inc.	15,100		514,910
Host Hotels & Resorts, Inc.	66,515		558,061
Nationwide Health Properties, Inc.	22,200		571,428
ProLogis	14,610		117,757
Public Storage	7,162		468,968
Rayonier, Inc.	18,552		674,365
Ventas, Inc.	10,804		322,607
			6,055,536
Real Estate Management & Development 0.2% (a)
St. Joe Co. (The)*	12,456		329,959
Road & Rail 0.5%
CSX Corp.	17,440		603,947
Kansas City Southern*	28,068		452,176
			1,056,123
Semiconductors & Semiconductor Equipment 3.2%
Applied Materials, Inc.	48,511		532,166
ASML Holding NV (a)	20,006		433,130
KLA-Tencor Corp.	17,468		441,067
Lam Research Corp.*	17,465		454,090
LSI Corp.*	145,695		664,369
Marvell Technology Group Ltd.*	123,400		1,436,376
Maxim Integrated Products, Inc.	44,992		705,925
Microchip Technology, Inc.	31,019		699,478
Micron Technology, Inc.*	83,049		420,228
Teradyne, Inc.*	68,164		467,605
			6,254,434
Software 3.1%
Adobe Systems, Inc.*	16,044		454,045
Autodesk, Inc.*	23,034		437,185
BMC Software, Inc.*	56,960		1,924,679
McAfee, Inc.*	21,141		891,939
Sybase, Inc.*	31,400		984,076
Symantec Corp.*	65,400		1,017,624
Synopsys, Inc.*	19,526		380,952
			6,090,500
Specialty Retail 3.3%
Advance Auto Parts, Inc.	31,700		1,315,233
Bed Bath & Beyond, Inc.*	15,020		461,865
Lowe’s Cos., Inc.	62,505		1,213,222
PetSmart, Inc.	30,848		661,998
Ross Stores, Inc.	33,600		1,296,960
TJX Cos., Inc.	49,300		1,550,978
			6,500,256
Textiles, Apparel & Luxury Goods 0.6%
VF Corp.	19,816		1,096,816
Thrifts & Mortgage Finance 1.1%
People’s United Financial, Inc.	111,741		1,680,585
Washington Federal, Inc.	33,852		440,076
			2,120,661
Tobacco 1.0%
Lorillard, Inc.	29,025		1,967,024
Trading Companies & Distributors 0.1%
W.W. Grainger, Inc.	1,836		150,332
Total Common Stocks (cost $200,132,354)			189,893,889

8 Semiannual Report 2009

Exchange Traded Funds 0.4%
	Shares		Market Value
Equity Fund 0.4%
iShares Russell Midcap Value Index Fund	26,641	$	771,524
Total Exchange Traded Funds (cost $767,071)			771,524
Mutual Funds 0.3%
Money Market Fund 0.3%
AIM Liquid Assets Portfolio	676,831		676,831
Total Mutual Fund (cost $676,831)			676,831
Repurchase Agreements 2.8%
	Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $2,168,703, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $2,212,072	$2,168,698	$	2,168,698
Morgan Stanley, 0.07%, dated 06/30/09, due 07/01/09, repurchase price $2,260,007, collateralized by U.S. Government Agency Mortgages ranging 3.50% – 8.50%, maturing 06/01/11 – 06/01/39; total market value of $2,305,203 (b)	2,260,003		2,260,003
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $1,061,728, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $1,082,962	1,061,727		1,061,727
Total Repurchase Agreements (cost $5,490,428)			5,490,428
Total Investments (cost $207,066,684) (c) — 100.9%			196,832,672
Liabilities in excess of other assets — (0.9)%			(1,785,551	)
NET ASSETS — 100.0%		$	195,047,121

*	Denotes a non-income producing security.
(a)	The security or a partial position of this security is on loan at June 30, 2009. The total value of securities on loan at June 30, 2009 was 2,191,860.
(b)	The security was purchased with cash collateral held from securities on loan (Note 2). The total value of this security as of June 30, 2009 was $2,260,003.
(c)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

ADR	American Depositary Receipt
AG	Stock Corporation
CN	China
JE	Jersey
LP	Limited Partnership
Ltd	Limited
MX	Mexico
NV	Public Traded Company
PLC	Public Limited Company
REIT	Real Estate Investment Trust

At June 30, 2009, the Fund’s open forward foreign currency contracts against the United States Dollar were as follows (Note 2):

		Currency									Net Unrealized
	Delivery	Received/			Contract			Market			Appreciation/
Currency	Date	(Delivered)			Value			Value			(Depreciation)
Short Contracts:
Canadian Dollar	7/31/09		(1,341,071	)	$	(1,164,518	)	$	(1,153,410	)	$	11,108
Total Short Contracts					$	(1,164,518	)	$	(1,153,410	)	$	11,108

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Multi-Manager
	Mid Cap Value Fund
Assets:
Investments, at value (cost $201,576,256)*	$	191,342,244
Repurchase agreements, at value and cost		5,490,428
Total Investments		196,832,672
Interest and dividends receivable		423,082
Receivable for capital shares issued		472,903
Receivable for investments sold		1,318,756
Unrealized appreciation on forward foreign currency contracts (Note 2)		11,108
Reclaims receivable		4,620
Prepaid expenses and other assets		2,646
Total Assets		199,065,787
Liabilities:
Payable for investments purchased		1,552,558
Payable upon return of securities loaned (Note 2)		2,260,003
Payable for capital shares redeemed		3
Accrued expenses and other payables:
Investment advisory fees		110,579
Fund administration fees		7,594
Distribution fees		26,508
Administrative services fees		20,037
Custodian fees		5,957
Trustee fees		959
Compliance program costs (Note 3)		4,332
Professional fees		13,677
Printing fees		8,785
Other		7,674
Total Liabilities		4,018,666
Net Assets	$	195,047,121
Represented by:
Capital	$	268,418,216
Accumulated undistributed net investment income		209,792
Accumulated net realized losses from investment, futures and foreign currency transactions		(63,357,919	)
Net unrealized appreciation/(depreciation) from investments		(10,234,012	)
Net unrealized appreciation/(depreciation) from forward foreign currency contracts (Note 2)		11,108
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		(64	)
Net Assets	$	195,047,121
Net Assets:
Class I Shares	$	7,490
Class II Shares		127,964,417
Class Y Shares		67,075,214
Total	$	195,047,121
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		1,021
Class II Shares		17,442,350
Class Y Shares		9,143,021
Total		26,586,392
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	7.34
Class II Shares	$	7.34
Class Y Shares	$	7.34

*  Includes value of securities on loan of $2,191,860 (Note 2)

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Multi-Manager
	Mid Cap Value Fund
INVESTMENT INCOME:
Interest income	$	1,789
Dividend income		2,128,009
Income from securities lending (Note 2)		14,111
Foreign tax withholding		(8,854	)
Total Income		2,135,055
EXPENSES:
Investment advisory fees		637,375
Fund administration fees		41,360
Distribution fees Class II Shares		153,144
Administrative services fees Class I Shares		2
Administrative services fees Class II Shares		23,663
Custodian fees		7,675
Trustee fees		4,053
Compliance program costs (Note 3)		1,307
Professional fees		18,120
Printing fees		19,225
Other		8,114
Total expenses before earnings credit and expenses reimbursed		914,038
Earnings credit (Note 4)		(154	)
Expenses reimbursed by Adviser		(43,044	)
Net Expenses		870,840
NET INVESTMENT INCOME		1,264,215
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(33,888,661	)
Net realized losses from futures transactions		(1,450,001	)
Net realized gains from foreign currency transactions (Note 2)		41,632
Net realized losses from investment, futures and foreign currency transactions		(35,297,030	)
Net change in unrealized appreciation/(depreciation) from investments		41,952,604
Net change in unrealized appreciation/(depreciation) from forward foreign currency contracts (Note 2)		29,718
Net change in unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		296
Net change in unrealized appreciation/(depreciation) from investments, forward foreign currency contracts and translation of assets and liabilities denominated in foreign currencies		41,982,618
Net realized/unrealized gains from investments, forward foreign currency contracts and translation of assets and liabilities denominated in foreign currencies		6,685,588
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,949,803

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Statements of Changes in Net Assets

	NVIT Multi-Manager Mid Cap Value Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
Operations:
Net investment income	$	1,264,215		$	1,821,482
Net realized losses from investment, futures and foreign currency transactions		(35,297,030	)		(27,846,379	)
Net change in unrealized appreciation/(depreciation) from investments, forward foreign currency contracts and translation of assets and liabilities denominated in foreign currencies		41,982,618			(52,205,586	)
Change in net assets resulting from operations		7,949,803			(78,230,483	)
Distributions to Shareholders From:
Net investment income:
Class I		(49	)		(113	)
Class II		(682,904	)		(1,698,579	)
Class Y		(373,540	)		(335,269	)
Tax return of capital:
Class I		–			(1	)
Class II		–			(5,146	)
Class Y		–			(3,259	)
Change in net assets from shareholder distributions		(1,056,493	)		(2,042,367	)
Change in net assets from capital transactions		(20,363,383	)		288,790,044
Change in net assets		(13,470,073	)		208,517,194
Net Assets:
Beginning of period		208,517,194			–
End of period	$	195,047,121		$	208,517,194
Accumulated undistributed net investment income at end of period	$	209,792		$	2,070
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	8,306		$	12,335
Dividends reinvested		49			114
Cost of shares redeemed		(9,353	)		–
Total Class I		(998	)		12,449
Class II Shares
Proceeds from shares issued		3,128,062			259,645,818
Dividends reinvested		682,904			1,703,701
Cost of shares redeemed		(53,693,062	)		(13,106,132	)
Total Class II		(49,882,096	)		248,243,387
Class Y Shares
Proceeds from shares issued		32,326,986			47,395,994
Dividends reinvested		373,540			338,527
Cost of shares redeemed		(3,180,815	)		(7,200,313	)
Total Class Y		29,519,711			40,534,208
Change in net assets from capital transactions	$	(20,363,383	)	$	288,790,044

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

	NVIT Multi-Manager Mid Cap Value Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
SHARE TRANSACTIONS:
Class I Shares
Issued		1,306			1,341
Reinvested		7			16
Redeemed		(1,649	)		–
Total Class I Shares		(336	)		1,357
Class II Shares
Issued		460,796			26,112,387
Reinvested		100,948			237,507
Redeemed		(7,910,882	)		(1,558,406	)
Total Class II Shares		(7,349,138	)		24,791,488
Class Y Shares
Issued		4,820,317			5,390,476
Reinvested		54,837			46,791
Redeemed		(437,829	)		(731,571	)
Total Class Y Shares		4,437,325			4,705,696
Total change in shares		(2,912,149	)		29,498,541

Amounts designated as “–” are zero or have been rounded to zero.

(a) For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT Multi-Manager Mid Cap Value Fund

				Operations									Distributions														Ratios / Supplemental Data
							Net Realized																												Ratio of
							and																									Ratio of Net			Expenses
	Net Asset						Unrealized																						Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net								Net Asset						Net Assets		Expenses to			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Return		Total			Value, End			Total			at End of		Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			of Capital		Distributions			of Period			Return (a)			Period (b)		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	7	.07		0	.06		0	.26		0	.32		(0	.05)		–		(0	.05)	$	7	.34		4	.56%	$	7,490		0	.85%		1	.93%		0	.91%		64	.86%
Period Ended December 31, 2008 (e)	$	10	.00		0	.11		(2	.94)		(2	.83)		(0	.10)		–		(0	.10)	$	7	.07		(28	.35%)	$	9,595		0	.81%		1	.58%		0	.99%		114	.39%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	7	.07		0	.05		0	.26		0	.31		(0	.04)		–		(0	.04)	$	7	.34		4	.42%	$	127,964,417		1	.11%		1	.39%		1	.16%		64	.86%
Period Ended December 31, 2008 (e)	$	10	.00		0	.10		(2	.94)		(2	.84)		(0	.09)		–		(0	.09)	$	7	.07		(28	.50%)	$	175,240,571		1	.15%		1	.47%		1	.21%		114	.39%
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited)	$	7	.07		0	.06		0	.26		0	.32		(0	.05)		–		(0	.05)	$	7	.34		4	.55%	$	67,075,214		0	.82%		1	.75%		0	.86%		64	.86%
Period Ended December 31, 2008 (e)	$	10	.00		0	.13		(2	.96)		(2	.83)		(0	.10)		–		(0	.10)	$	7	.07		(28	.35%)	$	33,267,028		0	.81%		1	.95%		0	.96%		114	.39%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

14 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Multi-Manager Mid Cap Value Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

16 Semiannual Report 2009

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

		Level 2 — Other
		Significant		Level 3 — Significant
	Level 1 — Quoted	Observable Inputs		Unobservable Inputs		Total
Asset Type	Prices Investments	Investments		Investments		Investments
Common Stocks	$189,893,889	$	—	$	—	$	189,893,889
Forward Foreign Currency Contracts	—		11,108		—		11,108
Exchange Traded Funds	771,524		—		—		771,524
Mutual Funds	676,831		—		—		676,831
Repurchase Agreements	—		5,490,428		—		5,490,428
Total	$191,342,244	$	5,501,536	$	—	$	196,843,780

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(d)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(e)        Forward Foreign Currency Contracts

The Fund is subject to foreign currency exchange risk in the normal course of pursuing its objective. The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency or to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. A forward foreign currency contract is adjusted daily by the exchange rate of the underlying currency, and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement rate. When the Fund enters into a forward foreign currency contract, it is exposed to risks from unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contract may be unable to meet their obligations under the contracts.

Forward foreign currency contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Unrealized appreciation/(depreciation) on forward foreign currency contracts,” and in the Statement of Operations under “Net realized gains from foreign currency transactions” and “Net change in unrealized appreciation/(depreciation) from forward foreign currency contracts.”

Fair Values of Derivative Instruments as of June 30, 2009

Derivatives not	Asset Derivatives			Liability Derivatives
Accounted for as	Statement of Assets and			Statement of Assets and
Hedging Instruments	Liabilities Location	Fair Value		Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation from forward foreign currency contracts	$	11,108	Unrealized depreciation from forward foreign currency contracts	$	—
Total		$	11,108		$	—

Amounts designated as “—” are zero.

The Effect of Derivative Instruments on the Statement of Operations
For the Six Months Ended June 30, 2009

Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations

Derivatives not Accounted for as	Forward Foreign
Hedging Instruments Under FAS 133	Currency Contracts
Foreign exchange contracts	$	48,007
Total	$	48,007

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations

Derivatives not Accounted for as	Forward Foreign
Hedging Instruments Under FAS 133	Currency Contracts
Foreign exchange contracts	$	29,718
Total	$	29,718

Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the period ending June 30, 2009.

18 Semiannual Report 2009

The fund values its derivatives at fair value, as described above and in Note 2, and recognizes changes in fair value currently in its results of operations. Accordingly, the fund does not follow hedge accounting as prescribed by FAS 133, even for derivatives employed as economic hedges.

(f)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(g)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments. As of June 30, 2009, the Fund did not have securities on loan.

As of June 30, 2009, the Funds had securities with the following values on loan:

Value of Loaned Securities		Value of Collateral
$	2,191,860	$	2,260,003

(h)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(i)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S.

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(j)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadvisers for the Fund. The subadvisers listed below manage all or a portion of the Fund’s investments and have the responsibility for making all investment decisions for that portion of the Fund unless otherwise indicated.

Subadvisers

- American Century Investment Management, Inc.

- RiverSource Investments LLC

- Thompson, Siegel & Walmsley LLC

20 Semiannual Report 2009

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.75%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisers $384,114 for the six months ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.81% for all share classes until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Period Ended	Six Months Ended
December 31, 2008	June 30, 2009
Amount (a)	Amount
$82,427	$	43,044

(a) For the period March 25, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT

2009 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the daily net assets of Class I and Class II shares of the Fund.

For the six months ended June 30, 2009, NFS received $6,418 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $1,307.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

22 Semiannual Report 2009

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $109,234,096 and sales of $129,066,166 (excluding short-term securities).

6. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	228,170,725	$	9,941,365	$	(41,279,418)	$	(31,338,053)

2009 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

24 Semiannual Report 2009

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

(i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met in person to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”) and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement.

In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement and (v) information from the Adviser describing ancillary benefits. The Trustees also noted the compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s oversight of the performance by each sub-adviser of its portfolio management duties and NFA’s ability to supervise the Fund’s other service providers. With respect to each sub-adviser, the Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by the sub-adviser in the past, and the sub-adviser’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of

2009 Semiannual Report 25

Supplemental Information (Continued)

(Unaudited)

advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

(ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and the Fund’s sub-advisers (i.e., American Century Investment Management, Inc., Riversource Investments, LLC, and Thompson, Siegal & Walmsley LLC), and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the three- and six-month periods ended September 30, 2008, the Fund’s performance for Class II shares was in the second quintile of its peer group. The Trustees noted that, for the three-month period ended September 30, 2008, the Fund underperformed its benchmark, the Russell Mid Cap Value Index, while for the six-month period ended September 30, 2008, the Fund outperformed the benchmark. The Trustees noted that, it was difficult to assess the performance of the Fund due to its short performance history.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was in the third quintile and above the median of its peer group and total expenses for Class II Shares were in the fourth quintile. In this regard, the Trustees considered that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses significantly below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

26 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of march FIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 27

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group,
1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

28 Semiannual Report 2009

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 29

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address of each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

30 Semiannual Report 2009

NVIT Short Term Bond Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
8	Statement of Assets and Liabilities
9	Statement of Operations
10	Statements of Changes in Net Assets
12	Financial Highlights
13	Notes to Financial Statements
21	Supplemental Information
23	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-STB (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Short Term Bond Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
Nationwide NVIT			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Short Term Bond Fund			01/01/09		06/30/09		01/01/09 - 06/30/09 a		01/01/09 - 06/30/09 a
Class I	Actual			1,000.00		1,049.10		3.00		0.59
	Hypothetical	b		1,000.00		1,021.73		2.96		0.59
Class II	Actual			1,000.00		1,047.90		4.32		0.85
	Hypothetical	b		1,000.00		1,020.44		4.27		0.85
Class Y	Actual			1,000.00		1,049.30		2.34		0.46
	Hypothetical	b		1,000.00		1,022.38		2.31		0.46

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Short Term Bond Fund

June 30, 2009 (Unaudited)

Asset Allocation
U.S. Government Sponsored & Agency Obligations	53	.9%
Corporate Bonds	28	.5%
Repurchase Agreements	10	.4%
Commercial Mortgage Backed Securities	4	.7%
Asset-Backed Securities	1	.4%
Other assets in excess of liabilities	1	.1%
	100	.0%

Top Industries
Diversified Financial Services	7	.8%
Pipelines	2	.6%
Beverages	2	.4%
Telecommunications	2	.3%
Oil & Gas	2	.2%
Mining	2	.0%
Pharmaceuticals	1	.9%
Oil & Gas Services	1	.7%
Media	1	.7%
Electric	1	.5%
Other Industries*	73	.9%
	100	.0%

Top Holdings
United States Treasury Note, 0.88%, 05/31/11	13	.1%
Federal Home Loan Banks, 2.25%, 04/13/12	9	.6%
Federal Home Loan Banks, 1.13%, 06/03/11	7	.9%
Freddie Mac Non Gold Pool, Pool # 1Q0648, 5.83%, 06/01/37	5	.3%
United States Treasury Note, 0.88%, 02/28/11	5	.2%
Fannie Mae Pool, Pool #747271, 3.76%, 07/01/34	3	.2%
Federal National Mortgage Association, 1.75%, 03/23/11	3	.2%
Freddie Mac Non Gold Pool, Pool # 1B3601, 5.70%, 10/01/37	2	.6%
United States Treasury Note, 2.38%, 08/31/10	2	.1%
Fannie Mae Pool, Pool #AA6013, 4.50%, 05/01/39	1	.2%
Other Holdings*	46	.6%
	100	.0%

* For purposes of listing top holdings and industries, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Short Term Bond Fund

Asset-Backed Securities 1.4%
		Principal Amount		Market Value
Auto Floor Plan ABS 0.2% (a)
Superior Wholesale Inventory Financing Trust, Series 2007-AE1, Class A, 0.42%, 01/15/12	$	500,000	$	483,566
Credit Card ABS 0.8%
Advanta Business Card Master Trust, Series 2007-A2, Class A2, 5.00%, 03/20/13		225,281		197,684
Golden Credit Card Trust, Series 2008-3, Class A, 1.32%, 07/15/17 (a)		1,000,000		935,625
National City Credit Card Master Trust, Series 2008-2, Class A, 4.65%, 11/15/11		375,000		378,054
				1,511,363
Student Loan ABS 0.4% (a)
Access Group, Inc., Series 2002-1, Class A2, 0.79%, 09/25/25		800,687		783,047
Total Asset-Backed Securities (cost $2,862,590)				2,777,976
Commercial Mortgage Backed Securities 4.7%
Diversified Financial Services 4.7%
Banc of America Commercial Mortgage, Inc., Series 2004-4, Class A3, 4.13%, 07/10/42		430,989		429,982
Bear Stearns Commercial Mortgage Securities, Series 2004-T16, Class A4, 4.32%, 02/13/46		600,000		569,948
Commercial Mortgage Pass Through Certificates, Series 2001-J1A, Class C, 6.83%, 02/14/34 (b)		975,000		973,238
GE Capital Commercial Mortgage Corp., Series 2005-C1, Class A3, 4.58%, 06/10/48		600,000		525,824
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2001-CIBC, Class A3, 6.26%, 03/15/33		340,103		347,400
LB-UBS Commercial Mortgage Trust
Series 2004-C4, Class A3, 5.26%, 06/15/29 (a)		600,000		551,741
Series 2004-C6, Class A4, 4.58%, 08/15/29		350,000		324,024
Series 2005-C2, Class A3, 4.91%, 04/15/30		750,000		720,930
Series 2005-C3, Class A3, 4.65%, 07/15/30		550,000		518,533
Series 2007-C6, Class A2, 5.85%, 07/15/40		750,000		685,872
Morgan Stanley Capital I
Series 2006-HQ9, Class A3, 5.71%, 07/12/44		1,000,000		842,878
Series 2005-T19, Class A2, 4.73%, 06/12/47		415,000		405,638
Series 2005-T19, Class A3, 4.83%, 06/12/47		750,000		688,944
Series 2005-IQ9, Class A3, 4.54%, 07/15/56		910,000		835,448
Morgan Stanley Dean Witter Capital I, Series 2001-TOP5, Class A4, 6.39%, 10/15/35		500,000		512,568
Total Commercial Mortgage Backed Securities (cost $9,409,592)				8,932,968
Corporate Bonds 28.5%
Aerospace & Defense 0.8%
General Dynamics Corp., 1.80%, 07/15/11		1,500,000		1,497,261
Airline 0.5%
Continental Airlines, Inc., Series 2001-1, Class A-2, 6.50%, 06/15/11		1,000,000		930,000
Banks 1.5%
Citigroup, Inc., 4.25%, 07/29/09		1,000,000		1,000,580
PNC Funding Corp., 7.50%, 11/01/09		1,000,000		1,013,742
Wells Fargo Capital XIII, 7.70%, 12/29/49 (a)		1,000,000		830,000
				2,844,322
Beverages 2.4%
Anheuser-Busch InBev Worldwide, Inc., 7.20%, 01/15/14 (b)		1,500,000		1,612,683
Coca-Cola Enterprises, Inc., 3.75%, 03/01/12		1,500,000		1,556,738
SABMiller PLC (b)
6.20%, 07/01/11		655,000		690,701
5.70%, 01/15/14		750,000		730,782
				4,590,904

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Short Term Bond Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Market Value
Biotechnology 0.3%
Amgen, Inc., 4.00%, 11/18/09	$	500,000	$	506,785
Computers 0.8%
Hewlett-Packard Co., 2.95%, 08/15/12		1,500,000		1,511,091
Diversified Financial Services 3.1%
American Honda Finance Corp., 6.70%, 10/01/13 (b)		1,000,000		1,008,525
Bear Stearns Cos. LLC (The), 6.95%, 08/10/12		867,000		942,302
Countrywide Financial Corp., 4.50%, 06/15/10		750,000		742,511
General Electric Capital Corp., Series G, 6.13%, 02/22/11		1,500,000		1,572,171
HSBC Finance Corp., 6.38%, 10/15/11		1,000,000		1,022,547
Textron Financial Corp., 5.13%, 11/01/10		750,000		699,440
				5,987,496
Electric 1.5%
Northern States Power Co., 4.75%, 08/01/10		500,000		509,285
Pacific Gas & Electric Co., 4.20%, 03/01/11		750,000		773,938
Pacificorp, 7.00%, 07/15/09		500,000		500,568
Southern California Edison Co., 5.75%, 03/15/14		1,000,000		1,084,892
				2,868,683
Food 0.8%
General Mills, Inc., 5.65%, 09/10/12		500,000		533,603
Kroger Co. (The), 6.80%, 04/01/11		1,000,000		1,058,661
				1,592,264
Healthcare-Products 1.0%
Covidien International Finance SA, 5.45%, 10/15/12		1,800,000		1,904,072
Insurance 0.9%
Berkshire Hathaway Finance Corp., 4.00%, 04/15/12 (b)		1,000,000		1,033,492
Principal Life Income Funding Trusts, 5.30%, 12/14/12		750,000		749,087
				1,782,579
Media 1.7%
Comcast Cable Communications Holdings, Inc., 8.38%, 03/15/13		1,500,000		1,710,000
Time Warner Cable, Inc.
6.20%, 07/01/13		750,000		790,233
8.25%, 02/14/14		750,000		840,671
				3,340,904
Mining 2.0%
Rio Tinto Finance USA Ltd., 5.88%, 07/15/13		1,250,000		1,257,834
WMC Finance USA Ltd., 5.13%, 05/15/13		1,550,000		1,608,438
Xstrata Canada Corp., 7.25%, 07/15/12		1,000,000		967,176
				3,833,448
Oil & Gas 2.2%
ConocoPhillips, 4.60%, 01/15/15		1,500,000		1,541,467
EOG Resources, Inc., 6.13%, 10/01/13		1,000,000		1,085,711
XTO Energy, Inc., 5.00%, 08/01/10		1,500,000		1,537,295
				4,164,473
Oil & Gas Services 1.7%
Smith International, Inc., 8.63%, 03/15/14		1,500,000		1,642,097
Weatherford International Ltd., 5.15%, 03/15/13		500,000		498,681
Weatherford International, Ltd., 6.63%, 11/15/11		1,000,000		1,058,617
				3,199,395
Pharmaceuticals 1.9%
Eli Lilly & Co., 3.55%, 03/06/12		1,500,000		1,553,971
Merck & Co., Inc., 1.88%, 06/30/11		2,000,000		2,002,558
				3,556,529
Pipelines 2.6%
DCP Midstream LLC, 7.88%, 08/16/10		1,000,000		1,046,085
Energy Transfer Partners LP, 6.00%, 07/01/13		1,250,000		1,271,640
Enterprise Products Operating LLC, 4.60%, 08/01/12		1,500,000		1,510,260
Kinder Morgan Energy Partners LP, 6.75%, 03/15/11		1,000,000		1,048,079
				4,876,064

6 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
Retail 0.5% (a)
CVS Caremark Corp., 2.15%, 09/10/10	$	1,000,000	$	1,002,667
Telecommunications 2.3%
Bellsouth Capital Funding Corp., 7.75%, 02/15/10		500,000		519,245
BellSouth Corp., 4.95%, 04/26/10 (b)		1,000,000		1,021,609
New Cingular Wireless Services, Inc., 7.88%, 03/01/11		500,000		539,232
Telecom Italia Capital SA, 5.25%, 11/15/13		600,000		588,353
Verizon Global Funding Corp., 7.25%, 12/01/10		500,000		532,371
Verizon Wireless Capital LLC, 7.38%, 11/15/13 (b)		1,000,000		1,118,508
				4,319,318
Total Corporate Bonds (cost $52,663,919)				54,308,255
U.S. Government Sponsored & Agency Obligations 53.9%
Fannie Mae Pool
Pool #747271, 3.76%, 07/01/34 (a)		6,015,758		6,185,524
Pool #AA6013, 4.50%, 05/01/39		2,293,952		2,292,137
Federal Home Loan Banks
1.13%, 06/03/11		15,000,000		14,964,960
2.25%, 04/13/12		18,000,000		18,217,026
Federal Home Loan Mortgage Corp., 2.38%, 05/28/10		1,000,000		1,017,078
Federal National Mortgage Association, 1.75%, 03/23/11		6,000,000		6,057,042
Freddie Mac Non Gold Pool
Pool # 1Q0648, 5.83%, 06/01/37		9,572,742		10,068,116
Pool # 1B3601, 5.70%, 10/01/37 (a)		4,724,255		4,887,655
United States Treasury Note
2.38%, 08/31/10		4,000,000		4,082,968
0.88%, 02/28/11		10,000,000		9,993,000
0.88%, 05/31/11		25,000,000		24,910,250
Total U.S. Government Sponsored & Agency Obligations (cost $102,066,272)				102,675,756
Repurchase Agreements 10.4%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $13,259,818, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $13,524,981		13,259,785		13,259,785
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $6,491,484, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $6,621,305		6,491,475		6,491,475
Total Repurchase Agreements (cost $19,751,260)				19,751,260
Total Investments (cost $186,753,633) (c) — 98.9%				188,446,215
Other assets in excess of liabilities — 1.1%				2,084,537
NET ASSETS — 100.0%			$	190,530,752

(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2009. The maturity date represents the actual maturity date.
(b)	Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at June 30, 2009 was $8,189,538 which represents 4.30% of net assets.
(c)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

LLC	Limited Liability Company
LP	Limited Partnership
Ltd	Limited
PLC	Public Limited Company
SA	Stock Company

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Short Term
	Bond Fund
Assets:
Investments, at value (cost $167,002,373)	$	168,694,955
Repurchase agreements, at value and cost		19,751,260
Total Investments		188,446,215
Interest and dividends receivable		1,225,952
Receivable for capital shares issued		940,698
Prepaid expenses and other assets		2,321
Total Assets		190,615,186
Liabilities:
Payable for capital shares redeemed		91
Accrued expenses and other payables:
Investment advisory fees		45,620
Fund administration fees		6,623
Distribution fees		7,482
Administrative services fees		2,157
Trustee fees		175
Compliance program costs (Note 3)		2,110
Professional fees		5,924
Printing fees		12,595
Other		1,657
Total Liabilities		84,434
Net Assets	$	190,530,752
Represented by:
Capital	$	187,158,809
Accumulated undistributed net investment income		875,731
Accumulated net realized gains from investment transactions		803,630
Net unrealized appreciation/ (depreciation) from investments		1,692,582
Net Assets	$	190,530,752
Net Assets:
Class I Shares	$	784,525
Class II Shares		37,591,105
Class Y Shares		152,155,122
Total	$	190,530,752
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		76,929
Class II Shares		3,696,919
Class Y Shares		14,936,140
Total		18,709,988
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	10.20
Class II Shares	$	10.17
Class Y Shares	$	10.19

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Short Term
	Bond Fund
INVESTMENT INCOME:
Interest income	$	2,426,187
Total Income		2,426,187
EXPENSES:
Investment advisory fees		227,070
Fund administration fees		31,620
Distribution fees Class II Shares		36,393
Administrative services fees Class I Shares		207
Administrative services fees Class II Shares		19,974
Custodian fees		1,465
Trustee fees		2,401
Compliance program costs (Note 3)		844
Professional fees		10,911
Printing fees		16,707
Other		6,677
Total expenses before earnings credit		354,269
Earnings credit (Note 4)		(334	)
Net Expenses		353,935
NET INVESTMENT INCOME		2,072,252
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		281,345
Net change in unrealized appreciation/(depreciation) from investments		3,868,578
Net realized/unrealized gains from investments		4,149,923
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,222,175

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statements of Changes in Net Assets

	NVIT Short Term Bond Fund
	Six Months Ended			Period Ended
	June 30, 2009 (Unaudited)			December 31, 2008 (a)
Operations:
Net investment income	$	2,072,252		$	1,424,176
Net realized gains from investment transactions		281,345			537,980
Net change in unrealized appreciation/(depreciation) from investments		3,868,578			(2,175,996	)
Change in net assets resulting from operations		6,222,175			(213,840	)
Distributions to Shareholders From:
Net investment income:
Class I		(5,088	)		(167	)
Class II		(228,620	)		(221,187	)
Class Y		(967,884	)		(1,213,744	)
Change in net assets from shareholder distributions		(1,201,592	)		(1,435,098	)
Change in net assets from capital transactions		92,063,813			95,095,294
Change in net assets		97,084,396			93,446,356
Net Assets:
Beginning of period		93,446,356			–
End of period	$	190,530,752		$	93,446,356
Accumulated undistributed net investment income at end of period	$	875,731		$	5,071
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	768,269		$	10,000
Dividends reinvested		5,088			167
Cost of shares redeemed		(13,318	)		–
Total Class I		760,039			10,167
Class II Shares
Proceeds from shares issued		23,745,069			21,931,307
Dividends reinvested		228,620			221,187
Cost of shares redeemed		(6,987,173	)		(2,453,102	)
Total Class II		16,986,516			19,699,392
Class Y Shares
Proceeds from shares issued		84,208,648			100,593,345
Dividends reinvested		967,884			1,213,744
Cost of shares redeemed		(10,859,274	)		(26,421,354	)
Total Class Y		74,317,258			75,385,735
Change in net assets from capital transactions	$	92,063,813		$	95,095,294
SHARE TRANSACTIONS:
Class I Shares
Issued		76,735			1,000
Reinvested		504			17
Redeemed		(1,327	)		–
Total Class I Shares		75,912			1,017

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

	NVIT Short Term Bond Fund
	Six Months Ended			Period Ended
	June 30, 2009 (Unaudited)			December 31, 2008 (a)
SHARE TRANSACTIONS: (continued)
Class II Shares
Issued	$	2,382,681		$	2,220,891
Reinvested		22,771			22,681
Redeemed		(704,200	)		(247,905	)
Total Class II Shares		1,701,252			1,995,667
Class Y Shares
Issued		8,381,723			10,124,120
Reinvested		96,071			123,839
Redeemed		(1,094,777	)		(2,694,836	)
Total Class Y Shares		7,383,017			7,553,123
Total change in shares		9,160,181			9,549,807	)

(a)  For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT Short Term Bond Fund

				Operations									Distributions												Ratios / Supplemental Data
							Net Realized																										Ratio of
							and																							Ratio of Net			Expenses
	Net Asset						Unrealized																				Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Total			Value,			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Distributions			End of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	9	.80		0	.15		0	.33		0	.48		(0	.08)		(0	.08)	$	10	.20		4	.91%	$	784,525		0	.59%		2	.93%		0	.59%		95	.98%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.22		(0	.25)		(0	.03)		(0	.17)		(0	.17)	$	9	.80		(0	.34%)	$	9,967		0	.50%		2	.94%		0	.53%		88	.81%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	9	.77		0	.14		0	.33		0	.47		(0	.07)		(0	.07)	$	10	.17		4	.79%	$	37,591,105		0	.85%		2	.90%		0	.85%		95	.98%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.22		(0	.29)		(0	.07)		(0	.16)		(0	.16)	$	9	.77		(0	.67%)	$	19,505,830		0	.89%		2	.92%		0	.92%		88	.81%
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	9	.79		0	.16		0	.32		0	.48		(0	.08)		(0	.08)	$	10	.19		4	.93%	$	152,155,122		0	.46%		3	.27%		0	.46%		95	.98%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.24		(0	.27)		(0	.03)		(0	.18)		(0	.18)	$	9	.79		(0	.33%)	$	73,930,559		0	.50%		3	.10%		0	.52%		88	.81%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waiver/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	Per share calculations were performed using average shares method.
(f)	For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Short Term Bond Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

14 Semiannual Report 2009

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Asset-Backed Securities	$	—	$	2,777,976	$	—	$	2,777,976
Commercial Mortgage Backed Securities		—		8,932,968		—		8,932,968
Corporate Bonds		—		54,308,255		—		54,308,255
U.S. Government Sponsored & Agency Obligatons		—		102,675,756		—		102,675,756
Repurchase Agreements		—		19,751,260		—		19,751,260
Total	$	—	$	188,446,215	$	—	$	188,446,215

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(d)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(e)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(f)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(g)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary

16 Semiannual Report 2009

of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Nationwide Asset Management LLC (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.35%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $58,892 for the six months ended June 30, 2009.

NFA and the Trust have entered into a written Expense Limitation Agreement, that limits operating expenses (excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, short sale dividend expenses, administrative service fees, other expenditures which are capitalized in accordance with GAAP and expenses incurred by the Fund in connection with any merger or reorganization and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.50% for all share classes of the fund until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Period Ended		Six Months Ended
December 31, 2008		June 30, 2009
Amount (a)		Amount
$	10,295	$	—

(a) For the period March 25, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the daily net assets of Class I and Class II of the Fund.

For the six months ended June 30, 2009, NFS received $19,978 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $844.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or

18 Semiannual Report 2009

emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $192,788,464 and sales of $111,824,698 (excluding short-term securities).

For the six months ended June 30, 2009, the Fund had short-term purchases of $103,846,038 and sales of $19,187,512 of U.S. government securities.

6. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

7. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

8. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
	186,753,633		2,618,062		(925,480)		1,692,582

9. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

20 Semiannual Report 2009

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

(i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-adviser (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met in person to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement.

In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement, and (v) information from the Adviser describing ancillary benefits. The Trustees also noted the compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s oversight of the performance by each sub-adviser of its portfolio management duties and NFA’s ability to supervise the Fund’s other service providers. With respect to each sub-adviser, the Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by the sub-adviser in the past, and the sub-adviser’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of

2009 Semiannual Report 21

Supplemental Information (Continued)

(Unaudited)

advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

(ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Nationwide Asset Management, LLC, the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the three- and six-month periods ended September 30, 2008, the Fund’s performance for Class II shares was in the second quintile of its peer group, but that the Fund underperformed its benchmark, the Merrill Lynch 1-3 Year Treasury Index. The Trustees noted that it was difficult to assess the performance of the Fund due to its short performance history.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was in the second quintile of its peer group, while the Fund’s total expenses for Class II shares were in the fifth quintile of its peer group. In this regard, the Trustees considered that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses significantly below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

22 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

24 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 25

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

26 Semiannual Report 2009

NVIT Core Bond Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
9	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements
22	Supplemental Information
24	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-CB (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Core Bond Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
NVIT Core Bond Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,051.60		3.35		0.66
	Hypothetical	b		1,000.00		1,021.39		3.30		0.66
Class II	Actual			1,000.00		1,049.70		4.62		0.91
	Hypothetical	b		1,000.00		1,020.14		4.57		0.91
Class Y	Actual			1,000.00		1,051.10		2.59		0.51
	Hypothetical	b		1,000.00		1,022.13		2.56		0.51

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Core Bond Fund

June 30, 2009 (Unaudited)

Asset Allocation
Corporate Bonds	38	.4%
U.S. Government Sponsored & Agency Obligations	29	.1%
Repurchase Agreements	18	.7%
U.S. Government Mortgage Backed Agencies	10	.7%
Yankee Dollars	5	.1%
Commercial Mortgage Backed Securities	4	.7%
Asset-Backed Securities	1	.5%
Liabilities in excess of other assets	(8	.2)%
	100	.0%

Top Industries
Diversified Financial Services	8	.9%
Telecommunications	7	.4%
Electric	4	.3%
Oil & Gas Services	3	.7%
Pharmaceuticals	3	.6%
Oil & Gas	3	.0%
Banks	2	.9%
Mining	2	.1%
Software	1	.7%
Media	1	.6%
Other Industries*	60	.8%
	100	.0%

Top Holdings
Federal Farm Credit Bank, 2.00%, 01/17/12	5	.7%
Fannie Mae Pool, Pool #AA6013, 4.5%, 05/01/39	5	.6%
Federal Home Loan Mortgage Corp., 2.19%, 03/15/12	5	.5%
Federal National Mortgage Association TBA, 4.00%, 08/01/39	5	.5%
Freddie Mac Pool, Pool #A85748, 5.00%, 04/01/39	5	.2%
United States Treasury Note, 0.88%, 05/31/11	2	.9%
Pooled Funding Trust II, 2.63%, 03/30/12	2	.9%
Smith International, Inc., 9.75%, 03/15/19	2	.0%
U.S. Treasury Inflation Index Notes, 2.13%, 01/15/19	1	.7%
Telefonica Emisiones SAU, 4.95%, 01/15/15	1	.7%
Other Holdings*	61	.3%
	100	.0%

* For purposes of listing top holdings and industries, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Core Bond Fund

Asset-Backed Securities 1.5%
		Principal Amount		Market Value
Auto Floor Plan Asset-Backed Securities 0.3% (a)
Superior Wholesale Inventory Financing Trust, Series 2007-AE1, Class A, 0.42%, 01/15/12	$	500,000	$	483,565
Credit Card Asset-Backed Securities 0.8%
Golden Credit Card Trust, Series 2008-3, Class A, 1.32%, 07/15/17 (b) (a)		1,000,000		935,625
National City Credit Card Master Trust, Series 2008-2, Class A, 4.65%, 11/15/11		375,000		378,054
				1,313,679
Student Loan Asset-Backed Securities 0.4% (a)
Access Group, Inc., Series 2002-1, Class A2, 0.79%, 09/25/25		800,687		783,047
Total Asset-Backed Securities (cost $2,637,975)				2,580,291
Commercial Mortgage Backed Securities 4.7%
Diversified Financial Services 4.7%
Banc of America Commercial Mortgage, Inc.
Series 2004-4, Class A3, 4.13%, 07/10/42		430,989		429,982
Series 2005-2, Class AM, 4.91%, 07/10/43		700,000		440,376
Bear Stearns Commercial Mortgage Securities
Series 2006-T22, Class AM, 5.63%, 04/12/38 (a)		500,000		257,150
Series 2004-T16, Class A4, 4.32%, 02/13/46		600,000		569,948
Commercial Mortgage Pass Through Certificates, Series 2001-J1A, Class C, 6.83%, 02/14/34 (b)		375,000		374,322
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class AM, 5.48%, 03/10/39		750,000		394,949
GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4, 5.81%, 08/10/45 (a)		600,000		453,402
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2001-CIBC, Class A3, 6.26%, 03/15/33		340,104		347,400
Series 2008-C2, Class A4, 6.07%, 02/12/51		500,000		310,340
LB-UBS Commercial Mortgage Trust
Series 2004-C4, Class A3, 5.26%, 06/15/29 (a)		600,000		551,741
Series 2004-C6, Class A4, 4.58%, 08/15/29		350,000		324,025
Series 2007-C6, Class A2, 5.85%, 07/15/40		750,000		685,872
Series 2008-C1, Class A2, 6.32%, 04/15/41 (a)		500,000		409,101
Morgan Stanley Capital I
Series 2006-HQ9, Class A3, 5.71%, 07/12/44		1,000,000		842,878
Series 2005-T19, Class A3, 4.83%, 06/12/47		750,000		688,944
Series 2005-T19, Class AJ, 4.99%, 06/12/47		1,000,000		531,520
Morgan Stanley Dean Witter Capital I, Series 2001-TOP5, Class A4, 6.39%, 10/15/35		500,000		512,568
Total Commercial Mortgage Backed Securities (cost $9,927,415)				8,124,518
Corporate Bonds 38.4%
Aerospace & Defense 0.6%
General Dynamics Corp., 5.25%, 02/01/14		1,000,000		1,068,472
Airlines 1.3%
American Airlines Pass Through Trust 2003-01, 3.86%, 07/09/10		1,083,078		1,016,122
Continental Airlines, Inc.
7.49%, 10/02/10		1,000,000		950,000
7.71%, 04/02/21		330,017		268,964
				2,235,086
Banks 1.2% (a)
Bank of America Corp., 8.00%, 12/29/49		500,000		417,580
JPMorgan Chase & Co., 7.88%, 04/29/49		1,000,000		875,100
Wells Fargo Capital XIII, 7.70%, 12/29/49		1,000,000		830,000
				2,122,680

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Core Bond Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Market Value
Beverages 1.7% (b)
Anheuser-Busch InBev Worldwide, Inc., 7.75%, 01/15/19	$	1,500,000	$	1,640,484
SABMiller PLC, 6.50%, 07/15/18		1,250,000		1,291,284
				2,931,768
Diversified Financial Services 4.2%
American Honda Finance Corp., 6.70%, 10/01/13 (b)		1,000,000		1,008,525
BP Capital Markets PLC, 5.25%, 11/07/13		1,000,000		1,073,311
HSBC Finance Corp., 6.38%, 10/15/11		1,000,000		1,022,547
John Deere Capital Corp., 4.50%, 04/03/13		500,000		510,096
National Rural Utilities Cooperative Finance Corp., 10.38%, 11/01/18		1,000,000		1,253,823
Textron Financial Corp., 5.13%, 11/01/10		750,000		699,440
Xstrata Finance Canada Ltd., 5.80%, 11/15/16 (b)		2,000,000		1,792,314
				7,360,056
Electric 4.3%
FPL Group Capital, Inc., 7.88%, 12/15/15		1,000,000		1,185,591
Ohio Power Co., 5.75%, 09/01/13		1,000,000		1,046,494
Pacific Gas & Electric Co., 6.25%, 12/01/13		1,000,000		1,098,085
PacifiCorp, 5.65%, 07/15/18		1,500,000		1,595,754
Public Service Co. of Colorado, 4.88%, 03/01/13		500,000		520,607
Public Service Electric & Gas Co., Series F, 6.33%, 11/01/13		1,000,000		1,093,262
Southern California Edison Co., 5.75%, 03/15/14		1,000,000		1,084,892
				7,624,685
Food 0.6%
General Mills, Inc., 5.20%, 03/17/15		1,000,000		1,054,410
Healthcare-Products 0.6%
Covidien International Finance SA, 6.55%, 10/15/37		1,000,000		1,107,552
Insurance 0.4%
Principal Life Income Funding Trusts, 5.30%, 12/14/12		750,000		749,087
Media 1.6%
Comcast Cable Communications Holdings, Inc., 8.38%, 03/15/13		1,250,000		1,425,000
Time Warner Cable, Inc., 8.25%, 02/14/14		1,250,000		1,401,118
				2,826,118
Mining 2.1%
Rio Tinto Finance USA Ltd., 5.88%, 07/15/13		1,250,000		1,257,834
WMC Finance USA Ltd., 5.13%, 05/15/13		1,250,000		1,297,127
Xstrata Canada Corp., 7.25%, 07/15/12		1,170,000		1,131,596
				3,686,557
Miscellaneous Manufacturing 0.6%
General Electric Co., 5.25%, 12/06/17		1,000,000		982,045
Oil & Gas 3.0%
ConocoPhillips, 5.75%, 02/01/19		1,500,000		1,576,523
Devon Energy Corp., 5.63%, 01/15/14		1,500,000		1,580,287
EOG Resources, Inc., 6.13%, 10/01/13		1,000,000		1,085,711
Sunoco Logistics Partners Operations LP, 8.75%, 02/15/14		1,000,000		1,074,279
				5,316,800
Oil & Gas Services 3.7%
Halliburton Co., 6.15%, 09/15/19		1,500,000		1,623,837
Smith International, Inc., 9.75%, 03/15/19		3,000,000		3,465,243
Weatherford International, Inc., 6.35%, 06/15/17		1,465,000		1,450,735
				6,539,815
Pharmaceuticals 3.6%
Abbott Laboratories, 5.13%, 04/01/19		1,500,000		1,544,445
Merck & Co., Inc., 5.00%, 06/30/19		2,000,000		2,025,060
Novartis Securities Investment Ltd., 5.13%, 02/10/19		1,500,000		1,534,629
Pfizer, Inc., 7.20%, 03/15/39		1,000,000		1,187,411
				6,291,545

6 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
Pipelines 1.3%
Energy Transfer Partners LP, 6.00%, 07/01/13	$	1,250,000	$	1,271,640
Northwest Pipeline GP, 6.05%, 06/15/18		1,000,000		1,001,937
				2,273,577
Retail 0.5% (b)
CVS Pass-Through Trust, 6.94%, 01/10/30		971,630		879,160
Software 1.7%
Oracle Corp., 5.00%, 07/08/19		3,000,000		2,988,810
Telecommunications 4.7%
AT&T, Inc., 4.95%, 01/15/13		1,000,000		1,040,006
France Telecom SA, 5.38%, 07/08/19		3,000,000		3,021,690
New Cingular Wireless Services, Inc., 7.88%, 03/01/11		500,000		539,232
Telecom Italia Capital SA, 5.25%, 11/15/13		600,000		588,353
Verizon Communications, Inc., 5.50%, 02/15/18		3,000,000		2,979,333
				8,168,614
Transportation 0.7%
Union Pacific Corp., 7.88%, 01/15/19		1,000,000		1,144,684
Total Corporate Bonds (cost $64,193,703)				67,351,521
U.S. Government Sponsored & Agency Obligations 29.1%
Fannie Mae Pool,
Pool #AA6013, 4.50%, 05/01/39		9,774,228		9,766,497
Federal Farm Credit Bank, 2.00%, 01/17/12		10,000,000		10,081,750
Federal Home Loan Mortgage Corp.
5.75%, 01/15/12		2,500,000		2,758,077
2.19%, 03/15/12 (c)		10,439,000		9,700,127
Federal National Mortgage Association, 3.25%, 04/09/13		2,500,000		2,595,730
Pooled Funding Trust II, 2.63%, 03/30/12, FDIC Backed (b)		5,000,000		5,007,875
U.S. Treasury Inflation Index Notes, 2.13%, 01/15/19		3,000,000		3,077,367
U.S. Treasury Notes
1.75%, 03/31/14		1,430,000		1,383,079
2.75%, 02/15/19		750,000		702,420
United States Treasury Note
0.88%, 05/31/11		5,100,000		5,081,691
2.00%, 11/30/13		900,000		886,781
Total U.S. Government Sponsored & Agency Obligations (cost $51,342,681)				51,041,394
U.S. Government Mortgage Backed Agencies 10.7%
Federal National Mortgage Association TBA, 4.00%, 08/01/39		10,000,000		9,663,281
Freddie Mac Pool,
Pool #A85748, 5.00%, 04/01/39		8,973,384		9,138,481
Total U.S. Government Mortgage Backed Agencies (cost $18,848,234)				18,801,762
Yankee Dollars 5.1%
Banks 1.7% (b)
Svenska Handelsbanken AB, 4.88%, 06/10/14		3,000,000		2,969,772
Chemicals 0.7%
Potash Corp. of Saskatchewan, Inc., 4.88%, 03/01/13		1,135,000		1,166,130
Telecommunications 2.7%
Telecom Italia Capital SA, 7.18%, 06/18/19		1,750,000		1,773,966
Telefonica Emisiones SAU, 4.95%, 01/15/15		3,000,000		3,049,362
				4,823,328
Total Yankee Dollars (cost $8,822,640)				8,959,230

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Core Bond Fund (Continued)

Repurchase Agreements 18.7%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $22,001,317, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $22,441,287	$	22,001,262	$	22,001,262
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $10,770,975, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $10,986,379		10,770,960		10,770,960
Total Repurchase Agreements (cost $32,772,222)				32,772,222
Total Investments (cost $188,544,870) (d) — 108.2%				189,630,938
Liabilities in excess of other assets — (8.2)%				(14,391,171	)
NET ASSETS — 100.0%			$	175,239,767

(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2009. The maturity date represents the actual maturity date.
(b)	Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at June 30, 2009 was $15,899,361 which represents 9.07% of net assets.
(c)	The rate reflected in the Statement of Investments is the discount rate at the time of purchase.
(d)	See notes to financial statements for tax unrealized appreciation / (depreciation) of securities.

LP	Limited Partnership
Ltd	Limited
PLC	Public Limited Company
SA	Stock Company
TBA	To Be Announced

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Core
	Bond Fund
Assets:
Investments, at value (cost $155,772,648)	$	156,858,716
Repurchase agreements, at value and cost		32,772,222
Total Investments		189,630,938
Interest and dividends receivable		1,541,794
Receivable for capital shares issued		1,548,545
Receivable for investments sold		3,022,771
Prepaid expenses and other assets		2,051
Total Assets		195,746,099
Liabilities:
Payable for investments purchased		20,355,390
Interest payable		29,767
Payable for capital shares redeemed		62
Accrued expenses and other payables:
Investment advisory fees		82,778
Fund administration fees		5,987
Distribution fees		1,570
Administrative services fees		1,462
Custodian fees		123
Trustee fees		143
Compliance program costs (Note 3)		2,129
Professional fees		4,973
Printing fees		20,510
Other		1,438
Total Liabilities		20,506,332
Net Assets	$	175,239,767
Represented by:
Capital	$	171,789,651
Accumulated undistributed net investment income		1,088,212
Accumulated net realized gains from investment transactions		1,275,836
Net unrealized appreciation/ (depreciation) from investments		1,086,068
Net Assets	$	175,239,767
Net Assets:
Class I Shares	$	5,111,290
Class II Shares		8,553,876
Class Y Shares		161,574,601
Total	$	175,239,767
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		506,558
Class II Shares		850,344
Class Y Shares		16,023,843
Total		17,380,745
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	10.09
Class II Shares	$	10.06
Class Y Shares	$	10.08

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Core
	Bond Fund
INVESTMENT INCOME:
Interest income	$	2,807,996
Total Income		2,807,996
EXPENSES:
Investment advisory fees		233,450
Fund administration fees		28,435
Distribution fees Class II Shares		7,148
Administrative services fees Class I Shares		2,945
Administrative services fees Class II Shares		4,307
Custodian fees		1,428
Trustee fees		2,159
Compliance program costs (Note 3)		748
Professional fees		9,898
Printing fees		14,754
Other		7,875
Total expenses before earnings credit		313,147
Earnings credit (Note 4)		(126	)
Net Expenses		313,021
NET INVESTMENT INCOME		2,494,975
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		610,549
Net change in unrealized appreciation/(depreciation) from investments		3,326,252
Net realized/unrealized gains from investments		3,936,801
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,431,776

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Statements of Changes in Net Assets

	NVIT Core Bond Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
Operations:
Net investment income	$	2,494,975		$	1,987,891
Net realized gains from investment transactions		610,549			663,041
Net change in unrealized appreciation/(depreciation) from investments		3,326,252			(2,240,184	)
Change in net assets resulting from operations		6,431,776			410,748
Distributions to Shareholders From:
Net investment income:
Class I		(45,789	)		(38,079	)
Class II		(63,725	)		(49,299	)
Class Y		(1,305,976	)		(1,889,571	)
Change in net assets from shareholder distributions		(1,415,490	)		(1,976,949	)
Change in net assets from capital transactions		86,213,243			85,576,439
Change in net assets		91,229,529			84,010,238
Net Assets:
Beginning of period		84,010,238			–
End of period	$	175,239,767		$	84,010,238
Accumulated undistributed net investment income at end of period	$	1,088,212		$	8,727
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	3,903,168		$	3,556,528
Dividends reinvested		45,789			38,079
Cost of shares redeemed		(1,158,192	)		(1,436,906	)
Total Class I		2,790,765			2,157,701
Class II Shares
Proceeds from shares issued		6,576,095			3,083,327
Dividends reinvested		63,725			49,299
Cost of shares redeemed		(1,222,261	)		(228,920	)
Total Class II		5,417,559			2,903,706
Class Y Shares
Proceeds from shares issued		87,425,728			107,479,627
Dividends reinvested		1,305,976			1,889,571
Cost of shares redeemed		(10,726,785	)		(28,854,166	)
Total Class Y		78,004,919			80,515,032
Change in net assets from capital transactions	$	86,213,243		$	85,576,439
SHARE TRANSACTIONS:
Class I Shares
Issued		397,024			365,600
Reinvested		4,625			3,944
Redeemed		(117,681	)		(146,954	)
Total Class I Shares		283,968			222,590

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Statements of Changes in Net Assets (Continued)

	NVIT Core Bond Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
SHARE TRANSACTIONS: (continued)
Class II Shares
Issued		669,052			317,933
Reinvested		6,454			5,111
Redeemed		(124,463	)		(23,743	)
Total Class II Shares		551,043			299,301
Class Y Shares
Issued		8,837,134			10,956,837
Reinvested		131,765			195,292
Redeemed		(1,095,968	)		(3,001,217	)
Total Class Y Shares		7,872,931			8,150,912
Total change in shares		8,707,942			8,672,803

(a)  For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT Core Bond Fund

				Operations									Distributions												Ratios / Supplemental Data
							Net Realized																										Ratio of
	Net Asset						and																							Ratio of Net			Expenses
	Value,						Unrealized																				Ratio of			Investment			(Prior to
	Beginning			Net			Gains						Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	of			Investment			(Losses) from			Total from			Investment			Total			Value, End			Total			at End		to Average			to Average			to Average			Portfolio
	Period			Income			Investments			Operations			Income			Distributions			of Period			Return (a)			of Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	9	.69		0	.20		0	.30		0	.50		(0	.10)		(0	.10)	$	10	.09		5	.16%	$	5,111,290		0	.66%		4	.13%		0	.66%		39	.33%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.34		(0	.41)		(0	.07)		(0	.24)		(0	.24)	$	9	.69		(0	.65%)	$	2,157,895		0	.69%		4	.60%		0	.77%		88	.25%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	9	.67		0	.19		0	.29		0	.48		(0	.09)		(0	.09)	$	10	.06		4	.97%	$	8,553,876		0	.91%		3	.88%		0	.91%		39	.33%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.32		(0	.41)		(0	.09)		(0	.24)		(0	.24)	$	9	.67		(0	.87%)	$	2,893,560		0	.94%		4	.41%		1	.01%		88	.25%
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	9	.69		0	.21		0	.28		0	.49		(0	.10)		(0	.10)	$	10	.08		5	.11%	$	161,574,601		0	.51%		4	.28%		0	.51%		39	.33%
Period Ended December 31, 2008 (e) (f)	$	10	.00		0	.33		(0	.39)		(0	.06)		(0	.25)		(0	.25)	$	9	.69		(0	.56%)	$	78,958,783		0	.55%		4	.44%		0	.62%		88	.25%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waiver/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	Per share calculations were performed using average shares method.
(f)	For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Core Bond Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the

14 Semiannual Report 2009

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Asset-Backed Securities	$	—	$	2,580,291	$	—	$	2,580,291
Commercial Mortgage Backed Securities		—		8,124,518		—		8,124,518
Corporate Bonds		—		67,351,521		—		67,351,521
U.S. Government Sponsored & Agency Obligatons		—		51,041,394		—		51,041,394
U.S. Government Mortgage Backed Agencies		—		18,801,762		—		18,801,762
Yankee Dollars		—		8,959,230		—		8,959,230
Repurchase Agreements		—		32,772,222		—		32,772,222
Total	$	—	$	189,630,938	$	—	$	189,630,938

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

16 Semiannual Report 2009

(d)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(e)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(f)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(g)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Nationwide Asset Management LLC (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.40%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $79,611 for the six months ended June 30, 2009.

NFA and the Trust have entered into a written Expense Limitation Agreement, that limits operating expenses (excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, short sale dividend expenses, administrative service fees, other expenditures which are capitalized in accordance with GAAP and expenses incurred by the Fund in connection with any merger or reorganization and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.55% for all share classes of the Fund until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Period Ended		Six Months Ended
December 31, 2008		June 30, 2009
Amount (a)		Amount
$	32,882	$	—

(a) For the period March 25, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated

18 Semiannual Report 2009

proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the daily net assets of Class I and Class II of the Fund.

For the six months ended June 30, 2009, NFS received $6,328 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $748.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $117,254,859 and sales of $42,922,729 (excluding short-term securities).

For the six months ended June 30, 2009, the Fund had short-term purchases of $26,278,877 and sales of $8,995,430 of U.S. government securities.

6. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

7. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

20 Semiannual Report 2009

8. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	188,544,870	$	3,942,480	$	(2,856,412)	$	1,086,068

9. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

he Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 21

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

    (i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-adviser (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met in person to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement.

In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement, and (v) information from the Adviser describing ancillary benefits. The Trustees also noted the compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s oversight of the performance by each sub-adviser of its portfolio management duties and NFA’s ability to supervise the Fund’s other service providers. With respect to each sub-adviser, the Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by the sub-adviser in the past, and the sub-adviser’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of

22 Semiannual Report 2009

advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

    (ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Nationwide Asset Management, LLC, the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the three- and six-month periods ended September 30, 2008, the Fund’s performance for Class II shares was in the second quintile of its peer group, but that the Fund underperformed its benchmark, the Barclays Capital U.S. Aggregate Bond Index. The Trustees noted that it was difficult to assess the performance of the Fund due to its short performance history.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was in the second quintile of its peer group, while the Fund’s total expenses for Class II shares were in the fifth quintile of its peer group. In this regard, the Trustees considered that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses significantly below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

2009 Semiannual Report 23

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

24 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group,
1000 Continental Drive, Suite 400, King of Prussia, PA 19406 (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 25

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

	Position(s) Held		Number of
	with Fund		Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

26 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

	Position(s) Held		Number of
	with Fund		Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 27

Van Kampen NVIT Real Estate Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
6	Statement of Assets and Liabilities
7	Statement of Operations
8	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements
18	Supplemental Information
20	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-RE (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder Van Kampen NVIT Real Estate Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
Van Kampen NVIT			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Real Estate Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		919.80		4.76		1.00
	Hypothetical	b		1,000.00		1,019.70		5.02		1.00
Class II	Actual			1,000.00		917.30		5.94		1.25
	Hypothetical	b		1,000.00		1,018.46		6.28		1.25

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary Van Kampen NVIT Real Estate Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	95	.0%
Repurchase Agreements	5	.2%
Liabilities in excess of other assets	(0	.2)%
	100	.0%

Top Industries
Real Estate Investment Trusts	84	.3%
Real Estate Management & Development	5	.9%
Hotels, Restaurants & Leisure	4	.0%
Health Care Providers & Services	0	.8%
Other Industries*	5	.0%
	100	.0%

Top Holdings
Simon Property Group, Inc.	9	.9%
Equity Residential	6	.8%
AvalonBay Communities, Inc.	6	.0%
Public Storage	5	.8%
Vornado Realty Trust	5	.4%
Boston Properties, Inc.	4	.7%
Regency Centers Corp.	4	.1%
Federal Realty Investment Trust	3	.9%
Brookfield Properties Corp.	3	.8%
Starwood Hotels & Resorts Worldwide, Inc.	3	.8%
Other Holdings*	45	.8%
	100	.0%

* For purposes of listing top holdings and industries, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

Van Kampen NVIT Real Estate Fund

Common Stocks 95.0%
	Shares		Market Value
Health Care Providers & Services 0.8%
Assisted Living Concepts, Inc., Class A*	2,978	$	43,336
Capital Senior Living Corp.*	3,124		14,214
			57,550
Hotels, Restaurants & Leisure 4.0%
Morgans Hotel Group Co.*	3,426		13,121
Starwood Hotels & Resorts Worldwide, Inc.	12,868		285,670
			298,791
Real Estate Investment Trusts 84.3%
Acadia Realty Trust	9,194		119,982
AMB Property Corp.	4,136		77,798
AvalonBay Communities, Inc.	8,012		448,191
Boston Properties, Inc.	7,428		354,315
Camden Property Trust	5,822		160,687
Care Investment Trust, Inc.	786		4,087
DCT Industrial Trust, Inc.	8,383		34,203
DiamondRock Hospitality Co.	3,477		21,766
Digital Realty Trust, Inc.	770		27,604
Duke Realty Corp.	4,460		39,114
Equity Lifestyle Properties, Inc.	4,187		155,673
Equity Residential	22,964		510,490
Essex Property Trust, Inc.	30		1,867
Federal Realty Investment Trust	5,717		294,540
HCP, Inc.	12,519		265,278
Healthcare Realty Trust, Inc.	11,327		190,633
Highwoods Properties, Inc.	1,486		33,242
Host Hotels & Resorts, Inc.	29,793		249,963
Kilroy Realty Corp.	2,020		41,491
Kite Realty Group Trust	3,900		11,388
Liberty Property Trust	7,003		161,349
LTC Properties, Inc.	490		10,020
Mack-Cali Realty Corp.	6,342		144,598
Nationwide Health Properties, Inc.	1,040		26,770
Plum Creek Timber Co., Inc.	8,377		249,467
Post Properties, Inc.	8,568		115,154
PS Business Parks, Inc.	1,195		57,886
Public Storage	6,649		435,376
Ramco-Gershenson Properties Trust	176		1,762
Rayonier, Inc.	500		18,175
Regency Centers Corp.	8,768		306,091
Senior Housing Properties Trust	15,703		256,273
Simon Property Group, Inc.	14,469		744,141
Sovran Self Storage, Inc.	2,521		62,017
Taubman Centers, Inc.	2,336		62,745
Ventas, Inc.	7,590		226,637
Vornado Realty Trust	9,028		406,531
Weingarten Realty Investors	790		11,463
			6,338,767
Real Estate Management & Development 5.9%
Brookfield Properties Corp.	36,201		288,522
Forest City Enterprises, Inc., Class A	23,870		157,542
			446,064
Total Common Stocks (cost $9,162,869)			7,141,172
Repurchase Agreements 5.2%

	Principal		Market
	Amount		Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $265,121, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $270,422	$	265,120	$	265,120
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $129,792, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $132,388		129,792		129,792
Total Repurchase Agreements (cost $394,912)				394,912
Total Investments (cost $9,557,781) (a) — 100.2%				7,536,084
Other assets in excess of liabilities — (0.2)%				(15,432	)
NET ASSETS — 100.0%			$	7,520,652

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	Van Kampen NVIT
	Real Estate Fund
Assets:
Investments, at value (cost $9,162,869)	$	7,141,172
Repurchase agreements, at value and cost		394,912
Total Investments		7,536,084
Cash		4,720
Interest and dividends receivable		36,262
Receivable for capital shares issued		33,875
Receivable for investments sold		1,660
Prepaid expenses and other assets		75
Total Assets		7,612,676
Liabilities:
Payable for investments purchased		82,422
Payable for capital shares redeemed		221
Accrued expenses and other payables:
Investment advisory fees		4,729
Fund administration fees		286
Distribution fees		649
Administrative services fees		1,754
Custodian fees		9
Trustee fees		14
Compliance program costs (Note 3)		100
Professional fees		1,127
Printing fees		170
Other		543
Total Liabilities		92,024
Net Assets	$	7,520,652
Represented by:
Capital	$	11,054,667
Accumulated undistributed net investment income		104,396
Accumulated net realized losses from investment transactions		(1,616,714	)
Net unrealized appreciation/(depreciation) from investments		(2,021,697	)
Net Assets	$	7,520,652
Net Assets:
Class I Shares	$	4,246,297
Class II Shares		3,274,355
Total	$	7,520,652
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		818,529
Class II Shares		633,032
Total		1,451,561
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	5.19
Class II Shares	$	5.17

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	Van Kampen NVIT
	Real Estate Fund
INVESTMENT INCOME:
Interest income	$	63
Dividend income		187,021
Foreign tax withholding		(459	)
Total Income		186,625
EXPENSES:
Investment advisory fees		19,359
Fund administration fees		1,330
Distribution fees Class II Shares		2,716
Administrative services fees Class I Shares		2,521
Administrative services fees Class II Shares		1,635
Custodian fees		185
Trustee fees		112
Compliance program costs (Note 3)		41
Professional fees		1,312
Printing fees		6,165
Other		1,558
Total expenses before earnings credit and expenses reimbursed		36,934
Earnings credit (Note 4)		(3	)
Expenses reimbursed by Adviser		(6,511	)
Net Expenses		30,420
NET INVESTMENT INCOME		156,205
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(1,021,063	)
Net change in unrealized appreciation/(depreciation) from investments		534,649
Net realized/unrealized losses from investments		(486,414	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(330,209	)

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statements of Changes in Net Assets

	Van Kampen NVIT Real Estate Fund
	Six Months Ended			Period Ended
	June 30, 2009			December 31, 2008 (a)
	(Unaudited)
Operations:
Net investment income	$	156,205		$	82,742
Net realized losses from investment transactions		(1,021,063	)		(595,651	)
Net change in unrealized appreciation/(depreciation) from investments		534,649			(2,556,346	)
Change in net assets resulting from operations		(330,209	)		(3,069,255	)
Distributions to Shareholders From:
Net investment income:
Class I		(33,859	)		(60,222	)
Class II		(17,950	)		(22,629	)
Tax return of capital:
Class I		–			(64,889	)
Class II		–			(28,533	)
Change in net assets from shareholder distributions		(51,809	)		(176,273	)
Change in net assets from capital transactions		2,327,149			8,821,049
Change in net assets		1,945,131			5,575,521
Net Assets:
Beginning of period		5,575,521			–
End of period	$	7,520,652		$	5,575,521
Accumulated undistributed net investment income at end of period	$	104,396		$	–
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	2,239,855		$	7,055,444
Dividends reinvested		33,859			125,111
Cost of shares redeemed		(1,478,841	)		(1,203,319	)
Total Class I		794,873			5,977,236
Class II Shares
Proceeds from shares issued		2,031,946			3,201,109
Dividends reinvested		17,950			51,162
Cost of shares redeemed		(517,620	)		(408,458	)
Total Class II		1,532,276			2,843,813
Change in net assets from capital transactions	$	2,327,149		$	8,821,049
SHARE TRANSACTIONS:
Class I Shares
Issued		460,918			789,164
Reinvested		7,838			20,660
Redeemed		(312,126	)		(147,925	)
Total Class I Shares		156,630			661,899

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

	Van Kampen NVIT Real Estate Fund
	Six Months Ended			Period Ended
	June 30, 2009			December 31, 2008 (a)
	(Unaudited)
SHARE TRANSACTIONS: (continued)
Class II Shares
Issued		429,075			362,430
Reinvested		4,165			8,692
Redeemed		(116,477	)		(54,853	)
Total Class II Shares		316,763			316,269
Total change in shares		473,393			978,168

(a)  For the period from March 25, 2008 (commencement of operations) through December 31, 2008.
The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

Van Kampen NVIT Real Estate Fund

				Operations									Distributions															Ratios / Supplemental Data
							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net									Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Return of			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Capital			Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	5	.71		0	.15		(0	.62)		(0	.47)		(0	.05)		–			(0	.05)	$	5	.19		(8	.02%)	$	4,246,297		1	.00%		6	.65%		1	.22%		15	.86%
Period Ended December 31, 2008 (e)	$	10	.00		0	.12		(4	.19)		(4	.07)		(0	.12)		(0	.10)		(0	.22)	$	5	.71		(40	.88%)	$	3,776,313		0	.89%		2	.20%		1	.33%		19	.78%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	5	.69		0	.09		(0	.56)		(0	.47)		(0	.05)		–			(0	.05)	$	5	.17		(8	.27%)	$	3,274,355		1	.25%		4	.07%		1	.51%		15	.86%
Period Ended December 31, 2008 (e)	$	10	.00		0	.12		(4	.22)		(4	.10)		(0	.11)		(0	.10)		(0	.21)	$	5	.69		(41	.07%)	$	1,799,208		1	.24%		2	.62%		1	.52%		19	.78%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waiver/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Van Kampen NVIT Real Estate Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stock	$	7,141,172	$	—	$	—	$	7,141,172
Repurchase Agreements		—		394,912		—		394,912
Total	$	7,141,172	$	394,912	$	—	$	7,536,084

Amounts designated as “—” are zero.

12 Semiannual Report 2009

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(d)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(e)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(f)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(g)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Van Kampen Asset Management (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.70%

14 Semiannual Report 2009

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $11,560 for the six months ended June 30, 2009.

NFA and the Trust have entered into a written Expense Limitation Agreement, that limits operating expenses (excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, short sale dividend expenses, administrative service fees, other expenditures which are capitalized in accordance with GAAP and expenses incurred by the Fund in connection with any merger or reorganization and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.85% for all share classes of the fund until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Period Ended		Six Months Ended
December 31, 2008		June 30, 2009
Amount (a)		Amount
$	14,613	$	6,511

(a) For the period March 25, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the daily net assets of Class I and Class II of the Fund.

For the six months ended June 30, 2009, NFS received $2,767 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $41.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $3,329,645 and sales of $864,153 (excluding short-term securities).

16 Semiannual Report 2009

6. Portfolio Investment Risks

Risks Associated with REIT and Real Estate Investments. Investments in REITs and in real estate securities carry certain risks associated with direct ownership of real estate and with the real estate industry in general. These risks include possible declines in the value of real estate, possible lack of availability of mortgage funds, unexpected vacancies of properties, and the relative lack of liquidity associated with investments in real estate.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

							Net
							Unrealized
		Unrealized		Unrealized			Appreciation
Tax Cost of Securities		Appreciation		Depreciation			(Depreciation)
$	10,141,144	$	91,556	$	(2,696,616	)	$	(2,605,060	)

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 17

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

     (i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-adviser (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met in person to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”) and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement.

In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement, and (v) information from the Adviser describing ancillary benefits. The Trustees also noted the compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s oversight of the performance by each sub-adviser of its portfolio management duties and NFA’s ability to supervise the Fund’s other service providers. With respect to each sub-adviser, the Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by the sub-adviser in the past, and the sub-adviser’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of

18 Semiannual Report 2009

advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

     (ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Van Kampen Asset Management, the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the three- and six-month periods ended September 30, 2008, the Fund’s performance for Class II shares was in the second quintile of its peer group and the Fund underperformed its benchmark, the NAREIT Index. In this regard, it was noted that the Fund’s performance had rebounded relative to its benchmark over more recent periods. The Trustees also noted that, it was difficult to assess the performance of the Fund due to its short performance history.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was in the second quintile of its peer group, while the Fund’s total expenses for Class II shares was in the fourth quintile of its peer group. In this regard, the Trustees considered that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses significantly below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

2009 Semiannual Report 19

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

20 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group,
1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 21

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

22 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 23

NVIT Core Plus Bond Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
13	Statement of Assets and Liabilities
14	Statement of Operations
15	Statements of Changes in Net Assets
17	Financial Highlights
18	Notes to Financial Statements
26	Supplemental Information
29	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-CPB (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Core Plus Bond Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
NVIT Core Plus			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Bond Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,074.50		3.60		0.70%
	Hypothetical	b		1,000.00		1,021.19		3.51		0.70%
Class II	Actual			1,000.00		1,073.60		4.88		0.95%
	Hypothetical	b		1,000.00		1,019.95		4.77		0.95%
Class Y	Actual			1,000.00		1,075.20		2.83		0.55%
	Hypothetical	b		1,000.00		1,021.93		2.76		0.55%

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Core Plus Bond Fund

June 30, 2009 (Unaudited)

Asset Allocation
Corporate Bonds	36	.6%
U.S. Government Mortgage Backed Agencies	28	.5%
U.S. Government Sponsored & Agency Obligations	22	.3%
Commercial Mortgage Backed Securities	9	.9%
Repurchase Agreements	7	.3%
Yankee Dollars	2	.5%
Sovereign Bonds	1	.8%
Asset-Backed Securities	0	.1%
Liabilities in excess of other assets	(9	.0)%
	100	.0%

Top Holdings
United States Treasury Inflation Indexed Bonds, 2.38%, 01/15/17	7	.6%
U.S. Treasury Bonds, 8.13%, 08/15/19	4	.0%
CDX North America High Yield, 8.88%, 06/29/13	3	.8%
Federal Home Loan Mortgage Corp. TBA, 5.50%, 07/13/39	2	.9%
Federal National Mortgage Association TBA, 5.50%, 07/13/39	2	.8%
Federal Home Loan Banks, 10/30/09	2	.7%
Federal Home Loan Mortgage Corp. TBA, 5.00%, 08/15/37	2	.2%
Federal Home Loan Banks, 0.31%, 12/31/09	2	.1%
Federal Home Loan Banks, 0.34%, 01/05/10	1	.8%
Fannie Mae Pool, Pool #986264, 5.50%, 07/01/38	1	.4%
Other Holdings*	68	.7%
	100	.0%

* For purposes of listing top holdings, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Core Plus Bond Fund

Asset-Backed Security 0.1% (a)
		Principal Amount		Market Value
Student Loan ABS 0.1%
SLM Student Loan Trust, Series 2008-6, Class A1, 1.49%, 10/27/14	$	89,185	$	88,749
Total Asset-Backed Securities (cost $89,185)				88,749
Commercial Mortgage Backed Securities 9.9%
Banks 4.9%
Banc of America Commercial Mortgage, Inc.
Series 2006-3, Class A4, 5.89%, 07/10/44		750,000		595,532
Series 2006-4, Class A4, 5.63%, 07/10/46		1,500,000		1,183,630
Series 2006-5, Class A4, 5.41%, 09/10/47(a)		1,795,000		1,431,242
Series 2007-3, Class A4, 5.66%, 06/10/49(a)		295,000		208,757
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD5, Class A4, 5.89%, 11/15/44 (a)		750,000		567,090
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2005-LDP4, Class A3A1, 4.87%, 10/15/42		465,000		425,311
Series 2006-CB14, Class ASB, 5.51%, 12/12/44		775,000		725,456
Series 2006-LDP7, Class A4, 6.07%, 04/15/45 (a)		580,000		492,285
Series 2006-LDP9, Class A1S, 5.28%, 05/15/47 (a)		136,543		126,315
Series 2006-LDP9, Class A3, 5.34%, 05/15/47		415,000		313,767
Series 2007-CB18, Class A4, 5.44%, 06/12/47		1,100,000		828,306
Series 2007-LD11, Class A4, 6.01%, 06/15/49 (a)		805,000		614,726
Series 2007-CB20, Class A4, 5.79%, 02/12/51		200,000		149,403
Series 2008-C2, Class ASB, 6.13%, 02/12/51 (a)		205,000		177,189
Series 2007-LD12, Class A4, 5.88%, 02/15/51 (a)		200,000		149,774
Wachovia Bank Commercial Mortgage Trust
Series 2007-C31, Class A4, 5.51%, 04/15/47		100,000		66,325
Series 2007-C33, Class A2, 5.86%, 02/15/51 (a)		250,000		227,974
				8,283,082
Diversified Financial Services 5.0%
Commercial Mortgage Loan Trust, Series 2008-LS1, Class A4B, 6.22%, 09/10/17 (a)		700,000		519,031
Credit Suisse Mortgage Capital Certificates (a)
Series 2007-C4, Class A4, 5.81%, 09/15/39		1,210,000		825,113
Series 2007-C1, Class A3, 5.38%, 02/15/40		225,000		151,378
Series 2007-C2, Class A2, 5.45%, 01/15/49		350,000		322,601
CS First Boston Mortgage Securities Corp., Series 2005-C4, Class A3, 5.12%, 08/15/38 (a)		200,000		176,423
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A4, 5.74%, 12/10/49		175,000		140,707
GS Mortgage Securities Corp. II
Series 2005-GG4, Class A3, 4.61%, 07/10/39		1,800,000		1,578,552
Series 2005-GG4, Class A4, 4.76%, 07/10/39 (a)		800,000		616,696
Series 2007-GG10, Class A4, 5.81%, 08/10/45 (a)		2,200,000		1,662,475
LB-UBS Commercial Mortgage Trust, Series 2007-C6, Class A4, 5.86%, 07/15/40		775,000		562,610
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-5, Class A4, 5.38%, 08/12/48		600,000		399,004
Series 2007-8, Class A3, 5.96%, 08/12/49 (a)		250,000		172,649
Series 2006-4, Class A3, 5.17%, 12/12/49		400,000		291,002
Morgan Stanley Capital I
Series 2007-HQ12, Class A4, 5.63%, 04/12/49 (a)		335,000		239,277
Series 2007-IQ16, Class A4, 5.81%, 12/12/49		1,000,000		750,803
				8,408,321
Total Commercial Mortgage Backed Securities (cost $16,637,622)				16,691,403

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Corporate Bonds 36.6%
		Principal Amount		Market Value
Aerospace & Defense 0.8% (b)
BAE Systems Holdings, Inc., 6.38%, 06/01/19	$	1,255,000	$	1,283,102
Agriculture 0.8%
Altria Group, Inc.
9.70%, 11/10/18		315,000		361,131
10.20%, 02/06/39		395,000		466,719
Lorillard Tobacco Co., 8.13%, 06/23/19		540,000		558,773
				1,386,623
Airlines 2.0%
Continental Airlines, Inc., 5.98%, 04/19/22		1,800,000		1,485,000
Delta Air Lines, Inc.
7.57%, 11/18/10		940,000		897,700
6.82%, 08/10/22		499,158		409,310
UAL Pass Through Trust Series 2007-1, 6.64%, 07/02/22		674,997		506,248
				3,298,258
Banks 4.5%
Bank of America Corp.
Series L, 7.38%, 05/15/14		725,000		748,937
7.63%, 06/01/19		895,000		898,993
Citigroup, Inc.
5.50%, 04/11/13		875,000		820,089
8.50%, 05/22/19		1,300,000		1,322,411
Goldman Sachs Group, Inc. (The)
6.00%, 05/01/14		585,000		610,541
6.75%, 10/01/37		2,180,000		1,938,007
Morgan Stanley, 7.30%, 05/13/19		1,250,000		1,296,187
				7,635,165
Beverages 1.3%
Anheuser-Busch InBev Worldwide, Inc., 7.75%, 01/15/19 (b)		1,585,000		1,733,445
PepsiAmericas, Inc., 4.38%, 02/15/14		405,000		407,944
				2,141,389
Chemicals 0.9%
Dow Chemical Co. (The), 8.55%, 05/15/19		1,570,000		1,572,795
Commercial Banks 0.1%
Citigroup, Inc., 6.13%, 11/21/17		200,000		175,352
Commerical Services 0.7% (b)
ERAC USA Finance Co., 7.00%, 10/15/37		1,535,000		1,220,766
Diversified Financial Services 8.8%
American Express Co., 8.13%, 05/20/19		375,000		389,148
American Express Credit Corp., 5.88%, 05/02/13		1,315,000		1,305,754
CDX North America High Yield (b)
8.75%, 12/29/12		660,000		579,150
8.88%, 06/29/13		7,015,000		6,383,650
General Electric Capital Corp.
5.90%, 05/13/14		1,440,000		1,469,752
5.88%, 01/14/38		2,735,000		2,164,443
Series A, 6.88%, 01/10/39		430,000		387,049
JPMorgan Chase Capital XV, 5.88%, 03/15/35		300,000		240,000
Merrill Lynch & Co., Inc.
5.45%, 02/05/13		505,000		491,515
6.88%, 04/25/18		1,300,000		1,203,223
6.11%, 01/29/37		200,000		154,471
				14,768,155
Electric 1.0%
Duke Energy Corp., 6.30%, 02/01/14		320,000		345,484
FirstEnergy Corp., 6.45%, 11/15/11		225,000		234,846
Oncor Electric Delivery Co., 6.38%, 05/01/12		1,050,000		1,107,992
				1,688,322
Energy 0.0%
Pemex Project Funding Master Trust, 5.75%, 03/01/18		90,000		82,800
Entertainment 0.3% (b)
WMG Acquisition Corp., 9.50%, 06/15/16		500,000		497,500
Healthcare-Services 0.8% (b)
HCA, Inc., 9.88%, 02/15/17		500,000		505,000
Roche Holdings, Inc., 6.00%, 03/01/19		830,000		885,013
				1,390,013
Lodging 0.6% (b)
MGM Mirage, Inc., 11.13%, 11/15/17		1,000,000		1,060,000

6 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
Media 4.1%
Comcast Corp., 6.30%, 11/15/17	$	505,000	$	534,476
Cox Communications, Inc. (b)
9.38%, 01/15/19		1,060,000		1,276,380
8.38%, 03/01/39		430,000		479,443
News America, Inc., 6.90%, 03/01/19 (b)		810,000		844,036
Time Warner Cable, Inc.
5.40%, 07/02/12		1,025,000		1,059,440
6.75%, 07/01/18		1,010,000		1,051,985
8.25%, 04/01/19		715,000		811,251
Time Warner, Inc., 6.88%, 05/01/12		810,000		866,493
				6,923,504
Mining 0.9%
Rio Tinto Finance USA Ltd.
6.50%, 07/15/18		1,175,000		1,175,685
7.13%, 07/15/28		365,000		348,293
				1,523,978
Miscellaneous Manufacturing 0.6%
Ingersoll-Rand Global Holding Co. Ltd., 6.00%, 08/15/13		995,000		999,948
Office/Business Equipment 1.3%
Xerox Corp.
5.50%, 05/15/12		885,000		882,578
8.25%, 05/15/14		1,200,000		1,247,835
				2,130,413
Oil & Gas 2.3%
Anadarko Petroleum Corp., 5.95%, 09/15/16		1,580,000		1,558,866
Chesapeake Energy Corp., 7.25%, 12/15/18		500,000		435,000
ConocoPhillips, 6.00%, 01/15/20		735,000		786,968
Valero Energy Corp., 9.38%, 03/15/19		1,015,000		1,156,099
				3,936,933
Pharmaceuticals 0.5%
Express Scripts, Inc., 5.25%, 06/15/12		655,000		676,716
Pfizer, Inc., 7.20%, 03/15/39		110,000		130,615
				807,331
Pipelines 1.7%
DCP Midstream LLC (b)
9.75%, 03/15/19		445,000		496,061
6.75%, 09/15/37		110,000		91,381
Enterprise Products Operating LLC, Series B, 5.60%, 10/15/14		850,000		873,576
Kinder Morgan Energy Partners LP, 5.95%, 02/15/18		490,000		479,652
NGPL PipeCo LLC, 6.51%, 12/15/12 (b)		835,000		875,239
				2,815,909
Real Estate 0.5% (b)
WEA Finance LLC, 7.50%, 06/02/14		770,000		763,476
Retail 0.4%
CVS Caremark Corp., 6.60%, 03/15/19		650,000		694,528
Telecommunications 1.3%
Qwest Corp., 8.88%, 03/15/12		730,000		735,475
Sprint Nextel Corp., 6.00%, 12/01/16		500,000		408,750
Verizon Communications, Inc., 6.35%, 04/01/19		490,000		509,743
Verizon Wireless Capital LLC, 5.55%, 02/01/14 (b)		430,000		456,500
				2,110,468
Tobacco 0.4%
Altria Group, Inc., 9.95%, 11/10/38		605,000		698,366
Total Corporate Bonds (cost $58,582,989)				61,605,094
U.S. Government Mortgage Backed Agencies 28.5%
Fannie Mae Pool
Pool #969941, 5.00%, 03/01/23		193,299		200,313
Pool #982885, 5.00%, 05/01/23		83,302		86,325
Pool #975884, 5.00%, 06/01/23		81,834		84,804
Pool #987214, 5.00%, 07/01/23		49,712		51,516
Pool #987456, 5.00%, 08/01/23		145,385		150,661
Pool #976243, 5.00%, 08/01/23		147,919		153,286
Pool #965102, 5.00%, 09/01/23		52,902		54,822

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value
Fannie Mae Pool (continued)
Pool #988300, 5.00%, 09/01/23	$	246,939	$	255,900
Pool #992021, 5.00%, 10/01/23		155,591		161,237
Pool #735578, 5.00%, 06/01/35		359,867		367,668
Pool #834657, 5.50%, 08/01/35		26,645		27,607
Pool #835482, 5.50%, 10/01/35		195,136		202,177
Pool #745826, 6.00%, 07/01/36		150,114		157,247
Pool #899215, 6.00%, 10/01/36		282,196		295,605
Pool #831922, 5.50%, 11/01/36		154,546		159,857
Pool #888222, 6.00%, 02/01/37		313,420		328,313
Pool #913304, 5.50%, 04/01/37		353,219		365,264
Pool #899528, 5.50%, 05/01/37		1,049,358		1,084,763
Pool #917141, 5.50%, 06/01/37		183,795		190,111
Pool #938175, 5.50%, 07/01/37		164,170		169,709
Pool #899598, 6.00%, 07/01/37		127,595		133,538
Pool #956411, 6.00%, 11/01/37		415,114		434,450
Pool #967276, 5.00%, 12/01/37		253,722		258,747
Pool #929018, 6.00%, 12/01/37		938,933		982,670
Pool #966419, 6.00%, 12/01/37		548,086		573,617
Pool #965719, 6.00%, 01/01/38		395,304		413,634
Pool #972701, 5.50%, 02/01/38		174,746		180,632
Pool #933409, 5.00%, 03/01/38		755,953		770,882
Pool #974674, 5.50%, 03/01/38		248,946		257,332
Pool #970185, 5.00%, 04/01/38		378,063		385,529
Pool #929515, 5.00%, 05/01/38		152,730		155,746
Pool #962874, 5.00%, 05/01/38		133,890		136,521
Pool #982126, 5.00%, 05/01/38		366,060		373,210
Pool #995048, 5.50%, 05/01/38		1,459,553		1,509,710
Pool #933927, 5.50%, 06/01/38		366,919		379,278
Pool #983821, 5.50%, 06/01/38		270,904		280,029
Pool #934108, 5.00%, 07/01/38		521,485		531,783
Pool #986264, 5.50%, 07/01/38		2,213,638		2,288,202
Pool #988029, 5.00%, 08/01/38		525,814		536,198
Pool #986062, 5.50%, 08/01/38		116,257		120,173
Pool #925973, 6.00%, 08/01/38		171,529		179,483
Pool #970818, 5.50%, 09/01/38		493,321		509,938
Pool #990786, 5.50%, 10/01/38		379,264		392,040
Pool #991002, 6.00%, 10/01/38		202,937		212,347
Federal Home Loan Mortgage Corp. TBA
5.00%, 08/15/37		3,600,000		3,646,123
5.50%, 07/13/39		4,700,000		4,851,284
Federal National Mortgage Association TBA, 5.50%, 07/13/39		4,500,000		4,644,846
Freddie Mac Gold Pool
Pool #G13072, 5.00%, 04/01/23		96,974		100,483
Pool #G13122, 5.00%, 04/01/23		82,731		85,655
Pool #J07940, 5.00%, 05/01/23		702,290		727,116
Pool #J07942, 5.00%, 06/01/23		90,961		94,176
Pool #G13225, 5.00%, 06/01/23		960,795		994,759
Pool #J08443, 5.00%, 07/01/23		171,767		177,839
Pool #A14186, 5.50%, 10/01/33		13,318		13,816
Pool #A82875, 5.50%, 11/01/33		395,602		410,372
Pool #C01674, 5.50%, 11/01/33		99,610		103,329
Pool #A39584, 5.50%, 11/01/35		365,904		378,993
Pool #A52983, 5.50%, 10/01/36		817,278		845,237

8 Semiannual Report 2009

U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value
Freddie Mac Gold Pool (continued)
Pool #A61562, 5.50%, 10/01/36	$	330,268	$	341,566
Pool #G02379, 6.00%, 10/01/36		179,751		187,955
Pool #G08204, 5.50%, 06/01/37		114,419		118,280
Pool #G03432, 5.50%, 11/01/37		98,099		101,409
Pool #A72499, 6.00%, 02/01/38		110,676		115,635
Pool #G04220, 5.50%, 03/01/38		281,135		290,620
Pool #G08256, 5.50%, 03/01/38		112,562		116,354
Pool #G04156, 6.00%, 03/01/38		249,522		260,703
Pool #G08263, 5.50%, 04/01/38		146,316		151,245
Pool #A76684, 5.00%, 05/01/38		364,276		371,014
Pool #A77208, 5.50%, 05/01/38		277,764		287,120
Pool #A76939, 5.50%, 05/01/38		288,863		298,593
Pool #A77937, 5.50%, 06/01/38		1,362,322		1,408,210
Pool #A77648, 5.50%, 06/01/38		123,769		127,938
Pool #G04458, 5.50%, 06/01/38		855,978		884,811
Pool #A78076, 6.00%, 06/01/38		165,382		172,792
Pool #A78454, 6.00%, 06/01/38		491,929		513,971
Pool #A79197, 5.00%, 07/01/38		205,476		209,277
Pool #A78982, 5.50%, 07/01/38		383,344		396,256
Pool #A79806, 5.50%, 07/01/38		232,404		240,232
Pool #A79018, 5.50%, 07/01/38		837,058		865,253
Pool #G04471, 5.50%, 07/01/38		964,981		997,486
Pool #A82609, 5.50%, 09/01/38		523,577		541,213
Pool #A83032, 5.50%, 11/01/38		197,571		204,226
Pool #A83345, 5.00%, 12/01/38		697,466		710,368
Pool #A83596, 5.50%, 12/01/38		575,897		595,296
Freddie Mac Non Gold Pool (a)
Pool #1K1238, 5.77%, 07/01/36		87,043		91,119
Pool #1L1316, 5.77%, 07/01/36		817,382		855,526
Ginnie Mae I Pool
Pool #603581, 5.50%, 04/15/33		111,680		116,051
Pool #618988, 6.00%, 06/15/34		150,198		157,397
Pool #658029, 6.00%, 07/15/36		41,244		43,028
Pool #617456, 6.00%, 03/15/37		63,668		66,411
Pool #600658, 5.50%, 05/15/37		148,705		153,875
Pool #657732, 5.50%, 05/15/37		196,587		203,421
Pool #675407, 5.50%, 07/15/37		127,226		131,649
Pool #782185, 6.00%, 09/15/37		37,350		38,889
Pool #670824, 6.00%, 12/15/37		78,220		81,590
Pool #671189, 6.00%, 12/15/37		92,431		96,413
Pool #686034, 5.50%, 04/15/38		111,744		115,594
Pool #674084, 5.00%, 05/15/38		295,368		301,783
Pool #686342, 6.00%, 05/15/38		78,001		81,349
Pool #690847, 5.50%, 06/15/38		125,937		130,276
Pool #632219, 5.50%, 07/15/38		98,016		101,392
Pool #689694, 5.50%, 07/15/38		168,115		173,907
Pool #690435, 5.50%, 07/15/38		275,667		285,165
Pool #687727, 6.00%, 07/15/38		108,552		113,212
Pool #690310, 6.00%, 07/15/38		101,365		105,717
Pool #689575, 6.50%, 07/15/38		324,000		344,060
Total U.S. Government Mortgage Backed Agencies (cost $46,564,596)				47,912,549

2009 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

U.S. Government Sponsored & Agency Obligations 22.3%
		Principal Amount		Market Value
Federal Home Loan Banks
0.26%, 10/30/09 (c)	$	4,500,000	$	4,497,430
0.31%, 12/31/09 (c)		3,500,000		3,495,195
0.34%, 01/05/10 (c)		3,000,000		2,994,831
3.63%, 05/29/13		1,630,000		1,695,409
4.00%, 09/06/13		150,000		157,811
Freddie Mac, 0.27%, 11/02/09 (c)		1,300,000		1,298,970
U.S. Treasury Bonds, 8.13%, 08/15/19		4,950,000		6,786,915
U.S. Treasury Notes, 4.75%, 05/31/12		280,000		305,287
United States Treasury Bonds
6.00%, 02/15/26		1,230,000		1,483,496
5.25%, 02/15/29		130,000		146,209
United States Treasury Inflation Indexed Bonds
2.38%, 04/15/11		945,000		1,045,382
2.38%, 01/15/17		11,665,000		12,870,360
United States Treasury Notes
4.25%, 11/15/13		305,000		329,591
4.50%, 11/15/15		360,000		391,444
Total U.S. Government Sponsored & Agency Obligations (cost $36,001,187)				37,498,330
Sovereign Bonds 1.8%
ARGENTINA 0.1%
Argentina Bonos
7.00%, 09/12/13		85,000		49,725
2.50%, 12/31/38 (d)		500,000		134,250
				183,975
BRAZIL 0.1%
Brazilian Government International Bond
8.88%, 10/14/19		140,000		171,500
11.00%, 08/17/40		45,000		58,545
				230,045
COLOMBIA 0.1%
Colombia Government International Bond
10.75%, 01/15/13		30,000		36,300
7.38%, 01/27/17		100,000		107,650
7.38%, 09/18/37		100,000		102,000
				245,950
EL SALVADOR 0.0%
El Salvador Government International Bond
8.50%, 07/25/11		10,000		10,225
7.65%, 06/15/35		35,000		29,400
				39,625
HUNGARY 0.0%
Hungary Government International Bond, 4.75%, 02/03/15		13,000		11,440
INDONESIA 0.1%
Indonesia Government International Bond
6.75%, 03/10/14		85,000		84,860
8.50%, 10/12/35		100,000		101,625
				186,485
LEBANON 0.1%
Lebanon Government International Bond
7.50%, 03/19/12		65,000		66,300
8.25%, 04/12/21		40,000		40,400
				106,700
MALAYSIA 0.1%
Penerbangan Malaysia Berhad, 5.63%, 03/15/16		110,000		110,187
MEXICO 0.0%
Mexico Government International Bond, 6.75%, 09/27/34		20,000		20,170
PANAMA 0.1%
Panama Government International Bond, 8.88%, 09/30/27		75,000		90,562
PERU 0.1%
Peruvian Government International Bond
8.38%, 05/03/16		50,000		57,625
6.55%, 03/14/37		45,000		43,650
				101,275
PHILIPPINES 0.1%
Philippine Government International Bond, 9.88%, 01/15/19		103,000		126,175

10 Semiannual Report 2009

Sovereign Bonds (continued)
		Principal Amount		Market Value
RUSSIAN FEDERATION 0.1% (d)
Russia Government International Bond
7.50%, 03/31/30 (b)	$	1,920	$	1,889
7.50%, 03/31/30		134,400		132,317
				134,206
TURKEY 0.2%
Republic of Turkey, 7.50%, 07/14/17		100,000		104,500
Turkey Government International Bond
9.50%, 01/15/14		80,000		90,400
7.38%, 02/05/25		25,000		25,250
8.00%, 02/14/34		50,000		52,300
6.88%, 03/17/36		25,000		22,875
				295,325
UNITED KINGDOM 0.2%(b)
BAT International Finance PLC, 9.50%, 11/15/18		375,000		440,753
UNITED STATES 0.3%
State of California, 7.55%, 04/01/39		535,000		487,059
United Mexican States, 5.88%, 02/17/14		12,000		12,570
				499,629
URUGUAY 0.1%
Republic of Uruguay, 8.00%, 11/18/22		85,000		88,825
Uruguay Government International Bond, 7.63%, 03/21/36		100,000		96,250
				185,075
VENEZUELA 0.0%
Venezuela Government International Bond
8.50%, 10/08/14		40,000		28,400
9.00%, 05/07/23		25,000		15,300
				43,700
Total Sovereign Bonds (cost $2,968,108)				3,051,277
Yankee Dollars 2.5%
Banks 0.6%
Barclays Bank PLC, 6.75%, 05/22/19		1,050,000		1,041,361
Commerical Services 0.0%
Hutchison Whampoa International Ltd., 6.50%, 02/13/13		50,000		53,639
Electric 0.1%
Majapahit Holding BV, 7.88%, 06/29/37		100,000		76,118
Food 0.1%
Delhaize Group SA, 5.88%, 02/01/14		155,000		159,137
Iron/Steel 0.0%
Codelco, Inc., 5.50%, 10/15/13		53,000		56,182
Oil & Gas 0.6%
Suncor Energy, Inc., 6.10%, 06/01/18		325,000		326,727
Talisman Energy, Inc., 7.75%, 06/01/19		620,000		686,832
				1,013,559
Telecommunications 1.1%
France Telecom SA, 4.38%, 07/08/14		720,000		725,601
Telecom Italia Capital SA, 6.18%, 06/18/14		685,000		692,724
Telefonica Emisiones SAU, 5.88%, 07/15/19		360,000		371,157
				1,789,482
Total Yankee Dollars (cost $4,084,029)				4,189,478
Repurchase Agreements 7.3%
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $8,268,317, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $8,433,662		8,268,296		8,268,296

2009 Semiannual Report 11

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

NVIT Core Plus Bond Fund (Continued)

Repurchase Agreements (continued)
		Principal Amount		Market Value
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $4,047,842, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $4,128,793	$	4,047,836	$	4,047,836
Total Repurchase Agreements (cost $12,316,132)				12,316,132
Total Investments (cost $177,243,848) (e) – 109.0%				183,353,012
Liabilities in excess of other assets — (9.0)%				(15,110,921	)
NET ASSETS — 100.0%			$	168,242,091

(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2009. The maturity date represents the actual maturity date.
(b)	Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at June 30, 2009 was $19,872,784 which represents 11.81% of net assets.
(c)	The rate reflected in the Statement of Investments is the discount rate at the time of purchase.
(d)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at June 30, 2009.
(e)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

LLC	Limited Liability Company
LP	Limited Partnership
Ltd	Limited
PLC	Public Limited Company
SA	Stock Company
TBA	To Be Announced.

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Core Plus
	Bond Fund
Assets:
Investments, at value (cost $164,927,716)	$	171,036,880
Repurchase agreements, at value and cost		12,316,132
Total Investments		183,353,012
Interest and dividends receivable		1,652,873
Receivable for capital shares issued		1,151,356
Receivable for investments sold		955,184
Prepaid expenses and other assets		1,993
Total Assets		187,114,418
Liabilities:
Payable for investments purchased		18,708,431
Interest payable		88,034
Payable for capital shares redeemed		29
Accrued expenses and other payables:
Investment advisory fees		51,867
Fund administration fees		5,884
Distribution fees		1,143
Administrative services fees		711
Custodian fees		102
Trustee fees		56
Compliance program costs (Note 3)		1,806
Professional fees		4,704
Printing fees		7,759
Other		1,801
Total Liabilities		18,872,327
Net Assets	$	168,242,091
Represented by:
Capital	$	160,008,783
Accumulated undistributed net investment income		1,012,467
Accumulated net realized gains from investment transactions and foreign currency transactions		1,111,677
Net unrealized appreciation/ (depreciation) from investments		6,109,164
Net Assets	$	168,242,091
Net Assets:
Class I Shares	$	355,799
Class II Shares		6,444,167
Class Y Shares		161,442,125
Total	$	168,242,091
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		34,293
Class II Shares		621,499
Class Y Shares		15,545,842
Total		16,201,634
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	10.38
Class II Shares	$	10.37
Class Y Shares	$	10.38

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	NVIT Core Plus
	Bond Fund
INVESTMENT INCOME:
Interest income	$	3,072,881
Total Income		3,072,881
EXPENSES:
Investment advisory fees		256,054
Fund administration fees		24,869
Distribution fees Class II Shares		4,959
Administrative services fees Class I Shares		225
Administrative services fees Class II Shares		2,985
Custodian fees		1,462
Trustee fees		2,096
Compliance program costs (Note 3)		661
Professional fees		9,902
Printing fees		8,339
Other		18,124
Total expenses before earnings credit and expenses reimbursed		329,676
Earnings credit (Note 4)		(145	)
Expenses reimbursed by Adviser (Note 3)		(7,460	)
Net Expenses		322,071
NET INVESTMENT INCOME		2,750,810
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		1,063,835
Net realized gains from foreign currency transactions		875
Net realized gains from investment and foreign currency transactions		1,064,710
Net change in unrealized appreciation/(depreciation) from investments		5,766,660
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		(46	)
Net change in unrealized appreciation/(depreciation) from investments and foreign currency translations		5,766,614
Net realized/unrealized gains from investments and foreign currency translations		6,831,324
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,582,134

The accompanying notes are an integral part of these financial statements.

14 Semiannual Report 2009

Statements of Changes in Net Assets

	NVIT Core Plus Bond Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31,2008 (a)
Operations:
Net investment income	$	2,750,810		$	1,432,000
Net realized gains from investment and foreign currency transactions		1,064,710			48,951
Net change in unrealized appreciation/(depreciation) from investments and foreign currency translations		5,766,614			342,550
Change in net assets resulting from operations		9,582,134			1,823,501
Distributions to Shareholders From:
Net investment income:
Class I		(4,162	)		(2,554	)
Class II		(55,063	)		(39,511	)
Class Y		(1,710,118	)		(1,360,970	)
Change in net assets from shareholder distributions		(1,769,343	)		(1,403,035	)
Change in net assets from capital transactions		79,816,273			80,192,561
Change in net assets		87,629,064			80,613,027
Net Assets:
Beginning of period		80,613,027			–
End of period	$	168,242,091		$	80,613,027
Accumulated undistributed net investment income at end of period	$	1,012,467		$	28,965
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	227,808		$	206,363
Dividends reinvested		4,162			2,554
Cost of shares redeemed		(87,539	)		(23,799	)
Total Class I		144,431			185,118
Class II Shares
Proceeds from shares issued		7,843,512			3,037,250
Dividends reinvested		55,063			39,511
Cost of shares redeemed		(4,493,671	)		(325,017	)
Total Class II		3,404,904			2,751,744
Class Y Shares
Proceeds from shares issued		83,318,785			87,524,686
Dividends reinvested		1,710,118			1,360,970
Cost of shares redeemed		(8,761,965	)		(11,629,957	)
Total Class Y		76,266,938			77,255,699
Change in net assets from capital transactions	$	79,816,273		$	80,192,561
SHARE TRANSACTIONS:
Class I Shares
Issued		23,348			21,537
Reinvested		414			263
Redeemed		(8,829	)		(2,440	)
Total Class I Shares		14,933			19,360

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 15

Statements of Changes in Net Assets (Continued)

	NVIT Core Plus Bond Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31,2008 (a)
SHARE TRANSACTIONS: (continued)
Class II Shares
Issued		791,141			313,078
Reinvested		5,438			4,063
Redeemed		(458,069	)		(34,152	)
Total Class II Shares		338,510			282,989
Class Y Shares
Issued		8,331,534			8,991,513
Reinvested		169,191			139,904
Redeemed		(893,519	)		(1,192,781	)
Total Class Y Shares		7,607,206			7,938,636
Total change in shares		7,960,649			8,240,985

(a)  For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

16 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

NVIT Core Plus Bond Fund

				Operations									Distributions												Ratios / Supplemental Data
							Net Realized																										Ratio of
							and																							Ratio of Net			Expenses
	Net Asset						Unrealized																				Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	9	.78		0	.21		0	.51		0	.72		(0	.12)		(0	.12)	$	10	.38		7	.45%	$	355,799		0	.70%		4	.79%		0	.71%		43	.68%
Period Ended December 31, 2008 (e)	$	10	.00		0	.18		(0	.20)		(0	.02)		(0	.20)		(0	.20)	$	9	.78		(0	.13%)	$	189,255		0	.62%		4	.57%		0	.74%		105	.57%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	9	.77		0	.18		0	.54		0	.72		(0	.12)		(0	.12)	$	10	.37		7	.36%	$	6,444,167		0	.95%		4	.43%		0	.96%		43	.68%
Period Ended December 31, 2008 (e)	$	10	.00		0	.18		(0	.21)		(0	.03)		(0	.20)		(0	.20)	$	9	.77		(0	.31%)	$	2,765,081		0	.94%		4	.29%		1	.03%		105	.57%
Class Y Shares
Six Months Ended June 30, 2009 (Unaudited)	$	9	.78		0	.19		0	.54		0	.73		(0	.13)		(0	.13)	$	10	.38		7	.52%	$	161,442,125		0	.55%		4	.83%		0	.56%		43	.68%
Period Ended December 31, 2008 (e)	$	10	.00		0	.21		(0	.22)		(0	.01)		(0	.21)		(0	.21)	$	9	.78		(0	.09%)	$	77,658,691		0	.55%		4	.66%		0	.66%		105	.57%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waiver/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

See accompanying notes to financial statements.

2009 Semiannual Report 17

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Core Plus Bond Fund (the “Fund”) (formerly Lehman Brothers Core Plus Bond Fund), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the

18 Semiannual Report 2009

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Asset-Backed Security	$	—	$	88,749	$	—	$	88,749
Commercial Mortgage Backed Securities		—		16,691,403		—		16,691,403
Corporate Bonds		—		61,605,094		—		61,605,094
U.S. Government Mortgage Backed Agencies		—		47,912,549		—		47,912,549
U.S. Government Sponsored & Agency Obligatons		—		37,498,330		—		37,498,330
Sovereign Bonds		—		3,051,277		—		3,051,277
Yankee Dollars		—		4,189,478		—		4,189,478
Repurchase Agreements		—		12,316,132		—		12,316,132
Total	$	—	$	183,353,012	$	—	$	183,353,012

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The

20 Semiannual Report 2009

Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(d)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(e)        Mortgage Dollar Rolls

The Fund may enter into mortgage dollar rolls, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Mortgage dollar roll investments entail risks related to the potential inability of counterparties to complete the transaction, which may be heightened because of the delayed payment date. Income is generated as consideration for entering into mortgage dollar rolls and is included in interest income on the Statement of Operations.

(f)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(g)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(h)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

2009 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(i)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Neuberger Berman Fixed Income, LLC (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.45%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $102,494 for the six months ended June 30, 2009.

NFA and the Trust have entered into a written Expense Limitation Agreement, that limits operating expenses (excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, short sale dividend expenses, administrative service fees, other expenditures which are capitalized in accordance with GAAP and expenses incurred by the Fund in connection with any merger or reorganization and may exclude other non-routine

22 Semiannual Report 2009

expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.55% for all share classes of the fund until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Period Ended		Six Months Ended
December 31, 2008		June 30, 2009
Amount (a)		Amount
$	34,000	$	7,460

(a) For the period March 25, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated

2009 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the daily net assets of Class I and Class II of the Fund.

For the six months ended June 30, 2009, NFS received $2,774 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $661.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $109,585,308 and sales of $46,883,495 (excluding short-term securities).

For the six months ended June 30, 2009, the Fund had purchases of $29,259,543 and sales of $8,801,552 of U.S. government securities.

6. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust

24 Semiannual Report 2009

enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

7. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

8. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	177,743,830	$	7,046,134	$	(1,436,952)	$	5,609,182

9. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 25

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

(i)     General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met in person to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement.

In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement, and (v) information from the Adviser describing ancillary benefits. The Trustees also noted the compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s oversight of the performance by each sub-adviser of its portfolio management duties and NFA’s ability to supervise the Fund’s other service providers. With respect to each sub-adviser, the Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by the sub-adviser in the past, and the sub-adviser’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of

26 Semiannual Report 2009

advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

(ii)     Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Lehman Brothers Asset Management (“LBAM”), the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for the three- and six-month periods ended September 30, 2008, the Fund’s performance for Class II shares was in the second quintile of its peer group, but that the Fund underperformed its benchmark, the Barclays Capital U.S. Aggregate Bond Index. The Trustees noted that it was difficult to assess the performance of the Fund due to its short performance history.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was in the second quintile of its peer group, while the Fund’s total expenses for Class II shares were in the fifth quintile of its peer group. In this regard, the Trustees considered that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses significantly below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

B. Approval of New Subadvisory Agreement

LBAM was sold to Neuberger Berman Group LLC (“NB Group”), a newly independent company (the “Transaction”). Upon completion of the Transaction, LBAM changed its name to Neuberger Berman Fixed Income LLC (“NBFI”), and an “assignment” of its subadvisory agreement with the Trust occurred, causing the subadvisory agreement to terminate automatically. At a regular meeting of the Board on March 12, 2009, the Board, including the Independent Trustees, discussed and unanimously approved a new subadvisory agreement with NBFI. The Board reviewed and considered materials provided by NBFI in advance of the meeting, and advice from the Trust’s legal counsel and the Independent Legal Counsel to the Independent Trustees. The material factors and conclusions that formed the basis for the approval are discussed below.

NBFI represented to the Board: (i) that there would be no material changes in the fees or terms of the prior subadvisory agreement and (ii) that key personnel, including portfolio management personnel, at NBFI are expected to remain in place following the closing of the Transaction. The Board reviewed the nature, extent, and quality of the services that would be provided to the Fund by NBFI and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the subadvisory agreement and mutual fund industry norms.

The Board reviewed the terms of the subadvisory agreement and noted that the terms are identical in all material respects as the terms of the subadvisory agreements that the Trust currently has in place with other unaffiliated sub-advisers. The Board concluded that the terms were fair and reasonable.

The Board evaluated the Fund’s investment performance and considered the performance of the portfolio managers who were expected to manage the Fund on behalf of NBFI. The Board also reviewed comparative

2009 Semiannual Report 27

Supplemental Information (Continued)

(Unaudited)

performance for the Fund, based on data provided by Lipper Inc. The Board noted that given the Fund’s relatively short performance history, information regarding the Fund’s performance may be less reliable than longer-term performance. However, the Board also noted that the performance record of the portfolio managers who were expected to manage the Fund on behalf of NBFI, in combination with various other factors, supported a decision to approve the subadvisory agreement.

The Board considered the Fund’s overall fee level and noted that the overall expenses of the Fund would remain the same under the subadvisory agreement, as NBFI’s fees are paid out of the advisory fee that NFA receives from the Fund. The Board concluded that the subadvisory fee to be paid to NBFI was fair and reasonable.

The Board considered the factor of profitability to NBFI as a result of the subadvisory relationship with the Funds. In addition, the Board considered whether any “fall-out” or ancillary benefits would accrue to NBFI as a result of its relationship with the Funds.

Based on this information, the Board, including all of the Independent Trustees, concluded that the nature, extent and quality of the subadvisory services to be provided by NBFI were appropriate for the Fund in light of its investment objectives. The totality of multiple factors taken together, instead of any single factor, informed the Board’s decision. The Board concluded that the approval of the subadvisory agreement was in the best interests of the Fund and its shareholders and unanimously approved the subadvisory agreement.

28 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group,
1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 29

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group,
1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

30 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 31

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years 2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

32 Semiannual Report 2009

Neuberger Berman NVIT Multi Cap Opportunities Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
10	Financial Highlights
11	Notes to Financial Statements
19	Supplemental Information
22	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-MCO (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder Neuberger Berman NVIT Multi Cap Opportunities Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
Neuberger Berman NVIT			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Multi Cap Opportunities Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,200.40		4.91		0.90
	Hypothetical	b		1,000.00		1,020.19		4.52		0.90
Class II	Actual			1,000.00		1,199.60		5.62		1.03
	Hypothetical	b		1,000.00		1,019.55		5.17		1.03

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary Neuberger Berman NVIT Multi Cap Opportunities Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	92	.5%
Repurchase Agreements	7	.1%
Preferred Stock	0	.2%
Other assets in excess of liabilities	0	.2%
	100	.0%

Top Industries
Oil, Gas & Consumable Fuels	13	.2%
Metals & Mining	6	.9%
Diversified Financial Services	6	.9%
Capital Markets	5	.3%
Information Technology Services	4	.2%
Insurance	4	.0%
Software	3	.6%
Media	3	.5%
Machinery	3	.4%
Health Care Providers & Services	3	.4%
Other Industries*	45	.6%
	100	.0%

Top Holdings
Bank of America Corp.	2	.8%
NBTY, Inc.	2	.6%
Petroleo Brasileiro SA ADR	2	.5%
McGraw-Hill Cos., Inc. (The)	2	.3%
Canadian Natural Resources Ltd.	2	.2%
WellPoint, Inc.	2	.0%
Berkshire Hathaway, Inc., Class B	2	.0%
Shire PLC ADR	2	.0%
China Mobile Ltd. ADR	1	.9%
Southwestern Energy Co.	1	.8%
Other Holdings*	77	.9%
	100	.0%

* For purposes of listing top holdings and industries, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

Neuberger Berman NVIT Multi Cap Opportunities Fund

Common Stocks 92.5%
	Shares		Market Value
Aerospace & Defense 1.6%
Boeing Co.	400	$	17,000
L-3 Communications Holdings, Inc.	1,875		130,088
			147,088
Automobiles 1.3%
Harley-Davidson, Inc.	7,650		124,007
Beverages 2.0%
Constellation Brands, Inc., Class A*	5,175		65,619
Dr Pepper Snapple Group, Inc.*	5,495		116,439
			182,058
Capital Markets 5.3%
Goldman Sachs Group, Inc. (The)	780		115,003
Invesco Ltd.	7,255		129,284
Morgan Stanley	4,320		123,163
State Street Corp.	2,600		122,720
			490,170
Commercial Banks 2.3%
Comerica, Inc.	1,100		23,265
Fifth Third Bancorp	4,300		30,530
SunTrust Banks, Inc.	600		9,870
Wells Fargo & Co.	6,300		152,838
			216,503
Computers & Peripherals 1.7%
Hewlett-Packard Co.	4,200		162,330
Construction & Engineering 2.4%
Chicago Bridge & Iron Co. NV	10,715		132,866
KBR, Inc.	4,865		89,711
			222,577
Consumer Finance 1.2%
American Express Co.	4,885		113,527
Diversified Financial Services 6.7%
Bank of America Corp.	19,910		262,812
Citigroup, Inc.	17,065		50,683
JPMorgan Chase & Co.	4,400		150,084
Moody’s Corp.	6,000		158,100
			621,679
Electric Utility 0.8%
FirstEnergy Corp.	1,960		75,950
Electrical Equipment 1.4%
ABB Ltd. ADR — CH	8,340		131,605
Energy Equipment & Services 2.9%
National Oilwell Varco, Inc.*	3,820		124,761
Noble Corp.	4,705		142,326
			267,087
Health Care Equipment & Supplies 2.2%
Covidien PLC	2,770		103,709
Zimmer Holdings, Inc.*	2,300		97,980
			201,689
Health Care Providers & Services 3.4%
Aetna, Inc.	5,055		126,628
WellPoint, Inc.*	3,760		191,346
			317,974
Health Care Technology 0.7%
IMS Health, Inc.	5,300		67,310
Household Durables 0.2%
NVR, Inc.*	40		20,096
Household Products 1.8%
Energizer Holdings, Inc.*	3,195		166,907
Independent Power Producers & Energy Traders 1.8%
NRG Energy, Inc.*	6,265		162,639
Industrial Conglomerate 1.5%
McDermott International, Inc.*	6,905		140,241
Information Technology Services 4.2%
Affiliated Computer Services, Inc., Class A*	2,800		124,376
Fidelity National Information Services, Inc.	7,565		150,997
Lender Processing Services, Inc.	4,010		111,358
			386,731
Insurance 4.0%
Assurant, Inc.	3,740		90,097
Berkshire Hathaway, Inc., Class B*	65		188,222
MetLife, Inc.	3,215		96,482
			374,801
Machinery 3.4%
Ingersoll-Rand Co. Ltd., Class A*	4,300		89,870
Joy Global, Inc.	2,900		103,588
Terex Corp.*	10,480		126,494
			319,952
Marine 0.5%
Genco Shipping & Trading Ltd.	2,200		47,784
Media 3.5%
Cablevision Systems Corp., Class A	5,875		114,034
McGraw-Hill Cos., Inc. (The)	6,930		208,662
			322,696
Metals & Mining 6.9%
Cliffs Natural Resources, Inc.	2,710		66,314
Freeport-McMoRan Copper & Gold, Inc.	2,955		148,075
Sterlite Industries India Ltd. ADR — IN	4,920		61,205

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

Neuberger Berman NVIT Multi Cap Opportunities Fund (Continued)

Common Stocks (continued)
		Shares		Market Value
Metals & Mining (continued)
Teck Resources Ltd., Class B*		10,465	$	166,812
United States Steel Corp.		380		13,581
Walter Energy, Inc.		2,095		75,923
Xstrata PLC(a)		9,920		107,800
				639,710
Multiline Retail 2.7%
J.C. Penney Co., Inc.		4,550		130,631
Macy’s, Inc.		10,415		122,480
				253,111
Oil, Gas & Consumable Fuels 13.2%
Canadian Natural Resources Ltd.		3,800		199,462
Denbury Resources, Inc.*		5,305		78,143
EOG Resources, Inc.		1,690		114,785
Exxon Mobil Corp.		100		6,991
Peabody Energy Corp.		3,410		102,845
Petroleo Brasileiro SA ADR — BR		5,710		233,996
Ship Finance International Ltd.		3,953		43,601
Southwestern Energy Co.*		4,380		170,163
Suncor Energy, Inc.		3,285		99,667
Talisman Energy, Inc.		5,530		79,024
XTO Energy, Inc.		2,545		97,066
				1,225,743
Personal Products 3.3%
Avon Products, Inc.		2,400		61,872
NBTY, Inc.*		8,535		240,004
				301,876
Pharmaceuticals 2.0%
Shire PLC ADR — GB		4,400		182,512
Real Estate Investment Trusts 0.7%
Vornado Realty Trust		1,469		66,149
Road & Rail 0.2%
Norfolk Southern Corp.		500		18,835
Software 3.6%
Check Point Software Technologies*		3,050		71,584
Microsoft Corp.		4,425		105,182
Oracle Corp.		6,240		133,661
Symantec Corp.*		1,595		24,818
				335,245
Specialty Retail 1.2%
Best Buy Co., Inc.		3,395		113,699
Wireless Telecommunication Services 1.9%
China Mobile Ltd. ADR — HK		3,615		181,039
Total Common Stocks (cost $7,789,579)				8,601,320
Preferred Stock 0.2%
		Shares		Market Value
Diversified Financial Services 0.2%
Citigroup, Inc., Series AA		800		14,944
Total Preferred Stock (cost $16,965)				14,944
Repurchase Agreements 7.1%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $441,721, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $450,554	$	441,720	$	441,720
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $216,249, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $220,574		216,249		216,249
Total Repurchase Agreements (cost $657,969)				657,969
Total Investments (cost $8,464,513) (b) — 99.8%				9,274,233
Other assets in excess of liabilities — 0.2%				20,788
NET ASSETS — 100.0%			$	9,295,021

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

ADR	American Depositary Receipt
BR	Brazil
CH	Switzerland
GB	United Kingdom
HK	Hong Kong
IN	India
Ltd	Limited
NV	Public Traded Company
PLC	Public Limited Company
SA	Stock Company

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	Neuberger Berman
	NVIT Multi Cap
	Opportunities Fund
Assets:
Investments, at value (cost $7,806,544)	$	8,616,264
Repurchase agreements, at value and cost		657,969
Total Investments		9,274,233
Cash		436
Interest and dividends receivable		5,080
Receivable for capital shares issued		43,190
Receivable for investments sold		32,787
Reclaims receivable		62
Prepaid expenses and other assets		65
Total Assets		9,355,853
Liabilities:
Payable for investments purchased		55,532
Payable for capital shares redeemed		68
Accrued expenses and other payables:
Investment advisory fees		1,905
Fund administration fees		355
Distribution fees		1,005
Administrative services fees		920
Custodian fees		383
Compliance program costs (Note 3)		46
Professional fees		144
Printing fees		143
Other		331
Total Liabilities		60,832
Net Assets	$	9,295,021
Represented by:
Capital	$	9,273,990
Accumulated undistributed net investment income		6,538
Accumulated net realized losses from investment transactions and foreign currency transactions		(795,227	)
Net unrealized appreciation/(depreciation) from investments		809,720
Net Assets	$	9,295,021
Net Assets:
Class I Shares	$	4,399,067
Class II Shares		4,895,954
Total	$	9,295,021
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		661,370
Class II Shares		740,230
Total		1,401,600
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	6.65
Class II Shares	$	6.61

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	Neuberger Berman
	NVIT Multi Cap
	Opportunities Fund
INVESTMENT INCOME:
Interest income	$	113
Dividend income		32,115
Total Income		32,228
EXPENSES:
Investment advisory fees		15,724
Fund administration fees		1,196
Distribution fees Class II Shares		3,514
Administrative services fees Class I Shares		1,833
Administrative services fees Class II Shares		449
Custodian fees		408
Trustee fees		69
Compliance program costs (Note 3)		28
Professional fees		300
Printing fees		6,135
Other		1,650
Total expenses before earnings credit and expenses reimbursed		31,306
Earnings credit (Note 4)		(2	)
Expenses reimbursed by Adviser		(5,699	)
Net Expenses		25,605
NET INVESTMENT INCOME		6,623
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(656,324	)
Net realized losses from foreign currency transactions		(2,353	)
Net realized losses from investment and foreign currency transactions		(658,677	)
Net change in unrealized appreciation/(depreciation) from investments		1,675,838
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		3
Net change in unrealized appreciation/(depreciation) from investments and foreign currency translations		1,675,841
Net realized/unrealized losses from investments and foreign currency translations		1,017,164
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,023,787

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statements of Changes in Net Assets

	Neuberger Berman NVIT Multi Cap
	Opportunities Fund
	Six Months Ended
	June 30, 2009			Period Ended
	(Unaudited)			December 31, 2008 (a)
Operations:
Net investment income	$	6,623		$	9,152
Net realized losses from investment and foreign currency transactions		(658,677	)		(156,621	)
Net change in unrealized appreciation/(depreciation) from investments and foreign currency translations		1,675,841			(866,121	)
Change in net assets resulting from operations		1,023,787			(1,013,590	)
Change in net assets from capital transactions		6,654,898			2,629,926
Change in net assets		7,678,685			1,616,336
Net Assets:
Beginning of period		1,616,336			–
End of period	$	9,295,021		$	1,616,336
Accumulated undistributed net investment income (loss) at end of period	$	6,538		$	(85	)
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	5,110,301		$	1,542,693
Dividends reinvested		–			–
Cost of shares redeemed		(1,850,333	)		(223,221	)
Total Class I		3,259,968			1,319,472
Class II Shares
Proceeds from shares issued		3,625,085			1,770,915
Dividends reinvested		–			–
Cost of shares redeemed		(230,155	)		(460,461	)
Total Class II		3,394,930			1,310,454
Change in net assets from capital transactions	$	6,654,898		$	2,629,926
SHARE TRANSACTIONS:
Class I Shares
Issued		848,901			164,089
Reinvested		–			–
Redeemed		(323,084	)		(28,536	)
Total Class I Shares		525,817			135,553
Class II Shares
Issued		623,018			210,907
Reinvested		–			–
Redeemed		(39,850	)		(53,845	)
Total Class II Shares		583,168			157,062
Total change in shares		1,108,985			292,615

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

Neuberger Berman NVIT Multi Cap Opportunities Fund

				Operations															Ratios/Supplemental Data
																											Ratio of
							Net Realized																				Expenses
							and																	Ratio of Net			(Prior to
	Net Asset						Unrealized														Ratio of			Investment			Reimbursem
	Value,			Net			Gains			Total			Net Asset						Net Assets		Expenses			Income			ents)
	Beginning			Investment			(Losses) from			from			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	5	.54		0	.01		1	.10		1	.11	$	6	.65		20	.04%	$	4,399,067		0	.90%		0	.30%		1	.12%		22	.55%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.05		(4	.51)		(4	.46)	$	5	.54		(44	.70%)	$	750,526		0	.78%		0	.84%		1	.93%		25	.43%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited) (e)	$	5	.51		0	.01		1	.09		1	.10	$	6	.61		19	.96%	$	4,895,954		1	.03%		0	.21%		1	.24%		22	.55%
Period Ended December 31, 2008 (e)(f)	$	10	.00		0	.04		(4	.53)		(4	.49)	$	5	.51		(44	.90%)	$	865,810		1	.10%		0	.68%		2	.30%		25	.43%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waiver/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	Per share calculations were performed using average shares method.
(f)	For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Neuberger Berman NVIT Multi Cap Opportunities Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

	Level 1 — Quoted		Level 2 — Other		Level 3 —
Asset Type	Prices		Significant		Significant		Total
Common Stock	$	8,493,520	$	107,800	$	—	$	8,601,320
Preferred Stock		14,944		—		—		14,944
Repurchase Agreements		—		657,969		—		657,969
Total	$	8,508,464	$	765,769	$	—	$	9,274,233

Amounts designated as “—” are zero.

12 Semiannual Report 2009

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(d)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(e)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(f)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(g)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(h)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Neuberger

14 Semiannual Report 2009

Berman Asset Management, LLC (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.60%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $6,953 for the six months ended June 30, 2009.

NFA and the Trust have entered into a written Expense Limitation Agreement, that limits operating expenses (excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, short sale dividend expenses, administrative service fees, other expenditures which are capitalized in accordance with GAAP and expenses incurred by the Fund in connection with any merger or reorganization and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.75% for all share classes of the fund until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Period Ended		Six Months Ended
December 31, 2008		June 30, 2009
Amount (a)		Amount
$	13,634	$	5,699

(a) For the period March 25, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the daily net assets of Class I and Class II of the Fund.

For the six months ended June 30, 2009, NFS received $1,493 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $28.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely

16 Semiannual Report 2009

disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $7,144,873 and sales of $1,081,041 (excluding short-term securities).

6. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	8,988,300	$	973,099	$	(687,166)	$	285,933

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

18 Semiannual Report 2009

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

(i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met in person to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement.

In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement, and (v) information from the Adviser describing ancillary benefits. The Trustees also noted compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s oversight of the performance by each sub-adviser of its portfolio management duties and NFA’s ability to supervise the Fund’s other service providers. With respect to each sub-adviser, the Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by the sub-adviser in the past, and the sub-adviser’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of

2009 Semiannual Report 19

Supplemental Information (Continued)

(Unaudited)

advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

(ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Neuberger Berman Management LLC (“Neuberger Berman”), the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for each of the three- and six-month periods ended September 30, 2008, the Fund’s performance for Class II shares was in the fifth quintile of its peer group and below the performance of the Fund’s benchmark, the Russell 1000 Value Index. The Trustees reviewed information included in the Board Materials regarding the Fund’s investment process as well as sector weighting and specific portfolio holdings that contributed to the Fund’s recent underperformance. The Trustees also reviewed the portfolio manager’s solid historical track record managing investment strategies similar to the Fund, and noted the volatility of the particular strategy. The Trustees noted that it was difficult to assess the performance of the Fund due to its short performance history.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was in the second quintile of its peer group, while the Fund’s total expenses for Class II shares were above the median and in the third quintile of its peer group. In this regard, the Trustees considered that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses significantly below the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

B. Approval of New Subadvisory Agreement

Neuberger Berman Holdings LLC, the parent company of Neuberger Berman, was sold to Neuberger Berman Group LLC, a newly independent company (the “Transaction”). The transaction constituted an “assignment” of Neuberger Berman’s subadvisory agreement with the Fund. As a result, the subadvisory agreement terminated automatically upon the completion of the Transaction. At a regular meeting of the Board on March 12, 2009 meeting, the Board, including the Independent Trustees, discussed and unanimously approved a new subadvisory agreement (the “New Subadvisory Agreement”) among the Trust, on behalf of the Fund, NFA and Neuberger Berman. The Board reviewed and considered materials provided by Neuberger Berman in advance of the meeting, and advice from the Trust’s legal counsel and the Independent Legal Counsel to the Independent Trustees. The material factors and conclusions that formed the basis for the approval are discussed below.

Neuberger Berman represented to the Board: (i) that there would be no material changes in the fees or terms of the prior subadvisory agreement and (ii) that key personnel, including portfolio management personnel, at Neuberger Berman are expected to remain in place following the closing of the Transaction. The Board reviewed the nature, extent, and quality of the services that would be provided to the Fund by Neuberger Berman and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the New Subadvisory Agreement and mutual fund industry norms.

20 Semiannual Report 2009

The Board evaluated the Fund’s investment performance and considered the performance of the portfolio managers who were expected to manage the Fund on behalf of Neuberger Berman. The Board also reviewed comparative performance, based on data provided by Lipper Inc. The Board noted that given the relatively short performance history of the Fund, information regarding the Fund’s performance may be less reliable than longer-term performance. However, the Board also noted that the performance record of the portfolio managers who were expected to manage the Fund on behalf of Neuberger Berman, in combination with various other factors, supported a decision to approve the New Subadvisory Agreement.

The Board considered the Fund’s overall fee level and noted that the overall expenses of the Fund would remain the same under the New Subadvisory Agreement, as Neuberger Berman’s fees are paid out of the advisory fee that NFA receives from the Fund. The Board concluded that the subadvisory fees to be paid to Neuberger Berman were fair and reasonable.

The Board considered the factor of profitability to Neuberger Berman as a result of the subadvisory relationship with the Fund. In addition, the Board considered whether any “fall-out” or ancillary benefits would accrue to Neuberger Berman as a result of its relationship with the Fund.

The Board reviewed the terms of the New Subadvisory Agreement and noted that the terms are identical in all material respects as the terms of the subadvisory agreements that the Trust currently has in place with other unaffiliated sub-advisers. The Board concluded that the terms were fair and reasonable.

Based on this information, the Board, including all of the Independent Trustees, concluded that the nature, extent and quality of the subadvisory services to be provided by Neuberger Berman were appropriate for the Fund in light of its investment objectives. The totality of multiple factors taken together, instead of any single factor, informed the Board’s decision. The Board concluded that the approval of the New Subadvisory Agreement was in the best interests of the Fund and its shareholders and unanimously approved the New Subadvisory Agreement.

2009 Semiannual Report 21

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

22 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c\o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3 , Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3 , and is a Senior Vice President of NFS3 . From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3 , a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3 . From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3 .		N/A	N/A

24 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c\o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3 .		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3 . From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 25

Neuberger Berman NVIT Socially Responsible Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements
20	Supplemental Information
23	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-SR (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder Neuberger Berman NVIT Socially Responsible Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
Neuberger Berman NVIT			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Socially Responsible Fund			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,093.90		4.10		0.79
	Hypothetical	b		1,000.00		1,020.74		3.97		0.79
Class II	Actual			1,000.00		1,091.90		4.56		0.88
	Hypothetical	b		1,000.00		1,020.29		4.42		0.88

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary Neuberger Berman NVIT Socially Responsible Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	97	.9%
Repurchase Agreements	2	.0%
Other assets in excess of liabilities	0	.1%
	100	.0%

Top Industries
Media	13	.4%
Oil, Gas & Consumable Fuels	9	.8%
Electronic Equipment & Instruments	8	.1%
Insurance	7	.8%
Semiconductors & Semiconductor Equipment	6	.8%
Capital Markets	5	.1%
Machinery	5	.1%
Software	4	.7%
Biotechnology	4	.4%
Chemicals	4	.3%
Other Industries*	30	.5%
	100	.0%

Top Holdings
Scripps Networks Interactive, Inc., Class A	5	.1%
Danaher Corp.	5	.1%
Intuit, Inc.	4	.7%
Altera Corp.	4	.7%
Washington Post Co. (The), Class B	4	.3%
Anixter International, Inc.	4	.1%
National Instruments Corp.	4	.0%
Comcast Corp., Special Class A	4	.0%
Newfield Exploration Co.	3	.9%
Genzyme Corp.	3	.8%
Other Holdings*	56	.3%
	100	.0%

* For purposes of listing top holdings and industries, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

Neuberger Berman NVIT Socially Responsible Fund

Common Stocks 97.9%
	Shares		Market Value
Automobiles 2.0%
Toyota Motor Corp. ADR — JP	80,450	$	6,076,388
Biotechnology 4.4%
Genzyme Corp.*	209,785		11,678,731
Medarex, Inc.*	246,705		2,059,987
			13,738,718
Capital Markets 5.1%
Bank of New York Mellon Corp. (The)	272,825		7,996,501
Charles Schwab Corp. (The)	440,665		7,729,264
			15,725,765
Chemicals 4.3%
Novozymes AS, B Shares(a)	40,200		3,270,881
Praxair, Inc.	140,105		9,957,262
			13,228,143
Diversified Financial Services 1.5%
IntercontinentalExchange, Inc.*	41,760		4,770,662
Electronic Equipment & Instruments 8.1%
Anixter International, Inc.*	339,880		12,776,089
National Instruments Corp.	545,520		12,306,931
			25,083,020
Energy Equipment & Services 2.3%
Smith International, Inc.	271,925		7,002,069
Health Care Providers & Services 2.0%
UnitedHealth Group, Inc.	243,340		6,078,633
Industrial Conglomerate 3.7%
3M Co.	189,170		11,369,117
Insurance 7.8%
Markel Corp.*	21,985		6,193,174
Progressive Corp. (The)*	555,205		8,389,148
Willis Group Holdings Ltd.	373,440		9,608,611
			24,190,933
Internet Software & Services 3.2%
Yahoo!, Inc.*	627,810		9,831,505
Life Sciences Tools & Services 2.4%
Millipore Corp.*	104,985		7,370,997
Machinery 5.1%
Danaher Corp.	253,400		15,644,916
Media 13.4%
Comcast Corp., Special Class A	869,630		12,261,783
Scripps Networks Interactive, Inc., Class A	565,445		15,736,334
Washington Post Co. (The), Class B	37,430		13,182,098
			41,180,215
Multi-Utility 2.7%
National Grid PLC(a)	36,641		330,599
National Grid PLC ADR — GB	176,889		8,000,690
			8,331,289
Oil, Gas & Consumable Fuels 9.8%
BG Group PLC(a)	691,830		11,648,848
Cimarex Energy Co.	233,175		6,608,179
Newfield Exploration Co.*	364,845		11,919,486
			30,176,513
Pharmaceuticals 4.0%
Novo Nordisk AS ADR — DK	115,650		6,298,299
Novo Nordisk AS, Class B(a)	111,130		6,053,578
			12,351,877
Professional Services 1.0%
Manpower, Inc.	70,665		2,991,956
Road & Rail 3.6%
Canadian National Railway Co.	255,385		10,971,340
Semiconductors & Semiconductor Equipment 6.8%
Altera Corp.	879,770		14,322,656
Texas Instruments, Inc.	305,660		6,510,558
			20,833,214
Software 4.7%
Intuit, Inc.*	520,475		14,656,576
Total Common Stocks (cost $370,820,860)			301,603,846

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

Neuberger Berman NVIT Socially Responsible Fund (Continued)

Repurchase Agreements 2.0%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $4,089,412, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $4,171,190	$	4,089,402	$	4,089,402
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $2,002,014, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $2,042,051		2,002,011		2,002,011
Total Repurchase Agreements (cost $6,091,413)				6,091,413
Total Investments (cost $376,912,273) (b) — 99.9%				307,695,259
Other assets in excess of liabilities — 0.1%				328,214
NET ASSETS — 100.0%			$	308,023,473

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

ADR	American Depository Receipt
DK	Denmark
GB	United Kingdom
JP	Japan

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	Neuberger Berman
	NVIT Socially
	Responsible Fund
Assets:
Investments, at value (cost $370,820,860)	$	301,603,846
Repurchase agreements, at value and cost		6,091,413
Total Investments		307,695,259
Cash		52,142
Foreign currencies, at value (cost $4,225)		4,370
Interest and dividends receivable		517,371
Receivable for capital shares issued		5,243
Reclaims receivable		11,261
Prepaid expenses and other assets		5,015
Total Assets		308,290,661
Liabilities:
Payable for capital shares redeemed		20,937
Accrued expenses and other payables:
Investment advisory fees		162,919
Fund administration fees		12,137
Distribution fees		22,680
Administrative services fees		13,849
Custodian fees		1,664
Trustee fees		956
Compliance program costs (Note 3)		5,887
Professional fees		15,399
Printing fees		86
Other		10,674
Total Liabilities		267,188
Net Assets	$	308,023,473
Represented by:
Capital	$	425,028,877
Accumulated net investment loss		(40,225	)
Accumulated net realized losses from investment and foreign currency transactions		(47,748,911	)
Net unrealized appreciation/(depreciation) from investments		(69,217,014	)
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		746
Net Assets	$	308,023,473
Net Assets:
Class I Shares	$	6,639,296
Class II Shares		301,384,177
Total	$	308,023,473
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		945,575
Class II Shares		42,967,065
Total		43,912,640
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	7.02
Class II Shares	$	7.01

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	Neuberger Berman
	NVIT Socially
	Responsible Fund
INVESTMENT INCOME:
Interest income	$	2,717
Dividend income		2,125,192
Foreign tax withholding		(12,741	)
Total Income		2,115,168
EXPENSES:
Investment advisory fees		933,114
Fund administration fees		60,743
Distribution fees Class II Shares		350,365
Administrative services fees Class I Shares		1,743
Administrative services fees Class II Shares		70,482
Custodian fees		5,437
Trustee fees		6,068
Compliance program costs (Note 3)		1,612
Professional fees		25,971
Printing fees		17,708
Other		9,337
Total expenses before earnings credit and waived expenses		1,482,580
Earnings credit (Note 4)		(329	)
Distribution fees voluntarily waived-Class II		(224,236	)
Net Expenses		1,258,015
NET INVESTMENT INCOME		857,153
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(28,459,340	)
Net realized gains from foreign currency transactions		3,872
Net realized losses from investment and foreign currency transactions		(28,455,468	)
Net change in unrealized appreciation/(depreciation) from investments		54,959,137
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		3,046
Net change in unrealized appreciation/(depreciation) from investments and foreign currency translations		54,962,183
Net realized/unrealized losses from investments and foreign currency translations		26,506,715
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	27,363,868

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statements of Changes in Net Assets

	Neuberger Berman NVIT Socially Responsible Fund
	Six Months Ended			Period Ended
	June 30, 2009 (Unaudited)			December 31, 2008 (a)
Operations:
Net investment income	$	857,153		$	735,346
Net realized losses from investment and foreign currency transactions		(28,455,468	)		(19,218,486	)
Net change in unrealized appreciation/(depreciation) from investments and foreign currency translations		54,962,183			(124,178,451	)
Change in net assets resulting from operations		27,363,868			(142,661,591	)
Distributions to Shareholders From:
Net investment income:
Class I		(22,582	)		(28,910	)
Class II		(900,227	)		(756,019	)
Change in net assets from shareholder distributions		(922,809	)		(784,929	)
Change in net assets from capital transactions		15,988,063			409,040,871
Change in net assets		42,429,122			265,594,351
Net Assets:
Beginning of period		265,594,351			–
End of period	$	308,023,473		$	265,594,351
Accumulated undistributed net investment income (loss) at end of period	$	(40,225	)	$	25,431
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	1,070,374		$	13,822,130
Dividends reinvested		22,582			28,910
Cost of shares redeemed		(2,857,259	)		(2,066,196	)
Total Class I		(1,764,303	)		11,784,844
Class II Shares
Proceeds from shares issued		38,735,586			23,583,269
Issued from in-kind transactions		–			388,439,904
Dividends reinvested		900,227			756,019
Cost of shares redeemed		(21,883,447	)		(15,532,165	)
Total Class II		17,752,366			397,256,027
Change in net assets from capital transactions	$	15,988,063		$	409,040,871
SHARE TRANSACTIONS:
Class I Shares
Issued		171,407			1,486,410
Reinvested		3,464			4,546
Redeemed		(474,205	)		(246,047	)
Total Class I Shares		(299,334	)		1,244,909

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statements of Changes in Net Assets (Continued)

	Neuberger Berman NVIT Socially Responsible Fund
	Six Months Ended			Period Ended
	June 30, 2009 (Unaudited)			December 31, 2008 (a)
SHARE TRANSACTIONS: (continued)
Class II Shares
Issued		6,265,559			1,275,170
Issued from in-kind transactions		–			40,590,898
Reinvested		138,360			122,027
Redeemed		(3,444,087	)		(1,980,862	)
Total Class II Shares		2,959,832			40,007,233
Total change in shares		2,660,498			41,252,142

Amounts designated as “–” are zero or have been rounded to zero.

(a) For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

Neuberger Berman NVIT Socially Responsible Fund

				Operations									Distributions												Ratios / Supplemental Data
							Net Realized																										Ratio of
							and																							Ratio of Net			Expenses
	Net Asset						Unrealized																				Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Distributions			of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.44		0	.02		0	.58		0	.60		(0	.02)		(0	.02)	$	7	.02		9	.39%	$	6,639,296		0	.79%		0	.56%		0	.79%		20	.42%
Period Ended December 31, 2008 (e)	$	10	.00		0	.04		(3	.56)		(3	.52)		(0	.04)		(0	.04)	$	6	.44		(35	.25%)	$	8,022,553		0	.82%		0	.74%		0	.93%		38	.63%
Class II Shares
Six Months Ended June 30, 2009 (Unaudited)	$	6	.44		0	.02		0	.57		0	.59		(0	.02)		(0	.02)	$	7	.01		9	.19%	$	301,384,177		0	.88%		0	.60%		1	.04%		20	.42%
Period Ended December 31, 2008 (e)	$	10	.00		0	.04		(3	.56)		(3	.52)		(0	.04)		(0	.04)	$	6	.44		(35	.27%)	$	257,571,798		0	.91%		0	.59%		1	.07%		38	.63%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waiver/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from March 25, 2008 (commencement of operations) through December 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Neuberger Berman NVIT Socially Responsible Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market

12 Semiannual Report 2009

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stock	$	280,299,940	$	21,303,906	$	—	$	301,603,846
Repurchase Agreements		—		6,091,413		—		6,091,413
Total	$	280,299,940	$	27,395,319	$	—	$	307,695,259

Amounts designated as “—” are zero.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(d)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(e)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(f)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

14 Semiannual Report 2009

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(g)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. The Fund’s taxable period 2008 remains subject to examination by the Internal Revenue Service.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(h)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Neuberger Berman Management, LLC. (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.65%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $488,291 for the six months ended June 30, 2009.

NFA and the Trust have entered into a written Expense Limitation Agreement, that limits operating expenses (excluding any taxes, interest, brokerage commissions, Rule 12b-1 fees, short sale dividend expenses, administrative service fees, other expenditures which are capitalized in accordance with GAAP and expenses incurred by the Fund in connection with any merger or reorganization and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.78% for all share classes of the Fund until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Period Ended		Six Months Ended
December 31, 2008		June 30, 2009
Amount (a)		Amount
$	4,126	$	224,236

(a) For the period March 25, 2008 (commencement of operations) to December 31, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated

16 Semiannual Report 2009

proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the daily net assets of Class I and Class II of the Fund.

For the six months ended June 30, 2009, NFS received $69,989 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2009, the Fund’s portion of such costs was $1,612.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the six months ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the six months ended June 30, 2009, the Fund had purchases of $74,594,567 and sales of $57,325,596 (excluding short-term securities).

6. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Social Policy Risk. The Fund’s social policy may cause it to underperform similar mutual funds that do not have a social policy. This can occur because:

•  undervalued stocks that do not meet the social criteria could outperform those that do;

•  economic or political changes could make certain companies less attractive for investment; or

•  the social policy could cause the Fund to sell or avoid stocks that subsequently perform well.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

8. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly

18 Semiannual Report 2009

(“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

9. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

							Net
							Unrealized
		Unrealized		Unrealized			Appreciation
Tax Cost of Securities		Appreciation		Depreciation			(Depreciation)
$	379,474,112	$	6,353,032	$	(78,131,885	)	$	(71,778,853	)

10. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 19

Supplemental Information

(Unaudited)

A. Renewal of Advisory (and Sub-advisory) Agreements

    (i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (together, the “Advisory Agreement”) with its investment adviser, Nationwide Fund Advisors (“NFA”), and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

The Board has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of each Fund’s Advisory Agreement, including the services and support provided to the Fund and its shareholders.

On March 12, 2009, the Board met in person to consider the renewal of the Advisory Agreement. Prior to that meeting, on December 2-3, 2008 and January 16, 2009, the Trustees met in person with their independent legal counsel (“Independent Legal Counsel”), and Trust counsel to discuss the Trustees’ duties with respect to the review and approval of investment advisory agreements and to discuss the renewal of the Advisory Agreement.

In considering the approval of the Advisory Agreement, the Trustees considered performance and expense information prepared by the Adviser on a fund-by-fund basis describing (i) each Fund’s performance rankings (where “first quintile” denotes the best performance) (over periods ended September 30, 2008) compared with performance groups and performance universes, (ii) each Fund’s performance (over periods ended September 30, 2008) compared with the Fund’s benchmark, (iii) each Fund’s expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses as well as the advisory fee paid after application of any contractual breakpoints (the “actual advisory fee”) with expense groups and expense universes, (iv) where available, the Adviser’s profitability, on a fund-by-fund basis, in providing services under the Advisory Agreement, and (v) information from the Adviser describing ancillary benefits. The Trustees also noted the compliance programs and the financial condition of the Adviser. The Trustees considered the overall reputation, capabilities, and commitment of the Adviser to provide high quality service to the Fund. The Trustees evaluated the quality of NFA’s oversight of the performance by each sub-adviser of its portfolio management duties and NFA’s ability to supervise the Fund’s other service providers. With respect to each sub-adviser, the Trustees evaluated the expertise of the investment personnel responsible for the day-to-day management of the Fund, the services rendered by the sub-adviser in the past, and the sub-adviser’s compliance with the investment policies of the Fund.

At the March 12, 2009 meeting, the Trustees reviewed, considered and discussed, among themselves and with NFA, Trust counsel and Independent Legal Counsel, among other things, the information described above, and information regarding: (i) the nature, extent and quality of services provided by the Adviser under the Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with the Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds and those paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of the Adviser; the terms of each Advisory Agreement; and the effect of

20 Semiannual Report 2009

advisory and other fees on the Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

After consulting among themselves, and with NFA, Trust counsel and Independent Legal Counsel, the Trustees concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section.

    (ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Trustees reviewed the nature, extent, and quality of the services provided to the Fund by NFA and Neuberger Berman Management LLC (“Neuberger Berman”), the Fund’s sub-adviser, and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the Advisory Agreement and mutual fund industry norms. Turning to performance, the Trustees noted that, for each of the three- and six-month periods ended September 30, 2008, the Fund’s performance for Class II shares was in the first quintile of its peer group. The Trustees also noted that the Fund’s Class II shares slightly underperformed the Fund’s benchmark, the S&P 500 Index, for the three-month period ended September 30, 2008, but outperformed the benchmark for the six-month period ended September 30, 2008. The Trustees noted that, it was difficult to assess the performance of the Fund due to its short performance history.

The Trustees noted that the Fund’s contractual advisory fee for Class II shares was above the median and in the fourth quintile of its peer group, while the Fund’s total expenses for Class II shares were in the fifth quintile of its peer group. In this regard, the Trustees considered that an expense cap (excluding 12b-1 and administrative service fees) had been put in place for the Fund, which brought the Fund’s total expenses close to the median of its peer group. The Trustees concluded that the costs of the services provided by NFA and the profits realized were fair and reasonable in relation to the services and benefits provided to the Fund. The Trustees noted that the asset levels of the Fund were not currently so large as to warrant formal contractual breakpoints in the Advisory Agreement. The Trustees also noted that the Fund’s expense cap (excluding 12b-1 and administrative service fees) was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be renewed.

B. Approval of New Subadvisory Agreement

Neuberger Berman Holdings LLC, the parent company of Neuberger Berman, was sold to Neuberger Berman Group LLC, a newly independent company (the “Transaction”). The transaction constituted an “assignment” of Neuberger Berman’s subadvisory agreement with the Fund. As a result, the subadvisory agreement terminated automatically upon the completion of the Transaction. At a regular meeting of the Board on March 12, 2009 meeting, the Board, including the Independent Trustees, discussed and unanimously approved a new subadvisory agreement (the “New Subadvisory Agreement”) among the Trust, on behalf of the Fund, NFA and Neuberger Berman. The Board reviewed and considered materials provided by Neuberger Berman in advance of the meeting, and advice from the Trust’s legal counsel and the Independent Legal Counsel to the Independent Trustees. The material factors and conclusions that formed the basis for the approval are discussed below.

Neuberger Berman represented to the Board: (i) that there would be no material changes in the fees or terms of the prior subadvisory agreement and (ii) that key personnel, including portfolio management personnel, at Neuberger Berman are expected to remain in place following the closing of the Transaction. The Board reviewed the nature, extent, and quality of the services that would be provided to the Fund by Neuberger Berman and concluded that the nature, extent, and quality of those services were appropriate and consistent with the terms of the New Subadvisory Agreement and mutual fund industry norms.

The Board evaluated the Fund’s investment performance and considered the performance of the portfolio managers who were expected to manage the Fund on behalf of Neuberger Berman. The Board also reviewed comparative performance, based on data provided by Lipper Inc. The Board also noted that the performance

2009 Semiannual Report 21

Supplemental Information (Continued)

(Unaudited)

record of the portfolio managers who were expected to manage the Fund on behalf of Neuberger Berman, in combination with various other factors, supported a decision to approve the New Subadvisory Agreement.

The Board considered the Fund’s overall fee level and noted that the overall expenses of the Fund would remain the same under the New Subadvisory Agreement, as Neuberger Berman’s fees are paid out of the advisory fee that NFA receives from the Fund. The Board concluded that the subadvisory fees to be paid to Neuberger Berman were fair and reasonable.

The Board considered the factor of profitability to Neuberger Berman as a result of the subadvisory relationship with the Fund. In addition, the Board considered whether any “fall-out” or ancillary benefits would accrue to Neuberger Berman as a result of its relationship with the Fund.

The Board reviewed the terms of the New Subadvisory Agreement and noted that the terms are identical in all material respects as the terms of the subadvisory agreements that the Trust currently has in place with other unaffiliated sub-advisers. The Board concluded that the terms were fair and reasonable.

Based on this information, the Board, including all of the Independent Trustees, concluded that the nature, extent and quality of the subadvisory services to be provided by Neuberger Berman were appropriate for the Fund in light of its investment objectives. The totality of multiple factors taken together, instead of any single factor, informed the Board’s decision. The Board concluded that the approval of the New Subadvisory Agreement was in the best interests of the Fund and its shareholders and unanimously approved the New Subadvisory Agreement.

22 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of march FIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

24 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A

2009 Semiannual Report 25

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

26 Semiannual Report 2009

NVIT Investor Destinations Capital Appreciation Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
6	Statement of Assets and Liabilities
7	Statement of Operations
8	Statement of Changes in Net Assets
9	Financial Highlights
10	Notes to Financial Statements
19	Supplemental Information
20	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-ID-CAP (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets — particularly those in some emerging market countries — are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

The NVIT Cardinal Funds and the NVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of these funds, each investor is indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds.

Asset allocation is the process of spreading assets across several different investment styles and asset classes. The purpose is potentially to reduce long-term risk and capture potential profits across various asset classes.

There is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved, nor that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

Each Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, each Fund’s underlying funds may be subject to specific investment risks such as those associated with: (i) bonds and short-term instruments, (ii) small companies, (iii) mid-sized companies, (iv) international securities, (v) real estate investment trusts (REITs), and (vi) initial public offerings (IPOs).

Day-to-day market activity will likely cause a Fund’s asset allocations to fluctuate from the stated target. Under ordinary circumstances, the Adviser will periodically rebalance the assets of each Fund in order to conform its actual allocations to those stated in the then-current prospectus. The asset class target allocations are subject to change at any time and without notice.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Investor Destinations Capital Appreciation Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

NVIT Investor			Beginning		Ending		Expenses Paid		Annualized
Destinations Capital			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Appreciation Fundc			01/01/09		06/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class II	Actual			1,000.00		1,131.90		1.90		0.67
	Hypothetical	d		1,000.00		1,023.01		1.80		0.67

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	The NVIT Investor Destinations Capital Appreciation Fund commenced operations on March 25, 2009. Expenses shown here reflect only 97 days of activity.
d	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Investor Destinations Capital Appreciation Fund

June 30, 2009 (Unaudited)

Asset Allocation
Equity Funds	70	.2%
Fixed Income Funds	23	.4%
Fixed Contract	3	.5%
Money Market Fund	2	.9%
	100	.0%

Top Holdings
NVIT S&P 500 Index Fund, Class Y	32.0	%
NVIT International Index Fund, Class Y	20.2	%
NVIT Bond Index Fund, Class Y	19.9	%
NVIT Mid Cap Index Fund, Class Y	13.0	%
NVIT Small Cap Index Fund, Class Y	5.0	%
NVIT Enhanced Income Fund, Class Y	3.5	%
Nationwide Fixed Contract	3.5	%
NVIT Money Market Fund, Class Y	2.9	%
	100.0	%

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Investor Destinations Capital Appreciation Fund

Mutual Funds 96.5% (a)
		Shares		Market Value
Equity Funds 70.2%
NVIT International Index Fund, Class Y		496,998	$	3,379,584
NVIT Mid Cap Index Fund, Class Y		180,306		2,185,308
NVIT S&P 500 Index Fund, Class Y		838,319		5,356,860
NVIT Small Cap Index Fund, Class Y		137,723		846,999
Total Equity Funds (cost $11,627,856)				11,768,751
Fixed Income Funds 23.4%
NVIT Bond Index Fund, Class Y		331,830		3,334,895
NVIT Enhanced Income Fund, Class Y		57,694		579,828
Total Fixed Income Funds (cost $3,914,963)				3,914,723
Money Market Fund 2.9% (b)
NVIT Money Market Fund, Class Y, 0.12%		495,464		495,464
Total Money Market Fund (cost $495,464)
Total Mutual Funds (cost $16,038,283)				16,178,938
Fixed Contract 3.5% (a)(c)
		Shares		Market Value
Nationwide Fixed Contract, 3.75%	$	579,661		579,661
Total Fixed Contract (cost $579,661)				579,661
Total Investments (cost $16,617,944) (d) — 100.0%				16,758,599
Other assets in excess of liabilities — 0.0%				258
NET ASSETS — 100.0%			$	16,758,857

(a)	Investment in affiliate.
(b)	Represents 7-day effective yield as of June 30, 2009.
(c)	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.
(d)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Investor
	Destinations Capital
	Appreciation Fund
Assets:
Investments in affiliates, at value (cost $16,617,944)	$	16,758,599
Interest and dividends receivable		94
Receivable for capital shares issued		423,570
Receivable from adviser		11,387
Total Assets		17,193,650
Liabilities:
Payable for investments purchased		423,559
Payable for capital shares redeemed		12
Accrued expenses and other payables:
Distribution fees		2,285
Administrative services fees		1,960
Custodian fees		945
Trustee fees		624
Compliance program costs (Note 3)		263
Printing fees		4,229
Other		916
Total Liabilities		434,793
Net Assets	$	16,758,857
Represented by:
Capital	$	16,599,027
Accumulated net investment loss		(1,760	)
Accumulated net realized gains from investment transactions and investments		20,935
Net unrealized appreciation/(depreciation) from investments in affiliates		140,655
Net Assets	$	16,758,857
Net Assets:
Class II Shares	$	16,758,857
Shares Outstanding (unlimited number of shares authorized):
Class II Shares		1,487,929
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	11.26

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Operations

For the Period Ended June 30, 2009 (Unaudited)

	NVIT Investor
	Destinations Capital
	Appreciation Fund (a)
INVESTMENT INCOME:
Interest income from affiliates	$	1,695
Dividend income from affiliates		80,402
Total Income		82,097
EXPENSES:
Investment advisory fees		1,699
Distribution fees Class II Shares		3,267
Administrative services fees Class II Shares		1,960
Custodian fees		954
Trustee fees		644
Compliance program costs (Note 3)		263
Professional fees		5,186
Printing fees		5,369
Other		2,175
Total expenses before reimbursements		21,517
Expenses reimbursed by adviser (Note 3)		(12,575	)
Net Expenses		8,942
NET INVESTMENT INCOME		73,155
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions with affiliates		20,935
Net change in unrealized appreciation/(depreciation) from investments in affiliates		140,655
Net realized/unrealized gains from affiliated investments		161,590
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	234,745

(a) For the period from March 25, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Changes in Net Assets

	NVIT Investor
	Destinations Capital
	Appreciation Fund
	Period Ended
	June 30, 2009 (a)
	(Unaudited)
Operations:
Net investment income	$	73,155
Net realized gains from investment transactions		20,935
Net change in unrealized appreciation/(depreciation) from investments		140,655
Change in net assets resulting from operations		234,745
Distributions to Shareholders From:
Net investment income:
Class II		(74,915	)
Net realized gains:
Class II		–
Change in net assets from shareholder distributions		(74,915	)
Change in net assets from capital transactions		16,599,027
Change in net assets		16,758,857
Net Assets:
Beginning of period		–
End of period	$	16,758,857
Accumulated net investment loss at end of period	$	(1,760	)
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	16,811,515
Dividends reinvested		74,915
Cost of shares redeemed		(287,403	)
Total Class II		16,599,027
Change in net assets from capital transactions	$	16,599,027
SHARE TRANSACTIONS:
Class II Shares
Issued		1,506,414
Reinvested		6,761
Redeemed		(25,246	)
Total Class II Shares		1,487,929
Total change in shares		1,487,929

Amounts designated as “–” are zero or have been rounded to zero.

(a)  For the period from March 25, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the period indicated

NVIT Investor Destinations Capital Appreciation Fund

Operations

Distributions

Ratios / Supplemental Data

Ratio of

Net Realized

Ratio of Net

Expenses

Net Asset

and

Ratio of

Investment

(Prior to

Value,

Net

Unrealized

Total

Net

Net Asset

Net Asset

Expenses

Income

Reimbursements)

Beginning

Investment

Gains from

from

Investment

Total

Value, End

Total

at End of

to Average

to Average

to Average

Portfolio

of Period

Income

Investments

Operations

Income

Distributions

of Period

Return (a)

Period

Net Assets (b)

Net Assets (b)

Net Assets (b)(c)

Turnover

Class II Shares

Period Ended June 30, 2009 (Unaudited) (d)

$

10

.00

0

.06

1

.26

1

.32

(0

.06)

(0

.06)

$

11

.26

13

.19%

$

16,758,857

0

.67%

5

.47%

1

.61%

2

.72%

(a)	Not annualized for a period less than one year.
(b)	Annualized for a period less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/ reimbursements had not occurred, the ratios would have been as indicated.
(d)	For the period from March 25, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Investor Destinations Capital Appreciation Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. The Fund also invests in a non-registered Fixed Interest Contract (“Fixed Interest Contract”) issued by Nationwide Life Insurance Company (“Nationwide Life”). The Trust’s prospectus provides a description of each Fund’s investment objective, policies and strategies.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values (“NAV“s) as reported by the Underlying Funds.

The following are the Valuation policies of the Underlying Funds:

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

10 Semiannual Report 2009

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Investments held by money market funds are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security. A money market fund’s use of amortized cost is subject to compliance with certain conditions as specified by Rule 2a-7 of the 1940 Act.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Mutual Funds	$	16,178,938	$	—	$	—	$	16,178,938
Fixed Contract		—		579,661		—		579,661
	$	16,178,938	$	579,661	$	—	$	16,758,599

Amounts designated as “—” are zero.

(b)        Credit Derivatives

The following describes the Underlying Funds’ accounting policies applicable to credit derivatives:

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Forward Foreign Currency Contracts

The following describes the Underlying Funds’ accounting policies applicable to forward foreign currency contracts:

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

12 Semiannual Report 2009

(d)        Futures Contracts

The following describes the Underlying Funds’ accounting policies applicable to futures contracts:

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the contract amount. Subsequent payments, known as “variation margin” payments, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets.

(e)        Repurchase Agreements

The following describes the Underlying Funds’ accounting policies applicable to repurchase agreements:

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(f)        Foreign Currency Transactions

The following describes the Underlying Funds’ accounting policies applicable to foreign currency transactions:

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(g)        Mortgage Dollar Rolls

The following describes the Underlying Funds’ accounting policies applicable to mortgage dollar rolls:

The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Mortgage dollar roll investments entail risks related to the potential inability of counterparties to complete the transaction, which may be heightened because of the delayed payment date. Income is generated as consideration for entering into mortgage dollar rolls and is included in interest income on the Statement of Operations.

(h)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(i)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments. As of June 30, 2009, the Fund did not have securities on loan.

(j)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications

14 Semiannual Report 2009

have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(k)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(l)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.13%

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.28% for all share classes until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Period Ended
June 30, 2009
Amount
$	12,575

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II and Class VI shares of the Fund. These fees are based on average daily net assets of Class II and Class VI shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II and Class IV of the Fund.

For the period ended June 30, 2009, NFS received $0 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the period ended June 30, 2009, the Fund’s portion of such costs was $263.

The Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling Underlying Fund shares. However, the Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management fees of the Underlying

16 Semiannual Report 2009

Funds and short-term investments the Underlying Funds holds. These expenses are deducted from each of the Underlying Fund’s net assets before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the Underlying Funds.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class VI shares that were held on behalf of the contract owner the longest will be redeemed first.

For the period ended June 30, 2009, the Fund had no contributions to capital due to redemption fees.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the period ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the period ended June 30, 2009, the Fund had purchases of $15,219,358 and sales of $167,010 (excluding short-term securities).

7. Portfolio Investment Risks from Underlying Funds

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for the Fund were as follows:

							Net
							Unrealized
		Unrealized		Unrealized			Appreciation/
Tax Cost of Securities		Appreciation		Depreciation			(Depreciation)
$	16,617,944	$	141,835	$	(1,180	)	$	140,655

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

18 Semiannual Report 2009

Supplemental Information

(Unaudited)

Approval of Investment Advisory Agreement

The Board of Trustees (the “Board”) met in person on September 18, 2008 to consider, among other things, the creation of the NVIT Investor Destinations Capital Appreciation Fund (the “Fund”), and to consider whether to approve an investment advisory agreement (the “Advisory Agreement”) between Nationwide Fund Advisors (“NFA” or the “Adviser”) and Nationwide Variable Insurance Products Trust (the “Trust”) on behalf of the Fund.

The Trustees who were not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust or any party to the Advisory Agreement received assistance and advice from independent legal counsel regarding their legal duties and responsibilities in considering the Advisory Agreement. The Trustees reviewed, considered and discussed information regarding: (i) the nature, extent and quality of the services provided by the Advisor under the Advisory Agreement, (ii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iii) the extent to which economies of scale may be present and, if so, whether they would be shared with the Fund’s shareholders, (iv) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds, and (v) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust.

The Board also considered the Fund’s proposed Lipper Inc. (“Lipper”) category and benchmark. Because the Fund is new, the Board could not consider comparative information regarding Fund performance or the level of profitability (or lack thereof) that NFA would receive for investment management services provided to the Fund.

The Board considered that the Fund would be offered to holders of variable annuity and variable life insurance contracts offered by Nationwide Life Insurance Company, and that the Fund would supplement the current line of Investor Destinations funds currently offered by the Trust. The Board noted that the Investor Destinations funds offer owners of variable insurance products a strategic asset allocation program for ongoing management of their contract assets, and that the Trust then offered five Investor Destinations funds with risk profiles that spanned from conservative to aggressive. The Board noted that these five existing Investor Destinations funds did not represent the asset allocation risk/return profile represented by the Fund. The Board considered that the Fund’s investment objective would be to seek growth of capital, but also income consistent with a less aggressive level of risk as compared to other Investor Destinations funds. The Board considered that the Fund would be a “fund-of-funds” that invests primarily in underlying series of the Trust that represent several asset classes. The Board reviewed the Fund’s advisory fee, other expenses, and the proposed expense reimbursement. The Board compared the proposed advisory fee and total expense ratio to the Fund’s Lipper peer group, and noted that the Fund’s projected total expense ratio was higher than its Lipper peer group average, while its advisory fee was lower than the Lipper peer group average. The Board concluded that the advisory fees and expense ratios for the Fund were within an acceptable range as compared to peer groups, particularly in light of the fee waiver that would be put in place. The Trustees also noted that the fee waivers would achieve the same result as economies of scale. As part of their review, the Trustees considered benefits to NFA aside from investment advisory fees.

The Trustees considered the overall reputation and capabilities and commitment of NFA to provide high quality services to the Trust. Based on their review, the Trustees concluded that, with respect to the quality and nature of services to be provided by NFA, the scope of responsibilities was consistent with mutual fund industry norms, and that the quality of the services that NFA provided to existing series of the Trust was very satisfactory.

Based upon its evaluation of all the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be approved.

2009 Semiannual Report 19

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

20 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 21

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

22 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 23

NVIT Investor Destinations Balanced Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
6	Statement of Assets and Liabilities
7	Statement of Operations
8	Statement of Changes in Net Assets
9	Financial Highlights
10	Notes to Financial Statements
19	Supplemental Information
20	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-ID-BAL (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets — particularly those in some emerging market countries — are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

The NVIT Cardinal Funds and the NVIT Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of these funds, each investor is indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds.

Asset allocation is the process of spreading assets across several different investment styles and asset classes. The purpose is potentially to reduce long-term risk and capture potential profits across various asset classes.

There is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved, nor that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

Each Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, each Fund’s underlying funds may be subject to specific investment risks such as those associated with: (i) bonds and short-term instruments, (ii) small companies, (iii) mid-sized companies, (iv) international securities, (v) real estate investment trusts (REITs), and (vi) initial public offerings (IPOs).

Day-to-day market activity will likely cause a Fund’s asset allocations to fluctuate from the stated target. Under ordinary circumstances, the Adviser will periodically rebalance the assets of each Fund in order to conform its actual allocations to those stated in the then-current prospectus. The asset class target allocations are subject to change at any time and without notice.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder NVIT Investor Destinations Balanced Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

NVIT Investor			Beginning		Ending		Expenses Paid		Annualized
Destinations			Account Value ($)		Account Value ($)		During Period($)		Expense Ratio (%)
Balanced Fundc			01/01/09		06/30/09		01/01/09 - 06/30/09a,b		01/01/09 - 06/30/09a,b
Class II	Actual			1,000.00		1,094.42		1.87		0.67
	Hypothetical	d		1,000.00		1,023.01		1.80		0.67

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
c	The NVIT Investor Destinations Balanced Fund commenced operations on March 25, 2009. Expenses shown here reflect only 97 days of activity.
d	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary NVIT Investor Destinations Balanced Fund

June 30, 2009 (Unaudited)

Asset Allocation
Equity Funds	50	.4%
Fixed Income Funds	36	.8%
Fixed Contract	6	.9%
Money Market Fund	5	.9%
	100	.0%

Top Holdings
NVIT Bond Index Fund, Class Y	29	.9%
NVIT S&P 500 Index Fund, Class Y	25	.1%
NVIT International Index Fund, Class Y	12	.2%
NVIT Mid Cap Index Fund, Class Y	10	.1%
NVIT Enhanced Income Fund, Class Y	6	.9%
Nationwide Fixed Contract	6	.9%
NVIT Money Market Fund, Class Y	5	.9%
NVIT Small Cap Index Fund, Class Y	3	.0%
	100	.0%

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

NVIT Investor Destinations Balanced Fund

Mutual Funds 93.1% (a)
	Shares		Market Value
Equity Funds 50.4%
NVIT International Index Fund, Class Y	156,489	$	1,064,128
NVIT Mid Cap Index Fund, Class Y	72,613		880,064
NVIT S&P 500 Index Fund, Class Y	342,557		2,188,938
NVIT Small Cap Index Fund, Class Y	43,294		266,261
Total Equity Funds (cost $4,315,414)			4,399,391
Fixed Income Funds 36.8%
NVIT Bond Index Fund, Class Y	259,342		2,606,389
NVIT Enhanced Income Fund, Class Y	60,090		603,904
Total Fixed Income Funds (cost $3,208,721)			3,210,293
Money Market Fund 5.9% (b)
NVIT Money Market Fund, Class Y, 0.12%	515,735		515,735
Total Money Market Fund (cost $515,735)
Total Mutual Funds (cost $8,039,870)			8,125,419

Fixed Contract 6.9% (a)(c)
		Shares		Market Value
Nationwide Fixed Contract, 3.75%	$	603,654		603,654
Total Fixed Contract (cost $603,654)				603,654
Total Investments (cost $8,643,524) (d) — 100.0%				8,729,073
Other assets in excess of liabilities — 0.0%				2,202
NET ASSETS — 100.0%			$	8,731,275

(a)	Investment in affiliate.
(b)	Represents 7-day effective yield as of June 30, 2009.
(c)	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.
(d)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 5

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	NVIT Investor
	Destinations
	Balanced Fund
Assets:
Investments in affiliates, at value (cost $8,643,524)	$	8,729,073
Interest and dividends receivable		98
Receivable for capital shares issued		472,412
Receivable from adviser		12,709
Total Assets		9,214,292
Liabilities:
Payable for investments purchased		472,402
Payable for capital shares redeemed		11
Accrued expenses and other payables:
Distribution fees		1,277
Administrative services fees		1,183
Custodian fees		945
Trustee fees		632
Compliance program costs (Note 3)		263
Printing fees		5,265
Other		1,039
Total Liabilities		483,017
Net Assets	$	8,731,275
Represented by:
Capital	$	8,646,396
Accumulated net investment loss		(696	)
Accumulated net realized gains from investments		26
Net unrealized appreciation/(depreciation) from investments in affiliates		85,549
Net Assets	$	8,731,275
Net Assets:
Class II Shares	$	8,731,275
Shares Outstanding (unlimited number of shares authorized):
Class II Shares		801,111
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares	$	10.90

The accompanying notes are an integral part of these financial statements.

6 Semiannual Report 2009

Statement of Operations

For the Period Ended June 30, 2009 (Unaudited)

	NVIT Investor
	Destinations
	Balanced Fund (a)
INVESTMENT INCOME:
Interest income from affiliates	$	2,045
Dividend income from affiliates		46,286
Total Income		48,331
EXPENSES:
Investment advisory fees		1,025
Distribution fees Class II Shares		1,971
Administrative services fees Class II Shares		1,183
Custodian fees		954
Trustee fees		644
Compliance program costs (Note 3)		263
Professional fees		5,186
Printing fees		5,369
Other		2,175
Total expenses before reimbursements		18,770
Expenses reimbursed by adviser (Note 3)		(13,373	)
Net Expenses		5,397
NET INVESTMENT INCOME		42,934
Net realized gains from investment transactions with affiliates		26
Net change in unrealized appreciation/(depreciation) from investments in affiliates		85,549
Net realized/unrealized gains (losses) from affiliated investments		85,575
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	128,509

(a) For the period from March 25, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Changes in Net Assets

	NVIT Investor
	Destinations
	Balanced Fund
	Period Ended
	June 30, 2009 (a)
	(Unaudited)
Operations:
Net investment income	$	42,934
Net realized gains from investment transactions		26
Net change in unrealized appreciation/(depreciation) from investments		85,549
Change in net assets resulting from operations		128,509
Distributions to Shareholders From:
Net investment income:
Class II		(43,630	)
Net realized gains:
Class II		–
Change in net assets from shareholder distributions		(43,630	)
Change in net assets from capital transactions		8,646,396
Change in net assets		8,731,275
Net Assets:
Beginning of period		–
End of period	$	8,731,275
Accumulated net investment loss at end of period	$	(696	)
CAPITAL TRANSACTIONS:
Class II Shares
Proceeds from shares issued	$	8,603,108
Dividends reinvested		43,630
Cost of shares redeemed		(342	)
Total Class II		8,646,396
Change in net assets from capital transactions	$	8,646,396
SHARE TRANSACTIONS:
Class II Shares
Issued		797,087
Reinvested		4,055
Redeemed		(31	)
Total Class II Shares		801,111
Total change in shares		801,111

Amounts designated as “–” are zero or have been rounded to zero.

(a) For the period from March 25, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the period indicated

NVIT Investor Destinations Balanced Fund

Operations

Distributions

Ratios/Supplemental Data

Net Realized

Ratio of

and

Ratio of Net

Expenses

Net Asset

Unrealized

Ratio of

Investment

(Prior to

Value,

Net

Gains

Total

Net

Net Asset

Net Assets

Expenses

Income

Reimbursements)

Beginning

Investment

from

from

Investment

Total

Value, End

Total

at End of

to Average

to Average

to Average

Portfolio

of Period

Income

Investments

Operations

Income

Distributions

of Period

Return (a)

Period

Net Assets (b)

Net Assets (b)

Net Assets (b)(c)

Turnover

Class II Shares

Period Ended June 30, 2009 (Unaudited) (d)

$

10

.00

0

.06

0

.90

0

.96

(0

.06)

(0

.06)

$

10

.90

9

.62%

$

8,731,275

0

.67%

5

.35%

2

.34%

0

.01%

(a)  Not annualized for a period less than one year.

(b)  Annualized for a period less than one year.

(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	For the period from March 25, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the NVIT Investor Desinations Balanced Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. The Fund also invests in a non-registered Fixed Interest Contract (“Fixed Interest Contract”) issued by Nationwide Life Insurance Company (“Nationwide Life”). The Trust’s prospectus provides a description of each Fund’s investment objective, policies and strategies.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values (“NAV“s) as reported by the Underlying Funds.

The following are the Valuation policies of the Underlying Funds:

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

10 Semiannual Report 2009

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Investments held by money market funds are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security. A money market fund’s use of amortized cost is subject to compliance with certain conditions as specified by Rule 2a-7 of the 1940 Act.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

2009 Semiannual Report 11

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

		Level 2 — Other
	Level 1 — Quoted	Significant		Level 3 — Significant
Asset Type	Prices	Observable Inputs		Unobservable Inputs		Total
Mutual Funds	$8,125,419	$	—	$	—	$	8,125,419
Fixed Contract	—		603,654		—		603,654
	$8,125,419	$	603,654	$	—	$	8,729,073

Amounts designated as “—” are zero.

(b)        Credit Derivatives

The following describes the Underlying Funds’ accounting policies applicable to credit derivatives:

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Forward Foreign Currency Contracts

The following describes the Underlying Funds’ accounting policies applicable to forward foreign currency contracts:

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

12 Semiannual Report 2009

(d)        Futures Contracts

The following describes the Underlying Funds’ accounting policies applicable to futures contracts:

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the contract amount. Subsequent payments, known as “variation margin” payments, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets.

(e)        Repurchase Agreements

The following describes the Underlying Funds’ accounting policies applicable to repurchase agreements:

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(f)        Foreign Currency Transactions

The following describes the Underlying Funds’ accounting policies applicable to foreign currency transactions:

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(g)        Mortgage Dollar Rolls

The following describes the Underlying Funds’ accounting policies applicable to mortgage dollar rolls:

The Fund may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Mortgage dollar roll investments entail risks related to the potential inability of counterparties to complete the transaction, which may be heightened because of the delayed payment date. Income is generated as consideration for entering into mortgage dollar rolls and is included in interest income on the Statement of Operations.

(h)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(i)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments. As of June 30, 2009, the Fund did not have securities on loan.

(j)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications

14 Semiannual Report 2009

have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(k)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(l)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.13%

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.28% for all share classes until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Period Ended
June 30, 2009
Amount
$	13,373

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. The Fund does not pay a fee for these services.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II and Class VI shares of the Fund. These fees are based on average daily net assets of Class II and Class VI shares of the Fund at an annual rate not to exceed 0.25%. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II and Class IV of the Fund.

For the period ended June 30, 2009, NFS received $0 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the period ended June 30, 2009, the Fund’s portion of such costs was $263.

The Fund is a shareholder of its Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling Underlying Fund shares. However, the Fund indirectly pays a portion of the operating expenses of each Underlying Fund in which it invests, including management fees of the Underlying Funds and short-term investments the Underlying Funds holds. These expenses are deducted from each of the

16 Semiannual Report 2009

Underlying Fund’s net assets before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the Underlying Funds.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class VI shares that were held on behalf of the contract owner the longest will be redeemed first.

For the period ended June 30, 2009, the Fund had no contributions to capital due to redemption fees.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the period ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the period ended June 30, 2009, the Fund had purchases of $7,110,234 and sales of $391 (excluding short-term securities).

7. Portfolio Investment Risks from Underlying Funds

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation/
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	8,643,524	$	86,502	$	(953)	$	85,549

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”) material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

18 Semiannual Report 2009

Supplemental Information

(Unaudited)

Approval of Investment Advisory Agreement

The Board of Trustees (the “Board”) met in person on September 18, 2008 to consider, among other things, the creation of the NVIT Investor Destinations Balanced Fund (the “Fund”), and to consider whether to approve an investment advisory agreement (the “Advisory Agreement”) between Nationwide Fund Advisors (“NFA” or the “Adviser”) and Nationwide Variable Insurance Products Trust (the “Trust”) on behalf of the Fund.

The Trustees who were not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust or any party to the Advisory Agreement received assistance and advice from independent legal counsel regarding their legal duties and responsibilities in considering the Advisory Agreement. The Trustees reviewed, considered and discussed information regarding: (i) the nature, extent and quality of the services provided by the Advisor under the Advisory Agreement, (ii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iii) the extent to which economies of scale may be present and, if so, whether they would be shared with the Fund’s shareholders, (iv) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds, and (v) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust.

The Board also considered the Fund’s proposed Lipper Inc. (“Lipper”) category and benchmark. Because the Fund is new, the Board could not consider comparative information regarding Fund performance or the level of profitability (or lack thereof) that NFA would receive for investment management services provided to the Fund. The Board considered that the Fund would be offered to holders of variable annuity and variable life insurance contracts offered by Nationwide Life Insurance Company, and that the Fund would supplement the current line of Investor Destinations funds currently offered by the Trust. The Board noted that the Investor Destinations funds offer owners of variable insurance products a strategic asset allocation program for ongoing management of their contract assets, and that the Trust then offered five Investor Destinations funds with risk profiles that spanned from conservative to aggressive. The Board noted that these five existing Investor Destinations Funds did not represent the asset allocation risk/return profile represented by the Fund. The Board considered that the Fund’s investment objective would be to seek a high level of total return through investment in both equity and fixed income securities. The Board considered that the Fund would be a “fund-of-funds” that invests primarily in underlying series of the Trust that represent several asset classes. The Board reviewed the Fund’s advisory fee, other expenses and the proposed expense reimbursement. The Board compared the proposed advisory fee and total expense ratio to the Fund’s Lipper peer group, and noted the Fund’s total expense ratio was higher than its Lipper peer group average, while its advisory fee was lower than its Lipper peer group average. The Board concluded that the advisory fees and expense ratios for the Fund were within an acceptable range as compared to peer groups, particularly in light of the fee waiver that would be put in place. The Trustees also noted that the fee waivers would achieve the same result as economies of scale. As part of their review, the Trustees considered benefits to NFA aside from investment advisory fees.

The Trustees considered the overall reputation and capabilities and commitment of NFA to provide high quality services to the Trust. Based on their review, the Trustees concluded that, with respect to the quality and nature of services to be provided by NFA, the scope of responsibilities was consistent with mutual fund industry norms, and that the quality of the services that NFA provided to existing series of the Trust was very satisfactory.

Based upon its evaluation of all the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be approved.

2009 Semiannual Report 19

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association – College Retirement Equities Fund).		94	None

20 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 21

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3 , Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3 , and is a Senior Vice President of NFS3 . From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3 . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3 , a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3 . From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3 .		N/A	N/A

22 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3 .		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3 . From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 23

Templeton NVIT International Value Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
8	Statement of Assets and Liabilities
9	Statement of Operations
10	Statement of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements
21	Supplemental Information
23	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-IV (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder Templeton NVIT International Value Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Templeton NVIT International Value Fundb			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class III	Actual			1,000.00		1,190.50		2.97		1.02
	Hypothetical	c		1,000.00		1,022.08		2.74		1.02

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	The Templeton NVIT International Value Fund commenced operations on March 25, 2009. Expenses shown here reflect only 97 days of activity.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary Templeton NVIT International Value Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	90	.9%
Repurchase Agreements	11	.4%
Liabilities in excess of other assets	(2	.3)%
	100	.0%

Top Industries
Diversified Telecommunication Services	10	.6%
Oil, Gas & Consumable Fuels	9	.9%
Commercial Banks	9	.8%
Pharmaceuticals	9	.0%
Insurance	5	.1%
Food Products	4	.4%
Aerospace & Defense	4	.0%
Industrial Conglomerates	3	.6%
Wireless Telecommunication Services	3	.0%
Media	3	.0%
Other Industries*	37	.6%
	100	.0%

Top Holdings
Telefonica SA	2	.8%
Nestle SA	2	.3%
Novartis AG	2	.1%
Sanofi-Aventis SA	2	.1%
Unilever NV CVA	2	.1%
GlaxoSmithKline PLC	2	.1%
DBS Group Holdings Ltd.	2	.0%
Rolls-Royce Group PLC	1	.9%
E.ON AG	1	.8%
France Telecom SA	1	.8%
Other Holdings*	79	.0%
	100	.0%

Top Countries
United Kingdom	17	.1%
Germany	11	.9%
France	9	.8%
Switzerland	9	.1%
Spain	5	.7%
Netherlands	5	.6%
Hong Kong	3	.8%
Singapore	3	.6%
Brazil	2	.9%
Japan	2	.7%
Other Countries*	27	.8%
	100	.0%

* For purposes of listing top industries, top countries and top holdings, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

Templeton NVIT International Value Fund

Common Stocks 90.9%
	Shares		Market Value
AUSTRIA 1.0% (a)
Diversified Telecommunication Services 1.0%
Telekom Austria AG	5,280	$	82,653
BRAZIL 2.9%
Aerospace & Defense 0.7%
Empresa Brasileira de Aeronautica S.A. ADR	3,610		59,782
Metals & Mining 0.6%
Vale SA ADR	3,100		47,585
Oil, Gas & Consumable Fuels 1.6%
Petroleo Brasileiro SA ADR	3,810		127,101
			234,468
CANADA 0.7%
Oil, Gas & Consumable Fuels 0.7%
Husky Energy, Inc.	2,100		58,744
CHINA 1.3% (a)
Diversified Telecommunication Services 1.3%
China Telecom Corp. Ltd., Class H	218,000		108,207
DENMARK 0.6% (a)
Electrical Equipment 0.6%
Vestas Wind Systems AS*	700		50,242
FRANCE 9.8% (a)
Auto Components 1.2%
Compagnie Generale des Etablissements Michelin, Class B	1,760		100,787
Diversified Telecommunication Services 1.8%
France Telecom SA	6,330		144,015
Hotels, Restaurants & Leisure 0.5%
Accor SA	910		36,252
Insurance 1.3%
AXA SA	5,660		107,115
Media 0.9%
Vivendi	2,870		68,883
Multi-Utility 0.6%
GDF Suez	1,320		49,405
Oil, Gas & Consumable Fuels 1.4%
Total SA	2,120		114,893
Pharmaceuticals 2.1%
Sanofi-Aventis SA	2,890		170,751
			792,101
GERMANY 11.9% (a)
Air Freight & Logistics 1.1%
Deutsche Post AG	7,060		91,676
Automobiles 1.8%
Bayerische Motoren Werke AG	3,800		143,476
Electric Utility 1.8%
E.ON AG	4,060		144,163
Health Care Providers & Services 1.2%
Celesio AG	4,340		99,807
Industrial Conglomerate 1.7%
Siemens AG	1,960		135,717
Insurance 1.4%
Muenchener Rueckversicherungs AG	820		110,705
Pharmaceuticals 1.5%
Merck KGaA	1,210		123,280
Software 1.4%
SAP AG	2,830		113,810
			962,634
HONG KONG 3.8% (a)
Industrial Conglomerate 0.6%
Hutchison Whampoa Ltd.	7,000		45,538
Real Estate Management & Development 1.7%
Cheung Kong Holdings Ltd.	4,000		45,738
Swire Pacific Ltd., Class A	9,500		95,363
			141,101
Wireless Telecommunication Services 1.5%
China Mobile Ltd.	12,500		125,159
			311,798
INDIA 1.7%
Commercial Banks 1.7%
ICICI Bank Ltd. ADR	4,580		135,110
ISRAEL 0.5%
Software 0.5%
Check Point Software Technologies*	1,610		37,787
ITALY 2.6% (a)
Commercial Banks 1.3%
Intesa Sanpaolo SpA*	21,137		68,297
UniCredit SpA*	15,060		38,087
			106,384
Oil, Gas & Consumable Fuels 1.3%
ENI SpA	4,504		106,810
			213,194
JAPAN 2.7% (a)
Electronic Equipment & Instruments 0.8%
FUJIFILM Holdings Corp.	2,000		63,659

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

Templeton NVIT International Value Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
JAPAN (continued)
Household Durables 0.5%
Sony Corp.	1,600	$	41,749
Pharmaceuticals 0.7%
Takeda Pharmaceutical Co. Ltd.	1,500		58,329
Software 0.7%
Nintendo Co. Ltd.	200		55,360
			219,097
NETHERLANDS 5.6%
Chemicals 0.2% (a)
Akzo Nobel NV	384		16,972
Diversified Financial Services 1.0% (a)
ING Groep NV CVA	8,000		81,040
Energy Equipment & Services 0.7% (a)
SBM Offshore NV	3,292		56,523
Food Products 2.1%
Unilever NV	60		1,451
Unilever NV CVA (a)	6,970		168,558
			170,009
Industrial Conglomerate 1.3% (a)
Koninklijke Philips Electronics NV	5,470		100,982
Professional Services 0.3% (a)
Randstad Holding NV*	990		27,509
			453,035
NORWAY 1.4% (a)
Diversified Telecommunication Services 1.1%
Telenor ASA*	11,490		88,701
Oil, Gas & Consumable Fuels 0.3%
StatoilHydro ASA	1,420		28,060
			116,761
PORTUGAL 1.4% (a)
Diversified Telecommunication Services 1.4%
Portugal Telecom SGPS SA	11,830		116,029
REPUBLIC OF KOREA 2.3%
Commercial Banks 0.9%
KB Financial Group, Inc. ADR*	2,140		71,283
Semiconductors & Semiconductor Equipment 1.4% (a)(b)
Samsung Electronics Co., Ltd. GDR	500		116,174
			187,457
SINGAPORE 3.6%
Commercial Banks 2.0% (a)
DBS Group Holdings Ltd.	20,000		162,177
Diversified Telecommunication Services 1.2% (a)
Singapore Telecommunications Ltd.	47,000		96,988
Electronic Equipment & Instruments 0.4%
Flextronics International Ltd.*	9,150		37,606
			296,771
SPAIN 5.7% (a)
Commercial Banks 1.0%
Banco Santander SA	6,312		76,292
Diversified Telecommunication Services 2.8%
Telefonica SA	10,088		229,069
Electric Utilities 0.6%
Iberdrola SA*	1,567		12,309
Iberdrola SA	4,753		38,755
			51,064
Oil, Gas & Consumable Fuels 1.3%
Repsol YPF SA	4,642		103,899
			460,324
SWEDEN 2.6% (a)
Commercial Banks 1.2%
Nordea Bank AB FDR	12,240		95,592
Machinery 1.4%
Atlas Copco AB, A Shares	11,540		116,264
			211,856
SWITZERLAND 9.1%
Capital Markets 0.5%
UBS AG*	3,280		40,049
Food Products 2.3% (a)
Nestle SA	4,920		185,814
Insurance 1.1% (a)
Swiss Reinsurance	2,800		93,059
Life Sciences Tools & Services 1.6% (a)
Lonza Group AG	1,270		126,366
Pharmaceuticals 2.6% (a)
Novartis AG	4,210		171,417
Roche Holding AG	280		38,159
			209,576
Professional Services 1.0% (a)
Adecco SA	1,920		80,269
			735,133
TAIWAN 1.9%
Computers & Peripherals 0.5% (a)(b)
Compal Electronics, Inc. GDR*	10,200		41,425

6 Semiannual Report 2009

Common Stocks (continued)
		Shares		Market Value
TAIWAN (continued)
Semiconductors & Semiconductor Equipment 1.4% (a)
Taiwan Semiconductor Manufacturing Co. Ltd.		69,000	$	113,271
				154,696
UNITED KINGDOM 17.1%
Aerospace & Defense 3.3% (a)
BAE Systems PLC		20,890		116,720
Rolls-Royce Group PLC		25,060		149,816
				266,536
Airline 0.3%(a)
British Airways PLC*		13,010		26,804
Commercial Banks 1.7% (a)
HSBC Holdings PLC		7,600		63,415
Standard Chartered PLC		3,690		69,375
				132,790
Insurance 1.3% (a)
Aviva PLC		19,090		107,472
Media 2.1% (a)
British Sky Broadcasting Group PLC		11,340		85,116
Pearson PLC		8,710		87,702
				172,818
Multi-Utility 0.8% (a)
National Grid PLC		7,390		66,677
Oil, Gas & Consumable Fuels 3.3%
BP PLC (a)		16,960		133,999
Royal Dutch Shell PLC ADR		2,670		135,796
				269,795
Pharmaceuticals 2.1% (a)
GlaxoSmithKline PLC		9,410		166,193
Specialty Retail 0.7% (a)
Kingfisher PLC		19,130		56,118
Wireless Telecommunication Services 1.5% (a)
Vodafone Group PLC		64,050		124,559
				1,389,762
UNITED STATES 0.7%
Capital Markets 0.7%
Invesco Ltd.		3,000		53,460
Total Common Stocks (cost $6,506,884)				7,381,319
Repurchase Agreements 11.4%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $620,631, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $633,042	$	620,629	$	620,629
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $303,836, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $309,913		303,836		303,836
Total Repurchase Agreements (cost $924,465)				924,465
Total Investments (cost $7,431,349) (c) — 102.3%				8,305,784
Liabilities in excess of other assets — (2.3)%				(190,121	)
NET ASSETS — 100.0%			$	8,115,663

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at June 30, 2009 was $157,599 which represents 1.94% of net assets.
(c)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

AB	Stock Company
ADR	American Depositary Receipt
AG	Stock Corporation
ASA	Stock Corporation
CVA	Dutch Certificate
FDR	Fiduciary Depositary Receipts
GDR	Global Depositary Receipt
KGaA	Limited partnership with shares
Ltd	Limited
NV	Public Traded Company
PLC	Public Limited Company
SA	Stock Company
SGPS	Holding Enterprise
SpA	Limited share company

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	Templeton NVIT
	International
	Value Fund
Assets:
Investments, at value (cost $6,506,884)	$	7,381,319
Repurchase agreements, at value and cost		924,465
Total Investments		8,305,784
Foreign currencies, at value (cost $12,384)		12,387
Interest and dividends receivable		16,509
Receivable for capital shares issued		100,567
Receivable for investments sold		2,360
Reclaims receivable		6,825
Prepaid expenses and other assets		4,915
Total Assets		8,449,347
Liabilities:
Cash overdraft		7,266
Payable for investments purchased		322,235
Payable for capital shares redeemed		2
Accrued expenses and other payables:
Investment advisory fees		131
Fund administration fees		289
Administrative services fees		2,438
Custodian fees		73
Compliance program costs (Note 3)		13
Printing fees		1,237
Total Liabilities		333,684
Net Assets	$	8,115,663
Represented by:
Capital	$	7,234,219
Accumulated undistributed net investment income		12,533
Accumulated net realized losses from investment transactions and foreign currency transactions		(7,000	)
Net unrealized appreciation/(depreciation) from investments		874,435
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		1,476
Net Assets	$	8,115,663
Net Assets:
Class III Shares	$	8,115,663
Shares Outstanding (unlimited number of shares authorized):
Class III Shares		688,953
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class III Shares	$	11.78

The accompanying notes are an integral part of the financial statements.

8 Semiannual Report 2009

Statement of Operations

For the Period Ended June 30, 2009 (Unaudited)

	Templeton NVIT
	International
	Value Fund (a)
INVESTMENT INCOME:
Interest income	$	149
Dividend income		120,602
Foreign tax withholding		(12,597	)
Total Income		108,154
EXPENSES:
Investment advisory fees		12,192
Fund administration fees		777
Administrative services fees Class III Shares		2,438
Custodian fees		402
Trustee fees		32
Compliance program costs (Note 3)		13
Professional fees		971
Printing fees		1,343
Other		2,965
Total expenses before reimbursements		21,133
Expenses reimbursed by adviser (Note 3)		(4,474	)
Net Expenses		16,659
NET INVESTMENT INCOME		91,495
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		6,106
Net realized losses from foreign currency transactions		(13,106	)
Net realized losses from investment transactions and foreign currency transactions		(7,000	)
Net change in unrealized appreciation/(depreciation) from investments		874,435
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		1,476
Net change in unrealized appreciation/(depreciation) from investments and foreign currency translations		875,911
Net realized/unrealized gains from investments and foreign currency translations		868,911
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	960,406

(a) For the period from March 25, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statement of Changes in Net Assets

	Templeton NVIT
	International
	Value Fund
	Period Ended
	June 30, 2009 (a)
	(Unaudited)
Operations:
Net investment income	$	91,495
Net realized losses from investment and foreign currency		(7,000	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		875,911
Change in net assets resulting from operations		960,406
Distributions to Shareholders From:
Net investment income:
Class III		(78,962	)
Change in net assets from shareholder distributions		(78,962	)
Change in net assets from capital transactions		7,234,219
Change in net assets		8,115,663
Net Assets:
Beginning of period		–
End of period	$	8,115,663
Accumulated undistributed net investment income at end of period	$	12,533
CAPITAL TRANSACTIONS:
Class III Shares
Proceeds from shares issued	$	7,155,415
Dividends reinvested		78,962
Cost of shares redeemed (b)		(158	)
Total Class III		7,234,219
Change in net assets from capital transactions	$	7,234,219
SHARE TRANSACTIONS:
Class III Shares
Issued		682,034
Reinvested		6,932
Redeemed		(13	)
Total Class III Shares		688,953
Total change in shares		688,953

Amounts designated as “–” are zero or have been rounded to zero.

(a)	For the period from March 25, 2009 (commencement of operations) through June 30, 2009.
(b)	Includes redemption fees — see Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

Templeton NVIT International Value Fund

Operations

Distributions

Ratios / Supplemental Data

Ratio of

Net Realized

Ratio of Net

Expenses

Net Asset

and

Ratio of

Investment

(Prior to

Value,

Net

Unrealized

Total

Net

Net Asset

Net Assets

Expenses

Income

Reimbursements)

Beginning

Investment

Gains from

from

Investment

Total

Redemption

Value, End

Total

at End of

to Average

to Average

to Average

Portfolio

of Period

Income

Investments

Operations

Income

Distributions

Fees

of Period

Return (a)

Period

Net Assets (b)

Net Assets (b)

Net Assets (b)(c)

Turnover

Class III Shares

Period Ended June 30, 2009 (Unaudited) (d)

$

10

.00

0

.14

1

.76

1

.90

(0

.12)

(0

.12)

–

$

11

.78

19

.05%

$

8,115,663

1

.02%

5

.61%

1

.30%

0

.57%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/ reimbursements had not occurred, the ratios would have been as indicated.
(d)	For the period from March 25, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Templeton NVIT International Value Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the

12 Semiannual Report 2009

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stocks	$	805,754	$	6,575,565	$	—	$	7,381,319
Repurchase Agreements		—		924,465		—		924,465
	$	805,754	$	7,500,030	$	—	$	8,305,784

Amounts designated as “—” are zero.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(d)        Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. As of June 30, 2009, the Fund did not hold any forward foreign currency contracts.

(e)        Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the contract amount. Subsequent payments, known as “variation margin” payments, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

14 Semiannual Report 2009

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets. As of June 30, 2009, the Fund did not hold any futures contracts.

(f)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(g)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(h)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments. As of June 30, 2009, the Fund did not have securities on loan.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(i)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(j)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund will file U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(k)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary

16 Semiannual Report 2009

of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Templeton Investment Counsel, LLC (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.75%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $4,046 for the period ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.87% for all share classes until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Period Ended
June 30, 2009
Amount
$	4,474

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II and Class VI shares of the Fund. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II and Class VI shares of the Fund. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II, Class III, and Class VI shares of the Fund.

For the period ended June 30, 2009, NFS received $0 in Administrative services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the period ended June 30, 2009, the Fund’s portion of such costs was $13.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III and Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III and Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III and Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The

18 Semiannual Report 2009

short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III and Class VI shares that were held on behalf of the contract owner the longest will be redeemed first.

For the period ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $186 from Class III.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the period ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the period ended June 30, 2009, the Fund had purchases of $2,354,020 and sales of $25,426 (excluding short-term securities).

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation/
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	7,431,349	$	902,203	$	(27,768)	$	874,435

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

20 Semiannual Report 2009

Supplemental Information

(Unaudited)

A. Approval of Investment Advisory Agreement

The Board of Trustees (the “Board”) met in person on September 18, 2008 to consider, among other things, the creation of the Templeton NVIT International Value Fund (the “Fund”), and to consider whether to approve an investment advisory agreement (the “Advisory Agreement”) between Nationwide Fund Advisors (“NFA” or the “Adviser”) and Nationwide Variable Insurance Products Trust (the “Trust”) on behalf of the Fund.

The Trustees who were not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust or any party to the Advisory Agreement (the “Independent Trustees”) received assistance and advice from independent legal counsel (“Independent Legal Counsel”) regarding their legal duties and responsibilities in considering the Advisory Agreement. The Trustees reviewed, considered and discussed information regarding: (i) the nature, extent and quality of the services provided by the Advisor under the Advisory Agreement, (ii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iii) the extent to which economies of scale may be present and, if so, whether they would be shared with the Fund’s shareholders, (iv) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds, and (v) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust.

The Board also considered the Fund’s Lipper Inc. (“Lipper”) category and benchmark. Because the Fund is new, the Board could not consider comparative information regarding Fund performance or the level of profitability (or lack thereof) that NFA would receive for investment management services provided to the Fund.

The Board considered that the Fund would be offered to holders of variable annuity and variable life insurance contracts offered by Nationwide Life Insurance Company. The Board considered that Fund’s investment objective would be to seek to maximize total return, consisting of capital appreciation and/or current income by investing, under normal circumstances, at least 80% of the value of its net assets in equity securities issued by companies that are located in, or that derive a significant portion of their earnings or revenues from, a number of countries around the world other than the U.S. The Board reviewed the Fund’s advisory fee, including the proposed sub-advisory fee, other expenses, and the proposed expense reimbursement. The Board also compared the proposed advisory fee and total expense ratio to the Fund’s Lipper peer group, noting that the proposed management fee was below the average and median fee for the Fund’s Lipper peer group. The Board noted that NFA had proposed Templeton Investment Counsel, LLC (“Templeton”) to sub-advise the Fund. The Board concluded that the advisory fees and expense ratios for the Fund were within an acceptable range as compared to peer groups, particularly in light of the fee waiver that would be put in place. The Trustees also noted that the fee waivers would achieve the same result as economies of scale. As part of their review, the Trustees considered benefits to NFA aside from investment advisory fees.

The Trustees considered the overall reputation and capabilities and commitment of NFA to provide high quality services to the Trust. Based on their review, the Trustees concluded that, with respect to the quality and nature of services to be provided by NFA, the scope of responsibilities was consistent with mutual fund industry norms, and that the quality of the services that NFA provided to existing series of the Trust was very satisfactory.

Based upon its evaluation of all the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be approved.

B. Approval of Investment Subadvisory Agreement

At a regular meeting of the Board on December 3, 2008, the Board, including the Independent Trustees, discussed and unanimously approved a subadvisory agreement (the “Subadvisory Agreement”) among the Trust, on behalf of the Fund, NFA and Templeton. The Board reviewed and considered materials provided by NFA and Templeton in advance of the meeting, and advice from the Trust’s legal counsel and the Independent

2009 Semiannual Report 21

Supplemental Information (Continued)

(Unaudited)

Legal Counsel to the Independent Trustees. The material factors and conclusions that formed the basis for the approval are discussed below.

The Board reviewed the nature, extent, and quality of the services that would be provided to the Fund by Templeton under the Subadvisory Agreement. The Trustees considered the overall reputation and the capabilities and commitment of Templeton to provide high quality service to the Fund. The Trustees considered Templeton’s investment strategy and philosophy. The Trustees concluded that the nature, extent, and quality of Templeton’s services were appropriate and consistent with the terms of the Subadvisory Agreement and mutual fund industry norms.

The Board evaluated Templeton’s investment performance and reviewed comparative performance data provided by Lipper. The Board concluded that the historical investment performance record, in combination with various other factors, supported a decision to approve the Subadvisory Agreement.

The Board considered the Fund’s overall fee level and noted that Templeton’s fees are paid out of the advisory fee that NFA receives from the Fund. The Trustees noted that the Fund’s current advisory and subadvisory fee schedules did not include breakpoints. The Trustees considered whether economies of scale would likely be realized as the Fund grew and whether a reduction in the advisory fees paid by the Fund by means of a breakpoint would be appropriate. The Trustees concluded that the Fund did not warrant formal contractual breakpoints, and that the contractual expense limitations were a reasonable way to provide the benefits of economies of scale to shareholders at this time. The Trustees concluded that the subadvisory fees to be paid to Templeton were fair and reasonable.

The Board considered the factor of profitability to Templeton as a result of the subadvisory relationship with the Fund. In addition, the Board considered whether any “fall-out” or ancillary benefits would accrue to Templeton as a result of its relationship with the Fund.

However, because the subadvisory relationship with Templeton was new, the Trustees determined that it was not possible to assess either factor at this time.

The Board reviewed the terms of the Subadvisory Agreement and noted that the terms are identical in all material respects as the terms of the subadvisory agreements that the Trust currently has in place with other unaffiliated sub-advisers. The Board concluded that the terms were fair and reasonable.

Based on this information, the Board, including all of the Independent Trustees, concluded that the nature, extent and quality of the subadvisory services to be provided by Templeton were appropriate for the Fund in light of its investment objectives. The totality of multiple factors taken together, instead of any single factor, informed the Board’s decision. The Board concluded that the approval of the Subadvisory Agreement was in the best interests of the Fund and its shareholders and unanimously approved the Subadvisory Agreement.

22 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

24 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A

2009 Semiannual Report 25

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in
	with Fund		Fund Complex		Other
Name and	and Length of	Principal Occupation(s)	Overseen		Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

26 Semiannual Report 2009

AllianceBernstein NVIT Global Fixed Income Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
12	Statement of Assets and Liabilities
13	Statement of Operations
14	Statement of Changes in Net Assets
15	Financial Highlights
16	Notes to Financial Statements
26	Supplemental Information
28	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-GFI (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder AllianceBernstein NVIT Global Fixed Income Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
AllianceBernstein NVIT Global Fixed Income Fundb			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class III	Actual			1,000.00		1,051.79		2.27		0.83
	Hypothetical	c		1,000.00		1,022.59		2.23		0.83
Class VI	Actual			1,000.00		1,050.11		2.86		1.05
	Hypothetical	c		1,000.00		1,022.00		2.83		1.05

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	The AllianceBernstein NVIT Global Fixed Income Fund commenced operations on March 25, 2009. Expenses shown here reflect only 97 days of activity.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary AllianceBernstein NVIT Global Fixed Income Fund

June 30, 2009 (Unaudited)

Asset Allocation
Sovereign Bonds	53	.9%
Corporate Bonds	27	.9%
U.S. Government Sponsored & Agency Obligations 8.2%
Commercial Mortgage Backed Securities	5	.4%
Yankee Dollars	2	.1%
Repurchase Agreements	0	.7%
Other assets in excess of liabilities	1	.8%
	100	.0%

Top Countries
United States	34	.4%
Canada	8	.3%
United Kingdom	7	.2%
Germany	6	.8%
Luxembourg	6	.3%
Japan	6	.3%
France	5	.8%
Netherlands	5	.6%
Austria	3	.4%
Norway	2	.9%
Other Countries*	13	.0%
	100	.0%

Top Industries
Banks	8	.4%
Diversified Financial Services	2	.0%
Oil & Gas	1	.8%
Telecommunications	1	.5%
Media	1	.3%
Insurance	1	.2%
Food	1	.1%
Pharmaceuticals	1	.1%
Chemicals	1	.0%
Electric	1	.0%
Other Industries*	79	.6%
	100	.0%

Top Holdings*
Netherlands Government Bond, 3.75%, 07/15/14 4.3%
France Government OAT, 4.25%, 04/25/19	4	.3%
Bundesrepublik Deutschland, 6.25%, 01/04/30	4	.2%
European Investment Bank, 1.40%, 06/20/17	4	.2%
Canada Housing Trust No. 1, 3.55%, 09/15/10	4	.0%
Development Bank of Japan, 1.60%, 06/20/14	3	.9%
United Kingdom Gilt, 5.00%, 03/07/18	3	.6%
Austria Government Bond, 4.00%, 09/15/16	3	.4%
U.S. Treasury Notes, 2.75%, 02/15/19	3	.0%
Norwegian Treasury Bill, 1.40%, 09/16/09	2	.9%
Other Holdings*	62	.2%
	100	.0%

* For purposes of listing top holdings, top industries and top countries, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

AllianceBernstein NVIT Global Fixed Income Fund

Commercial Mortgage Backed Securities 5.4%
		Principal Amount		Market Value
UNITED STATES 5.4%
Banc of America Commercial Mortgage, Inc., Series 2006-5, Class A4, 5.41%, 09/10/47	$	155,000	$	123,589
Commercial Mortgage Pass Through Certificates, Series 2007-C9, Class A4, 6.01%, 12/10/49 (a)		138,238		109,866
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2005-CB11, Class A4, 5.34%, 08/12/37		155,000		137,966
Series 2005-LDP5, Class A4, 5.34%, 12/15/44 (a)		130,000		109,901
Series 2006-CB16, Class A4, 5.55%, 05/12/45		200,000		160,723
LB-UBS Commercial Mortgage Trust
Series 2006, Class A4, 5.16%, 02/15/31		125,000		104,100
Series 2007-C1, Class A4, 5.42%, 02/15/40		180,000		130,838
Merrill Lynch Mortgage Trust, Series 2007-C1, Class A4, 6.02%, 06/12/50(a)		125,000		89,688
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A4, 5.41%, 07/12/46		155,000		116,690
Morgan Stanley Capital I
Series 2005-HQ5, Class A4, 5.17%, 01/14/42		160,000		144,240
Series 2007-T27, Class A4, 5.80%, 06/11/42(a)		125,000		104,883
Series 2005-HQ6, Class A4A, 4.99%, 08/13/42		160,000		136,693
Total Commercial Mortgage Backed Securities (cost $1,388,637)				1,469,177
Corporate Bonds 27.9%
AUSTRALIA 0.3%
Banks 0.3%
Australia & New Zealand Banking Group Ltd., 5.25%, 05/20/13		63,000		92,999
BERMUDA 0.1%
Miscellaneous Manufacturing 0.1%
Ingersoll-Rand Global Holding Co. Ltd., 9.50%, 04/15/14		25,000		27,377
CANADA 0.5%
Banks 0.4%
Royal Bank of Canada, 4.63%, 01/22/18		75,000		103,350
Oil & Gas 0.1%
Canadian Natural Resources Ltd., 5.15%, 02/01/13		40,000		40,705
				144,055
CAYMAN ISLANDS 0.2%
Mining 0.2%
Vale Overseas Ltd., 6.88%, 11/21/36		60,000		56,970
FRANCE 0.7%
Banks 0.2% (a)
Dexia Credit Local, 4.30%, 11/29/49		100,000		50,497
Diversified Financial Services 0.2%
BNP Paribas Home Loan Covered Bonds SA, 4.75%, 05/28/13		50,000		73,224
Food 0.3%
Carrefour SA, 5.38%, 06/12/15		50,000		75,032
				198,753
GERMANY 0.2% (a)
Banks 0.2%
Commerzbank Capital Funding Trust I, 5.01%, 03/29/49		100,000		44,887
KAZAKHSTAN 0.3% (b)
Oil & Gas 0.3%
KazMunaiGaz Finance Sub BV, 9.13%, 07/02/18		100,000		89,250
LUXEMBOURG 0.5%
Steel & Iron 0.3% (b)
Steel Capital SA, 9.75%, 07/29/13		100,000		82,000
Telecommunications 0.2%
Telecom Italia Capital SA, 5.25%, 11/15/13		55,000		53,932
				135,932
NETHERLANDS 0.8%
Banks 0.4%
ABN Amro Bank NV, 4.31%, 03/29/49 (a)		55,000		31,631

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

AllianceBernstein NVIT Global Fixed Income Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Market Value
NETHERLANDS (continued)
Banks (continued)
Rabobank Nederland, 4.75%, 06/06/22	$	55,000	$	75,701
				107,332
Chemicals 0.4%
Bayer Capital Corp., 4.63%, 09/26/14		65,000		94,797
				202,129
POLAND 0.2%
Beverages 0.2%
Central European Distribution Corp., 8.00%, 07/25/12		40,000		47,411
SWEDEN 0.4%
Banks 0.4%
Nordea Hypotek AB, 4.25%, 02/06/14		75,000		107,148
SWITZERLAND 0.6%
Banks 0.6%
Credit Suisse, 6.13%, 08/05/13		55,000		82,678
UBS AG, 5.63%, 05/19/14		45,000		64,974
				147,652
UNITED KINGDOM 2.3%
Banks 2.1%
Abbey National Treasury Service, 4.25%, 04/12/21		100,000		125,888
Bank of Scotland PLC, 4.75%, 06/08/22		100,000		120,903
Barclays Bank PLC
5.45%, 09/12/12		135,000		140,752
4.75%, 03/29/49 (a)		70,000		44,676
HBOS Capital Funding LP, 4.94%, 05/29/49 (a)		120,000		55,547
Royal Bank of Scotland Group PLC (The), 4.13%, 11/14/11		50,000		85,415
				573,181
Commercial Banks 0.2% (a)
Royal Bank of Scotland Group PLC, 7.64%, 03/29/49		100,000		40,500
				613,681
UNITED STATES 20.8%
Agriculture 0.1%
Bunge Ltd. Finance Corp., 8.50%, 06/15/19		16,000		16,730
Banks 3.8%
Bank of America Corp., 4.90%, 05/01/13		275,000		267,859
Citigroup, Inc., 5.50%, 04/11/13		220,000		206,194
Deutsche Bank AG, 4.88%, 05/20/13		90,000		92,382
Goldman Sachs Group, Inc. (The), 7.50%, 02/15/19		125,000		133,847
JPMorgan Chase & Co., 6.75%, 02/01/11		125,000		130,683
Wells Fargo & Co., 4.38%, 01/31/13		200,000		201,722
				1,032,687
Basic Materials 0.4%
BHP Billiton Finance USA Ltd., 5.50%, 04/01/14		50,000		53,637
U.S. Steel Corp., 6.05%, 06/01/17		50,000		42,645
				96,282
Beverages 0.2%
PepsiCo, Inc., 7.90%, 11/01/18		50,000		60,830
Building Materials 0.4%
Owens Corning, Inc., 9.00%, 06/15/19		100,000		96,997
Chemicals 0.6%
Dow Chemical Co. (The)
7.60%, 05/15/14		37,000		38,110
8.55%, 05/15/19		28,000		28,050
PPG Industries, Inc., 6.65%, 03/15/18		80,000		85,051
				151,211
Computers 0.2%
Dell, Inc., 5.63%, 04/15/14		45,000		47,525
Diversified Financial Services 1.8%
American Express Co., 7.25%, 05/20/14		65,000		67,238
General Electric Capital Corp., 5.63%, 05/01/18		135,000		127,681
John Deere Capital Corp., 5.25%, 10/01/12		60,000		63,379
KBC Bank Funding Trust III, 9.86%, 11/29/49 (a)(b)		51,000		22,440
SLM Corp., 8.45%, 06/15/18		60,000		51,329
Textron Financial Corp.
5.13%, 02/03/11		11,000		10,095

6 Semiannual Report 2009

Corporate Bonds (continued)
		Principal Amount		Market Value
UNITED STATES (continued)
Diversified Financial Services (continued)
5.40%, 04/28/13	$	11,000	$	9,006
TransCapitalInvest Ltd. for OJSC AK Transneft, 7.70%, 08/07/13(b)		135,000		129,938
				481,106
Electric 1.0%
Ameren Corp., 8.88%, 05/15/14		54,000		55,735
DTE Energy Co., 7.63%, 05/15/14		28,000		29,223
Oncor Electric Delivery Co., 5.95%, 09/01/13(b)		90,000		93,649
RRI Energy, Inc., 7.63%, 06/15/14		65,000		59,475
Southern Co. (The), 4.15%, 05/15/14		39,000		39,155
				277,237
Food 0.8%
Kraft Foods, Inc., 6.13%, 08/23/18		75,000		77,670
Sara Lee Corp., 6.25%, 09/15/11		75,000		79,269
SUPERVALU, Inc., 8.00%, 05/01/16		50,000		48,500
				205,439
Forest Products & Paper 0.5%
International Paper Co., 7.95%, 06/15/18		50,000		48,237
Weyerhaeuser Co., 7.38%, 03/15/32		100,000		79,816
				128,053
Gas 0.3%
Sempra Energy, 6.50%, 06/01/16		75,000		78,288
Health Care Equipment & Supplies 0.2%
Baxter International, Inc., 5.38%, 06/01/18		60,000		62,827
Health Care Providers & Services 0.3%
McKesson Corp., 5.25%, 03/01/13		90,000		91,558
Healthcare-Products 0.1%
Bausch & Lomb, Inc., 9.88%, 11/01/15		40,000		38,200
Healthcare-Services 0.0% (b)
HCA, Inc., 8.50%, 04/15/19		10,000		9,800
Home Furnishings 0.0%
Whirlpool Corp., 8.60%, 05/01/14		5,000		5,225
Information Technology Services 0.8%
Electronic Data Systems Corp., 6.00%, 08/01/13		70,000		76,416
Western Union Co. (The), 5.93%, 10/01/16		150,000		151,440
				227,856
Insurance 1.2%
Hartford Financial Services Group, Inc., 6.30%, 03/15/18		40,000		32,527
ING Capital Funding Trust III, 8.44%, 12/29/49 (a)		40,000		25,200
Lincoln National Corp., 8.75%, 07/01/19		19,000		19,161
Massachusetts Mutual Life Insurance Co., 8.88%, 06/01/39 (b)		45,000		47,785
Metropolitan Life Global Funding I, 5.13%, 06/10/14 (b)		100,000		99,222
Principal Financial Group, Inc., 7.88%, 05/15/14		50,000		52,675
Prudential Financial, Inc.
5.15%, 01/15/13		46,000		44,640
6.20%, 01/15/15		10,000		9,776
7.38%, 06/15/19		5,000		4,909
				335,895
Manufacturing 0.1%
Parker Hannifin Corp., 5.50%, 05/15/18		37,000		37,837
Media 1.3%
CBS Corp., 8.20%, 05/15/14		65,000		66,655
Comcast Corp., 5.90%, 03/15/16		40,000		41,377
Time Warner Cable, Inc., 7.50%, 04/01/14		125,000		137,699
Univision Communications, Inc., 12.00%, 07/01/14 (b)		7,000		6,877
Walt Disney Co. (The), 5.50%, 03/15/19		100,000		104,814
				357,422
Mining 0.8%
Alcoa, Inc., 6.75%, 07/15/18		30,000		26,615
Freeport-McMoRan Copper & Gold, Inc., 8.38%, 04/01/17		75,000		75,563

2009 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

AllianceBernstein NVIT Global Fixed Income Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Market Value
UNITED STATES (continued)
Mining (continued)
Rio Tinto Finance USA Ltd., 5.88%, 07/15/13	$	100,000	$	100,627
				202,805
Office/Business Equipment 0.1%
Xerox Corp., 8.25%, 05/15/14		30,000		31,196
Oil & Gas 1.4%
ConocoPhillips, 6.00%, 01/15/20		80,000		85,656
Devon Financing Corp. ULC, 6.88%, 09/30/11		50,000		54,304
Gaz Capital SA, 6.21%, 11/22/16 (b)		130,000		108,550
Noble Energy, Inc., 8.25%, 03/01/19		75,000		85,331
Valero Energy Corp., 6.88%, 04/15/12		50,000		53,171
				387,012
Oil & Gas Services 0.2%
Weatherford International Ltd., 5.15%, 03/15/13		40,000		39,895
Other Financial 0.3%
Nisource Finance Corp., 6.80%, 01/15/19		75,000		70,282
Textron Financial Corp., 4.60%, 05/03/10		6,000		5,730
				76,012
Personal Products 0.2%
Avon Products, Inc., 5.63%, 03/01/14		62,000		65,534
Pharmaceuticals 1.1%
Express Scripts, Inc., 5.25%, 06/15/12		75,000		77,487
GlaxoSmithKline Capital, Inc., 4.38%, 04/15/14		60,000		61,464
Pfizer, Inc.
5.35%, 03/15/15		70,000		75,222
5.00%, 05/26/16		50,000		69,841
				284,014
Pipelines 0.1%
Williams Cos., Inc. (The), 7.88%, 09/01/21		29,000		28,565
Retail 0.5%
Macy’s Retail Holdings, Inc., 5.35%, 03/15/12		95,000		86,470
Wal-Mart Stores, Inc., 4.25%, 04/15/13		50,000		51,951
				138,421
Software 0.5%
Oracle Corp., 5.75%, 04/15/18		120,000		126,581
Telecommunications 1.3%
AT&T, Inc., 5.60%, 05/15/18		150,000		150,810
Cisco Systems, Inc., 5.25%, 02/22/11		45,000		47,450
Cricket Communications, Inc., 7.75%, 05/15/16 (b)		15,000		14,438
Embarq Corp., 7.08%, 06/01/16		70,000		68,361
Verizon Communications, Inc., 5.25%, 04/15/13		75,000		78,711
				359,770
Transportation 0.2%
Canadian National Railway Co., 5.55%, 03/01/19		60,000		62,168
				5,640,978
Total Corporate Bonds (cost $7,099,711)				7,549,222
U.S. Government Sponsored & Agency Obligations 8.2%
UNITED STATES 8.2%
Bank of America Corp., 3.13%, 06/15/12		120,000		123,762
Federal Home Loan Mortgage Corp., 4.75%, 01/19/16		504,000		540,596
JPMorgan Chase & Co., 2.20%, 06/15/12		125,000		125,632
Morgan Stanley, 1.95%, 06/20/12		125,000		124,745
U.S. Treasury Notes, 2.75%, 02/15/19		865,000		810,124
United States Treasury Notes, 3.88%, 05/15/18		480,000		494,588
Total U.S. Government Sponsored & Agency Obligations (cost $2,236,976)				2,219,447
Sovereign Bonds 53.9%
		Principal Amount		Market Value
AUSTRALIA 1.9%
Australia Government Bond, 5.75%, 04/15/12		635,000		527,241

8 Semiannual Report 2009

Sovereign Bonds (continued)
		Principal Amount		Market Value
AUSTRIA 3.4% (b)
Austria Government Bond, 4.00%, 09/15/16	$	650,000	$	927,529
BELGIUM 1.2%
Belgium Government Bond, 4.25%, 09/28/13		225,000		335,176
BRAZIL 1.0%
Brazilian Government International Bond
12.50%, 01/05/16		250,000		140,363
10.25%, 01/10/28		250,000		125,689
				266,052
CANADA 7.2%
Canada Housing Trust No. 1, 3.55%, 09/15/10 (b)		1,230,000		1,093,261
Canadian Government Bond, 4.00%, 06/01/16		220,000		202,107
Province of British Columbia, Canada, 4.25%, 06/18/14		125,000		113,487
Province of Ontario, Canada, 4.75%, 06/02/13		232,000		213,855
Province of Quebec, Canada, 5.25%, 10/01/13		349,000		327,809
				1,950,519
FRANCE 5.1%
Compagnie de Financement Foncier
4.38%, 11/19/14		100,000		143,332
3.75%, 01/24/17		34,000		45,872
4.63%, 09/23/17		19,000		26,898
France Government OAT, 4.25%, 04/25/19		790,000		1,154,188
				1,370,290
GERMANY 6.6%
Bundesrepublik Deutschland
3.75%, 07/04/13		440,000		650,468
6.25%, 01/04/30		645,000		1,132,846
				1,783,314
HUNGARY 0.8%
Hungarian Government, 6.75%, 02/24/17		51,290,000		219,805
JAPAN 6.3%
Development Bank of Japan, 1.60%, 06/20/14		100,000,000		1,056,665
Japan Finance Corp. for Municipal Enterprises, 2.00%, 05/09/16		60,000,000		648,043
				1,704,708
LUXEMBOURG 5.3%
European Investment Bank, 1.40%, 06/20/17		110,600,000		1,131,636
RSHB Capital SA for OJSC Russian Agricultural Bank, 7.75%, 05/29/18(b)		338,000		304,200
				1,435,836
NETHERLANDS 4.3%
Netherlands Government Bond, 3.75%, 07/15/14		795,000		1,162,062
NEW ZEALAND 1.0% (c)
New Zealand Treasury Bill, 2.44%, 09/09/09		420,000		269,523
NORWAY 2.9% (c)
Norwegian Treasury Bill, 1.40%, 09/16/09		5,034,000		780,643
PERU 0.5%
Republic of Peru, 7.13%, 03/30/19		125,000		133,438
SWEDEN 1.9%
Sweden Government Bond, 4.50%, 08/12/15		3,615,000		507,684
Swedish Government, 6.75%, 05/05/14		75,000		11,515
				519,199
UNITED KINGDOM 4.5%
United Kingdom Gilt
5.25%, 06/07/12		135,000		239,167
5.00%, 03/07/18		525,000		971,816
				1,210,983
Total Sovereign Bonds (cost $14,098,530)				14,596,318
Yankee Dollars 2.1%
AUSTRALIA 0.0% (a) (b)
Banks 0.0%
National Capital Trust II, 5.49%, 12/29/49		18,000		11,880
CANADA 0.6%
Husky Energy, Inc., 7.25%, 12/15/19		85,000		92,868
Teck Resources Ltd., 9.75%, 05/15/14 (b)		45,000		46,575
TELUS Corp., 4.95%, 05/15/14		30,000		26,459
				165,902

2009 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

AllianceBernstein NVIT Global Fixed Income Fund (Continued)

Yankee Dollars (continued)
		Principal Amount		Market Value
LUXEMBOURG 0.5%
ArcelorMittal, 9.00%, 02/15/15	$	75,000	$	79,081
Tyco International Group SA, 8.50%, 01/15/19		50,000		55,439
				134,520
NETHERLANDS 0.5% (a)
ING Groep NV, 5.78%, 12/29/49		95,000		55,575
Rabobank Nederland NV, 11.00%, 12/29/49 (b)		80,000		89,000
				144,575
SPAIN 0.1% (a)
BBVA International Preferred SA Unipersonal, 5.92%, 04/18/17		30,000		17,700
UNITED KINGDOM 0.4%
WPP Finance UK, 8.00%, 09/15/14		100,000		101,553
Total Yankee Dollars (cost $525,330)				576,130
Repurchase Agreements 0.7%
		Principal Amount		Market Value
UNITED STATES 0.7%
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $130,358, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $132,965		130,358		130,358
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $63,819, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $65,095		63,819		63,819
Total Repurchase Agreements (cost $194,177)				194,177
Total Investments (cost $25,543,361) (d) — 98.2%				26,604,471
Other assets in excess of liabilities — 1.8%				497,252
NET ASSETS — 100.0%			$	27,101,723

(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2009. The maturity date represents the actual maturity date.
(b)	Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at June 30, 2009 was $3,176,394 which represents 11.72% of net assets.
(c)	Rate represents the effective yield at purchase.
(d)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

AG	Stock Corporation
LP	Limited Partnership
Ltd	Limited
NV	Public Traded Company
PLC	Public Limited Company
SA	Stock Company
UK	United Kingdom
ULC	Unlimited Liability Company

10 Semiannual Report 2009

At June 30, 2009, the Fund’s open forward foreign currency contracts against the United States Dollar were as follows (Note 2):

		Currency									Unrealized
	Delivery	Received/			Contract			Market			Appreciation/
Currency	Date	(Delivered)			Value			Value			(Depreciation)
Short Contracts:
Australian Dollar	8/10/09		(152,568	)	$	(121,494	)	$	(122,514	)	$	(1,020	)
Australian Dollar	8/10/09		(178,306	)		(141,582	)		(143,182	)		(1,600	)
Canadian Dollar	8/21/09		(1,914,320	)		(1,695,153	)		(1,646,720	)		48,433
Canadian Dollar	8/21/09		(15,719	)		(13,950	)		(13,522	)		428
Euro	7/8/09		(360,389	)		(488,730	)		(505,518	)		(16,788	)
Euro	7/8/09		(45,055	)		(61,212	)		(63,199	)		(1,987	)
Euro	7/8/09		(25,000	)		(34,843	)		(35,068	)		(225	)
Euro	7/8/09		(37,769	)		(52,651	)		(52,979	)		(328	)
Euro	7/8/09		(29,738	)		(41,980	)		(41,714	)		266
Euro	7/8/09		(49,791	)		(70,592	)		(69,841	)		751
Euro	7/8/09		(199,671	)		(281,021	)		(280,079	)		942
Euro	7/8/09		(94,265	)		(131,792	)		(132,226	)		(434	)
Euro	7/8/09		(110,767	)		(153,626	)		(155,373	)		(1,747	)
Euro	7/8/09		(52,639	)		(73,236	)		(73,837	)		(601	)
Euro	7/8/09		(31,235	)		(43,547	)		(43,813	)		(266	)
Euro	7/8/09		(52,183	)		(73,511	)		(73,197	)		314
Euro	7/8/09		(480,771	)		(677,123	)		(674,378	)		2,745
Euro	7/16/09		(51,310	)		(71,783	)		(71,973	)		(190	)
Euro	7/16/09		(58,868	)		(82,184	)		(82,574	)		(390	)
Hungarian Forint	7/13/09		(34,027,840	)		(163,745	)		(175,171	)		(11,426	)
Japanese Yen	7/15/09		(3,795,942	)		(40,075	)		(39,417	)		658
Japanese Yen	7/15/09		(4,233,992	)		(43,828	)		(43,966	)		(138	)
Japanese Yen	7/15/09		(6,135,797	)		(63,464	)		(63,714	)		(250	)
Japanese Yen	7/15/09		(3,903,668	)		(39,665	)		(40,536	)		(871	)
Japanese Yen	7/15/09		(5,826,436	)		(60,826	)		(60,502	)		324
Japanese Yen	7/15/09		(5,340,989	)		(56,076	)		(55,461	)		615
Japanese Yen	7/15/09		(3,973,529	)		(41,376	)		(41,261	)		115
New Zealand Dollar	7/21/09		(208,741	)		(128,469	)		(134,461	)		(5,992	)
New Zealand Dollar	7/21/09		(208,920	)		(133,899	)		(134,576	)		(677	)
Swedish Krona	7/28/09		(3,176,586	)		(420,234	)		(411,965	)		8,269
Swiss Franc	7/27/09		(559,891	)		(503,173	)		(515,603	)		(12,430	)
Swiss Franc	7/27/09		(290,970	)		(266,220	)		(267,954	)		(1,734	)
Total Short Contracts					$	(6,271,060	)	$	(6,266,294	)	$	4,766
Long Contracts:
Australian Dollar	8/10/09		529,082		$	158,175		$	155,762		$	(2,413	)
Australian Dollar	8/10/09		193,972			129,012			132,428			3,416
Australian Dollar	8/10/09		164,914			135,612			136,670			1,058
British Pound	8/25/09		60,356			98,810			99,278			468
British Pound	8/25/09		6,330			10,389			10,412			23
Canadian Dollar	8/21/09		21,863			18,955			18,807			(148	)
Danish Krone	7/24/09		550,820			101,205			103,741			2,536
Euro	7/8/09		68,902			91,354			96,649			5,295
Euro	7/8/09		1,734,592			2,320,225			2,433,116			112,891
Euro	7/8/09		77,961			106,572			109,355			2,783
Euro	7/8/09		35,245			47,903			49,438			1,535
Euro	7/8/09		94,266			127,988			132,227			4,239
Euro	7/8/09		95,872			137,322			134,480			(2,842	)
Euro	7/8/09		47,904			67,950			67,195			(755	)
Euro	7/8/09		22,549			31,314			31,629			315
Euro	7/8/09		52,415			72,705			73,523			818
Euro	7/8/09		76,216			107,269			106,908			(361	)
Euro	7/16/09		47,940			66,773			67,246			473
Euro	7/16/09		89,854			124,793			126,038			1,245
Euro	7/16/09		46,986			64,683			65,907			1,224
Hungarian Forint	7/13/09		10,945,399			52,989			56,345			3,356
Hungarian Forint	7/13/09		11,257,525			54,708			57,952			3,244
Japanese Yen	7/15/09		131,782,502			1,361,389			1,368,429			7,040
Japanese Yen	7/15/09		41,639,726			435,516			432,387			(3,129	)
Japanese Yen	7/15/09		1,000,000			10,404			10,384			(20	)
Japanese Yen	7/15/09		9,718,227			103,154			100,914			(2,240	)
Japanese Yen	7/15/09		5,760,760			60,576			59,820			(756	)
Japanese Yen	7/15/09		8,958,653			91,372			93,027			1,655
Japanese Yen	7/15/09		4,040,741			41,457			41,959			502
Japanese Yen	7/15/09		6,529,665			67,952			67,804			(148	)
Japanese Yen	7/15/09		9,112,721			95,774			94,627			(1,147	)
Japanese Yen	7/15/09		1,574,199			16,321			16,346			25
Korean Won	7/22/09		273,201,750			202,672			215,923			13,251
Mexican Peso	8/27/09		858,249			63,499			64,633			1,134
New Zealand Dollar	7/21/09		21,993			12,796			14,167			1,371
New Zealand Dollar	7/21/09		205,810			126,691			132,573			5,882
New Zealand Dollar	7/21/09		207,445			133,557			133,626			69
Norwegian Krone	8/6/09		125,995			20,248			19,584			(664	)
Norwegian Krone	8/6/09		263,396			40,964			40,940			(24	)
Polish Zloty	8/26/09		226,702			69,705			71,200			1,495
Singapore Dollar	7/20/09		64,237			43,800			44,354			554
South African Rand	8/26/09		378,202			46,122			48,541			2,419
Taiwan Dollar	7/22/09		3,293,355			97,120			100,966			3,846
Total Long Contracts					$	7,267,795		$	7,437,310		$	169,515

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	AllianceBernstein
	NVIT Global Fixed
	Income Fund
Assets:
Investments, at value (cost $25,349,184)	$	26,410,294
Repurchase agreements, at value and cost		194,177
Total Investments		26,604,471
Foreign currencies, at value (cost $16,767)		16,636
Interest and dividends receivable		388,957
Receivable for capital shares issued		44,732
Receivable for investments sold		1,452,035
Unrealized appreciation on forward foreign currency contracts (Note 2)		248,022
Prepaid expenses and other assets		4,388
Total Assets		28,759,241
Liabilities:
Payable for investments purchased		1,535,464
Unrealized depreciation on forward foreign currency contracts (Note 2)		73,741
Interest payable		25,899
Accrued expenses and other payables:
Investment advisory fees		3,734
Fund administration fees		1,029
Distribution fees		3
Administrative services fees		17,058
Custodian fees		296
Trustee fees		11
Compliance program costs (Note 3)		66
Printing fees		217
Total Liabilities		1,657,518
Net Assets	$	27,101,723
Represented by:
Capital	$	25,851,213
Accumulated undistributed net investment income		104,346
Accumulated net realized losses from investment transactions and foreign currency transactions		(94,358	)
Net unrealized appreciation/(depreciation) from investments		1,061,110
Net unrealized appreciation/(depreciation) from forward foreign currency contracts (Note 2)		174,281
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		5,131
Net Assets	$	27,101,723
Net Assets:
Class III Shares	$	27,081,237
Class VI Shares		20,486
Total	$	27,101,723
Shares Outstanding (unlimited number of shares authorized):
Class III Shares		2,580,231
Class VI Shares		1,953
Total		2,582,184
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class III Shares	$	10.50
Class VI Shares	$	10.49

The accompanying notes are an integral part of these financial statements.

12 Semiannual Report 2009

Statement of Operations

For the Six Months Ended June 30, 2009 (Unaudited)

	AllianceBernstein
	NVIT Global Fixed
	Income Fund (a)
INVESTMENT INCOME:
Interest income	$	263,308
Foreign tax withholding		(2,439	)
Total Income		260,869
EXPENSES:
Investment advisory fees		37,527
Fund administration fees		3,271
Distribution fees Class VI Shares		8
Administrative services fees Class III Shares		17,050
Administrative services fees Class VI Shares		8
Custodian fees		604
Trustee fees		161
Compliance program costs (Note 3)		66
Professional fees		1,757
Printing fees		1,343
Other		3,133
Total expenses before earnings credit and expenses reimbursed		64,928
Earnings credit (Note 5)		(15	)
Expenses reimbursed by adviser		(8,272	)
Net Expenses		56,641
NET INVESTMENT INCOME		204,228
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		65,223
Net realized losses from foreign currency transactions (Note 2)		(159,581	)
Net realized losses from investment transactions and foreign currency transactions		(94,358	)
Net change in unrealized appreciation/(depreciation) from investments		1,061,110
Net change in unrealized appreciation/(depreciation) from forward foreign currency contracts (Note 2)		174,281
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		5,131
Net change in unrealized appreciation/(depreciation) from investments, foreign currency translations and foreign currency transactions		1,240,522
Net realized/unrealized gains from investments, foreign currency translations and foreign currency transactions		1,146,164
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,350,392

(a) For the period from March 25, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 13

Statement of Changes in Net Assets

	AllianceBernstein
	NVIT Global Fixed Income Fund
	Period Ended
	June 30, 2009 (a)
	(Unaudited)
Operations:
Net investment income	$	204,228
Net realized losses from investment and foreign currency		(94,358	)
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		1,240,522
Change in net assets resulting from operations		1,350,392
Distributions to Shareholders From:
Net investment income:
Class III		(99,807	)
Class VI		(75	)
Change in net assets from shareholder distributions		(99,882	)
Change in net assets from capital transactions		25,851,213
Change in net assets		27,101,723
Net Assets:
Beginning of period		–
End of period	$	27,101,723
Accumulated undistributed net investment income at end of period	$	104,346
CAPITAL TRANSACTIONS:
Class III Shares
Proceeds from shares issued	$	25,777,151
Dividends reinvested		99,807
Cost of shares redeemed (b)		(45,612	)
Total Class III		25,831,346
Class VI Shares
Proceeds from shares issued		19,792
Dividends reinvested		75
Cost of shares redeemed		–
Total Class VI		19,867
Change in net assets from capital transactions	$	25,851,213
SHARE TRANSACTIONS:
Class III Shares
Issued		2,575,009
Reinvested		9,606
Redeemed		(4,384	)
Total Class III Shares		2,580,231
Class VI Shares
Issued		1,946
Reinvested		7
Redeemed		–
Total Class VI Shares		1,953
Total change in shares		2,582,184

Amounts designated as “–” are zero or have been rounded to zero.

(a)	For the period from March 25, 2009 (commencement of operations) through June 30, 2009.
(b)	Includes redemption fees — see Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

14 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

AllianceBernstein NVIT Global Fixed Income Fund

				Operations									Distributions														Ratios / Supplemental Data
							Net Realized																												Ratio of
							and																									Ratio of Net			Expenses
	Net Asset						Unrealized																						Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			from			from			Investment			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Distributions			Fees		of Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class III Shares
Period Ended June 30, 2009 (Unaudited) (e)	$	10	.00		0	.08		0	.46		0	.54		(0	.04)		(0	.04)		–	$	10	.50		5	.40%	$	27,081,237		0	.83%		2	.99%		0	.95%		43	.31%
Class VI Shares
Period Ended June 30, 2009 (Unaudited) (e)	$	10	.00		0	.05		0	.48		0	.53		(0	.04)		(0	.04)		–	$	10	.49		5	.29%	$	20,486		1	.05%		2	.79%		1	.20%		43	.31%

Amounts designated as “–” are zero or have been rounded to zero.

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from March 25, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 15

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the AllianceBernstein NVIT Global Fixed Income Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the

16 Semiannual Report 2009

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Commercial Mortgage Backed Securities	$	—	$	1,469,177	$	—	$	1,469,177
Corporate Bonds		—		7,549,222		—		7,549,222
U.S. Government Sponsored & Agency Obligations		—		2,219,447		—		2,219,447
Sovereign Bonds		269,523		14,326,795		—		14,596,318
Yankee Dollars		—		576,130		—		576,130
Repurchase Agreements		—		194,177		—		194,177
Foreign Currency Contracts		—		174,281		—		174,281
	$	269,523	$	26,509,229	$	—	$	26,778,752

Amounts designated as “—” are zero.

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(d)        Forward Foreign Currency Contracts

The Fund is subject to foreign currency exchange risk in the normal course of pursuing its objective. The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency or to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency. Forward foreign currency contracts are valued at the current cost of

18 Semiannual Report 2009

covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. A forward foreign currency contract is adjusted daily by the exchange rate of the underlying currency, and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement rate. When the Fund enters into a forward foreign currency contract, it is exposed to risks from unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contract may be unable to meet their obligations under the contracts.

Forward foreign currency contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Unrealized appreciation/(depreciation) on forward foreign currency contracts,” and in the Statement of Operations under “Net realized gains/(losses) from foreign currency transactions” and “Net change in unrealized appreciation/(depreciation) from foreign currency contracts.”

Fair Values of Derivative Instruments as of June 30, 2009

	Asset Derivatives			Liability Derivatives
Derivatives not accounted for as	Statement of Assets and			Statement of Assets and
hedging instruments	Liabilities Location	Fair Value		Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	248,022	Unrealized depreciation on forward foreign currency contracts	$	(73,741	)
Total		$	248,022		$	(73,741	)

The Effect of Derivative Instruments on the Statement of Operations
For the Period Ended June 30, 2009

Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations

	Forward Foreign
Derivatives not accounted for as hedging instruments under FAS 133	Currency Contracts
Foreign exchange contracts	$	(412,151	)
Total	$	(412,151	)

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations

	Forward Foreign
Derivatives not accounted for as hedging instruments under FAS 133	Currency Contracts
Foreign exchange contracts	$	174,281
Total	$	174,281

Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the period ending June 30, 2009.

The fund values its derivatives at fair value, as described above and in Note 2, and recognizes changes in fair value currently in its results of operations. Accordingly, the fund does not follow hedge accounting as prescribed by FAS 133, even for derivatives employed as economic hedges.

(e)        Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the contract amount. Subsequent payments, known as “variation margin” payments, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets.

(f)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(g)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(h)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of

20 Semiannual Report 2009

good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund, JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

(i)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(j)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund will file U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(k)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares

2009 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. AllianceBernstein L.P. (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule		Total Fees
	All Assets		0.55%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $13,921 for the period ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.58% for all share classes until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Period Ended
June 30, 2009
Amount
$	8,272

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated

22 Semiannual Report 2009

proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II and Class VI shares of the Fund. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II and Class VI shares of the Fund. NFD is a majority-owned subsidiary of NFSDI. The Trust and NFD have entered into a written contract waiving 0.04% of these fees for Class II and Class VI shares of the Fund until at least May 1, 2010.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II, Class III, and Class VI shares of the Fund.

For the period ended June 30, 2009, NFS received $0 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the period ended June 30, 2009, the Fund’s portion of such costs was $66.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III and Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III and Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III and Class VI shares on behalf

2009 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III and Class VI shares that were held on behalf of the contract owner the longest will be redeemed first.

For the period ended June 30, 2009, the Fund had contributions to capital due to redemption fees in the amount of $225 from Class III.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the period ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the period ended June 30, 2009, the Fund had purchases of $11,093,432 and sales of $10,663,245 (excluding short-term securities).

For the period ended June 30, 2009, the Fund had purchases of $4,997,260 and sales of $3,670,831 of U.S. Government Securities.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things,

24 Semiannual Report 2009

perceived credit risk. The Fund’s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for the Fund were as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	25,549,675	$	1,138,822	$	(84,026	)	$	1,054,796

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (iii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 25

Supplemental Information

(Unaudited)

A. Approval of Investment Advisory Agreement

The Board of Trustees (the “Board”) met in person on September 18, 2008 to consider, among other things, the creation of the AllianceBernstein NVIT Global Fixed Income Fund (the “Fund”), and to consider whether to approve an investment advisory agreement (the “Advisory Agreement”) between Nationwide Fund Advisors (“NFA” or the “Adviser”) and Nationwide Variable Insurance Products Trust (the “Trust”) on behalf of the Fund.

The Trustees who were not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust or any party to the Advisory Agreement (the “Independent Trustees”) received assistance and advice from independent legal counsel regarding their legal duties and responsibilities in considering the Advisory Agreement. The Trustees reviewed, considered and discussed information regarding: (i) the nature, extent and quality of the services provided by the Advisor under the Advisory Agreement, (ii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iii) the extent to which economies of scale may be present and, if so, whether they would be shared with the Fund’s shareholders, (iv) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds, and (v) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust.

The Board also considered the Fund’s proposed Lipper Inc. (“Lipper”) category and benchmark. Because the Fund is new, the Board could not consider comparative information regarding Fund performance or the level of profitability (or lack thereof) that NFA would receive for investment management services provided to the Fund. The Board considered that the Fund would be offered to holders of variable annuity and variable life insurance contracts offered by Nationwide Life Insurance Company. The Board considered that the Fund’s investment objective would be to seek a high level of current income consistent with preserving capital by investing primarily in U.S. and foreign fixed income securities and, under normal circumstances, would invest at least 80% of the value of its net assets in investment grade fixed income securities. The Board reviewed the Fund’s advisory fee, including the proposed sub-advisory fee, other expenses, and the proposed expense reimbursement. The Board compared the proposed advisory fee and total expense ratio to the Fund’s Lipper peer group, noting that the proposed advisory fee was well below the median advisory fee for the Fund’s Lipper peer group. The Board noted that NFA had proposed AllianceBernstein L.P. (“AllianceBernstein”) to sub-advise the Fund. The Board concluded that the advisory fees and expense ratios for the Fund were within an acceptable range as compared to peer groups, particularly in light of the fee waiver that would be put in place. The Trustees also noted that the fee waivers would achieve the same result as economies of scale. As part of their review, the Trustees considered benefits to NFA aside from investment advisory fees.

The Trustees considered the overall reputation and capabilities and commitment of NFA to provide high quality services to the Trust. Based on their review, the Trustees concluded that, with respect to the quality and nature of services to be provided by NFA, the scope of responsibilities was consistent with mutual fund industry norms, and that the quality of the services that NFA provided to existing series of the Trust was very satisfactory.

Based upon its evaluation of all the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be approved.

B. Approval of Investment Subadvisory Agreement

At a regular meeting of the Board on December 3, 2008, the Board, including the Independent Trustees, discussed and unanimously approved a subadvisory agreement (the “Subadvisory Agreement”) among the Trust, on behalf of the Fund, NFA and AllianceBernstein. The Board reviewed and considered materials provided by NFA and AllianceBernstein in advance of the meeting, and advice from the Trust’s legal counsel and the Independent Legal Counsel to the Independent Trustees. The material factors and conclusions that formed the basis for the approval are discussed below.

26 Semiannual Report 2009

The Board reviewed the nature, extent, and quality of the services that would be provided to the Fund by AllianceBernstein under the Subadvisory Agreement. The Trustees considered the overall reputation and the capabilities and commitment of AllianceBernstein to provide high quality service to the Fund. The Trustees considered AllianceBernstein’s investment strategy. The Trustees concluded that the nature, extent, and quality of AllianceBernstein’s services were appropriate and consistent with the terms of the Subadvisory Agreement and mutual fund industry norms.

The Board evaluated AllianceBernstein’s investment performance and reviewed comparative performance data provided by Lipper. The Board concluded that the historical investment performance record, in combination with various other factors, supported a decision to approve the Subadvisory Agreement.

The Board considered the Fund’s overall fee level and noted that AllianceBernstein’s fees are paid out of the advisory fee that NFA receives from the Fund. The Trustees noted that the Fund’s current advisory and subadvisory fee schedules did not include breakpoints. The Trustees considered whether economies of scale would likely be realized as the Fund grew and whether a reduction in the advisory fees paid by the Fund by means of a breakpoint would be appropriate. The Trustees concluded that the Fund did not warrant formal contractual breakpoints, and that the contractual expense limitations were a reasonable way to provide the benefits of economies of scale to shareholders at this time. The Trustees concluded that the subadvisory fees to be paid to AllianceBernstein were fair and reasonable.

The Board considered the factor of profitability to AllianceBernstein as a result of the subadvisory relationship with the Fund. In addition, the Board considered whether any “fall-out” or ancillary benefits would accrue to AllianceBernstein as a result of its relationship with the Fund. However, because the subadvisory relationship with AllianceBernstein was new with respect to the Fund, the Trustees determined that it was not possible to assess either factor at this time.

The Board reviewed the terms of the Subadvisory Agreement and noted that the terms are identical in all material respects as the terms of the subadvisory agreements that the Trust currently has in place with other unaffiliated sub-advisers. The Board concluded that the terms were fair and reasonable.

Based on this information, the Board, including all of the Independent Trustees, concluded that the nature, extent and quality of the subadvisory services to be provided by AllianceBernstein were appropriate for the Fund in light of its investment objectives. The totality of multiple factors taken together, instead of any single factor, informed the Board’s decision. The Board concluded that the approval of the Subadvisory Agreement was in the best interests of the Fund and its shareholders and unanimously approved the Subadvisory Agreement.

2009 Semiannual Report 27

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of march FIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

28 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
	with the Trust		Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 29

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios
	with the Trust		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

30 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios
	with the Trust		Fund Complex
Name and	and Length of	Principal Occupation(s)	Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 31

Oppenheimer NVIT Large Cap Growth Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
8	Statement of Assets and Liabilities
9	Statement of Operations
10	Statement of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements
21	Supplemental Information
25	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-LCG (8/09)

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Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder Oppenheimer NVIT Large Cap Growth Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
Oppenheimer NVIT Large Cap Growth Fundb			01/01/09		06/30/09		01/01/09 – 06/30/09a		01/01/09 – 06/30/09a
Class I	Actual			1,000.00		1,173.60		1.88		0.65
	Hypothetical	c		1,000.00		1,023.07		1.75		0.65
Class II	Actual			1,000.00		1,172.60		2.57		0.89
	Hypothetical	c		1,000.00		1,022.43		2.39		0.89

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	The Oppenheimer NVIT Large Cap Growth Fund commenced operations on March 25, 2009. Expenses shown here reflect only 97 days of activity.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary Oppenheimer NVIT Large Cap Growth Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	97	.3%
Repurchase Agreements	2	.4%
Other assets in excess of liabilities	0	.3%
	100	.0%

Top Industries
Communications Equipment	6	.6%
Oil, Gas & Consumable Fuels	5	.8%
Computers & Peripherals	5	.7%
Semiconductors & Semiconductor Equipment	5	.3%
Chemicals	5	.2%
Information Technology Services	5	.2%
Software	4	.5%
Internet Software & Services	4	.5%
Biotechnology	4	.3%
Capital Markets	4	.3%
Other Industries*	48	.6%
	100	.0%

Top Holdings*
Google, Inc., Class A	3	.7%
QUALCOMM, Inc.	3	.6%
Apple, Inc.	3	.3%
Monsanto Co.	2	.6%
Baxter International, Inc.	2	.1%
PepsiCo, Inc.	2	.0%
Nestle SA	2	.0%
Express Scripts, Inc.	1	.9%
Wal-Mart Stores, Inc.	1	.9%
Occidental Petroleum Corp.	1	.8%
Other Holdings*	75	.1%
	100	.0%

* For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

Oppenheimer NVIT Large Cap Growth Fund

Common Stocks 97.3%
	Shares		Market Value
Aerospace & Defense 3.4%
General Dynamics Corp.	420	$	23,264
Goodrich Corp.	280		13,992
Lockheed Martin Corp.	840		67,746
United Technologies Corp.	370		19,225
			124,227
Beverages 2.0%
PepsiCo, Inc.	1,370		75,295
Biotechnology 4.3%
Amgen, Inc.*	440		23,294
Celgene Corp.*	1,160		55,494
Gilead Sciences, Inc.*	1,290		60,423
Vertex Pharmaceuticals, Inc.*	540		19,246
			158,457
Capital Markets 4.3%
Charles Schwab Corp. (The)	2,040		35,782
Credit Suisse Group AG(a)	942		43,168
Goldman Sachs Group, Inc. (The)	310		45,706
Julius Baer Holding AG(a)	436		16,961
T. Rowe Price Group, Inc.	380		15,835
			157,452
Chemicals 5.2%
Ecolab, Inc.	210		8,188
Monsanto Co.	1,270		94,412
Potash Corp. of Saskatchewan, Inc.	360		33,498
Praxair, Inc.	800		56,856
			192,954
Commercial Banks 0.6%
Wells Fargo & Co.	980		23,775
Communications Equipment 6.6%
F5 Networks, Inc.*	510		17,641
Juniper Networks, Inc.*	1,140		26,904
QUALCOMM, Inc.	2,910		131,532
Research In Motion Ltd.*	940		66,787
			242,864
Computers & Peripherals 5.7%
Apple, Inc.*	850		121,065
Dell, Inc.*	680		9,336
Hewlett-Packard Co.	1,130		43,675
NetApp, Inc.*	1,850		36,482
			210,558
Construction & Engineering 0.5%
Quanta Services, Inc.*	870		20,123
Diversified Consumer Services 1.3%
Apollo Group, Inc., Class A*	690		49,073
Diversified Financial Services 3.6%
BM&F Bovespa SA	5,110		30,516
IntercontinentalExchange, Inc.*	550		62,832
MSCI, Inc., Class A*	1,680		41,059
			134,407
Electrical Equipment 1.5%(a)
ABB Ltd.	3,393		53,590
Energy Equipment & Services 2.9%
Cameron International Corp.*	880		24,904
Schlumberger Ltd.	960		51,945
Transocean Ltd.*	190		14,115
Weatherford International Ltd.*	810		15,844
			106,808
Food & Staples Retailing 1.9%
Wal-Mart Stores, Inc.	1,430		69,269
Food Products 2.6%(a)
Cadbury PLC	2,810		24,016
Nestle SA	1,940		73,269
			97,285
Health Care Equipment & Supplies 4.1%
Baxter International, Inc.	1,460		77,321
C.R. Bard, Inc.	260		19,357
DENTSPLY International, Inc.	1,100		33,572
Stryker Corp.	490		19,473
			149,723
Health Care Providers & Services 3.4%
Express Scripts, Inc.*	1,050		72,187
Henry Schein, Inc.*	600		28,770
Medco Health Solutions, Inc.*	580		26,454
			127,411
Hotels, Restaurants & Leisure 0.7%
McDonald’s Corp.	420		24,146
Household Products 1.1%
Colgate-Palmolive Co.	550		38,907
Information Technology Services 5.2%
Accenture Ltd., Class A	1,020		34,129
MasterCard, Inc., Class A	390		65,251
SAIC, Inc.*	1,430		26,527
Visa, Inc., Class A	1,040		64,750
			190,657
Internet Software & Services 4.5%
eBay, Inc.*	1,730		29,635
Google, Inc., Class A*	320		134,909
			164,544

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

Oppenheimer NVIT Large Cap Growth Fund (Continued)

Common Stocks (continued)
		Shares		Market Value
Life Sciences Tools & Services 2.3%
Illumina, Inc.*		860	$	33,488
Thermo Fisher Scientific, Inc.*		1,300		53,001
				86,489
Machinery 0.7%
Joy Global, Inc.		700		25,004
Media 2.2%
Cablevision Systems Corp., Class A		1,930		37,461
McGraw-Hill Cos., Inc. (The)		810		24,389
Walt Disney Co. (The)		860		20,064
				81,914
Oil, Gas & Consumable Fuels 5.8%
Apache Corp.		400		28,860
Occidental Petroleum Corp.		1,030		67,784
Range Resources Corp.		860		35,613
Southwestern Energy Co.*		530		20,591
XTO Energy, Inc.		1,650		62,931
				215,779
Pharmaceuticals 3.8%
Abbott Laboratories		620		29,165
Allergan, Inc.		720		34,258
Novo Nordisk AS, Class B(a)		340		18,521
Roche Holding AG(a)		268		36,524
Shire PLC(a)		1,680		23,184
				141,652
Real Estate Management & Development 0.4%
Jones Lang LaSalle, Inc.		490		16,038
Road & Rail 0.5%
Burlington Northern Santa Fe Corp.		250		18,385
Semiconductors & Semiconductor Equipment 5.3%
Applied Materials, Inc.		2,330		25,560
Broadcom Corp., Class A*		1,960		48,588
MEMC Electronic Materials, Inc.*		1,220		21,728
NVIDIA Corp.*		4,760		53,741
Texas Instruments, Inc.		2,130		45,369
				194,986
Software 4.5%
Adobe Systems, Inc.*		1,550		43,865
Microsoft Corp.		2,200		52,294
Nintendo Co. Ltd.(a)		100		27,680
Oracle Corp.		1,150		24,633
Salesforce.com, Inc.*		500		19,085
				167,557
Specialty Retail 1.1%
Bed Bath & Beyond, Inc.*		360		11,070
Staples, Inc.		1,490		30,053
				41,123
Textiles, Apparel & Luxury Goods 2.2%
Coach, Inc.		1,660		44,621
Nike, Inc., Class B		360		18,641
Polo Ralph Lauren Corp.		360		19,274
				82,536
Tobacco 1.0%
Philip Morris International, Inc.		820		35,768
Wireless Telecommunication Services 2.1%
Crown Castle International Corp.*		2,010		48,280
NII Holdings, Inc.*		1,610		30,703
				78,983
Total Common Stocks (cost $3,128,680)				3,597,739
Repurchase Agreements 2.4%
		Principal Amount		Market Value
CS First Boston, 0.09%, dated 06/30/09, due 07/01/09, repurchase price $59,559, collateralized by U.S. Government Agency Mortgage ranging from 4.50% – 5.00%, maturing 02/15/39 – 06/20/39; total market value of $60,750	$	59,559	$	59,559
UBS Securities, 0.05%, dated 06/30/09, due 07/01/09, repurchase price $29,157, collateralized by U.S. Government Agency Securities 0.00%, maturing 07/01/09 – 12/01/09; total market value of $29,740		29,157		29,157
Total Repurchase Agreements (cost $88,716)				88,716
Total Investments (cost $3,217,396) (b) — 99.7%				3,686,455
Other assets in excess of liabilities — 0.3%				11,063
NET ASSETS — 100.0%			$	3,697,518

6 Semiannual Report 2009

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

AG	Stock Corporation
AS	Stock Corporation
Ltd	Limited
PLC	Public Limited Company
SA	Stock Company

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	Oppenheimer
	NVIT Large Cap
	Growth Fund
Assets:
Investments, at value (cost $3,128,680)	$	3,597,739
Repurchase agreements, at value and cost		88,716
Total Investments		3,686,455
Cash		3,252
Interest and dividends receivable		2,653
Receivable for capital shares issued		9
Receivable for investments sold		23,200
Reclaims receivable		553
Receivable from adviser		1,483
Prepaid expenses and other assets		7,420
Total Assets		3,725,025
Liabilities:
Foreign currencies payable to custodian, at value (Cost $3,260)		3,260
Payable for investments purchased		21,297
Payable for capital shares redeemed		47
Accrued expenses and other payables:
Fund administration fees		141
Distribution fees		11
Administrative services fees		1,345
Custodian fees		161
Compliance program costs (Note 3)		8
Printing fees		1,237
Total Liabilities		27,507
Net Assets	$	3,697,518
Represented by:
Capital	$	3,179,791
Accumulated undistributed net investment income		625
Accumulated net realized gains from investment transactions and foreign currency transactions		48,018
Net unrealized appreciation/(depreciation) from investments		469,059
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		25
Net Assets	$	3,697,518
Net Assets:
Class I Shares	$	3,605,685
Class II Shares		91,833
Total	$	3,697,518
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		307,656
Class II Shares		7,840
Total		315,496
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	11.72
Class II Shares	$	11.71

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statement of Operations

For the Period Ended June 30, 2009 (Unaudited)

	Oppenheimer
	NVIT Large Cap
	Growth Fund (a)
INVESTMENT INCOME:
Interest income	$	54
Dividend income		11,466
Foreign tax withholding		(416	)
Total Income		11,104
EXPENSES:
Investment advisory fees		4,484
Fund administration fees		430
Distribution fees Class II Shares		18
Administrative services fees Class I Shares		1,334
Administrative services fees Class II Shares		11
Custodian fees		274
Trustee fees		20
Compliance program costs (Note 3)		8
Professional fees		155
Printing fees		1,343
Other		802
Total expenses before earnings credit and expenses reimbursed		8,879
Earnings credit (Note 5)		(111	)
Expenses reimbursed by adviser (Note 3)		(2,984	)
Net Expenses		5,784
NET INVESTMENT INCOME		5,320
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		46,554
Net realized gains from foreign currency transactions		1,464
Net realized gains from investment transactions and foreign currency transactions		48,018
Net change in unrealized appreciation/(depreciation) from investments		469,059
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		25
Net change in unrealized appreciation/(depreciation) from investments and foreign currency translations		469,084
Net realized/unrealized gains from investments and foreign currency translations		517,102
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	522,422

(a) For the period from March 25, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statement of Changes in Net Assets

	Oppenheimer
	NVIT Large Cap Growth Fund
	Period Ended
	June 30, 2009 (a)
	(Unaudited)
Operations:
Net investment income	$	5,320
Net realized gains from investment and foreign currency		48,018
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		469,084
Change in net assets resulting from operations		522,422
Distributions to Shareholders From:
Net investment income:
Class I		(4,613	)
Class II		(82	)
Change in net assets from shareholder distributions		(4,695	)
Change in net assets from capital transactions		3,179,791
Change in net assets		3,697,518
Net Assets:
Beginning of period		–
End of period	$	3,697,518
Accumulated undistributed net investment income at end of period	$	625
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	3,086,627
Dividends reinvested		4,613
Cost of shares redeemed		(214	)
Total Class I		3,091,026
Class II Shares
Proceeds from shares issued		92,103
Dividends reinvested		82
Cost of shares redeemed		(3,420	)
Total Class II		88,765
Change in net assets from capital transactions	$	3,179,791
SHARE TRANSACTIONS:
Class I Shares
Issued		307,267
Reinvested		408
Redeemed		(19	)
Total Class I Shares		307,656
Class II Shares
Issued		8,120
Reinvested		7
Redeemed		(287	)
Total Class II Shares		7,840
Total change in shares		315,496

Amounts designated as “–” are zero or have been rounded to zero.

(a) For the period from March 25, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

Oppenheimer NVIT Large Cap Growth Fund

				Operations									Distributions												Ratios / Supplemental Data
							Net Realized																										Ratio of
							and																							Ratio of Net			Expenses
	Net Asset						Unrealized																				Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			from			from			Investment			Total			Value, End			Total			at End		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Distributions			of Period			Return (a)			of Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Period Ended June 30, 2009 (Unaudited) (e)	$	10	.00		0	.02		1	.72		1	.74		(0	.02)		(0	.02)	$	11	.72		17	.36%	$	3,605,685		0	.65%		0	.58%		0	.98%		15	.08%
Class II Shares
Period Ended June 30, 2009 (Unaudited) (e)	$	10	.00		0	.01		1	.72		1	.73		(0	.02)		(0	.02)	$	11	.71		17	.26%	$	91,833		0	.89%		0	.32%		1	.22%		15	.08%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from March 25, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Oppenheimer NVIT Large Cap Growth Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the

12 Semiannual Report 2009

following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stocks	$	3,280,826	$	316,913	$	—	$	3,597,739
Repurchase Agreements		—		88,716		—		88,716
	$	3,280,826	$	405,629	$	—	$	3,686,455

Amounts designated as “—” are zero.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(d)        Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. If it does so, the Fund would be exposed to risk that the counterparty to the contract is unable to meet the terms of the contract and to the risk of unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. Forward foreign currency contracts are adjusted daily by the exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. As of June 30, 2009, the Fund did not hold any forward foreign currency contracts.

(e)        Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the contract amount. Subsequent payments, known as “variation margin” payments, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

14 Semiannual Report 2009

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets. As of June 30, 2009, the Fund did not hold any futures contracts.

(f)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(g)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(h)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments. As of June 30, 2009, the Fund did not have securities on loan.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(i)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(j)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund will file U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(k)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary

16 Semiannual Report 2009

of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. OppenheimerFunds, Inc. (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.50%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $1,491 for the period ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.50% for all share classes until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Period Ended

June 30, 2009

Amount

$2,984

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II shares of the Fund. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II shares of the Fund. NFD is a majority-owned subsidiary of NFSDI.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I and Class II shares of the Fund.

For the period ended June 30, 2009, NFS received $0 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the period ended June 30, 2009, the Fund’s portion of such costs was $8.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III and Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III and Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III and Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess

18 Semiannual Report 2009

brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III and Class VI shares that were held on behalf of the contract owner the longest will be redeemed first.

For the period ended June 30, 2009, the Fund had no contributions to capital due to redemption fees.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the period ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the period ended June 30, 2009, the Fund had purchases of $3,567,399 and sales of $485,272 (excluding short-term securities).

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation/
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	3,217,519	$	490,815	$	(21,879)	$	468,936

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

20 Semiannual Report 2009

Supplemental Information

(Unaudited)

A. Approval of Investment Advisory Agreement

The Board of Trustees (the “Board”) met in person on September 18, 2008 to consider, among other things, the creation of the Oppenheimer NVIT Large Cap Growth Fund (the “Fund”), and to consider whether to approve an investment advisory agreement (the “Advisory Agreement”) between Nationwide Fund Advisors (“NFA” or the “Adviser”) and Nationwide Variable Insurance Products Trust (the “Trust”) on behalf of the Fund.

The Trustees who were not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust or any party to the Advisory Agreement (the “Independent Trustees”) received assistance and advice from independent legal counsel (“Independent Legal Counsel”) regarding their legal duties and responsibilities in considering the Advisory Agreement. The Trustees reviewed, considered and discussed information regarding: (i) the nature, extent and quality of the services provided by the Advisor under the Advisory Agreement, (ii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iii) the extent to which economies of scale may be present and, if so, whether they would be shared with the Fund’s shareholders, (iv) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds, and (v) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust.

The Board also considered the Fund’s proposed Lipper Inc. (“Lipper”) category and benchmark. Because the Fund is new, the Board could not consider comparative information regarding Fund performance or the level of profitability (or lack thereof) that NFA would receive for investment management services provided to the Fund.

The Board considered that the Fund would be offered to holders of variable annuity and variable life insurance contracts offered by Nationwide Life Insurance Company. The Board considered that the Fund’s investment objective would be to seek long-term capital growth and, under normal circumstances, the Fund would invest at least 80% of the value of its net assets in equity securities issued by large-cap companies utilizing a growth style of investing. The Board reviewed the Fund’s advisory fee, including the proposed sub-advisory fee, other expenses, and the proposed expense reimbursement. The Board compared the proposed advisory fee and total expense ratio to the Fund’s Lipper peer group, noting that the proposed advisory fee was well below the average and median advisory fee for the Fund’s Lipper peer group. The Board considered that NFA had proposed OppenheimerFunds, Inc. (“Oppenheimer”) to sub-advise the Fund. The Board concluded that the advisory fees and expense ratios for the Fund were within an acceptable range as compared to peer groups, particularly in light of the fee waiver that would be put in place. The Trustees also noted that the fee waivers would achieve the same result as economies of scale. As part of their review, the Trustees considered benefits to NFA aside from investment advisory fees.

The Trustees considered the overall reputation and capabilities and commitment of NFA to provide high quality services to the Trust. Based on their review, the Trustees concluded that, with respect to the quality and nature of services to be provided by NFA, the scope of responsibilities was consistent with mutual fund industry norms, and that the quality of the services that NFA provided to existing series of the Trust was very satisfactory.

Based upon its evaluation of all the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be approved.

B. Approval of Investment Subdvisory Agreement

At a regular meeting of the Board on December 3, 2008, the Board, including the Independent Trustees, discussed and unanimously approved a subadvisory agreement (the “Subadvisory Agreement”) among the Trust, on behalf of the Fund, NFA and Oppenheimer. The Board reviewed and considered materials provided by NFA and Oppenheimer in advance of the meeting, and advice from the Trust’s legal counsel and the

2009 Semiannual Report 21

Supplemental Information (Continued)

(Unaudited)

Independent Legal Counsel to the Independent Trustees. The material factors and conclusions that formed the basis for the approval are discussed below.

The Board reviewed the nature, extent, and quality of the services that would be provided to the Fund by Oppenheimer under the Subadvisory Agreement. The Trustees considered the overall reputation and the capabilities and commitment of Oppenheimer to provide high quality service to the Fund. The Trustees considered Oppenheimer’s stock selection and portfolio construction methodologies. The Trustees concluded that the nature, extent, and quality of Oppenheimer’s services were appropriate and consistent with the terms of the Subadvisory Agreement and mutual fund industry norms.

The Board evaluated Oppenheimer’s investment performance and reviewed comparative performance data provided by Lipper. The Board concluded that the historical investment performance record, in combination with various other factors, supported a decision to approve the Subadvisory Agreement.

The Board considered the Fund’s overall fee level and noted that Oppenheimer’s fees are paid out of the advisory fee that NFA receives from the Fund. The Trustees noted that the Fund’s subadvisory fee schedule included breakpoints. The Trustees also noted that the proposed contractual expense limitations would also provide the benefits of economies of scale to shareholders. The Board concluded that the subadvisory fees to be paid to Oppenheimer were fair and reasonable.

The Board considered the factor of profitability to Oppenheimer as a result of the subadvisory relationship with the Fund. In addition, the Board considered whether any “fall-out” or ancillary benefits would accrue to Oppenheimer as a result of its relationship with the Fund. However, because the subadvisory relationship with Oppenheimer was new with respect to the Fund, the Trustees determined that it was not possible to assess either factor at this time.

The Board reviewed the terms of the Subadvisory Agreement and noted that the terms are identical in all material respects as the terms of the subadvisory agreements that the Trust currently has in place with other unaffiliated sub-advisers. The Board concluded that the terms were fair and reasonable.

Based on this information, the Board, including all of the Independent Trustees, concluded that the nature, extent and quality of the subadvisory services to be provided by Oppenheimer were appropriate for the Fund in light of its investment objectives. The totality of multiple factors taken together, instead of any single factor, informed the Board’s decision. The Board concluded that the approval of the Subadvisory Agreement was in the best interests of the Fund and its shareholders and unanimously approved the Subadvisory Agreement.

22 Semiannual Report 2009

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

2009 Semiannual Report 23

Management Information (Continued)

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust		Nationwide Fund
Name and	and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

24 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

	Position(s) Held		Number of
	with Fund		Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A

2009 Semiannual Report 25

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

	Position(s) Held		Number of
	with Fund		Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

26 Semiannual Report 2009

American Century NVIT Multi Cap Value Fund

SemiannualReport

June 30, 2009 (Unaudited)

	Contents
1	Message to Shareholders
5	Statement of Investments
8	Statement of Assets and Liabilities
9	Statement of Operations
10	Statement of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements
22	Supplemental Information
24	Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-MCV (8/09)

This page intentionally left blank

Message to Shareholders

June 30, 2009

Dear Shareholder:

The financial markets have been very volatile during the past six months, and all of the Nationwide Variable Insurance Trust (NVIT) Funds have felt the impact in one way or another. The economic recession appears to be slowing, however, and encouraging signs have started to emerge, indicating the return of some market stability.

Within domestic markets, the equity stock price increases and bond market improvements evident since mid-March are good signs. In addition, results from the federal government’s stress tests on certain banks have helped boost investor confidence. Another plus is that the decline in the housing market appears to be nearing a bottom. Deep price discounts, favorable mortgage rates, and the tax credit for first-time homebuyers are attracting both repeat and new buyers. These factors are all positive indicators that the economic picture is poised to improve. Nevertheless, these developments must be viewed with caution and continue to merit watching.

The state of the international economic picture is less clear. Foreign markets – particularly those in some emerging market countries – are on less-solid footing than U.S. markets. Recently, economic indicators have suggested that the pace of deterioration is slowing globally. It is possible that some European nations may emerge from the recession earlier than we have anticipated. Again, we continue to monitor these developments carefully.

There is no doubt that this continues to be a challenging time in the financial markets. At Nationwide and Nationwide Funds Group^sm we are maintaining a long-term perspective and remain committed to the underlying principles of the NVIT Funds.

We thank you for entrusting your assets to Nationwide Funds Group.

Sincerely,

Michael S. Spangler
President and Chief Executive Officer
Nationwide Variable Insurance Trust

2009 Semiannual Report 1

Investors should carefully consider a fund’s (and, if applicable, each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other fund information, please contact your variable insurance contract provider or call 1-800-848-6331. Please read the Fund’s prospectus and its accompanying product prospectus carefully before investing any money.

Shares of Nationwide Variable Insurance Trust Funds (NVIT) are not sold to individual investors. They are sold only to separate accounts of insurance companies to fund benefits payable under variable annuity contracts and variable life insurance policies issued by life insurance companies.

Performance information found herein reflects only the performance of these funds, and does not indicate the performance that an investor’s sub-account may experience under that investor’s variable insurance contract. Performance returns assume reinvestment of all distributions.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information about the sub-account option under your insurance contract that invests in one of the Nationwide Variable Insurance Trust (NVIT) Funds, please contact your variable insurance carrier.

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass. Third-party information has been obtained from and is based on sources Nationwide Funds Group deems to be reliable.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to the Nationwide Variable Insurance Trust Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Variable annuity and variable life insurance products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, Member FINRA, One Nationwide Plaza, Columbus, OH 43215-2220. In MI only: Nationwide Investment Svcs. Corporation.

Nationwide Variable Insurance Trust Funds distributed by Nationwide Fund Distributors LLC, Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

Nationwide, the Nationwide framemark, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

2 Semiannual Report 2009

Shareholder American Century NVIT Multi Cap Value Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
June 30, 2009

			Beginning		Ending		Expenses Paid		Annualized
			Account Value ($)		Account Value ($)		During Period ($)		Expense Ratio (%)
American Century NVIT Multi Cap Value Fundb			01/01/09		06/30/09		01/01/09 - 06/30/09a		01/01/09 - 06/30/09a
Class I	Actual			1,000.00		1,098.40		2.57		0.92
	Hypothetical	c		1,000.00		1,022.35		2.48		0.92
Class II	Actual			1,000.00		1,097.80		3.01		1.08
	Hypothetical	c		1,000.00		1,021.92		2.91		1.08

a	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
b	The American Century NVIT Multi Cap Value Fund commenced operations on March 25, 2009. Expenses shown here reflect only 97 days of activity.
c	Represents the hypothetical 5% return before expenses.

2009 Semiannual Report 3

Portfolio Summary American Century NVIT Multi Cap Value Fund

June 30, 2009 (Unaudited)

Asset Allocation
Common Stocks	93	.5%
Mutual Fund	2	.9%
Exchange Traded Fund	2	.8%
Other assets in excess of liabilities	0	.8%
	100	.0%

Top Industries
Oil, Gas & Consumable Fuels	13	.1%
Pharmaceuticals	8	.7%
Insurance	7	.2%
Food Products	5	.8%
Diversified Telecommunication Services	5	.5%
Capital Markets	5	.1%
Household Products	3	.7%
Industrial Conglomerates	3	.6%
Electric Utilities	3	.4%
Money Market Fund	2	.9%
Other Industries	41	.0%
	100	.0%

Top Holdings*
Exxon Mobil Corp.	5	.5%
AT&T, Inc.	4	.0%
AIM Liquid Assets Portfolio	2	.9%
General Electric Co.	2	.7%
SPDR KBW Bank	2	.7%
Kimberly-Clark Corp.	2	.6%
Pfizer, Inc.	2	.4%
Marsh & McLennan Cos., Inc.	2	.3%
Kraft Foods, Inc., Class A	2	.2%
Berkshire Hathaway, Inc., Class A	2	.2%
Other Holdings	70	.5%
	100	.0%

The accompanying notes are an integral part of these financial statements.

4 Semiannual Report 2009

Statement of Investments

June 30, 2009 (Unaudited)

American Century NVIT Multi Cap Value Fund

Common Stocks 93.5%
	Shares		Market Value
Aerospace & Defense 0.8%
Honeywell International, Inc.	430	$	13,502
Northrop Grumman Corp.	404		18,455
			31,957
Air Freight & Logistics 0.9%
United Parcel Service, Inc., Class B	755		37,742
Airline 0.5%
Southwest Airlines Co.	3,292		22,155
Automobiles 1.4%
Honda Motor Co. Ltd. (b)	500		13,758
Toyota Motor Corp. (b)	1,200		45,388
			59,146
Beverages 0.9%
PepsiCo, Inc.	652		35,834
Capital Markets 5.1%
AllianceBernstein Holding LP	1,971		39,597
Ameriprise Financial, Inc.	1,382		33,541
Bank of New York Mellon Corp. (The)	1,460		42,793
Goldman Sachs Group, Inc. (The)	152		22,411
Legg Mason, Inc.	1,001		24,404
Morgan Stanley	504		14,369
Northern Trust Corp.	458		24,586
State Street Corp.	212		10,006
			211,707
Chemicals 1.3%
Air Products & Chemicals, Inc.	80		5,167
E.I. Du Pont de Nemours & Co.	1,023		26,209
International Flavors & Fragrances, Inc.	602		19,698
Minerals Technologies, Inc.	70		2,521
			53,595
Commercial Banks 1.6%
Associated Banc-Corp.	1,152		14,400
Commerce Bancshares, Inc.	413		13,146
SunTrust Banks, Inc.	370		6,086
U.S. Bancorp	1,764		31,611
			65,243
Commercial Services & Supplies 1.8%
Avery Dennison Corp.	519		13,328
Pitney Bowes, Inc.	864		18,947
Republic Services, Inc.	916		22,360
Waste Management, Inc.	756		21,289
			75,924
Communications Equipment 0.4%
Cisco Systems, Inc.*	212		3,952
Nokia OYJ ADR — FI	780		11,372
			15,324
Computers & Peripherals 1.1%
Diebold, Inc.	1,400		36,904
QLogic Corp.*	643		8,153
			45,057
Containers & Packaging 1.3%
Bemis Co., Inc.	2,206		55,591
Distributors 1.3%
Genuine Parts Co.	1,564		52,488
Diversified Telecommunication Services 5.5%
AT&T, Inc.	6,699		166,403
BCE, Inc.	839		17,315
Verizon Communications, Inc.	1,468		45,112
			228,830
Electric Utilities 3.4%
American Electric Power Co., Inc.	420		12,134
IDACORP, Inc.	1,792		46,843
Southern Co. (The)	502		15,642
Westar Energy, Inc.	3,621		67,966
			142,585
Electrical Equipment 1.6%
Emerson Electric Co.	448		14,515
Hubbell, Inc., Class B	1,583		50,751
			65,266
Electronic Equipment & Instruments 2.1%
Molex, Inc.	3,399		52,854
Tyco Electronics Ltd.	1,728		32,124
			84,978
Energy Equipment & Services 0.7%
Cameron International Corp.*	389		11,009
Schlumberger Ltd.	367		19,858
			30,867
Food & Staples Retailing 0.6%
Costco Wholesale Corp.	286		13,070
Wal-Mart Stores, Inc.	242		11,723
			24,793
Food Products 5.8%
Campbell Soup Co.	672		19,770
ConAgra Foods, Inc.	2,481		47,288
General Mills, Inc.	111		6,218
H.J. Heinz Co.	843		30,095

2009 Semiannual Report 5

Statement of Investments (Continued)

June 30, 2009 (Unaudited)

American Century NVIT Multi Cap Value Fund (Continued)

Common Stocks (continued)
	Shares		Market Value
Food Products (continued)
Kellogg Co.	221	$	10,292
Kraft Foods, Inc., Class A	3,555		90,084
Unilever NV CVA — CVA (b)	1,580		38,210
			241,957
Health Care Equipment & Supplies 2.9%
Beckman Coulter, Inc.	1,243		71,025
Boston Scientific Corp.*	1,654		16,772
Zimmer Holdings, Inc.*	780		33,228
			121,025
Health Care Providers & Services 0.7%
Cardinal Health, Inc.	477		14,573
LifePoint Hospitals, Inc.*	617		16,196
			30,769
Hotels, Restaurants & Leisure 1.7%
International Speedway Corp., Class A	1,644		42,103
Speedway Motorsports, Inc.	1,987		27,341
			69,444
Household Durables 0.7%
Whirlpool Corp.	656		27,919
Household Products 3.7%
Kimberly-Clark Corp.	2,052		107,586
Procter & Gamble Co. (The)	898		45,888
			153,474
Industrial Conglomerates 3.6%
3M Co.	575		34,557
General Electric Co.	9,647		113,063
			147,620
Information Technology Services 0.4%
Accenture Ltd., Class A	432		14,455
Insurance 7.2%
Allstate Corp. (The)	972		23,717
Aon Corp.	259		9,808
Berkshire Hathaway, Inc., Class A*	1		90,000
Chubb Corp.	694		27,677
Marsh & McLennan Cos., Inc.	4,841		97,449
Transatlantic Holdings, Inc.	348		15,079
Travelers Cos., Inc. (The)	822		33,735
			297,465
Leisure Equipment & Products 0.1%
Mattel, Inc.	374		6,003
Media 1.4%
McGraw-Hill Cos., Inc. (The)	1,196		36,011
Walt Disney Co. (The)	920		21,464
			57,475
Metals & Mining 0.3%
Newmont Mining Corp.	317		12,956
Multi-Utility 2.1%
Ameren Corp.	306		7,616
Wisconsin Energy Corp.	1,305		53,127
Xcel Energy, Inc.	1,428		26,289
			87,032
Multiline Retail 0.8%
Target Corp.	819		32,326
Natural Gas Utility 2.6%
EQT Corp.	1,531		53,447
Southwest Gas Corp.	1,001		22,232
WGL Holdings, Inc.	946		30,291
			105,970
Oil, Gas & Consumable Fuels 13.1%
Anadarko Petroleum Corp.	212		9,623
Apache Corp.	863		62,265
BP PLC ADR — GB	1,011		48,204
Chevron Corp.	878		58,167
ConocoPhillips	254		10,683
Devon Energy Corp.	471		25,670
EOG Resources, Inc.	166		11,275
Exxon Mobil Corp.	3,248		227,068
Total SA (b)	1,510		81,834
Valero Energy Corp.	576		9,729
			544,518
Paper & Forest Products 0.4%
Weyerhaeuser Co.	579		17,619
Pharmaceuticals 8.7%
Bristol-Myers Squibb Co.	1,842		37,411
Eli Lilly & Co.	1,058		36,649
Johnson & Johnson	1,450		82,360
Merck & Co., Inc.	1,568		43,842
Pfizer, Inc.	6,548		98,220
Wyeth	1,385		62,865
			361,347
Real Estate Investment Trusts 0.8%
Boston Properties, Inc.	341		16,265
Host Hotels & Resorts, Inc.	943		7,912
Public Storage	131		8,578
			32,755
Semiconductors & Semiconductor Equipment 2.5%
Applied Materials, Inc.	3,163		34,698
Intel Corp.	2,777		45,959

6 Semiannual Report 2009

Common Stocks (continued)
	Shares		Market Value
Semiconductors & Semiconductor Equipment (continued)
KLA-Tencor Corp.	497	$	12,549
Texas Instruments, Inc.	458		9,756
			102,962
Specialty Retail 1.7%
Lowe’s Cos., Inc.	3,699		71,798
Total Common Stocks (cost $3,673,034)			3,875,971
Exchange Traded Fund 2.8%
Equity Fund 2.8%
iShares Russell 3000 Value Index Fund	78		4,834
SPDR KBW Bank	6,098		110,069
Total Exchange Traded Funds (cost $103,122)			114,903
Mutual Fund 2.9%
Money Market Fund 2.9%
AIM Liquid Assets Portfolio	121,477		121,477
Total Mutual Fund (cost $121,477)
Total Investments (cost $3,897,632) (a) — 99.2%			4,112,351
Other assets in excess of liabilities — 0.8%			33,133
NET ASSETS — 100.0%		$	4,145,484

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.
(b)	Fair valued security.

ADR	American Depositary Receipt
CVA	Dutch Certificate
FI	Finland
GB	United Kingdom
LP	Limited Partnership
Ltd	Limited
NV	Public Traded Company
OYJ	Public Traded Company
PLC	Public Limited Company
SA	Stock Company

At June 30, 2009, the Fund’s open forward foreign currency contracts against the United States Dollar were as follows (Note 2):

		Currency									Net Unrealized
	Delivery	Received/			Contract			Market			Appreciation/
Currency	Date	(Delivered)			Value			Value			(Depreciation)
Short Contracts:
British Pound	7/31/09		(23,035	)	$	(37,925	)	$	(37,891	)	$	34
Canadian Dollar	7/31/09		(15,952	)		(13,852	)		(13,720	)		132
Euro	7/31/09		(74,404	)		(104,682	)		(104,366	)		316
Japanese Yen	7/31/09		(4,150,250	)		(43,553	)		(43,105	)		448
Total Short Contracts					$	(200,012	)	$	(199,082	)	$	930
Long Contracts:
Japanese Yen	7/31/09		439,075		$	4,603		$	4,560		$	(43	)
Total Long Contracts					$	4,603		$	4,560		$	(43	)

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 7

Statement of Assets and Liabilities

June 30, 2009 (Unaudited)

	American Century
	NVIT Multi Cap
	Value Fund
Assets:
Investments, at value (cost $3,897,632)	$	4,112,351
Foreign currencies, at value (cost $2,374)		2,374
Interest and dividends receivable		9,210
Receivable for capital shares issued		18,326
Receivable for investments sold		96,901
Unrealized appreciation on forward foreign currency contracts (Note 2)		930
Unrealized appreciation on spot contracts		62
Receivable from adviser		879
Prepaid expenses and other assets		4,955
Total Assets		4,245,988
Liabilities:
Payable for investments purchased		97,661
Unrealized depreciation on forward foreign currency contracts (Note 2)		43
Unrealized depreciation on spot contracts		9
Payable for capital shares redeemed		1
Accrued expenses and other payables:
Fund administration fees		154
Distribution fees		87
Administrative services fees		2,297
Custodian fees		143
Compliance program costs (Note 3)		4
Printing fees		105
Total Liabilities		100,504
Net Assets	$	4,145,484
Represented by:
Capital	$	3,857,226
Accumulated undistributed net investment income		13,448
Accumulated net realized gains from investment transactions and foreign currency transactions		59,176
Net unrealized appreciation/(depreciation) from investments		214,719
Net unrealized appreciation/(depreciation) from forward foreign currency contracts (Note 2)		887
Net unrealized appreciation/(depreciation) from spot contracts		53
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		(25	)
Net Assets	$	4,145,484
Net Assets:
Class I Shares	$	3,364,397
Class II Shares		781,087
Total	$	4,145,484
Shares Outstanding (unlimited number of shares authorized):
Class I Shares		307,091
Class II Shares		71,303
Total		378,394
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class I Shares	$	10.96
Class II Shares	$	10.95

The accompanying notes are an integral part of these financial statements.

8 Semiannual Report 2009

Statement of Operations

For the Period Ended June 30, 2009 (Unaudited)

	American Century
	NVIT Multi Cap
	Value Fund (a)
INVESTMENT INCOME:
Dividend income	$	31,405
Foreign tax withholding		(487	)
Total Income		30,918
EXPENSES:
Investment advisory fees		5,238
Fund administration fees		440
Distribution fees Class II Shares		160
Administrative services fees Class I Shares		2,137
Administrative services fees Class II Shares		160
Custodian fees		163
Trustee fees		20
Compliance program costs (Note 3)		8
Professional fees		893
Printing fees		1,343
Other		811
Total expenses before waivers/reimbursements		11,373
Distribution fees voluntarily waived-Class II		(51	)
Expenses reimbursed by adviser		(2,747	)
Net Expenses		8,575
NET INVESTMENT INCOME		22,343
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		71,106
Net realized losses from foreign currency transactions (Note 2)		(11,930	)
Net realized gains from investment transactions and foreign currency transactions		59,176
Net change in unrealized appreciation/(depreciation) from investments		214,719
Net change in unrealized appreciation/(depreciation) from foreign currency contracts (Note 2)		940
Net change in unrealized appreciation/(depreciation) from translations of assets and liabilities denominated in foreign currencies		(25	)
Net change in unrealized appreciation/(depreciation) from investments, foreign currency translations and foreign currency transactions		215,634
Net realized/unrealized gains from investments, foreign currency translations and foreign currency transactions		274,810
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	297,153

(a) For the period from March 25, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 9

Statement of Changes in Net Assets

	American Century
	NVIT Multi Cap
	Value Fund
	Period Ended
	June 30, 2009 (a)
	(Unaudited)
Operations:
Net investment income	$	22,343
Net realized gains from investment and foreign currency		59,176
Net change in unrealized appreciation/(depreciation) from investments and translation of assets and liabilities denominated in foreign currencies		215,634
Change in net assets resulting from operations		297,153
Distributions to Shareholders From:
Net investment income:
Class I		(7,169	)
Class II		(1,726	)
Change in net assets from shareholder distributions		(8,895	)
Change in net assets from capital transactions		3,857,226
Change in net assets		4,145,484
Net Assets:
Beginning of period		—
End of period	$	4,145,484
Accumulated undistributed net investment income at end of period	$	13,448
CAPITAL TRANSACTIONS:
Class I Shares
Proceeds from shares issued	$	3,072,260
Dividends reinvested		7,169
Cost of shares redeemed		(126	)
Total Class I		3,079,303
Class II Shares
Proceeds from shares issued		776,233
Dividends reinvested		1,726
Cost of shares redeemed		(36	)
Total Class II		777,923
Change in net assets from capital transactions	$	3,857,226
SHARE TRANSACTIONS:
Class I Shares
Issued		306,432
Reinvested		671
Redeemed		(12	)
Total Class I Shares		307,091
Class II Shares
Issued		71,144
Reinvested		162
Redeemed		(3	)
Total Class II Shares		71,303
Total change in shares		378,394

Amounts designated as “–” are zero or have been rounded to zero.

(a) For the period from March 25, 2009 (commencement of operations) through June 30, 2009.

The accompanying notes are an integral part of these financial statements.

10 Semiannual Report 2009

Financial Highlights

Selected data for a share of capital stock outstanding throughout the periods indicated

American Century NVIT Multi Cap Value Fund

				Operations									Distributions												Ratios / Supplemental Data
																																	Ratio of
							Net Realized																							Ratio of Net			Expenses
	Net Asset						and																				Ratio of			Investment			(Prior to
	Value,			Net			Unrealized			Total			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			Gains from			from			Investment			Total			Value, End of			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Distributions			Period			Return (a)			Period		Net Assets (b)			Net Assets (b)			Net Assets (b)(c)			Turnover (d)
Class I Shares
Period Ended June 30, 2009 (Unaudited) (e)(f)	$	10	.00		0	.07		0	.91		0	.98		(0	.02)		(0	.02)	$	10	.96		9	.84%	$	3,364,397		0	.92%		2	.47%		1	.21%		14	.93%
Class II Shares
Period Ended June 30, 2009 (Unaudited) (e)(f)	$	10	.00		0	.05		0	.93		0	.98		(0	.03)		(0	.03)	$	10	.95		9	.78%	$	781,087		1	.08%		1	.88%		1	.46%		14	.93%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from March 25, 2009 (commencement of operations) through June 30, 2009.
(f)	Per share calculations were performed using average shares outstanding during the period.

The accompanying notes are an integral part of these financial statements.

2009 Semiannual Report 11

Notes to Financial Statements

June 30, 2009 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, which was originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, June 30, 1981, was redomesticated as a Delaware statutory trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust has authorized an unlimited number of shares of beneficial interest (“shares”), without par value. The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. As of June 30, 2009, the Trust operates sixty-two (62) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the American Century NVIT Multi Cap Value Fund (the “Fund”), a series of the Trust. Only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) currently hold shares of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates and those differences could be material.

(a)        Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market

12 Semiannual Report 2009

value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a combination of the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time, the Fund fair values its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of June 30, 2009, are noted on the Statement of Investments.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157), which is effective for the Fund’s financial statements issued after November 15, 2007. This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are summarized below:

•  Level 1 — quoted prices in active markets for identical assets

•  Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2009:

			Level 2 — Other
	Level 1 — Quoted		Significant		Level 3 — Significant
Asset Type	Prices		Observable Inputs		Unobservable Inputs		Total
Common Stocks	$	3,696,781	$	179,190	$	—	$	3,875,971
Exchange Traded Funds		114,903		—		—		114,903
Mutual Funds		121,477		—		—		121,477
Forward Foreign Currency Contracts		—		887		—		887
	$	3,933,161	$	180,077	$	—	$	4,113,238

Amounts designated as “—” are zero.

2009 Semiannual Report 13

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

(b)        Credit Derivatives

In September 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position No. FAS 133-1 and FASB Interpretation Number 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161 (“FSP FAS 133-1”). FSP FAS 133-1 is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives. FSP FAS 133-1 amends FASB Statement No. 133, Accounting for Derivative Instruments and Hedging Activities, to require financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments. FSP FAS 133-1 also amends FASB Interpretation Number 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness to Others, to require disclosure of the current status of the payment/performance risk of a guarantee. FSP FAS 133-1 is effective for reporting periods (annual or interim) beginning after November 15, 2008. Management has concluded that adoption of the Amendments did not impact the Fund’s financial statement disclosures.

(c)        Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. The Fund translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.

(d)        Forward Foreign Currency Contracts

The Fund is subject to foreign currency exchange risk in the normal course of pursuing its objective. The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency or to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. A forward foreign currency contract is adjusted daily by the exchange rate of the underlying currency, and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement rate. When the Fund enters into a forward foreign currency contract, it is exposed to risks from unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contract may be unable to meet their obligations under the contracts.

Forward foreign currency contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Unrealized appreciation/(depreciation) from forward foreign currency contracts,” and in the Statement of Operations under “Net realized losses from foreign currency transactions” and “Net change in unrealized appreciation/(depreciation) from foreign currency contracts.”

14 Semiannual Report 2009

Fair Values of Derivative Instruments as of June 30, 2009

Derivatives not
Accounted for as	Asset Derivatives			Liability Derivatives
Hedging Instruments	Statement of Assets			Statement of Assets
Under FAS 133	and Liabilities Location	Fair Value		and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	930	Unrealized depreciation on forward foreign currency contracts	$	(43	)
Total		$	930		$	(43	)

The Effect of Derivative Instruments on the Statement of Operations For the Period Ended June 30, 2009

Amount of Realized Gain or (Loss) on Derivatives Recognized in Operations

	Forward Foreign
Derivatives not Accounted for as Hedging Instruments Under FAS 133	Currency Contracts
Foreign exchange contracts	$	(16,461	)
Total	$	(16,461	)

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations

	Forward Foreign
Derivatives not Accounted for as Hedging Instruments Under FAS 133	Currency Contracts
Foreign exchange contracts	$	940
Total	$	940

Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the period ending June 30, 2009.

The Fund values its derivatives at fair value, as described above and in Note 2, and recognizes changes in fair value currently in its results of operations. Accordingly, the Fund does not follow hedge accounting as prescribed by FAS 133, even for derivatives employed as economic hedges.

(e)        Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes; however, in those instances, the aggregate initial margin and premiums required to establish the Fund’s positions may not exceed 5% of the Fund’s NAV after taking into account unrealized profits and unrealized losses on such contracts.

Upon entering into a futures contract, the Fund is required to pledge to the broker an initial margin deposit of cash and/or other assets equal to a certain percentage of the contract amount. Subsequent payments, known as “variation margin” payments, are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

2009 Semiannual Report 15

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of futures contracts and may realize a loss. The use of futures contracts for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the value of the underlying hedged assets.

(f)        Repurchase Agreements

The Fund may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or a qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.

(g)        Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(h)        Securities Lending

To generate additional income, the Fund may lend its respective portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments. As of June 30, 2009, the Fund did not have securities on loan.

(i)        Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. Distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

16 Semiannual Report 2009

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the Fund. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.

(j)        Federal Income Taxes

It is the policy of the Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”), provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the filer may incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). The Fund will file U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests.

Management has evaluated the implications of FIN 48 and has concluded that there is no impact to the Fund’s current financial statements. FIN 48 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(k)        Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all series within the Trust. The method for allocating income, Fund expenses, and realized and unrealized gains or losses to each class of shares of the Fund is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. American

2009 Semiannual Report 17

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

Century Investment Management, Inc. (the “subadviser”) is the subadviser to the Fund. The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule (percentages indicate an annual rate).

Fee Schedule	Total Fees
All Assets		0.57%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $1,862 for the period ended June 30, 2009.

The Trust and the Adviser have entered into a written Expense Limitation Agreement, which limits the Fund’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.67% for all share classes until April 30, 2010.

NFA may request and receive reimbursement from the Fund for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of June 30, 2009, the cumulative potential reimbursements by the Fund were:

Period Ended
June 30, 2009
Amount
$	2,747

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Fund, and serves as Transfer and Dividend Disbursing Agent for the Fund. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion and more	0.01%

* The assets of the NVIT Investor Destinations Aggressive Fund, the NVIT Investor Destinations Moderately Aggressive Fund, the NVIT Investor Destinations Moderate Fund, the NVIT Investor Destinations Moderately Conservative Fund, the NVIT Investor Destinations Conservative Fund, the NVIT Investor Destinations Capital

18 Semiannual Report 2009

Appreciation Fund, and the NVIT Investor Destinations Balanced Fund (collectively, the “Investor Destinations Funds”) and the NVIT Cardinal Aggressive Fund, the NVIT Cardinal Moderately Aggressive Fund, the NVIT Cardinal Capital Appreciation Fund, the NVIT Cardinal Moderate Fund, the NVIT Cardinal Balanced Fund, the NVIT Cardinal Moderately Conservative Fund, and the NVIT Cardinal Conservative Fund (collectively, the “Cardinal Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds and the Cardinal Funds do not pay any part of this fee.

NFA has entered into an agreement with a third party service provider to provide sub-administration services to the Fund. NFM has entered into an agreement with a third party service provider to provide sub-transfer agency services to the Fund.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of Class II and Class VI shares of the Fund. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II shares of the Fund. NFD is a majority-owned subsidiary of NFSDI. The Trust and NFD have entered into a written contract waiving 0.08% of these fees for Class II shares of the Fund until at least May 1, 2010.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquiries regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I and Class II shares of the Fund.

For the period ended June 30, 2009, NFS received $0 in Administrative Services fees from the Fund.

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program, subject to the pre-approval of the Trust’s Audit Committee. For the period ended June 30, 2009, the Fund’s portion of such costs was $8.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III and Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III and Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III and Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short- term trading fee applies, the Class III and Class VI shares that were held on behalf of the contract owner the longest will be redeemed first.

For the period ended June 30, 2009, the Fund had no contributions to capital due to redemption fees.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.07% per year on $100,000,000, and expires on July 23, 2009. Three (3) other lenders participate in this

2009 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2009 (Unaudited)

arrangement. Advances taken by the Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the period ended June 30, 2009.

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Fund and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earnings credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the funds that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the period ended June 30, 2009, the Fund had purchases of $1,235,785 and sales of $509,720 (excluding short-term securities).

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign governmental laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involves risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

20 Semiannual Report 2009

9. New Accounting Pronouncements

In April 2009, the FASB issued FASB Staff Position 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly (“FSP FAS 157-4”). FSP FAS 157-4 supersedes FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active, and provides additional guidance for determining fair value when the volume and level of activity for an asset or a liability have significantly decreased and identifying transactions that are not orderly. FSP FAS 157-4 requires enhanced disclosures about the inputs and valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. In addition, the three-level hierarchy disclosure and the level three roll-forward disclosures required by FASB 157 will be expanded for each major category of assets. FSP FAS 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management has concluded that the adoption of FSP FAS 157-4 did not materially impact the financial statement amounts.

10. Federal Tax Information

As of June 30, 2009, the tax cost of securities and the breakdown of unrealized appreciation / (depreciation) for the Fund were as follows:

						Net
						Unrealized
		Unrealized		Unrealized		Appreciation/
Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)
$	3,898,168	$	237,107	$	(22,924)	$	214,183

11. Subsequent Events

The Fund has adopted Statement of Financial Accounting Standards No. 165 (SFAS 165) effective the current reporting period. The Fund has evaluated subsequent events through August 27, 2009, which is the date these financial statements were issued.

The Trust’s credit agreement with JPMorgan Chase Bank, N.A. has been renewed through July 22, 2010. The renewed credit arrangement is similar to the arrangement that applied the period ended June 30, 2009 (discussed above under “Bank Loans and Earnings Credits”). Material changes to the new credit agreement include: (i) the Trust may borrow up to $90,000,000, (ii) borrowings bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%, and (iii) the commitment fee is 0.14% per year on $90,000,000.

2009 Semiannual Report 21

Supplemental Information

(Unaudited)

A. Approval of Investment Advisory Agreement

The Board of Trustees (the “Board”) met in person on September 18, 2008 to consider, among other things, the creation of the American Century NVIT Multi Cap Value Fund (the “Fund”), and to consider whether to approve an investment advisory agreement (the “Advisory Agreement”) between Nationwide Fund Advisors (“NFA” or the “Adviser”) and Nationwide Variable Insurance Products Trust (the “Trust”) on behalf of the Fund.

The Trustees who were not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust or any party to the Advisory Agreement (the “Independent Trustees”) received assistance and advice from independent legal counsel (“Independent Legal Counsel”) regarding their legal duties and responsibilities in considering the Advisory Agreement. The Trustees reviewed, considered and discussion information regarding: (i) the nature, extent and quality of the services provided by the Advisor under the Advisory Agreement, (ii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser and its affiliates thereunder, (iii) the extent to which economies of scale may be present and, if so, whether they would be shared with the Fund’s shareholders, (iv) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by a peer group of funds, and (v) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust.

The Board also considered the Fund’s proposed Lipper Inc. (“Lipper”) category and benchmark. Because the Fund is new, the Board could not consider comparative information regarding Fund performance or the level of profitability (or lack thereof) that NFA would receive for investment management services provided to the Fund.

The Board considered that the Fund would be offered to holders of variable annuity and variable life insurance contracts offered by Nationwide Life Insurance Company. The Board considered that the Fund’s investment objective would be to primarily seek capital appreciation and, secondarily, to seek current income and that, under normal circumstances, the Fund would invest at least 80% of the value of its net assets in equity securities of at least two of the three market capitalization sizes (small-cap, mid-cap, and large-cap), utilizing a value style of investing. The Board reviewed the Fund’s advisory fee, including the proposed sub-advisory fee, other expenses, and the proposed expense reimbursement. The Board compared the proposed advisory fee and total expense ratio to the Fund’s Lipper peer group, noting that the proposed advisory fee was below the average and median advisory fee for the Fund’s Lipper peer group. The Board noted that NFA had proposed American Century Investment Management, Inc. (“American Century”) to sub-advise the Fund. The Board concluded that the advisory fees and expense ratios for the Fund were within an acceptable range as compared to peer groups, particularly in light of the fee waiver that would be put in place. The Trustees also noted that the fee waivers would achieve the same result as economies of scale. As part of their review, the Trustees considered benefits to NFA aside from investment advisory fees.

The Trustees considered the overall reputation and capabilities and commitment of NFA to provide high quality services to the Trust. Based on their review, the Trustees concluded that, with respect to the quality and nature of services to be provided by NFA, the scope of responsibilities was consistent with mutual fund industry norms, and that the quality of the services that NFA provided to existing series of the Trust was very satisfactory.

Based upon its evaluation of all the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement with respect to the Fund should be approved.

B. Approval of Investment Subdvisory Agreement

At a regular meeting of the Board on December 3, 2008, the Board, including the Independent Trustees, discussed and unanimously approved a subadvisory agreement (the “Subadvisory Agreement”) among the Trust, on behalf of the Fund, NFA and American Century. The Board reviewed and considered materials provided by NFA and American Century in advance of the meeting, and advice from the Trust’s legal counsel and the Independent Legal Counsel to the Independent Trustees. The material factors and conclusions that formed the basis for the approval are discussed below.

22 Semiannual Report 2009

The Board reviewed the nature, extent, and quality of the services that would be provided to the Fund by American Century under the Subadvisory Agreement. The Trustees considered the overall reputation and the capabilities and commitment of Century to provide high quality service to the Fund. The Trustees considered American Century’s stock selection methodology. The Trustees concluded that the nature, extent, and quality of American Century’s services were appropriate and consistent with the terms of the Subadvisory Agreement and mutual fund industry norms.

The Board evaluated American Century’s investment performance and reviewed comparative performance data provided by Lipper. The Board concluded that the historical investment performance record, in combination with various other factors, supported a decision to approve the Subadvisory Agreement.

The Board considered the Fund’s overall fee level and noted that American Century’s fees are paid out of the advisory fee that NFA receives from the Fund. The Trustees noted that the Fund’s current advisory and subadvisory fee schedules did not include breakpoints. The Trustees considered whether economies of scale would likely be realized as the Fund grew and whether a reduction in the advisory fees paid by the Fund by means of a breakpoint would be appropriate. The Trustees concluded that the Fund did not warrant formal contractual breakpoints, and that the contractual expense limitations were a reasonable way to provide the benefits of economies of scale to shareholders at this time. The Trustees concluded that the subadvisory fees to be paid to American Century were fair and reasonable.

The Board considered the factor of profitability to American Century as a result of the subadvisory relationship with the Fund. In addition, the Board considered whether any “fall-out” or ancillary benefits would accrue to American Century as a result of its relationship with the Fund. However, because the subadvisory relationship with American Century was new with respect to the Fund, the Trustees determined that it was not possible to assess either factor at this time.

The Board reviewed the terms of the Subadvisory Agreement and noted that the terms are identical in all material respects as the terms of the subadvisory agreements that the Trust currently has in place with other unaffiliated sub-advisers. The Board concluded that the terms were fair and reasonable.

Based on this information, the Board, including all of the Independent Trustees, concluded that the nature, extent and quality of the subadvisory services to be provided by American Century were appropriate for the Fund in light of its investment objectives. The totality of multiple factors taken together, instead of any single factor, informed the Board’s decision. The Board concluded that the approval of the Subadvisory Agreement was in the best interests of the Fund and its shareholders and unanimously approved the Subadvisory Agreement.

2009 Semiannual Report 23

Management Information

June 30, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Charles E. Allen 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		94	None
Paula H.J. Cholmondeley 1947	Trustee since July 2000	Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.		94	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)
C. Brent DeVore 1940	Trustee since 1990	Retired. Dr. DeVore served as President of Otterbein College4 from 1984 until the end of the 2008-2009 school year.		94	None
Kay Dryden 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.		94	None
Barbara L. Hennigar 1935	Trustee since July 2000	Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.		94	None

24 Semiannual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust are listed in the table below. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

			Number of
			Portfolios in the
	Position(s) Held		Nationwide Fund
Name and	with the Trust and Length of	Principal Occupation(s)	Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee3
Barbara I. Jacobs 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		94	None
Douglas F. Kridler 1955	Trustee since September 1997	Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.		94	None
David C. Wetmore 1948	Trustee since 1995 and Chairman since February 2005	Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.		94	None

1	Length of time served includes time served with predecessor of the Trust.
2	Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
3	Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
4	Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Semiannual Report 25

Management Information (Continued)

June 30, 2009 (Unaudited)

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

	Position(s) Held		Number of
	with Fund		Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Michael S. Spangler 1966	President and Chief Executive Officer since June 2008	Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA3, Nationwide Fund Management LLC3 and Nationwide Fund Distributors LLC3, and is a Senior Vice President of NFS3. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.		N/A	N/A
Stephen T. Grugeon 1950	Executive Vice President and Chief Operating Officer since June 2008	Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust3. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation3, a subsidiary of NWD Investments, from 1999 through 2003.		N/A	N/A
Joseph Finelli 1957	Treasurer since September 2007	Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group3. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments3.		N/A	N/A
Dorothy Sanders 1955	Chief Compliance Officer since October 2007	Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.		N/A	N/A

26 Semiannual Report 2009

Officers of the Trust. The address for each Trustee and Officer is c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406. (Continued)

	Position(s) Held		Number of
	with Fund		Portfolios in
Name and	and Length of	Principal Occupation(s)	Fund Complex Overseen		Other Directorships
Year of Birth	Time Served1	During Past 5 Years2	by Trustee		Held by Trustee4
Eric E. Miller 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments3.		N/A	N/A
Doff Meyer 1950	Vice President and Chief Marketing Officer since January 2008	Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)3. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.		N/A	N/A
Lynnett Berger 1965	Vice President and Chief Investment Officer since April 2009	Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Director of Economic and Risk Analysis Lab of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
3	These positions are held with an affiliated person or principal underwriter of the Funds.
4	Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Semiannual Report 27

Item 2. Code of Ethics.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

          Not applicable: The information required by this item is required only in an annual report on the Form N-CSR.

Item 3. Audit Committee Financial Expert.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not
have an audit committee financial expert.

Not applicable: The information required by this item is required only in an annual report on the Form N-CSR.

Item 4. Principal Accountant Fees and Services.

          (a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

          (b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

          (c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

          (d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

          (e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

               (2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

          (f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

          (g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

          (h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of nonaudit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

          Not applicable: The information required by this item is required only in an annual report on the Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

Not Applicable: The registrant is not a listed issuer as defined in Rule 10A-3 under the Exchange Act.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not Applicable: The registrant is not a listed issuer as defined in Rule 10A-3 under the Exchange Act.

Item 6. Investments.

(a) File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in § 210.1212 of the Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

This schedule is included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b) If the registrant has divested itself of securities in accordance with Section 13(c) of the Investment Company Act of 1940 following the filing of its last report on Form N-CSR and before filing of the current report, disclosed the following information for each such divested security:

(1)	Name of the issuer;
(2)	Exchange ticker symbol;
(3)	Committee on Uniform Securities Identification Procedures (“CUSIP’) number;
(4)	Total number of shares or, for debt securities, principal amount divested;
(5)	Date(s) that the securities were divested; and
(6)	If the registrant holds any securities of the issuer on the date of filing, the exchange ticker symbol; CUSIP number; and the total number of shares or, for debt securities, principal amount held on the date of filing. This Item 6(b) shall terminate one year after the date on which the provisions of Section 4 of the Sudan Accountability and Divestment Act of 2007 terminate pursuant of Section 12 of the Act.

The Registrant made no divestments of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

          A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules there under) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable. The registrant is an open-end management investment company, not a closed-end management investment company.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the information specified in paragraphs (a) and (b) of this Item with respect to portfolio managers.

Not applicable. The registrant is an open-end management investment company, not a closed-end management investment company.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable. The registrant is an open-end management investment company, not a closed-end management investment company.

Item 10. Submission of Matters to a Vote of Security Holders.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

The Independent Trustees and the Board of Trustees of the registrant adopted a formal, written “Policy Regarding Shareholder Submission of Trustee Candidates,” as well as a formal, written “Statement of Policy On Criteria For Selecting Trustees,” on June 9, 2005, and June 10, 2005, respectively. Neither this policy nor this statement of policy has been materially changed since the Board of Trustees adoption of the policy and the statement of policy, respectively. The Nominating and Fund Governance Committee of the Board of Trustees (the “NFGC”) and the Board of Trustees, however, on November 11, 2005, and January 12, 2006, respectively, approved amendments to this policy; these amendments to the policy, though, concern the criteria for selecting candidates for Trustees and the characteristics expected of candidates for Trustees, as set forth in the Exhibit A, “Statement of Policy On Criteria For Selecting Trustees,” to the policy and, arguably, may not be deemed to be material changes to the policy.

Item 11. Controls and Procedures.

          (a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within ninety (90) days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is: (i) accumulated and communicated to the investment company’s management, including the investment company’s certifying officers, to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

          (b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

          (a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

          (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

          Not applicable: The information required by this item is required only in an annual report on the Form N-CSR.

          (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

          Certifications pursuant to Rule 30a-2(a) are attached hereto.

          (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

          Not applicable.

          (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by rule 30a-2(b) under the Act as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant incorporates it by reference.

          Certifications pursuant to Rule 30a-2(b) are furnished herewith.

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:	Principal Financial Officer
	Date:	September 3, 2009

          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:	September 3, 2009
By (Signature and Title)	/s/ JOSEPH FINELLI
	Name:	Joseph Finelli
	Title:	Principal Financial Officer
	Date:	September 3, 2009

EX-99.CERT

SARBANES-OXLEY ACT SECTION 302 CERTIFICATIONS

I, Joseph Finelli, certify that:

1.	I have reviewed this report on Form N-CSR of Nationwide Variable Insurance Trust (the “registrant”);
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including the registrant’s consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within ninety (90) days prior to the filing date of this report based on such evaluation; and
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during second quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

September 3, 2009	/s/ Joseph Finelli
Date	Joseph Finelli
	Principal Financial Officer

SARBANES-OXLEY ACT SECTION 302 CERTIFICATIONS

I, Michael S. Spangler, certify that:

1.	I have reviewed this report on Form N-CSR of Nationwide Variable Insurance Trust (the “registrant”);
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including the registrant’s consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within ninety (90) days prior to the filing date of this report based on such evaluation; and
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during second quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

September 3, 2009	/s/ Michael S. Spangler
Date	Michael S. Spangler
	Principal Executive Officer

EX-99.906CERT

SARBANES-OXLEY ACT SECTION 906 CERTIFICATIONS

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2009 (Nationwide Variable Insurance Trust (the “Registrant”).

I, Joseph Finelli, the Principal Financial Officer of the Registrant, certify, to the best of my knowledge, that:

1.	the report on Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. § 78m(a) and § 78o(d)); and
2.	the information contained in the report on Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

September 3, 2009

Date

/s/ Joseph Finelli

Joseph Finelli

Principal Financial Officer

Nationwide Variable Insurance Trust

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the “Commission”) or the Commission’s staff upon request.

SARBANES-OXLEY ACT SECTION 906 CERTIFICATIONS

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2009 (Nationwide Variable Insurance Trust (the “Registrant”).

I, Michael S. Spangler, the Principal Executive Officer of the Registrant, certify, to the best of my knowledge, that:

1.	the report on Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. § 78m(a) and § 78o(d)); and
2.	the information contained in the report on Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

September 3, 2009

Date

/s/ Michael S. Spangler

Michael S. Spangler

Principal Executive Officer

Nationwide Variable Insurance Trust

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the “Commission”) or the Commission’s staff upon request.